Cash flow China Resources Land Limited

Equities

1109

KYG2108Y1052

Real Estate Development & Operations

Delayed Hong Kong S.E. Other stock markets 22:07:15 2024-09-18 EDT			5-day change	1st Jan Change
20.10 ^HKD	+4.15%		+3.35%	-28.39%

09-12	China Resources Land Books 25% Lower Contracted Sales in August	MT
08-30	China Resources Land's Prudence, Rising Rental Portfolio Provide Rating Support, S&P Says	MT

1.YM37Vn1V8VEMtAyfyiZ5wtLgoAUCX5i-VvjSB5uCtcY.B6yfHTwmtGBVx3-ys2wugLqLzF1NaczSPsvja_bt04kZ_rwJFDilGHTVZw

Published financial data: CHINA RESOURCES LAND LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	148B	180B	212B	207B	251B
Total Revenues	148B	180B	212B	207B	251B
Cost of Goods Sold, Total	91.74B	124B	155B	153B	188B
Gross Profit	56B	55.42B	57.2B	54.29B	63.16B
Selling General & Admin Expenses, Total	10.81B	10.44B	11.97B	11.28B	13.98B
Other Operating Expenses, Total	10.81B	10.44B	11.97B	11.28B	13.98B
Operating Income	45.19B	44.98B	45.23B	43.01B	49.18B
Interest Expense, Total	-1.13B	-1.07B	-1.23B	-1.54B	-1.58B
Interest And Investment Income	2.16B	2.17B	2.6B	2.28B	3.07B
Net Interest Expenses	1.03B	1.1B	1.37B	744M	1.5B
Income (Loss) On Equity Invest.	3.72B	3B	4.3B	4.1B	2.36B
Currency Exchange Gains (Loss)	-119M	1.37B	788M	-2.19B	-14.23M
Other Non Operating Income (Expenses)	438M	844M	863M	996M	886M
EBT, Excl. Unusual Items	50.26B	51.28B	52.55B	46.67B	53.91B
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	320M	-12.31M	-	829M	5.62M
Gain (Loss) On Sale Of Assets	-142M	16.8M	16.83M	1.04B	1.51B
Asset Writedown	10.56B	8.88B	7.79B	6.98B	8B
Other Unusual Items	-	-	-	-	3.02B
EBT, Incl. Unusual Items	60.99B	60.17B	60.37B	55.51B	66.44B
Income Tax Expense	26.64B	26.08B	22.97B	23.14B	29.13B
Earnings From Continuing Operations	34.35B	34.09B	37.4B	32.37B	37.3B
Net Income to Company	34.35B	34.09B	37.4B	32.37B	37.3B
Minority Interest	-5.39B	-4.06B	-4.99B	-4.28B	-5.94B
Net Income - (IS)	28.96B	30.03B	32.4B	28.09B	31.37B
Preferred Dividend and Other Adjustments	289M	221M	-	-	-
Net Income to Common Incl Extra Items	28.67B	29.81B	32.4B	28.09B	31.37B
Net Income to Common Excl. Extra Items	28.67B	29.81B	32.4B	28.09B	31.37B
Per Share Items
Net EPS - Basic	4.12	4.18	4.54	3.94	4.4
Basic EPS - Continuing Operations	4.12	4.18	4.54	3.94	4.4
Basic Weighted Average Shares Outstanding	6.96B	7.13B	7.13B	7.13B	7.13B
Net EPS - Diluted	4.12	4.18	4.54	3.94	4.4
Diluted EPS - Continuing Operations	4.12	4.18	4.54	3.94	4.4
Diluted Weighted Average Shares Outstanding	6.96B	7.13B	7.13B	7.13B	7.13B
Normalized Basic EPS	3.74	3.93	3.91	3.49	3.89
Normalized Diluted EPS	3.74	3.93	3.91	3.49	3.89
Dividend Per Share	1.07	1.25	1.38	1.4	1.44
Payout Ratio	26.5	25.84	27.48	36.95	33.73
American Depositary Receipts Ratio (ADR)	10	10	10	10	10
Supplemental Items
EBITDA	45.8B	45.66B	46.12B	43.9B	50.08B
EBITA	45.2B	44.99B	45.24B	43.09B	49.28B
EBIT	45.19B	44.98B	45.23B	43.01B	49.18B
EBITDAR	45.83B	45.7B	46.14B	44.02B	50.22B
Effective Tax Rate - (Ratio)	43.68	43.35	38.05	41.69	43.85
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	24.1B	23.05B	19.16B	19.97B	28.89B
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	2.54B	3.03B	3.82B	3.17B	248M
Normalized Net Income	26.02B	27.99B	27.85B	24.89B	27.75B
Interest Capitalized	6.41B	6.6B	7.11B	7.96B	8.93B
Interest on Long-Term Debt	97.71M	213M	1.3B	1.93B	2.7B
Supplemental Operating Expense Items
Selling and Marketing Expenses	5.07B	5.35B	6.09B	5.89B	7.3B
General and Administrative Expenses	5.74B	5.09B	5.87B	5.39B	6.68B
Net Rental Expense, Total	31.81M	35.83M	16.86M	122M	141M
Imputed Operating Lease Interest Expense	12.28M	12.07M	4.88M	34.06M	39.59M
Imputed Operating Lease Depreciation	19.53M	23.76M	11.98M	88.36M	101M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	63.7B	89.45B	107B	95.54B	113B
Short Term Investments	-	-	-	-	4.05B
Trading Asset Securities, Total	782M	4.78B	1.24B	1.07B	3B
Total Cash And Short Term Investments	64.48B	94.23B	108B	96.61B	120B
Accounts Receivable, Total	3.03B	3.28B	3.01B	3.62B	4.08B
Other Receivables	51.88B	57.75B	57.49B	73.05B	78.68B
Notes Receivable	-	-	-	-	-
Total Receivables	54.91B	61.03B	60.5B	76.67B	82.76B
Inventory	356B	377B	403B	496B	525B
Prepaid Expenses	30.41B	30.75B	36.04B	35.58B	41.66B
Other Current Assets, Total	14.09B	10.95B	7.69B	8.46B	15.47B
Total Current Assets	520B	574B	615B	713B	784B
Gross Property Plant And Equipment	19.6B	29.83B	32.92B	35.22B	36.14B
Accumulated Depreciation	-3.83B	-4.37B	-5.21B	-5.62B	-6.32B
Net Property Plant And Equipment	15.77B	25.46B	27.72B	29.59B	29.82B
Long-term Investments	41.96B	54.7B	65.73B	79.5B	86.89B
Goodwill	11.54M	11.54M	11.54M	1.82B	1.91B
Other Intangibles, Total	425M	40.91M	76.36M	1.43B	1.52B
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	8.62B	10.31B	11.21B	11.59B	13.98B
Other Long-Term Assets, Total	175B	204B	230B	244B	273B
Total Assets	762B	869B	950B	1,081B	1,191B
Liabilities
Accounts Payable, Total	70.84B	87.28B	91.62B	99.91B	84.24B
Short-term Borrowings	4.65B	12.85B	277K	92K	6B
Current Portion of Long-Term Debt	32.71B	49.46B	89.66B	111B	115B
Current Portion of Leases	206M	188M	1.04B	999M	1.58B
Current Income Taxes Payable	28.56B	30.86B	29.51B	26.64B	35.41B
Unearned Revenue Current, Total	227B	233B	213B	248B	268B
Other Current Liabilities	27.37B	30.62B	40.07B	40.95B	74.54B
Total Current Liabilities	391B	444B	465B	527B	584B
Long-Term Debt	116B	139B	159B	174B	178B
