Cash flow Piotech Inc.

Equities

688072

CNE100005998

Semiconductor Equipment & Testing

End-of-day quote Shanghai S.E. Other stock markets 2024-09-20			5-day change	1st Jan Change
110.80 ^CNY	-3.32%		-5.71%	-29.10%

08-28	Piotech's H1 Profit Climbs 4%, Operating Income Jumps 26%	MT
08-27	Piotech Inc. Reports Earnings Results for the Half Year Ended June 30, 2024	CI

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Published financial data: PIOTECH INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	248M	429M	745M	1.71B	2.63B
Other Revenues, Total	3.53M	6.86M	12.75M	-	70.47M
Total Revenues	251M	436M	758M	1.71B	2.7B
Cost of Goods Sold, Total	171M	287M	431M	889M	1.34B
Gross Profit	80.03M	148M	327M	817M	1.36B
Selling General & Admin Expenses, Total	68.42M	94.29M	142M	273M	470M
Provision for Bad Debts	965K	-946K	-1.78M	2.52M	7.56M
R&D Expenses	74.32M	123M	288M	379M	576M
Other Operating Expenses	2.2M	2.19M	6.63M	17.16M	17.28M
Other Operating Expenses, Total	146M	218M	435M	672M	1.07B
Operating Income	-65.87M	-69.94M	-108M	145M	292M
Interest Expense, Total	-606K	-	-	-2.09M	-31.05M
Interest And Investment Income	4.76M	11.47M	18.7M	44.66M	64.91M
Net Interest Expenses	4.16M	11.47M	18.7M	42.57M	33.86M
Currency Exchange Gains (Loss)	-612K	-864K	1.13M	-9.47M	-17.75M
Other Non Operating Income (Expenses)	-228K	-244K	-524K	-1.06M	-1.7M
EBT, Excl. Unusual Items	-62.56M	-59.58M	-88.21M	177M	306M
Gain (Loss) On Sale Of Investments	-	-	-	16.26M	94.04M
Gain (Loss) On Sale Of Assets	-20.6K	-20.4K	-19.92K	77.18K	26.42K
Asset Writedown	-149K	-5.21M	-	-129K	2.95K
Other Unusual Items	43.36M	53.11M	156M	171M	329M
EBT, Incl. Unusual Items	-19.37M	-11.7M	67.38M	364M	729M
Income Tax Expense	-	-	451K	-	65.04M
Earnings From Continuing Operations	-19.37M	-11.7M	66.93M	364M	664M
Net Income to Company	-19.37M	-11.7M	66.93M	364M	664M
Minority Interest	-	211K	1.56M	4.37M	-1.29M
Net Income - (IS)	-19.37M	-11.49M	68.49M	369M	663M
Net Income to Common Incl Extra Items	-19.37M	-11.49M	68.49M	369M	663M
Net Income to Common Excl. Extra Items	-19.37M	-11.49M	68.49M	369M	663M
Per Share Items
Net EPS - Basic	-	-0.06	0.33	1.45	2.39
Basic EPS - Continuing Operations	-	-0.06	0.33	1.45	2.39
Basic Weighted Average Shares Outstanding	-	208M	208M	254M	277M
Net EPS - Diluted	-	-0.06	0.33	1.45	2.38
Diluted EPS - Continuing Operations	-	-0.06	0.33	1.45	2.38
Diluted Weighted Average Shares Outstanding	-	208M	208M	255M	279M
Normalized Basic EPS	-	-0.18	-0.26	0.45	0.69
Normalized Diluted EPS	-	-0.18	-0.26	0.45	0.68
Dividend Per Share	-	-	-	0.12	0.24
Payout Ratio	-3.29	-	-	0.4	9.44
Supplemental Items
EBITDA	-48.3M	-52.79M	-90.7M	170M	337M
EBITA	-63.36M	-67.34M	-106M	147M	294M
EBIT	-65.87M	-69.94M	-108M	145M	292M
EBITDAR	-	-	-90.02M	-	341M
Total Revenues (As Reported)	-	-	758M	1.71B	2.7B
Effective Tax Rate - (Ratio)	-	-	0.67	-	8.92
Total Current Taxes	-	-	451K	-	64.64M
Total Deferred Taxes	-	-	-	-	400K
Normalized Net Income	-39.1M	-37.02M	-53.58M	115M	190M
