Cash flow China Southern Airlines Company Limited

Equities

1055

CNE1000002T6

Airlines

Market Closed - Hong Kong S.E. Other stock markets 03:08:15 2025-01-17 am EST			5-day change	1st Jan Change
3.960 ^HKD	0.00%		+7.03%	-2.94%

Jan. 15	China Southern Airlines' Passenger Capacity Rises 3% in December 2024	MT
Dec. 21	XinSheng Technology Co., Ltd announced that it has received funding from China XD Electric Co., Ltd, China Southern Airlines Company Limited, China Xiong'an Group Fund Management Co., Ltd.	CI

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Published financial data: CHINA SOUTHERN AIRLINES COMPANY LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	152B	90.31B	98.53B	83.4B	155B
Other Revenues, Total	2.69B	2.26B	3.12B	3.65B	5.32B
Total Revenues	154B	92.56B	102B	87.06B	160B
Cost of Goods Sold, Total	136B	94.96B	105B	106B	148B
Gross Profit	18.63B	-2.4B	-2.86B	-18.94B	12.34B
Selling General & Admin Expenses, Total	11.96B	9.24B	8.43B	8.12B	10.41B
Provision for Bad Debts	11M	10M	-	19M	11M
R&D Expenses	352M	367M	381M	389M	511M
Other Operating Expenses	-3.74B	-3.11B	-3.05B	-3.13B	-2.41B
Other Operating Expenses, