I-Friedman Industries (NYSE:FRD) iyiphrosesa yekhoyili egoqiwe eshisayo. Inkampani ithenga amakhoyili kubakhiqizi abakhulu futhi iwacubungule ukuze aphinde adayiswe ukuze agcine amakhasimende noma ama-broker.
Inkampani igcine ubuhlakani bezezimali nokusebenza ukuze ingathinteki kakhulu ngenxa yokwehla kwezinga lemboni. Eqinisweni, ishumi leminyaka phakathi kokuphela kwenkinga yezimali nokuqala kwenhlekelele ye-COVID bekungekuhle kangako ezimpahleni zizonke, kodwa imali engenayo emaphakathi yenkampani ibingama- $ 2.8 wezigidi.
Uhlu lwama-FRD luhlale luhlotshaniswa nezintengo zensimbi, njengoba amanani entengo ephakeme ensimbi esho inzuzo ephakeme kanye nesidingo esikhulayo semikhiqizo ye-FRD.Inkunzi yokugcina egijima kanye nokuqhuma kwezintengo zensimbi ezinyangeni eziyi-12 ezedlule kwakungehlukile.
Umehluko kulokhu ukuthi isimo somnotho kungenzeka sishintshile, okusikisela ukuthi amanani entengo aphakeme ngokwesilinganiso kunaleminyaka eyishumi edlule. Ngaphezu kwalokho, i-FRD ihlanganisa ukukhiqiza ngokwakha izimboni ezintsha futhi isiqalile ukubiyela amanye amabhizinisi ayo, ngemiphumela exubile.
Lezi zinguquko zingase zisikisele ukuthi i-FRD izokwazi ukuzuza okwengeziwe kule minyaka eyishumi ezayo kunangaphambili, futhi ngaleyo ndlela, ithethelele inani layo lesabelo samanje.Nokho, ukungaqiniseki akukaxazululwa, futhi sikholelwa ukuthi isitoko esinolwazi olutholakalayo siyabiza.
Qaphela: Ngaphandle kwalapho kushiwo ngenye indlela, lonke ulwazi luthathwe ku-FRD’s SEC filings.Unyaka wezimali we-FRD uphela ngomhla ka-31 Mashi, ngakho embikweni wawo we-10-K, unyaka wezimali wamanje ubhekisela onyakeni odlule wokusebenza, futhi embikweni wawo we-10-Q, unyaka wamanje wokubika ubhekisela onyakeni wamanje wokusebenza.
Noma yikuphi ukuhlaziya kwenkampani okugxile ezimpahleni ezijikelezayo noma emikhiqizweni ehlobene akukwazi ukushiya ngaphandle umongo wezomnotho inkampani esebenza ngaphansi kwayo.Ngokujwayelekile, sincamela indlela ebheke phansi yokulinganisa, kodwa kulolu hlobo lwenkampani, indlela yokuya phezulu ayinakugwenywa.
Sigxila esikhathini esisuka kuJuni 2009 kuya kuMashi 2020. Ngokwazi kwethu, isikhathi, nakuba singafani, siphawulwe ngokwehla kwezintengo zempahla, ikakhulukazi izintengo zamandla, inzalo ephansi, nezinqubomgomo zokukhulisa imali kanye nokuhlanganiswa kwezohwebo emhlabeni jikelele.
Ishadi elingezansi libonisa intengo ye-HRC1, inkontileka yasekhaya yekhoyili egoqiwe eshisayo enikezwa yi-FRD ngokuyinhloko. Njengoba sibona, isikhathi esinqume ukuhlaziya amanani ahlanganisiwe asuka ku-$375 kuya ku-$900 ngethani.
I-FRD iyiphrosesa ephansi komfula, okusho ukuthi iyiphrosesa esondelene nekhasimende lokugcina lomkhiqizo wensimbi.I-FRD ithenga amakhoyili ashisayo agoqelwe ngobuningi ezigayweni ezinkulu, abe esesikwa, alolongeke noma adayiswe kabusha njengoba kufanele ukuqeda amakhasimende noma ama-broker.
Le nkampani njengamanje inezindawo ezintathu zokusebenza e-Decatur, Alabama;I-Lone Star, eTexas;kanye no-Hickman, Arkansas.Izitshalo zase-Alabama nase-Arkansas zinikezelwe ekusikeni ikhoyili, kuyilapho isitshalo saseTexas sizinikele ekwenzeni amakhoyili abe amashubhu.
Ukusesha okulula kwe-Google Maps kwesikhungo ngasinye kuveze ukuthi zontathu lezi zikhungo ziseduze kakhulu nezimboni ezinkulu zemikhiqizo eyaziwayo embonini.Isikhungo se-Lone Star siseduze nesikhungo semikhiqizo ye-tubular yase-US Steel (X).Zombili izitshalo ze-Decatur ne-Hickman ziseduze kakhulu nemboni yase-Nucor (NUE).
Indawo iyisici esibalulekile kukho kokubili izindleko nokumaketha, njengoba izinto zidlala indima enkulu emikhiqizweni yensimbi, ngakho ukugxilisa ingqondo kuyakhokha.Imishini emikhulu ingase ingakwazi ukucubungula kahle insimbi ehlangabezana nokucaciswa kwekhasimende, noma ingase igxile kuphela ekulinganiseni izingxenye ezimbalwa zomkhiqizo, zishiye izigayo ezincane njenge-FRD ukuze zibambe zonke ezinye.
Njengoba ubona eshadini elingezansi, kule minyaka eyishumi edlule, umkhawulo wesamba se-FRD kanye nenzuzo yokusebenza kuhambe kwahambisana nezintengo zensimbi (ishadi lamanani alo lisesigabeni sangaphambilini), njenganoma iyiphi enye inkampani esebenza ezimpahleni.
Okokuqala, kunezikhathi ezimbalwa kakhulu lapho ama-FRD egcwele khona izikhukhula.Isikhathi esiningi, isilinganiso sokusebenza siyinkinga yezinkampani ezibiza kakhulu izimpahla.Izindleko ezingaguquki ezibangelwa izikhungo zenza izinguquko ezincane emalini engenayo noma inzuzo enkulu ibe nomthelela omkhulu emalini engenayo yokusebenza.
Njengoba ishadi elingezansi libonisa, i-FRD ayikubalekeli lokhu ngokoqobo, futhi umnyakazo wemali engenayo ukhula njengoba isitatimende semali engenayo sehla.Okukhethekile nge-FRD ukuthi ayilahlekelwa yimali eningi lapho amanani entengo yemikhiqizo yayo ehla.Lokho kusho, nakuba i-FRD ithintwa amandla okusebenza, iyakwazi ukumelana nemijikelezo yebhizinisi.
Isici sesibili esijabulisayo ukuthi imali engenayo yokusebenza ye-FRD yalesi sikhathi ibingu-$4.1 wezigidi. Imali engenayo emaphakathi ye-FRD yangaleso sikhathi ibingu-$2.8 wezigidi, noma u-70% wemali engenayo yokusebenza. Umehluko kuphela phakathi kwemali engenayo yokusebenza kwe-FRD nemali engenayo yonke intela yemali engenayo engu-30%. Lokhu kusho ukuthi inkampani inezindleko ezimbalwa kakhulu zezimali noma ezinye izindleko, kanti ngakolunye uhlangothi lokhu kubangelwa ukungabi naso isikweletu se-FRD.
Okokugcina, ukwehla kwesilinganiso sonyaka kanye nokwehliswa kwenani kwentengo akuzange kuhluke kakhulu ezindlekweni phakathi nenkathi ehlanganisiwe. Lokhu kusinika ithemba lokuthi inkampani ayizange ibike kabi izindleko zayo ezinkulu, ngakho-ke yenza imali enkulu yezindleko ukuze ithuthukise umholo ngokubalwa kwezimali.
