Income Statement Zhejiang Meida Industrial Co., Ltd.

Equities

002677

CNE100001DR1

Appliances, Tools & Housewares

End-of-day quote Shenzhen S.E. Other stock markets 2024-09-13			5-day change	1st Jan Change
6.310 ^CNY	-1.56%		-6.10%	-37.59%

08-29	Zhejiang Meida Industrial Co., Ltd. Reports Earnings Results for the Half Year Ended June 30, 2024	CI
05-14	Zhejiang Meida Industrial Co., Ltd. Approves Cash Dividend for 2023	CI

68deae6e0f463.zI0XZ594tozS-W_mpE1-Z916zaSYvihf_LeoRUSfS_A.o9UvNNwbwviRpjCrnSYwHpMVtMH9k1kvxN_rLgXPAZ6cvUAO_CHa6r-BGA

Published financial data: ZHEJIANG MEIDA INDUSTRIAL CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	1.68B	1.74B	2.15B	1.82B	1.67B
Other Revenues, Total	7.78M	31.29M	10.12M	9.83M	6.23M
Total Revenues	1.68B	1.77B	2.16B	1.83B	1.67B
Cost of Goods Sold, Total	783M	837M	1.05B	1.03B	887M
Gross Profit	901M	934M	1.12B	808M	785M
Selling General & Admin Expenses, Total	322M	260M	313M	285M	251M
Provision for Bad Debts	317K	1.06M	-541K	1M	3.54M
R&D Expenses	50.93M	54.28M	68.39M	61.43M	57.56M
Other Operating Expenses	12.38M	8.29M	12.13M	-11.68M	-3.75M
Other Operating Expenses, Total	385M	323M	393M	336M	308M
Operating Income	516M	610M	724M	472M	477M
Interest Expense, Total	-	-	-116K	-45.56K	-199K
Interest And Investment Income	16.91M	22.06M	47.57M	52.04M	30.25M
Net Interest Expenses	16.91M	22.06M	47.46M	51.99M	30.06M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-168K	-187K	-204K	-109K	-101K
EBT, Excl. Unusual Items	532M	632M	772M	524M	507M
Gain (Loss) On Sale Of Investments	-	-	-	-	-728K
Gain (Loss) On Sale Of Assets	300K	67.46K	-102K	1.8M	36.2M
Asset Writedown	-	-124K	-61.75K	-47.46K	-3.49K
Other Unusual Items	1.69M	2.02M	2.5M	-360K	1.34M
EBT, Incl. Unusual Items	534M	634M	774M	525M	544M
Income Tax Expense	74.28M	90.5M	109M	72.86M	79.69M
Earnings From Continuing Operations	460M	544M	665M	452M	464M
Net Income to Company	460M	544M	665M	452M	464M
Net Income - (IS)	460M	544M	665M	452M	464M
Net Income to Common Incl Extra Items	460M	544M	665M	452M	464M
Net Income to Common Excl. Extra Items	460M	544M	665M	452M	464M
Per Share Items
Net EPS - Basic	0.71	0.84	1.03	0.7	0.72
Basic EPS - Continuing Operations	0.71	0.84	1.03	0.7	0.72
Basic Weighted Average Shares Outstanding	648M	646M	645M	646M	645M
Net EPS - Diluted	0.71	0.84	1.03	0.7	0.72
Diluted EPS - Continuing Operations	0.71	0.84	1.03	0.7	0.72
Diluted Weighted Average Shares Outstanding	648M	646M	645M	646M	645M
Normalized Basic EPS	0.51	0.61	0.75	0.51	0.49
Normalized Diluted EPS	0.51	0.61	0.75	0.51	0.49
Dividend Per Share	0.54	0.6	0.66	0.62	0.75
Payout Ratio	66.01	64.42	58.32	94.3	86.27
Supplemental Items
EBITDA	551M	670M	781M	535M	539M
EBITA	519M	614M	728M	475M	481M
EBIT	516M	610M	724M	472M	477M
EBITDAR	554M	673M	784M	538M	542M
Total Revenues (As Reported)	1.68B	1.77B	2.16B	1.83B	1.67B
Effective Tax Rate - (Ratio)	13.9	14.27	14.11	13.88	14.65
Current Domestic Taxes	79.85M	90.14M	109M	72.35M	80.67M
Total Current Taxes	79.85M	90.14M	109M	72.35M	80.67M
Deferred Domestic Taxes	-5.56M	355K	243K	507K	-983K
Total Deferred Taxes	-5.56M	355K	243K	507K	-983K
Normalized Net Income	333M	395M	482M	327M	317M
Interest on Long-Term Debt	-	-	116K	45.56K	199K
Supplemental Operating Expense Items
Advertising Expense	208M	163M	202M	175M	142M
Selling and Marketing Expenses	257M	199M	243M	206M	177M
General and Administrative Expenses	65.15M	60.97M	70.09M	78.75M	73.76M
Research And Development Expense From Footnotes	50.93M	54.28M	68.39M	61.43M	57.56M
Net Rental Expense, Total	3.21M	3.21M	3.2M	3.15M	3.11M
Imputed Operating Lease Interest Expense	-	-	-	358K	1.24M
Imputed Operating Lease Depreciation	-	-	-	2.8M	1.87M
Maintenance & Repair Expenses, Total	633K	852K	1.17M	993K	-
Stock-Based Comp., G&A Exp. (Total)	268K	-	-	-	-
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	268K	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	799M	510M	647M	1.1B	1.29B
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	-	500M	500M	-	-
Total Cash And Short Term Investments	799M	1.01B	1.15B	1.1B	1.29B
Accounts Receivable, Total	23.54M	34M	22.17M	78.57M	25.02M
Other Receivables	337K	383K	334K	472K	310K
Total Receivables	23.88M	34.38M	22.51M	79.05M	25.33M
Inventory	79.64M	78.03M	121M	119M	66.05M
Other Current Assets, Total	13.72M	14.78M	17.06M	6.98M	8.69M
Total Current Assets	916M	1.14B	1.31B	1.3B	1.39B
Gross Property Plant And Equipment	1.04B	1.07B	1.1B	1.08B	1.05B
Accumulated Depreciation	-229M	-279M	-331M	-368M	-403M
Net Property Plant And Equipment	810M	795M	772M	708M	644M
Long-term Investments	72.06M	61.49M	85.42M	74.25M	117M
Other Intangibles, Total	174M	169M	163M	156M	148M
Deferred Tax Assets Long-Term	13.58M	14.81M	19.96M	21.19M	22.94M
Deferred Charges Long-Term	805K	1.24M	2.98M	1.57M	517K
Other Long-Term Assets, Total	288K	-	5.37M	15.19M	14.23M
Total Assets	1.99B	2.18B	2.36B	2.28B	2.33B
Liabilities
Accounts Payable, Total	240M	98M	113M	65.85M	56.79M
Accrued Expenses, Total	46.83M	74.42M	58.4M	43.66M	50.24M
Short-term Borrowings	-	2.91M	-	-	-
Current Portion of Leases	-	-	1.67M	1.51M	1.59M
Current Income Taxes Payable	41.16M	32.91M	37.06M	23.07M	22.88M
Unearned Revenue Current, Total	80.68M	143M	129M	113M	113M
Other Current Liabilities	30.75M	97.54M	41.6M	41.4M	36.95M
Total Current Liabilities	440M	449M	381M	288M	281M
Long-Term Leases	-	-	-	3.25M	1.66M
Unearned Revenue Non Current	27.76M	26.28M	24.69M	22.72M	20.75M
Deferred Tax Liability Non Current	-	-	-	67.28K	534K
Total Liabilities	468M	475M	405M	314M	304M
Common Stock, Total	646M	646M	646M	646M	646M
Additional Paid In Capital	105M	105M	105M	105M	105M
Retained Earnings	815M	1.01B	1.29B	1.31B	1.38B
Treasury Stock	-47.54K	-	-	-	-
Comprehensive Income and Other	-47.12M	-56.1M	-86.63M	-96.11M	-97.82M
Total Common Equity	1.52B	1.7B	1.95B	1.97B	2.03B
Total Equity	1.52B	1.7B	1.95B	1.97B	2.03B
Total Liabilities And Equity	1.99B	2.18B	2.36B	2.28B	2.33B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	646M	646M	646M	646M	646M
ECS Total Common Shares Outstanding	646M	646M	646M	646M	646M
Book Value / Share	2.35	2.64	3.02	3.04	3.14
Tangible Book Value	1.35B	1.53B	1.79B	1.81B	1.88B
Tangible Book Value Per Share	2.08	2.38	2.77	2.8	2.91
Total Debt	0	2.91M	1.67M	4.76M	3.25M
Net Debt	-799M	-1.01B	-1.14B	-1.09B	-1.28B
Debt Equivalent Oper. Leases	25.66M	25.66M	25.59M	25.23M	24.91M
Equity Method Investments, Total	-	-	59.84M	59.82M	104M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	27.87M	29.54M	42.35M	29.33M	21.27M
Inventories - Work In Process, Total	18.74M	31.81M	34.66M	19.14M	15.42M
Inventories - Finished Goods, Total	33.03M	16.68M	43.81M	71.01M	32.23M
Buildings, Total	649M	649M	791M	777M	747M
Machinery, Total	308M	305M	309M	294M	295M
Full Time Employees	1.27K	-	1.18K	1.06K	998
Accumulated Allowance for Doubtful Accounts (Supple)	1.61M	2.59M	1.61M	2.43M	6.3M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	460M	544M	665M	452M	464M
Depreciation & Amortization - CF	31.74M	55.84M	55.12M	61.06M	59.86M
