Income Statement Tern Properties Company Limited

Stocks

277 HK0277001415

Real Estate Development & Operations

Delayed Hong Kong S.E. 04:08:06 2026-09-09 EDT			5-day change	1st Jan Change
1.136 ^HKD	0.00%		0.00%	-22.72%

08-19	Tern Properties Company Limited Declares Final Dividend for the Year Ended 31 March 2026	CI
06-17	Tern Properties Company Limited Proposes Final Ordinary Dividend for the Year Ended 31 March 2026, Payable on 11 September 2026	CI

e.IAnM1S7n6pGM3oMzrfzcBkYk0zUKLQnfTOp4Yzy_g3w.UU2r4kjQn6jdqcBE4q6kPgx2iWo-W0G6IbM7DQj06RJXbZ2kWICN9Nnr7A

Published financial data: TERN PROPERTIES COMPANY LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Rental Revenues	57.13M	51.88M	56.03M	50.4M	48.44M
Other Revenues, Total	-10.17M	-8.82M	3.78M	-2.49M	3.92M
Total Revenues	46.96M	43.05M	59.81M	47.91M	52.36M
Property Expenses	1.85M	2.26M	4.92M	5.23M	4.26M
Selling General & Admin Expenses, Total	33.83M	34.17M	37.22M	34.99M	41.49M
Provision for Bad Debts	4.59M	1.74M	2.53M	1.9M	3.83M
Other Operating Expenses	-3.77M	-4.13M	-5.81M	-4.9M	-6.3M
Total Operating Expenses	36.5M	34.04M	38.86M	37.22M	43.29M
Operating Income (REIT / Utility Template)	10.46M	9.01M	20.95M	10.69M	9.07M
Interest Expense, Total	-2.28M	-1.15M	-1.47M	-1.3M	-954K
Interest and Investment Income	29.28M	20.25M	19.72M	19.51M	17.85M
Net Interest Expenses	27.01M	19.1M	18.25M	18.21M	16.89M
Currency Exchange Gains (Loss)	2.04M	520K	-2.42M	-1.34M	2.03M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	39.5M	28.63M	36.78M	27.56M	28M
Gain (Loss) on Sale of Investments	-26.72M	-19.95M	11.86M	14.42M	-14.45M
Gain (Loss) on Sale of Assets	-	-	175K	-	-
Asset Writedown	-62.83M	-79.61M	-54.44M	-91.14M	-40.48M
Other Unusual Items	10K	-	-	-	-
EBT, Incl. Unusual Items	-50.03M	-70.92M	-5.63M	-49.16M	-26.94M
Income Tax Expense	5.05M	4.28M	4.17M	5.3M	-576K
Earnings From Continuing Operations	-55.08M	-75.2M	-9.8M	-54.46M	-26.36M
Net Income to Company	-55.08M	-75.2M	-9.8M	-54.46M	-26.36M
Net Income - (IS)	-55.08M	-75.2M	-9.8M	-54.46M	-26.36M
Net Income to Common Incl Extra Items	-55.08M	-75.2M	-9.8M	-54.46M	-26.36M
Net Income to Common Excl. Extra Items	-55.08M	-75.2M	-9.8M	-54.46M	-26.36M
Per Share Items
Net EPS - Basic	-0.2	-0.27	-0.04	-0.2	-0.1
Basic EPS - Continuing Operations	-0.2	-0.27	-0.04	-0.2	-0.1
Basic Weighted Average Shares Outstanding	277M	277M	277M	277M	277M
Net EPS - Diluted	-0.2	-0.27	-0.04	-0.2	-0.1
Diluted EPS - Continuing Operations	-0.2	-0.27	-0.04	-0.2	-0.1
Diluted Weighted Average Shares Outstanding	277M	277M	277M	277M	277M
Normalized Basic EPS	0.09	0.06	0.08	0.06	0.06
Normalized Diluted EPS	0.09	0.06	0.08	0.06	0.06
Dividend Per Share	0.03	0.02	0.02	0.02	0.02
Payout Ratio	-16.61	-7.37	-42.45	-8.65	-17.88
Supplemental Items
EBITDA	11.66M	9.82M	21.42M	11.08M	9.48M
EBITA	10.46M	9.01M	20.95M	10.69M	9.07M
EBIT	10.46M	9.01M	20.95M	10.69M	9.07M
EBITDAR	11.67M	9.86M	21.48M	-	45.86M
Effective Tax Rate - (Ratio)	-10.1	-6.04	-74.05	-10.78	2.14
Total Current Taxes	3.45M	2.64M	3.2M	5.16M	-706K
Total Deferred Taxes	1.6M	1.65M	965K	139K	130K
Normalized Net Income	24.69M	17.9M	22.99M	17.23M	17.5M
Interest on Long-Term Debt	26K	15K	14K	22K	6K
Supplemental Operating Expense Items
General and Administrative Expenses	33.83M	34.17M	37.22M	34.99M	41.49M
Net Rental Expense, Total	14K	41K	62K	-	36.39M
Imputed Operating Lease Interest Expense	1.73K	7.63K	15.61K	-	6.87M
Imputed Operating Lease Depreciation	12.27K	33.37K	46.39K	-	29.52M

