2023 Interim Results

Summary of Income Statement and Balance Sheet

  Period ended 30 June
(RMB million) 2023 2022 Better/(Worse)
Revenue 14,019 12,409 13.0%
Gross Profit 6,839 6,201 10.3%
Distribution costs -3,948 -3,383 (16.7%)
Administrative expenses -591 -518 (14.0%)
Other income and other gains-net 165 337 (51.0%)
Operating Profit 2,475 2,644 (6.4%)
EBITDA 3,425 3,421 0.1%
Profit Attributable to Equity Holders 2,121 2,189 (3.1%)
Basic Earnings per share (RMB cents) 80.63 83.77 (3.7%)
Cash and Cash Equivalents 6,411 7,382 (13.2%)
Borrowings 0 0 N/A
Net Cash* 19,225 19,050 0.9%
Current Liabilities 6,443 7,241 11.0%
Current Ratio (times) 2.05 1.71 0.34
Total Liabilities to Total Asset Ratio 26% 28% 2.0p.p
  • *Net Cash = Cash and Cash Equivalents + Restricted Bank Deposits + Long & Short-term Bank Deposits - Borrowings

 

Profit Margins and Key Operating Indicators

  Period ended 30 June
2023 2022 Better/(Worse)
Gross Profit Margin 48.8% 50% (1.2p.p)
Operating Profit Margin 17.7% 21.3% (3.6p.p)
EBITDA Margin 24.4% 27.6% (3.2p.p)
Margin of Profit Attributable to Equity Holders 15.1% 17.6% (2.5p.p)
R&D Expenses (as % of revenue) 2.1% 1.9% (0.2p.p)
A&P Expenses (as % of revenue) 7.4% 7.9% 0.5p.p
Staff Costs (as % of revenue) 8.3% 7.3% (1.0p.p)
Inventory Turnover (Days) 57 55 (2)
Trade Receivables Turnover (Days) 14 14 -
Trade Payables Turnover (Days) 41 48 (7)
Cash Conversion Cycle (Days) 30 21 (9)
Return on Equity (ROE) 8.5% 10.1% (1.6p.p)
Return on Asset (ROA) 6.2% 7.1% (0.9p.p)
CAPEX (RMB million) 669 741 9.7%
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