Editing BYD Company Limited
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=== EV Market<ref>[https://www.statista.com/statistics/541390/global-sales-of-plug-in-electric-vehicle-manufacturers/#:~:text=BYD%20was%20ranked%20as%20the,share%20of%20around%2018.4%20percent.]</ref> === | === EV Market<ref>[https://www.statista.com/statistics/541390/global-sales-of-plug-in-electric-vehicle-manufacturers/#:~:text=BYD%20was%20ranked%20as%20the,share%20of%20around%2018.4%20percent.]</ref> === | ||
[[File:BYD Auto Market Share.png|frameless|752x752px]] | [[File:BYD Auto Market Share.png|frameless|752x752px]] | ||
=== Battery Market<ref>[https://evmarketsreports.com/byd-has-surpassed-lg-in-global-battery-market/]</ref> === | === Battery Market<ref>[https://evmarketsreports.com/byd-has-surpassed-lg-in-global-battery-market/]</ref> === | ||
[[File:BYD Battery market share.png|frameless|751x751px]] | [[File:BYD Battery market share.png|frameless|751x751px]] | ||
== BYD | == BYD: On-going and future projects == | ||
BYD has a number of on-going and future projects that are aimed at expanding its business and capturing new markets. These projects include: | |||
=== '''New Battery Technologies''' === | |||
[[File:BYD Blade Battery.png|thumb|371x371px|Blade Battery using Lithium Iron-Phosphate for EV Uses]] | |||
BYD is investing heavily in the development of new battery technologies, such as solid-state batteries and lithium-air batteries. These new technologies have the potential to offer higher energy densities and longer battery life than traditional lithium-ion batteries. | |||
'''2. | === '''Expansion of EV Production Capacity''' === | ||
BYD is increasing its electric vehicle production capacity in order to meet the growing demand for electric vehicles. The company is also expanding its global footprint, opening new manufacturing plants in Europe and the United States. BYD is expected to sell 1.75 million EVs by the end of 2023, with a current total production capacity of 2.9 million units a year. This is expected to rise to 4.3 million units by the end of 2023.<ref>[https://asia.nikkei.com/Spotlight/Electric-cars-in-China/BYD-eyes-overtaking-Tesla-this-year-as-world-s-top-EV-maker#:~:text=Its%20total%20production%20capacity%20stood,target%20of%203.6%20million%20vehicles. BYD eyes overtaking Tesla this year as world's top EV maker - Nikkei Asia]</ref> | |||
=== '''Renewable Energy Projects''' === | |||
[[File:Cube Pro.png|thumb|371x371px|Cube Pro Energy Storage System]] | |||
BYD is investing in a number of renewable energy projects, including solar and wind farms. The company is also developing new battery storage technologies that will help to integrate renewable energy into the grid. BYD's renewable energy projects are expected to generate 10 gigawatts of electricity by 2025. In recent years, BYD has committed to providing renewable energy systems for a number of clients worldwide. For example, the plan to implement a 543 MWh energy storage system (ESS) in Las Vegas using their Cube Pro liquid-cooled batteries was announced this year, a significant step towards the goal of achieving zero carbon emissions by 2050.<ref>[https://electrek.co/2023/02/07/byd-las-vegas-renewables-543-mwh-energy-storage-system/ BYD to help light up Las Vegas with massive storage system (electrek.co)]</ref> In addition, BYD is responsible for supplying the world's largest single-phase ESS in the US West Coast<ref>[https://www.techgoing.com/byd-supplies-worlds-largest-single-phase-energy-storage-plant-commissioned-in-the-u-s/ BYD supplies, world's largest single-phase energy storage plant commissioned in the U.S. - TechGoing]</ref>, with the energy storage market rapidly growing, BYD Energy Storage grows with it as a major player in the field. | |||
''' | === '''New Vehicle Models''' === | ||
[[File:BYD Dolphin.png|thumb|370x370px|BYD Dolphin - "Affordable" 5-seat EV Hatchback]] | |||
BYD is planning on releasing a number of new vehicle models in the coming years. These models include the Dolphin, Ocean-X, Seal, Han EV, and Tang EV. A large variety of models tackling every vehicle market segment gives BYD much greater reach than the competition, and with much more affordable price points, BYD becomes a much more compelling entry point into EV for many compared to Tesla and other EV manufacturers. With the BYD Dolphin coming in at £25,490, the budget entry represents BYD's expansion into the European markets, which has never been a focus for Chinese automakers until recently. | |||
These are just a few of the on-going and future projects that BYD is working on. The company is committed to innovation and growth, and it is well-positioned to be a major player in the global technology market. | |||
' | BYD is a well-positioned company with a strong track record of innovation. The company's on-going and future projects are aimed at expanding its business and capturing new markets. These projects have the potential to make BYD a major player in the global technology market. | ||
== Leadership == | |||
''' | === Chuan-Fu Wang === | ||
'''''President & CEO, Executive Chairman''''' | |||
Mr. Chuan-Fu Wang is the President, CEO, and Chairman of BYD Auto Co., Ltd., as well as an Executive Chairman and CEO of BYD Company Ltd. He co-founded Shenzhen BYD Battery Company Limited in 1995 and served as its General Manager. Mr. Wang is also an Executive Director of BYD Company Ltd. and holds director positions in various companies, including Shenzhen DENZA New Energy Automotive Co., Ltd. and Tianjin BYD Auto Co., Ltd. He is recognized as a technology expert and has received numerous awards, such as the Star of Asia and Zayed Future Energy Prize Lifetime Achievement Award. Mr. Wang holds degrees in metallurgy physical chemistry and material science. | |||
=== Ya-Lin Zhou === | |||
'''''Chief Financial Officer,''' '''Vice President''''' | |||
Ms. Ya-Lin Zhou is the Chief Financial Officer and Vice President of BYD Company Limited since May 31, 2019. She also serves as the Chief Financial Officer of BYD Electronic (International) Company Limited since January 2016. Ms. Zhou joined BYD Company Ltd. in March 1999 and had been its Chief Accountant from November 2014 until May 31, 2019. She holds a Bachelor's Degree in economics from Jiangxi University of Finance and Economics, earned in 1999. Ms. Zhou is involved in various roles, serving as a Director and Supervisor in several companies, including BYD Auto Finance Company Limited and Shenzhen BYD Electric Car Investment Co., Ltd.''' ''' | |||
''' | === Qian Li === | ||
'''''Secretary to the Board, Company Secretary & GM of Investment Department''''' | |||
Mr. Qian Li is the Director of Sichuan Road & Bridge Co., Ltd. since June 13, 2022. He holds key positions at BYD Company Ltd., serving as Secretary to the Board, Company Secretary Authorised Representative, and General Manager of Investment Department. Mr. Li's association with BYD dates back to August 2005, and he also served as Chief Investment Officer. Additionally, he is the Joint Company Secretary of BYD Electronic International Company Ltd. since November 2007. Before joining BYD, Mr. Li worked at PricewaterhouseCoopers and Arthur Andersen as an Auditor and Business Consultant from July 1998 to August 2001. He has extensive experience in investment, finance, and information technology, and he holds an MBA from Guanghua School of Management, Peking University, and a Bachelor's Degree in Economics from Jiangxi University of Finance and Economics. Mr. Li is also a Supervisor of Tibet Shigatse Zhabuye Lithium High-Tech Co., Ltd. | |||
== Ownership Structure == | |||
As of the 2023 Annual Report and Exchange Statement, these individuals have a greater than 0.1% share stake out of the 2,905,631,831 shares outstanding: | |||
{| class="wikitable" | |||
!Individual Shareholder | |||
''' | !'''Share Stake (%)''' | ||
|- | |||
|Chuan-Fu Wang | |||
|18.01 | |||
|- | |||
|Xiang-Yang Lv | |||
|8.23 | |||
|- | |||
|Zuo-Quan Xia | |||
|2.86 | |||
|- | |||
|Nian-Qiang Wang | |||
|0.63 | |||
|- | |||
|Ke Li | |||
|0.37 | |||
|- | |||
|Zhang Wei | |||
|0.28 | |||
|} | |||
Companies, hedge funds and traditional investment with a share stake above 0.1%: | |||
= | {| class="wikitable" | ||
!Shareholder | |||
!Share Stake (%) | |||
|- | |||
|Youngy Investment Holding Group Co.Ltd. | |||
|5.34 | |||
|- | |||
|Berkshire Hathaway Inc. (BRK.A-US) | |||
|3.39 | |||
|- | |||
|BlackRock Inc. (BLK-US) | |||
|2.29 | |||
|- | |||
|Himalaya Capital Management LLC | |||
|1.88 | |||
|- | |||
|Vanguard Group Inc. | |||
|1.48 | |||
|- | |- | ||
| | |E Fund Management Co. Ltd. | ||
