2020 Annual Results

Summary of Income Statement

  Period ended 31 December
(RMB Million) 2020 2019 Better/(Worse)
Revenue 14,457 13,870 4.2%
Gross Profit 7,094 6,805 4.2%
Distribution costs -4,425 -4,445 0.5%
Administrative expenses -805 -968 16.9%
Other income and other gains - net 362 139 160.7%
Operating Profit 2,196 1,543 42.3%
EBITDA 3,292 2,708 21.6%
Profit Attributable to Equity Holders 1,698 1,499 13.3%
Basic Earnings per share (RMB cents) 69.21 61.94 11.7%

 

Profit Margins and Expense Ratios

  Period ended 31 December
2020 2019 Better/(Worse)
Gross Profit Margin 49.1% 49.1% 0.0p.p.
Operating Profit Margin 15.2% 11.1% 4.1p.p.
EBITDA Margin 22.8% 19.5% 3.3p.p.
Margin of Profit Attributable to Equity 11.7% 10.8% 0.9p.p.
R&D Expenses (as % of revenue) 2.2% 2.6% 0.4p.p.
A&P Expenses (as % of revenue) 8.9% 9.6% 0.7p.p.
Staff Costs (as % of revenue) 9.1% 10.9% 1.8p.p.

 

Key Operational Indicators

  Period ended 31 December
2020 2019 Better/(Worse)
Inventory Turnover (Days) 68 68 0
Trade Receivables Turnover (Days) 17 21 4
Trade Payables Turnover (Days) 65 63 2
Cash Conversion Cycle (Days) 20 26 6
Return on Equity (ROE) 21.5% 23.2% (1.7p.p.)
Return on Asset (ROA) 12.5% 14.1% (1.6p.p.)
CAPEX (RMB million) 639 682 6.3%

 

Summary of Balance Sheet

(RMB Million) 31 Dec 2020 31 Dec 2019 Better/(Worse)
Cash and Cash Equivalents 7,187 5,961 20.6%
Borrowings 0 0 N/A
Net Cash* 7,443 5,963 24.8%
Current Liabilities 5,015 4,717 6.3%
Current Ratio (times) 1.95 1.81 0.14
Total Liabilities to Total Assets Ratio 40% 43% 3.0p.p.
  • *Net Cash = Cash and Cash Equivalents (including restricted bank deposits) - Borrowings
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