×

Присоединяйтесь к нам

×
Для отправки сообщения требуется регистрация.
Пожалуйста, перейдите в форму регистрации или авторизуйтесь на сайте.
×
Ваш запрос отправлен. В ближайшее время с вами свяжутся менеджеры Cbonds. Спасибо!

08.04.2021. Газпромбанк: Yuzhou Properties Co (-/B1/BB-) FY20: Lessons learned

Yuzhou last week reported unaudited financial results for FY20 that reaffirmed investor fears following the company’s profit warning. Revenues and margins plunged, largely due to accounting issues (the treatment of certain entities as JVs instead of subsidiaries, and deferred recognition of some other projects). As this was not accounted for by the management before the final audit, the 1H20 results were overstated. Consequently, P&L leverage and interest coverage deteriorated to below the B-peers level. That said, balance sheet-based metrics remained solid, as did indicators of the ‘three red lines’ policy.


подробнее: GPB_Yuzhou_FY20_lessons_learned_08.04.21_ENG.pdf (352 Kb)
×