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Assets
Gross Property Plant And Equipment	2.2B	2.12B	2.07B	1.98B	1.93B
Accumulated Depreciation	-20.55M	-21.36M	-21.1M	-21.49M	-21.89M
Net Property Plant And Equipment	2.18B	2.1B	2.05B	1.95B	1.91B
Total Real Estate Assets	2.18B	2.1B	2.05B	1.95B	1.91B
Cash And Equivalents	135M	171M	288M	277M	277M
Accounts Receivable, Total	2.08M	1.52M	3.26M	4.28M	5.27M
Other Receivables	8.63M	6.87M	4.04M	5.77M	7.47M
Investment In Debt and Equity Securities	185M	174M	64.38M	33.68M	25.29M
Other Current Assets, Total	23.38M	41.22M	8.24M	3.7M	20.95M
Trading Asset Securities, Total	33.07M	1.8M	9.26M	94.92M	118M
Deferred Tax Assets Long-Term (Collected)	109K	130K	150K	168K	188K
Other Long-Term Assets, Total	268M	258M	259M	255M	257M
Total Assets	2.84B	2.75B	2.68B	2.63B	2.62B
Liabilities
Current Portion of Long-Term Debt	3.01M	2.76M	2.81M	3M	3.12M
Current Portion of Leases	562K	331K	578K	416K	34K
Long-Term Debt	47.15M	44.55M	41.78M	38.73M	35.56M
Long-Term Leases	286K	35K	372K	34K	-
Accrued Expenses, Total	721K	1.54M	731K	765K	4.37M
Current Income Taxes Payable	474K	194K	1.39M	2.47M	312K
Unearned Revenue, Current	1.57M	2.99M	2.32M	3M	2.53M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	12.89M	12.71M	12.23M	13.39M	10.54M
Deferred Tax Liability Non-Current	32.93M	34.6M	35.58M	35.74M	35.89M
Other Non Current Liabilities	9.99M	9.6M	10.3M	7.51M	11.99M
Total Liabilities	110M	109M	108M	105M	104M
Common Stock, Total	229M	229M	229M	229M	229M
Retained Earnings	2.59B	2.51B	2.5B	2.44B	2.4B
Comprehensive Income and Other	-92.32M	-94.08M	-149M	-142M	-115M
Total Common Equity	2.73B	2.64B	2.58B	2.52B	2.52B
Total Equity	2.73B	2.64B	2.58B	2.52B	2.52B
Total Liabilities And Equity	2.84B	2.75B	2.68B	2.63B	2.62B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	277M	277M	277M	277M	277M
ECS Total Common Shares Outstanding	277M	277M	277M	277M	277M
Book Value / Share	9.84	9.54	9.29	9.1	9.09
Tangible Book Value	2.73B	2.64B	2.58B	2.52B	2.52B
Tangible Book Value Per Share	9.84	9.54	9.29	9.1	9.09
Total Debt	51M	47.68M	45.54M	42.18M	38.72M
Net Debt	-117M	-125M	-252M	-330M	-356M
Debt Equivalent Oper. Leases	112K	328K	496K	-	291M
Equity Method Investments, Total	267M	257M	259M	254M	257M
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	3.2M	3.2M	3.2M	3.2M	3.2M
Machinery, Total	9.91M	9.91M	10.2M	10.2M	10.2M
Full Time Employees	17	16	16	18	18
Part Time Employees	-	-	-	-	-
Assets on Operating Lease - Gross	2.16B	2.08B	2.03B	1.94B	1.9B
Accumulated Allowance for Doubtful Accounts (Supple)	492K	203K	263K	1.14M	3.27M

