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CITIC Offshore Helicopter (SZSE:000099) Seems To Use Debt Rather Sparingly
CITIC Offshore Helicopter (SZSE:000099) Seems To Use Debt Rather Sparingly
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that CITIC Offshore Helicopter Co., Ltd. (SZSE:000099) does use debt in its business. But should shareholders be worried about its use of debt?
When Is Debt Dangerous?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
See our latest analysis for CITIC Offshore Helicopter
How Much Debt Does CITIC Offshore Helicopter Carry?
The image below, which you can click on for greater detail, shows that CITIC Offshore Helicopter had debt of CN¥481.7m at the end of June 2022, a reduction from CN¥675.0m over a year. However, its balance sheet shows it holds CN¥1.65b in cash, so it actually has CN¥1.17b net cash.
SZSE:000099 Debt to Equity History September 20th 2022How Strong Is CITIC Offshore Helicopter's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that CITIC Offshore Helicopter had liabilities of CN¥671.5m due within 12 months and liabilities of CN¥786.7m due beyond that. On the other hand, it had cash of CN¥1.65b and CN¥1.07b worth of receivables due within a year. So it can boast CN¥1.26b more liquid assets than total liabilities.
This excess liquidity suggests that CITIC Offshore Helicopter is taking a careful approach to debt. Due to its strong net asset position, it is not likely to face issues with its lenders. Simply put, the fact that CITIC Offshore Helicopter has more cash than debt is arguably a good indication that it can manage its debt safely.
CITIC Offshore Helicopter's EBIT was pretty flat over the last year, but that shouldn't be an issue given the it doesn't have a lot of debt. When analysing debt levels, the balance sheet is the obvious place to start. 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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. CITIC Offshore Helicopter 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. Happily for any shareholders, CITIC Offshore Helicopter actually produced more free cash flow than EBIT over the last three years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Summing Up
While it is always sensible to investigate a company's debt, in this case CITIC Offshore Helicopter has CN¥1.17b in net cash and a decent-looking balance sheet. The cherry on top was that in converted 126% of that EBIT to free cash flow, bringing in CN¥197m. So is CITIC Offshore Helicopter's debt a risk? It doesn't seem so to us. 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. Case in point: We've spotted 1 warning sign for CITIC Offshore Helicopter you should be aware of.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。我们可以看到中信股份海洋直升机有限公司。(SZSE:000099)确实在其业务中使用债务。但股东是否应该担心它的债务使用情况?
债务在什么时候是危险的?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对中信股份离岸直升机的最新分析
中信股份离岸直升机背负着多少债务?
下图显示,截至2022年6月底,中信股份离岸直升机的债务为4.817亿加元,较一年内的6.75亿加元有所下降。然而,其资产负债表显示,它持有人民币16.5亿元的现金,因此它实际上拥有人民币11.7亿元的净现金。
深圳证交所:000099债转股历史2022年9月20日中信股份离岸直升机的资产负债表有多强?
放大最新的资产负债表数据可以看到,中信股份离岸直升机有6.715亿元的负债在12个月内到期,超过12个月的负债有7.867亿元的负债到期。另一方面,它有16.5亿元现金和10.7亿元的应收账款在一年内到期。因此,它可以吹嘘比总计负债。
这种过剩的流动性表明,中信股份离岸直升机对债务采取了谨慎的态度。由于其强大的净资产状况,它不太可能面临与贷款人的问题。简而言之,中信股份离岸直升机的现金多于债务,这可以说是一个很好的迹象,表明该公司能够安全地管理债务。
中信股份离岸直升机去年的息税前利润相当持平,但考虑到它没有太多债务,这应该不是一个问题。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定中信股份离岸直升机能否随着时间的推移加强其资产负债表。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
最后,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。中信股份离岸直升机的资产负债表上可能有净现金,但看看该业务将息税前收益(EBIT)转换为自由现金流的情况仍然很有趣,因为这将影响其对债务的需求和管理债务的能力。令所有股东高兴的是,中信股份离岸直升机在过去三年产生的自由现金流实际上超过了息税前利润。这种强大的摇钱树就像一只穿着大黄蜂西装的小狗一样温暖着我们的心。
总结
虽然调查一家公司的债务总是明智之举,但在这起案件中,中信股份离岸直升机拥有11.7亿元人民币的净现金和体面的资产负债表。上面的樱桃是In将其中126%的EBIT转换为自由现金流,带来1.97亿元人民币。那么,中信股份离岸直升机的债务是否存在风险?但在我们看来并非如此。毫无疑问,我们从资产负债表中了解到的债务最多。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。一个恰当的例子:我们发现了中信股份离岸直升机1个警告标志你应该意识到。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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