Balance Sheet China Railway Materials Company Limited

Equities

000927

CNE000000ZV9

Highways & Rail Tracks

End-of-day quote Shenzhen S.E. Other stock markets 06/09/2024			5-day change	1st Jan Change
2.310 ^CNY	-1.70%		-4.55%	-13.48%

09-06	China Railway Materials Company Limited Approves Board and Supervisor Appointments	CI
09-04	Baota Industry Wins 22 Million-Yuan Rolling Bearings Procurement Bid; Shares Up 5%	MT

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Published financial data: CHINA RAILWAY MATERIALS COMPANY LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	47.63B	44.36B	59.02B	54.36B	44.89B
Other Revenues, Total	133M	105M	120M	125M	180M
Total Revenues	47.77B	44.47B	59.14B	54.49B	45.07B
Cost of Goods Sold, Total	45.14B	41.94B	56.42B	52.05B	42.93B
Gross Profit	2.63B	2.52B	2.72B	2.44B	2.14B
Selling General & Admin Expenses, Total	1.19B	1.07B	1.13B	1.14B	1.27B
Provision for Bad Debts	16.46M	10.96M	14.58M	55.36M	-14.57M
R&D Expenses	5.89M	16.27M	23.94M	37.82M	48.33M
Other Operating Expenses	116M	107M	121M	130M	125M
Other Operating Expenses, Total	1.33B	1.2B	1.28B	1.36B	1.43B
Operating Income	1.3B	1.32B	1.44B	1.08B	714M
Interest Expense, Total	-142M	-166M	-122M	-106M	-90.95M
Interest And Investment Income	152M	223M	139M	131M	111M
Net Interest Expenses	10.25M	57.06M	17.5M	24.29M	20.26M
Currency Exchange Gains (Loss)	-312K	-188K	-36.09K	239K	7.36M
Other Non Operating Income (Expenses)	-17.61M	-20.35M	-27.55M	-37.56M	-20.19M
EBT, Excl. Unusual Items	1.29B	1.36B	1.43B	1.07B	722M
Gain (Loss) On Sale Of Investments	118M	2.45M	-76.95M	-66.31M	-4.25M
Gain (Loss) On Sale Of Assets	39.34M	-19.1M	1.96M	2.06M	25.84M
Asset Writedown	-1.78M	-10.26M	-794K	233K	-333K
Legal Settlements	-	-	-	-3.09M	-797K
Other Unusual Items	35.57M	46.67M	21.6M	28.79M	43.41M
EBT, Incl. Unusual Items	1.48B	1.38B	1.37B	1.03B	785M
Income Tax Expense	342M	354M	306M	273M	151M
Earnings From Continuing Operations	1.14B	1.03B	1.07B	755M	635M
Net Income to Company	1.14B	1.03B	1.07B	755M	635M
Minority Interest	-83.67M	-87.95M	-90.03M	-58.69M	-63.72M
Net Income - (IS)	1.06B	938M	977M	696M	571M
Net Income to Common Incl Extra Items	1.06B	938M	977M	696M	571M
Net Income to Common Excl. Extra Items	1.06B	938M	977M	696M	571M
Per Share Items
Net EPS - Basic	0.27	0.22	0.16	0.12	0.09
Basic EPS - Continuing Operations	0.27	0.22	0.16	0.12	0.09
Basic Weighted Average Shares Outstanding	3.98B	4.24B	6.05B	6.05B	6.05B
Net EPS - Diluted	0.27	0.22	0.16	0.12	0.09
Diluted EPS - Continuing Operations	0.27	0.22	0.16	0.12	0.09
Diluted Weighted Average Shares Outstanding	3.98B	4.24B	6.05B	6.05B	6.05B
Normalized Basic EPS	0.18	0.18	0.13	0.1	0.06
Normalized Diluted EPS	0.18	0.18	0.13	0.1	0.06
Dividend Per Share	-	-	-	-	0.01
Payout Ratio	33.45	87.66	20.16	17.93	14.43
Supplemental Items
EBITDA	1.51B	1.57B	1.64B	1.32B	964M
EBITA	1.33B	1.37B	1.48B	1.12B	756M
EBIT	1.3B	1.32B	1.44B	1.08B	714M
EBITDAR	1.56B	1.64B	1.68B	1.37B	1.02B
Total Revenues (As Reported)	47.77B	44.47B	59.14B	54.49B	45.07B
Effective Tax Rate - (Ratio)	23.09	25.67	22.29	26.54	19.18
Total Current Taxes	338M	315M	298M	280M	147M
