Recent，HNA Group (hereinafter referred to as "HNA") announced the 2017 annual report。

Since the second half of last year, this huge capital empire has encountered unprecedented liquidity difficulties，After putting the brakes on overseas acquisitions，HNA needs to deal with urgent matters:188bet app

At the end of 2017, HNA’s total assets reached 1.2 trillion，Asset-liability ratio 59.78%；In 2016 this number was 59.43%。

Judging from this simplest asset and liability indicator，HNA’s liabilities are not as serious as imagined，What’s more, in the development process of this capital empire，It is not uncommon for debt ratios to be higher than this。

But HNA has another world in one detail，Only by looking at its current situation can we see the future of this empire clearly。

1. Pay off nearly 300 billion in debt in one go!

Let’s first look at how much debt HNA paid off last year.

HNA’s debt repayment cash scale last year is not an exaggeration to describe as majestic，The cash paid to repay debt in 2017 reached 269.5 billion yuan，40% year-on-year increase。Divide last year into two parts，Cash paid to repay debt in the first half of the year was 111.5 billion yuan，It is not difficult to find out from this conversion，In the second half of 2017 when the pressure to repay debt is greatest，HNA paid 158 billion in cash，38% year-on-year increase。

The huge debt repayment cash, which increased 188bet Online Sports Betting and Casino by 40% year-on-year, caused early warning signs in HNA’s cash flow last year，After paying back so much money, will HNA’s future be easier?？Very difficult。

According to its financial report，As of the end of 2017，HNA Group’s total non-current liabilities due within one year reached 55.8 billion yuan，Doubled year-on-year！The total debt that HNA has to repay within one year should be around 60 billion，It is important to repay due debts，But that’s not the whole story，Paying interest is also important。

Except Debt，HNA still needs to face interest expenses。Interest expenses under HNA’s financial expense items have grown rapidly over the past three years，Data display of benefit statistics，HNA’s interest expense in 2015 was 11.9 billion，19.7 billion in 2016，By 2017, this number reached 31.8 billion，An increase of 167% in three years (before interest income is deducted)。

2017，The monetary funds on HNA’s accounts are 176.2 billion，In the first half of 2017, HNA’s figure was 185.1 billion yuan，In other words, book funds decreased by 8.9 billion yuan within half a year，A few percentage points is nothing to be afraid of，However, HNA’s book funds still have 48.1 billion in funds, and the right to use them is restricted。In other words，As of the end of last year, HNA’s available book funds were around 130 billion。

From debt due within the year to interest expense，HNA’s financial pressure is really great。But according to common sense, a giant company like HNA，When the financial pressure is high, you will not sell off your assets to pay off your debts。Of course the usual logic fails here at HNA，The most direct manifestation is that HNA’s financing ability seems to have weakened。

2. Has your financing capacity become weaker?

If HNA’s financing capabilities are not good，I guess friends 188bet app from HNA will call。Because financial data shows，HNA’s total long-term borrowings in 2017 were 254.8 billion yuan，Still maintained a growth of more than 10%。

But there were subtle changes in HNA’s financing methods last year，Although financing remains unchanged，But the result may not be optimistic。

First look at the financing situation,The cash received by HNA from investment in 2017 decreased by 149.8 billion year-on-year to only 102.2 billion，Judging from this data，HNA’s direct financing ability became weaker last year。

Secondly, look at the indirect financing situation，Long-term borrowing, which accounts for the largest proportion, has indeed increased。But you can find it if you break it down，The scale of mortgage loans in long-term loan projects has rapidly increased to 165.8 billion yuan, a year-on-year increase of 50%，The amount of pledged loans dropped by nearly 70%，In 2015, the total amount of pledged loans exceeded mortgage loans。The most common collateral for pledged loans in the secondary market is mostly stocks，Mortgage loans mostly require fixed assets as anchors。

For a corporate empire that owns equity interests in multiple listed companies，Pledged loans are more appropriate in most cases，However, stock prices are extremely vulnerable to market panic factors，There have been many cases this year that fell below or reached the pledge line。In the case of HNA’s tight liquidity，Did HNA or a financial institution proactively choose mortgage financing?Everyone can figure it out for themselves.

Judging from the above data，As of the end of 2017, HNA’s financing pressure is still very high，Selling house and land is inevitable。

But from another level，Selling off assets is also a tragedy for large companies。Because it’s so hard to find collaborators who can dance with elephants，188bet app download And in most cases the competition between elephants is a zero-sum game，After all, the territory is limited。

3. Is HNA OK?

Someone may say，HNA’s 2017 asset-liability ratio 59.78% still have more than one trillion assets in the table，It won’t work。

Conspiracy theories aside，The idea that a skinny camel is bigger than a horse is not advisable。

For example，If Emei Peak expanded now，There are two school district houses in the Second Ring Road of the Imperial Capital，Suddenly I have to pay off a debt of 10 million within two months，I should have no problem selling a house to pay off my debt at this time。But if you own 10,000 properties in Beijing and owe a debt worth the total price of 1,000 properties，Can you sell 1,000 houses in the same city in a short period of time？The answer is obviously unlikely，Because there are very few takers for 1,000 houses in the same city。But the longer the time goes，The more interest you will pay on your debt，The closer the debt repayment deadline is，What should you do？

HNA is the camel bigger than the horse,A company encounters a sudden tightening of liquidity，Whether it works or not depends on its business layout and operating capabilities。At least for now, HNA’s business layout has taken shape，This is his ability to resist risks。

If based on the proportion of main business income，Hainan Airlines is no longer a company with a large proportion of aviation business。The IT distributor Ingram Micro, which was incorporated into the 2017 financial report, is HNA’s largest source of revenue，This company, acquired by HNA for 6 billion US dollars, has brought more than 300 billion in revenue to HNA，Almost half of HNA’s annual revenue。Although the profit margin is very low，But as the world’s largest IT distributor，Ingram Micro can provide relatively stable cash flow support to HNA。At the same time，The demand for inventory and accounts receivable management also makes this kind of distributor inherently possess the attributes of supply chain finance。

Next operational capability test，HNA is not an ordinary person。What you need to know，Hainan Airlines is a corporate group specializing in refined operations，Hainan Airlines is the only airline giant among the four major airlines that appears as a private enterprise。

Looking at the business data of airlines that started with HNA，It can also partially reflect the operational level of HNA。2015、Hainan Airlines’ revenue profit margin in 2016 was 9.2% and 8.4% ranks first among the four major airlines，After being merged into Tianjin Airlines in 2017, it fell to third place due to increased costs。

As long as the fundamentals remain unchanged，The current crisis can only be regarded as an episode in history for HNA。However, this episode will greatly affect HNA’s future strategic direction，Abortion、Logistics、Fund flow、Will HNA, which pays equal attention to the "four streams" of information flow, become more conservative？After digesting the negative factors，Can HNA’s elephant still run?？

June 7，Zhihui will hold the 3rd China Cultural Tourism Consumption Innovation Summit in Beijing，One of the highlights of this summit is the exploration of success and failure cases，With the general trend、Capital、Operation、Management、Comprehensive analysis of successful and failed cases in the cultural tourism industry in the past three years from multiple dimensions of talent。

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