2016 Interim Results

Summary of Income Statement
(Double Happiness Recorded as Discontinued Operations)

  Period ended 30 June
(RMB Million) 2016 2015 Better/(Worse)
Revenue 3,596 3,186 13%
Gross Profit 1,678 1,441 16%
Distribution costs -1,355 -1,243 (9%)
Administrative expenses -203 -158 (28%)
Other income and other gains – net 33 17 94%
Operating Profit 153 57 167%
EBITDA 308 163 89%
(Loss) / Profit Attributable to Equity Holders 113 -29 N/A
Basic (Losses) / Profit per share (RMB cents) 5.16 -1.55 N/A

 

Profit Margins and Expense Ratios
(Double Happiness Recorded as Discontinued Operations)

  Period ended 30 June
2016 2015 Better/(Worse)
Gross Profit Margin 46.7% 45.2% 1.5p.p.
Operating Profit Margin 4.2% 1.8% 2.4p.p.
EBITDA Margin 8.6% 5.1% 3.5p.p.
Margin of (Loss) / Profit Attributable to Equity Holders 3.2% -0.9% 4.1p.p.
R&D Expenses (as % of revenue) 1.6% 2.2% 0.6p.p.
A&P Expenses (as % of revenue) 12.1% 14.8% 2.7p.p.
Staff Costs (as % of revenue) 9.8% 10.1% 0.3p.p.

 

Key Operational Indicators
(Double Happiness Recorded as Discontinued Operations)

  Period ended 30 June
2016 2015 Better/(Worse)
Average Inventory Turnover (Days) 94 112 18
Average Trade Receivables Turnover (Days) 72 71 (1)
Average Trade Payables Turnover (Days) 91 93 (2)
Cash Conversion Cycle (Days) 75 90 15
Return on Equity (ROE) 3.5% -1.2% 4.7p.p.
Return on Asset (ROA) 1.7% -0.5% 2.2p.p.
CAPEX (RMB million) 176 140 26%

 

Summary of Balance Sheet
(Double Happiness Recorded as Held for Sale Asset)

(RMB Million) 30 Jun 2016 31 Dec 2015 Better/(Worse)
Cash and Cash Equivalents 1,545 1,813 (15%)
Borrowings 210 566 63%
Convertible Bonds Liabilities 741 723 (2%)
Net Cash* 1,335 1,246 7%
Current Liabilities 2,259 2,472 9%
Current Ratio (times) 2.4 2.2 0.2x
Total Liabilities to Total Assets Ratio 48.0% 50.6% 2.6p.p.
  • *Net Cash = Cash and Cash Equivalents - Borrowings
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