Financial Ratios Huaneng Lancang River Hydropower Inc.

Equities

600025

CNE100002T71

Independent Power Producers

End-of-day quote Shanghai S.E. Other stock markets 18/09/2024			5-day change	1st Jan Change
10.39 ^CNY	-0.19%		-3.89%	+20.39%

08-28	Lancang River Hydropower Issues 1 Billion Yuan Ultra-Short-Term Bonds	MT
08-28	Huaneng Lancang River Hydropower's H1 Attributable Profit Rises 22%	MT

09.4Xi1XwK5f7PIv_NLbYeUWokJv4e7l5FfJdsubULf-ik.jTzebGeOSIWjxcJ7Lt7nNt9Rx9HjpPsUVKFXXRWoyn2gNY0ZTdZLy4LTsg

Published financial data: HUANENG LANCANG RIVER HYDROPOWER INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues - (Utility Template)	20.76B	19.22B	20.17B	21.1B	23.4B
Other Revenues, Total	37.02M	33.84M	29.14M	40.84M	56.48M
Total Revenues	20.8B	19.25B	20.2B	21.14B	23.46B
Operations And Maintenance	3.72M	2.97M	977K	2.66M	880K
Selling General & Admin Expenses, Total	372M	341M	414M	475M	600M
R&D Expenses	14.6M	43.14M	131M	154M	187M
Provision for Bad Debts	5.32M	12.26M	11.74M	-41.19M	11.89M
Other Operating Expenses	9.45B	9.32B	9.53B	9.55B	10.66B
Total Operating Expenses	9.84B	9.72B	10.09B	10.14B	11.46B
Operating Income (REIT / Utility Template)	10.96B	9.53B	10.11B	11.01B	12B
Interest Expense, Total	-4.5B	-3.84B	-3.37B	-3.01B	-2.78B
Interest and Investment Income	250M	315M	357M	276M	325M
Net Interest Expenses	-4.25B	-3.52B	-3.01B	-2.74B	-2.45B
Currency Exchange Gains (Loss)	16.28M	-44.9M	-20.1M	50.06M	8.76M
Other Non Operating Income (Expenses)	-17.52M	-204M	-1.85M	4.1M	-22.53M
EBT, Excl. Unusual Items	6.71B	5.76B	7.08B	8.32B	9.53B
Gain (Loss) on Sale of Investments	173M	-13.43M	103M	-8.06M	-50.09M
Gain (Loss) on Sale of Assets	3.77M	-194K	-4.56M	1.37M	2.76M
Asset Writedown	-	-62.34M	-	-	-58.32M
Insurance Settlements	-	-	-	-	-
Legal Settlements	-4.53M	-4.15M	-2.76M	-2.23M	-1.41M
Other Unusual Items	-612M	-23.47M	-37.15M	-19.05M	-5.49M
EBT, Incl. Unusual Items	6.27B	5.65B	7.13B	8.29B	9.42B
Income Tax Expense	334M	370M	853M	1.02B	1.18B
