2022 Annual Results

Summary of Income Statement

	Period ended 31 December
(RMB Million)	2022	2021	Better/(Worse)
Revenue	25,803	22,572	14.3%
Gross Profit	12,485	11,969	4.3%
Distribution costs	-7,314	-6,138	(19.2%)
Administrative expenses	-1,113	-1,111	(0.2%)
Other income and other gains - net	805	400	101.1%
Operating Profit	4,887	5,136	(4.9%)
EBITDA	6,542	6,436	1.6%
Profit Attributable to Equity Holders	4,064	4,011	1.3%
Basic Earnings per share (RMB cents)	155.4	160.1	(2.9%)

 

Profit Margins and Expense Ratios

	Period ended 31 December
	2022	2021	Better/(Worse)
Gross Profit Margin	48.4%	53.0%	(4.6p.p.)
Operating Profit Margin	18.9%	22.8%	(3.9p.p.)
EBITDA Margin	25.4%	28.5%	(3.1p.p.)
Margin of Profit Attributable to Equity	15.7%	17.8%	(2.1p.p.)
R&D Expenses (as % of revenue)	2.1%	1.8%	(0.3p.p.)
A&P Expenses (as % of revenue)	8.8%	7.9%	(0.9p.p.)
Staff Costs (as % of revenue)	7.7%	8.0%	0.3p.p.

 

Key Operational Indicators

	Period ended 31 December
	2022	2021	Better/(Worse)
Inventory Turnover (Days)	58	54	(4)
Trade Receivables Turnover (Days)	14	13	(1)
Trade Payables Turnover (Days)	42	47	(5)
Cash Conversion Cycle (Days)	30	20	(10)
Return on Equity (ROE)	17.9%	26.9%	(9.0p.p.)
Return on Asset (ROA)	12.7%	17.9%	(5.2p.p.)
CAPEX (RMB million)	2,176	1,797	21.1%

 

Summary of Balance Sheet

	Period ended 31 December
(RMB Million)	2022	2021	Better/(Worse)
Cash and Cash Equivalents	7,382	14,745	(49.9%)
Borrowings	0	0	N/A
Net Cash*	19,050	18,482	3.1%
Current Liabilities	7,241	7,704	6.0%
Current Ratio (times)	1.71	2.42	(0.71)
Total Liabilities to Total Assets Ratio	28%	30%	2.0p.p.

• *Net Cash = Cash and Cash Equivalents + Restricted Bank Deposits + Long & Short-term Bank Deposits - Borrowings