Cash flow Thal Limited

Equities

THALL

PK0011301014

Auto, Truck & Motorcycle Parts

End-of-day quote Pakistan S.E. Other stock markets 13/09/2024			5-day change	1st Jan Change
404.94 ^PKR	+1.23%		-3.53%	+37.27%

09-11	Thal Limited Reports Earnings Results for the Full Year Ended June 30, 2024	CI
04-29	Thal Limited Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2024	CI

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Published financial data: THAL LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2018	2019	2020	2021	2022
Revenues	20.31B	23.54B	17.2B	29.64B	39.82B
Total Revenues	20.31B	23.54B	17.2B	29.64B	39.82B
Cost of Goods Sold, Total	16.28B	19.47B	15.26B	24.92B	33.34B
Gross Profit	4.03B	4.08B	1.95B	4.72B	6.48B
Selling General & Admin Expenses, Total	1.84B	1.56B	1.53B	2B	2.37B
Provision for Bad Debts	-	-	46.69M	10.14M	-
Other Operating Expenses	-1.39B	-1.54B	-1.76B	-1.95B	-2.02B
Other Operating Expenses, Total	451M	20.3M	-184M	61M	342M
Operating Income	3.57B	4.06B	2.13B	4.66B	6.14B
Interest Expense, Total	-221K	-14.62M	-154M	-146M	-308M
Interest And Investment Income	384M	793M	872M	521M	739M
Net Interest Expenses	383M	778M	718M	375M	431M
Income (Loss) On Equity Invest.	941M	941M	1.35B	2.54B	2.41B
Currency Exchange Gains (Loss)	1.78M	-6.86M	-24.84M	83.73M	-307M
Other Non Operating Income (Expenses)	-9.98M	-10.22M	-18.59M	-28.16M	21.87M
EBT, Excl. Unusual Items	4.89B	5.76B	4.15B	7.63B	8.69B
Gain (Loss) On Sale Of Investments	201M	-33.28M	163M	121M	130M
Gain (Loss) On Sale Of Assets	7.78M	29.9M	11.45M	48.73M	16.43M
Asset Writedown	-	-146M	-	-156M	43K
Insurance Settlements	-	-	295K	31.85M	7.05M
Legal Settlements	-	-	-	-	-
Other Unusual Items	68K	2.01M	-	106M	7.57M
EBT, Incl. Unusual Items	5.1B	5.61B	4.33B	7.78B	8.85B
Income Tax Expense	1.55B	1.65B	1.1B	1.87B	2.52B
Earnings From Continuing Operations	3.55B	3.96B	3.23B	5.91B	6.33B
Net Income to Company	3.55B	3.96B	3.23B	5.91B	6.33B
Minority Interest	-380M	-381M	-345M	-476M	-518M
Net Income - (IS)	3.17B	3.58B	2.89B	5.43B	5.81B
Net Income to Common Incl Extra Items	3.17B	3.58B	2.89B	5.43B	5.81B
Net Income to Common Excl. Extra Items	3.17B	3.58B	2.89B	5.43B	5.81B
Per Share Items
Net EPS - Basic	39.14	44.2	35.63	67.06	71.71
Basic EPS - Continuing Operations	39.14	44.2	35.63	67.06	71.71
Basic Weighted Average Shares Outstanding	81.03M	81.03M	81.03M	81.03M	81.03M
Net EPS - Diluted	39.14	44.2	35.63	67.06	71.71
Diluted EPS - Continuing Operations	39.14	44.2	35.63	67.06	71.71
Diluted Weighted Average Shares Outstanding	81.03M	81.03M	81.03M	81.03M	81.03M
Normalized Basic EPS	33.03	39.71	27.77	52.97	60.65
Normalized Diluted EPS	33.03	39.71	27.77	52.97	60.65
Dividend Per Share	13.5	8	5	10	7.5
Payout Ratio	60.35	32.15	31.68	17.6	22.67
Supplemental Items
EBITDA	4.06B	4.61B	2.99B	5.64B	7.3B
EBITA	3.58B	4.06B	2.16B	4.7B	6.18B
EBIT	3.57B	4.06B	2.13B	4.66B	6.14B
EBITDAR	4.08B	4.65B	3.03B	5.68B	7.31B
Effective Tax Rate - (Ratio)	30.35	29.38	25.31	24.04	28.51
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	1.45B	1.49B	1.03B	1.55B	2.29B
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-3.59M	51.35M	67.28M	317M	235M
Normalized Net Income	2.68B	3.22B	2.25B	4.29B	4.91B
Interest on Long-Term Debt	-	-	111M	120M	287M
Supplemental Operating Expense Items
Advertising Expense	17.41M	14.22M	9.59M	9.92M	16.47M
Selling and Marketing Expenses	229M	296M	203M	565M	759M
General and Administrative Expenses	1.6B	1.25B	1.3B	1.42B	1.59B
Research And Development Expense From Footnotes	7.34M	9.1M	14.02M	3.95M	7.04M
Net Rental Expense, Total	24.31M	33.72M	34.94M	37.52M	18.18M
Imputed Operating Lease Interest Expense	1.23M	28.72M	42.24M	22.74M	13.86M
Imputed Operating Lease Depreciation	23.08M	5.01M	-7.3M	14.78M	4.32M

