Balance Sheet Kweichow Moutai Co., Ltd.

Equities

600519

CNE0000018R8

Distillers & Wineries

End-of-day quote Shanghai S.E. Other stock markets 18/09/2024			5-day change	1st Jan Change
1,266.90 ^CNY	-2.85%		-8.06%	-26.60%

09-05	Price Kweichow Moutai's Flagship Liquor Falls Amid Weak Demand	MT
08-09	Kweichow Moutai H1 Profit Rises 16%, Operating Income Up 18%	MT

4.wC8DYCRU2ed3LyXl0js-AVVz8KN-2FC-p_es-EQ2oME.kGp0KE0BjIweRkCKlnhkTC8Wn_Au6xeKkpzzsCtZ-aq6d1oiUwO8rB9CSg

Published financial data: KWEICHOW MOUTAI CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	85.34B	94.82B	106B	124B	147B
Other Revenues, Total	85.01M	93.38M	131M	328M	475M
Total Revenues	85.43B	94.92B	106B	124B	148B
Cost of Goods Sold, Total	7.43B	8.15B	8.98B	10.09B	11.83B
Gross Profit	78B	86.76B	97.21B	114B	136B
Selling General & Admin Expenses, Total	9.45B	9.34B	11.19B	12.31B	14.38B
Provision for Bad Debts	5.31M	71.36M	13.07M	17.07M	-873K
R&D Expenses	48.69M	50.4M	61.92M	135M	157M
Other Operating Expenses	12.71B	13.88B	15.29B	18.49B	22.22B
Other Operating Expenses, Total	22.22B	23.33B	26.55B	30.95B	36.75B
Operating Income	55.78B	63.43B	70.66B	83.06B	99.11B
Interest Expense, Total	-146M	-111M	-187M	-118M	-126M
Interest And Investment Income	3.45B	3.36B	4.28B	4.99B	4.84B
Net Interest Expenses	3.3B	3.25B	4.09B	4.88B	4.72B
Other Non Operating Income (Expenses)	-28.13M	-44.09M	3.61M	-69.09M	-140M
EBT, Excl. Unusual Items	59.06B	66.63B	74.75B	87.86B	104B
Gain (Loss) On Sale Of Investments	-14.02M	4.89M	-2.33M	-120K	2.38M
Gain (Loss) On Sale Of Assets	-511K	-100K	-11.92M	-20.57M	1.15M
Asset Writedown	-	-	-	-	-
Other Unusual Items	-258M	-436M	-206M	-142M	-30.6M
EBT, Incl. Unusual Items	58.78B	66.2B	74.53B	87.7B	104B
Income Tax Expense	14.81B	16.67B	18.81B	22.33B	26.14B
Earnings From Continuing Operations	43.97B	49.52B	55.72B	65.38B	77.52B
Net Income to Company	43.97B	49.52B	55.72B	65.38B	77.52B
Minority Interest	-2.76B	-2.83B	-3.26B	-2.66B	-2.79B
Net Income - (IS)	41.21B	46.7B	52.46B	62.72B	74.73B
Net Income to Common Incl Extra Items	41.21B	46.7B	52.46B	62.72B	74.73B
Net Income to Common Excl. Extra Items	41.21B	46.7B	52.46B	62.72B	74.73B
Per Share Items
Net EPS - Basic	32.8	37.17	41.76	49.93	59.49
Basic EPS - Continuing Operations	32.8	37.17	41.76	49.93	59.49
Basic Weighted Average Shares Outstanding	1.26B	1.26B	1.26B	1.26B	1.26B
Net EPS - Diluted	32.8	37.17	41.76	49.93	59.49
Diluted EPS - Continuing Operations	32.8	37.17	41.76	49.93	59.49
Diluted Weighted Average Shares Outstanding	1.26B	1.26B	1.26B	1.26B	1.26B
Normalized Basic EPS	27.18	30.9	34.59	41.6	49.37
Normalized Diluted EPS	27.18	30.9	34.59	41.6	49.37
Dividend Per Share	17.02	19.29	21.68	25.91	30.88
Payout Ratio	44.32	45.8	46.2	43.41	43.55
Supplemental Items
EBITDA	57.02B	64.73B	72.12B	84.65B	101B
EBITA	55.87B	63.53B	70.78B	83.21B	99.3B
EBIT	55.78B	63.43B	70.66B	83.06B	99.11B
EBITDAR	57.13B	64.86B	72.26B	84.83B	101B
Total Revenues (As Reported)	88.85B	97.99B	109B	128B	151B
Effective Tax Rate - (Ratio)	25.2	25.19	25.24	25.46	25.22
Total Current Taxes	14.87B	16.77B	19.92B	23.55B	27.28B
Total Deferred Taxes	-54.4M	-94.51M	-1.12B	-1.22B	-1.13B
Normalized Net Income	34.15B	38.82B	43.46B	52.26B	62.02B
Interest on Long-Term Debt	-	-	13.53M	83.62M	153M
Supplemental Operating Expense Items
Marketing Expenses	2.73B	2.25B	-	-	-
Selling and Marketing Expenses	3.28B	2.55B	2.74B	3.3B	4.65B
General and Administrative Expenses	6.06B	6.66B	8.31B	8.83B	9.71B
Research And Development Expense From Footnotes	222M	134M	194M	183M	389M
Net Rental Expense, Total	113M	135M	143M	179M	209M
Imputed Operating Lease Interest Expense	-	-	-	399M	549M
Imputed Operating Lease Depreciation	-	-	-	-220M	-340M
Maintenance & Repair Expenses, Total	331K	563K	474K	745K	5.53M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	13.25B	36.09B	51.81B	58.27B	69.07B
Short Term Investments	117B	118B	135B	116B	103B
Trading Asset Securities, Total	-	-	-	-	401M
Total Cash And Short Term Investments	131B	154B	187B	174B	173B
Accounts Receivable, Total	1.46B	1.53B	0	126M	74.31M
Other Receivables	76.54M	34.49M	33.16M	31.82M	27.5M
Notes Receivable	-	-	-	-	6.01B
Total Receivables	1.54B	1.57B	33.16M	158M	6.12B
Inventory	25.28B	28.87B	33.39B	38.82B	46.44B
Other Current Assets, Total	1.57B	925M	461M	3.18B	106M
Total Current Assets	159B	186B	221B	217B	225B
Gross Property Plant And Equipment	25.43B	27.63B	30.41B	34.05B	35.62B
Accumulated Depreciation	-7.77B	-8.96B	-10.25B	-11.7B	-13.26B
Net Property Plant And Equipment	17.66B	18.67B	20.16B	22.35B	22.36B
Long-term Investments	-	20.14M	2.23B	381M	9.33B
Other Intangibles, Total	4.73B	4.82B	6.21B	7.08B	8.57B
Loans Receivable Long-Term	48.75M	2.95B	3.43B	4.13B	2.13B
Deferred Tax Assets Long-Term	1.1B	1.12B	2.24B	3.46B	4.65B
Deferred Charges Long-Term	158M	148M	139M	337M	378M
Other Long-Term Assets, Total	320M	9.83M	5.24M	5.34M	114M
Total Assets	183B	213B	255B	254B	273B
Liabilities
Accounts Payable, Total	1.51B	1.34B	2.01B	2.41B	3.09B
Accrued Expenses, Total	9.07B	9.44B	10.32B	8.84B	9.65B
Short-term Borrowings	-	-	-	-	-
Current Portion of Leases	-	-	104M	109M	57.05M
Current Income Taxes Payable	2.13B	2.42B	5.25B	2.77B	2.64B
Unearned Revenue Current, Total	13.74B	13.32B	12.72B	15.47B	14.13B
Other Current Liabilities	14.64B	19.14B	27.51B	19.47B	19.14B
Total Current Liabilities	41.09B	45.67B	57.91B	49.07B	48.7B
Long-Term Leases	-	-	296M	334M	267M
Deferred Tax Liability Non Current	72.69M	1.46M	-	-	78.94M
Other Non Current Liabilities	-	-	-	-	-
Total Liabilities	41.17B	45.68B	58.21B	49.4B	49.04B
Common Stock, Total	1.26B	1.26B	1.26B	1.26B	1.26B
Additional Paid In Capital	1.37B	1.37B	1.37B	1.37B	1.37B
Retained Earnings	133B	159B	187B	195B	213B
Comprehensive Income and Other	-7.2M	-5.33M	-13.02M	-10.78M	-6.06M
Total Common Equity	136B	161B	190B	198B	216B
Minority Interest	5.87B	6.4B	7.42B	7.46B	7.99B
Total Equity	142B	168B	197B	205B	224B
Total Liabilities And Equity	183B	213B	255B	254B	273B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.26B	1.26B	1.26B	1.26B	1.26B
ECS Total Common Shares Outstanding	1.26B	1.26B	1.26B	1.26B	1.26B
Book Value / Share	108.27	128.42	150.88	157.23	171.68
Tangible Book Value	131B	157B	183B	190B	207B
Tangible Book Value Per Share	104.51	124.59	145.94	151.59	164.86
Total Debt	0	0	401M	444M	324M
Net Debt	-131B	-154B	-186B	-174B	-172B
Debt Equivalent Oper. Leases	903M	1.08B	1.15B	1.43B	1.67B
Minority Interest, Total (Incl. Fin. Div)	5.87B	6.4B	7.42B	7.46B	7.99B
Account Code - Inventory Valuation	8	8	8	8	8
Inventories - Raw Materials, Total	1.9B	3.49B	4.02B	3.92B	3.36B
Inventories - Work In Process, Total	21.99B	24.34B	28.06B	33.09B	40.86B
Inventories - Finished Goods, Total	1.39B	1.05B	1.32B	1.81B	2.21B
Buildings, Total	20.03B	22.13B	24.5B	27.59B	29.02B
Machinery, Total	2.88B	3.05B	3.16B	3.73B	4.03B
Full Time Employees	27K	29.03K	29.97K	31.41K	33.3K
Accumulated Allowance for Doubtful Accounts (Supple)	3.24M	3.24M	3.1M	2.68M	1.81M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	41.21B	46.7B	52.46B	62.72B	74.73B
Depreciation & Amortization - CF	1.15B	1.2B	1.45B	1.52B	1.72B
Amortization of Goodwill and Intangible Assets - (CF)	82.11M	107M	121M	151M	186M
Depreciation & Amortization, Total	1.23B	1.3B	1.57B	1.67B	1.91B
Amortization of Deferred Charges, Total - (CF)	11.48M	13.46M	14.21M	16.13M	27.82M
(Gain) Loss From Sale Of Asset	32.12K	-	11.92M	20.57M	480K
(Gain) Loss on Sale of Investments - (CF)	14.02M	-5.19M	-55.93M	-63.72M	-36.41M
Asset Writedown & Restructuring Costs	478K	74.52M	-	-	-1.63M
Provision for Credit Losses	-	-	-	-	-
Provision and Write-off of Bad Debts	3.88M	-	13.07M	17.07M	-873K
Other Operating Activities, Total	2.76B	2.82B	3.27B	2.67B	2.76B
Change In Accounts Receivable	3.42B	-504M	504M	-15.05B	-3.47B
Change In Inventories	-1.78B	-3.58B	-4.53B	-5.43B	-7.61B
Change In Accounts Payable	-1.62B	4.95B	11.88B	-8.64B	-592M
Change In Deferred Taxes	-54.4M	-94.51M	-1.12B	-1.22B	-1.13B
Cash from Operations	45.21B	51.67B	64.03B	36.7B	66.59B
Capital Expenditure	-3.15B	-2.09B	-3.41B	-5.31B	-2.62B
