Cash flow China Master Logistics Co., Ltd.

Equities

603967

CNE100003LJ7

Air Freight & Logistics

End-of-day quote Shanghai S.E. Other stock markets 20/09/2024			5-day change	1st Jan Change
8.230 ^CNY	-0.12%		+0.86%	-20.41%

08-22	China Master Logistics Co., Ltd. Reports Earnings Results for the Half Year Ended June 30, 2024	CI
04-22	China Master Logistics Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

3c293b157d96377f7ee30.tADNgxHTaV9f2BQh2uGfVgv_ZYpeF8b5r5hA31D_bJ8.2liMzl7kOwAMiUtAnISoOFyKC84dVP-pnO8lkwWXAa7mVIzNR5gNK26xZw

Published financial data: CHINA MASTER LOGISTICS CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	4.48B	5.12B	12.38B	11.83B	7.37B
Other Revenues, Total	34.38M	33.15M	36.35M	29.26M	25.29M
Total Revenues	4.51B	5.15B	12.41B	11.86B	7.4B
Cost of Goods Sold, Total	4.18B	4.83B	11.96B	11.34B	6.85B
Gross Profit	337M	321M	456M	520M	553M
Selling General & Admin Expenses, Total	124M	118M	170M	192M	202M
Provision for Bad Debts	3.07M	-91.45K	2.73M	2.58M	10.38M
R&D Expenses	3.36M	2.87M	3.23M	2.96M	3.02M
Other Operating Expenses	8.58M	7.11M	8.76M	9.24M	2.84M
Other Operating Expenses, Total	139M	128M	185M	207M	218M
Operating Income	198M	193M	271M	313M	335M
Interest Expense, Total	-3.46M	-339K	-12.36M	-16.39M	-14.72M
Interest And Investment Income	39.54M	29.55M	41.81M	33.14M	32.2M
Net Interest Expenses	36.08M	29.22M	29.45M	16.75M	17.48M
Currency Exchange Gains (Loss)	5.2M	-10.59M	-4.36M	21.54M	2.21M
Other Non Operating Income (Expenses)	-637K	-1.2M	-1.7M	-2.64M	-1.72M
EBT, Excl. Unusual Items	238M	211M	294M	349M	353M
Gain (Loss) On Sale Of Investments	18.22M	19.9M	4.92M	208K	185K
Gain (Loss) On Sale Of Assets	684K	593K	3.36M	2.83M	-61.23K
Asset Writedown	-	-	-	-	135K
Other Unusual Items	25.65M	24.36M	16.43M	20.87M	18.48M
EBT, Incl. Unusual Items	283M	255M	319M	373M	371M
Income Tax Expense	57.5M	54.32M	70.89M	78.89M	82.88M
Earnings From Continuing Operations	225M	201M	248M	294M	289M
Net Income to Company	225M	201M	248M	294M	289M
Minority Interest	-27.01M	-24.84M	-40.05M	-50.32M	-48.43M
Net Income - (IS)	198M	176M	208M	244M	240M
Net Income to Common Incl Extra Items	198M	176M	208M	244M	240M
Net Income to Common Excl. Extra Items	198M	176M	208M	244M	240M
Per Share Items
Net EPS - Basic	0.62	0.51	0.6	0.7	0.69
Basic EPS - Continuing Operations	0.62	0.51	0.6	0.7	0.69
Basic Weighted Average Shares Outstanding	319M	347M	346M	348M	348M
Net EPS - Diluted	0.62	0.51	0.6	0.7	0.69
Diluted EPS - Continuing Operations	0.62	0.51	0.6	0.7	0.69
Diluted Weighted Average Shares Outstanding	319M	347M	346M	348M	348M
Normalized Basic EPS	0.38	0.31	0.41	0.48	0.49
Normalized Diluted EPS	0.38	0.31	0.41	0.48	0.49
Dividend Per Share	0.58	0.29	0.38	0.45	0.5
Payout Ratio	52.2	56.85	49.13	58.79	69.58
Supplemental Items
EBITDA	239M	238M	333M	382M	408M
EBITA	203M	199M	281M	324M	345M
EBIT	198M	193M	271M	313M	335M
EBITDAR	248M	248M	347M	399M	427M
Total Revenues (As Reported)	4.51B	5.15B	12.41B	11.86B	7.4B
Effective Tax Rate - (Ratio)	20.32	21.26	22.23	21.15	22.31
Total Current Taxes	42.64M	50.55M	74.75M	82.72M	86.52M
Total Deferred Taxes	14.86M	3.77M	-3.87M	-3.83M	-3.64M
Normalized Net Income	122M	107M	144M	168M	172M
Interest Capitalized	-	-	178K	4.27M	1.96M
Supplemental Operating Expense Items
Advertising Expense	2.71M	442K	241K	192K	358K
Selling and Marketing Expenses	77.89M	69.24M	108M	126M	133M
General and Administrative Expenses	42.22M	45.47M	58.53M	59.91M	60.27M
Research And Development Expense From Footnotes	3.37M	2.87M	3.23M	2.96M	3.02M
Net Rental Expense, Total	9.45M	9.9M	14.52M	17.16M	19.08M
Imputed Operating Lease Interest Expense	-	-	-	5.96M	5.45M
Imputed Operating Lease Depreciation	-	-	-	11.19M	13.63M
Maintenance & Repair Expenses, Total	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	477M	512M	496M	643M	460M
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	614M	257M	66.73M	788K	598K
Total Cash And Short Term Investments	1.09B	769M	563M	643M	461M
Accounts Receivable, Total	595M	726M	1.52B	1.05B	1.28B
Other Receivables	33.28M	37.37M	67.88M	290M	375M
Total Receivables	628M	763M	1.59B	1.33B	1.65B
Inventory	8.32M	7.98M	10.97M	14.38M	13.94M
Other Current Assets, Total	30.41M	50.6M	48.65M	49.02M	35.99M
Total Current Assets	1.76B	1.59B	2.21B	2.04B	2.16B
Gross Property Plant And Equipment	519M	714M	1.17B	1.37B	1.4B
Accumulated Depreciation	-192M	-216M	-295M	-401M	-453M
Net Property Plant And Equipment	327M	498M	872M	970M	946M
Long-term Investments	126M	183M	283M	259M	196M
Goodwill	179K	179K	179K	179K	179K
Other Intangibles, Total	211M	334M	423M	409M	399M
Accounts Receivable Long-Term	-	-	-	-	3.41M
Deferred Tax Assets Long-Term	5.42M	4.81M	6.21M	42.78M	30.06M
Deferred Charges Long-Term	33.35M	24.41M	19.26M	23.07M	20.6M
Other Long-Term Assets, Total	83.72M	98.39M	87.23M	63.12M	54.45M
Total Assets	2.54B	2.73B	3.9B	3.81B	3.81B
Liabilities
Accounts Payable, Total	451M	537M	1.02B	670M	674M
Accrued Expenses, Total	24.41M	25.28M	43.13M	45.72M	41.59M
Short-term Borrowings	-	-	156M	199M	202M
Current Portion of Long-Term Debt	-	-	149K	172K	30.03M
Current Portion of Leases	-	-	-	77.62M	31.56M
Current Income Taxes Payable	12.07M	13.37M	21.74M	24.77M	34.1M
Unearned Revenue Current, Total	-	12.99M	12.6M	20.56M	10.73M
Other Current Liabilities	89.11M	81.25M	134M	139M	118M
Total Current Liabilities	577M	670M	1.39B	1.18B	1.14B
Long-Term Debt	-	-	114M	144M	123M
Long-Term Leases	-	-	169M	76.88M	50.93M
Unearned Revenue Non Current	-	-	6.45M	27.91M	27.71M
Deferred Tax Liability Non Current	15.32M	18.49M	16.03M	48.76M	32.39M
Other Non Current Liabilities	-	1.8M	3.19M	-	460K
Total Liabilities	592M	691M	1.7B	1.47B	1.38B
Common Stock, Total	267M	267M	267M	347M	347M
Additional Paid In Capital	896M	896M	896M	814M	814M
Retained Earnings	711M	787M	895M	1.01B	1.09B
Comprehensive Income and Other	27.59M	28.03M	27.42M	29M	21.74M
Total Common Equity	1.9B	1.98B	2.09B	2.2B	2.27B
Minority Interest	50.6M	65.19M	119M	138M	161M
Total Equity	1.95B	2.04B	2.2B	2.33B	2.43B
Total Liabilities And Equity	2.54B	2.73B	3.9B	3.81B	3.81B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	347M	347M	347M	347M	347M
ECS Total Common Shares Outstanding	347M	347M	347M	347M	347M
Book Value / Share	5.48	5.7	6.01	6.33	6.56
Tangible Book Value	1.69B	1.64B	1.66B	1.79B	1.87B
Tangible Book Value Per Share	4.88	4.74	4.79	5.16	5.41
Total Debt	0	0	439M	498M	437M
Net Debt	-1.09B	-769M	-124M	-146M	-23.94M
Debt Equivalent Oper. Leases	75.58M	79.18M	116M	137M	153M
Minority Interest, Total (Incl. Fin. Div)	50.6M	65.19M	119M	138M	161M
Equity Method Investments, Total	126M	183M	283M	259M	196M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	8.32M	7.98M	10.96M	14.36M	13.94M
Inventories - Finished Goods, Total	-	-	17.37K	10.7K	-
Buildings, Total	128M	160M	165M	285M	358M
Machinery, Total	311M	463M	510M	574M	670M
Full Time Employees	1.4K	1.38K	1.44K	1.47K	1.46K
Accumulated Allowance for Doubtful Accounts (Supple)	16.34M	15.21M	17.98M	20.95M	31.61M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	198M	176M	208M	244M	240M
