Balance Sheet MMG Limited

Equities

1208

HK1208013172

Specialty Mining & Metals

Market Closed - Hong Kong S.E. Other stock markets 08:08:19 09/03/2026 GMT			5-day change	1st Jan Change
8.800 ^HKD	-2.11%		-18.59%	+0.34%

03-04	MMG Limited, 2025 Earnings Call, Mar 04, 2026
03-03	MMG Limited Reports Earnings Results for the Full Year Ended December 31, 2025	CI

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Published financial data: MMG LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	4.26B	3.25B	4.35B	4.48B	6.22B
Gain (Loss) on Sale of Assets, Total (Rev)	-	-9M	-	-	-
Total Revenues	4.26B	3.25B	4.35B	4.48B	6.22B
Cost of Goods Sold, Total	1.61B	1.69B	2.83B	2.35B	2.73B
Gross Profit	2.64B	1.55B	1.51B	2.13B	3.49B
Exploration / Drilling Costs, Total	21.3M	30.8M	49.6M	62.6M	102M
Depreciation & Amortization - (IS)	898M	790M	930M	1.01B	1.12B
Other Operating Expenses	9.7M	13.4M	22.9M	22M	31.8M
Other Operating Expenses, Total	929M	834M	1B	1.09B	1.26B
Operating Income	1.71B	720M	511M	1.04B	2.23B
Interest Expense, Total	-294M	-275M	-324M	-311M	-238M
Interest And Investment Income	5.4M	15M	24.3M	22.2M	17.4M
Net Interest Expenses	-288M	-260M	-300M	-289M	-220M
Currency Exchange Gains (Loss)	-10.1M	-	-3.5M	-8.1M	41.7M
Other Non Operating Income (Expenses)	-38.9M	-300K	-15.6M	-53.8M	-36.8M
EBT, Excl. Unusual Items	1.38B	460M	192M	690M	2.02B
Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-2.3M	-	-2.6M	-15.1M	-1.8M
Asset Writedown	-	-	-	-53M	-290M
Insurance Settlements	-	-	-	-	-
Other Unusual Items	130M	-	-	-	-
EBT, Incl. Unusual Items	1.5B	460M	190M	621M	1.73B
Income Tax Expense	583M	217M	67.5M	255M	772M
Earnings From Continuing Operations	920M	244M	122M	366M	955M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	920M	244M	122M	366M	955M
Minority Interest	-253M	-71.1M	-113M	-204M	-446M
Net Income - (IS)	667M	172M	9M	162M	509M
Net Income to Common Incl Extra Items	667M	172M	9M	162M	509M
Net Income to Common Excl. Extra Items	667M	172M	9M	162M	509M
Per Share Items
Net EPS - Basic	0.08	0.02	0	0.02	0.04
Basic EPS - Continuing Operations	0.08	0.02	0	0.02	0.04
Basic Weighted Average Shares Outstanding	8.39B	8.64B	8.65B	10.56B	12.14B
Net EPS - Diluted	0.08	0.02	0	0.02	0.04
Diluted EPS - Continuing Operations	0.08	0.02	0	0.02	0.04
Diluted Weighted Average Shares Outstanding	8.49B	8.7B	8.69B	10.67B	12.25B
Normalized Basic EPS	0.07	0.03	0	0.02	0.07
Normalized Diluted EPS	0.07	0.02	0	0.02	0.07
American Depositary Receipts Ratio (ADR)	10	10	10	10	10
Supplemental Items
EBITDA	2.59B	1.5B	1.44B	2.04B	3.36B
EBITA	1.72B	734M	534M	1.06B	2.23B
