Cash flow Daqin Railway Co., Ltd.

Equities

601006

CNE000001NG4

Ground Freight & Logistics

End-of-day quote Shanghai S.E. Other stock markets 20/09/2024			5-day change	1st Jan Change
6.020 ^CNY	+0.50%		+1.18%	-16.50%

09-06	Cargo Transportation Volume of Daqin Railway's Core Operating Asset Slips 10% in August	MT
08-29	Daqin Railway's H1 Profit Slides 22%; Shares Fall 7%	MT

91b6993ef58b56a8cc112a.1b2eBuFXVi9N2fCyaP1j8kMV1KQZLVK3iAtzZD_1pLk.jNbpUZYDLEUp4bWHWa9OojZ_pt4rSRX9-mM6LlGF19KDiOl0kW4Gex-JyA

Published financial data: DAQIN RAILWAY CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	78.04B	70.66B	77.07B	74.13B	79.44B
Other Revenues, Total	1.87B	1.67B	1.62B	1.63B	1.58B
Total Revenues	79.92B	72.32B	78.68B	75.76B	81.02B
Cost of Goods Sold, Total	61.7B	58.23B	61.51B	60.64B	64.28B
Gross Profit	18.21B	14.1B	17.17B	15.12B	16.74B
Selling General & Admin Expenses, Total	1.01B	916M	1.07B	1.12B	1.13B
Provision for Bad Debts	-30.71M	11.3M	359M	-170M	-34.21M
R&D Expenses	9.45M	5.85M	7.23M	17.2M	10.9M
Other Operating Expenses	291M	216M	293M	65.46M	292M
Other Operating Expenses, Total	1.28B	1.15B	1.73B	1.03B	1.4B
Operating Income	16.94B	12.95B	15.44B	14.09B	15.34B
Interest Expense, Total	-478M	-478M	-1.57B	-1.35B	-1.64B
Interest And Investment Income	3.42B	3.16B	4.3B	3.98B	4.08B
Net Interest Expenses	2.94B	2.68B	2.73B	2.62B	2.44B
Income (Loss) On Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	-4.56M	-2.06M	2.99M	-2.68M	-2.86M
EBT, Excl. Unusual Items	19.87B	15.62B	18.17B	16.71B	17.78B
Gain (Loss) On Sale Of Assets	-48.64M	27.3M	-33.53M	-20.6M	-34M
Asset Writedown	-	-	-49.84M	-	-443K
Other Unusual Items	-34.59M	8.6M	11.39M	109M	-14.73M
EBT, Incl. Unusual Items	19.79B	15.66B	18.1B	16.8B	17.73B
Income Tax Expense	4.62B	3.36B	4.33B	3.95B	4.17B
Earnings From Continuing Operations	15.17B	12.3B	13.77B	12.85B	13.56B
Net Income to Company	15.17B	12.3B	13.77B	12.85B	13.56B
Minority Interest	-1.5B	-1.4B	-1.59B	-1.66B	-1.63B
Net Income - (IS)	13.67B	10.9B	12.18B	11.2B	11.93B
Net Income to Common Incl Extra Items	13.67B	10.9B	12.18B	11.2B	11.93B
Net Income to Common Excl. Extra Items	13.67B	10.9B	12.18B	11.2B	11.93B
Per Share Items
Net EPS - Basic	0.92	0.73	0.82	0.75	0.79
Basic EPS - Continuing Operations	0.92	0.73	0.82	0.75	0.79
Basic Weighted Average Shares Outstanding	14.86B	14.93B	14.86B	14.93B	15.08B
Net EPS - Diluted	0.92	0.72	0.69	0.61	0.68
Diluted EPS - Continuing Operations	0.92	0.72	0.69	0.61	0.68
Diluted Weighted Average Shares Outstanding	14.86B	15.13B	17.65B	18.35B	19.16B
Normalized Basic EPS	0.73	0.56	0.66	0.59	0.63
Normalized Diluted EPS	0.73	0.55	0.55	0.48	0.49
Dividend Per Share	0.48	0.48	0.48	0.48	0.38
Payout Ratio	55.7	69.1	63.48	69.48	66.71
Supplemental Items
EBITDA	24.21B	19.91B	20.24B	19.07B	20.35B
EBITA	17.06B	13.07B	15.57B	14.22B	15.46B
EBIT	16.94B	12.95B	15.44B	14.09B	15.34B
EBITDAR	25.77B	21.84B	22.23B	20.89B	22.75B
Total Revenues (As Reported)	79.92B	72.32B	78.68B	75.76B	81.02B
Effective Tax Rate - (Ratio)	23.35	21.47	23.92	23.49	23.51
Current Domestic Taxes	-	3.31B	4.34B	3.87B	4.19B
Total Current Taxes	4.64B	3.31B	4.34B	3.87B	4.19B
Deferred Domestic Taxes	-	47.85M	-12.52M	77.02M	-24.66M
Total Deferred Taxes	-21.04M	47.85M	-12.52M	77.02M	-24.66M
Normalized Net Income	10.92B	8.36B	9.77B	8.79B	9.48B
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	-	34.9M	992M	825M	1.21B
Non-Cash Pension Expense	-10.34M	-228K	72.61M	-46.22M	62.63M
Supplemental Operating Expense Items
Marketing Expenses	6.83M	3.67M	3.98M	3.15M	2.22M
Selling and Marketing Expenses	198M	197M	224M	227M	231M
General and Administrative Expenses	717M	518M	649M	698M	710M
Research And Development Expense From Footnotes	9.45M	5.85M	7.23M	17.2M	10.9M
Net Rental Expense, Total	1.56B	1.93B	1.99B	1.83B	2.4B
Imputed Operating Lease Interest Expense	564M	312M	589M	454M	777M
Imputed Operating Lease Depreciation	996M	1.62B	1.4B	1.37B	1.62B