Amortization of Goodwill and Intangible Assets - (CF)	3.44M	3.44M	3.41M	3.55M	3.4M
Depreciation & Amortization, Total	35.18M	59.28M	58.53M	64.62M	63.26M
Amortization of Deferred Charges, Total - (CF)	2.08M	2.9M	3.38M	3.42M	2.29M
(Gain) Loss From Sale Of Asset	-300K	-67.46K	102K	-1.8M	-36.2M
(Gain) Loss on Sale of Investments - (CF)	-3.51M	-	-32.31M	-34.78M	728K
Asset Writedown & Restructuring Costs	170K	1.19M	-664K	47.46K	3.49K
Provision and Write-off of Bad Debts	-	-	-	1M	3.54M
Other Operating Activities, Total	-	-	116K	383K	2.85M
Change In Accounts Receivable	20.25M	-9.08M	12.33M	-46.66M	47M
Change In Inventories	-15.52M	1.62M	-44.02M	442K	50.15M
Change In Accounts Payable	48.48M	34.09M	-43.84M	-69.61M	-13.6M
Change In Deferred Taxes	-4.43M	355K	243K	507K	-983K
Change in Other Net Operating Assets	967K	-	-	-	-
Cash from Operations	543M	634M	619M	370M	583M
Capital Expenditure	-280M	-70.3M	-63.17M	-26.15M	-11.22M
Sale of Property, Plant, and Equipment	1.99M	250K	194K	3.17M	60.88M
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	0	-500M	-60M	500M	-45M
Other Investing Activities, Total	3.51M	-	32.48M	34.8M	-
Cash from Investing	-274M	-570M	-90.5M	512M	4.66M
Long-Term Debt Repaid, Total	-	-	-	-1.8M	-1.8M
Total Debt Repaid	-	-	-	-1.8M	-1.8M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-304M	-350M	-388M	-426M	-401M
Common & Preferred Stock Dividends Paid	-304M	-350M	-388M	-426M	-401M
Other Financing Activities, Total	-	-	-1.8M	-	-
Cash from Financing	-304M	-350M	-389M	-428M	-402M
Foreign Exchange Rate Adjustments	-	-	-	-	-
Net Change in Cash	-34.38M	-286M	139M	453M	186M
Supplemental Items
Cash Income Tax Paid (Refund)	167M	212M	259M	180M	200M
Levered Free Cash Flow	107M	369M	349M	199M	450M
Unlevered Free Cash Flow	107M	369M	349M	200M	451M
Change In Net Working Capital	-27M	4.11M	103M	137M	-98.02M
Net Debt Issued / Repaid	-	-	-	-1.8M	-1.8M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	17.11	18.31	19.97	12.72	12.93
Return on Total Capital	22.34	23.65	24.77	15.03	14.9
Return On Equity %	31.9	33.73	36.38	23.09	23.24
Return on Common Equity	31.9	33.73	36.38	23.09	23.24
Margin Analysis
Gross Profit Margin %	53.49	52.72	51.63	44.04	46.94
SG&A Margin	19.1	14.66	14.46	15.55	14.98
EBITDA Margin %	32.69	37.81	36.11	29.16	32.22
EBITA Margin %	30.81	34.65	33.63	25.92	28.74
EBIT Margin %	30.61	34.46	33.48	25.72	28.53
Income From Continuing Operations Margin %	27.31	30.7	30.72	24.66	27.76
Net Income Margin %	27.31	30.7	30.72	24.66	27.76
Net Avail. For Common Margin %	27.31	30.7	30.72	24.66	27.76
Normalized Net Income Margin	19.75	22.31	22.29	17.85	18.95
Levered Free Cash Flow Margin	6.36	20.85	16.12	10.88	26.93
Unlevered Free Cash Flow Margin	6.36	20.85	16.12	10.88	26.94
Asset Turnover
Asset Turnover	0.89	0.85	0.95	0.79	0.72
Fixed Assets Turnover	2.46	2.21	2.76	2.48	2.47
Receivables Turnover (Average Receivables)	81.79	60.46	76.68	36.21	32.17
Inventory Turnover (Average Inventory)	10.9	10.62	10.53	8.56	9.59
Short Term Liquidity
Current Ratio	2.08	2.54	3.43	4.53	4.93
Quick Ratio	1.87	2.33	3.07	4.09	4.66
Operating Cash Flow to Current Liabilities	1.24	1.41	1.62	1.28	2.07
Days Sales Outstanding (Average Receivables)	4.46	6.05	4.76	10.08	11.35
Days Outstanding Inventory (Average Inventory)	33.49	34.46	34.66	42.65	38.08
Average Days Payable Outstanding	91.63	74.09	46.37	31.8	26.82
Cash Conversion Cycle (Average Days)	-53.68	-33.58	-6.96	20.93	22.6
Long Term Solvency
Total Debt/Equity	-	0.17	0.09