EBIT	1.71B	720M	511M	1.04B	2.23B
EBITDAR	2.66B	1.59B	1.54B	2.15B	3.54B
Effective Tax Rate - (Ratio)	38.79	47.12	35.6	41.1	44.69
Current Foreign Taxes	392M	182M	-	-	-
Total Current Taxes	392M	2.6M	140M	244M	824M
Deferred Foreign Taxes	192M	30.9M	-	-	-
Total Deferred Taxes	192M	1M	-72M	11.8M	-52M
Normalized Net Income	607M	217M	7.02M	227M	816M
Interest Capitalized	-	-	-	-	8.8M
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	13.6M	5.3M	1.4M	1.5M	-
Exploration/Drilling Costs	21.3M	30.8M	49.6M	62.6M	102M
Net Rental Expense, Total	73.9M	90.1M	104M	105M	183M
Imputed Operating Lease Interest Expense	25.21M	33.05M	51.86M	54.02M	84.09M
Imputed Operating Lease Depreciation	48.69M	57.05M	52.24M	50.58M	99.11M
Stock-Based Comp., Other (Total)	1M	1.1M	-1.5M	3.1M	-
Total Stock-Based Compensation	1M	1.1M	-1.5M	3.1M	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.26B	372M	447M	193M	329M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	1.26B	372M	447M	193M	329M
Accounts Receivable, Total	63.9M	213M	355M	444M	658M
Other Receivables	208M	170M	168M	254M	178M
Notes Receivable	-	-	-	-	-
Total Receivables	272M	383M	523M	698M	836M
Inventory	603M	873M	390M	529M	833M
Prepaid Expenses	28.3M	20M	32.9M	71.3M	80.9M
Other Current Assets, Total	900K	12.1M	3.1M	11M	-
Total Current Assets	2.16B	1.66B	1.4B	1.5B	2.08B
Gross Property Plant And Equipment	16.77B	17.09B	17.92B	21.24B	-
Accumulated Depreciation	-6.9B	-7.47B	-8.38B	-9.4B	-
Net Property Plant And Equipment	9.87B	9.62B	9.54B	11.84B	11.47B
Long-term Investments	33.6M	115M	2.7M	1M	-
Goodwill	528M	528M	528M	1.04B	-
Other Intangibles, Total	8.8M	5.7M	5.5M	6.2M	1.04B
Deferred Tax Assets Long-Term	185M	316M	150M	280M	399M
Other Long-Term Assets, Total	241M	290M	284M	316M	305M
Total Assets	13.02B	12.54B	11.9B	14.99B	15.3B
Liabilities
Accounts Payable, Total	250M	272M	322M	387M	468M
Accrued Expenses, Total	119M	72.4M	100M	121M	32M
Current Portion of Long-Term Debt	659M	1.2B	1.33B	889M	766M
Current Portion of Leases	18.6M	21.3M	22M	24M	29.3M
Current Income Taxes Payable	278M	114M	104M	226M	392M
Unearned Revenue Current, Total	-	-	-	24.1M	20.4M
Other Current Liabilities	304M	272M	321M	298M	715M
Total Current Liabilities	1.63B	1.96B	2.2B	1.97B	2.42B
Long-Term Debt	5.64B	4.21B	3.38B	3.74B	2.91B
Long-Term Leases	112M	117M	126M	124M	113M
Unearned Revenue Non Current	-	-	-	323M	325M
Pension & Other Post Retirement Benefits	16.9M	17.4M	28.3M	29.3M	-
Deferred Tax Liability Non Current	1.02B	1.21B	953M	1.58B	1.64B
Other Non Current Liabilities	681M	799M	905M	945M	989M
Total Liabilities	9.1B	8.31B	7.59B	8.71B	8.4B
Common Stock, Total	3.22B	3.22B	3.22B	4.38B	4.38B
Retained Earnings	623M	795M	804M	966M	1.39B
Comprehensive Income and Other	-1.91B	-1.88B	-1.91B	-1.93B	-1.82B
Total Common Equity	1.93B	2.14B	2.12B	3.42B	3.96B
Minority Interest	2B	2.09B	2.19B	2.86B	2.94B
Total Equity	3.93B	4.23B	4.31B	6.28B	6.9B
Total Liabilities And Equity	13.02B	12.54B	11.9B	14.99B	15.3B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	8.64B	8.64B	8.66B	12.13B	12.14B
ECS Total Common Shares Outstanding	8.64B	8.64B	8.66B	12.13B	12.14B
Book Value / Share	0.22	0.25	0.25	0.28	0.33
Tangible Book Value	1.39B	1.6B	1.59B	2.37B	2.92B
Tangible Book Value Per Share	0.16	0.19	0.18	0.2	0.24
Total Debt	6.43B	5.55B	4.85B	4.78B	3.82B
Net Debt	5.17B	5.18B	4.41B	4.58B	3.49B
Debt Equivalent Oper. Leases	591M	721M	833M	837M	1.47B
Minority Interest, Total (Incl. Fin. Div)	2B	2.09B	2.19B	2.86B	2.94B
Account Code - Inventory Valuation	6	6	6	6	3
Inventories - Work In Process, Total	166M	178M	176M	214M	-
Inventories - Finished Goods, Total	323M	564M	49.1M	137M	-
Inventories - Others	115M	131M	165M	178M	-
Land - (BS)	936M	938M	940M	1.03B	-
Machinery, Total	4.81B	4.99B	5.25B	5.47B	-
Full Time Employees	4.24K	4.3K	4.54K	5.2K	5.52K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	667M	172M	9M	162M	509M
Depreciation & Amortization - CF	884M	785M	929M	1B	1.12B
Amortization of Goodwill and Intangible Assets - (CF)	9.7M	13.4M	22.9M	22M	-
Impairment of Oil, Gas & Mineral Properties - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	894M	798M	952M	1.03B	1.12B
Amortization of Deferred Charges, Total - (CF)	26.4M	17.1M	14.3M	14.3M	-
(Gain) Loss From Sale Of Asset	2.3M	9M	2.6M	15.1M	-
(Gain) Loss on Sale of Investments - (CF)	-100K	300K	-1.2M	1.7M	-
Asset Writedown & Restructuring Costs	-	-	-	53M	-
Stock-Based Compensation (CF)	1M	1.1M	-1.5M	3.1M	-
Other Operating Activities, Total	558M	328M	416M	530M	1.06B
Change In Accounts Receivable	400K	-143M	-126M	-167M	-
Change In Inventories	-190M	-312M	490M	-192M	-
Change In Accounts Payable	314M	56.8M	67.2M	-45.8M	-
Change in Unearned Revenues	-	-	-	-24.3M	-
Change In Deferred Taxes	461M	-68M	-23.4M	203M	-
Change in Other Net Operating Assets	-183M	-28.6M	50.8M	31.6M	-
Cash from Operations	2.55B	832M	1.85B	1.61B	2.69B
Capital Expenditure	-570M	-564M	-790M	-905M	-1.08B
Sale of Property, Plant, and Equipment	100K	-	1.2M	100K	200K
Cash Acquisitions	-	-	-	-2.04B	-
Divestitures	-	27.5M	-	-	-
Sale (Purchase) of Intangible assets	-4.1M	-1.7M	-1.2M	-22.3M	-2M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-574M	-539M	-790M	-2.97B	-1.08B
Short Term Debt Issued, Total	270M	-	-	-	-
Long-Term Debt Issued, Total	-	700M	2.8B	5.32B	3.34B
Total Debt Issued	270M	700M	2.8B	5.32B	3.34B
Short Term Debt Repaid, Total	-230M	-	-	-	-
Long-Term Debt Repaid, Total	-964M	-1.62B	-3.55B	-5.47B	-4.22B
Total Debt Repaid	-1.19B	-1.62B	-3.55B	-5.47B	-4.22B
Issuance of Common Stock	304M	100K	1.2M	1.16B	-
Other Financing Activities, Total	-296M	-254M	-240M	92.8M	-590M
Cash from Financing	-915M	-1.18B	-985M	1.1B	-1.47B
Net Change in Cash	1.06B	-883M	74.8M	-254M	136M
Supplemental Items
Cash Interest Paid	279M	278M	379M	387M	115M
Cash Income Tax Paid (Refund)	41.1M	268M	79.1M	112M	549M
Levered Free Cash Flow	1.63B	-74.28M	747M	419M	1.42B
Unlevered Free Cash Flow	1.8B	85.61M	936M	601M	1.57B
Change In Net Working Capital	-391M	603M	-456M	153M	-130M
Net Debt Issued / Repaid	-924M	-923M	-746M	-152M	-882M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	8.46	3.52	2.61	4.84	9.22
Return on Total Capital	10.52	4.47	3.37	6.43	12.83
Return On Equity %	27.9	5.97	2.86	6.91	14.5
Return on Common Equity	46.54	8.47	0.42	5.84	13.81
Margin Analysis
Gross Profit Margin %	62.11	47.91	34.83	47.56	56.14
EBITDA Margin %	60.79	46.18	33.04	45.58	53.99
EBITA Margin %	40.5	22.61	12.28	23.71	35.93
EBIT Margin %	40.27	22.2	11.76	23.22	35.93
Income From Continuing Operations Margin %	21.63	7.5	2.81	8.17	15.36
Net Income Margin %	15.68	5.31	0.21	3.61	8.19
Net Avail. For Common Margin %	15.68	5.31	0.21	3.61	8.19
Normalized Net Income Margin	14.26	6.68	0.16	5.06	13.12
Levered Free Cash Flow Margin	38.23	-2.29	17.18	9.36	22.83
Unlevered Free Cash Flow Margin	42.24	2.64	21.54	13.41	25.22
Asset Turnover
Asset Turnover	0.34	0.25	0.36	0.33	0.41
Fixed Assets Turnover	0.42	0.33	0.45	0.42	0.53
Receivables Turnover (Average Receivables)	19.65	23.53	15.32	11.22	11.28
Inventory Turnover (Average Inventory)	3.16	2.29	4.49	5.11	4
Short Term Liquidity
Current Ratio	1.33	0.85	0.63	0.76	0.86
Quick Ratio	0.94	0.39	0.44	0.45	0.48
Operating Cash Flow to Current Liabilities	1.57	0.43	0.84	0.82	1.11
Days Sales Outstanding (Average Receivables)	18.58	15.51	23.83	32.62	32.35
Days Outstanding Inventory (Average Inventory)	115.39	159.3	81.31	71.59	91.2
Average Days Payable Outstanding	52.65	48.61	46.2	52.19	51.5
Cash Conversion Cycle (Average Days)	81.32	126.2	58.94	52.03	72.04
Long Term Solvency
Total Debt/Equity	163.68	131.28	112.59	76.08	55.34
Total Debt / Total Capital	62.07	56.76	52.96	43.21	35.63
LT Debt/Equity	146.42	102.33	81.2	61.55	43.82
Long-Term Debt / Total Capital	55.53	44.24	38.2	34.95	28.21
Total Liabilities / Total Assets	69.84	66.27	63.77	58.1	54.9
EBIT / Interest Expense	5.84	2.62	1.58	3.35	9.4