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Net Income	-55.08M	-75.2M	-9.8M	-54.46M	-26.36M
Depreciation, Depletion & Amortization	2.26M	1.47M	1.16M	1.08M	905K
Total Depreciation, Depletion & Amortization	2.26M	1.47M	1.16M	1.08M	905K
Amortization of Deferred Charges, Total	-	-	-	-	-
(Gain) Loss On Sale of Asset - (CF)	-	-	-175K	-	-
(Gain) Loss on Sale of Investments - (CF)	26.72M	19.95M	-11.86M	-14.42M	14.45M
Total Asset Writedown	62.83M	79.61M	54.44M	91.14M	40.48M
Provision for Credit Losses	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	10.17M	8.82M	-3.78M	2.49M	-3.92M
Provision and Write-off of Bad Debts	4.59M	1.74M	2.53M	1.9M	3.83M
Change in Accounts Receivable	1.44M	118K	-2.39M	-2.38M	-7.47M
Change in Accounts Payable	-	-	-	-	-
Change in Unearned Revenues	-491K	-296K	-160K	88K	359K
Change in Other Net Operating Assets (Collected)	-4.33M	1.62M	-1.25M	-895K	4.77M
Other Operating Activities	-30.44M	-16.62M	-13.09M	-17.36M	-19.25M
Cash from Operations	17.65M	21.2M	15.63M	7.17M	7.81M
Acquisition of Real Estate Assets, Total	-	-	-1.01M	-	-
Sale of Real Estate Assets, Total	-	-	175K	-	-
Net Sale / Acquisition of Real Estate Assets	-	-	-833K	-	-
Investment in Marketable and Equity Securities, Total	152M	22.75M	109K	-54.54M	59.22M
Other Investing Activities, Total	30.21M	20.22M	21.53M	19.99M	19.65M
Cash from Investing	183M	42.97M	20.8M	-34.55M	78.87M
Short Term Debt Issued, Total	1.71M	-	-	-	-
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	1.71M	-	-	-	-
Short Term Debt Repaid, Total	-	-119K	-69K	-72K	-73K
Long-Term Debt Repaid, Total	-194M	-3.43M	-3.25M	-3.47M	-3.47M
Total Debt Repaid	-194M	-3.55M	-3.32M	-3.54M	-3.54M
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-9.15M	-5.54M	-4.16M	-4.71M	-4.71M
Common & Preferred Stock Dividends Paid	-9.15M	-5.54M	-4.16M	-4.71M	-4.71M
Other Financing Activities, Total	-2.37M	-1.08M	-1.46M	-1.3M	-956K
Cash from Financing	-204M	-10.18M	-8.93M	-9.55M	-9.21M
Foreign Exchange Rate Adjustments	29K	-400K	30K	-293K	256K
Net Change in Cash	-3.93M	53.6M	27.53M	-37.23M	77.73M
Supplemental Items
Cash Interest Paid	2.37M	1.08M	1.46M	1.3M	956K
Cash Income Tax Paid (Refund)	7.26M	1.13M	891K	4.64M	1.62M
Net Debt Issued / Repaid	-193M	-3.55M	-3.32M	-3.54M	-3.54M
Levered Free Cash Flow	50.56M	-7.35M	46.65M	11.68M	62.08M
Unlevered Free Cash Flow	51.99M	-6.63M	47.56M	12.49M	62.68M
Change In Net Working Capital	-43.19M	13.74M	-33.31M	-4.74M	-56.1M

