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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)曾説過一句名言:波動性遠非風險的代名詞。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。我們可以看到中信股份海洋直升機有限公司。(SZSE:000099)確實在其業務中使用債務。但股東是否應該擔心它的債務使用情況?
債務在什麼時候是危險的?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對中信股份離岸直升機的最新分析
中信股份離岸直升機揹負着多少債務?
下圖顯示,截至2022年6月底,中信股份離岸直升機的債務為4.817億加元,較一年內的6.75億加元有所下降。然而,其資產負債表顯示,它持有人民幣16.5億元的現金,因此它實際上擁有人民幣11.7億元的淨現金。
深圳證交所:000099債轉股歷史2022年9月20日中信股份離岸直升機的資產負債表有多強?
放大最新的資產負債表數據可以看到,中信股份離岸直升機有6.715億元的負債在12個月內到期,超過12個月的負債有7.867億元的負債到期。另一方面,它有16.5億元現金和10.7億元的應收賬款在一年內到期。因此,它可以吹噓比總計負債。
這種過剩的流動性表明,中信股份離岸直升機對債務採取了謹慎的態度。由於其強大的淨資產狀況,它不太可能面臨與貸款人的問題。簡而言之,中信股份離岸直升機的現金多於債務,這可以説是一個很好的跡象,表明該公司能夠安全地管理債務。
中信股份離岸直升機去年的息税前利潤相當持平,但考慮到它沒有太多債務,這應該不是一個問題。在分析債務水平時,資產負債表顯然是一個起點。但最終,該業務未來的盈利能力將決定中信股份離岸直升機能否隨着時間的推移加強其資產負債表。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。中信股份離岸直升機的資產負債表上可能有淨現金,但看看該業務將息税前收益(EBIT)轉換為自由現金流的情況仍然很有趣,因為這將影響其對債務的需求和管理債務的能力。令所有股東高興的是,中信股份離岸直升機在過去三年產生的自由現金流實際上超過了息税前利潤。這種強大的搖錢樹就像一隻穿着大黃蜂西裝的小狗一樣温暖着我們的心。
總結
雖然調查一家公司的債務總是明智之舉,但在這起案件中,中信股份離岸直升機擁有11.7億元人民幣的淨現金和體面的資產負債表。上面的櫻桃是In將其中126%的EBIT轉換為自由現金流,帶來1.97億元人民幣。那麼,中信股份離岸直升機的債務是否存在風險?但在我們看來並非如此。毫無疑問,我們從資產負債表中瞭解到的債務最多。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。一個恰當的例子:我們發現了中信股份離岸直升機1個警告標誌你應該意識到。
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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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., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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