EVERRE 1H 2021 Update
Liquidity
l China Evergrande delivered on their deleveraging promise with total borrowing
reducing to RMB 571.1B
l Trade and other receivables increase 13% to RMB 818.5B
l Short term borrowings plus trade and other payables amounted RMB 1.06T
l Restricted cash RMB 86.68B
l Conclusion: EVERRE cannot meet all near-term liabilities without fire
sales.
l Management warned of possibility of debt default should it fail to implement
asset disposal or subsidiary disposals
P/L
l 1H 2021 revenue: ↓16.5% yoy to RMB 222.7B
l Property sales:↓18.8 yoy to RMB 212B
l ASP/GFA: ↓11.2%/↓8.5%
l Prop management: ↑76%, RMB 5.2B
l GP Margin: 12.9% vs 25%
yoy 1H 2020
l Interest expenses: ↓11.8% to RMB 36.9B, due
to reduce in borrowings
l Net Profit: ↓29% to RMB 10B
3
red lines
l Net gearing 99.8%
l Liability/asset: 82%
l Cash RMB 161B.
Unrestricted cash/ST debt 0.36x
Notes:
l Immediate non-core asset
disposal and sales needed
l Re-financing is
difficult
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