2019 Annual Results

Summary of Income Statement

  Period ended 31 December
(RMB Million) 2019 2018 Better/(Worse)
Revenue 13,870 10,511 32.0%
Gross Profit 6,805 5.053 34.7%
Distribution costs -4,445 -3,708 (19.9%)
Administrative expenses -968 -680 (42.4%)
Other income and other gains - net 139 95 46.8%
Operating Profit 1,543 777 98.6%
EBITDA 2,708 1,252 116.2%
Profit Attributable to Equity Holders 1,499 715 109.6%
Basic Profit per share (RMB cents) 61.94 29.63 109.0%

 

Profit Margins and Expense Ratios

  Period ended 31 December
2019 2018 Better/(Worse)
Gross Profit Margin 49.1% 48.1% 1.0p.p.
Operating Profit Margin 11.1% 7.4% 3.7p.p.
EBITDA Margin 19.5% 11.9% 7.6p.p.
Margin of Profit Attributable to Equity 10.8% 6.8% 4.0p.p.
R&D Expenses (as % of revenue) 2.6% 2.2% (0.4p.p.)
A&P Expenses (as % of revenue) 9.6% 10.4% 0.8p.p.
Staff Costs (as % of revenue) 10.9% 10.8% (0.1p.p.)

 

Key Operational Indicators

  Period ended 31 December
2019 2018 Better/(Worse)
Inventory Turnover (Days) 68 78 10
Trade Receivables Turnover (Days) 21 36 15
Trade Payables Turnover (Days) 63 74 (11)
Cash Conversion Cycle (Days) 26 40 14
Return on Equity (ROE) 23.2% 13.1% 10.1p.p.
Return on Asset (ROA) 14.1% 8.9% 5.2p.p.
CAPEX (RMB million) 682 597 14.2%

 

Summary of Balance Sheet

(RMB Million) 31 Dec 2019 31 Dec 2018 Better/(Worse)
Cash and Cash Equivalents 5,961 3,672 62.4%
Borrowings 0 0 N/A
Net Cash* 5,963 3,672 62.4%
Current Liabilities 4,717 2,777 69.8%
Current Ratio (times) 1.8 2.3 (0.5)
Total Liabilities to Total Assets Ratio 43% 33% (10p.p.)
  • *Net Cash = Cash and Cash Equivalents (including restricted bank deposits) - Borrowings
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