Siyaqonda ukuthi ukusetshenziswa kwezindleko zekhephithali nokuxhasa ngezimali kuye kwagcina i-FRD inenzuzo ngezikhathi ezinzima embonini yensimbi. Lokhu kuyisici esibalulekile esiqinisekisayo lapho ucabangela i-FRD.
Inhloso yalokhu kuhlaziya akukhona ukubikezela ukuthi kuzokwenzekani ezicini ezingalindelekile njengezintengo zempahla, inzalo kanye nohwebo lomhlaba.
Nokho, sithanda ukuveza ukuthi indawo esikuyo kanye nemvelo okungenzeka ithuthuke eminyakeni eyishumi ezayo ibonise izici ezihluke kakhulu uma kuqhathaniswa nesimo seminyaka eyishumi edlule.
Ekuqondeni kwethu, ngenkathi sikhuluma ngentuthuko engakacaci, lezi zinto ezintathu zihluke kakhulu.
Okokuqala, umhlaba awubonakali usondela ekudidiyelweni kwezohwebo zamazwe ngamazwe. Lokhu kubi emnothweni uwonke, kodwa kuhle kubakhiqizi abancane bezimpahla ezingathinteki kangako emncintiswaneni wamazwe ngamazwe. Lokho kuyinzuzo ngokusobala kubenzi bensimbi base-US, abahlushwa ukuncintisana ngamanani aphansi, ikakhulukazi e-China. Kunjalo, ukwehla kwesidingo okulethwe ukwehla kwezohwebo nakho kube nomthelela ongemuhle ekudingeni insimbi.
Okwesibili, amabhange amakhulu emazweni athuthukile kwezomnotho azilahlile izinqubomgomo zezimali zokwandisa abezisebenzisile kule minyaka eyishumi edlule.
Okwesithathu, futhi okuhlobene nokunye okubili, ukwehla kwamandla emali kwezomnotho ezithuthukile kakade sekuqalile, futhi kukhona ukungaqiniseki ngokuthi kuzoqhubeka yini.Ngaphezu kwengcindezi yokwehla kwamandla emali, unswinyo lwakamuva eRussia luphinde lwathinta isimo sedola njengemali egciniwe yamazwe ngamazwe.Zombili lezi zinguquko zibe nomthelela okhuphukayo ezindlekweni zempahla.
Futhi, inhloso yethu akukhona ukubikezela amanani entengo ensimbi yesikhathi esizayo, kodwa ukukhombisa ukuthi umnotho omkhulu ushintshe kakhulu uma kuqhathaniswa nesimo phakathi kuka-2009 no-2020. Lokhu kusho ukuthi ama-FRD awakwazi ukuhlaziya ngenhloso yokubuyisela emananini entengo yempahla emaphakathi kanye nesidingo seshumi leminyaka eledlule.
Sikholelwa ukuthi izinguquko ezintathu zibaluleke kakhulu esikhathini esizayo se-FRD, ngaphandle kokushintsha kwentengo nenani elifunekayo.
Okokuqala, i-FRD ivule indawo entsha yesigaba sayo sokusika ikhoyili e-Hinton, eTexas. Ngokombiko wenkampani we-10-Q wekota yesithathu ka-2021 (Dec 2021), isamba sezindleko zesikhungo sezigidi ezingu-$21 sesichithiwe noma siqoqwe ngezigidi ezingu-13 zamaRandi.
Isikhungo esisha sizoba nomunye wemishini yokusika emikhulu emhlabeni wonke, ukwandisa hhayi kuphela ukukhiqiza kodwa futhi nomugqa womkhiqizo inkampani enikezayo.Le ndawo itholakala ekhempasini ye-Steel Dynamics (STLD), eqashiswe inkampani nge-$ 1 ngonyaka iminyaka engu-99.
Lesi sikhungo esisha sinwebeka kufilosofi efanayo yesikhungo sangaphambilini futhi siseduze kakhulu nomkhiqizi omkhulu ukuze sibambe ukukhiqizwa okucace kakhulu kulowo mkhiqizi.