Earnings From Continuing Operations	5.94B	5.28B	6.28B	7.28B	8.24B
Net Income to Company	5.94B	5.28B	6.28B	7.28B	8.24B
Minority Interest	-392M	-449M	-443M	-475M	-605M
Net Income - (IS)	5.54B	4.83B	5.84B	6.8B	7.64B
Net Income to Common Incl Extra Items	5.54B	4.83B	5.84B	6.8B	7.64B
Net Income to Common Excl. Extra Items	5.54B	4.83B	5.84B	6.8B	7.64B
Per Share Items
Net EPS - Basic	0.31	0.27	0.32	0.35	0.4
Basic EPS - Continuing Operations	0.31	0.27	0.32	0.35	0.4
Basic Weighted Average Shares Outstanding	18B	17.91B	18.24B	19.43B	19.1B
Net EPS - Diluted	0.31	0.27	0.32	0.35	0.4
Diluted EPS - Continuing Operations	0.31	0.27	0.32	0.35	0.4
Diluted Weighted Average Shares Outstanding	18B	17.91B	18.24B	19.43B	19.1B
Normalized Basic EPS	0.21	0.18	0.22	0.24	0.28
Normalized Diluted EPS	0.21	0.18	0.22	0.24	0.28
Dividend Per Share	0.15	0.16	0.17	0.18	0.18
Payout Ratio	134.76	146.77	120.17	102.47	92.16
Supplemental Items
Utility Revenues	20.76B	19.22B	20.17B	21.1B	23.4B
Non Utility Revenues	37.02M	33.84M	29.14M	40.84M	56.48M
EBITDA	16.88B	15.5B	15.83B	16.5B	17.82B
EBITA	11.15B	9.71B	10.26B	11.2B	12.21B
EBIT	10.96B	9.53B	10.11B	11.01B	12B
EBITDAR	16.88B	15.51B	15.84B	16.5B	17.84B
Total Revenues (As Reported)	20.8B	19.25B	20.2B	21.14B	23.46B
Effective Tax Rate - (Ratio)	5.32	6.55	11.96	12.25	12.49
Total Current Taxes	939M	370M	846M	1.01B	1.21B
Total Deferred Taxes	-605M	445K	6.84M	1.76M	-32.06M
Normalized Net Income	3.8B	3.15B	3.98B	4.73B	5.35B
Interest Capitalized	234M	209M	1.43B	379M	654M
Supplemental Operating Expense Items
Selling and Marketing Expenses	30.67M	31.29M	39M	42.72M	60.07M
General and Administrative Expenses	341M	310M	375M	432M	540M
Research And Development Expense From Footnotes	14.6M	43.14M	131M	154M	187M
Net Rental Expense, Total	2.57M	3.14M	4.53M	2.09M	13.73M
Imputed Operating Lease Interest Expense	926K	1.07M	1.95M	652K	3.53M
Imputed Operating Lease Depreciation	1.65M	2.07M	2.58M	1.44M	10.2M
Maintenance & Repair Expenses, Total	3.72M	2.97M	977K	2.66M	880K