Fiscal Period: June	2018	2019	2020	2021	2022
Assets
Cash And Equivalents	1.33B	1.07B	1.38B	2.68B	3.06B
Short Term Investments	2.47B	2.51B	3.22B	-	-
Trading Asset Securities, Total	6.06B	4.46B	4.02B	6.98B	5.98B
Total Cash And Short Term Investments	9.86B	8.03B	8.62B	9.66B	9.03B
Accounts Receivable, Total	1.59B	2.43B	2.64B	3.46B	3.96B
Other Receivables	138M	448M	272M	733M	985M
Notes Receivable	26.53M	5.05M	4M	-	-
Total Receivables	1.76B	2.88B	2.92B	4.2B	4.95B
Inventory	4.18B	5.92B	6.09B	8.28B	11.05B
Prepaid Expenses	38.93M	33.76M	51.77M	44.97M	46.22M
Other Current Assets, Total	730M	906M	474M	664M	1.98B
Total Current Assets	16.57B	17.78B	18.15B	22.85B	27.06B
Gross Property Plant And Equipment	4.28B	5.99B	7.37B	8.5B	11.14B
Accumulated Depreciation	-2.33B	-2.63B	-3.15B	-3.72B	-4.48B
Net Property Plant And Equipment	1.95B	3.37B	4.22B	4.78B	6.66B
Long-term Investments	4.62B	5.4B	7.82B	10.52B	14.93B
Other Intangibles, Total	17.52M	94.19M	179M	126M	77.19M
Loans Receivable Long-Term	9.05M	4M	-	-	-
Deferred Tax Assets Long-Term	191M	140M	73.43M	-	-
Other Long-Term Assets, Total	6.75B	6.47B	6.77B	6.52B	6.29B
Total Assets	30.11B	33.25B	37.22B	44.79B	55.01B
Liabilities
Accounts Payable, Total	607M	711M	710M	1.48B	2.23B
Accrued Expenses, Total	1.59B	1.62B	1.59B	1.96B	2.35B
Short-term Borrowings	60.75M	274M	438M	528M	702M
Current Portion of Long-Term Debt	-	-	49.79M	109M	383M
Current Portion of Leases	-	-	104M	120M	123M
Current Income Taxes Payable	96.92M	90.71M	261M	413M	1.15B
Unearned Revenue Current, Total	13.17M	17.61M	61.83M	46.9M	220M
Other Current Liabilities	571M	644M	950M	1.58B	1.94B
Total Current Liabilities	2.94B	3.36B	4.16B	6.23B	9.1B
Long-Term Debt	-	-	395M	415M	2.28B
Long-Term Leases	-	-	779M	906M	894M
Unearned Revenue Non Current	-	-	-	22.31M	333M
Deferred Tax Liability Non Current	-	-	-	243M	478M
Other Non Current Liabilities	320M	324M	329M	340M	340M
Total Liabilities	3.26B	3.68B	5.66B	8.16B	13.42B
Common Stock, Total	405M	405M	405M	405M	405M
Additional Paid In Capital	12.22M	12.22M	12.22M	12.22M	12.22M
Retained Earnings	19.73B	22.41B	24.51B	29.33B	34.27B
Comprehensive Income and Other	220M	150M	177M	315M	254M
Total Common Equity	20.36B	22.97B	25.1B	30.06B	34.94B
Minority Interest	6.48B	6.6B	6.45B	6.57B	6.66B
Total Equity	26.85B	29.57B	31.55B	36.63B	41.59B
Total Liabilities And Equity	30.11B	33.25B	37.22B	44.79B	55.01B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	81.03M	81.03M	81.03M	81.03M	81.03M
ECS Total Common Shares Outstanding	81.03M	81.03M	81.03M	81.03M	81.03M
Book Value / Share	251.3	283.52	309.79	371.04	431.17
Tangible Book Value	20.35B	22.88B	24.92B	29.94B	34.86B
Tangible Book Value Per Share	251.09	282.36	307.58	369.48	430.21
Total Debt	60.75M	274M	1.77B	2.08B	4.38B
Net Debt	-9.8B	-7.76B	-6.86B	-7.59B	-4.65B
Debt Equivalent Oper. Leases	194M	270M	280M	300M	145M
Minority Interest, Total (Incl. Fin. Div)	6.48B	6.6B	6.45B	6.57B	6.66B
Equity Method Investments, Total	3.01B	5.25B	7.65B	10.22B	14.67B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	3.29B	4.89B	5.09B	7.14B	8.98B
Inventories - Work In Process, Total	227M	247M	377M	561M	810M
Inventories - Finished Goods, Total	526M	654M	674M	637M	1.26B
Inventories - Others	137M	135M	142M	158M	332M
Land - (BS)	242M	241M	22.99M	22.99M	22.99M
Buildings, Total	845M	1.47B	1.68B	1.77B	2.06B
Machinery, Total	2.78B	4.14B	5.39B	5.7B	7.73B
Full Time Employees	4.83K	4.07K	4.52K	4.37K	5.19K
Accumulated Allowance for Doubtful Accounts (Supple)	17.89M	53.21M	216M	83.63M	80.3M