Uma kucatshangelwa isikhathi sokwehla kwenani leminyaka engu-15, indawo entsha izocishe iphindeke kabili izindleko zamanje zokwehla kwe-FRD ziye ku-$3 wezigidi. Lokhu kuzoba yisici esingesihle uma amanani ebuyela emazingeni abonwe kule minyaka eyishumi edlule.
Okwesibili, i-FRD isiqale imisebenzi yokuvikela kusukela ngoJuni 2020, njengoba kumenyezelwe embikweni wayo we-FY21 10-K. Ngokuqonda kwethu, ukuvikela kwethula ubungozi obukhulu bezezimali ekusebenzeni, kwenza ukuchazwa kwezitatimende zezimali kube nzima kakhulu, futhi kudinga umzamo wokuphatha.
I-FRD isebenzisa i-hedge accounting ngemisebenzi yayo yothango, okuyivumela ukuthi ihlehlise ukuqashelwa kwezinzuzo nokulahlekelwa kokunye kuze kube yilapho kwenziwa umsebenzi obiyelwe, uma ukhona,. Ngokwesibonelo, ake sithi i-FRD ithengisa inkontileka ekhokhelwa ukheshi ye-HRC ekhokhwe phakathi nezinyanga eziyisithupha ngo-$100. s kanye ne-$50 enzuzweni ephuma kokunye engafezeki kwenye imali engenayo ephelele.Ukwenziwa kwangempela kothango kwenzeka ngosuku olufanayo ngentengo yama-$50, futhi inzuzo ye-OCI ibe isiguqulelwa ekubeni yinsalela yemali engenayo yonyaka ngokwengeza u-$50 ekuthengisweni.
Inqobo nje uma ukusebenza kwe-hedging ngayinye ekugcineni kufana nokusebenza kwangempela, yonke into izosebenza kahle.Kulokhu, zonke izinzuzo nokulahlekelwa kokuphuma kokunye kuncishiswa izinzuzo nokulahlekelwa ekuhwebeni kwangempela.Abafundi bangazijwayeza ukuthenga nokudayisa uthango njengoba amanani enyuka noma ehla.
Izinkinga ziqala lapho izinkampani zibopha ibhizinisi ngokweqile elingeke lenzeke. Uma inkontileka ephuma kokunye ithola ukulahlekelwa, idluliselwa enzuzweni yonke ngaphandle kozakwabo ophathekayo ukuyikhansela. Ngokwesibonelo, ake sithi inkampani ihlela ukuthengisa amakhoyili angu-10 bese ithengisa izinkontileka ezikhokhelwe ukheshi ezingu-10. Ukukhuphuka ngo-20% kwentengo yendawo kuyinzuzo yenkontileka engu-20% uma kubhekwa ukulahlekelwa okuncane kwe-collar engu-20 ngedolobha ngalinye. kuthengiswa ngenani elifanayo, akukho ukulahlekelwa.Kodwa-ke, uma inkampani igcina ngokuthengisa amakhoyili angu-5 kuphela ngentengo yendawo, kufanele ibone ukulahlekelwa kwezinkontileka ezisele.
Ngeshwa, ezinyangeni eziyi-18 nje zokusebenza kokuvikela, i-FRD ibone ukulahlekelwa okudlulele kwezigidi ezingu-$10 (kucatshangelwa u-$7 wezigidi ezimpahleni zentela ezenziwe). Lokhu akufakiwe emalini engenayo noma ezindlekweni zezimpahla ezithengisiwe, kodwa kufakwe kwenye imali engenayo (akumele kudidaniswe nenye imali engenayo ephelele). Kunoma isiphi esinye isimo, kungaba isitatimende esihlasimulisa umzimba senkampani ukuqaphela inqubomgomo yayo eshaqisayo nokubukeza inqubomgomo yayo eshaqisayo. sebenzisa i-FRD yenze imali eningi kulo nyaka futhi ilahlekelwe kancane uma kuqhathaniswa, i-FRD ibalulwe esigabeni esisodwa kuphela.