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	2.32B	1.6B	1.51B	1.86B	1.76B
Short Term Investments - (Utility / Insurance Templates)	202M	-	-	-	-
Trading Asset Securities, Total	394M	463M	-	-	-
Accounts Receivable, Total	4.09B	3.97B	1.92B	1.56B	1.97B
Other Receivables	57.07M	60.25M	142M	93.66M	419M
Accounts Receivable (Summary Subtotal)	4.15B	4.03B	2.06B	1.65B	2.39B
Inventory - (Utility Template)	26.51M	40.8M	44.03M	43.44M	44.1M
Prepaid Expenses	15.2M	26.1M	22.12M	33.61M	-
Other Current Assets, Total	425M	179M	32.35M	42.11M	146M
Total Current Assets	7.54B	6.33B	3.67B	3.63B	4.34B
Gross Property Plant And Equipment	190B	194B	197B	204B	250B
Accumulated Depreciation	-40.55B	-46.26B	-51.71B	-56.95B	-72.7B
Net Property Plant And Equipment	149B	148B	145B	147B	178B
Other Intangibles, Total	6.8B	6.3B	6.01B	6.35B	6.34B
Long-Term Investments - (Utility Template)	3.55B	3.7B	4.42B	4.7B	4.97B
Accounts Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term (Collected)	79.67M	77.21M	73.59M	70.62M	216M
Deferred Charges Long-Term	84.87M	83.03M	26.43M	25.74M	115M
Other Long-Term Assets, Total	331M	275M	1.09B	860M	1.56B
Total Assets	167B	165B	161B	163B	195B
Liabilities
Accounts Payable, Total	109M	83.94M	145M	238M	340M
Accrued Expenses, Total	572M	423M	282M	279M	923M
Short-Term Borrowings	10.75B	7.7B	7.14B	9.36B	13.16B
Current Portion of Long-Term Debt	6.1B	5.05B	8.8B	6.03B	6.88B
Current Portion of Leases	-	-	3.85M	-	58.09M
Current Income Taxes Payable	537M	45.15M	90.72M	135M	266M
Unearned Revenue, Current	-	-	12.33M	-	-
Other Current Liabilities - (Bank / Utility Template)	9.6B	9.32B	6.15B	5.33B	7.41B
Total Current Liabilities	27.66B	22.62B	22.63B	21.37B	29.04B
Long-Term Debt	82.68B	78.23B	71.45B	71.25B	94.8B
Long-Term Leases	56.67M	-	4.25M	66.1M	257M
Unearned Revenue Non Current	4.07M	2.21M	6.61M	13.22M	14.82M
Deferred Tax Liability Non-Current	23.17M	21.15M	91.84M	101M	148M
Other Non Current Liabilities, Total	275M	255M	253M	284M	253M
Total Liabilities	111B	101B	94.43B	93.08B	125B
Common Stock, Total	18B	18B	18B	18B	18B
Additional Paid In Capital	18.89B	18.89B	18.89B	18.84B	12.83B
Retained Earnings	10.04B	11.72B	14.13B	17.33B	22.77B
Comprehensive Income and Other	8.07B	13B	13.34B	13.57B	13.74B
Total Common Equity	55B	61.62B	64.36B	67.74B	67.33B
Minority Interest	1.75B	1.9B	1.86B	2.05B	3.39B
Total Equity	56.75B	63.51B	66.23B	69.8B	70.72B
Total Liabilities And Equity	167B	165B	161B	163B	195B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	18B	18B	18B	18B	18B
ECS Total Common Shares Outstanding	18B	18B	18B	18B	18B
Book Value / Share	2.61	2.7	2.86	3.04	3.02
Tangible Book Value	48.2B	55.31B	58.35B	61.39B	60.99B
Tangible Book Value Per Share	2.23	2.35	2.52	2.69	2.67
Total Debt	99.59B	90.97B	87.39B	86.7B	115B
Net Debt	96.67B	88.91B	85.88B	84.85B	113B
Debt Equivalent Oper. Leases	20.6M	25.14M	36.21M	16.71M	110M
Minority Interest, Total (Incl. Fin. Div)	1.75B	1.9B	1.86B	2.05B	3.39B
Equity Method Investments, Total	2.91B	2.96B	3B	3.57B	3.19B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	-	-	-	-	44.1M
Inventories - Others	26.51M	40.8M	44.03M	43.44M	-
Buildings, Total	152B	154B	152B	153B	169B
Machinery, Total	27.44B	27.34B	28.22B	28.35B	39.41B
Full Time Employees	3.37K	3.4K	3.62K	3.76K	5.04K
Accumulated Allowance for Doubtful Accounts (Supple)	17.25M	29.51M	41.23M	71K	12.06M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	5.54B	4.83B	5.84B	6.8B	7.64B
