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: On-going and future projects == | == BYD: On-going and future projects == | ||
Line 202: | Line 141: | ||
=== Chuan-Fu Wang === | === Chuan-Fu Wang === | ||
'''''President & CEO, Executive Chairman''''' | '''''President & CEO, Executive Chairman''''' | ||
Line 209: | Line 147: | ||
=== Ya-Lin Zhou === | === Ya-Lin Zhou === | ||
'''''Chief Financial Officer,''' '''Vice President''''' | '''''Chief Financial Officer,''' '''Vice President''''' | ||
Line 216: | Line 153: | ||
=== Qian Li === | === Qian Li === | ||
'''''Secretary to the Board, Company Secretary & GM of Investment Department''''' | '''''Secretary to the Board, Company Secretary & GM of Investment Department''''' | ||
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 | |||
!2019 | |||
!2020 | !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% | ||
| | |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% | |||
|'''''% | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |||
| | |||
| | |||
| | |||
| | | | ||
| | | | ||
Line 674: | Line 455: | ||
|- | |- | ||
|'''Taxes''' | |'''Taxes''' | ||
| | | -1,088,398 | ||
| | | -703,705 | ||
| | | -829,447 | ||
| | | -312,274 | ||
| | | -868,624 | ||
| | | -823,894 | ||
| | | -781,467 | ||
| | | -741,226 | ||
| | | -703,056 | ||
| | | -666,852 | ||
|- | |- | ||
|'''''% of EBIT''''' | |'''''% of EBIT''''' | ||
| | | -7.58% | ||
| | | -5.48% | ||
| | | -6.20% | ||
| | | -2.31% | ||
| | | -4.18% | ||
| | | -5.15% | ||
| | | -5.15% | ||
| | | -5.15% | ||
| | | -5.15% | ||
| | | -5.15% | ||
|- | |- | ||
| | | | ||
Line 710: | Line 491: | ||
|- | |- | ||
|'''EBIAT''' | |'''EBIAT''' | ||
|13, | |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 734: | Line 515: | ||
|- | |- | ||
|'''D&A''' | |'''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''''' | |'''''% of sales''''' | ||
| | |7.01% | ||
| | |6.91% | ||
| | |7.74% | ||
| | |8.08% | ||
|8.16% | |||
| | |7.58% | ||
| | |7.58% | ||
| | |7.58% | ||
| | |7.58% | ||
| | |7.58% | ||
|- | |- | ||
| | | | ||
Line 770: | Line 551: | ||
|- | |- | ||
|'''Capex''' | |'''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 slaes''''' | |'''''% of slaes''''' | ||
| | |12.36% | ||
| | |13.83% | ||
| | |15.15% | ||
| | |15.98% | ||
| | |8.19% | ||
| | |13.10% | ||
| | |13.10% | ||
| | |13.10% | ||
| | |13.10% | ||
| | |13.10% | ||
|- | |- | ||
| | | | ||
Line 806: | Line 587: | ||
|- | |- | ||
|'''Changes in NWC''' | |'''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''''' | |'''''% of sales''''' | ||
| | | | ||
| | | -13.65% | ||
| | |0.79% | ||
| | |0.12% | ||
| | |4.06% | ||
| | | -2.17% | ||
| | | -2.17% | ||
| | | -2.17% | ||
| | | -2.17% | ||
| | | -2.17% | ||
|- | |- | ||
| | | | ||
Line 842: | Line 623: | ||
|- | |- | ||
|'''Unlevered FCF''' | |'''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 | ||
|} | |} | ||
The terminal growth rate is estimated to be | |||
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" | {| class="wikitable" | ||
|'''Risk free rate (5 year US Bond)''' | |'''Risk free rate (5 year US Bond)''' | ||
|4. | |4.20% | ||
|- | |- | ||
|'''Market risk premium''' | |'''Market risk premium''' | ||
|5. | |5.00% | ||
|- | |- | ||
|'''Levered beta''' | |'''Levered beta''' | ||
|0. | |0.64 | ||
|- | |- | ||
| | | | ||
| | | | ||
|- | |- | ||
|'''Cost of equity''' | |'''Cost of equity''' | ||
| | |7.40% | ||
|- | |- | ||
|'''Cost of debt''' | |'''Cost of debt''' | ||
|5. | |5.00% | ||
|- | |- | ||
| | |'''Share price (as of 05/07/2023)''' | ||
| | |67.94 | ||
|- | |- | ||
|'''Shares outstanding (latest reported)''' | |'''Shares outstanding (latest reported)''' | ||
|2 | |2,861,142,855 | ||
|- | |- | ||
|'''Market capitalization''' | |'''Market capitalization''' | ||
| | |1.94E+17 | ||
|- | |- | ||
|''' | |'''Internally calculated WACC''' | ||
| | |7.40% | ||
|- | |- | ||
|'''Terminal growth rate''' | |'''Terminal growth rate''' | ||
| | |5.00% | ||
|} | |} | ||
All financial figures | 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 implied share price for BYD Company is $ | 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''' | |||
|$ 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 | |||
! rowspan=" | |||
Growth Rate | Growth Rate | ||
| | | | ||
|'''6.00%''' | |||
|'''6.50%''' | |'''6.50%''' | ||
|'''7.00%''' | |'''7.00%''' | ||
|'''7. | |'''7.40%''' | ||
|'''8.00%''' | |'''8.00%''' | ||
|'''8.50%''' | |'''8.50%''' | ||
|'''9.00%''' | |'''9.00%''' | ||
|- | |- | ||
|''' | |'''3.5%''' | ||
|$ | |$86.86 | ||
|$ | |$72.93 | ||
|$ | |$62.96 | ||
|$ | |$56.81 | ||
|$ | |$49.62 | ||
|$44.93 | |||
|$41.07 | |||
|$ | |||
|$ | |||
|- | |- | ||
|'''0 | |'''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 === | === Relative Valuation === | ||
Trading comparable analysis was used to compare BYD to its competitors in the market. A range of different multiples are used to evaluate | 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" | {| class="wikitable" | ||
!Company | !Company | ||
!Market Cap | |||
!P/S | !P/S | ||
!P/E | !P/E | ||
!EV/EBITDA | !EV/EBITDA | ||
!EV/EBIT | !EV/EBIT | ||
|- | |- | ||
|'''BYD Co''' | |'''BYD Co''' | ||
| | |763B | ||
| | |1.6 | ||
| | |38.2 | ||
| | |29.7 | ||
|29.7 | |||
|- | |- | ||
|Tesla | |'''Tesla''' | ||
| | |823B | ||
| | |9.6 | ||
| | |69.8 | ||
| | |47.5 | ||
| | |61.9 | ||
|- | |- | ||
|Toyota | |'''Toyota''' | ||
|31T | |||
|0.8 | |0.8 | ||
|12. | |12.7 | ||
|9 | |9.1 | ||
|15.9 | |||
| | |||
|- | |- | ||
|Porsche | |'''Porsche''' | ||
|101B | |||
|1.8 | |1.8 | ||
|13. | |13.4 | ||
|6. | |6.9 | ||
|9. | |9.5 | ||
|- | |- | ||
|Mercedes Benz | |'''Mercedes Benz''' | ||
|76.1B | |||
|0.5 | |0.5 | ||
|5. | |5.1 | ||
|4.5 | |4.5 | ||
|6.1 | |6.1 | ||
|- | |- | ||
|Audi AG | |'''Audi AG''' | ||
|83.4B | |||
|1.4 | |1.4 | ||
|11. | |11.3 | ||
|10. | |10.2 | ||
|10. | |10.2 | ||
|- | |- | ||
|Volkswagen | |'''Volkswagen''' | ||
|0. | |73.7B | ||
|5. | |0.3 | ||
|2. | |5.9 | ||
|6. | |2.7 | ||
|6.5 | |||
|- | |- | ||
|Ferrari | |'''Ferrari''' | ||
| | |70.2B | ||
| | |13.2 | ||
| | |70.9 | ||
| | |38 | ||
| | |55 | ||
|- | |- | ||
|BMW | |'''BMW''' | ||
|69B | |||
|0.5 | |0.5 | ||
|6. | |6.2 | ||
| | |3.9 | ||
|6. | |6.2 | ||
|- | |- | ||
|Daimler | |'''Daimler''' | ||
|67.4B | |||
|0.4 | |0.4 | ||
|3.7 | |3.7 | ||
|4 | |4 | ||
|5.4 | |5.4 | ||
|- | |- | ||
|Stellantis | |'''Stellantis''' | ||
|51.9B | |||
|0.3 | |0.3 | ||
|3. | |3.4 | ||
| | |0.9 | ||
|1. | |1.2 | ||
|- | |- | ||
| | | colspan="6" | | ||
| | |||
|- | |- | ||
|'''Median''' | |'''Median''' | ||
| | |74.9 | ||
| | |0.65 | ||
| | |8.75 | ||
| | |5.7 | ||
|8 | |||
|- | |- | ||
|Mean | |'''Mean''' | ||
| | |3241.57 | ||
| | |2.88 | ||
| | |20.24 | ||
|12.77 | |||
| | |17.79 | ||
| | |||
|- | |- | ||
|Lower Quartile | |'''Lower Quartile''' | ||
|0. | |69.3 | ||
|0.425 | |||
|5.3 | |5.3 | ||
| | |3.925 | ||
|6. | |6.125 | ||
|- | |- | ||
|Upper Quartile | |'''Upper Quartile''' | ||
|96.6 | |||
|1.7 | |1.7 | ||
|13. | |13.225 | ||
| | |9.925 | ||
|14. | |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]] | |||
The | 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 == | == ESG Factors == | ||
Line 1,274: | Line 913: | ||
== Appendix == | == Appendix == | ||
=== Income Statement | === Income Statement === | ||
{| class="wikitable" | {| class="wikitable" | ||
!Fiscal year is February-January. All values HKD Millions. | !Fiscal year is February-January. All values HKD Millions. | ||
Line 1,297: | Line 936: | ||
| - | | - | ||
|- | |- | ||
|Cost of Goods Sold (COGS) incl. D&A | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |||
|Cost of Goods Sold (COGS) incl. D&A | |||
|412993 | |412993 | ||
|229396 | |229396 | ||
Line 1,346: | Line 992: | ||
| - | | - | ||
|- | |- | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |||
|Gross Income | |||
|66779 | |||
|27443 | |||
|29162 | |||
|19611 | |||
|20880 | |||
|- | |- | ||
|Gross Income Growth | |Gross Income Growth | ||
Line 1,359: | Line 1,012: | ||
| -0.0608 | | -0.0608 | ||
| - | | - | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Gross Profit Margin | |Gross Profit Margin | ||
Line 1,402: | Line 1,062: | ||
|1617 | |1617 | ||
|- | |- | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |||
|EBIT | |||
|22435 | |||
|5073 | |||
|11123 | |||
|5099 | |||
| - | |||
|- | |- | ||
|Unusual Expense | |Unusual Expense | ||
Line 1,415: | Line 1,082: | ||
| -44 | | -44 | ||
|522 | |522 | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Non Operating Income/Expense | |Non Operating Income/Expense | ||
Line 1,443: | Line 1,117: | ||
|0.105 | |0.105 | ||
| - | | - | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Gross Interest Expense | |Gross Interest Expense | ||
Line 1,471: | Line 1,152: | ||
| -0.4074 | | -0.4074 | ||
| - | | - | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Pretax Margin | |Pretax Margin | ||
Line 1,499: | Line 1,187: | ||
| -174 | | -174 | ||
|133 | |133 | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Equity in Affiliates | |Equity in Affiliates | ||
Line 1,506: | Line 1,201: | ||
| -479 | | -479 | ||
| -266 | | -266 | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Consolidated Net Income | |Consolidated Net Income | ||
Line 1,521: | Line 1,223: | ||
|919 | |919 | ||
|- | |- | ||
|Net Income | |||
|19330 | |||
|3670 | |||
|4758 | |||
|1831 | |||
|3293 | |||
|- | |- | ||
|Net Income Growth | |Net Income Growth | ||
Line 1,534: | Line 1,236: | ||
| -0.4441 | | -0.4441 | ||
| - | | - | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Net Margin | |Net Margin | ||
Line 1,569: | Line 1,278: | ||
| -0.4441 | | -0.4441 | ||
| - | | - | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Basic Shares Outstanding | |Basic Shares Outstanding | ||
Line 1,590: | Line 1,306: | ||
| -0.4441 | | -0.4441 | ||
| - | | - | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Diluted Shares Outstanding | |Diluted Shares Outstanding | ||
Line 1,598: | Line 1,321: | ||
|2728 | |2728 | ||
|- | |- | ||
|EBITDA | |||
|46123 | |||
|22076 | |||
|25190 | |||
|16257 | |||
|17281 | |||
|- | |- | ||
|EBITDA Growth | |EBITDA Growth | ||
Line 1,610: | Line 1,333: | ||
|0.5496 | |0.5496 | ||
| -0.0593 | | -0.0593 | ||
| - | |||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |||
|EBITDA Margin | |||
| | |||
| - | |||
| - | |||
| - | |||
| - | | - | ||
|- | |- | ||
Line 1,618: | Line 1,355: | ||
|5099 | |5099 | ||
| - | | - | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|} | |} | ||
=== Balance Sheet | === Balance Sheet === | ||
{| class="wikitable" | {| class="wikitable" | ||
!Fiscal year is February-January. All values HKD Millions. | !Fiscal year is February-January. All values HKD Millions. | ||
Line 1,656: | Line 1,400: | ||
| -0.0467 | | -0.0467 | ||
| - | | - | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Cash & ST Investments / Total Assets | |Cash & ST Investments / Total Assets | ||
Line 1,691: | Line 1,442: | ||
| -2056 | | -2056 | ||
| -1640 | | -1640 | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Other Receivables | |Other Receivables | ||
Line 1,705: | Line 1,463: | ||
| -0.1086 | | -0.1086 | ||
| - | | - | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Accounts Receivable Turnover | |Accounts Receivable Turnover | ||
Line 1,923: | Line 1,688: | ||
|81 | |81 | ||
|- | |- | ||
|Total Assets | |||
|557196 | |||
|362922 | |||
|239130 | |||
|219439 | |||
|222896 | |||
|- | |- | ||
|Assets - Total - Growth | |Assets - Total - Growth | ||
Line 1,936: | Line 1,701: | ||
| -0.0155 | | -0.0155 | ||
| - | | - | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
!Liabilities & Shareholders' Equity | !Liabilities & Shareholders' Equity | ||
Line 1,978: | Line 1,750: | ||
| -0.1214 | | -0.1214 | ||
| - | | - | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Income Tax Payable | |Income Tax Payable | ||
Line 2,076: | Line 1,855: | ||
| -1580 | | -1580 | ||
| -1508 | | -1508 | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Deferred Taxes - Credit | |Deferred Taxes - Credit | ||
Line 2,105: | Line 1,891: | ||
|1591 | |1591 | ||
|- | |- | ||
|Total Liabilities | |||
|420907 | |||
|229922 | |||
|161318 | |||
|151833 | |||
|155934 | |||
|- | |- | ||
|Non-Equity Reserves | |Non-Equity Reserves | ||
Line 2,160: | Line 1,946: | ||
| -205 | | -205 | ||
| -225 | | -225 | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Unrealized Gain/Loss Marketable Securities | |Unrealized Gain/Loss Marketable Securities | ||
Line 2,167: | Line 1,960: | ||
|216 | |216 | ||
| -51 | | -51 | ||
|- | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Other Appropriated Reserves | |Other Appropriated Reserves | ||
Line 2,203: | Line 2,003: | ||
|6267 | |6267 | ||
|- | |- | ||
|Total Equity | |||
|136289 | |||
|127518 | |||
|75121 | |||
|65110 | |||
|64770 | |||
|- | |- | ||
|Liabilities & Shareholders' Equity | |Liabilities & Shareholders' Equity | ||
Line 2,217: | Line 2,017: | ||
|222896 | |222896 | ||
|} | |} | ||
=== Cash Flow Statement | === Cash Flow Statement === | ||
{| class="wikitable" | {| class="wikitable" | ||
!Fiscal year is February-January. All values HKD Millions. | !Fiscal year is February-January. All values HKD Millions. |