EU：現代重工と大宇造船のM&A認めず(動画）：
EU: Do not accept ‘Hyundai and Daewoo M & A’:
欧盟：不接受‘现代与大宇并购’：
ー韓国の「ビッグ２」戦略失敗ー
ー再び独り立ち迫られる大宇造船ー
大宇造船：
大宇造船、融資の満期をすでに延長した。
- 買収中止にも直ちに影響はなく
- 景気良く、3～4年分の受注あり
外部資本の投入なしで耐えられるかがカギだ。
しかし低価格受注競争の過熱が、再懸念される。
大宇造船海洋の民営化：
また、大宇造船海洋の民営化が振り出しに戻った。
- 大宇造船は今後、
- 国策銀行の管理の下、
- 新しい買い手を探さなければならない。
「韓国造船業界の再編に支障をきたすこと」になった。
大宇造船海洋
債権団幹部本紙の取材に対し、「両社に大きな影響を及ぼすことはない」と語った。
産業銀行債権団は昨年末、
大宇造船海洋に貸与した2兆ウォン（1930億円）の満期を、今年末まで延長した。
現代重工業：
今回の買収の白紙化は少なからぬ打撃だ。
韓国造船会社間の低価格受注競争で、「チキンゲーム」が再び繰り広げられるからだ。
hankyoreh japan
http://japan.hani.co.kr/arti/economy/42278.html
DSME’s Financial Future Uncertain
As the planned merger between HHI Group and DSME has been canceled, DSME’s financial structure remains uncertain.
DSME is presumed to have suffered a net loss of 1.3 trillion won in 2021.
Sales fell nearly 40 percent in 2021 from a year earlier due to a severe shortage of work three to four years ago.
Its deficit snowballed due to the large-scale provisions prompted by a surge in steel plate prices.
Industry insiders say that
the sharp increase in steel plate prices dealt a particularly heavy blow to DSME.As of the third quarter of last year,
DSME’s debt ratio stood at 298 percent. It jumped by 130 percentage points from the end of 2020 (167 percent).Stock analysts estimate DSME’s net loss to reach 150 billion won in 2022.
Therefore, its debt ratio is expected to easily exceed 310 percent.
DSME’s biggest problem is that
its ability to raise cash to pay off debts is weakening.As of the third quarter of 2022,
DSME’s current ratio stood at 93 percent, with its quick asset ratio hitting 78 percent.The current ratio is calculated by subdividing current assets with current liabilities.
Hyundai Heavy Industries
posted a net loss of 350 billion won in the first half of 2021, but during the same period,
its debt ratio stood at 144 percent,
its liquidity ratio 133 percent,
and its quick asset ratio 117 percent.DSME posted US$10.8 billion in order intake in 2021, exceeding its order target of US$7.7 billion.
For this reason,
some observers say that its deficit is expected to shrink this year and finally, it will turn to a surplus (net profit of 50 billion won) from 2023.However, it takes two to three years
for orders to be reflected in actual sales, and considering short-term loans and shipbuilding costs,DSME is highly likely to face a liquidity crisis in 2022, analysts forecast.
In consideration of these concerns, state-run banks such as Korea Development Bank have provided DSME with a credit line of 2.9 trillion won.
Initially, HHI Group planned to improve DSME’s financial structure after acquisition.
But with the plan shattered,
DSME has been put into a situation where it has no choice but to ask the government to come to its rescue.– Businesskorea
http://www.businesskorea.co.kr/news/articleView.html?idxno=86149