Izinkampani zisebenzisa i-hedging ukukhulisa ukusebenza kahle futhi ngezinye izikhathi zenza inzuzo ngokuthengisa ngentengo engcono uma umkhiqizo ungatholakali.Kodwa-ke, sikholelwa ukuthi ubungozi obungeziwe akudingekile futhi, njengoba sibonile, bungabangela ukulahlekelwa okukhulu.Uma usetshenziswa, umsebenzi wokubiyela kufanele ube nenqubomgomo ye-threshold egcina kakhulu, ingavumeli umsebenzi wokubiyela ukuba udlule umkhawulo omncane wokubikezela okuhlobene kuze kube yilapho lokho kuthengiswa okuhlobene kulinganiselwe.
Uma kungenjalo, ukusebenza kwe-hedging kuzoba nethonya elikhulu lapho izinkampani zidinga usizo kakhulu.Isizathu siwukuthi i-hedge accounting ihluleka lapho inani le-hedge lidlula ukusebenza kwangempela, okwenzeka kuphela lapho isidingo semakethe siwela, okubangela ukuthi amanani amabala ehle.Ngenxa yalokho, inkampani izoba sesimweni sokunciphisa imali engenayo kanye nenzuzo ngenkathi kufanele ibuyisele ukulahlekelwa okungeziwe kokubiyela.
Okokugcina, ukuze kuxhaswe uthango lwayo, izidingo zokusungula ezandisiwe kanye nokwakhiwa kwefekthri entsha, i-FRD isayine indawo yokubolekwa imali ne-JPMorgan Chase (JPM).Ngaphansi kwalo mshini, i-FRD ingaboleka imali efinyelela ku-$70 million ngokusekelwe enanini lezimpahla zayo zamanje kanye ne-EBITDA futhi ikhokhe i-SOFR + 1.7% kwibhalansi esele.
Kusukela ngoDisemba 2021, inkampani ibe nebhalansi esalele engu-$15 wezigidi kulesi sikhungo. Inkampani ayikhulumi ngenani le-SOFR elisebenzisayo, kodwa isibonelo, izinga lezinyanga eziyi-12 lalingu-0.5% ngo-December futhi manje selingu-1.5%.Impela, leli zinga lezimali lisesezingeni eliphansi, njengoba ukuguqulwa kwesisekelo sesisekelo esingu-100 esingeziwe, izindleko zezinyanga ezimbalwa zizoba ngaphezu kwe-$10. kuyodingeka ibhekwe eduze.
Sesivele sishilo ezinye zezingozi ezikhona ngemuva kokusebenza kwe-FRD, kodwa besifuna ukuzibeka ngokucacile esigabeni esihlukile futhi sixoxe kabanzi.
Njengoba sishilo, i-FRD inesilinganiso sokusebenza, izindleko ezingaguquki, phakathi neminyaka eyishumi edlule, kodwa lokho akusho ukulahlekelwa okukhulu ngisho nasezimakethe ezimbi kakhulu. Njengoba kunesitsha esingeziwe manje esakhiwayo esingangeza u-$1.5 wezigidi ngonyaka ekuncipheni, lokho kuzoshintsha.Inkampani kuzofanele iqhamuke ne-$1.5 million ngonyaka emalini engenayo ngaphandle kwezindleko eziguquguqukayo zonyaka.
