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A股首现国际教育股背后 中泰桥梁将卖传统业务“补血”

2017-09-25 07:16:52   中国经济网

不论是朝阳还是海淀凯文国际学校,目前都尚未成为盈利的国际教育资产。财务数据显示,凯文智信2016年前三季度亏损约1530万元,2017年上半年又亏损超千万。

国际教育业务仍需较大投入

通过两年收购,中泰桥梁获得了两所国际学校的运营主体,并由此成为首家K12国际教育上市公司。如果中泰桥梁欲再度加码类似资产,借助资本市场直接融资是其重要砝码。对于连续1年半处于亏损状态的中泰桥梁防止“披星戴帽”有着更重要的意义。

2017年半年报显示,中泰桥梁重要在建工程“清华凯文国际学校”预算数为18.03亿元,目前完成约14亿元的投入,离预算尚差4亿元,工程进度接近八成。而即使完全建成,在生源开拓期间也有后续投入的需求。

中泰桥梁现金流量表显示,其上半年投资活动现金净流出和筹资活动现金净流入都在4亿元左右,基本持平。相比之下,经营活动现金净流入仅为1700万元左右。自2015年开始转型国际教育之后,经营性现金流规模从亿元级别跌入千万元级别,反映短期偿债能力的流动比率自2015年以后也逐渐下跌,上半年为0.8。

在筹资和投资需求仍然不减的情况下,若因两年连续业绩亏损而“披星戴帽”、再融资能力受限,这显然是中泰桥梁不愿看到的。中泰桥梁挂牌出售原主业资产的目的,其称正是为了“利用股权转让取得的资金,为公司在高端教育产业的转型提供支持,从而集中资源发展国际教育业务。”

此外,几乎在中泰桥梁不断加码国际教育的同期,《民办教育促进法》修正案于2016年11月7日正式出台并引发广泛关注。该法规要求“义务教育阶段不得设立营利性民办学校”,“非营利性民办学校的举办者不得取得办学收益,学校的办学结余全部用于办学”等,2017年9月,修正案正式实施。

对于法规修订及各省市实施细则落地带来的改变,中泰桥梁董事长徐广宇曾回应投资者称,“无需过于担心”,“不应将区域性规定扩大化”。徐广宇在年初的一次投资者交流会上曾对《每日经济新闻》记者表示,他认为北京实施细则在尺度上应该松于上海,而通过板块分割和提供服务等方式,上市公司可以在民办学校“非营利”情况下获得合理盈利。

《每日经济新闻》记者从北京市教委方面了解到,北京地区实施细则或将在10月以后出台。

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