Interest on Long-Term Debt	-	-	35.66K	81.66K	-
Supplemental Operating Expense Items
Selling and Marketing Expenses	46.98M	66.35M	96.98M	192M	281M
General and Administrative Expenses	21.44M	27.93M	44.53M	80.99M	189M
Research And Development Expense From Footnotes	74.32M	123M	288M	379M	576M
Net Rental Expense, Total	-	-	683K	-	3.72M
Imputed Operating Lease Interest Expense	-	-	-	-	688K
Imputed Operating Lease Depreciation	-	-	-	-	3.03M
Stock-Based Comp., COGS (Total)	84.9K	-	-	-	-
Stock-Based Comp., R&D Exp. (Total)	683K	2.08M	983K	11.27M	91.92M
Stock-Based Comp., S&M Exp. (Total)	1.14M	330K	273K	3.78M	32.78M
Stock-Based Comp., G&A Exp. (Total)	69.9K	4.52M	573K	6.82M	90.65M
Stock-Based Comp., Other (Total)	-	-	82.5K	-	12.4M
Total Stock-Based Compensation	1.98M	6.93M	1.91M	21.88M	228M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	362M	1B	965M	3.83B	2.68B
Trading Asset Securities, Total	-	-	-	46.11M	29.48M
Total Cash And Short Term Investments	362M	1B	965M	3.87B	2.71B
Accounts Receivable, Total	132M	74.54M	113M	292M	536M
Other Receivables	7.94M	11.52M	1.73M	6.09M	7.92M
Total Receivables	140M	86.06M	115M	298M	544M
Inventory	350M	512M	953M	2.3B	4.56B
Prepaid Expenses	-	-	2.43M	-	-
Other Current Assets, Total	4.69M	6.91M	139M	352M	652M
Total Current Assets	857M	1.61B	2.17B	6.82B	8.46B
Gross Property Plant And Equipment	219M	220M	361M	489M	875M
Accumulated Depreciation	-41.49M	-55.24M	-69.93M	-93.59M	-140M
Net Property Plant And Equipment	178M	165M	291M	395M	736M
Long-term Investments	-	-	-	20M	489M
Other Intangibles, Total	39.73M	38.2M	42.65M	43.88M	91.68M
Accounts Receivable Long-Term	-	-	-	980K	1.45M
Deferred Tax Assets Long-Term	-	-	-	-	10.79M
Deferred Charges Long-Term	-	-	1.35M	1.78M	6.42M
Other Long-Term Assets, Total	-	2.13M	8.38M	31.04M	178M
Total Assets	1.07B	1.81B	2.52B	7.31B	9.97B
Liabilities
Accounts Payable, Total	119M	214M	394M	841M	1.07B
Accrued Expenses, Total	11.34M	22.66M	42.02M	79.49M	149M
Short-term Borrowings	-	-	-	400M	69.98M
Current Portion of Long-Term Debt	-	-	-	264K	63.33M
Current Portion of Leases	-	-	628K	1.34M	3.71M
Current Income Taxes Payable	-	-	433K	-	43.83M
Unearned Revenue Current, Total	-	134M	488M	1.4B	1.38B
Other Current Liabilities	71.15M	22.62M	91.34M	228M	200M
Total Current Liabilities	201M	394M	1.02B	2.95B	2.98B
Long-Term Debt	-	-	-	270M	1.87B
Long-Term Leases	-	-	883K	995K	2.41M
Unearned Revenue Non Current	46.23M	270M	258M	289M	401M
Deferred Tax Liability Non Current	-	-	-	-	6.2M
Other Non Current Liabilities	12.5M	27.62M	49.43M	98.36M	116M
Total Liabilities	260M	692M	1.32B	3.61B	5.38B
Common Stock, Total	78.41M	94.86M	94.86M	126M	188M
Additional Paid In Capital	978M	1.28B	1B	3.12B	3.31B
Retained Earnings	-242M	-253M	94.99M	464M	1.09B
Comprehensive Income and Other	-	-	-	-	-6.46K
Total Common Equity	814M	1.12B	1.19B	3.71B	4.59B
Minority Interest	-	289K	730K	-3.64M	-2.22M
Total Equity	814M	1.12B	1.19B	3.71B	4.59B
Total Liabilities And Equity	1.07B	1.81B	2.52B	7.31B	9.97B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	-	208M	277M	277M	278M
