[Maidian.com] After China Southern Airlines and China Eastern Airlines obtained the second capital injection, the Hainan government and HNA Group’s 3 billion cash injections into Hainan Airlines have also been settled. February 25, Hainan Airlines...

[Maidian.com] After China Southern Airlines and China Eastern Airlines obtained the second capital injection, the Hainan government and HNA Group’s 3 billion cash injections into Hainan Airlines have also been settled.

On February 25, Hainan Airlines announced that as of February 12, 2010, the company issued non-public shares to the actual controller Hainan Holdings and the important related party HNA Group. The issue targets were subscribed in cash, and the total amount of funds raised was RMB. 2.86 billion yuan.

After this non-public issuance, Hainan Holdings directly holds 7.21% of the company's shares, indirectly holds 41.60% of the company's shares through Daxinhua Airlines Co., Ltd., and indirectly holds 2.62% shares of the company through American Aviation LDC, a total of 51.44% shares, the company holds There were no changes to shareholders and actual controllers.

Hainan Airlines said that the capital injection is mainly to solve the problem of insufficient capital and high asset-liability ratio of the company, enhance the company's ability to continue operations, thereby improving the company's competitiveness and improving the company's operating performance.

Huang Yonglin, a researcher at GF Securities, believes that although Hainan Airlines is weaker than the three major domestic airlines in terms of its ability to inject capital from the past, the state's Hainan Island construction opinions have given clear financial support, and the company will continue to receive Hainan from the future. Government and HNA Group's capital injection support.

On the same day, Hainan Airlines' share price rose sharply, ending at 7.75 yuan, up 5.59 points throughout the day.

High debt weight

Gao Shiliang, a researcher at Zhongyuan Securities, pointed out that with the continuous expansion of the company's scale, the company's debt level has also been continuously improved, and the company's borrowing scale has been maintained at a high level and continues to grow. In recent years, Hainan Airlines' short-term borrowings and long-term borrowings have increased year by year, causing a heavy financial burden on the company.

As of March 31, 2009, the company's asset-liability ratio reached 82.80% (parent company's caliber), of which short-term loans were 10.046 billion yuan and long-term loans were 19.826 billion yuan. The company's short-term loans and long-term loans accounted for 67% of the company's total liabilities.

"Although the company's borrowing has played a positive role in the company's sustained and rapid development, a large number of corporate borrowings have caused the company's annual financial expenses to remain high, reducing the company's operating efficiency." Gao Shiliang said.

Taking Hainan Airlines' financial data for the past three years as an example, at the end of 2008, the end of 2007 and the end of 2006, the company's long-term and short-term loans were 27.271 billion yuan, 210.07 billion yuan and 17.225 billion yuan, accounting for 65.49% of the total liabilities, respectively. 66.67% and 61.59%, the proportion of borrowings is relatively high.

In addition, the company's financial expenses at the end of 2008, the end of 2007 and the end of 2006 were 648 million yuan, 811 million yuan and 864 million yuan respectively, and the financial expenses were heavy.

Galaxy Securities analyst Mao An pointed out that Hainan Airlines' capital injection from Hainan government and the group will have a huge impact on the company's future operations.

According to the company's arrangement, the capital injection funds are mainly used to repay the loan funds of domestic banks. Among them, 2.047 billion capital injections are used to repay the loans, which will reduce the corresponding liabilities by 2.047 billion yuan. According to the domestic long-term loan 5% interest rate, the financial expenses will be reduced by 1.02 per year. 100 million yuan, and 947 million capital injections to supplement working capital, according to the average domestic short-term loan rate of 3%, the annual financial costs will be reduced by 28 million yuan, a total reduction of financial costs of 130 million yuan.

"According to the ratio of the total share capital of 4.12 billion shares and 25% income tax after the issuance, the annual net profit increased by 0.024 yuan / share." Mao An said.

After the completion of this issuance, Hainan Airlines’ total assets and net assets have increased. After the completion of the issuance, the company's total assets increased to 58.066 billion yuan, an increase of 5.42%; net assets increased to 10.103 billion yuan, an increase of 41.95%, and the consolidated asset-liability ratio decreased from 87.08% to 82.60%.

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