Xiamen Airlines, increase capital by 4 billion! How far is Sichuan Airlines?
65438+February 24th (click the title to view):
Heavy! Sichuan Airlines Group received a huge capital increase of 5 billion! ! !
Sichuan Airlines Group Sichuan Airlines attention; Sichuan Airlines Group is the largest shareholder of Sichuan Airlines, with a shareholding ratio of 40%
According to the report of the tourism circle, 12 On February 24th, Sichuan Airlines Group completed the signing ceremony of capital increase and share expansion in a low-key manner. Wuliangye has increased its capital by more than 5 billion yuan, which will account for about 34% of the shares of Sichuan Airlines Group.
Yi Zhihua believes that this is the basis for the subsequent capital increase of Sichuan Airlines Group.
Xiamen Airlines, which has the same scale as Sichuan Airlines, just received the same proportion of capital increase from shareholders a few days ago.
65438+February 2 1, China Southern Airlines announced that it would increase its capital to Xiamen Airlines, a holding subsidiary of the company, in the same proportion as related parties' investment in Xiamen Jianfa and Fujian. The total amount of capital increase this time is 4 billion yuan, including 2.2 billion yuan invested by the company in cash and physical assets, 6,543.8+0.36 billion yuan invested by Xiamen Jianfa and 440 million yuan invested by Fujian. This capital increase is mainly used to supplement the funds needed by Xiamen Airlines.
It is expected that Sichuan Airlines will eventually get five shareholders to increase their capital according to the same equity ratio. However, compared with Xiamen Airlines, Sichuan Airlines needs shareholders to increase capital, and the demand for supplementary working capital is more urgent.
According to the third quarter financial report of Sichuan Airlines, as of September 2020, the asset-liability ratio of Sichuan Airlines was 92.94% (with total assets of about 38.9 billion and total liabilities of 36.2 billion).
Let me give you a comparison:
Monetary funds can be simply understood as cash in the hands of companies.
Xiamen Airlines has remained low, less than 500 million in June and basically unchanged in September. It stands to reason that after the peak season of summer vacation, there will be relatively more cash in hand. Yihua understands that Xiamen Airlines has been paying its debts as much as possible. In June, the monetary fund of Sichuan Airlines was about 65.438+0.5 billion, which increased to 2.2 billion in September, an increase of 700 million.
Short-term loans refer to all kinds of loans that the company borrows from banks or other financial institutions with repayment period within one year, including production revolving loans and temporary loans.
The loan that Xiamen Airlines needs to repay in one year is 65.438+0.4 billion, and Sichuan Airlines is 4.4 billion. In contrast, Sichuan Airlines is really under great pressure in the coming year!
The key is that there is great uncertainty in the market recovery in the coming year. If you just want to repay short-term loans through business turnover, it is estimated that Sichuan Airlines has no bottom.
I didn't expect Xiamen Airlines to have little pressure and completed the capital increase first.
Comparatively speaking, the ownership structure of Xiamen Airlines is simpler, with only local state-owned assets and China Southern Airlines. The shareholders of Sichuan Airlines include local state-owned assets, China Southern Airlines, China Eastern Airlines, Shandong Airlines (a holding subsidiary of Air China) and local private enterprises.
Sichuan Airlines needs to coordinate the capital increase of the five major shareholders. Besides, everyone has been hit hard by the epidemic this year, and they have to take care of themselves. It is not easy to give you cash to increase capital.
Some people may ask, as long as Sichuan Airlines Group increases its capital, can't it? This method is unlikely to work, and it may involve diluting the equity of other shareholders. Moreover, the ownership structure of Sichuan Airlines itself is "sensitive". The shareholding ratio of Sichuan Airlines Group and China Southern Airlines is only 1%. How can China Southern Airlines achieve "pain and loveliness"? Maybe there will be a chance to hold shares in the future?
Of course, there may be other better ways. You can also talk about it
At present, Wuliangye, which is not short of money, has made a huge capital increase to Sichuan Airlines Group, which is a "prelude" for Sichuan Airlines to obtain shareholder capital increase.
By the way, besides the high debt ratio, it is also a challenge to operate Shuangliu and Tianfu Airport next year, including investing a lot of manpower, material resources and financial resources in Tianfu.
Therefore, Sichuan Airlines is also in urgent need of capital injection.
However, as long as Sichuan Airlines can withstand the pressure and survive this difficulty, I believe the future can still be expected.
See what sparks Wuliangye and Sichuan Airlines can spark.