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Profitability
Return on Assets	0.22	0.2	0.48	0.25	0.22
Return on Total Capital	0.22	0.21	0.49	0.26	0.22
Return On Equity %	-1.96	-2.8	-0.38	-2.14	-1.05
Return on Common Equity	-1.96	-2.8	-0.38	-2.14	-1.05
Margin Analysis
Gross Profit Margin %	96.07	94.76	91.77	89.08	91.86
SG&A Margin	72.04	79.37	62.23	73.03	79.24
EBITDA Margin %	24.83	22.81	35.8	23.13	18.1
EBITA Margin %	22.28	20.94	35.03	22.31	17.33
EBIT Margin %	22.28	20.94	35.03	22.31	17.33
Income From Continuing Operations Margin %	-117.3	-174.68	-16.38	-113.67	-50.34
Net Income Margin %	-117.3	-174.68	-16.38	-113.67	-50.34
Net Avail. For Common Margin %	-117.3	-174.68	-16.38	-113.67	-50.34
Normalized Net Income Margin	52.58	41.57	38.43	35.96	33.42
Levered Free Cash Flow Margin	107.67	-17.07	77.99	24.38	118.56
Unlevered Free Cash Flow Margin	110.71	-15.4	79.52	26.08	119.7
Asset Turnover
Asset Turnover	0.02	0.02	0.02	0.02	0.02
Fixed Assets Turnover	0.02	0.02	0.03	0.02	0.03
Receivables Turnover (Average Receivables)	24.49	28.84	23.48	13.38	10.15
Short Term Liquidity
Current Ratio	10.5	10.83	15.62	16.74	20.47
Quick Ratio	9.28	8.83	15.21	16.58	19.47
Operating Cash Flow to Current Liabilities	0.92	1.03	0.78	0.31	0.37
Days Sales Outstanding (Average Receivables)	14.91	12.66	15.59	27.28	35.95
Long Term Solvency
Total Debt/Equity	1.87	1.8	1.77	1.67	1.54
Total Debt / Total Capital	1.84	1.77	1.74	1.64	1.51
LT Debt/Equity	1.74	1.69	1.64	1.54	1.41
Long-Term Debt / Total Capital	1.71	1.66	1.61	1.51	1.39
Total Liabilities / Total Assets	3.86	3.97	4.03	4	3.98
EBIT / Interest Expense	4.59	7.85	14.28	8.25	9.51
EBITDA / Interest Expense	5.58	9.14	15.07	9.08	10.46
(EBITDA - Capex) / Interest Expense	5.58	9.14	15.07	9.08	10.46
Total Debt / EBITDA	4.01	4.55	2.06	3.58	3.88
Net Debt / EBITDA	-9.18	-11.93	-11.4	-28.02	-35.63
Total Debt / (EBITDA - Capex)	4.01	4.55	2.06	3.58	3.88
Net Debt / (EBITDA - Capex)	-9.18	-11.93	-11.4	-28.02	-35.63
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-8.11	-8.32	38.92	-19.89	9.29
Gross Profit, 1 Yr. Growth %	-9.09	-9.57	34.54	-22.24	12.71
EBITDA, 1 Yr. Growth %	-47.58	-15.78	118.08	-48.25	-14.48
EBITA, 1 Yr. Growth %	-50.19	-13.84	132.42	-48.97	-15.13
EBIT, 1 Yr. Growth %	-50.19	-13.84	132.42	-48.97	-15.13
Earnings From Cont. Operations, 1 Yr. Growth %	-58.96	36.53	-86.97	455.87	-51.59
Net Income, 1 Yr. Growth %	-58.96	36.53	-86.97	455.87	-51.59
Diluted EPS Before Extra, 1 Yr. Growth %	-58.96	36.53	-86.97	455.88	-51.59
Normalized Net Income, 1 Yr. Growth %	-26.8	-27.52	28.44	-25.05	1.57
Net Property, Plant and Equip., 1 Yr. Growth %	-2.87	-3.73	-2.55	-4.52	-2.11
Accounts Receivable, 1 Yr. Growth %	-19.43	-27.19	114.84	31.29	23.15
Total Assets, 1 Yr. Growth %	-11.09	-2.92	-2.56	-2.06	-0.19
Common Equity, 1 Yr. Growth %	-5.4	-3.03	-2.62	-2.02	-0.17
Tangible Book Value, 1 Yr. Growth %	-5.4	-3.03	-2.62	-2.02	-0.17
Cash From Operations, 1 Yr. Growth %	-46.05	20.15	-26.29	-54.13	8.91
Capital Expenditures, 1 Yr. Growth %	-	-	-	-	-
Levered Free Cash Flow, 1 Yr. Growth %	-218.98	-114.54	-734.67	-74.95	-193.73
Unlevered Free Cash Flow, 1 Yr. Growth %	-230.85	-112.76	-817.16	-73.73	-195.8
Dividend Per Share, 1 Yr. Growth %	-25	-37.04	0	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	48.82	-8.21	12.86	5.49	-6.43
Gross Profit, 2 Yr. CAGR %	50.68	-9.33	10.3	2.28	-6.38
