Tsingtao Brewery

SEHK:168

Китай / Производители товаров масс. потребления / Напитки

Обзор

Дивиденды

Финансовая отчетность за 5 лет

Цена акций

55,00 HKD


Key Metrics	Latest
Total Revenue	31,918 B
Adjusted EBITDA	5,54 B
EBITDA Margin	17,4%
Net Profit Margin	12,4%
Total Assets	50,371 B
Total Debt	108,7 M

5Y Historical Financial Statements

Summary Financials


Summary Financials

	Fiscal Year Ending					Latest	Year-to-date Ending
(in millions)	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	12 Months	Sep-23	Sep-24

Revenue	27,983.76	27,759.71	30,166.81	32,171.57	33,936.52	31,917.76	30,978.05	28,959.29
% Growth		(0.01)	0.09	0.07	0.05			(0.07)

Adjusted EBITDA	2,630.51	3,364.08	3,922.96	4,677.70	5,393.35	5,540.00	6,670.77	6,817.42
% Margin	0.09	0.12	0.13	0.15	0.16	0.17	0.22	0.24

Adjusted EBIT	1,570.80	2,298.94	2,906.87	3,697.33	4,375.06	4,493.26	5,935.49	6,053.69
% Margin	0.06	0.08	0.10	0.11	0.13	0.14	0.19	0.21

Adjusted Net Income	1,465.50	2,011.84	2,423.12	3,303.59	3,808.00	3,959.71	4,862.88	5,014.60
% Margin	0.05	0.07	0.08	0.10	0.11	0.12	0.16	0.17

Adjusted Basic EPS	1.08	1.49	1.79	2.44	2.81	2.91	3.58	3.69

Подтверждающие расчеты

Income Statement

Balance Sheet

Statement of Cashflows


Income Statement
						Original
CNY	Fiscal Year Ending					Latest	Year-to-date Ending
(in millions)	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Sep-24	Sep-23	Sep-24
	FY - 4	FY - 3	FY - 2	FY - 1	FY	LTM	YTD-1	YTD

Revenue	27,984	27,760	30,167	32,172	33,937	31,918	30,978	28,959
% Growth	NA	-0.8%	8.7%	6.6%	5.5%			-6.5%

Cost of Revenue	(17,120)	(18,018)	(19,183)	(20,402)	(20,916)	(19,110)	(18,671)	(16,865)
Gross Profit	10,864	9,742	10,984	11,769	13,021	12,808	12,307	12,094
% Revenue	38.8%	35.1%	36.4%	36.6%	38.4%	40.1%	39.7%	41.8%

Research and Development	(21)	(21)	(31)	(63)	(101)	(122)	(35)	(57)
Selling and Marketing	(5,022)	(3,457)	(3,958)	(4,072)	(4,578)	(4,516)	(3,483)	(3,421)
General and Admin	(1,937)	(1,746)	(1,769)	(1,546)	(1,580)	(1,494)	(1,024)	(938)
Other Inc / (Exp)	(1,681)	(1,808)	(1,219)	(1,702)	(1,677)	(1,495)	(1,671)	(1,489)
Total Operating Exp	(8,661)	(7,032)	(6,978)	(7,384)	(7,936)	(7,627)	(6,214)	(5,904)

Operating Income	2,204	2,709	4,006	4,386	5,084	5,181	6,093	6,190
% Revenue	7.9%	9.8%	13.3%	13.6%	15.0%	16.2%	19.7%	21.4%

Interest Expense	523	530	473	620	662	701	502	541
Pre-tax Income	2,727	3,240	4,479	5,006	5,746	5,882	6,595	6,731
Earnings of Discontinued Ops.	0	0	0	0	0	0	0	0
Provision for Taxes	(798)	(913)	(1,223)	(1,201)	(1,398)	(1,403)	(1,596)	(1,601)
Net Income to Company	1,929	2,327	3,256	3,805	4,348	4,479	4,999	5,130
% Margin	6.9%	8.4%	10.8%	11.8%	12.8%	14.0%	16.1%	17.7%

Minority Interest in Earnings	(77)	(126)	(101)	(94)	(80)	(129)	(91)	(140)
Net Income to Stockholders	1,852	2,201	3,155	3,711	4,268	4,350	4,908	4,990

Preferred Dividends	0	0	0	0	0	0	0	0
Other Adj.	0	0	(10)	(10)	(8)	(8)	0	0

Net Income to Common	1,852	2,201	3,145	3,701	4,260	4,342	4,908	4,990
% Margin	6.6%	7.9%	10.4%	11.5%	12.6%	13.6%	15.8%	17.2%

As Reported
Basic EPS (Continuing Ops)	1.37	1.63	2.33	2.74	3.14	3.19	3.61	3.67
Diluted EPS (Continuing Ops)	1.37	1.63	2.32	2.73	3.13	3.19	3.60	3.66

WA Basic Shares Out.	1,350.98	1,350.98	1,350.98	1,352.80	1,357.20	1,359.23	1,358.72	1,360.76
WA Diluted Shares Out.	1,350.98	1,352.73	1,357.93	1,360.41	1,362.47	1,363.71	1,362.12	1,363.36

EBITDA, EBIT Reconciliation
EBT, Incl. Unusual Items	2,727	3,240	4,479	5,006	5,746	5,882	6,595	6,731
Addback: Net Interest Expense	(523)	(530)	(473)	(620)	(662)	(701)	(502)	(541)
Addback: Other Non Operating Expenses, Total	(6)	15	26	(11)	21	15	26	20
Addback: Depreciation & Amortization	1,060	1,065	1,016	980	1,018	1,047	735	764
Addback: Restructuring Charges	0	0	0	0	0	0	0	0
Addback: Merger / Acquisition Expenses	0	0	0	0	0	0	0	0
Addback: Goodwill Impairment	0	0	0	0	0	0	0	0
Addback: Gain (Loss) On Sale Of Invest.	(57)	(55)	(253)	(164)	(230)	(214)	(165)	(148)
Addback: Gain (Loss) On Sale Of Assets	(59)	5	(482)	10	(179)	(170)	(20)	(11)
Addback: Asset Writedown	121	131	189	26	80	82	1	4
Addback: In Process R&D Expenses	0	0	0	0	0	0	0	0
Addback: Insurance Settlements	0	0	0	0	0	0	0	0
Addback: Legal Settlements	0	0	0	0	0	0	0	0
Addback: Other Unusual Items	(632)	(507)	(580)	(548)	(401)	(401)	0	0
Adjusted EBITDA	2,631	3,364	3,923	4,678	5,393	5,540	6,671	6,817
% Margin	9.4%	12.1%	13.0%	14.5%	15.9%	17.4%	21.5%	23.5%

Adjusted EBIT	1,571	2,299	2,907	3,697	4,375	4,493	5,935	6,054
% Margin	5.6%	8.3%	9.6%	11.5%	12.9%	14.1%	19.2%	20.9%

Adjusted Net Income Reconciliation
Net Income to Company	1,929	2,327	3,256	3,805	4,348	4,479	4,999	5,130
Addback: Unusual Items	(627)	(426)	(1,126)	(677)	(730)	(702)	(184)	(156)
Less: Tax Benefit of Unusual Items (26%)	163	111	293	176	190	183	48	41
Adjusted Net Income	1,466	2,012	2,423	3,304	3,808	3,960	4,863	5,015
% Margin	5.2%	7.2%	8.0%	10.3%	11.2%	12.4%	15.7%	17.3%

Ошибка загрузки

Tsingtao Brewery

SEHK:168

Китай / Производители товаров масс. потребления / Напитки

Финансовая отчетность за 5 лет