Balance Sheet Luzhou Laojiao Co.,Ltd

Equities

000568

CNE000000GF2

Distillers & Wineries

End-of-day quote Shenzhen S.E. Other stock markets 20/09/2024			5-day change	1st Jan Change
101.37 ^CNY	-0.13%		-1.20%	-43.50%

02/09	Luzhou Laojiao's H1 Profit Rises 13%, Operating Income Up 16%	MT
30/08	Luzhou Laojiao Co.,Ltd Reports Earnings Results for the Half Year Ended June 30, 2024	CI

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Published financial data: LUZHOU LAOJIAO CO.,LTD

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	15.62B	16.45B	20.42B	24.77B	29.83B
Other Revenues, Total	201M	205M	227M	357M	401M
Total Revenues	15.82B	16.65B	20.64B	25.12B	30.23B
Cost of Goods Sold, Total	3.07B	2.82B	2.95B	3.37B	3.54B
Gross Profit	12.75B	13.83B	17.69B	21.75B	26.7B
Selling General & Admin Expenses, Total	5.02B	3.94B	4.66B	4.61B	5.11B
Provision for Bad Debts	384K	-894K	6.33K	241K	965K
R&D Expenses	71.64M	85.86M	138M	206M	226M
Other Operating Expenses	1.98B	2.22B	2.86B	3.52B	4.13B
Other Operating Expenses, Total	7.06B	6.24B	7.66B	8.34B	9.47B
Operating Income	5.69B	7.59B	10.03B	13.41B	17.22B
Interest Expense, Total	-140M	-190M	-197M	-231M	-489M
Interest And Investment Income	499M	535M	622M	610M	949M
Net Interest Expenses	360M	345M	425M	379M	460M
Currency Exchange Gains (Loss)	1.92M	-8.94M	-3.65M	16.07M	2.2M
Other Non Operating Income (Expenses)	-2.13M	-2.2M	78.85M	-5M	-4.4M
EBT, Excl. Unusual Items	6.05B	7.92B	10.53B	13.8B	17.68B
Gain (Loss) On Sale Of Investments	-	-	6.35M	-12.02M	62.99M
Gain (Loss) On Sale Of Assets	27.18M	8.12M	-347K	19.81M	44.69M
Asset Writedown	-3.97M	-4.04M	-807K	-10.78M	1.35M
Other Unusual Items	32.46M	15.16M	12.32M	53.58M	14.72M
EBT, Incl. Unusual Items	6.1B	7.94B	10.55B	13.85B	17.81B
Income Tax Expense	1.46B	1.98B	2.61B	3.44B	4.52B
Earnings From Continuing Operations	4.64B	5.96B	7.94B	10.41B	13.29B
Net Income to Company	4.64B	5.96B	7.94B	10.41B	13.29B
Minority Interest	-247K	47.21M	18.29M	-45.21M	-42.27M
Net Income - (IS)	4.64B	6.01B	7.96B	10.37B	13.25B
Net Income to Common Incl Extra Items	4.64B	6.01B	7.96B	10.37B	13.25B
Net Income to Common Excl. Extra Items	4.64B	6.01B	7.96B	10.37B	13.25B
Per Share Items
Net EPS - Basic	3.17	4.1	5.43	7.06	9.02
Basic EPS - Continuing Operations	3.17	4.1	5.43	7.06	9.02
Basic Weighted Average Shares Outstanding	1.46B	1.46B	1.47B	1.47B	1.47B
Net EPS - Diluted	3.17	4.1	5.43	7.06	9.02
Diluted EPS - Continuing Operations	3.17	4.1	5.43	7.06	9.02
Diluted Weighted Average Shares Outstanding	1.46B	1.46B	1.47B	1.47B	1.47B
Normalized Basic EPS	2.58	3.41	4.51	5.85	7.5
Normalized Diluted EPS	2.58	3.41	4.51	5.85	7.5
Dividend Per Share	1.59	2.05	3.24	4.22	5.4
Payout Ratio	51.49	40.27	39.83	47.41	49.3
Supplemental Items
EBITDA	5.85B	7.89B	10.58B	14.06B	17.89B
EBITA	5.7B	7.6B	10.09B	13.49B	17.3B
EBIT	5.69B	7.59B	10.03B	13.41B	17.22B
EBITDAR	5.86B	7.91B	10.65B	14.14B	17.97B
Total Revenues (As Reported)	15.82B	16.65B	20.64B	25.12B	30.23B
Effective Tax Rate - (Ratio)	23.95	24.95	24.77	24.86	25.37
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	1.7B	2.03B	2.87B	3.42B	4.12B
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-240M	-48.98M	-259M	21.45M	398M
Normalized Net Income	3.78B	5B	6.6B	8.58B	11.01B
Interest Capitalized	11.82M	75.3M	22.31M	-	35.11K
Interest on Long-Term Debt	43.35M	209M	169M	123M	97.9M
Supplemental Operating Expense Items
Advertising Expense	-	2.39B	2.91B	2.59B	3.09B
Marketing Expenses	3.31B	-	-	-	-
Selling and Marketing Expenses	4.19B	3.09B	3.6B	3.45B	3.97B
General and Administrative Expenses	829M	844M	1.06B	1.16B	1.14B
Research And Development Expense From Footnotes	86.84M	112M	169M	206M	226M
Net Rental Expense, Total	7.33M	18.06M	70.8M	84.84M	82.86M
Imputed Operating Lease Interest Expense	-	11.72M	30.39M	30.19M	36.23M
Imputed Operating Lease Depreciation	-	6.34M	40.41M	54.66M	46.63M
Maintenance & Repair Expenses, Total	-	-	-	-	-
Stock-Based Comp., COGS (Total)	-	-	-	-	50.89M
Stock-Based Comp., R&D Exp. (Total)	-	-	-	-	25.1M
Stock-Based Comp., S&M Exp. (Total)	-	-	-	-	98.73M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	207M
Stock-Based Comp., Other (Total)	-	-	32.54M	396M	-
Total Stock-Based Compensation	-	-	32.54M	396M	381M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	9.75B	11.62B	13.51B	17.76B	25.95B
Trading Asset Securities, Total	-	-	706M	1.07B	1.43B
Total Cash And Short Term Investments	9.75B	11.62B	14.22B	18.83B	27.38B
Accounts Receivable, Total	2.41B	3.21B	4.76B	4.59B	5.96B
Other Receivables	160M	127M	28.62M	27.82M	26.45M
Total Receivables	2.57B	3.34B	4.79B	4.62B	5.98B
Inventory	3.64B	4.7B	7.28B	9.84B	11.62B
Prepaid Expenses	4.21M	-	-	-	-
Other Current Assets, Total	343M	231M	290M	263M	375M
Total Current Assets	16.31B	19.89B	26.58B	33.55B	45.36B
Gross Property Plant And Equipment	10.37B	10.69B	11.68B	12.37B	13.53B
Accumulated Depreciation	-1.6B	-1.79B	-2.28B	-2.67B	-3.18B
Net Property Plant And Equipment	8.77B	8.9B	9.4B	9.7B	10.35B
Long-term Investments	2.58B	2.82B	2.99B	3.8B	3.11B
Other Intangibles, Total	332M	2.66B	2.61B	3.08B	3.4B
Deferred Tax Assets Long-Term	676M	725M	986M	1.01B	674M
Deferred Charges Long-Term	929K	2.31M	1.46M	710K	960K
Other Long-Term Assets, Total	240M	12.3M	652M	238M	397M
Total Assets	28.92B	35.01B	43.21B	51.39B	63.29B
Liabilities
Accounts Payable, Total	1.87B	2.73B	2.42B	2.31B	2.36B
Accrued Expenses, Total	1.32B	1.94B	2.48B	2.8B	2.46B
Current Portion of Long-Term Debt	-	72.22M	72.22M	67.35M	73.8M
Current Portion of Leases	-	-	13.98M	14.53M	5.11M
Current Income Taxes Payable	663M	606M	1.33B	1.35B	999M
Unearned Revenue Current, Total	-	1.68B	3.51B	2.57B	2.67B
Other Current Liabilities	2.94B	725M	1.12B	1.55B	1.51B
Total Current Liabilities	6.79B	7.75B	10.95B	10.65B	10.07B
Long-Term Debt	2.49B	3.99B	3.99B	6.18B	11.5B
Long-Term Leases	-	-	40.67M	29.1M	22.36M
Unearned Revenue Non Current	23.84M	29.74M	28.53M	33.7M	27.77M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non Current	63.43M	62.15M	67.58M	166M	143M
Total Liabilities	9.37B	11.83B	15.07B	17.06B	21.76B
Common Stock, Total	1.46B	1.46B	1.46B	1.47B	1.47B
Additional Paid In Capital	3.72B	3.72B	3.76B	4.2B	5.19B
Retained Earnings	14.02B	17.7B	22.65B	28.24B	35.29B
Treasury Stock	-	-	-	-639M	-617M
Comprehensive Income and Other	195M	186M	168M	934M	63.13M
Total Common Equity	19.41B	23.07B	28.04B	34.21B	41.39B
Minority Interest	148M	107M	97.01M	121M	140M
Total Equity	19.55B	23.18B	28.14B	34.33B	41.53B
Total Liabilities And Equity	28.92B	35.01B	43.21B	51.39B	63.29B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.46B	1.46B	1.46B	1.47B	1.47B
ECS Total Common Shares Outstanding	1.46B	1.46B	1.46B	1.47B	1.47B
Book Value / Share	13.25	15.75	19.14	23.24	28.12
Tangible Book Value	19.07B	20.42B	25.43B	31.12B	37.99B
Tangible Book Value Per Share	13.02	13.94	17.36	21.15	25.81
Total Debt	2.49B	4.06B	4.12B	6.29B	11.6B
Net Debt	-7.26B	-7.56B	-10.1B	-12.54B	-15.78B
Debt Equivalent Oper. Leases	58.61M	144M	566M	679M	663M
Minority Interest, Total (Incl. Fin. Div)	148M	107M	97.01M	121M	140M
Equity Method Investments, Total	2.23B	2.48B	2.63B	2.67B	2.71B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	59.94M	92.03M	124M	128M	113M
Inventories - Work In Process, Total	2.32B	3.58B	5.26B	7.31B	9.17B
Inventories - Finished Goods, Total	1.25B	1.02B	1.9B	2.41B	2.34B
Inventories - Others	18.78M	79.4K	-	-	-
Buildings, Total	1.27B	5.63B	6.81B	7.58B	7.6B
Machinery, Total	1.85B	3.05B	3.55B	3.92B	4.17B
Full Time Employees	3.23K	3.33K	3.43K	3.6K	3.77K
Accumulated Allowance for Doubtful Accounts (Supple)	973K	79.37K	85.7K	326K	1.29M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	4.64B	6.01B	7.96B	10.37B	13.25B
Depreciation & Amortization - CF	156M	287M	500M	577M	597M
Amortization of Goodwill and Intangible Assets - (CF)	7.48M	18.28M	60.85M	79.11M	74.22M
Depreciation & Amortization, Total	164M	305M	561M	656M	671M
Amortization of Deferred Charges, Total - (CF)	3.83M	3.95M	4.17M	4.98M	6.67M
(Gain) Loss From Sale Of Asset	-27.18M	-8.12M	347K	-9.03M	-44.69M
(Gain) Loss on Sale of Investments - (CF)	-155M	-201M	-209M	-92.69M	-148M
Asset Writedown & Restructuring Costs	3.97M	4.04M	807K	-	-1.35M
Provision and Write-off of Bad Debts	384K	-894K	6.33K	241K	965K
Other Operating Activities, Total	138M	20.84M	28.75M	143M	364M
Change In Accounts Receivable	-21.85M	-742M	-1.48B	279M	-1.51B
Change In Inventories	-411M	-1.05B	-2.58B	-2.56B	-1.78B
Change In Accounts Payable	744M	633M	3.68B	-543M	-556M
Change In Deferred Taxes	-240M	-48.98M	-259M	21.45M	398M
Cash from Operations	4.84B	4.92B	7.7B	8.26B	10.65B
Capital Expenditure	-4.61B	-2.14B	-1.98B	-1.04B	-1.5B
Sale of Property, Plant, and Equipment	33.05M	20.74M	3.54M	66.24M	69.68M
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	12.74M	-80M	-741M	-952M	107M
Other Investing Activities, Total	8.75M	28.71M	38.35M	47.02M	56.97M
Cash from Investing	-4.55B	-2.17B	-2.68B	-1.87B	-1.27B
Long-Term Debt Issued, Total	2.49B	1.49B	-	4.7B	6.85B
Total Debt Issued	2.49B	1.49B	-	4.7B	6.85B
Long-Term Debt Repaid, Total	-	-	-11.86M	-2.51B	-1.53B
Total Debt Repaid	-	-	-11.86M	-2.51B	-1.53B
Issuance of Common Stock	-	-	-	667M	8.29M
Repurchase of Common Stock	-	-	-	-5.57M	-
Common Dividends Paid	-2.39B	-2.42B	-3.17B	-4.91B	-6.53B
Common & Preferred Stock Dividends Paid	-2.39B	-2.42B	-3.17B	-4.91B	-6.53B
Other Financing Activities, Total	-6.31M	7.68M	-2.2M	-11.02M	-15.57M
Cash from Financing	93.44M	-917M	-3.18B	-2.08B	-1.22B
Foreign Exchange Rate Adjustments	1.92M	-8.94M	-3.65M	16.07M	2.2M
Net Change in Cash	386M	1.82B	1.83B	4.33B	8.16B
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Cash Income Tax Paid (Refund)	4.93B	5.24B	6.43B	9.15B	11.87B
Levered Free Cash Flow	-31.12M	1.97B	3.86B	5.61B	6.18B
Unlevered Free Cash Flow	56.13M	2.09B	3.98B	5.75B	6.49B
Change In Net Working Capital	-939M	816M	905M	2.66B	3.84B
Net Debt Issued / Repaid	2.49B	1.49B	-11.86M	2.19B	5.32B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	13.8	14.83	16.03	17.73	18.77
Return on Total Capital	18.15	19.24	21.08	23.01	22.97
Return On Equity %	25.31	27.88	30.93	33.33	35.03
Return on Common Equity	25.53	28.27	31.13	33.3	35.04
Margin Analysis
Gross Profit Margin %	80.62	83.04	85.7	86.59	88.3
SG&A Margin	31.71	23.63	22.55	18.35	16.91
EBITDA Margin %	37	47.39	51.26	55.95	59.16
EBITA Margin %	36.01	45.67	48.9	53.71	57.22
EBIT Margin %	35.97	45.56	48.61	53.39	56.97
Income From Continuing Operations Margin %	29.35	35.78	38.45	41.44	43.95
Net Income Margin %	29.35	36.06	38.54	41.26	43.81
Net Avail. For Common Margin %	29.35	36.06	38.54	41.26	43.81
Normalized Net Income Margin	23.9	30.01	31.98	34.16	36.41
Levered Free Cash Flow Margin