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	15.35B	52.06B	59.42B	62.6B	67.32B
Total Cash And Short Term Investments	15.35B	52.06B	59.42B	62.6B	67.32B
Accounts Receivable, Total	7.63B	9.29B	6.65B	8.37B	6.78B
Other Receivables	2B	1.53B	3.16B	4.16B	3.71B
Total Receivables	9.63B	10.83B	9.81B	12.53B	10.48B
Inventory	1.5B	1.85B	1.69B	1.84B	1.92B
Other Current Assets, Total	2.56B	2.89B	1.21B	1.06B	957M
Total Current Assets	29.03B	67.62B	72.13B	78.03B	80.67B
Gross Property Plant And Equipment	139B	138B	146B	146B	147B
Accumulated Depreciation	-57.1B	-60.14B	-57.73B	-56.8B	-56.54B
Net Property Plant And Equipment	81.77B	77.58B	88.6B	89.23B	90.07B
Long-term Investments	26.67B	26.48B	26.63B	24.06B	24.49B
Other Intangibles, Total	8.97B	8.87B	9.41B	9.27B	10.71B
Deferred Tax Assets Long-Term	1.53B	1.49B	1.5B	1.43B	1.45B
Deferred Charges Long-Term	37.65M	120M	139M	233M	191M
Other Long-Term Assets, Total	30M	42.64M	132M	52.35M	78.72M
Total Assets	148B	182B	199B	202B	208B
Liabilities
Accounts Payable, Total	3.24B	3.04B	5.93B	5.93B	5.35B
Accrued Expenses, Total	1.43B	1.39B	1.43B	2.85B	1.63B
Short-term Borrowings	38.5M	121M	922M	224M	38.03M
Current Portion of Long-Term Debt	655M	816M	585M	656M	785M
Current Portion of Leases	30.4M	32.3M	170M	229M	105M
Current Income Taxes Payable	2.19B	1.14B	1.77B	386M	816M
Unearned Revenue Current, Total	1.17B	2.04B	1.78B	2.05B	1.73B
Other Current Liabilities	5.43B	4.87B	5.57B	5.09B	5.1B
Total Current Liabilities	14.17B	13.44B	18.17B	17.42B	15.55B
Long-Term Debt	8.98B	36.51B	41.39B	41.27B	36.39B
Long-Term Leases	136M	104M	837M	610M	487M
Unearned Revenue Non Current	308M	279M	647M	623M	574M
Pension & Other Post Retirement Benefits	2.15B	1.97B	2.11B	2.13B	2.2B
Other Non Current Liabilities	72.9M	70.08M	60.84M	62.72M	62.3M
Total Liabilities	25.82B	52.38B	63.22B	62.11B	55.27B
Common Stock, Total	14.87B	14.87B	14.87B	14.87B	15.75B
Additional Paid In Capital	23.9B	23.9B	23.35B	23.35B	28.31B
Retained Earnings	75.04B	78.8B	82.72B	86.64B	91.25B
Comprehensive Income and Other	80.83M	3.37B	3.47B	3.43B	2.45B
Total Common Equity	114B	121B	124B	128B	138B
Minority Interest	8.34B	8.9B	10.93B	11.91B	14.64B
Total Equity	122B	130B	135B	140B	152B
Total Liabilities And Equity	148B	182B	199B	202B	208B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	14.87B	14.87B	14.87B	14.87B	15.75B