Long-Term Leases	1.92B	5.26B	4.76B	6.12B	5.47B
Deferred Tax Liability Non Current	19.44B	24.47B	29.15B	31.82B	34.52B
Other Non Current Liabilities	-	212M	378M	705M	4.59B
Total Liabilities	529B	613B	658B	740B	807B
Common Stock, Total	674M	674M	674M	674M	674M
Additional Paid In Capital	58.53B	58.53B	58.53B	58.53B	58.53B
Retained Earnings	113B	132B	153B	167B	182B
Comprehensive Income and Other	11.76B	11.97B	14.63B	18.29B	23.27B
Total Common Equity	184B	203B	227B	244B	265B
Minority Interest	49.9B	52.78B	65.55B	97.66B	119B
Total Equity	233B	256B	292B	342B	384B
Total Liabilities And Equity	762B	869B	950B	1,081B	1,191B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	7.13B	7.13B	7.13B	7.13B	7.13B
ECS Total Common Shares Outstanding	7.13B	7.13B	7.13B	7.13B	7.13B
Book Value / Share	23.31	27.5	30.73	33.19	36.11
Tangible Book Value	183B	203B	226B	241B	261B
Tangible Book Value Per Share	23.24	27.49	30.72	32.73	35.63
Total Debt	156B	207B	254B	292B	306B
Net Debt	91.22B	113B	146B	195B	186B
Debt Equivalent Oper. Leases	254M	287M	135M	979M	1.13B
Minority Interest, Total (Incl. Fin. Div)	49.9B	52.78B	65.55B	97.66B	119B
Equity Method Investments, Total	40.83B	53.44B	62B	75.72B	85.64B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Work In Process, Total	340B	337B	359B	439B	442B
Inventories - Finished Goods, Total	16.69B	40.15B	43.54B	57.35B	83.06B
Inventories - Others	-	-	-	-	-
Buildings, Total	3.36B	4.58B	4.89B	4.01B	4.12B
Machinery, Total	167M	162M	161M	183M	164M
Full Time Employees	51.98K	48.41K	49.48K	55.31K	61.66K
Accumulated Allowance for Doubtful Accounts (Supple)	90.57M	90.06M	91.37M	99.18M	173M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	60.99B	60.17B	32.4B	28.09B	31.37B
Depreciation & Amortization - CF	761M	912M	1.3B	1.26B	1.21B
Amortization of Goodwill and Intangible Assets - (CF)	14.08M	14.08M	4.34M	75.14M	102M
Depreciation & Amortization, Total	775M	926M	1.31B	1.33B	1.31B
(Gain) Loss From Sale Of Asset	142M	-16.8M	-16.83M	-1.04B	-1.37B
(Gain) Loss on Sale of Investments - (CF)	-350M	-47.58M	-42.71M	-835M	-56.63M
Asset Writedown & Restructuring Costs	-10.56B	-8.88B	-7.79B	-6.98B	-8B
(Income) Loss On Equity Investments - (CF)	-3.72B	-3B	-4.3B	-4.1B	-2.36B
Other Operating Activities, Total	-18.68B	-19.98B	9.22B	8.51B	14.82B
Change In Accounts Receivable	-6.24B	-3.4B	-5.09B	4.45B	-4.18B
Change In Inventories	-38.14B	-21.16B	-15.27B	-50.6B	-4.02B
Change In Accounts Payable	14.02B	13.83B	16.45B	5.89B	-9.24B
Change in Unearned Revenues	34.45B	3.77B	-19.87B	16.53B	28.81B
Change in Other Net Operating Assets	6.56M	111M	14.9M	-24.64M	269M
Cash from Operations	32.71B	22.33B	7.03B	1.23B	47.35B
Capital Expenditure	-3.19B	-2.89B	-2.19B	-1.9B	-1.13B
