2017 Annual Results

Summary of Income Statement

  Period ended 31 December
(RMB Million) 2017 2016 Better/(Worse)
Revenue 8,874 8,015 13%
Gross Profit 4,177 3,705 11%
Distribution costs -3,273 -2,969 (10%)
Administrative expenses -501 -424 (18%)
Other income and other gains – net 44 74 (41%)
Operating Profit 446 386 16%
EBITDA# 889 788 12%
Profit Attributable to Equity Holders^ 515 330 56%
Basic Profit per share (RMB cents)^ 21.47 14.98 44%
  • #Adjusted for the contribution from Double Happiness in 2016 (Recorded as discontinued operations in 2016, and share of profit using equity method in 2017) for comparison
  • ^Excluded the net disposal gain arising from the sale of the 10% equity interest in DHS and a gain on remeasurement of the remaining stake (47.5%)

 

Profit Margins and Expense Ratios

  Period ended 31 December
2017 2016 Better/(Worse)
Gross Profit Margin 47.1% 46.2% 0.9p.p.
Operating Profit Margin 5.0% 4.8% 0.2p.p.
EBITDA Margin 10.0% 9.8% 0.2p.p.
Margin of Profit Attributable to Equity^ 5.8% 4.1% 1.7p.p.
R&D Expenses (as % of revenue) 1.9% 1.6% (0.3p.p.)
A&P Expenses (as % of revenue) 11.1% 12.3% 1.2p.p.
Staff Costs (as % of revenue) 10.2% 9.7% (0.5p.p.)
  • ^Excluded the net disposal gain arising from the sale of the 10% equity interest in DHS and a gain on remeasurement of the remaining stake (47.5%)

 

Key Operational Indicators

  Period ended 31 December
2017 2016 Better/(Worse)
Inventory Turnover (Days) 80 82 2
Trade Receivables Turnover (Days) 52 64 12
Trade Payables Turnover (Days) 83 87 (4)
Cash Conversion Cycle (Days) 49 59 10
Return on Equity (ROE)^ 11.4% 9.2% 2.2 p.p.
Return on Asset (ROA)^ 7.3% 4.8% 2.5 p.p.
CAPEX (RMB million) 424 433 2%
  • ^Excluded the net disposal gain arising from the sale of the 10% equity interest in DHS and a gian on remeasurement of the remaining stake (47.5%)

 

Summary of Balance Sheet

(RMB Million) 31 Dec 2017 31 Dec 2016 Better/(Worse)
Cash and Cash Equivalents 2,529 1,954 30%
Borrowings^ 0 200 N/A
Convertible Bonds Liabilities 0 568 N/A
Net Cash* 2,529 1,754 44%
Current Liabilities 2,128 2,674 20%
Current Ratio (times) 2.4 1.7 0.7
Total Liabilities to Total Assets Ratio 31.0% 41.0% 10p.p.
  • *Net Cash = Cash and Cash Equivalents - Borrowings
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