Total Deferred Taxes	4.87M	39.67M	8.23M	-6.92M	4.12M
Normalized Net Income	724M	762M	802M	607M	387M
Interest on Long-Term Debt	-	-	1.95M	4.38M	8.3M
Non-Cash Pension Expense	9.01M	13.92M	15.02M	8.21M	33.28M
Supplemental Operating Expense Items
Marketing Expenses	23.32M	21.6M	29.35M	37.51M	42.71M
Selling and Marketing Expenses	557M	444M	528M	526M	570M
General and Administrative Expenses	585M	569M	574M	582M	666M
Research And Development Expense From Footnotes	5.89M	16.27M	23.94M	37.99M	48.71M
Net Rental Expense, Total	48.92M	75.15M	42.97M	48.18M	54.61M
Imputed Operating Lease Interest Expense	-	41.09M	15.44M	15.52M	17.73M
Imputed Operating Lease Depreciation	-	34.06M	27.53M	32.67M	36.88M
Maintenance & Repair Expenses, Total	-	-	74.86M	52.59M	52.46M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	7.03B	6.49B	7.03B	5.83B	5.09B
Total Cash And Short Term Investments	7.03B	6.49B	7.03B	5.83B	5.09B
Accounts Receivable, Total	7.21B	8.33B	13.68B	12.45B	10.34B
Other Receivables	2.93B	244M	297M	734M	502M
Total Receivables	10.14B	8.57B	13.97B	13.18B	10.84B
Inventory	1.35B	2.05B	2.2B	2.16B	2.47B
Prepaid Expenses	-	-	13.62M	55.94K	145K
Other Current Assets, Total	1.88B	3.49B	2.04B	1.93B	1.56B
Total Current Assets	20.4B	20.6B	25.25B	23.1B	19.96B
Gross Property Plant And Equipment	3.02B	2.85B	3.52B	3.67B	4.12B
Accumulated Depreciation	-1.62B	-1.65B	-1.77B	-1.88B	-1.99B
Net Property Plant And Equipment	1.41B	1.2B	1.75B	1.79B	2.13B
Long-term Investments	357M	372M	446M	479M	569M
Goodwill	-	-	5.65M	5.65M	14.68M
Other Intangibles, Total	733M	758M	688M	674M	712M
Deferred Tax Assets Long-Term	171M	139M	132M	140M	166M
Deferred Charges Long-Term	20.68M	12.12M	79.9M	88.2M	82.72M
Other Long-Term Assets, Total	1.26B	1.21B	1.35B	1.38B	1.35B
Total Assets	24.35B	24.29B	29.71B	27.65B	24.98B
Liabilities
Accounts Payable, Total	10.37B	10.31B	12.58B	11.03B	9.12B
Accrued Expenses, Total	110M	117M	181M	135M	120M
Short-term Borrowings	1.95B	1.31B	2.64B	1.29B	1.74B
Current Portion of Long-Term Debt	-	498M	200M	180M	247M
Current Portion of Leases	429K	19.25M	43.4M	51.86M	42.23M
Current Income Taxes Payable	126M	115M	115M	117M	42.71M
Unearned Revenue Current, Total	3.02B	1.53B	1.66B	1.39B	1.03B
Other Current Liabilities	1.54B	1.89B	2.53B	2.72B	1.65B
Total Current Liabilities	17.12B	15.79B	19.95B	16.92B	13.99B
Long-Term Debt	682M	380M	260M	480M	220M
Long-Term Leases	-	30.2M	30.88M	110M	95.71M
Unearned Revenue Non Current	15.94M	15.36M	14.79M	14.4M	13.96M
Pension & Other Post Retirement Benefits	-	-	92.5M	71.07M	80.69M
Deferred Tax Liability Non Current	152M	153M	179M	179M	209M
Other Non Current Liabilities	486M	441M	420M	416M	401M
Total Liabilities	18.45B	16.81B	20.95B	18.19B	15.01B
Common Stock, Total	3.98B	6.05B	6.05B	6.05B	6.05B
Additional Paid In Capital	644M	-	18.54K	69.4K	-
Retained Earnings	201M	223M	1.21B	1.91B	2.4B
Comprehensive Income and Other	401M	393M	460M	459M	457M
Total Common Equity	5.22B	6.67B	7.72B	8.42B	8.91B
Minority Interest	670M	811M	1.04B	1.05B	1.07B
Total Equity	5.89B	7.48B	8.76B	9.46B	9.97B
Total Liabilities And Equity	24.35B	24.29B	29.71B	27.65B	24.98B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.98B	6.05B	6.05B	6.05B	6.05B