ECS Total Common Shares Outstanding	14.87B	14.87B	14.87B	14.87B	15.75B
Book Value / Share	7.66	8.13	8.37	8.63	8.75
Tangible Book Value	105B	112B	115B	119B	127B
Tangible Book Value Per Share	7.06	7.54	7.73	8.01	8.07
Total Debt	9.84B	37.59B	43.91B	42.99B	37.81B
Net Debt	-5.5B	-14.47B	-15.51B	-19.62B	-29.51B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.15B	1.97B	2.11B	2.13B	2.2B
Debt Equivalent Oper. Leases	12.48B	15.44B	15.92B	14.61B	19.17B
Minority Interest, Total (Incl. Fin. Div)	8.34B	8.9B	10.93B	11.91B	14.64B
Equity Method Investments, Total	26.53B	26.36B	26.51B	23.94B	24.28B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	1.31B	1.55B	1.46B	1.53B	1.63B
Inventories - Others	193M	300M	236M	303M	295M
Buildings, Total	12.44B	12.32B	13.81B	13.16B	14.34B
Machinery, Total	74.66B	73.95B	72.27B	70.68B	69.33B
Full Time Employees	97K	96.11K	94.43K	92.46K	89.61K
Assets under Capital Lease - Gross	192M	192M	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-71.08M	-93.4M	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	82.81M	22.88M	382M	211M	177M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	13.67B	10.9B	12.18B	11.2B	11.93B
Depreciation & Amortization - CF	7.14B	6.84B	4.89B	5.08B	5.11B
Amortization of Goodwill and Intangible Assets - (CF)	127M	128M	128M	128M	128M
Depreciation & Amortization, Total	7.27B	6.97B	5.02B	5.21B	5.24B
Amortization of Deferred Charges, Total - (CF)	61.5M	83.34M	73.75M	73.89M	89M
(Gain) Loss From Sale Of Asset	48.64M	-27.3M	33.53M	20.6M	34M
(Gain) Loss on Sale of Investments - (CF)	-2.99B	-2.66B	-2.99B	-2.7B	-2.54B
Asset Writedown & Restructuring Costs	-30.71M	11.3M	49.84M	-	443K
Provision and Write-off of Bad Debts	-	-	352M	-175M	-34.21M
Other Operating Activities, Total	1.55B	1.34B	1.83B	1.75B	1.73B
Change In Accounts Receivable	-4.08B	-3.42B	1.01B	-1.42B	327M
Change In Inventories	46.44M	-345M	154M	-144M	-86.72M
Change In Accounts Payable	-921M	-728M	593M	1.73B	183M
Change In Deferred Taxes	-21.04M	47.85M	-12.52M	77.02M	-24.66M
Change in Other Net Operating Assets	418M	368M	604M	501M	391M
Cash from Operations	15.02B	12.53B	18.9B	16.1B	17.25B
Capital Expenditure	-5.26B	-1.94B	-3.61B	-7.12B	-7.29B
Sale of Property, Plant, and Equipment	78.53M	51.18M	106M	106M	78.42M