EBITDA / Interest Expense	8.89	5.53	4.51	6.65	14.12
(EBITDA - Capex) / Interest Expense	6.94	3.47	2.08	3.73	9.58
Total Debt / EBITDA	2.47	3.66	3.32	2.31	1.14
Net Debt / EBITDA	1.98	3.41	3.01	2.22	1.04
Total Debt / (EBITDA - Capex)	3.15	5.82	7.22	4.11	1.68
Net Debt / (EBITDA - Capex)	2.54	5.43	6.55	3.95	1.53
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	40.26	-23.69	33.57	3.05	38.82
Gross Profit, 1 Yr. Growth %	90.59	-40.96	-3.2	40.74	63.86
EBITDA, 1 Yr. Growth %	96.54	-41.87	-4.75	42.2	64.11
EBITA, 1 Yr. Growth %	291.95	-57.19	-28.13	98.93	114.82
EBIT, 1 Yr. Growth %	301.52	-57.73	-29.95	103.54	114.82
Earnings From Cont. Operations, 1 Yr. Growth %	16.34K	-73.55	-49.86	199.75	160.98
Net Income, 1 Yr. Growth %	-1.13K	-74.16	-94.78	1.7K	214.64
Normalized Net Income, 1 Yr. Growth %	-1.67K	-63.96	-96.84	3.13K	259.71
Diluted EPS Before Extra, 1 Yr. Growth %	-1.08K	-74.81	-94.95	1.37K	175.46
Accounts Receivable, 1 Yr. Growth %	-82.69	232.86	66.81	25.06	48.39
Inventory, 1 Yr. Growth %	44.75	44.73	-55.36	35.92	57.42
Net Property, Plant and Equip., 1 Yr. Growth %	-3.25	-2.5	-0.89	24.2	-3.11
Total Assets, 1 Yr. Growth %	5.9	-3.75	-5.06	25.92	2.1
Tangible Book Value, 1 Yr. Growth %	257.32	15.19	-0.96	49.41	22.81
Common Equity, 1 Yr. Growth %	106.16	10.8	-0.73	61.02	15.82
Cash From Operations, 1 Yr. Growth %	87.86	-67.39	122.32	-12.87	66.85
Capital Expenditures, 1 Yr. Growth %	10.71	-0.91	39.95	14.58	19.27
Levered Free Cash Flow, 1 Yr. Growth %	523.68	-104.58	-1.19K	-43.86	272.36
Unlevered Free Cash Flow, 1 Yr. Growth %	274.86	-95.22	926.2	-35.85	172.47
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	18.86	3.43	1.1	17.32	19.61
Gross Profit, 2 Yr. CAGR %	33.39	5.89	-24.19	16.72	51.86
EBITDA, 2 Yr. CAGR %	36.39	6.7	-25.36	16.38	52.91
EBITA, 2 Yr. CAGR %	129.26	29.19	-44.19	19.57	104.57
EBIT, 2 Yr. CAGR %	134.29	29.93	-45.25	19.41	109.1
Earnings From Cont. Operations, 2 Yr. CAGR %	117.1	559.41	-63.58	22.6	179.7
Net Income, 2 Yr. CAGR %	70.16	63.24	-88.38	-3.09	652.33
Normalized Net Income, 2 Yr. CAGR %	102.19	136.91	-89.19	1.01	977.73
Diluted EPS Before Extra, 2 Yr. CAGR %	65.75	57.06	-88.72	-12.39	536.01
Accounts Receivable, 2 Yr. CAGR %	-48.46	-24.1	135.64	44.43	36.22
Inventory, 2 Yr. CAGR %	25.6	44.74	-19.62	-22.11	46.28
Net Property, Plant and Equip., 2 Yr. CAGR %	-3.22	-2.88	-1.7	10.95	9.7
Total Assets, 2 Yr. CAGR %	1.41	0.96	-4.41	9.34	13.39
Tangible Book Value, 2 Yr. CAGR %	77	102.88	6.81	21.65	35.46
Common Equity, 2 Yr. CAGR %	38.1	51.14	4.88	26.43	36.56
Cash From Operations, 2 Yr. CAGR %	49.27	-21.73	-14.85	39.18	20.58
