Monday, June 10, 2013

中鋁千軍萬馬的悲歌

在金融界工作,一向視為薪高兼有冷氣嘆的舒服工,況且白領人士起碼每周有一天半假期,令人羨慕。不過,這支歌仔恐怕有變,卻是為了遷就家中的傭工!

同金融公司打工的分析部朋友打聲招呼,竟然周日依然身處辦公室內埋頭趕工,面對炎熱夏天,奈何中央冷氣經已停止運作,只能找來風扇吹涼。他解釋,本來周六可開工,怎知太座不想菲傭周日放假,以免和其他同鄉相處學壞,故此安排傭工周六放假,他也只好先照顧家中大小,改為周日下午上班。

除了日常工作外,他正忙於撰寫下半年投資攻略,當然,做朋友的懂得不會追問內容,只好鼓勵他早點下班回家。

中國鋁業(2600)管理層同樣忙透了,皆因正忙於賣資產套現,最終又是母公司悉數接手,其中上周賣西北鋁加工和貴州氧化鋁部分資產,涉高達60.8億元(人民幣,下同)(約77億港元),但最終只賺1.17億元而已。

該集團昨日又賣一籃子鋁加工資產,涉逾32.4億元,而出售的一批債權作價17.55億元,前者可賺10億元,可惜該批債權原來值29.25億元,現在六折收回欠款,即變相蝕11.7億元,一來一回,其實蝕了逾1.7億元,連同上周交易所賺,代表又是得個「桔」。

最悲壯是交易款項並非即時全部「落袋」,一籃子鋁加工資產的七成款項要明年6月中前才支付,而該批債權款項更分5期,最後一期償還至2017年6月中,話雖會計貸款息,但已成無可奈何的選擇。

該集團早於3月初失去藍籌股地位,由電腦加手機股聯想(992)所取代,而由下周一起,更會被剔除於國企成分股名單內,可謂高峰滑落。

其實,該集團持續膨脹,自07年員工人數才9.42萬人,於08年迅速增至10.7萬人,即使09年蝕46億元,直至2010年員工人數更進一步攀升至高達10.8萬人,當中負責生產的員工佔8.84萬人,比07年足足多了1萬人,認真進取。

即使隨後兩年勉強盈利,直至去年底員工人數才累減1萬人至9.7萬人,而最恐怖是總負債從08年754億元年年遞增,去年底見1,212億元之巨,反映單是員工薪酬成本及財務費用,已肯定非同小可。

望望首季未計新收購,生產運營費用和管理費用合共逾10億元,與去年同期比較僅輕微回落,而財務費用一季要付12.4億元,包袱肯定不少,重拾活力需時。

以前常常聽「人多好辦事」,又話「借錢方為人上人」,可能是國企配合國策,兼且發展過快時,又有母公司這種強勁背景支持收拾殘局才有資格,但若果做股東的話,就可能免問了。

(6月10日刊於《am730》)

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