| | |0.68 | ||
|- | |- | ||
| | |First Seafront Fund Management Co., Ltd | ||
| | |0.65 | ||
|- | |- | ||
| | |Yinhua Fund Management Co. Ltd. | ||
| | |0.59 | ||
|- | |- | ||
| | |GF Fund Management Co. Ltd. | ||
|0. | |0.50 | ||
|- | |- | ||
| | |Mirae Asset Global Investments Co. Ltd. | ||
|0. | |0.50 | ||
|- | |- | ||
| | |China Universal Asset Management Co. Ltd. (560030-SHSE) | ||
|0.47 | |||
| | |||
|- | |- | ||
| | |State Street Global Advisors Inc. | ||
| | |0.46 | ||
|- | |- | ||
| | |FMR LLC | ||
| | |0.42 | ||
|- | |- | ||
| | |Central Huijin Asset Management Ltd. | ||
| | |0.41 | ||
|- | |- | ||
| | |Norges Bank Investment Management | ||
| | |0.39 | ||
|- | |- | ||
| | |China Asset Management Co. Ltd. | ||
| | |0.37 | ||
|- | |- | ||
| | |Fullgoal Fund Management Co. Ltd. | ||
|0. | |0.30 | ||
|- | |- | ||
| | |Perseverance Asset Management LLP | ||
|0. | |0.26 | ||
|- | |- | ||
| | |National Council for Social Security Fund | ||
|0. | |0.25 | ||
|- | |- | ||
| | |Wanjia Asset Management Co. Ltd. | ||
|0. | |0.22 | ||
|- | |- | ||
| | |Zhong Ou Fund Management Co., Ltd | ||
|0. | |0.22 | ||
|- | |- | ||
| | |Invesco Great Wall Fund Management Co. Ltd | ||
|0. | |0.22 | ||
|- | |- | ||
| | |Amundi Asset Management SAS | ||
|0. | |0.20 | ||
|- | |- | ||
| | |Orient Fund Management Co. Ltd. | ||
|0. | |0.20 | ||
|- | |- | ||
| | |BYD Company Limited ESOP | ||
|0. | |0.19 | ||
|- | |- | ||
| | |Guotai Asset Mgmt Co. Ltd. | ||
|0. | |0.18 | ||
|- | |- | ||
| | |ICBC Credit Suisse Asset Management Co. Ltd. | ||
|0. | |0.17 | ||
|- | |- | ||
| | |Huatai-PineBridge Fund Management Co. Ltd. | ||
|0. | |0.16 | ||
|- | |- | ||
| | |First State Cinda Fund Management Co. Ltd. | ||
|0. | |0.16 | ||
|- | |- | ||
| | |BNPP Asset Management Holding | ||
|0. | |0.15 | ||
|- | |- | ||
| | |Goldman Sachs Asset Management LP | ||
|0. | |0.14 | ||
|- | |- | ||
| | |Hang Seng Investment Management Ltd. | ||
|0. | |0.14 | ||
|- | |- | ||
| | |ABC-CA Fund Management Co. Ltd. | ||
|0. | |0.14 | ||
|- | |- | ||
| | |Minsheng Royal Fund Management Co. Ltd. | ||
|0. | |0.13 | ||
|- | |- | ||
| | |UBS Asset Management AG | ||
|0. | |0.13 | ||
|- | |- | ||
| | |Geode Capital Management LLC | ||
|0. | |0.13 | ||
|- | |- | ||
| | |Harvest Fund Management Co. Ltd. | ||
|0. | |0.12 | ||
|- | |- | ||
| | |JP Morgan Asset Management | ||
|0. | |0.12 | ||
|- | |- | ||
| | |Essence Fund Management Co. Ltd | ||
|0. | |0.12 | ||
|- | |- | ||
| | |China Southern Asset Management Co. Ltd. | ||
|0. | |0.11 | ||
|- | |- | ||
| | |Credit Suisse Asset Management (Switzerland) Ltd. | ||
|0. | |0.11 | ||
|- | |- | ||
| | |Dimensional Fund Advisors LP | ||
|0. | |0.10 | ||
|- | |- | ||
| | |AllianceBernstein LP | ||
|0. | |0.10 | ||
| | |} | ||
== Corporate Strategy == | |||
With its commitment to technological innovation and sustainability, BYD seeks to further solidify its status as a global player in green mobility and intelligent transportation solutions through diversification, vertical integration and global expansion. These are the most relevant areas identified in the interim report: | |||
=== New Energy Vehicle Industry and Market Expansion === | |||
In light of the prevailing trend of China's new energy vehicle industry, BYD is set to continue its focus on developing competitive products and expanding production capacity for new energy vehicles and core components. The Chinese government's support through policies such as tax exemptions for new energy vehicles further encourages BYD to actively meet market demand and improve its delivery capacity. | |||
The company remains dedicated to deepening research and development in core technologies for new energy vehicles. It aims to cover a wide market segment by emphasizing the mutual development of Battery Electric and Plug-in Hybrid electric technology. The introduction of new models like the 'WORLD-Seal,' 'DENCE D9,' and 'Tang DM-p,' along with continuous Over-The-Air (OTA) upgrades for existing models, showcases BYD's commitment to product innovation and technological advancements. | |||
To enhance its position in the global market, BYD is actively collaborating with excellent dealer partners in various countries, entering markets in the Netherlands, Sweden, Germany, Thailand, Costa Rica, Japan, and more. The company plans to showcase its latest new energy passenger vehicle products at prestigious events such as the Paris Motor Show, solidifying its commitment to sustainability and green mobility on a global scale. | |||
=== Public Transportation Solutions and Urban Rail Transit === | |||
In addition to the new energy vehicle industry, BYD is a major player in the development of battery electric buses and urban rail transit. The company aims to empower low-carbon upgrades in public transportation systems worldwide and provide zero-emission public transportation solutions. Through innovative technologies and high-quality products, BYD is working towards the establishment of a global green mobility system and supporting the development of a low-carbon society. | |||
In the field of urban rail transit, BYD stands at the forefront of world rail transit innovation. Leveraging its integrated innovation approach, the company extends its electric vehicle industry chain to the rail transit sector, focusing on promoting low-carbon and environmentally friendly urban rail transit products, such as the "SkyRail" and "SkyShuttle." These products contribute to the building of low-carbon transportation and the advancement of sustainable and intelligent transportation solutions in cities. | |||
=== Market-oriented Approach and Strategic Investments === | |||
BYD recognizes the importance of market-oriented operations and is actively cultivating more market-competitive businesses. The company aims to unleash the development potential of each business segment, enhance overall value, and make strategic investments in core areas of the industry chain. Collaborating with partners in upstream and downstream sectors of the industry chain will push forward BYD's marketization process and strengthen its market presence. | |||
=== Handset Components and Assembly Business === | |||
=== Handset Components and Assembly Business === | |||
In the handset components and assembly business, BYD remains committed to technological advancement and increasing investment in research and development. The company seeks to strengthen core competitiveness by leveraging technological advantages and focusing on developing major customers and expanding market share. As the cross-industry integration of 5G and artificial intelligence technology drives market development, BYD plans to expand its product range and develop more high-quality intelligent products in areas like smart home devices, drones, and electronic atomization products. | In the handset components and assembly business, BYD remains committed to technological advancement and increasing investment in research and development. The company seeks to strengthen core competitiveness by leveraging technological advantages and focusing on developing major customers and expanding market share. As the cross-industry integration of 5G and artificial intelligence technology drives market development, BYD plans to expand its product range and develop more high-quality intelligent products in areas like smart home devices, drones, and electronic atomization products. | ||
Line 411: | Line 347: | ||
=== Intense Competition in the Chinese Market: === | === Intense Competition in the Chinese Market: === | ||
The Chinese new energy vehicle market is experiencing rapid growth, attracting numerous players seeking to maximize their interests. Beijing Automotive Group, Geely, and other Chinese independent brands have made significant strides in developing | The Chinese new energy vehicle market is experiencing rapid growth, attracting numerous players seeking to maximize their interests. Beijing Automotive Group, Geely, and other Chinese independent brands have made significant strides in developing NEVs, posing a direct threat to BYD's market share. Additionally, well-established foreign automakers like Tesla, BMW, and Volkswagen, backed by substantial financial and technological resources, also compete for a share of this vast market. To stay ahead, BYD must not only focus on product quality but also refine its product after-sales and marketing strategies to retain customer loyalty and attract new buyers. | ||
=== Subsidy-Driven Market Dynamics: === | === Subsidy-Driven Market Dynamics: === | ||