Capital Expenditures, 2 Yr. CAGR %	9.37	4.74	17.76	26.63	16.9
Levered Free Cash Flow, 2 Yr. CAGR %	110.29	-46.63	-32.13	147.1	37.89
Unlevered Free Cash Flow, 2 Yr. CAGR %	65.92	-57.74	-27.71	156.58	29.42
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.05	2.52	12.73	1.74	24.09
Gross Profit, 3 Yr. CAGR %	14.12	1.54	2.97	-6.82	30.69
EBITDA, 3 Yr. CAGR %	14.32	2.52	2.94	-7.47	30.59
EBITA, 3 Yr. CAGR %	28.45	30.81	6.68	-14.75	44.35
EBIT, 3 Yr. CAGR %	29.25	32.15	6.19	-15.18	45.22
Earnings From Cont. Operations, 3 Yr. CAGR %	88.88	7.63	179.37	-26.47	57.71
Net Income, 3 Yr. CAGR %	113.76	-9.21	-48.19	-37.62	43.5
Normalized Net Income, 3 Yr. CAGR %	76.6	13.43	-43.34	-27.74	54.25
Diluted EPS Before Extra, 3 Yr. CAGR %	114.18	-11.54	-50.06	-42.17	28.35
Accounts Receivable, 3 Yr. CAGR %	-39.28	-4.03	-1.32	90.78	45.74
Inventory, 3 Yr. CAGR %	43.53	31.68	-2.21	-4.24	-1.52
Net Property, Plant and Equip., 3 Yr. CAGR %	-3.26	-2.98	-2.22	6.27	6.05
Total Assets, 3 Yr. CAGR %	-0.59	-0.34	-1.09	4.79	6.87
Tangible Book Value, 3 Yr. CAGR %	28.21	53.39	59.74	19.46	22.03
Common Equity, 3 Yr. CAGR %	15.37	28.33	31.38	20.99	22.79
Cash From Operations, 3 Yr. CAGR %	13.8	-10.1	10.85	-14.19	47.85
Capital Expenditures, 3 Yr. CAGR %	19.71	5.83	15.36	16.69	24.13
Levered Free Cash Flow, 3 Yr. CAGR %	25.33	-41.33	41.99	-36.29	174.48
Unlevered Free Cash Flow, 3 Yr. CAGR %	17.01	-49.19	24.99	-30.53	158.08
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	11.32	-2.86	3.44	8.26	15.43
Gross Profit, 5 Yr. CAGR %	22.77	-5.03	-3.17	7.48	20.28
EBITDA, 5 Yr. CAGR %	23.36	-5.31	-3.67	7.99	20.6
EBITA, 5 Yr. CAGR %	47.61	-8.59	-8.07	26.5	38.42
EBIT, 5 Yr. CAGR %	51.07	-8.72	-8.43	27.21	39.25
Earnings From Cont. Operations, 5 Yr. CAGR %	56.29	-6.79	-2.22	13.38	179.5
Net Income, 5 Yr. CAGR %	34.3	3.22	-33.32	-6.81	51.09
Normalized Net Income, 5 Yr. CAGR %	48.45	5.81	-42.34	8.85	84.07
Diluted EPS Before Extra, 5 Yr. CAGR %	25.95	2.27	-34.02	-11.88	39.14
Accounts Receivable, 5 Yr. CAGR %	-30.93	-2.08	4.44	13.02	12.27
Inventory, 5 Yr. CAGR %	11.77	24.13	13.82	6.73	14.88
Net Property, Plant and Equip., 5 Yr. CAGR %	-3.97	-4.3	-2.64	2.37	2.38
Total Assets, 5 Yr. CAGR %	-3.08	-3.25	-2.13	3.42	4.47
Tangible Book Value, 5 Yr. CAGR %	27.72	22.19	19.18	39.8	49.55
Common Equity, 5 Yr. CAGR %	13.38	12.04	11.05	27.56	33.43
Cash From Operations, 5 Yr. CAGR %	28.71	-18.89	1.33	7.08	14.64
Capital Expenditures, 5 Yr. CAGR %	-5.87	-3.28	18.92	13.7	15.97
Levered Free Cash Flow, 5 Yr. CAGR %	45.64	-42.84	-2.01	2.65	40.34
Unlevered Free Cash Flow, 5 Yr. CAGR %	83.55	-43.69	-3.55	-1.65	26.75