EBITDA, 2 Yr. CAGR %	14.83	-33.56	35.52	6.23	-33.48
EBITA, 2 Yr. CAGR %	2.2	-34.49	41.51	8.91	-34.19
EBIT, 2 Yr. CAGR %	2.2	-34.49	41.51	8.91	-34.19
Earnings From Cont. Operations, 2 Yr. CAGR %	-67.8	-25.15	-57.83	-14.9	64.03
Net Income, 2 Yr. CAGR %	-67.8	-25.15	-57.83	-14.9	64.03
Diluted EPS Before Extra, 2 Yr. CAGR %	-67.21	-25.15	-57.83	-14.9	64.04
Normalized Net Income, 2 Yr. CAGR %	34.76	-27.16	-3.51	-1.88	-12.75
Net Property, Plant and Equip., 2 Yr. CAGR %	-5.23	-3.3	-3.14	-3.54	-3.32
Accounts Receivable, 2 Yr. CAGR %	15.64	-23.4	25.07	67.95	27.15
Total Assets, 2 Yr. CAGR %	-7.71	-7.1	-2.74	-2.31	-1.13
Common Equity, 2 Yr. CAGR %	-4.08	-4.22	-2.82	-2.32	-1.1
Tangible Book Value, 2 Yr. CAGR %	-4.08	-4.22	-2.82	-2.32	-1.1
Cash From Operations, 2 Yr. CAGR %	-21.46	-19.49	-5.89	-41.85	-29.32
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	-36.79	-58.41	-3.95	26.08	15.36
Unlevered Free Cash Flow, 2 Yr. CAGR %	-36.96	-59.14	-4.35	37.25	14.79
Dividend Per Share, 2 Yr. CAGR %	-22.54	-31.28	-20.65	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-16.58	26.63	5.38	0.67	6.74
Gross Profit, 3 Yr. CAGR %	-16.89	27.1	3.42	-1.83	5.65
EBITDA, 3 Yr. CAGR %	-38.52	3.55	-1.26	-1.68	-1.18
EBITA, 3 Yr. CAGR %	-39.92	-3.46	-0.08	0.72	0.22
EBIT, 3 Yr. CAGR %	-39.92	-3.46	-0.08	0.72	0.22
Earnings From Cont. Operations, 3 Yr. CAGR %	29.21	-47.88	-58.21	-0.38	-29.49
Net Income, 3 Yr. CAGR %	29.21	-47.88	-58.21	-0.38	-29.49
Diluted EPS Before Extra, 3 Yr. CAGR %	33.79	-47.25	-58.21	-0.38	-29.49
Normalized Net Income, 3 Yr. CAGR %	-8.71	9.59	-12	-11.3	-0.75
Net Property, Plant and Equip., 3 Yr. CAGR %	-9.65	-4.73	-3.05	-3.6	-3.06
Accounts Receivable, 3 Yr. CAGR %	32.95	-0.89	8.02	27.11	51.45
Total Assets, 3 Yr. CAGR %	-11.36	-6.14	-5.61	-2.51	-1.61
Common Equity, 3 Yr. CAGR %	-10	-3.73	-3.69	-2.56	-1.61
Tangible Book Value, 3 Yr. CAGR %	-10	-3.73	-3.69	-2.56	-1.61
Cash From Operations, 3 Yr. CAGR %	-26.78	-9.5	-21.82	-25.94	-28.32
Capital Expenditures, 3 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	-23.43	-61.27	3.16	-38.64	103.66
Unlevered Free Cash Flow, 3 Yr. CAGR %	-21.73	-62.99	6.18	-37.83	111.42
Dividend Per Share, 3 Yr. CAGR %	-20.63	-27.71	-22.13	-14.29	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-11.92	-12.72	-5.86	17.71	0.49
Gross Profit, 5 Yr. CAGR %	-12.22	-13.03	-6.93	16.52	-0.62
EBITDA, 5 Yr. CAGR %	-26.96	-29.07	-15.66	4.62	-15.69
EBITA, 5 Yr. CAGR %	-27.85	-29.59	-15.36	1.31	-15.45
EBIT, 5 Yr. CAGR %	-27.85	-29.59	-15.36	1.31	-15.45
Earnings From Cont. Operations, 5 Yr. CAGR %	13.45	-7.37	-17.44	-36.59	-27.79
Net Income, 5 Yr. CAGR %	13.45	-7.37	-17.44	-36.59	-27.79
Diluted EPS Before Extra, 5 Yr. CAGR %	15.84	-5.41	-15.69	-36.13	-27.79
Normalized Net Income, 5 Yr. CAGR %	-13.88	-21.11	-6.66	4.85	-12.3
Net Property, Plant and Equip., 5 Yr. CAGR %	-5.94	-6.73	-7.1	-4.26	-3.16
Accounts Receivable, 5 Yr. CAGR %	11.15	12.06	29.74	22.39	15.3
Total Assets, 5 Yr. CAGR %	-6.28	-7.86	-8.01	-4.62	-3.84
Common Equity, 5 Yr. CAGR %	-5.64	-6.68	-7.19	-3.17	-2.66
Tangible Book Value, 5 Yr. CAGR %	-5.64	-6.68	-7.19	-3.17	-2.66
Cash From Operations, 5 Yr. CAGR %	-20.36	-7.32	-19.05	-24.18	-24.91
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	11.08	4.73	-16.16	-37.9	7.88
Unlevered Free Cash Flow, 5 Yr. CAGR %	10.93	-7.69	-15.19	-37.48	9.55
Dividend Per Share, 5 Yr. CAGR %	-12.94	-20.64	-20.64	-17.69	-13.93