Does CITIC Offshore Helicopter (SZSE:000099) Have A Healthy Balance Sheet?
Does CITIC Offshore Helicopter (SZSE:000099) Have A Healthy Balance Sheet?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies CITIC Offshore Helicopter Co., Ltd. (SZSE:000099) makes use of debt. But should shareholders be worried about its use of debt?
沃伦•巴菲特曾说:“波动性与风险迥然不同。”因此,明智的投资者知道,债务(通常涉及破产)是评估公司风险的非常重要因素。就像许多其他公司一样,中信海直股份有限公司(SZSE:000099)利用债务。但股东是否应该担心其债务使用?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
一般来说,当公司无法轻松偿还债务时,债务才会成为真正的问题,无论是通过筹集资金还是利用自己的现金流。最终,如果公司无法履行偿还债务的法律义务,股东可能一无所有。然而,更常见的(但仍然昂贵)情况是公司必须以低廉的股价稀释股东权益,以简单地控制债务。当然,债务可以是企业的重要工具,特别是对于资本密集型企业。在我们审查债务水平时,我们首先考虑现金和债务水平。
How Much Debt Does CITIC Offshore Helicopter Carry?
中信海直承载了多少债务?
As you can see below, CITIC Offshore Helicopter had CN¥143.8m of debt at June 2024, down from CN¥252.5m a year prior. But on the other hand it also has CN¥1.34b in cash, leading to a CN¥1.20b net cash position.
正如下面所示,中信海直在2024年6月的债务为14380万人民币,低于前一年的25250万人民币。但另一方面,它也有13.4亿人民币的现金,形成了12亿人民币的净现金头寸。
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A Look At CITIC Offshore Helicopter's Liabilities
关注中信海直的负债
The latest balance sheet data shows that CITIC Offshore Helicopter had liabilities of CN¥541.3m due within a year, and liabilities of CN¥596.4m falling due after that. Offsetting this, it had CN¥1.34b in cash and CN¥1.04b in receivables that were due within 12 months. So it actually has CN¥1.24b more liquid assets than total liabilities.
最新资产负债表数据显示,中信海直的一年内到期负债为54130万人民币,之后的到期负债为59640万人民币。此外,它还有13.4亿人民币的现金和10.4亿人民币的应收账款,这些资产在12个月内到期。因此,它的流动资产比总负债多了12.4亿人民币。
This surplus suggests that CITIC Offshore Helicopter has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, CITIC Offshore Helicopter boasts net cash, so it's fair to say it does not have a heavy debt load!
这个盈余表明中信海直的资产负债表保守,很可能不会遇到太多困难就能偿还债务。简言之,中信海直拥有净现金,所以可以说它没有太重的债务负担!
In addition to that, we're happy to report that CITIC Offshore Helicopter has boosted its EBIT by 38%, thus reducing the spectre of future debt repayments. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if CITIC Offshore Helicopter can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
此外,我们很高兴报道中信海直的息税前利润增长了38%,从而减轻了未来债务偿还的压力。资产负债表显然是你分析债务时要关注的领域。但最终,业务的未来盈利能力将决定中信海直能否长期加强其资产负债表。因此,如果你关注未来,可以查看这份免费报告,其中显示了分析师的利润预测。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While CITIC Offshore Helicopter has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, CITIC Offshore Helicopter recorded free cash flow worth a fulsome 96% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
但我们最后要考虑的问题也很重要,因为一家公司不能用纸面利润来偿还债务;它需要现金。虽然中信海直的资产负债表上有净现金,但我们仍然需要看一下它将息税前利润转化为自由现金流的能力,以帮助我们了解它是如何快速建立(或侵蚀)现金余额的。在过去的三年中,中信海直的自由现金流价值占其息税前利润的96%,这比我们通常预期的要强。这使得它在偿还债务方面处于非常强势的位置。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that CITIC Offshore Helicopter has net cash of CN¥1.20b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥447m, being 96% of its EBIT. So we don't think CITIC Offshore Helicopter's use of debt is risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with CITIC Offshore Helicopter , and understanding them should be part of your investment process.
虽然我们对于债务感到同情,但您应该记住中信海直拥有12亿人民币的净现金,并且具有比负债更多的流动资产。 令我们印象深刻的是,中信海直现金流自由现金流为44700万人民币,相当于其EBIT的96%。 因此,我们认为中信海直的债务使用是没有风险的。 毫无疑问,我们从资产负债表里了解债务的最多。 然而,并非所有的投资风险都来自资产负债表 - 远非如此。 我们已经确定了中信海直的1个警示信号,并且了解它们应该是您投资过程中的一部分。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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