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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