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吃下万达酒店资产 富力债务风险增加几何

2017-08-07 09:32:34   中国经济网

不过,国际信贷评级机构惠誉7月24日宣布将富力地产的信贷评级列入“负面观察”名单,惠誉表示,富力地产与万达此前那笔199.06亿元的交易将拖慢富力去杠杆进程,令公司的总体债务水平增加,净债务与调整后库存比上升至近60%的水平。

相关行业人士也同时提出质疑:尽管2017上半年富力自有资金充足,但要动用近200亿来收购酒店业务,按照常理推断,富力的负债率应该增加,而不是降低。

对此,沈萌打个比方,假如,富力原有总资产是10,总债务是7,那么资产负债率是70%。假如负债融资2,收购了资产2,那么等于总资产是12,总债务是9,资产负债率是75%,所以肯定是增加的,除非富力做了权益性融资,即发行新股或者盈利偿还债务。

“单纯收购是不会降低资产负债率,除非增加资产价值或减少负债额,前者不排除比如低价买入高价资产后,重新调整资产价值,从而实现资产增值。”沈萌分析称。

“所以要看富力具体是怎么解释的,但从目前公开的信息看,富力地产对外的解释并不透明。” 沈萌表示。

负债规模继续扩大

截至2016年底,富力主要在建项目合计53个,这53个项目总投资额2671.7亿元,已完成投资1369.94亿元,尚需投资1301.76亿元,还有2017年一些拟建项目也需要投资资金。

富力地产2017年一季度报告显示,目前公司的资产总计2325亿元。其中,流动资产合计1834亿元,货币资金为404.9亿元。在负债方面,富力地产负债1853.68亿元,负债率为79.7%。数据显示,富力地产在2014年、2015年及2016年的资产负债率分别为69.68%、73.23%、79.32%,呈逐年上升的势头。

根据富力地产2016年年报,截至2016年底,富力地产的借款总额为1208.5亿元,而富力地产的资产负债率为79.31%,净负债与总权益比率达到160%,远高于行业平均水平90%。而当净负债权益比大于100%时,说明企业所持有现金不足以支付债务,股东面临偿付债务的风险较大。

同时,公司在2016年的流动比率为103.92%、速动比率为 -19.82%,短期偿债能力和长期偿债能力风险较大。

而截至2017年一季度末,富力地产仅拥有245.22亿元的现金,这245.22亿元还多为往年融资而来。

在自有资金不充足,且负债累累的情况下,富力还是只能一借再借。

“从富力资产负债率的指标看,目前呈现上升趋势。”上述行业人士分析,按照房地产领域的数据来看,一般低于80%的都属于正常水平。不过,在地产行业后续融资环境收紧的大趋势下,类似指标的风险或加大。

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