$维亚生物(01873)$ These 4 Measures Indicate That Viva Biotech Holdings (HKG:1873) Is Using Debt Extensively
这4项措施表明Viva Biotech Holdings(HKG：1873)大量使用债务
Simply Wall St· 11:37
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that Viva Biotech Holdings (HKG:1873) does use debt in its business. But should shareholders be worried about its use of debt?
由伯克希尔哈撒韦公司的芒格支持的外部基金经理李路直言不讳地说，最大的投资风险不是价格的波动，而是你是否会遭受永久性的资本损失。因此，当你评估一家公司的风险有多大时，聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们可以看到Viva Biotech控股公司(HKG：1873)确实在其业务中使用债务。但股东是否应该担心它的债务使用情况？
When Is Debt A Problem?
什么时候债务是个问题？
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业发展的一种工具，但如果一家企业无法偿还贷款人的债务，那么它就只能听从贷款人的摆布。最终，如果公司不能履行其偿还债务的法定义务，股东可能会一无所有地离开。然而，更常见(但代价仍然高昂)的情况是，一家公司必须以极低的价格发行股票，永久性地稀释股东的股份，只是为了支撑其资产负债表。话虽如此，最常见的情况是一家公司对债务管理得相当好--并对自己有利。当考虑一家企业使用了多少债务时，首先要做的是把现金和债务放在一起看。
View our latest analysis for Viva Biotech Holdings
查看我们对Viva Biotech Holdings的最新分析
What Is Viva Biotech Holdings's Net Debt?
Viva Biotech Holdings的净债务是多少？
The image below, which you can click on for greater detail, shows that Viva Biotech Holdings had debt of CN¥2.62b at the end of December 2021, a reduction from CN¥2.95b over a year. However, it does have CN¥800.9m in cash offsetting this, leading to net debt of about CN¥1.82b.
下图显示，截至2021年12月底，Viva Biotech Holdings的债务为人民币26.2亿元，较一年内的人民币29.5亿元有所减少。然而，它确实有8.09亿加元的现金来抵消这一点，导致净债务约为18.2亿加元。
SEHK:1873 Debt to Equity History April 14th 2022
联交所：1873债转股历史2022年4月14日
How Strong Is Viva Biotech Holdings' Balance Sheet?
Viva Biotech Holdings的资产负债表有多强劲？
The latest balance sheet data shows that Viva Biotech Holdings had liabilities of CN¥926.6m due within a year, and liabilities of CN¥3.20b falling due after that. Offsetting these obligations, it had cash of CN¥800.9m as well as receivables valued at CN¥429.7m due within 12 months. So it has liabilities totalling CN¥2.90b more than its cash and near-term receivables, combined.
最新的资产负债表数据显示，维亚生物科技控股公司有9.266亿元人民币的负债在一年内到期，32亿元人民币的负债在一年内到期。为了抵消这些债务，该公司有8.09亿加元的现金以及价值4.297亿加元的应收账款在12个月内到期。因此，该公司的负债总额为人民币29亿元，比现金和近期应收账款加起来还要多。
This deficit is considerable relative to its market capitalization of CN¥4.36b, so it does suggest shareholders should keep an eye on Viva Biotech Holdings' use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
与其43.6亿元的市值相比，这一赤字是相当可观的，因此这确实表明股东应该密切关注Viva Biotech Holdings的债务使用情况。如果它的贷款人要求它支撑资产负债表，股东可能会面临严重的稀释。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我们通过查看公司的净债务除以利息、税项、折旧和摊销前收益(EBITDA)，并计算其息税前收益(EBIT)覆盖利息支出(利息覆盖)的容易程度，来衡量公司的债务负担与其盈利能力的关系。因此，我们考虑债务相对于收益，包括折旧和摊销费用。
Viva Biotech Holdings shareholders face the double whammy of a high net debt to EBITDA ratio (6.3), and fairly weak interest coverage, since EBIT is just 1.5 times the interest expense. This means we'd consider it to have a heavy debt load. However, it should be some comfort for shareholders to recall that Viva Biotech Holdings actually grew its EBIT by a hefty 105%, over the last 12 months. If it can keep walking that path it will be in a position to shed its debt with relative ease. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Viva Biotech Holdings can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Viva Biotech Holdings的股东面临着高净债务与EBITDA比率(6.3)和相当弱的利息覆盖的双重打击，因为EBIT仅是利息支出的1.5倍。这意味着我们会认为它有沉重的债务负担。然而，股东们应该会感到些许安慰，因为Viva Biotech Holdings在过去12个月里的息税前利润实际上增长了105%。如果它能够继续沿着这条路走下去，它将能够相对轻松地摆脱债务。当你分析债务时，资产负债表显然是你关注的领域。但最终，该业务未来的盈利能力将决定Viva Biotech Holdings能否随着时间的推移加强其资产负债表。所以，如果你关注未来，你可以看看这个免费显示分析师利润预测的报告。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Viva Biotech Holdings burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最后，尽管税务人员可能喜欢会计利润，但贷款人只接受冷硬现金。因此，我们总是检查EBIT中有多少转化为自由现金流。在过去的三年里，Viva Biotech Holdings烧掉了大量现金。尽管投资者无疑预计这种情况会在适当的时候逆转，但这显然意味着它使用债务的风险更大。
Our View
我们的观点
On the face of it, Viva Biotech Holdings's net debt to EBITDA left us tentative about the stock, and its conversion of EBIT to free cash flow was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at growing its EBIT; that's encouraging. Overall, we think it's fair to say that Viva Biotech Holdings has enough debt that there are some real risks around the balance sheet. If all goes well, that should boost returns, but on the flip side, the risk of permanent capital loss is elevated by the debt. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. To that end, you should learn about the 2 warning signs we've spotted with Viva Biotech Holdings (including 1 which can't be ignored) .
从表面上看，Viva Biotech Holdings对EBITDA的净债务让我们对该股犹豫不决，它将EBIT转换为自由现金流并不比一年中最繁忙的夜晚的一家空餐厅更具诱惑力。但至少它在息税前利润增长方面相当不错；这是令人鼓舞的。总体而言，我们认为可以公平地说，Viva Biotech Holdings有足够的债务，资产负债表周围存在一些真正的风险。如果一切顺利，这应该会提高回报，但另一方面，债务增加了永久资本损失的风险。毫无疑问，我们从资产负债表中了解到的债务最多。然而，并非所有投资风险都存在于资产负债表中--远非如此。为此，你应该了解一下我们发现的Viva Biotech Holdings的两个警告信号(包括一个不容忽视的警告信号)。