Sale of Property, Plant, and Equipment	38.08K	496K	2.46M	355K	24.95M
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	295M	-2.14B	-210M	-7.27B
Other Investing Activities, Total	-16.86M	-10.86M	-12.2M	-20.64M	138M
Cash from Investing	-3.17B	-1.81B	-5.56B	-5.54B	-9.72B
Short Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-	-	-88.12M	-54.33M	-134M
Total Debt Repaid	-	-	-88.12M	-54.33M	-134M
Common Dividends Paid	-18.26B	-21.39B	-24.24B	-27.23B	-32.55B
Common & Preferred Stock Dividends Paid	-18.26B	-21.39B	-24.24B	-27.23B	-32.55B
Special Dividend Paid	-	-	-	-27.52B	-24B
Other Financing Activities, Total	-1.02B	-2.74B	-2.24B	-2.62B	-2.2B
Cash from Financing	-19.28B	-24.13B	-26.56B	-57.42B	-58.89B
Foreign Exchange Rate Adjustments	27.24K	381K	-2.03M	911K	1.72M
Net Change in Cash	22.76B	25.74B	31.9B	-26.26B	-2.02B
Supplemental Items
Cash Interest Paid	175M	107M	163M	79.23M	143M
Cash Income Tax Paid (Refund)	39.84B	41.62B	44.61B	62.01B	66.68B
Levered Free Cash Flow	28.92B	40.41B	52.23B	31.09B	50.38B
Unlevered Free Cash Flow	29.01B	40.48B	52.34B	31.16B	50.46B
Change In Net Working Capital	3.95B	-1.61B	-10.01B	17.13B	10.81B
Net Debt Issued / Repaid	-	-	-88.12M	-54.33M	-134M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	20.34	20	18.85	20.38	23.5
Return on Total Capital	26.89	25.61	24.19	25.78	28.85
Return On Equity %	33.92	31.99	30.56	32.53	36.17
Return on Common Equity	33.12	31.41	29.9	32.41	36.18
Margin Analysis
Gross Profit Margin %	91.3	91.41	91.54	91.87	91.99
SG&A Margin	11.06	9.84	10.54	9.92	9.74
EBITDA Margin %	66.74	68.2	67.92	68.21	68.35
EBITA Margin %	65.39	66.94	66.65	67.05	67.23
EBIT Margin %	65.3	66.82	66.54	66.93	67.11
Income From Continuing Operations Margin %	51.47	52.18	52.47	52.68	52.49
Net Income Margin %	48.23	49.2	49.4	50.54	50.6
Net Avail. For Common Margin %	48.23	49.2	49.4	50.54	50.6
Normalized Net Income Margin	39.97	40.9	40.92	42.11	41.99
Levered Free Cash Flow Margin	33.85	42.58	49.18	25.05	34.11
Unlevered Free Cash Flow Margin	33.95	42.65	49.29	25.11	34.16
Asset Turnover
Asset Turnover	0.5	0.48	0.45	0.49	0.56
Fixed Assets Turnover	4.9	5.22	5.47	5.84	6.61
Receivables Turnover (Average Receivables)	84.22	63.3	138.39	1.96K	1.47K
Inventory Turnover (Average Inventory)	0.3	0.3	0.29	0.28	0.28
Short Term Liquidity
Current Ratio	3.87	4.06	3.81	4.41	4.62
Quick Ratio	3.22	3.41	3.23	3.56	3.54
Operating Cash Flow to Current Liabilities	1.1	1.13	1.11	0.75	1.37
Days Sales Outstanding (Average Receivables)	4.33	5.78	2.64	0.19	0.25
Days Outstanding Inventory (Average Inventory)	1.2K	1.22K	1.26K	1.31K	1.32K
Average Days Payable Outstanding	53.35	44.52	45.29	51.94	51.65
Cash Conversion Cycle (Average Days)