
2023 Interim Results
Summary of Income Statement and Balance Sheet
Period ended 30 June | |||
(RMB million) | 2023 | 2022 | Better/(Worse) |
---|---|---|---|
Revenue | 14,019 | 12,409 | 13.0% |
Gross Profit | 6,839 | 6,201 | 10.3% |
Distribution costs | -3,948 | -3,383 | (16.7%) |
Administrative expenses | -591 | -518 | (14.0%) |
Other income and other gains-net | 165 | 337 | (51.0%) |
Operating Profit | 2,475 | 2,644 | (6.4%) |
EBITDA | 3,425 | 3,421 | 0.1% |
Profit Attributable to Equity Holders | 2,121 | 2,189 | (3.1%) |
Basic Earnings per share (RMB cents) | 80.63 | 83.77 | (3.7%) |
Cash and Cash Equivalents | 6,411 | 7,382 | (13.2%) |
Borrowings | 0 | 0 | N/A |
Net Cash* | 19,225 | 19,050 | 0.9% |
Current Liabilities | 6,443 | 7,241 | 11.0% |
Current Ratio (times) | 2.05 | 1.71 | 0.34 |
Total Liabilities to Total Asset Ratio | 26% | 28% | 2.0p.p |
- *Net Cash = Cash and Cash Equivalents + Restricted Bank Deposits + Long & Short-term Bank Deposits - Borrowings
Profit Margins and Key Operating Indicators
Period ended 30 June | |||
2023 | 2022 | Better/(Worse) | |
Gross Profit Margin | 48.8% | 50% | (1.2p.p) |
Operating Profit Margin | 17.7% | 21.3% | (3.6p.p) |
EBITDA Margin | 24.4% | 27.6% | (3.2p.p) |
Margin of Profit Attributable to Equity Holders | 15.1% | 17.6% | (2.5p.p) |
R&D Expenses (as % of revenue) | 2.1% | 1.9% | (0.2p.p) |
A&P Expenses (as % of revenue) | 7.4% | 7.9% | 0.5p.p |
Staff Costs (as % of revenue) | 8.3% | 7.3% | (1.0p.p) |
Inventory Turnover (Days) | 57 | 55 | (2) |
Trade Receivables Turnover (Days) | 14 | 14 | - |
Trade Payables Turnover (Days) | 41 | 48 | (7) |
Cash Conversion Cycle (Days) | 30 | 21 | (9) |
Return on Equity (ROE) | 8.5% | 10.1% | (1.6p.p) |
Return on Asset (ROA) | 6.2% | 7.1% | (0.9p.p) |
CAPEX (RMB million) | 669 | 741 | 9.7% |

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