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[转贴] 【SAPNRG】- RM2132.293 mil的Provision for Impairment PPE - Harryt30
【SAPNRG】- RM2132.293 mil的Provision for Impairment PPE
今天中午SAPNRG的业绩出炉，Net Loss = RM2,285.531 mil，相信吓坏不少人。这主要是因为有RM2,132.293 mil的Impairment折损, 也就是Property, Plant & Equipment的折损。这种情况在油气领域非常常见，过去几年UMWOG, ARMADA以及ALAM的都发生过。而SAPNRG在去年的时候也曾经RM282 mil的Impairment, 只不过今年Impairment有点吓人。往好的方面想，希望过去1年Impairment了那么多，接下来就不要再出现了。
按年比较的话，营业额YOY下跌了23%，所以生意量减少间接导致盈利下跌。SAPNRG去年的Finance Cost也就是银行借贷利息是RM799.8 mil，今年增长到RM858.666 mil。假设撇除掉银行贷款的利息以及Impairment，公司的Profit Before Tax应该是RM600多Mil。所以现在SAPNRG赚的钱，暂时都分给了银行。
这个情况跟UMWOG雷同，SAPNRG的Total Borrowing高达RM16.415 mil，Cash只有RM1,716 mil，Net Debt Position = RM14,699 mil。要解决债务这个问题的话，最直接的方式就是像UMWOG一样，跟股东Right Issue讨钱减少债务以及提高资产债务的情况。
公司今年获得了RM2,700 mil的合约，油价上升，整个领域现在都缓缓地从底部复原。公司预计mid - long term前景会改进，也意味着短期的话还有许多问题必须决解。
版主这几年一直有关注油气股，不过暂时还没有进场。希望小小的分享可以给大家一些资讯的帮助。
Harryt30
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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