2018 Annual Results

Summary of Income Statement

  Period ended 31 December
(RMB Million) 2018 2017 Better/(Worse)
Revenue 10,511 8,874 18.4%
Gross Profit 5.053 4,176 21.0%
Distribution costs -3,708 -3,273 (13.3%)
Administrative expenses -680 -512 (32.8%)
Other income and other gains - net 95 44 116.7%
Operating Profit 777 446 74.4%
EBITDA 1,252 889 40.8%
Profit Attributable to Equity Holders 715 515 38.8%
Basic Profit per share (RMB cents) 29.63 21.47 38.0%

 

Profit Margins and Expense Ratios

  Period ended 31 December
2018 2017 Better/(Worse)
Gross Profit Margin 48.1% 47.1% 1.0p.p.
Operating Profit Margin 7.4% 5.0% 2.4p.p.
EBITDA Margin 11.9% 10.0% 1.9p.p.
Margin of Profit Attributable to Equity 6.8% 5.8% 1.0p.p.
R&D Expenses (as % of revenue) 2.2% 1.9% (0.3p.p.)
A&P Expenses (as % of revenue) 10.4% 11.1% 0.7p.p.
Staff Costs (as % of revenue) 10.8% 10.2% (0.6p.p.)

 

Key Operational Indicators

  Period ended 31 December
2018 2017 Better/(Worse)
Inventory Turnover (Days) 78 80 2
Trade Receivables Turnover (Days) 36 52 16
Trade Payables Turnover (Days) 74 83 (9)
Cash Conversion Cycle (Days) 40 49 9
Return on Equity (ROE) 13.1% 11.4% 1.7p.p.
Return on Asset (ROA) 8.9% 7.3% 1.6p.p.
CAPEX (RMB million) 597 424 40.8%

 

Summary of Balance Sheet

(RMB Million) 31 Dec 2018 31 Dec 2017 Better/(Worse)
Cash and Cash Equivalents 3,672 2,529 45.2%
Borrowings 0 0 N/A
Net Cash* 3,672 2,529 45.2%
Current Liabilities 2,777 2,128 30.5%
Current Ratio (times) 2.3 2.4 (0.1)
Total Liabilities to Total Assets Ratio 33.0% 31.0% (2p.p.)
  • *Net Cash = Cash and Cash Equivalents - Borrowings
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