Fiscal Period: June	2018	2019	2020	2021	2022
Net Income	3.17B	3.58B	2.89B	5.43B	5.81B
Depreciation & Amortization - CF	477M	555M	876M	990M	1.18B
Amortization of Goodwill and Intangible Assets - (CF)	5M	1.19M	26.65M	45.18M	46.14M
Depreciation & Amortization, Total	482M	557M	902M	1.03B	1.22B
Amortization of Deferred Charges, Total - (CF)	2.26M	10.26M	19.53M	19.33M	16.12M
(Gain) Loss From Sale Of Asset	-7.78M	-29.9M	-11.45M	-47.01M	-15.41M
(Gain) Loss on Sale of Investments - (CF)	-201M	33.28M	-163M	-121M	-130M
Asset Writedown & Restructuring Costs	-	146M	-	154M	-1.06M
Net (Increase) Decrease in Loans Originated / Sold - Operating	1.94M	5.05M	4M	-	-
Provision for Credit Losses	-	-	164M	-	-
(Income) Loss On Equity Investments - (CF)	-941M	-941M	-1.35B	-2.54B	-2.41B
Provision and Write-off of Bad Debts	2.9M	36.36M	46.69M	-122M	-1.27M
Other Operating Activities, Total	123M	-366M	-244M	298M	849M
Change In Accounts Receivable	-501M	-875M	-419M	-708M	-494M
Change In Inventories	-1.08B	-1.74B	-165M	-2.19B	-2.78B
Change In Accounts Payable	400M	150M	291M	1.8B	1.6B
Change in Unearned Revenues	3.15M	-1.67M	11.01M	-	-
Change in Other Net Operating Assets	-232M	-408M	294M	-747M	-1.53B
Cash from Operations	1.22B	159M	2.27B	2.27B	2.14B
Capital Expenditure	-1.11B	-1.95B	-1.4B	-1.12B	-2.72B
Sale of Property, Plant, and Equipment	18.82M	53.54M	23.06M	75.18M	44.07M
Sale (Purchase) of Real Estate properties	-	-	-119M	-221M	-123M
Sale (Purchase) of Intangible assets	-	-	-131M	-11.84M	-13.29M
Investment in Marketable and Equity Securities, Total	-3.06B	934M	-916M	-2.27B	-1.59B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	1.13B	1.46B	1.09B	948M	1.36B
Cash from Investing	-3.02B	502M	-1.45B	-2.6B	-3.04B
Short Term Debt Issued, Total	-	-	164M	216M	236M
Long-Term Debt Issued, Total	-	-	424M	163M	2.54B
Total Debt Issued	-	-	588M	379M	2.78B
Long-Term Debt Repaid, Total	-	-	-8.47M	-24.89M	-118M
Total Debt Repaid	-	-	-8.47M	-24.89M	-118M
Common Dividends Paid	-1.91B	-1.15B	-915M	-956M	-1.32B
Common & Preferred Stock Dividends Paid	-1.91B	-1.15B	-915M	-956M	-1.32B
Other Financing Activities, Total	225M	-	-	-	-
Cash from Financing	-1.69B	-1.15B	-335M	-602M	1.35B
Net Change in Cash	-3.49B	-491M	486M	-936M	439M
Supplemental Items
Cash Interest Paid	221K	14.4M	154M	173M	251M
Cash Income Tax Paid (Refund)	1.42B	1.6B	858M	1.4B	1.55B
Levered Free Cash Flow	499M	-1.75B	987M	736M	-281M
Unlevered Free Cash Flow	499M	-1.74B	1.08B	827M	-88.79M
Change In Net Working Capital	1.11B	2.89B	-359M	2B	2.43B
Net Debt Issued / Repaid	-	-	580M	354M	2.66B