ECS Total Common Shares Outstanding	3.98B	6.05B	6.05B	6.05B	6.05B
Book Value / Share	1.31	1.1	1.28	1.39	1.47
Tangible Book Value	4.49B	5.91B	7.03B	7.74B	8.18B
Tangible Book Value Per Share	1.13	0.98	1.16	1.28	1.35
Total Debt	2.63B	2.24B	3.18B	2.11B	2.34B
Net Debt	-4.4B	-4.26B	-3.85B	-3.72B	-2.75B
Debt Equivalent of Unfunded Proj. Benefit Obligation	192M	144M	119M	92.32M	99.91M
Debt Equivalent Oper. Leases	391M	601M	344M	385M	437M
Minority Interest, Total (Incl. Fin. Div)	670M	811M	1.04B	1.05B	1.07B
Equity Method Investments, Total	319M	335M	410M	443M	535M
Account Code - Inventory Valuation	-	5	5	8	8
Inventories - Raw Materials, Total	94.47M	71.62M	75.95M	1.08B	97.82M
Inventories - Work In Process, Total	911K	1.06M	1.89M	11.95M	407K
Inventories - Finished Goods, Total	1.43B	1.99B	2.13B	1.07B	2.37B
Inventories - Others	1.48M	1.29M	1.62M	2.96M	2.74M
Buildings, Total	1.47B	1.28B	1.32B	1.32B	1.39B
Machinery, Total	1.53B	1.54B	2.1B	1.75B	2.02B
Full Time Employees	-	4.06K	4.24K	4.24K	4.38K
Accumulated Allowance for Doubtful Accounts (Supple)	283M	61.18M	82.54M	129M	97.86M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.06B	938M	977M	696M	571M
Depreciation & Amortization - CF	186M	202M	197M	234M	248M
Amortization of Goodwill and Intangible Assets - (CF)	28.05M	42.39M	40.85M	40.9M	41.92M
Depreciation & Amortization, Total	214M	245M	238M	275M	289M
Amortization of Deferred Charges, Total - (CF)	14.49M	12.2M	18.83M	20.89M	23.14M
(Gain) Loss From Sale Of Asset	-39.35M	19.1M	-1.96M	-2.22M	-25M
(Gain) Loss on Sale of Investments - (CF)	-37.22M	-88.03M	74.52M	62.93M	-2.16M
Asset Writedown & Restructuring Costs	-114M	18.95M	3.23M	22.09M	3.74M
Provision and Write-off of Bad Debts	17.56M	14.06M	14.58M	36.32M	-10.71M
Other Operating Activities, Total	227M	208M	213M	161M	150M
Change In Accounts Receivable	-2.83B	-2.06B	-5.21B	836M	3.07B
Change In Inventories	-166M	-711M	-147M	38.99M	-303M
Change In Accounts Payable	3.25B	611M	4.12B	-1.93B	-4.01B
Change In Deferred Taxes	4.87M	33.27M	8.25M	-7.11M	4.79M
Change in Other Net Operating Assets	-346M	1.05B	-14.89M	-803M	1.19B
Cash from Operations	1.24B	291M	300M	-597M	947M
Capital Expenditure	-141M	-161M	-462M	-179M	-502M
Sale of Property, Plant, and Equipment	42.16M	27.58M	28.38M	1.51M	25.09M
Cash Acquisitions	-	-	-	-12.7M	-45.54M
Divestitures	-	145M	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-10M	-	338K
Other Investing Activities, Total	24.2M	-5.64M	28.66M	29.24M	27.45M
Cash from Investing	-74.51M	5.43M	-415M	-161M	-495M
Short Term Debt Issued, Total	-	-	-	-	24.33M
Long-Term Debt Issued, Total	1.82B	5.57B	5.09B	4.31B	3.01B
Total Debt Issued	1.82B	5.57B	5.09B	4.31B	3.03B
Short Term Debt Repaid, Total	-	-	-	-	-50.33M
Long-Term Debt Repaid, Total	-2.39B	-6.03B	-4.22B	-5.33B	-2.81B
Total Debt Repaid	-2.39B	-6.03B	-4.22B	-5.33B	-2.86B
Issuance of Common Stock	-	1.55B	-	-	-
Repurchase of Common Stock	-	-	-	-	-50.81M
Common Dividends Paid	-354M	-822M	-197M	-125M	-82.41M
Common & Preferred Stock Dividends Paid	-354M	-822M	-197M	-125M	-82.41M
Other Financing Activities, Total	245M	-67.36M	-36.54M	-106M	-138M
Cash from Financing	-673M	209M	638M	-1.25B	-99.51M
Foreign Exchange Rate Adjustments	-92.28K	-188K	-	637K	31.31K
Net Change in Cash	496M	506M	523M	-2B	353M
Supplemental Items
Cash Income Tax Paid (Refund)	868M	746M	753M	346M	667M
Levered Free Cash Flow	-	-1.12B	-397M	8.82M	-584M
Unlevered Free Cash Flow	-	-1.02B	-321M	75.37M	-527M
Change In Net Working Capital	-	1.94B	1.01B	716M	784M
Net Debt Issued / Repaid	-564M	-451M	871M	-1.02B	171M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	-	3.4	3.33	2.35	1.68
Return on Total Capital	-	9.08	8.3	5.74	3.68
Return On Equity %	-	15.35	13.15	8.29	6.42
Return on Common Equity	-	15.78	13.58	8.63	6.48
Margin Analysis
Gross Profit Margin %	5.5	5.67	4.6	4.47	4.75
SG&A Margin	2.49	2.4	1.9	2.08	2.82
EBITDA Margin %	3.17	3.53	2.77	2.42	2.14
EBITA Margin %	2.78	3.07	2.5	2.06	1.68
EBIT Margin %	2.72	2.98	2.43	1.98	1.58
Income From Continuing Operations Margin %	2.39	2.31	1.8	1.39	1.41
Net Income Margin %	2.21	2.11	1.65	1.28	1.27
Net Avail. For Common Margin %	2.21	2.11	1.65	1.28	1.27
Normalized Net Income Margin	1.52	1.71	1.36	1.11	0.86
Levered Free Cash Flow Margin	-	-2.53	-0.67	0.02	-1.3
Unlevered Free Cash Flow Margin	-	-2.3	-0.54	0.14	-1.17
Asset Turnover
Asset Turnover	-	1.83	2.19	1.9	1.7
Fixed Assets Turnover	-	34.17	40.08	30.78	22.89
Receivables Turnover (Average Receivables)	-	5.71	5.36	4.16	3.92
Inventory Turnover (Average Inventory)	-	24.7	26.58	23.88	18.53
Short Term Liquidity
Current Ratio	1.19	1.3	1.27	1.37	1.43
Quick Ratio	1	0.95	1.05	1.12	1.14
Operating Cash Flow to Current Liabilities	0.07	0.02	0.02	-0.04	0.07
Days Sales Outstanding (Average Receivables)	-	64.09	68.04	87.71	93.07
Days Outstanding Inventory (Average Inventory)	-	14.82	13.73	15.28	19.7
Average Days Payable Outstanding	-	88.75	73.87	82.86	85.39
Cash Conversion Cycle (Average Days)	-	-9.84	7.9	20.13	27.37
Long Term Solvency
Total Debt/Equity	44.66	29.9	36.26	22.35	23.48
Total Debt / Total Capital	30.87	23.01	26.61	18.26	19.01
LT Debt/Equity	11.56	5.49	3.32	6.24	3.17
Long-Term Debt / Total Capital	7.99	4.22	2.44	5.1	2.56
Total Liabilities / Total Assets	75.79	69.21	70.52	65.79	60.08
EBIT / Interest Expense	9.17	7.96	11.83	10.13	7.85
EBITDA / Interest Expense	10.68	9.43	13.79	12.72	11.03
(EBITDA - Capex) / Interest Expense	9.68	8.46	9.99	11.04	5.52
Total Debt / EBITDA	1.74	1.42	1.9	1.56	2.33
Net Debt / EBITDA	-2.91	-2.71	-2.3	-2.75	-2.74
Total Debt / (EBITDA - Capex)	1.92	1.59	2.62	1.8	4.67
Net Debt / (EBITDA - Capex)	-3.2	-3.02	-3.17	-3.16	-5.48
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	-6.91	33.01	-7.88	-18.36
Gross Profit, 1 Yr. Growth %	-	-4	10.51	-10.41	-14.59
EBITDA, 1 Yr. Growth %	-	3.67	4.39	-19.84	-28.91
EBITA, 1 Yr. Growth %	-	2.93	7.97	-24.47	-34.46
EBIT, 1 Yr. Growth %	-	1.89	8.57	-24.95	-35.49
Earnings From Cont. Operations, 1 Yr. Growth %	-	-10.05	4.01	-29.27	-18.04
Net Income, 1 Yr. Growth %	-	-11.25	4.17	-28.76	-19.46
Normalized Net Income, 1 Yr. Growth %	-	5.34	5.21	-24.27	-37.33
Diluted EPS Before Extra, 1 Yr. Growth %	-	-16.82	-26.96	-28.76	-19.45
Accounts Receivable, 1 Yr. Growth %