Siphinde sasho ukuthi i-FRD ayinaso isikweletu, okusho ukuthi akukho nzuzo yezezimali endleleni eya phezulu noma phansi.Manje, inkampani isayine isikhungo sesikweletu esixhunywe ezimpahleni zayo eziwuketshezi.Umugqa wesikweletu uvumela izinkampani ukuboleka kufika ku-$75 wezigidi ngenani lenzalo elilingana ne-SOFR +1.7%.Njengoba izinga le-SOFR lonyaka kuleli phuzu.Njengoba izinga le-SOFR lonyaka kuleli phuzu .Njengoba izinga le-SOFR lonyaka kuleli phuzu (isikhathi esizayo sokukhokha) i-SOFR iseyi-calculated 1,25 i-SOFR isebenzisa ukukhokha kwesikhathi esizayo ku-1. Inzalo ka-$295,000 yemali engu-$10 million eyengeziwe ebolekiwe. Njengoba izinga le-SOFR linyuka ngamaphoyinti angu-100 (1%) ngonyaka, i-FRD izokhokha u-$100,000.
Ihlanganisa lezo zindleko ezimbili, kanye nokukhuphuka kwezinga ngo-1% esikhathini esisele sika-2022, inkampani kuzofanele iqhamuke nenye imali eyizigidi ezimbili zamaRandi enzuzo yokusebenza uma kuqhathaniswa nalokho eyayiyikho ngaphambi kwezinguquko zakamuva ze-COVID.
Sabe sesibalula ubungozi bokuvikela, okunzima ukukukala kodwa okuba nomthelela omkhulu uma izinkampani zisengcupheni kakhulu.Ingozi eqondile yenkampani incike kakhulu ekutheni zingaki izinkontileka ezivulwa noma ngasiphi isikhathi nokuthi amanani ensimbi ahamba kanjani. Nokho, ukulahlekelwa okungenakuqhathaniswa kwezigidi ezingu-10 zamaRandi okuqinisekisiwe kulo nyaka kufanele kubangele ukuthuthumela komgogodla wanoma yimuphi umtshali-zimali.
Mayelana nokushiswa kwemali, ulwazi esinalo lwekota yesithathu ka-2021 (Dec 2021) aluhle kakhulu. I-FRD ayinayo imali eningi, isigidi esingu-$3 nje kuphela. Le nkampani bekufanele ikhokhe u-$27 wezigidi ezinqwabelene, iningi lazo livela esikhungweni sayo esisha e-Texas, futhi ibe nezigidi ezingu-15 zamaRandi esele emgqeni wayo wesikweletu osele.
Kodwa-ke, i-FRD iphinde yandisa utshalomali lwayo ku-inventory kanye nezinto ezitholwayo phakathi nonyaka njengoba amanani ensimbi ayenyuka. Kusukela ngo-3Q21, inkampani yayinerekhodi elingu-$83 million ku-inventory kanye ne-$26 million ezintweni ezitholwayo. Njengoba inkampani ithengisa uhlu oluthile, kufanele ithole ukheshi. million.Yebo, lokhu kuzodala izindleko ezinkulu zezimali, ngenani lamanje lamaRandi ayizigidi ezingu-2.2 ngonyaka.Leli elinye lamaphuzu abalulekile okufanele ahlolwe lapho kuvela imiphumela emisha ngo-April.
Okokugcina, i-FRD iyisitoko esincane esidayiswa kancane, esinomthamo wansuku zonke wamasheya angaba ngu-5,000. Isitoko sibuye sibe nokusabalala kokubuza/ibhidi kwe-3.5%, okubhekwa njengokuphakeme.Yilokho abatshalizimali okufanele bakukhumbule, kodwa akubona bonke abakubona njengengozi.
Ngokombono wethu, ishumi leminyaka elidlule libonisa isimo esingesihle sabakhiqizi bempahla, ikakhulukazi imboni yensimbi yase-US.Kulokhu, ikhono le-FRD lokushayela inzuzo ngesilinganiso semali engenayo yonyaka eyi-$2.8 million kuwuphawu oluhle.
Yiqiniso, ngisho nokucabangela amazinga entengo eshumi leminyaka elidlule, asikwazi ukubikezela imali engenayo efanayo ye-FRD ngenxa yezinguquko eziphawulekayo ekutshalweni kwezimali ezinkulu kanye nemisebenzi yokuvimba.