Government subsidies play a crucial role in the Chinese | Government subsidies play a crucial role in the Chinese NEV market, encouraging consumers to adopt eco-friendly vehicles. Although BYD has benefited from subsidies, it faces stiff competition from other brands, particularly Tesla, which has secured significant financial support from various countries. These subsidies have helped Tesla and other competitors narrow the advantage that BYD might have gained, making it imperative for BYD to rely on continuous innovation and improvement rather than relying solely on subsidies. | ||
=== Threats from Competitors: === | === Threats from Competitors: === | ||
While BYD has managed to establish a prominent position in the Chinese auto market, the emergence of new players, such as Great Wall Motor, poses a challenge to its dominance. Additionally, global automotive giants like Toyota, Honda, and General Motors have also made substantial investments in research and development of new energy vehicles, potentially overtaking BYD's technological leadership. Furthermore, BYD | While BYD has managed to establish a prominent position in the Chinese auto market, the emergence of new players, such as Great Wall Motor, poses a challenge to its dominance. Additionally, global automotive giants like Toyota, Honda, and General Motors have also made substantial investments in research and development of new energy vehicles, potentially overtaking BYD's technological leadership. Furthermore, BYD must be vigilant about competitors leveraging scale effects to reduce unit product costs or undercutting prices to gain market share. | ||
=== Patent Disputes: === | === Patent Disputes: === | ||
Line 425: | Line 361: | ||
The ability to innovate is crucial for any automotive company to stay relevant and competitive in a fast-evolving market. Some critics have raised concerns about BYD's innovation capabilities, as the company has experienced delays in launching its own innovative models. With emerging players like Chery and Geely actively investing in new energy vehicle design and manufacturing, BYD must strengthen its innovation efforts to keep pace with the evolving industry landscape. Failure to do so may lead to other companies surpassing BYD in terms of technological advancements and market share. | The ability to innovate is crucial for any automotive company to stay relevant and competitive in a fast-evolving market. Some critics have raised concerns about BYD's innovation capabilities, as the company has experienced delays in launching its own innovative models. With emerging players like Chery and Geely actively investing in new energy vehicle design and manufacturing, BYD must strengthen its innovation efforts to keep pace with the evolving industry landscape. Failure to do so may lead to other companies surpassing BYD in terms of technological advancements and market share. | ||
== | == Valuation == | ||
=== | === DCF === | ||
BYD Company is valued using a DCF (Discounted Cash Flow) model and relative valuation. | |||
DCF model is used to value the company intrinsically by projecting its future cash flows. Different line items from the financial statements including revenue, taxes, EBIT, D&A, capex and changes in net working capital are forecasted using available values from the previous 5 years. | |||
{| class="wikitable" | {| class="wikitable" | ||
! | ! colspan="11" |DCF | ||
|- | |||
! | !$ million | ||
! | !2016 | ||
! | !2017 | ||
!2018 | !2018 | ||
! | !2019 | ||
! | !2020 | ||
! | !2021E | ||
! | !2022E | ||
! | !2023E | ||
!2024E | |||
!2025E | |||
|- | |||
|'''Revenue''' | |||
|100,207,703 | |||
|102,650,614 | |||
|121,790,925 | |||
|121,778,117 | |||
|153,469,184 | |||
|171,539,037 | |||
|191,736,481 | |||
|214,312,024 | |||
|239,545,668 | |||
|267,750,386 | |||
|- | |- | ||
| | |'''''% growth''''' | ||
| | | | ||
| | |2.44% | ||
|0. | |18.65% | ||
| | | -0.01% | ||
|26.02% | |||
| | |11.77% | ||
| | |11.77% | ||
| | |11.77% | ||
| | |11.77% | ||
| | |11.77% | ||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |'''EBIT''' | ||
| | |14,358,257 | ||
| | |12,851,411 | ||
| | |13,379,454 | ||
| | |13,495,001 | ||
| | |20,789,471 | ||
| | |23,386,560 | ||
| | |26,308,085 | ||
| | |29,594,577 | ||
| | |33,291,628 | ||
| | |37,450,527 | ||
|- | |- | ||
| | |'''''% margin''''' | ||
| | |14.33% | ||
| | |12.52% | ||
| | |10.99% | ||
| | |11.08% | ||
| | |13.55% | ||
| | |12.49% | ||
| | |12.49% | ||
| | |12.49% | ||
| | |12.49% | ||
| | |12.49% | ||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |'''Taxes''' | ||
| | | -1,088,398 | ||
| | | -703,705 | ||
| | | -829,447 | ||
| | | -312,274 | ||
| | | -868,624 | ||
| | | -823,894 | ||
| | | -781,467 | ||
| | | -741,226 | ||
| | | -703,056 | ||
| | | -666,852 | ||
|- | |- | ||
| | |'''''% of EBIT''''' | ||
| | | -7.58% | ||
| | | -5.48% | ||
| | | -6.20% | ||
|2. | | -2.31% | ||
| | | -4.18% | ||
| | | -5.15% | ||
| | | -5.15% | ||
| | | -5.15% | ||
| - | | -5.15% | ||
| | | -5.15% | ||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |'''EBIAT''' | ||
|13,269,859 | |||
|12,147,706 | |||
|12,550,007 | |||
|13,182,727 | |||
|19,920,847 | |||
|22,562,666 | |||
|25,526,618 | |||
|28,853,351 | |||
|32,588,572 | |||
|36,783,675 | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | | | ||
Line 630: | Line 507: | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |||
|'''D&A''' | |||
|7,027,569 | |||
|7,092,495 | |||
|9,426,520 | |||
|9,840,129 | |||
|12,518,675 | |||
|13,467,585 | |||
|14,488,422 | |||
|15,586,638 | |||
|16,768,098 | |||
|18,039,113 | |||
|- | |- | ||
|'''''% of sales''''' | |||
|7.01% | |||
|6.91% | |||
|7.74% | |||
|8.08% | |||
|8.16% | |||
|7.58% | |||
|7.58% | |||
|7.58% | |||
|7.58% | |||
|7.58% | |||
|'''''% | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | | | ||
Line 673: | Line 550: | ||
| | | | ||
|- | |- | ||
|''' | |'''Capex''' | ||
| | |12,384,399 | ||
| | |14,191,948 | ||
| | |18,452,645 | ||
| | |19,455,153 | ||
| | |12,565,583 | ||
| | |14,211,647 | ||
| | |16,073,341 | ||
| | |18,178,913 | ||
| | |20,560,310 | ||
| | |23,253,666 | ||
|- | |- | ||
|'''''% of | |'''''% of slaes''''' | ||
| | |12.36% | ||
| | |13.83% | ||
| | |15.15% | ||
| | |15.98% | ||
| | |8.19% | ||
| | |13.10% | ||
| | |13.10% | ||
| | |13.10% | ||
| | |13.10% | ||
| | |13.10% | ||
|- | |- | ||
| | | | ||
Line 709: | Line 586: | ||
| | | | ||
|- | |- | ||
|''' | |'''Changes in NWC''' | ||
| | | | ||
| | | -14,006,913 | ||
| | |966,425 | ||
| | |147,139 | ||
| | |6,236,756 | ||
| | |6,101,620 | ||
| | |5,969,413 | ||
| | |5,840,070 | ||
| | |5,713,530 | ||
| | |5,589,731 | ||
|- | |||
|'''''% of sales''''' | |||
| | |||
| -13.65% | |||
|0.79% | |||
|0.12% | |||
|4.06% | |||
| -2.17% | |||
| -2.17% | |||
| -2.17% | |||
| -2.17% | |||
| -2.17% | |||
|- | |- | ||
| | | | ||
Line 733: | Line 622: | ||
| | | | ||
|- | |- | ||
|''' | |'''Unlevered FCF''' | ||
| | |7,913,029 | ||
| | |19,055,166 | ||
| | |2,557,457 | ||
| | |3,420,564 | ||
| | |13,637,183 | ||
| | |15,716,984 | ||
| | |17,972,286 | ||
| | |20,421,006 | ||
| | |23,082,830 | ||
| | |25,979,391 | ||
|} | |||
These parameters are used to calculate the cost of equity (7.4%) using the CAPM (Capital Asset Pricing Model). The cost of debt (5.0%) is also estimated using analyst’s expectations. | |||
The resulting WACC (Weighted Average Cost of Capital) calculated internally is 7.4%. This is in line with the analyst’s expectations. WACC is used as the discounting factor in order to project the calculated free cash flows and the terminal value to its respective present value. | |||
The terminal growth rate is estimated to be 5.0% in order to obtain the terminal value. The enterprise value is obtained by summing the present value of free cash flow forecasts and terminal value. Net debt is deducted from the enterprise value to reach the equity value. | |||
{| class="wikitable" | |||
|'''Risk free rate (5 year US Bond)''' | |||
|4.20% | |||
|- | |||
|'''Market risk premium''' | |||
|5.00% | |||
|- | |- | ||
|'''' | |'''Levered beta''' | ||
|0.64 | |||
| | |||
|- | |- | ||
| | | | ||
| | | | ||
|- | |- | ||
|''' | |'''Cost of equity''' | ||
| | |7.40% | ||
| - | |- | ||
| | |'''Cost of debt''' | ||
|5.00% | |||
| | |||
|- | |- | ||
|''' | |'''Share price (as of 05/07/2023)''' | ||
|67.94 | |||
| | |||
|- | |- | ||
| | |'''Shares outstanding (latest reported)''' | ||
| | |2,861,142,855 | ||
|- | |- | ||
|''' | |'''Market capitalization''' | ||
| | |1.94E+17 | ||
|- | |- | ||
|''' | |'''Internally calculated WACC''' | ||
| | |7.40% | ||
|- | |- | ||
|'''Terminal growth rate''' | |||
|5.00% | |||
|''' | |||
| | |||
|} | |} | ||
