Milk prices fell to test the super ranch, the modern animal husbandry, the original ecological anima-ca4111

Milk prices fell to test the super Ranch: the modern animal husbandry, the original ecological animal husbandry both losses, milk prices fell, test the big ranch, Luan low milk prices are testing the domestic super scale ranch mode. The two major milk enterprises of modern animal husbandry (01117.HK) and the original ecological animal husbandry (01431.HK) semi annual report released recently showed that the milk price fell and imports a large bag flour impact, after the listing of two companies suffered its first loss. According to the report of modern animal husbandry, due to the slow growth of domestic consumption and the impact of imported large package of powder, the company’s raw milk sales price fell from 4.5 yuan to 4 yuan, leading to the decline in the company’s original milk business income. In the first half of the year, the company’s revenue was 2 billion 230 million yuan, a decrease of 8.5% compared with the previous year, a loss of 570 million yuan, cash EBITDA (interest expenses, taxes, depreciation, amortization and fair value change, reduce the cost of cow sales profit before loss) was 650 million yuan, compared with the same period reduced by 24%. The original ecological livestock industry is also in the same situation, the announcement shows that in the first half of the year, the company sold raw milk price of 4005 yuan per ton, 4 yuan kilogram, compared with 2015 fell 12.9%. This also led to the company in the first half of the original milk sales increased by 9%, income decreased by 5% to 510 million yuan, gross profit decreased by 14.2%, the annual loss of 140 million yuan. The first Financial Daily reporter found that the original milk business of the two listed companies still maintained profitability, but the "fair value of biological assets change, reduce sales costs" this data has been a large loss. The gross profit of raw milk sales of original ecological animal husbandry was 180 million yuan, and the loss of fair value of biological assets was reduced by 260 million yuan. Modern farming dairy farming part profit 360 million yuan, biological assets fair value change, reduce sales cost loss is as high as 500 million yuan, and this is the main reason for the two companies loss. In response, the reporter sent an interview outline to the modern animal husbandry investor relations mail box, but as of press time did not get a reply. Dairy analyst Song Liang told the "First Financial Daily" reporters on "changes in cost reduction dairy sales losses" fair value, has a special way of computing industry, including raw milk prices led to the decline in valuation of biological assets such as cows, and in order to control the production enterprises will be eliminated to bring the loss of dairy cows. Reporters learned that the fair value of dairy industry in general calculating way is multiplied by the price of milk in the future the current amount of milk derived income minus the future costs calculated from cows fed, so the price of milk has great influence on this data. It is worth noting that, from the second half of 2014, the domestic milk prices will enter the down channel, the size of the ranch’s raw milk sales prices also began to drop sharply from 5~6 yuan high, has now dropped to 3.7~3.8 yuan kg. With the decline in milk prices, large-scale pasture deficit continues to expand. According to the national dairy industry technology system chief scientist Li Shengli introduction, the current domestic large-scale pasture deficit in about 60%. In contrast, the sale of raw milk in large scaled farms

奶价下跌考验超大牧场:现代牧业原生态牧业双双亏损   奶价下跌 考验超大牧场   栾立   处于低位的奶价正在考验着国内超大规模牧场模式。   国内两大原奶企业现代牧业(01117.HK)和原生态牧业(01431.HK)近期公布的半年报显示,由于奶价下跌和进口大包粉的冲击,两家企业遭遇上市后首度亏损。   现代牧业中报显示,由于国内消费增长缓慢,且遭遇进口大包粉的冲击,公司原奶对外销售价格从4.5元 公斤跌至4元 公斤,导致公司原奶业务收入下滑。上半年公司收入22.3亿元,较上年同期减少8.5%,亏损5.7亿元,现金EBITDA(利息开支、税项、折旧、摊销及公平值变动减乳牛销售成本产生的利润 亏损前盈利)为6.5亿元,较同期减少了24%。   原生态牧业也处在同样的境地,公告显示,上半年公司所售原奶价格为每吨4005元,折4元 公斤,较2015年下跌12.9%。这也导致公司上半年原奶销量上升了9%,收入却减少5%到5.1亿元,毛利减少14.2%,全年亏损1.4亿元。   《第一财经日报》记者发现,两家上市公司的原奶业务还保持盈利,但“生物资产公平值变动减销售成本”这一数据都出现了大额亏损。原生态牧业原奶销售毛利为1.8亿元,生物资产公平值变动减销售成本亏损为2.6亿元。现代牧业奶牛养殖部分盈利3.6亿元,生物资产公平值变动减销售成本亏损则高达5亿元,而这也是两家公司亏损的主要原因。   对此,记者向现代牧业投资者关系联络邮箱发去采访提纲,但截至发稿时并未获得回复。   乳业分析师宋亮告诉《第一财经日报》记者,关于“公平值变动减乳牛销售成本的亏损”,行业里有一套专门的计算方式,包括了原奶价格下降导致奶牛等生物资产估值下降,以及为了控制产能企业将奶牛淘汰带来的损失等等。   记者了解到,行业中一般计算奶牛的公允价值的方式是,以当期的奶价乘以未来产奶总量计算而得的收入,减去未来的奶牛饲喂成本支出计算而得,因此奶价的高低对此数据影响较大。   值得注意的是,从2014年下半年开始,国内奶价就进入下行通道,规模化牧场的原奶销售价格也从5~6元 公斤的高价开始大幅回落,目前已经跌至3.7~3.8元 公斤左右。而伴随着奶价的下滑,大规模牧场亏损面也不断扩大。   据国家奶牛产业技术体系首席科学家李胜利介绍,目前国内规模化牧场亏损面在60%左右。相比之下,大型规模化牧场的原奶出售价格远高于市场平均水平,而其大面积亏损也引发了行业内对于大牧场模式的质疑。   宋亮告诉《第一财经日报》记者,由于国内土地成本高于国外,同时苜蓿等高蛋白饲料缺乏,只能依靠进口,牧场管理经验不足,且防疫费用较高等一系列因素导致了超大型牧场系统性成本高,而这也导致了规模不经济。据估算,成熟的大型牧场的生产成本是3.5元 公斤,而2013年之后新建的超大型牧场的原奶生产成本或超过3.8元 公斤。如此一来,在遭遇市场环境恶化的时候,新建超大型牧场抵御市场风险的能力就比较差。 进入【新浪财经股吧】讨论相关的主题文章: