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
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