Depreciation & Amortization - CF	35.13M	38.81M	108M	123M	129M
Amortization of Goodwill and Intangible Assets - (CF)	5.7M	6.23M	10.53M	10.71M	10.68M
Depreciation & Amortization, Total	40.83M	45.04M	119M	134M	140M
Amortization of Deferred Charges, Total - (CF)	7.25M	10.3M	8.49M	11.18M	13.03M
(Gain) Loss From Sale Of Asset	-684K	-593K	-3.36M	-219K	-712K
(Gain) Loss on Sale of Investments - (CF)	-54.54M	-45.54M	-43.11M	-29.25M	-27.07M
Asset Writedown & Restructuring Costs	-	-	-	-2.61M	638K
Provision and Write-off of Bad Debts	3.07M	-91.45K	2.73M	2.58M	10.38M
Other Operating Activities, Total	29.48M	35.28M	62.69M	27.72M	62.78M
Change In Accounts Receivable	-68.84M	-153M	-824M	249M	-326M
Change In Inventories	-962K	337K	-2.99M	-3.4M	438K
Change In Accounts Payable	45.25M	113M	541M	-306M	-605K
Change In Deferred Taxes	14.87M	3.77M	-3.87M	-3.83M	-3.64M
Change in Other Net Operating Assets	-	-	866K	22.3M	-200K
Cash from Operations	214M	184M	65.62M	345M	109M
Capital Expenditure	-63.59M	-216M	-337M	-179M	-118M
Sale of Property, Plant, and Equipment	11.03M	1.3M	11.39M	11.98M	3.91M
Cash Acquisitions	-	-161M	-	-	-
Divestitures	5.44M	-	-	-	-
Investment in Marketable and Equity Securities, Total	-599M	325M	134M	61.2M	59.38M
Other Investing Activities, Total	26.71M	24.09M	-	59.04M	24.33M
Cash from Investing	-620M	-25.81M	-192M	-46.73M	-30.08M
Long-Term Debt Issued, Total	60M	20.81M	500M	911M	455M
Total Debt Issued	60M	20.81M	500M	911M	455M
Long-Term Debt Repaid, Total	-175M	-21.51M	-286M	-919M	-521M
Total Debt Repaid	-175M	-21.51M	-286M	-919M	-521M
Issuance of Common Stock	66.67M	-	-	-	-
Common Dividends Paid	-104M	-100M	-102M	-143M	-167M
Common & Preferred Stock Dividends Paid	-104M	-100M	-102M	-143M	-167M
Other Financing Activities, Total	842M	-10.61M	8.27M	-39.93M	-28.85M
Cash from Financing	690M	-112M	120M	-190M	-261M
Foreign Exchange Rate Adjustments	755K	-10.09M	-9.73M	39.89M	329K
Net Change in Cash	285M	36.97M	-16.02M	148M	-182M
Supplemental Items
Cash Income Tax Paid (Refund)	60.67M	69.34M	86.43M	96.12M	102M
Levered Free Cash Flow	137M	-102M	-311M	79.27M	-86.74M
Unlevered Free Cash Flow	139M	-101M	-304M	89.52M	-77.54M
Change In Net Working Capital	-30.72M	61.62M	263M	72.4M	322M
Net Debt Issued / Repaid	-115M	-697K	214M	-7.16M	-65.25M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	6.09	4.57	5.1	5.08	5.49
Return on Total Capital	8.29	6.04	7.22	7.14	7.34
Return On Equity %	15.72	10.07	11.68	12.97	12.11
Return on Common Equity	14.27	9.09	10.23	11.39	10.75
Margin Analysis
Gross Profit Margin %	7.46	6.24	3.67	4.39	7.47
SG&A Margin	2.74	2.3	1.37	1.62	2.73
EBITDA Margin %	5.29	4.62	2.68	3.22	5.51
EBITA Margin %	4.51	3.87	2.27	2.73	4.67
EBIT Margin %	4.38	3.75	2.18	2.64	4.52
Income From Continuing Operations Margin %	5	3.9	2	2.48	3.9
Net Income Margin %	4.4	3.42	1.67	2.06	3.25
Net Avail. For Common Margin %	4.4	3.42	1.67	2.06	3.25
Normalized Net Income Margin	2.7	2.07	1.16	1.42	2.32
Levered Free Cash Flow Margin	3.03	-1.97	-2.51	0.67	-1.17
Unlevered Free Cash Flow Margin	3.08	-1.97	-2.45	0.75	-1.05
Asset Turnover
Asset Turnover	2.22	1.95	3.74	3.08	1.94
Fixed Assets Turnover	15.14	12.5	18.13	12.88	7.72
Receivables Turnover (Average Receivables)	7.92	7.75	11.03	9.23	6.36
Inventory Turnover (Average Inventory)	532.67	592.69	1.26K	894.57	483.59
Short Term Liquidity
Current Ratio	3.05	2.37	1.59	1.74	1.89
Quick Ratio	2.98	2.29	1.55	1.68	1.85
Operating Cash Flow to Current Liabilities	0.37	0.28	0.05	0.29	0.1
Days Sales Outstanding (Average Receivables)