Agile released 2015 earnings warning core net profit or down about 40%-www.xici.net

The negative impact of agile released 2015 profit warning core net profit fell about 40% agile issued a profit warning in the devaluation of the RMB devaluation to housing prices hit Huang Liang housing prices caused by being gradually. The evening of February 25, 2016, housing prices in Hong Kong stocks agile issued a profit warning announcement that is expected 2015 annual profit will be compared to the year 2014 decreased by approximately 70%, core net profit will be decreased by about 40%, a sharp decline in profit was mainly attributable to the devaluation of the RMB, the exchange rate losses will reach about 1 billion 100 million yuan. Announced the next day, agile shares fell 7.23% to 3.59 yuan to close. "China business newspaper" reporter found out, with huge domestic foreign currency debt of housing prices is not a few, in the financing of housing prices is still not optimistic about the situation, the devaluation of the RMB will bring much negative impact to housing prices? Agile performance warning in 2015, agile performance is still unsatisfactory. According to the statistics released sales data in 2015, agile sales is still no breakthrough, the annual cumulative pre-sale amount is only 44 billion 230 million yuan, failed to achieve its expected annual sales target. In addition to the scale, the rapid decline in profitability has become agile pain point. According to the information disclosed by its earnings warning bulletin, last year, the main reason for the decrease of profit attributable to shareholders of the company has two aspects. One is the average selling price is to go down to the gross profit margin decline since the second half of 2015; two is to bring a significant devaluation of the RMB exchange losses, is expected by the end of December 31, 2015, the net foreign exchange loss of about 1 billion 100 million yuan. Data show that the first half of 2015 net profit on agile is only 1 billion 403 million yuan, which means that only one exchange loss makes agile last year nearly half profit come to nothing. "The group is currently examining the financing strategy to better respond to the Chinese rapidly changing financial situation, the financial data in more detail to be announced in March this year published in the annual performance." Agile said that the current loss data is based on the current data preliminary review and analysis of the results, may be different from the upcoming annual report data. Obviously, a large amount of foreign debt is the direct cause of the great exchange loss suffered by agile. Beginning in 2014, due to the need for debt restructuring, agile became the largest foreign debt, Hongkong listed one of the housing prices. According to the reporter combing, only in 2014, agile has two dollar bond financing, including a expires in 2019, a coupon rate of 8.375% of the $500 million senior notes, a period of 8 months, a total of $475 million term loan, in addition, agile was also from Hang Seng Bank, HSBC and other department to get a pen HK $2 billion 665 million term loan financing. 2014 at the end of the year, the total lending agile new reached 256.36 billion yuan, of which domestic loans accounted for RMB 146.65 billion yuan, accounting for foreign borrowing 109.71 billion yuan. And enter into the 20 theory