ECS Total Common Shares Outstanding	-	208M	208M	277M	279M
Book Value / Share	-	5.4	5.74	13.4	16.49
Tangible Book Value	775M	1.08B	1.15B	3.67B	4.5B
Tangible Book Value Per Share	-	5.22	5.53	13.24	16.16
Total Debt	0	0	1.51M	673M	2.01B
Net Debt	-362M	-1B	-963M	-3.2B	-695M
Debt Equivalent Oper. Leases	-	-	5.46M	-	29.73M
Minority Interest, Total (Incl. Fin. Div)	-	289K	730K	-3.64M	-2.22M
Equity Method Investments, Total	-	-	-	-	228M
Account Code - Inventory Valuation	-	6	6	6	6
Inventories - Raw Materials, Total	59.3M	89.29M	157M	819M	2.18B
Inventories - Work In Process, Total	63.5M	52.91M	54.67M	186M	447M
Inventories - Finished Goods, Total	235M	382M	758M	1.33B	1.99B
Buildings, Total	141M	141M	161M	262M	267M
Machinery, Total	78.42M	79.04M	125M	212M	483M
Full Time Employees	-	316	-	830	1.07K
Accumulated Allowance for Doubtful Accounts (Supple)	3.38M	2.17M	1.15M	3.66M	11.24M
Order Backlog	-	-	-	4.6B	6.42B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-19.37M	-11.49M	68.49M	369M	663M
Depreciation & Amortization - CF	15.07M	14.55M	15.24M	24.01M	45.56M
Amortization of Goodwill and Intangible Assets - (CF)	2.51M	2.59M	1.9M	1.83M	1.83M
Depreciation & Amortization, Total	17.57M	17.14M	17.14M	25.84M	47.39M
Amortization of Deferred Charges, Total - (CF)	-	-	756K	3.15M	4.72M
(Gain) Loss From Sale Of Asset	-	4.8K	19.92K	-77.18K	-26.42K
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-30.15M	-96.22M
Asset Writedown & Restructuring Costs	1.13M	4.28M	4.66M	23.45M	-2.95K
Provision and Write-off of Bad Debts	-	-	-	2.56M	8.03M
Other Operating Activities, Total	351K	983K	-1.14M	-5.86M	66.39M
Change In Accounts Receivable	-50.24M	28.02M	-132M	-397M	-559M
Change In Inventories	-27.8M	-167M	-448M	-1.41B	-2.42B
Change In Accounts Payable	54.61M	430M	625M	1.64B	457M
Change In Deferred Taxes	-	-	-	-	-4.64M
Change in Other Net Operating Assets	1.98M	6.93M	1.91M	22.81M	182M
Cash from Operations	-21.76M	309M	137M	248M	-1.66B
Capital Expenditure	-14.37M	-6.31M	-150M	-111M	-481M
Sale of Property, Plant, and Equipment	-	468K	37.76K	93.08K	119K
Sale (Purchase) of Real Estate properties	-	-	-	-	-9.05M
Investment in Marketable and Equity Securities, Total	-	-	-	-50M	-360M
Other Investing Activities, Total	-	-	-	9.51M	14.01M
Cash from Investing	-14.37M	-5.84M	-150M	-151M	-836M
Short Term Debt Issued, Total	15.32M	-	-	-	-
Long-Term Debt Issued, Total	-	-	-	670M	1.73B
Total Debt Issued	15.32M	-	-	670M	1.73B
Short Term Debt Repaid, Total	-45.58M	-	-	-	-
Long-Term Debt Repaid, Total	-	-	-498K	-1.54M	-402M
Total Debt Repaid	-45.58M	-	-498K	-1.54M	-402M
Issuance of Common Stock	137M	313M	-	2.15B	70.74M
Common Dividends Paid	-638K	-	-	-1.48M	-62.55M
Common & Preferred Stock Dividends Paid	-638K	-	-	-1.48M	-62.55M
Other Financing Activities, Total	12.58M	-10.55M	-2.22M	-30.33M	127K
Cash from Financing	119M	302M	-2.72M	2.79B	1.34B
Foreign Exchange Rate Adjustments	-	-1.19M	-380K	3.72M	-2.74M
Net Change in Cash	83.05M	604M	-15.23M	2.89B	-1.16B
