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万科巨变:资产负债率创上市以来最高 流动比率新低

2017-09-07 08:47:16   新华网

资金都去哪了?

记者观察到,今年上半年,万科的投资动作愈加频繁。

上半年中,万科共获取新项目79个,总规划建筑面积1559.8万平方米,权益规划建筑面积983.8万平方米,权益地价总额约537.9亿元,新增项目均价为5467.8元/平方米。

万科有关方面表示,鉴于房地产融资渠道收紧、核心城市土地资源日益稀缺,资源的获取方式主要是通过与存量资源所有者合作以及资产包收购。

2017年7月,万科以551亿元巨资接盘广东国际信托投资公司下属公司投资权益及相关债权(以下简称“广信资产包”)。

而万科需在明年2月28日前,分四期现金支付全部款项。

此外,万科上半年的物流地产业务也新获取14个项目,合计规划建筑面积为108万平方米。

算上广信资产包,万科上半年拿地金额约1463亿元,占签约销售金额54%左右,在行业内投入最多。

对此,同策咨询研究部总监张宏伟认为,在市场低谷期,企业拿地、并购等阶段性的投入均会导致公司负债增高。但等到未来三到五年,市场上行时,这些投入将会有较好的价值变现。

偿债能力变弱

融资规模不断扩大、净负债率连年攀升、投资支出越来越高,万科未来能还上债吗?

两个因素的存在,使得万科的未来偿债能力令人担忧,分别是较低的流动比率和上升的利息支出。

截至6月30日,万科的流动比率已降至1.20,为1993年以来最低水平;速动比率为0.47,自2011年以来持续低于0.5。

金融分析师对记者表示,流动比率是用来衡量企业流动资产在短期债务到期以前,可以变为现金用于偿还负债的能力。万科上半年流动负债增幅较高,与其预收款项大幅上升有关。这应该与万科项目的结转周期有关。

此外,由于融资规模扩大,万科应付利息较2016年末大增八成至6.83亿元,这或许也会影响到偿债能力。

7月以来,万科先后发行了两期公司债,均为5年期品种,发行规模分别为30亿元和10亿元,最终发行的票面利率分别为4.50%和4.54%。

根据万科公告,万科发行这两期公司债,原本是打算将扣除发行费用后的募集资金,全部用于偿还金融机构贷款,改善债务结构。但是,预计未来一段时间,万科的利息支出将继续上升。(记者 冀鹏茜)

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