All financial figures are often reported in Chinese Yuan for BYD as a Chinese company. As per the currency exchange rate on 22/07/23, 1 Chine Yuan Renminbi was equivalent to 0.14 US Dollars. | |||
The | The implied share price for BYD Company is $57.88 (¥ 413.45), while the closing share price on 21/07/23 was $68.11 (¥489.56). | ||
{| class="wikitable" | {| class="wikitable" | ||
|'''Equity Value''' | |||
|1,182,930,437 | |||
|- | |- | ||
|''' | |'''Implied Share Price''' | ||
| | |$ 57.88 | ||
|- | |- | ||
|''' | |'''Current Share Price''' | ||
|5. | |$ 67.94 | ||
| | |} | ||
Sensitivity analysis is conducted to investigate the impact of WACC fluctuating between 6.0% and 9.0% and terminal growth rate between 3.5% and 6.0%. | |||
{| class="wikitable" | |||
! colspan="9" |WACC | |||
|- | |- | ||
! rowspan="7" |Terminal | |||
Growth Rate | |||
| | | | ||
| | |'''6.00%''' | ||
| | |'''6.50%''' | ||
|'''7.00%''' | |||
|'''7.40%''' | |||
|'''8.00%''' | |||
|'''8.50%''' | |||
|'''9.00%''' | |||
|- | |- | ||
|''' | |'''3.5%''' | ||
| | |$86.86 | ||
| | |$72.93 | ||
|$62.96 | |||
|$56.81 | |||
|$49.62 | |||
|$44.93 | |||
|$41.07 | |||
|- | |- | ||
|''' | |'''4.0%''' | ||
| | |$108.12 | ||
| | |$87.17 | ||
|$73.18 | |||
|$64.94 | |||
|$55.64 | |||
|$49.76 | |||
|$45.05 | |||
|- | |- | ||
| | |'''4.5%''' | ||
| | |$143.56 | ||
| | |$108.54 | ||
|$87.49 | |||
|$75.86 | |||
|$63.37 | |||
|$55.81 | |||
|$49.91 | |||
|- | |- | ||
|''' | |'''5.0%''' | ||
| | |$214.44 | ||
| | |$144.14 | ||
|$108.96 | |||
|$91.34 | |||
|$73.69 | |||
|$63.58 | |||
|$55.98 | |||
|- | |- | ||
|''' | |'''5.5%''' | ||
| | |$427.07 | ||
| | |$215.36 | ||
|$144.73 | |||
|$114.96 | |||
|$88.13 | |||
|$73.95 | |||
|$63.79 | |||
|- | |- | ||
|''' | |'''6.0%''' | ||
| | |#DIV/0! | ||
| | |$428.99 | ||
|$216.28 | |||
|$155.46 | |||
|$109.80 | |||
|$88.46 | |||
|$74.20 | |||
|} | |||
=== Relative Valuation === | |||
Trading comparable analysis was used to compare BYD company to its competitors in the market. A range of different multiples are used to evaluate the current share price of BYD company. | |||
{| class="wikitable" | |||
!Company | |||
!Market Cap | |||
!P/S | |||
!P/E | |||
!EV/EBITDA | |||
!EV/EBIT | |||
|- | |- | ||
|''' | |'''BYD Co''' | ||
| | |763B | ||
| | |1.6 | ||
|38.2 | |||
|29.7 | |||
|29.7 | |||
|- | |- | ||
|''' | |'''Tesla''' | ||
| | |823B | ||
| | |9.6 | ||
|69.8 | |||
|47.5 | |||
|61.9 | |||
|- | |- | ||
|''' | |'''Toyota''' | ||
| | |31T | ||
| | |0.8 | ||
|12.7 | |||
|9.1 | |||
|15.9 | |||
|- | |- | ||
|''' | |'''Porsche''' | ||
|1 | |101B | ||
| | |1.8 | ||
|13.4 | |||
|6.9 | |||
|9.5 | |||
|- | |- | ||
|''' | |'''Mercedes Benz''' | ||
| | |76.1B | ||
| | |0.5 | ||
|5.1 | |||
|4.5 | |||
|6.1 | |||
|- | |- | ||
| | |'''Audi AG''' | ||
| | |83.4B | ||
| | |1.4 | ||
|11.3 | |||
|10.2 | |||
|10.2 | |||
|- | |- | ||
|''' | |'''Volkswagen''' | ||
| | |73.7B | ||
|0.3 | |||
| | |5.9 | ||
|2.7 | |||
|6.5 | |||
| | |||
|- | |- | ||
|''' | |'''Ferrari''' | ||
| | |70.2B | ||
|13.2 | |||
|70.9 | |||
|38 | |||
|55 | |||
|- | |- | ||
| | |'''BMW''' | ||
| | |69B | ||
|0.5 | |||
|6.2 | |||
|3.9 | |||
|6.2 | |||
|- | |- | ||
|''' | |'''Daimler''' | ||
| | |67.4B | ||
|0.4 | |||
|3.7 | |||
|4 | |||
|5.4 | |||
|- | |- | ||
|''' | |'''Stellantis''' | ||
| | |51.9B | ||
|0.3 | |||
|3.4 | |||
|0.9 | |||
|1.2 | |||
|- | |- | ||
| | | colspan="6" | | ||
| | |||
|- | |- | ||
|''' | |'''Median''' | ||
| | |74.9 | ||
|0.65 | |||
|8.75 | |||
|5.7 | |||
|8 | |||
|- | |- | ||
|''' | |'''Mean''' | ||
|2. | |3241.57 | ||
|2.88 | |||
|20.24 | |||
|12.77 | |||
|17.79 | |||
|- | |- | ||
| | |'''Lower Quartile''' | ||
| | |69.3 | ||
|0.425 | |||
|5.3 | |||
|3.925 | |||
|6.125 | |||
|- | |- | ||
|''' | |'''Upper Quartile''' | ||
| | |96.6 | ||
| | |1.7 | ||
| | |13.225 | ||
|9.925 | |||
|14.475 | |||
| | |||
| | |||
|} | |} | ||
The valuation multiples are expressed in the bar charts with the industry median and the respective value for BYD. [[File:EV-EBIT 25-07.png|thumb|1778x1778px|none]] | |||
EV/EBIT – The ratio evaluated the enterprise value of the company (considering all debts and liabilities) with respect to the operating earnings of the company. The average EV/EBITDA ratio in the industry is 8 while the EV/EBITDA ratio of BYD is 29.7. A high EV/EBITDA ratio suggests an overvaluation. [[File:P-S 25-07.png|thumb|1111x1111px| | |||
|none]]<big>P/S – Price to Sales ratio evaluates how much an investor values each dollar of sale generated by the company. The average P/S ratio in the industry is 0.65 while the P/S ratio of BYD is 1.6. A high P/S ratio suggests that the investors are willing to pay a higher price per dollar of sale generated implying an overvaluation.</big>[[File:EV-EBITDA - 25-07.png|thumb|1224x1224px|none]]EV/EBITDA – The ratio evaluates the enterprise value of the company (considering all debts and liabilities) with respect to the operating performance of the company. The average EV/EBITDA ratio in the industry is 5.7 while the EV/EBITDA ratio of BYD is 29.7. A high EV/EBITDA ratio suggests an overvaluation. [[File:P-E 25-07.png|thumb|1073x1073px|none]] | |||
P/E – Price to Earnings ratio shows how much an investor is willing to pay per dollar of earnings generated. It portrays an investor’s expectation of the future earnings of the company. The average P/E ratio in the industry is 8.75 while the P/S ratio of BYD is 38.2. A high P/E ratio suggests that the investors are willing to pay a higher price per dollar of EPS generated implying an overvaluation. | |||
== ESG Factors == | |||
=== Environmental Factors: === | |||
Carbon Footprint and Climate Change: BYD has committed to being carbon neutral by increasing resources spent on carbon-neutral development and hopes to achieve carbon neutrality in its entire value chain<ref>[https://www.just-auto.com/data-insights/byd-net-zero-targets/ BYD Sets Net-Zero Target and Takes Steps to Reduce Emissions (just-auto.com)]</ref>. The company is investing in renewable energy projects, manufacturing energy-efficient vehicles, and developing new battery technologies. BYD continues to be one of the few automakers in China consistently meeting the yearly fuel consumption targets set by the government.<ref>[https://www.greenpeace.org/eastasia/press/7793/despite-beijings-net-zero-pledge-and-byds-success-chinas-big-carmakers-delay-decarbonization/ Despite Beijing’s net zero pledge and BYD’s success, China’s big carmakers delay decarbonization - Greenpeace East Asia]</ref> | |||
Waste Reduction and Recycling: BYD is working towards reducing waste and increasing recycling rates. It has introduced initiatives like the BYD Zero Waste program, which aims to achieve zero waste in its manufacturing facilities, and the BYD Battery Recycling program, which recycles used batteries from its electric vehicles. | |||
| | |||
| | Sustainable Supply Chain: BYD aims to promote sustainability throughout its supply chain by encouraging suppliers to adopt environmentally responsible practices. The company focuses on responsible sourcing, reducing packaging waste, and optimizing transportation to minimize environmental impact. | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
=== | === Social Factors: === | ||
Workforce Development: BYD is committed to creating a diverse, inclusive, and safe work environment for its employees. The company invests in workforce development programs, training initiatives, and career advancement opportunities. | |||
Labour Practices: BYD has been praised for its labor practices, which are considered to be some of the best in the industry. The company provides its employees with competitive wages, benefits, and opportunities for advancement. | |||
{| class="wikitable" | |||
Community Engagement: BYD supports local communities through various initiatives, including philanthropy, job creation, and infrastructure development. The company also engages in disaster relief efforts and supports educational programs in underserved communities. In 2020, BYD spent 21.0 Million RMB on charity expenses.<ref>[https://www.bydglobal.com/sitesresources/common/tools/generic/web/viewer.html?file=%2Fsites%2FSatellite%2FBYD%20PDF%20Viewer%3Fblobcol%3Durldata%26blobheader%3Dapplication%252Fpdf%26blobkey%3Did%26blobtable%3DMungoBlobs%26blobwhere%3D1600575179575%26ssbinary%3Dtrue 2020 CSR Report]</ref> | |||
=== Governance Factors: === | |||
Board Structure and Independence: BYD's board is composed of directors with diverse backgrounds and expertise. The company emphasizes the importance of independent directors and maintains a strong governance structure. | |||
Transparency and Reporting: BYD publishes an annual sustainability report that provides detailed information on its ESG initiatives, progress, and challenges. The company strives to maintain transparency in its reporting and regularly engages with stakeholders. In 2020, the Group provided 651 class hours of anti-corruption and self-discipline training sessions.<ref>2020 CSR Report</ref> | |||
Data Privacy and Security: BYD is committed to protecting customer data and complying with relevant regulations. The company has a robust data privacy and security program in place. | |||
BYD has made significant strides in addressing environmental, social, and governance challenges. The company has a strong commitment to reducing its carbon footprint, promoting workforce development, engaging with communities, and maintaining strong governance practices. However, there are still areas where BYD can improve, such as increasing its disclosure of ESG data and strengthening its data privacy and security practices. By continuing to prioritize ESG factors and implementing sustainable practices, BYD can further strengthen its position as a responsible corporate citizen and contribute to a more sustainable and inclusive future. | |||
== Appendix == | |||
=== Income Statement === | |||
{| class="wikitable" | |||
|Fiscal year is February-January. All values HKD Millions. | |||
|2022 | |||
|2021 | |||
|2020 | |||
|2019 | |||
|2018 | |||
|- | |- | ||
| | |Sales/Revenue | ||
| | |479772 | ||
| | |256840 | ||
| | |173547 | ||
| | |143075 | ||
| | |151502 | ||
|- | |- | ||
| | |Sales Growth | ||
| | |0.868 | ||
| | |0.4799 | ||
| | |0.213 | ||
| -0.0556 | |||
| - | |||
|- | |||
| - | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Cost of Goods Sold (COGS) incl. D&A | ||
|412993 | |||
| | |229396 | ||
| | |144385 | ||
| | |123464 | ||
| | |130622 | ||
| | |||
|- | |- | ||
| | |COGS excluding D&A | ||
| - | | - | ||
|212393 | |||
|130318 | |||
|112307 | |||
|119457 | |||
|- | |- | ||
| | |Depreciation & Amortization Expense | ||
| | | - | ||
|17004 | |||
| | |14067 | ||
| | |11158 | ||
| | |11165 | ||
| | |||
|- | |- | ||
| | |Depreciation | ||
| | | - | ||
| | |13442 | ||
| | |10579 | ||
| | |9435 | ||
| | |8991 | ||
|- | |- | ||
| | |Amortization of Intangibles | ||
| - | | - | ||
|3529 | |||
|3453 | |||
|1675 | |||
|2143 | |||
|- | |- | ||
| | |Amortization of Deferred Charges | ||
| | | - | ||
| | |33 | ||
| | |35 | ||
| | |48 | ||
|0. | |31 | ||
| | |- | ||
|COGS Growth | |||
|0.8003 | |||
|0.5888 | |||
|0.1694 | |||
| -0.0548 | |||
| - | |||
|- | |- | ||
| | | | ||
| | | | ||
Line 1,167: | Line 999: | ||
| | | | ||
|- | |- | ||
| | |Gross Income | ||
| | |66779 | ||
| | |27443 | ||
| | |29162 | ||
| | |19611 | ||
| | |20880 | ||
|- | |- | ||
| | |Gross Income Growth | ||
| | |1.4333 | ||
| | | -0.0589 | ||
| | |0.487 | ||
| -0.0608 | |||
| | | - | ||
| - | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Gross Profit Margin | ||
| | |0.1392 | ||
| | | - | ||
| | | - | ||
| | | - | ||
| | | - | ||
|- | |- | ||
| | |SG&A Expense | ||
| | |48282 | ||
| | |21518 | ||
| | |16564 | ||
| | |13551 | ||
| | |13147 | ||
|- | |- | ||
| | |Research & Development | ||
| | | - | ||
| | |8905 | ||
| | |7597 | ||
| | |5626 | ||
| | |5243 | ||
| | |- | ||
| | |Other SG&A | ||
| - | |||
|12613 | |||
|8967 | |||
|7925 | |||
|7904 | |||
|- | |||
|SGA Growth | |||
|1.2438 | |||
|0.2991 | |||
|0.2224 | |||
|0.0307 | |||
| - | |||
|- | |||
|Other Operating Expense | |||
| -3938 | |||
|853 | |||
|1474 | |||
|962 | |||
|1617 | |||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |EBIT | ||
| | |22435 | ||
| | |5073 | ||
| | |11123 | ||
| | |5099 | ||
| - | | - | ||
|- | |- | ||
| | |Unusual Expense | ||
| | |290 | ||
| | |43 | ||
| | |446 | ||
| | | -44 | ||
| | |522 | ||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Non Operating Income/Expense | ||
| - | | - | ||
| | |1778 | ||
| | |440 | ||
| | |334 | ||
| | |3735 | ||
|- | |- | ||
| | |Non-Operating Interest Income | ||
| - | | - | ||
| | |945 | ||
| | |390 | ||
| | |414 | ||
| | |255 | ||
|- | |- | ||
| | |Interest Expense | ||
| | |1661 | ||
| | |2272 | ||
| | |3564 | ||
| | |4555 | ||
| | |4123 | ||
|- | |- | ||
| | |Interest Expense Growth | ||
| -0.2692 | |||
| -0.3624 | |||
| -0.2176 | |||
|0.105 | |||
| - | | - | ||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
|Gross Interest Expense | |||
|Gross | |||
| - | | - | ||
|2282 | |||
|3623 | |||
|4766 | |||
|4398 | |||
|- | |- | ||
| | |Interest Capitalized | ||
| - | | - | ||
|9 | |||
|59 | |||
|210 | |||
|276 | |||
|- | |- | ||
| | |Pretax Income | ||
| | |25311 | ||
| | |5620 | ||
| | |7944 | ||
| | |3236 | ||
| | |5461 | ||
|- | |- | ||
| | |Pretax Income Growth | ||
|3.5035 | |||
| -0.2925 | |||
|1.4548 | |||
| -0.4074 | |||
| - | | - | ||
|- | |- | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |||
|Pretax Margin | |||
|0.0528 | |||
| - | |||
| - | |||
| - | | - | ||
| - | | - | ||
|- | |- | ||
| | |Income Tax | ||
| | |3915 | ||
| | |664 | ||
| | |976 | ||
| | |354 | ||
| | |982 | ||
|- | |- | ||
|Income Tax - Current Domestic | |||
| - | |||
|666 | |||
|864 | |||
|528 | |||
|849 | |||
|- | |- | ||
| | |Income Tax - Deferred Domestic | ||
| - | | - | ||
| | | -2 | ||
| | |112 | ||
| | | -174 | ||
| | |133 | ||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Equity in Affiliates | ||
| | | -798 | ||
| | | -175 | ||
| | | -210 | ||
| | | -479 | ||
| | | -266 | ||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Consolidated Net Income | ||
| - | |20598 | ||
| | |4781 | ||
| | |6758 | ||
| | |2403 | ||
| | |4212 | ||
|- | |||
|Minority Interest Expense | |||
|1268 | |||
|1111 | |||
|2000 | |||
|572 | |||
|919 | |||
|- | |||
|Net Income | |||
|19330 | |||
|3670 | |||
|4758 | |||
|1831 | |||
|3293 | |||
|- | |- | ||
| | |Net Income Growth | ||
|4.2669 | |||
| -0.2287 | |||
|1.5991 | |||
| -0.4441 | |||
| - | | - | ||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Net Margin | ||
|0.0403 | |||
|0. | |||
| - | | - | ||
| - | | - | ||
Line 1,479: | Line 1,251: | ||
| - | | - | ||
|- | |- | ||
|Income | |Net Income After Extraordinaries | ||
| | |19330 | ||
| | |3670 | ||
| | |4758 | ||
| | |1831 | ||
| | |3293 | ||
|- | |- | ||
|Income | |Net Income Available to Common | ||
| | |19330 | ||
| | |3670 | ||
| | |4758 | ||
| | |1831 | ||
| | |3293 | ||
|- | |- | ||
| | |EPS (Basic) | ||
| - | | - | ||
| | |1.28 | ||
| | |1.74 | ||
| | |0.67 | ||
| | |1.21 | ||
|- | |- | ||
| | |EPS (Basic) Growth | ||
| | |0 | ||
| - | | -0.2675 | ||
| | |1.5993 | ||
| - | | -0.4441 | ||
| - | | - | ||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Basic Shares Outstanding | ||
| | |2911 | ||
| | |2873 | ||
| | |2728 | ||
| | |2728 | ||
| | |2728 | ||
|- | |- | ||
|EPS (Diluted) | |||
| | |||
| - | | - | ||
|1.28 | |||
|1.74 | |||
|0.67 | |||
|1.21 | |||
|- | |- | ||
| | |EPS (Diluted) Growth | ||
|0 | |0 | ||
| - | | -0.2675 | ||
| | |1.5991 | ||
| - | | -0.4441 | ||
| - | | - | ||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Diluted Shares Outstanding | ||
|2911 | |||
|2911 | |||
|2873 | |2873 | ||
|2728 | |2728 | ||
Line 1,577: | Line 1,321: | ||
|2728 | |2728 | ||
|- | |- | ||
| | |EBITDA | ||
| | |46123 | ||
| | |22076 | ||
| | |25190 | ||
| | |16257 | ||
|17281 | |||
|- | |||
|EBITDA Growth | |||
|1.0893 | |||
| | |||
|- | |||
|EBITDA Growth | |||
|1.0893 | |||
| -0.1236 | | -0.1236 | ||
|0.5496 | |0.5496 | ||
Line 1,612: | Line 1,335: | ||
| - | | - | ||
|- | |- | ||
|EBIT | | | ||
|22435 | | | ||
| | |||
| | |||
| | |||
| | |||
|- | |||
|EBITDA Margin | |||
| | |||
| - | |||
| - | |||
| - | |||
| - | |||
|- | |||
|EBIT | |||
|22435 | |||
|5073 | |5073 | ||
|11123 | |11123 | ||
|5099 | |5099 | ||
| - | | - | ||
|- | |- | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|} | |||
{| class="wikitable" | |||
!Fiscal year is February-January. All values HKD Millions. | |||
!2022 | |||
!2021 | |||
!2020 | |||
!2019 | |||
!2018 | |||
|- | |- | ||
| | |Sales/Revenue | ||
| | |479,772 | ||
| | |256,840 | ||
| | |173,547 | ||
| | |143,075 | ||
| | |151,502 | ||
|- | |- | ||
| | | rowspan="2" |Sales Growth | ||
| | | rowspan="2" |86.80% | ||
|2. | | rowspan="2" |47.99% | ||
| | | rowspan="2" |21.30% | ||
| - | | rowspan="2" | -5.56% | ||
| - | | rowspan="2" | - | ||
|- | |- | ||
|- | |- | ||
| | |COGS excluding D&A | ||
| | | - | ||
| | |212,393 | ||
| | |130,318 | ||
| | |112,307 | ||
| | |119,457 | ||
|- | |- | ||
| | |Depreciation & Amortization Expense | ||
| - | | - | ||
| | |17,004 | ||
| | |14,067 | ||
| | |11,158 | ||
| | |11,165 | ||
|- | |- | ||
| | |Depreciation | ||
| - | | - | ||
| | |13,442 | ||
| | |10,579 | ||
| | |9,435 | ||
| | |8,991 | ||
|- | |- | ||
| | |Amortization of Intangibles | ||
| - | | - | ||
| | |3,529 | ||
| | |3,453 | ||
| | |1,675 | ||
| | |2,143 | ||
|- | |- | ||
| | |Amortization of Deferred Charges | ||
| - | | - | ||
| | |33 | ||
| | |35 | ||
| | |48 | ||
| | |31 | ||
|- | |- | ||
| | | rowspan="2" |COGS Growth | ||
| | | rowspan="2" |80.03% | ||
| | | rowspan="2" |58.88% | ||
| | | rowspan="2" |16.94% | ||
| - | | rowspan="2" | -5.48% | ||
| - | | rowspan="2" | - | ||
|- | |- | ||
|- | |- | ||
| | |Gross Income | ||
| | |66,779 | ||
| | |27,443 | ||
| | |29,162 | ||
| | |19,611 | ||
| | |20,880 | ||
|- | |||
| rowspan="2" |Gross Income Growth | |||
| rowspan="2" |143.33% | |||
| rowspan="2" | -5.89% | |||
| rowspan="2" |48.70% | |||
| rowspan="2" | -6.08% | |||
| rowspan="2" | - | |||
|- | |||
|- | |- | ||
| | |Gross Profit Margin | ||
|13.92% | |||
| - | |||
| - | | - | ||
| - | | - | ||
| - | | - | ||
|- | |- | ||
| | |SG&A Expense | ||
| | |48,282 | ||
| | |21,518 | ||
| | |16,564 | ||
| | |13,551 | ||
| | |13,147 | ||
|- | |- | ||
| | |Research & Development | ||
| - | | - | ||
| | |8,905 | ||
| | |7,597 | ||
| | |5,626 | ||
| | |5,243 | ||
|- | |- | ||
| | |Other SG&A | ||
| - | | - | ||
| | |12,613 | ||
| | |8,967 | ||
| | |7,925 | ||
| | |7,904 | ||
|- | |- | ||
| | |SGA Growth | ||
| | |124.38% | ||
| | |29.91% | ||
| | |22.24% | ||
| | |3.07% | ||
| | | - | ||
|- | |- | ||
| | | rowspan="2" |Other Operating Expense | ||
| | | rowspan="2" | -3,938 | ||
| | | rowspan="2" |853 | ||
| | | rowspan="2" |1,474 | ||
| | | rowspan="2" |962 | ||
| | | rowspan="2" |1,617 | ||
|- | |- | ||
|- | |- | ||
| | |EBIT | ||
|22,435 | |||
|5,073 | |||
|11,123 | |||
|5,099 | |||
| - | | - | ||
|- | |- | ||
| | | rowspan="2" |Unusual Expense | ||
| | | rowspan="2" |290 | ||
| | | rowspan="2" |43 | ||
| | | rowspan="2" |446 | ||
| | | rowspan="2" | -44 | ||
| | | rowspan="2" |522 | ||
|- | |- | ||
|- | |- | ||
| | |Non Operating Income/Expense | ||
| - | | - | ||
| | |1,778 | ||
| | |440 | ||
| | |334 | ||
| | |3,735 | ||
|- | |- | ||
| | |Non-Operating Interest Income | ||
| - | | - | ||
| | |945 | ||
| | |390 | ||
| | |414 | ||
| | |255 | ||
|- | |- | ||
| | |Interest Expense | ||
| - | |1,661 | ||
| | |2,272 | ||
| | |3,564 | ||
| | |4,555 | ||
| | |4,123 | ||
|- | |||
| rowspan="2" |Interest Expense Growth | |||
| rowspan="2" | -26.92% | |||
| rowspan="2" | -36.24% | |||
| rowspan="2" | -21.76% | |||
| rowspan="2" |10.50% | |||
| rowspan="2" | - | |||
|- | |- | ||
|- | |- | ||
| | |Gross Interest Expense | ||
| - | | - | ||
| | |2,282 | ||
| | |3,623 | ||
| | |4,766 | ||
| | |4,398 | ||
|- | |- | ||
| | |Interest Capitalized | ||
| - | | - | ||
| | |9 | ||
| | |59 | ||
| | |210 | ||
| | |276 | ||
|- | |- | ||
| | |Pretax Income | ||
| | |25,311 | ||
| | |5,620 | ||
| | |7,944 | ||
| | |3,236 | ||
| | |5,461 | ||
|- | |- | ||
| | | rowspan="2" |Pretax Income Growth | ||
| | | rowspan="2" |350.35% | ||
| | | rowspan="2" | -29.25% | ||
| | | rowspan="2" |145.48% | ||
| | | rowspan="2" | -40.74% | ||
| | | rowspan="2" | - | ||
|- | |- | ||
|- | |- | ||
| | |Pretax Margin | ||
|5.28% | |||
| - | |||
| - | |||
| - | |||
| - | | - | ||
|- | |- | ||
| | |Income Tax | ||
| | |3,915 | ||
| | |664 | ||
| | |976 | ||
| | |354 | ||
| | |982 | ||
|- | |- | ||
| | |Income Tax - Current Domestic | ||
| | | - | ||
| | |666 | ||
| | |864 | ||
| | |528 | ||
| | |849 | ||
|- | |- | ||
| | | rowspan="2" |Income Tax - Deferred Domestic | ||
| - | | rowspan="2" | - | ||
| | | rowspan="2" | -2 | ||
| | | rowspan="2" |112 | ||
| | | rowspan="2" | -174 | ||
| | | rowspan="2" |133 | ||
|- | |- | ||
|- | |- | ||
| | | rowspan="2" |Equity in Affiliates | ||
| | | rowspan="2" | -798 | ||
| | | rowspan="2" | -175 | ||
| | | rowspan="2" | -210 | ||
| | | rowspan="2" | -479 | ||
| | | rowspan="2" | -266 | ||
|- | |- | ||
|- | |- | ||
| | |Consolidated Net Income | ||
| | |20,598 | ||
| | |4,781 | ||
| | |6,758 | ||
| | |2,403 | ||
| | |4,212 | ||
|- | |- | ||
|Minority Interest Expense | |||
|1,268 | |||
|1,111 | |||
|2,000 | |||
|572 | |||
|919 | |||
|- | |- | ||
| | |Net Income | ||
| | |19,330 | ||
| | |3,670 | ||
| | |4,758 | ||
| | |1,831 | ||
| | |3,293 | ||
|- | |- | ||
| rowspan="2" |Net Income Growth | |||
| rowspan="2" |426.69% | |||
| rowspan="2" | -22.87% | |||
| rowspan="2" |159.91% | |||
| rowspan="2" | -44.41% | |||
| rowspan="2" | - | |||
|- | |- | ||
|- | |- | ||
| | |Net Margin | ||
|4.03% | |||
| - | |||
| - | | - | ||
| - | | - | ||
| - | | - | ||
|- | |- | ||
|Income | |Net Income After Extraordinaries | ||
| | |19,330 | ||
| | |3,670 | ||
| | |4,758 | ||
| | |1,831 | ||
| | |3,293 | ||
|- | |- | ||
| | |Net Income Available to Common | ||
| | |19,330 | ||
| | |3,670 | ||
| | |4,758 | ||
| | |1,831 | ||
| | |3,293 | ||
|- | |- | ||
| | |EPS (Basic) | ||
| - | | - | ||
| | |1.28 | ||
| | |1.74 | ||
| | |0.67 | ||
| | |1.21 | ||
|- | |- | ||
| | | rowspan="2" |EPS (Basic) Growth | ||
| - | | rowspan="2" |0.00% | ||
| | | rowspan="2" | -26.75% | ||
| | | rowspan="2" |159.93% | ||
| | | rowspan="2" | -44.41% | ||
| | | rowspan="2" | - | ||
|- | |- | ||
|- | |- | ||
| | |Basic Shares Outstanding | ||
| | |2,911 | ||
| | |2,873 | ||
| | |2,728 | ||
| | |2,728 | ||
| | |2,728 | ||
|- | |- | ||
| | |EPS (Diluted) | ||
| | | - | ||
| | |1.28 | ||
|1. | |1.74 | ||
|0. | |0.67 | ||
| | |1.21 | ||
|- | |- | ||
| | | rowspan="2" |EPS (Diluted) Growth | ||
|0. | | rowspan="2" |0.00% | ||
| | | rowspan="2" | -26.75% | ||
| | | rowspan="2" |159.91% | ||
| | | rowspan="2" | -44.41% | ||
| | | rowspan="2" | - | ||
|- | |- | ||
|- | |- | ||
| | |Diluted Shares Outstanding | ||
| | |2,911 | ||
| | |2,873 | ||
| | |2,728 | ||
| | |2,728 | ||
| | |2,728 | ||
|- | |- | ||
| | |EBITDA | ||
| - | |46,123 | ||
| | |22,076 | ||
| | |25,190 | ||
| | |16,257 | ||
| | |17,281 | ||
|- | |||
| rowspan="2" |EBITDA Growth | |||
| rowspan="2" |108.93% | |||
| rowspan="2" | -12.36% | |||
| rowspan="2" |54.96% | |||
| rowspan="2" | -5.93% | |||
| rowspan="2" | - | |||
|- | |- | ||
|- | |- | ||
| | |EBITDA Margin | ||
| | | | ||
| - | | - | ||
| - | | - | ||
| - | | - | ||
| - | | - | ||
|- | |- | ||
| | |EBIT | ||
|22,435 | |||
|5,073 | |||
|11,123 | |||
|5,099 | |||
| - | | - | ||
| - | |} | ||
=== Balance Sheet === | |||
{| class="wikitable" | |||
!Fiscal year is February-January. All values HKD Millions. | |||
!2022 | |||
!2021 | |||
!2020 | |||
!2019 | |||
!2018 | |||
|- | |- | ||
! | !'''Assets''' | ||
! | ! | ||
! | ! | ||
! | ! | ||
! | ! | ||
! | ! | ||
|- | |- | ||
| | |Cash & Short Term Investments | ||
| | |80,948 | ||
| | |68,702 | ||
| | |17,957 | ||
| | |14,189 | ||
| | |14,885 | ||
|- | |- | ||
| | |Cash Only | ||
| | |57,789 | ||
| | |61,722 | ||
| | |17,127 | ||
| | |14,150 | ||
| | |14,884 | ||
|- | |- | ||
| | | rowspan="2" |Cash & Short Term Investments Growth | ||
| | | rowspan="2" |17.82% | ||
| | | rowspan="2" |282.60% | ||
| | | rowspan="2" |26.56% | ||
| | | rowspan="2" | -4.67% | ||
| | | rowspan="2" | - | ||
|- | |- | ||
|- | |- | ||
| | |Cash & ST Investments / Total Assets | ||
| | |14.53% | ||
| | |18.93% | ||
| | |7.51% | ||
| | |6.47% | ||
| | |6.68% | ||
|- | |- | ||
| | |Total Accounts Receivable | ||
| | |89,254 | ||
| | |74,331 | ||
| | |71,955 | ||
| | |72,684 | ||
| | |81,541 | ||
|- | |- | ||
| | |Accounts Receivables, Net | ||
| - | | - | ||
| | |65,430 | ||
| | |65,714 | ||
| | |64,800 | ||
| | |72,249 | ||
|- | |- | ||
| | |Accounts Receivables, Gross | ||
| - | | - | ||
| | |68,509 | ||
| | |68,561 | ||
| | |66,856 | ||
| | |73,890 | ||
|- | |- | ||
|Other | | rowspan="2" |Bad Debt/Doubtful Accounts | ||
| rowspan="2" | - | |||
| rowspan="2" | -3,079 | |||
| rowspan="2" | -2,847 | |||
| rowspan="2" | -2,056 | |||
| rowspan="2" | -1,640 | |||
|- | |||
|- | |||
|Other Receivables | |||
| - | | - | ||
| | |8,901 | ||
| | |6,241 | ||
| | |7,884 | ||
| | |9,292 | ||
|- | |- | ||
| | | rowspan="2" |Accounts Receivable Growth | ||
| | | rowspan="2" |20.08% | ||
| | | rowspan="2" |3.30% | ||
| | | rowspan="2" | -1.00% | ||
| | | rowspan="2" | -10.86% | ||
| | | rowspan="2" | - | ||
|- | |- | ||
|- | |- | ||
| | |Accounts Receivable Turnover | ||
| | |5.38 | ||
| | |3.46 | ||
| | |2.41 | ||
| | |1.97 | ||
| | |1.86 | ||
|- | |- | ||
| | |Inventories | ||
| | |88,817 | ||
| | |53,034 | ||
| | |37,225 | ||
| | |28,604 | ||
| | |30,026 | ||
|- | |- | ||
|Finished Goods | |||
| - | |||
|21,757 | |||
|19,663 | |||
|11,269 | |||
|9,651 | |||
|- | |- | ||
| | |Work in Progress | ||
| | | - | ||
|17,566 | |||
|11,753 | |||
| | |12,285 | ||
| | |13,396 | ||
| | |||
|- | |- | ||
|Raw Materials | |||
| - | |||
|13,711 | |||
|5,809 | |||
|5,050 | |||
|6,979 | |||
|- | |- | ||
| | |Other Current Assets | ||
| | |11,342 | ||
| | |7,129 | ||
| | |5,187 | ||
| | |4,175 | ||
| | |4,888 | ||
|- | |- | ||
| | |Prepaid Expenses | ||
| - | | - | ||
|2,491 | |||
|859 | |||
|406 | |||
|367 | |||
|- | |- | ||
| | |Miscellaneous Current Assets | ||
| | | - | ||
| | |4,638 | ||
| | |4,328 | ||
| | |3,769 | ||
| | |4,520 | ||
|- | |||
|Total Current Assets | |||
|270,360 | |||
|203,197 | |||
|132,324 | |||
|119,652 | |||
|131,339 | |||
|- | |||
|Net Property, Plant & Equipment | |||
|222,385 | |||
|115,830 | |||
|73,085 | |||
|68,065 | |||
|61,543 | |||
|- | |- | ||
| | |Property, Plant & Equipment - Gross | ||
| - | | - | ||
| | |178,510 | ||
| | |127,766 | ||
| | |112,987 | ||
| | |100,183 | ||
|- | |- | ||
| | |Buildings | ||
| - | | - | ||
| | |30,392 | ||
| | |26,808 | ||
| | |23,689 | ||
| | |22,228 | ||
|- | |- | ||
| | |Machinery & Equipment | ||
| - | | - | ||
| | |87,349 | ||
| | |76,576 | ||
| | |64,112 | ||
| | |56,438 | ||
|- | |- | ||
| | |Construction in Progress | ||
| - | | - | ||
| | |39,015 | ||
| | |7,246 | ||
| | |11,941 | ||
| | |11,043 | ||
|- | |- | ||
| | |Transportation Equipment | ||
| | | - | ||
| | |2,463 | ||
| | |2,202 | ||
| | |1,891 | ||
| | |1,574 | ||
|- | |- | ||
| | |Other Property, Plant & Equipment | ||
| | | - | ||
| | |17,366 | ||
| | |13,812 | ||
| | |10,537 | ||
| | |8,208 | ||
|- | |- | ||
| | |Accumulated Depreciation | ||
| | | - | ||
| | |62,680 | ||
| | |54,680 | ||
| | |44,922 | ||
| | |38,640 | ||
|- | |- | ||
| | |Buildings | ||
| - | | - | ||
| | |6,170 | ||
| | |5,314 | ||
| | |4,280 | ||
| | |3,675 | ||
|- | |- | ||
| | |Machinery & Equipment | ||
| - | | - | ||
| | |46,315 | ||
| | |41,302 | ||
| | |34,540 | ||
| | |30,061 | ||
|- | |- | ||
| | |Transportation Equipment | ||
| - | | - | ||
| | |1,246 | ||
| | |1,062 | ||
| | |775 | ||
| | |586 | ||
|- | |- | ||
|Other | |Other Property, Plant & Equipment | ||
| - | | - | ||
|8,950 | |||
|7,002 | |||
|5,327 | |||
|4,318 | |||
|- | |- | ||
| | |Total Investments and Advances | ||
| | |24,853 | ||
| | |13,628 | ||
| | |8,613 | ||
| | |6,853 | ||
| | |6,107 | ||
|- | |- | ||
| | |LT Investment - Affiliate Companies | ||
| | |17,386 | ||
| | |9,670 | ||
| | |6,480 | ||
| | |4,542 | ||
|4,061 | |||
|- | |||
|Other Long-Term Investments | |||
| - | | - | ||
|3,958 | |||
|2,133 | |||
|2,311 | |||
|2,046 | |||
|- | |- | ||
| | |Long-Term Note Receivable | ||
| | |1,655 | ||
| | |1,528 | ||
| | |2,220 | ||
| | |1,461 | ||
| | |2,525 | ||
|- | |- | ||
|Intangible Assets | |||
|28,038 | |||
|24,191 | |||
|19,866 | |||
|20,654 | |||
|19,117 | |||
|- | |- | ||
| | |Net Goodwill | ||
| - | | - | ||
| | |81 | ||
| | |78 | ||
| | |74 | ||
| | |75 | ||
|- | |- | ||
| | |Net Other Intangibles | ||
| - | | - | ||
|24,111 | |||
|19,788 | |||
|20,580 | |||
|19,042 | |||
|- | |- | ||
| | |Other Assets | ||
| | |3,047 | ||
| | |1,104 | ||
| | |129 | ||
| | |464 | ||
| | |315 | ||
|- | |- | ||
| | |Deferred Charges | ||
| - | | - | ||
|95 | |||
|80 | |||
|156 | |||
|234 | |||
|- | |||
|Tangible Other Assets | |||
| - | | - | ||
| - | |1,010 | ||
| - | |49 | ||
|308 | |||
|81 | |||
|- | |||
|Total Assets | |||
|557,196 | |||
|362,922 | |||
|239,130 | |||
|219,439 | |||
|222,896 | |||
|- | |||
| rowspan="2" |Assets - Total - Growth | |||
| rowspan="2" |53.53% | |||
| rowspan="2" |51.77% | |||
| rowspan="2" |8.97% | |||
| rowspan="2" | -1.55% | |||
| rowspan="2" | - | |||
|- | |||
|- | |- | ||
!'''Liabilities & Shareholders' Equity''' | |||
! | |||
! | |||
! | |||
! | |||
! | |||
|- | |- | ||
| | |ST Debt & Current Portion LT Debt | ||
| | |16,781 | ||
| | |37,333 | ||
| | |43,559 | ||
| | |75,757 | ||
| | |82,235 | ||
|- | |- | ||
| | |Short Term Debt | ||
| - | | - | ||
| | |21,451 | ||
| | |30,028 | ||
| | |65,973 | ||
| | |73,469 | ||
|- | |- | ||
| | |Current Portion of Long Term Debt | ||
| - | | - | ||
| | |15,882 | ||
| | |13,531 | ||
| | |9,785 | ||
| | |8,766 | ||
|- | |- | ||
|Other | |Accounts Payable | ||
| - | |157,675 | ||
| | |89,494 | ||
|50,962 | |||
|25,191 | |||
|28,671 | |||
|- | |||
| rowspan="2" |Accounts Payable Growth | |||
| rowspan="2" |76.18% | |||
| rowspan="2" |75.61% | |||
| rowspan="2" |102.30% | |||
| rowspan="2" | -12.14% | |||
| rowspan="2" | - | |||
|- | |||
|- | |||
|Income Tax Payable | |||
|2,354 | |||
|1,055 | |||
|669 | |||
|290 | |||
|260 | |||
|- | |||
|Other Current Liabilities | |||
|197,450 | |||
|81,668 | |||
|30,998 | |||
|19,602 | |||
|21,997 | |||
|- | |||
|Dividends Payable | |||
| - | | - | ||
| - | | - | ||
| | |12 | ||
|11 | |||
|11 | |||
|- | |- | ||
| | |Accrued Payroll | ||
| - | | - | ||
|7,149 | |||
|5,716 | |||
|4,230 | |||
|4,396 | |||
|- | |- | ||
| | |Miscellaneous Current Liabilities | ||
| - | | - | ||
|74,519 | |||
|25,270 | |||
|15,360 | |||
|17,589 | |||
|- | |- | ||
| | |Total Current Liabilities | ||
| | |374,259 | ||
| | |209,550 | ||
| | |126,189 | ||
| | |120,841 | ||
| | |133,163 | ||
|- | |- | ||
|Current Ratio | |||
|0.72 | |||
|0.97 | |||
|1.05 | |||
|0.99 | |||
|0.99 | |||
|- | |||
|Quick Ratio | |||
|0.49 | |||
|0.72 | |||
|0.75 | |||
|0.75 | |||
|0.76 | |||
|- | |||
|Cash Ratio | |||
|0.22 | |||
|0.33 | |||
|0.14 | |||
|0.12 | |||
|0.11 | |||
|- | |- | ||
| | |Long-Term Debt | ||
| | |14,922 | ||
| | |18,505 | ||
| | |33,597 | ||
| | |30,045 | ||
| | |20,737 | ||
|- | |- | ||
| | |Long-Term Debt excl. Capitalized Leases | ||
| - | | - | ||
| | |16,773 | ||
| | |32,597 | ||
| | |29,431 | ||
| | |20,321 | ||
|- | |- | ||
| | |Non-Convertible Debt | ||
| - | | - | ||
| - | |16,773 | ||
|32,597 | |||
|29,431 | |||
|20,321 | |||
|- | |||
|Provision for Risks & Charges | |||
|7,123 | |||
|17 | |||
| - | | - | ||
| - | | - | ||
| - | | - | ||
|- | |- | ||
| | | rowspan="2" |Deferred Taxes | ||
| rowspan="2" | -1,873 | |||
| rowspan="2" | -1,595 | |||
| rowspan="2" | -1,631 | |||
| rowspan="2" | -1,580 | |||
| rowspan="2" | -1,508 | |||
|- | |||
|- | |||
|Deferred Taxes - Credit | |||
|4,985 | |||
|1,850 | |||
|1,262 | |||
|711 | |||
|442 | |||
|- | |||
|Deferred Taxes - Debit | |||
|6,858 | |||
|3,445 | |||
|2,893 | |||
|2,290 | |||
|1,950 | |||
|- | |||
|Other Liabilities | |||
|19,618 | |||
| - | | - | ||
| - | |271 | ||
|236 | |||
|1,591 | |||
|- | |||
|Other Liabilities (excl. Deferred Income) | |||
| - | | - | ||
| - | | - | ||
|271 | |||
|236 | |||
|1,591 | |||
|- | |||
|Total Liabilities | |||
|420,907 | |||
|229,922 | |||
|161,318 | |||
|151,833 | |||
|155,934 | |||
|- | |||
|Non-Equity Reserves | |||
| - | | - | ||
|5,481 | |||
|2,690 | |||
|2,497 | |||
|2,192 | |||
|- | |||
|Total Liabilities / Total Assets | |||
|75.54% | |||
|63.35% | |||
|67.46% | |||
|69.19% | |||
|69.96% | |||
|- | |||
|Common Equity (Total) | |||
|124,657 | |||
|116,295 | |||
|66,135 | |||
|58,578 | |||
|58,503 | |||
|- | |- | ||
| | |Common Stock Par/Carry Value | ||
| - | | - | ||
| - | |3,561 | ||
|3,235 | |||
|3,052 | |||
|3,111 | |||
|- | |||
|Additional Paid-In Capital/Capital Surplus | |||
| - | | - | ||
|73,774 | |||
|28,764 | |||
|27,138 | |||
|27,666 | |||
|- | |||
|Retained Earnings | |||
|45,969 | |||
|32,363 | |||
|28,997 | |||
|23,553 | |||
|23,375 | |||
|- | |||
| rowspan="2" |Cumulative Translation Adjustment/Unrealized For. Exch. Gain | |||
| rowspan="2" | - | |||
| rowspan="2" | -374 | |||
| rowspan="2" | -287 | |||
| rowspan="2" | -205 | |||
| rowspan="2" | -225 | |||
|- | |||
|- | |||
| rowspan="2" |Unrealized Gain/Loss Marketable Securities | |||
| rowspan="2" | - | |||
| rowspan="2" |261 | |||
| rowspan="2" | -292 | |||
| rowspan="2" |216 | |||
| rowspan="2" | -51 | |||
|- | |||
|- | |||
|Other Appropriated Reserves | |||
| - | | - | ||
|6,711 | |||
|5,718 | |||
|4,825 | |||
|4,627 | |||
|- | |||
|Common Equity / Total Assets | |||
|22.37% | |||
|32.04% | |||
|27.66% | |||
|26.69% | |||
|26.25% | |||
|- | |||
|Total Shareholders' Equity | |||
|124,657 | |||
|116,295 | |||
|66,135 | |||
|58,578 | |||
|58,503 | |||
|- | |||
|Total Shareholders' Equity / Total Assets | |||
|22.37% | |||
|32.04% | |||
|27.66% | |||
|26.69% | |||
|26.25% | |||
|- | |||
|Accumulated Minority Interest | |||
|11,632 | |||
|11,223 | |||
|8,987 | |||
|6,532 | |||
|6,267 | |||
|- | |||
|Total Equity | |||
|136,289 | |||
|127,518 | |||
|75,121 | |||
|65,110 | |||
|64,770 | |||
|- | |||
|Liabilities & Shareholders' Equity | |||
|557,196 | |||
|362,922 | |||
|239,130 | |||
|219,439 | |||
|222,896 | |||
|} | |||
=== Cash Flow Statement === | |||
{| class="wikitable" | |||
!Fiscal year is February-January. All values HKD Millions. | |||
!2022 | |||
!2021 | |||
!2020 | |||
!2019 | |||
!2018 | |||
|- | |||
!Operating Activities | |||
! | |||
! | |||
! | |||
! | |||
! | |||
|- | |||
|Net Income before Extraordinaries | |||
|20,598 | |||
|4,781 | |||
|6,758 | |||
|2,403 | |||
|4,212 | |||
|- | |||
| rowspan="2" |Net Income Growth | |||
| rowspan="2" |330.80% | |||
| rowspan="2" | -29.25% | |||
| rowspan="2" |181.27% | |||
| rowspan="2" | -42.96% | |||
| rowspan="2" | - | |||
|- | |||
|- | |||
|Depreciation, Depletion & Amortization | |||
|23,688 | |||
|17,004 | |||
|14,067 | |||
|11,158 | |||
|11,165 | |||
|- | |||
|Depreciation and Depletion | |||
| - | | - | ||
|13,442 | |||
|10,579 | |||
|9,435 | |||
|8,991 | |||
|- | |||
|Amortization of Intangible Assets | |||
| - | |||
|3,562 | |||
|3,488 | |||
|1,723 | |||
|2,174 | |||
|- | |||
| rowspan="2" |Deferred Taxes & Investment Tax Credit | |||
| rowspan="2" | -661 | |||
| rowspan="2" | -2 | |||
| rowspan="2" |41 | |||
| rowspan="2" | -102 | |||
| rowspan="2" |133 | |||
|- | |||
|- | |||
| rowspan="2" |Deferred Taxes | |||
| rowspan="2" | - | |||
| rowspan="2" | -2 | |||
| rowspan="2" |41 | |||
| rowspan="2" | -102 | |||
| rowspan="2" |133 | |||
|- | |||
|- | |||
|Other Funds | |||
|5,397 | |||
|4,012 | |||
|6,073 | |||
|4,910 | |||
|4,869 | |||
|- | |||
|Funds from Operations | |||
|49,021 | |||
|25,795 | |||
|26,939 | |||
|18,368 | |||
|20,379 | |||
|- | |||
| rowspan="2" |Changes in Working Capital | |||
| rowspan="2" |114,906 | |||
| rowspan="2" |53,277 | |||
| rowspan="2" |24,093 | |||
| rowspan="2" | -1,849 | |||
| rowspan="2" | -5,741 | |||
|- | |||
|- | |||
| rowspan="2" |Receivables | |||
| rowspan="2" | - | |||
| rowspan="2" |1,666 | |||
| rowspan="2" |1,741 | |||
| rowspan="2" |9,149 | |||
| rowspan="2" | -5,195 | |||
|- | |||
|- | |||
| rowspan="2" |Inventories | |||
| rowspan="2" | - | |||
| rowspan="2" | -15,539 | |||
| rowspan="2" | -7,531 | |||
| rowspan="2" |322 | |||
| rowspan="2" | -7,800 | |||
|- | |||
|- | |||
| rowspan="2" |Accounts Payable | |||
| rowspan="2" | - | |||
| rowspan="2" |67,004 | |||
| rowspan="2" |29,795 | |||
| rowspan="2" | -11,320 | |||
| rowspan="2" |7,253 | |||
|- | |||
|- | |||
|Other Assets/Liabilities | |||
| - | |||
|146 | |||
|88 | |||
| - | |||
| - | |||
|- | |||
|Net Operating Cash Flow | |||
|163,927 | |||
|79,073 | |||
|51,032 | |||
|16,519 | |||
|14,638 | |||
|- | |||
|Net Operating Cash Flow Growth | |||
|107.31% | |||
|54.95% | |||
|208.93% | |||
|12.85% | |||
| - | |||
|- | |||
|Net Operating Cash Flow / Sales | |||
|34.17% | |||
|30.79% | |||
|29.41% | |||
|11.55% | |||
|9.66% | |||
|- | |||
!Investing Activities | |||
! | |||
! | |||
! | |||
! | |||
! | |||
|- | |||
| rowspan="2" |Capital Expenditures | |||
| rowspan="2" | -113,330 | |||
| rowspan="2" | -45,007 | |||
| rowspan="2" | -13,230 | |||
| rowspan="2" | -23,389 | |||
| rowspan="2" | -21,133 | |||
|- | |||
|- | |||
| rowspan="2" |Capital Expenditures (Fixed Assets) | |||
| rowspan="2" | - | |||
| rowspan="2" | -45,007 | |||
| rowspan="2" | -13,230 | |||
| rowspan="2" | -23,389 | |||
| rowspan="2" | -21,133 | |||
|- | |||
|- | |||
| rowspan="2" |Capital Expenditures Growth | |||
| rowspan="2" | -151.81% | |||
| rowspan="2" | -240.18% | |||
| rowspan="2" |43.43% | |||
| rowspan="2" | -10.67% | |||
| rowspan="2" | - | |||
|- | |||
|- | |||
| rowspan="2" |Capital Expenditures / Sales | |||
| rowspan="2" | -23.62% | |||
| rowspan="2" | -17.52% | |||
| rowspan="2" | -7.62% | |||
| rowspan="2" | -16.35% | |||
| rowspan="2" | -13.95% | |||
|- | |||
|- | |||
| rowspan="2" |Net Assets from Acquisitions | |||
| rowspan="2" | - | |||
| rowspan="2" | - | |||
| rowspan="2" | - | |||
| rowspan="2" | - | |||
| rowspan="2" | -32 | |||
|- | |||
|- | |||
|Sale of Fixed Assets & Businesses | |||
|312 | |||
|1,264 | |||
|401 | |||
|462 | |||
|5,207 | |||
|- | |||
| rowspan="2" |Purchase/Sale of Investments | |||
| rowspan="2" | -12,168 | |||
| rowspan="2" | -10,964 | |||
| rowspan="2" | -3,677 | |||
| rowspan="2" | -828 | |||
| rowspan="2" | -941 | |||
|- | |||
|- | |||
| rowspan="2" |Purchase of Investments | |||
| rowspan="2" | - | |||
| rowspan="2" | -21,208 | |||
| rowspan="2" | -24,147 | |||
| rowspan="2" | -3,011 | |||
| rowspan="2" | -2,962 | |||
|- | |||
|- | |||
|Sale/Maturity of Investments | |||
| - | |||
|10,244 | |||
|20,470 | |||
|2,183 | |||
|2,021 | |||
|- | |||
| rowspan="2" |Other Uses | |||
| rowspan="2" | -30,092 | |||
| rowspan="2" | -3,839 | |||
| rowspan="2" | - | |||
| rowspan="2" | - | |||
| rowspan="2" | -44 | |||
|- | |||
|- | |||
|Other Sources | |||
|14,889 | |||
|3,579 | |||
| - | |||
| - | |||
| - | |||
|- | |||
| rowspan="2" |Net Investing Cash Flow | |||
| rowspan="2" | -140,389 | |||
| rowspan="2" | -54,967 | |||
| rowspan="2" | -16,507 | |||
| rowspan="2" | -23,755 | |||
| rowspan="2" | -16,944 | |||
|- | |||
|- | |||
| rowspan="2" |Net Investing Cash Flow Growth | |||
| rowspan="2" | -155.41% | |||
| rowspan="2" | -233.00% | |||
| rowspan="2" |30.51% | |||
| rowspan="2" | -40.20% | |||
| rowspan="2" | - | |||
|- | |||
|- | |||
| rowspan="2" |Net Investing Cash Flow / Sales | |||
| rowspan="2" | -29.26% | |||
| rowspan="2" | -21.40% | |||
| rowspan="2" | -9.51% | |||
| rowspan="2" | -16.60% | |||
| rowspan="2" | -11.18% | |||
|- | |||
|- | |||
!Financing Activities | |||
! | |||
! | |||
! | |||
! | |||
! | |||
|- | |||
| rowspan="2" |Cash Dividends Paid - Total | |||
| rowspan="2" | -355 | |||
| rowspan="2" | -510 | |||
| rowspan="2" | -184 | |||
| rowspan="2" | -631 | |||
| rowspan="2" | -456 | |||
|- | |||
|- | |||
| rowspan="2" |Common Dividends | |||
| rowspan="2" | - | |||
| rowspan="2" | -510 | |||
| rowspan="2" | -184 | |||
| rowspan="2" | -631 | |||
| rowspan="2" | -456 | |||
|- | |||
|- | |||
| rowspan="2" |Change in Capital Stock | |||
| rowspan="2" | - | |||
| rowspan="2" | -169 | |||
| rowspan="2" | - | |||
| rowspan="2" | - | |||
| rowspan="2" | - | |||
|- | |||
|- | |||
| rowspan="2" |Sale of Common & Preferred Stock | |||
| rowspan="2" | - | |||
| rowspan="2" | -169 | |||
| rowspan="2" | - | |||
| rowspan="2" | - | |||
| rowspan="2" | - | |||
|- | |||
|- | |||
| rowspan="2" |Proceeds from Stock Options | |||
| rowspan="2" | - | |||
| rowspan="2" | -169 | |||
| rowspan="2" | - | |||
| rowspan="2" | - | |||
| rowspan="2" | - | |||
|- | |||
|- | |||
| rowspan="2" |Issuance/Reduction of Debt, Net | |||
| rowspan="2" | -19,086 | |||
| rowspan="2" | -20,496 | |||
| rowspan="2" | -27,524 | |||
| rowspan="2" |11,733 | |||
| rowspan="2" |11,227 | |||
|- | |||
|- | |||
|Change in Long-Term Debt | |||
| - | |||
| - | |||
|2,243 | |||
|22,643 | |||
|16,666 | |||
|- | |||
|Issuance of Long-Term Debt | |||
| - | |||
| - | |||
|2,243 | |||
|22,643 | |||
|16,666 | |||
|- | |||
| rowspan="2" |Other Funds | |||
| rowspan="2" | -3,220 | |||
| rowspan="2" |40,935 | |||
| rowspan="2" | -4,352 | |||
| rowspan="2" | -3,143 | |||
| rowspan="2" | -5,850 | |||
|- | |||
|- | |||
| rowspan="2" |Other Uses | |||
| rowspan="2" | - | |||
| rowspan="2" | -4,036 | |||
| rowspan="2" | -7,498 | |||
| rowspan="2" | -4,072 | |||
| rowspan="2" | -5,863 | |||
|- | |||
|- | |||
|Other Sources | |||
| - | |||
|44,971 | |||
|3,146 | |||
|929 | |||
|13 | |||
|- | |||
| rowspan="2" |Net Financing Cash Flow | |||
| rowspan="2" | -22,663 | |||
| rowspan="2" |19,433 | |||
| rowspan="2" | -32,233 | |||
| rowspan="2" |7,769 | |||
| rowspan="2" |4,921 | |||
|- | |||
|- | |||
| rowspan="2" |Net Financing Cash Flow Growth | |||
| rowspan="2" | -216.62% | |||
| rowspan="2" |160.29% | |||
| rowspan="2" | -514.87% | |||
| rowspan="2" |57.87% | |||
| rowspan="2" | - | |||
|- | |||
|- | |||
| rowspan="2" |Net Financing Cash Flow / Sales | |||
| rowspan="2" | -4.72% | |||
| rowspan="2" |7.57% | |||
| rowspan="2" | -18.57% | |||
| rowspan="2" |5.43% | |||
| rowspan="2" |3.25% | |||
|- | |||
|- | |||
| rowspan="2" |Exchange Rate Effect | |||
| rowspan="2" |709 | |||
| rowspan="2" | -53 | |||
| rowspan="2" |26 | |||
| rowspan="2" |60 | |||
| rowspan="2" |8 | |||
|- | |||
|- | |||
|Net Change in Cash | |||
|1,585 | |||
|43,486 | |||
|2,320 | |||
|593 | |||
|2,624 | |||
|- | |- | ||
| | | rowspan="2" |Free Cash Flow | ||
| | | rowspan="2" |50,597 | ||
| | | rowspan="2" |34,066 | ||
| | | rowspan="2" |37,802 | ||
| | | rowspan="2" | -6,871 | ||
| | | rowspan="2" | -6,495 | ||
| | |||
| | |||
| | |||
| - | |||
| | |||
|- | |||
|- | |- | ||
|- | |- | ||
| | | rowspan="2" |Free Cash Flow Growth | ||
| - | | rowspan="2" |48.53% | ||
| | | rowspan="2" | -9.88% | ||
| -5. | | rowspan="2" |650.20% | ||
| | | rowspan="2" | -5.78% | ||
| - | | rowspan="2" | - | ||
|- | |- | ||
|- | |- | ||
|Free Cash Flow Yield | |Free Cash Flow Yield | ||
| | |8.96% | ||
| - | | - | ||
| - | | - |