2016 Annual Results

Summary of Income Statement

  Period ended 31 December
(RMB Million) 2016 2015 Better/(Worse)
Revenue 8,015 7,089 13%
Gross Profit 3,705 3,193 16%
Distribution costs -2,969 -2,720 (9%)
Administrative expenses -424 -346 (23%)
Other income and other gains – net 74 31 139%
Operating Profit 386 157 146%
EBITDA* 713 394 81%
Profit Attributable to Equity Holders^ 330 14 2,257%
Basic Profit per share (RMB cents)^ 14.89 0.66 2,156%
  • ^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%)
  • *Excluded Double Happiness

 

Profit Margins and Expense Ratios

  Period ended 31 December
2016 2015 Better/(Worse)
Gross Profit Margin 46.2% 45.0% 1.2p.p.
Operating Profit Margin 4.8% 2.2% 2.6p.p.
EBITDA Margin 8.9% 5.6% 3.3p.p.
Margin of Profit Attributable to Equity^ 4.1% 0.2% 3.9p.p.
R&D Expenses (as % of revenue) 1.6% 1.9% 0.3p.p.
A&P Expenses (as % of revenue) 12.3% 14.3% 2.0p.p.
Staff Costs (as % of revenue) 9.7% 9.9% 0.2p.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
2016 2015 Better/(Worse)
Average Inventory Turnover (Days) 82 100 18
Average Trade Receivables Turnover (Days) 64 69 5
Average Trade Payables Turnover (Days) 87 93 (6)
Cash Conversion Cycle (Days) 59 76 17
Return on Equity (ROE)^ 9.2% 0.6% 8.6p.p.
Return on Asset (ROA)^ 4.8% 0.2% 4.6p.p.
CAPEX (RMB million)* 433 347 (24%)
  • ^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%)
  • *Excluded Double Happiness

 

Summary of Balance Sheet

(RMB Million) 31 Dec 2016 31 Dec 2015 Better/(Worse)
Cash and Cash Equivalents 1,954 1,813 8%
Borrowings^ 200 566 65%
Convertible Bonds Liabilities 568 723 21%
Net Cash* 1,754 1,247 41%
Current Liabilities 2,674 2,472 (8%)
Current Ratio (times) 1.7 2.2 (0.5x)
Total Liabilities to Total Assets Ratio 41.0% 50.6% 9.6p.p.
  • *Net Cash = Cash and Cash Equivalents - Borrowings
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