Sale of Property, Plant, and Equipment	222M	185M	220M	218M	262M
Cash Acquisitions	92.08M	-2.28B	-	799K	-217M
Divestitures	-	-28.1M	9.07M	6.39B	4.16B
Sale (Purchase) of Real Estate properties	-12.68B	-14.06B	-27.31B	-21.95B	-22.77B
Sale (Purchase) of Intangible assets	-31.48M	-9.43M	-39.73M	-	-129M
Investment in Marketable and Equity Securities, Total	-20.58B	-13.59B	-4.87B	-10.61B	-12.73B
Other Investing Activities, Total	-6.71B	-176M	6.37B	-11.49B	-6.74B
Cash from Investing	-42.88B	-32.84B	-27.8B	-39.34B	-39.3B
Short Term Debt Issued, Total	2.52B	7.44B	-	-	9.5B
Long-Term Debt Issued, Total	72.14B	105B	120B	146B	123B
Total Debt Issued	74.66B	113B	120B	146B	132B
Short Term Debt Repaid, Total	-2.08B	-1.09B	-	-	-3.5B
Long-Term Debt Repaid, Total	-78.14B	-59.72B	-72.1B	-116B	-108B
Total Debt Repaid	-80.22B	-60.81B	-72.1B	-116B	-111B
Issuance of Common Stock	6.05B	-	-	-	-
Common Dividends Paid	-7.67B	-7.76B	-8.91B	-10.38B	-10.58B
Common & Preferred Stock Dividends Paid	-7.67B	-7.76B	-8.91B	-10.38B	-10.58B
Other Financing Activities, Total	9.3B	-7.93B	1.07B	6.63B	-1.16B
Cash from Financing	2.12B	36.33B	40.2B	26.14B	8.97B
Foreign Exchange Rate Adjustments	485M	-432M	-185M	743M	109M
Net Change in Cash	-7.57B	25.38B	19.24B	-11.23B	17.13B
Supplemental Items
Cash Interest Paid	7.7B	7.41B	8.15B	8.53B	10.23B
Cash Income Tax Paid (Refund)	18.96B	20.42B	20.58B	24.92B	22.98B
Levered Free Cash Flow	9.42B	28.18B	-6.37B	-42.71B	28.39B
Unlevered Free Cash Flow	10.13B	28.85B	-5.61B	-41.75B	29.38B
Change In Net Working Capital	15.66B	-2.72B	32.96B	68.06B	1.41B
Net Debt Issued / Repaid	-5.56B	52.01B	48.04B	29.88B	20.71B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.98	3.43	3.11	2.65	2.71
Return on Total Capital	7.77	6.56	5.6	4.56	4.64
Return On Equity %	16.59	13.86	13.64	10.21	10.28
Return on Common Equity	17.54	15.31	15.07	11.94	12.33
Margin Analysis
Gross Profit Margin %	37.91	30.86	26.97	26.22	25.15
SG&A Margin	7.32	5.81	5.64	5.45	5.57
EBITDA Margin %	31	25.42	21.75	21.2	19.94
EBITA Margin %	30.59	25.05	21.33	20.81	19.62
EBIT Margin %	30.59	25.04	21.33	20.77	19.58
Income From Continuing Operations Margin %	23.25	18.98	17.63	15.63	14.85
Net Income Margin %	19.6	16.72	15.28	13.57	12.49
Net Avail. For Common Margin %	19.41	16.6	15.28	13.57	12.49
Normalized Net Income Margin	17.61	15.59	13.13	12.02	11.05
Levered Free Cash Flow Margin	6.38	15.69	-3.01	-20.63	11.3
Unlevered Free Cash Flow Margin	6.86	16.07	-2.64	-20.16	11.7
Asset Turnover
Asset Turnover	0.21	0.22	0.23	0.2	0.22
Fixed Assets Turnover	11.13	7.92	7.98	7.23	8.45
Receivables Turnover (Average Receivables)	53.73	58.68	67.45	62.46	65.26
Inventory Turnover (Average Inventory)