Supplemental Items
Cash Income Tax Paid (Refund)	305K	13.43M	49.46M	74.89M	140M
Levered Free Cash Flow	-56.48M	55.83M	-180M	-178M	-2.54B
Unlevered Free Cash Flow	-56.11M	55.83M	-180M	-177M	-2.52B
Change In Net Working Capital	20.12M	-81.78M	-16.88M	207M	2.51B
Net Debt Issued / Repaid	-30.26M	-	-498K	668M	1.33B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	-4.12	-3.03	-3.1	1.85	2.11
Return on Total Capital	-5.35	-4.51	-5.8	3.26	3.32
Return On Equity %	-2.57	-1.21	5.78	14.86	16
Return on Common Equity	-2.57	-1.19	5.92	15.03	15.96
Margin Analysis
Gross Profit Margin %	31.85	34.06	43.16	47.9	50.38
SG&A Margin	27.23	21.64	18.67	16.02	17.39
EBITDA Margin %	-19.22	-12.12	-11.97	9.98	12.47
EBITA Margin %	-25.22	-15.46	-13.94	8.63	10.85
EBIT Margin %	-26.22	-16.05	-14.19	8.52	10.78
Income From Continuing Operations Margin %	-7.71	-2.69	8.83	21.35	24.54
Net Income Margin %	-7.71	-2.64	9.04	21.61	24.5
Net Avail. For Common Margin %	-7.71	-2.64	9.04	21.61	24.5
Normalized Net Income Margin	-15.56	-8.5	-7.07	6.75	7.02
Levered Free Cash Flow Margin	-22.48	12.82	-23.77	-10.43	-94.02
Unlevered Free Cash Flow Margin	-22.33	12.82	-23.77	-10.36	-93.3
Asset Turnover
Asset Turnover	0.25	0.3	0.35	0.35	0.31
Fixed Assets Turnover	1.36	2.54	3.33	4.97	4.78
Receivables Turnover (Average Receivables)	2.55	4.16	7.91	8.42	6.37
Inventory Turnover (Average Inventory)	0.51	0.67	0.59	0.55	0.39
Short Term Liquidity
Current Ratio	4.26	4.09	2.14	2.31	2.84
Quick Ratio	2.5	2.77	1.06	1.42	1.09
Operating Cash Flow to Current Liabilities	-0.11	0.78	0.14	0.08	-0.56
Days Sales Outstanding (Average Receivables)	143.3	88.06	46.12	43.34	57.32
Days Outstanding Inventory (Average Inventory)	716.58	549.19	620.7	667.46	931.82
Average Days Payable Outstanding	191.54	135.46	127.07	100.93	98.39
Cash Conversion Cycle (Average Days)	668.33	501.79	539.75	609.87	890.74
Long Term Solvency
Total Debt/Equity	-	-	0.13	18.15	43.78
Total Debt / Total Capital	-	-	0.13	15.36	30.45
LT Debt/Equity	-	-	0.07	7.31	40.8
Long-Term Debt / Total Capital	-	-	0.07	6.19	28.37
Total Liabilities / Total Assets	24.19	38.12	52.6	49.3	53.94
EBIT / Interest Expense	-108.71	-	-	69.6	9.4
EBITDA / Interest Expense	-79.71	-	-	81.98	10.92
(EBITDA - Capex) / Interest Expense	-103.43	-	-	28.77	-4.57
Total Debt / EBITDA	-	-	-0.02	3.93	5.93
Net Debt / EBITDA	7.5	19.02	10.66	-18.7	-2.05
Total Debt / (EBITDA - Capex)	-	-	-0.01	11.2	-14.18
Net Debt / (EBITDA - Capex)	5.78	16.99	4.01	-53.28	4.9
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	255.66	73.38	73.99	125.02	58.6
Gross Profit, 1 Yr. Growth %	257.69	85.4	128.66	149.74	66.81
EBITDA, 1 Yr. Growth %	-63.75	9.31	1.2K	-288.67	95.98
EBITA, 1 Yr. Growth %	-57.2	6.28	390.88	-239.98	96.88
EBIT, 1 Yr. Growth %	-56.22	6.17	345.95	-234.9	100.77
Earnings From Cont. Operations, 1 Yr. Growth %	-81.24	-39.59	-672.03	444.1	82.33
Net Income, 1 Yr. Growth %	-81.24	-40.68	-696.1	438.09	79.82
Normalized Net Income, 1 Yr. Growth %	-57.53	-5.3	541	-315.24	64.92