Depreciation, Depletion & Amortization	5.73B	5.79B	5.57B	5.31B	5.63B
Amortization of Goodwill and Intangible Assets - (CF)	189M	184M	154M	190M	204M
Total Depreciation, Depletion & Amortization	5.92B	5.97B	5.72B	5.5B	5.83B
Amortization of Deferred Charges, Total	9.89M	11.29M	11.51M	18.96M	22.65M
(Gain) Loss On Sale of Asset - (CF)	-3.86M	-297K	-14	-24.3K	-2.42M
(Gain) Loss on Sale of Investments - (CF)	-360M	-284M	-443M	-242M	-233M
Total Asset Writedown	20.62M	62.83M	4.56M	-1.35M	63.13M
Provision for Credit Losses	-	215M	-	-	-
Provision and Write-off of Bad Debts	-	-	12.71M	-45.88M	11.89M
Change in Accounts Receivable	2.2B	756M	1.31B	356M	1.53B
Change In Inventories	-3.27M	-14.29M	-3.23M	588K	5.44M
Change in Accounts Payable	-1.43B	-1.26B	201M	780M	-1.24B
Change In Deferred Taxes	-605M	445K	6.84M	1.76M	-31.75M
Change in Other Net Operating Assets (Collected)	-	-	-	9.75M	69.26M
Other Operating Activities	4.87B	4.33B	3.83B	3.44B	3.39B
Cash from Operations	16.16B	14.62B	16.49B	16.62B	17.06B
Capital Expenditure	-4.3B	-4.32B	-6.02B	-7.91B	-18.13B
Sale of Property, Plant, and Equipment	21.26M	718K	281K	7.32M	23.52M
Cash Acquisitions	-	-	-	-	-8.58B
Divestitures	-	-	-	-	-
Purchase / Sale of Intangible Assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	419M	-182M	252M	-95.19M	-260M
Other Investing Activities, Total	202M	274M	377M	79.6M	377M
Cash from Investing	-3.66B	-4.23B	-5.39B	-7.92B	-26.57B
Long-Term Debt Issued, Total	66.41B	54.22B	35.91B	54.04B	73.38B
Total Debt Issued	66.41B	54.22B	35.91B	54.04B	73.38B
Long-Term Debt Repaid, Total	-76.97B	-62.55B	-39.56B	-59.07B	-62.16B
Total Debt Repaid	-76.97B	-62.55B	-39.56B	-59.07B	-62.16B
Issuance of Common Stock	8.01B	5B	-	-	5B
Common Dividends Paid	-7.47B	-7.1B	-7.01B	-6.97B	-7.04B
Common & Preferred Stock Dividends Paid	-7.47B	-7.1B	-7.01B	-6.97B	-7.04B
Other Financing Activities, Total	-1.62B	-690M	-518M	3.55B	-477M
Cash from Financing	-11.64B	-11.11B	-11.18B	-8.45B	8.7B
Foreign Exchange Rate Adjustments	-41.94M	-3.17M	-15.37M	35.66M	13.88M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	824M	-723M	-95.25M	286M	-791M
Supplemental Items
Cash Income Tax Paid (Refund)	4.16B	4.58B	4.74B	5.12B	5.38B
Net Debt Issued / Repaid	-10.56B	-8.33B	-3.65B	-5.03B	11.22B
Levered Free Cash Flow	5.45B	4.62B	2.92B	2.28B	-5.51B
Unlevered Free Cash Flow	8.26B	7.02B	5.02B	4.17B	-3.77B
Change In Net Working Capital	219M	600M	1.01B	318M	-1.01B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.08	3.59	3.89	4.25	3.98
Return on Total Capital	4.38	3.83	4.1	4.44	4.17
Return On Equity %	11.58	8.79	9.68	10.7	11.31
Return on Common Equity	11.17	8.29	9.27	10.3	10.98
Margin Analysis
Gross Profit Margin %	56.07	53.15	54.62	56.41	56.36
SG&A Margin	1.79	1.77	2.05	2.24	2.56
EBITDA Margin %	81.16	80.52	78.37	78.06	75.97
EBITA Margin %	53.6	50.45	50.81	52.95	52.02
EBIT Margin %	52.69	49.49	50.05	52.05	51.15
Income From Continuing Operations Margin %	28.54	27.44	31.09	34.42	35.14
Net Income Margin %	26.66	25.11	28.9	32.17	32.56
Net Avail. For Common Margin %	26.66	25.11	28.9	32.17	32.56
Normalized Net Income Margin	18.28	16.36	19.7	22.35	22.82
Levered Free Cash Flow Margin	26.2	23.99	14.43	10.79	-23.47
Unlevered Free Cash Flow Margin	39.72	36.45	24.86	19.7	-16.06
Asset Turnover
Asset Turnover	0.12	0.12	0.12	0.13	0.12
Fixed Assets Turnover	0.14	0.13	0.14	0.14	0.14
Receivables Turnover (Average Receivables)	5.3