Cash Acquisitions	-	-	-3.98B	-	-
Divestitures	-	-	442K	-	-
Investment in Marketable and Equity Securities, Total	-5.99B	3.13M	-3.5M	-	-88.55M
Other Investing Activities, Total	3.21B	3.37B	4.15B	4.14B	3.95B
Cash from Investing	-7.96B	1.49B	-3.33B	-2.88B	-3.35B
Long-Term Debt Issued, Total	248M	32.21B	1.23B	1.2B	794M
Total Debt Issued	248M	32.21B	1.23B	1.2B	794M
Long-Term Debt Repaid, Total	-1.69B	-1.11B	-1.16B	-2.76B	-1.31B
Total Debt Repaid	-1.69B	-1.11B	-1.16B	-2.76B	-1.31B
Common Dividends Paid	-7.61B	-7.53B	-7.73B	-7.78B	-7.96B
Common & Preferred Stock Dividends Paid	-7.61B	-7.53B	-7.73B	-7.78B	-7.96B
Other Financing Activities, Total	-1.13B	-877M	-578M	-700M	-709M
Cash from Financing	-10.19B	22.7B	-8.24B	-10.04B	-9.18B
Net Change in Cash	-3.13B	36.71B	7.33B	3.19B	4.71B
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Cash Income Tax Paid (Refund)	8.75B	8.11B	8.83B	10.05B	8.58B
Levered Free Cash Flow	6.98B	10.05B	15.86B	3.22B	6.98B
Unlevered Free Cash Flow	7.28B	10.35B	16.84B	4.07B	8.01B
Change In Net Working Capital	5.38B	2.85B	-5.7B	2.9B	-382M
Net Debt Issued / Repaid	-1.45B	31.1B	74.95M	-1.56B	-512M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	7.2	4.9	4.95	4.39	4.68
Return on Total Capital	8.21	5.4	5.45	4.86	5.13
Return On Equity %	12.82	9.76	10.23	9.33	9.27
Return on Common Equity	12.41	9.28	9.8	8.86	8.97
Margin Analysis
Gross Profit Margin %	22.79	19.49	21.83	19.96	20.66
SG&A Margin	1.26	1.27	1.36	1.48	1.4
EBITDA Margin %	30.29	27.53	25.72	25.17	25.12
EBITA Margin %	21.35	18.08	19.79	18.77	19.09
EBIT Margin %	21.19	17.9	19.62	18.6	18.93
Income From Continuing Operations Margin %	18.98	17	17.5	16.97	16.73
Net Income Margin %	17.1	15.07	15.48	14.78	14.72
Net Avail. For Common Margin %	17.1	15.07	15.48	14.78	14.72
Normalized Net Income Margin	13.66	11.56	12.41	11.6	11.7
Levered Free Cash Flow Margin	8.73	13.9	20.16	4.25	8.62
Unlevered Free Cash Flow Margin	9.1	14.32	21.4	5.37	9.88
Asset Turnover
Asset Turnover	0.54	0.44	0.4	0.38	0.4
Fixed Assets Turnover	0.96	0.91	0.9	0.85	0.9
Receivables Turnover (Average Receivables)	11.16	8.35	9.67	9.87	10.49
Inventory Turnover (Average Inventory)	40.49	34.79	34.76	34.36	34.25
Short Term Liquidity
Current Ratio	2.05	5.03	3.97	4.48	5.19
Quick Ratio	1.76	4.68	3.81	4.31	5
Operating Cash Flow to Current Liabilities