雅居乐发布2015年盈利预警 核心净利润或下降约40%   雅居乐发盈利预警 人民币贬值重创房企   黄亮   人民币贬值给房企带来的负面影响正在逐渐显现。2016年2月25日晚间,港股内房企雅居乐发布盈利预警公告称,预计2015年止的年度盈利将较2014年度将下降约70%,核心净利润则将有可能下降约40%,盈利大幅下降的一个主要原因是人民币贬值,预计由此带来的汇兑损失将达到约11亿元人民币。   公告披露次日,雅居乐股票大跌7.23%以3.59元收盘。《中国经营报》记者梳理发现,国内背负庞大外币债务的房企不在少数,在目前房企融资仍不乐观的情况下,人民币贬值会将给房企带来多大的负面影响?   雅居乐业绩预警   2015年雅居乐的业绩表现仍然差强人意。根据其公布的销售数据统计,2015年雅居乐的销售规模仍然未有突破,全年实际累积预售金额仅442.3亿元,未能达到其预期的年度销售目标。   而在规模之外,盈利的快速下滑也成为雅居乐的痛点。根据其盈利预警公告披露的信息,去年公司股东应占溢利下降的主要原因有两方面。一是平均售价较以往下降导致毛利率下跌;二是2015年下半年以来人民币贬值给公司带来了重大汇兑损失,预计截至2015年12月31日止,净汇兑损失约为人民币11亿元。数据显示,2015年上半年雅居乐实现的净利润也就只有14.03亿元左右,这意味着,仅汇兑损失一项就让雅居乐去年将近半年的利润化为乌有。   “本集团现正检视融资策略以更好应对中国迅速变化的金融状况,更详细的财务数据须在今年3月份刊发的年度业绩中公布。”雅居乐方面表示,目前这个损失数据是根据当前资料初步审阅及分析的结果,可能与即将披露的年报数据不同。   显然,大量的外债是雅居乐此次遭遇重大汇兑损失的直接原因。从2014年开始,因债务结构调整的需要,雅居乐成为了对外举债最多的是香港上市内房企之一。   根据记者梳理,仅2014年,雅居乐就有两笔美元债券融资,其中包括一笔于2019年到期、票面利率为8.375%的5亿美元优先票据,一笔为期8个月、总计4.75亿美元的定期贷款,此外,雅居乐当年还从恒生银行、汇丰银行等处拿到一笔26.65亿港元定期贷款融资。截至2014年年末,雅居乐新增的借贷总额达到了256.36亿元,其中境内借款占人民币146.65亿元,境外借款占人民币109.71亿元。   而进入到2015年5月,雅居乐又与汇丰、渣打银行、法国巴黎银行及工银国际订立协议,发行了一笔5亿美元的五年期优先票据,年息高达9厘。当时,评级机构标普给予这笔固息票据“cnBB”的评级,较雅居乐的长期企业信用评级低一级,以反映其结构性次级风险。果不其然,当年帮助雅居乐渡过危机的这些救命钱如今正疯狂吞噬着其微薄利润:自2015年“8・11汇改”后,人民币至今贬值已逾6%,创下21年来的最大贬值幅度,最终导致雅居乐超过10亿元的巨额汇兑损失。   “过去两年雅居乐的境外融资策略稍显激进,但从其债务结构来看,也是其迫不得已的选择。”有港股分析师对记者表示,若雅居乐今年不能及时赎回美元债券,汇兑给其带来的损失恐怕仍将扩大。根据摩根大通中国首席经济学家朱海斌的预计,今年人民币还将继续贬值5%左右。   种种迹象表明,雅居乐已经在开始着手调整内外债务的比例。2015年10月22日,雅居乐公告宣布,就有关2019年到期的8.375%优先票据及于2017年到期的6.50%优先票据作出若干建议修订,以放宽举债相关的条款。今年1月11日,雅居乐进行了首笔国内融资,就早前获中国证监会监核准发行的最多16亿元人民币境内公司债券进行发行定价,票面利率定为4.7%,远低于此前其所借外债的息率。   “即使雅居乐有能力提前赎回部分美元债券,其也要付出不菲的利息成本,而雅居乐当前的财务状况和流动性恐怕还不足以支持其做大规模的赎回。”上述港股分析师认为,人民币贬值对于雅居乐的负面影响恐仍将持续。   人民币贬值冲击房企利润   “大部分房地产企业在发美元债的同时并没有做汇率的风险锁定,因此一旦人民币对美元贬值,企业就会承受由汇率带来的非现金的亏损,这会体现在企业的财务报表上。”针对内房企遭遇的汇兑损失,穆迪房地产行业高级分析师梁镇邦告诉记者,人民币的贬值将给房企的报表带来明显的冲击。   根据中投证券发布的研究报告显示,2013年、2014年房地产行业的美元债券融资金额仅次于银行业,发债企业主要以民营房企为主,而在港上市房企近两年在本港发行的美元债务总额更是高达约590亿美元,当中有45%都将于2018年及2019年到期。不少分析人士均认为,人民币贬值的将使一些发行美元债券的房企面临偿债压力增大的风险。   根据记者梳理,除雅居乐之外,包括碧桂园、融创、SOHO中国、越秀地产、中国奥园、中骏置业等在内的港股房企都拥有数量不等的外币债务,人民币贬值给上述房企带来的短期影响也开始显现。   在雅居乐之前,越秀地产(00123.HK)也发出了盈利预警,预计2015年止年度盈利较2014年度下降约50%~60%,主要原因也是预期人民币贬值给公司带来了约4.5亿元人民币的净汇兑亏损;而老牌港资房企新世界中国,在最近披露的截至去年6月底的中期业绩报告也显示,报告期内录得28亿元的汇兑损失。   “人民币贬值压力若维持在5%左右,对在港上市内地房企的业绩影响将达到7%,不过,一旦长期贬值幅度加大,房企将以境内发行人民币公司债和私募债偿的方式调整债务结构,”国泰君安分析师刘斐凡认为,人民币继续贬值将诱使房企回归国内融资。   事实上,调整内外债务结构确实已经成为目前房企最常用的弥补汇兑损失的方法。据不完全统计,去年8月以来,万科、中粮、融创、阳光城等内地房企已经陆续公布境内融资计划,14家上市房企境内融资额度高达648亿元。   而在内地“找钱”的同时,房企也在加紧提前赎回美元债券:1月7日,融创中国宣布,悉数赎回本金总额为4亿美元的所有将于2017年到期的票据,赎回价相当于2017年票据本金额的106.25%;1月25日,宝龙地产亦宣布赎回于2018年到期的2.5亿美元优先票据,赎回价相当于其本金额的105.625%,此外,SOHO中国也在2月6日宣布悉数赎回2017年票据,赎回价相等于该等票据本金额的102.875%。   但对于那些反应速度相对滞后抑或公司基本面较差,难以在境内实现大额融资的房企而言,这一轮人民币贬值所带来的冲击就不可避免。 进入【新浪财经股吧】讨论相关的主题文章: