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Here's Why Ningbo Ocean Shipping (SHSE:601022) Can Manage Its Debt Responsibly

Here's Why Ningbo Ocean Shipping (SHSE:601022) Can Manage Its Debt Responsibly

這就是寧波海運(SHSE:601022)能夠負責任地管理其債務的原因
Simply Wall St ·  01/06 08:00

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Ningbo Ocean Shipping Co., Ltd. (SHSE:601022) does carry debt. But should shareholders be worried about its use of debt?

大衛·伊本說得很好,『波動性不是我們在乎的風險。我們在乎的是避免資本的永久性損失。』所以聰明的錢知道,債務——通常與破產有關——是在評估公司風險時非常重要的因素。值得注意的是,寧波海運股份有限公司(SHSE:601022)確實有債務。但是,股東應該擔心其債務的使用嗎?

What Risk Does Debt Bring?

債務帶來了什麼風險?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.

當企業無法輕鬆履行這些義務時,債務和其他負債就會變得風險重重,無論是通過自由現金流還是以有吸引力的價格籌集資金。在最壞的情況下,一家公司如果無法償還債權人甚至可能破產。然而,更常見(但依然痛苦)的情況是,它不得不以低價籌集新的股本,從而永久性稀釋股東。當然,債務可以是企業中一個重要的工具,特別是在資本密集型的企業中。考慮公司債務水平的第一步是將其現金和債務放在一起考慮。

What Is Ningbo Ocean Shipping's Net Debt?

寧波海運的淨債務是多少?

As you can see below, at the end of September 2024, Ningbo Ocean Shipping had CN¥560.3m of debt, up from CN¥525.7m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥1.21b in cash, so it actually has CN¥647.8m net cash.

正如您在下面看到的,到2024年9月底,寧波海運的債務爲56030萬人民幣,較一年前的52570萬人民幣有所增加。點擊圖片以獲取更多細節。不過,其資產負債表顯示它持有12.1億人民幣現金,因此實際上它有64780萬人民幣的淨現金。

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SHSE:601022 Debt to Equity History January 6th 2025
SHSE:601022 債務與股本歷史 2025年1月6日

How Healthy Is Ningbo Ocean Shipping's Balance Sheet?

寧波海運的資產負債表健康嗎?

Zooming in on the latest balance sheet data, we can see that Ningbo Ocean Shipping had liabilities of CN¥2.27b due within 12 months and liabilities of CN¥197.3m due beyond that. Offsetting these obligations, it had cash of CN¥1.21b as well as receivables valued at CN¥1.35b due within 12 months. So it can boast CN¥91.9m more liquid assets than total liabilities.

深入分析最新的資產負債表數據,我們可以看到寧波海運有短期負債22.7億人民幣和長期負債19730萬人民幣。爲了抵消這些負債,它有12.1億人民幣的現金以及13.5億人民幣的應收賬款,且這些應收賬款在12個月內到期。因此,它的流動資產比總負債多9190萬人民幣。

This state of affairs indicates that Ningbo Ocean Shipping's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥10.1b company is short on cash, but still worth keeping an eye on the balance sheet. Succinctly put, Ningbo Ocean Shipping boasts net cash, so it's fair to say it does not have a heavy debt load!

這種狀況表明寧波海運的資產負債表看起來相當穩健,因爲其總負債幾乎等於其流動資產。因此,這家101億人民幣的公司不會出現現金短缺,但仍需關注其資產負債表。簡而言之,寧波海運擁有淨現金,因此可以說它沒有沉重的債務負擔!

The good news is that Ningbo Ocean Shipping has increased its EBIT by 2.4% over twelve months, which should ease any concerns about debt repayment. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Ningbo Ocean Shipping will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.

好消息是,寧波海運在過去一年中將其EBIT提高了2.4%,這應該能緩解對債務償還的擔憂。毫無疑問,我們在資產負債表中學到的關於債務的信息最多。但你不能完全孤立地看待債務;因爲寧波海運需要盈利來支付這些債務。因此,如果你想了解更多關於其盈利的信息,看看它的長期盈利趨勢圖可能是值得的。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Ningbo Ocean Shipping may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, Ningbo Ocean Shipping recorded negative free cash flow, in total. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.

最後,儘管稅務機關可能熱衷於會計利潤,但貸款方只接受冷冰冰的現金。寧波海運的資產負債表上或許有淨現金,但查看這家企業如何將息稅前利潤(EBIT)轉化爲自由現金流仍然是有趣的,因爲這將影響其管理債務的需要和能力。在過去三年中,寧波海運累計錄得負自由現金流。債務通常更昂貴,並且在擁有負自由現金流的公司手中幾乎總是更有風險。股東應該期待改善。

Summing Up

總結

While it is always sensible to investigate a company's debt, in this case Ningbo Ocean Shipping has CN¥647.8m in net cash and a decent-looking balance sheet. And it also grew its EBIT by 2.4% over the last year. So we are not troubled with Ningbo Ocean Shipping's debt use. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 1 warning sign for Ningbo Ocean Shipping that you should be aware of.

雖然調查公司的債務總是明智的,但在這種情況下,寧波海運擁有64780萬CN¥的淨現金和看起來還不錯的資產負債表。並且,它去年EBIT增長了2.4%。所以我們對此次寧波海運的債務使用並不擔心。無疑,我們通過資產負債表了解到債務的主要信息。但最終,每家公司都可能存在資產負債表之外的風險。例如,我們已經爲寧波海運識別出1個你應該注意的警告信號。

At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.

最終,通常更好的是關注沒有淨負債的公司。你可以訪問我們特別列出這些公司的名單(所有公司都有盈利增長的記錄)。這是免費的。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。

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