Fiscal Period: June	2018	2019	2020	2021	2022
Profitability
Return on Assets	7.74	8	3.78	7.1	7.69
Return on Total Capital	8.61	8.94	4.22	8.08	9.06
Return On Equity %	13.71	14.05	10.57	17.33	16.18
Return on Common Equity	16.18	16.53	12.01	19.7	17.88
Margin Analysis
Gross Profit Margin %	19.82	17.31	11.31	15.92	16.27
SG&A Margin	9.07	6.63	8.87	6.76	5.94
EBITDA Margin %	19.97	19.59	17.38	19.04	18.32
EBITA Margin %	17.62	17.23	12.54	15.87	15.53
EBIT Margin %	17.6	17.22	12.38	15.71	15.41
Income From Continuing Operations Margin %	17.49	16.83	18.79	19.94	15.89
Net Income Margin %	15.62	15.21	16.78	18.33	14.59
Net Avail. For Common Margin %	15.62	15.21	16.78	18.33	14.59
Normalized Net Income Margin	13.18	13.67	13.08	14.48	12.34
Levered Free Cash Flow Margin	2.46	-7.41	5.74	2.48	-0.71
Unlevered Free Cash Flow Margin	2.46	-7.37	6.3	2.79	-0.22
Asset Turnover
Asset Turnover	0.7	0.74	0.49	0.72	0.8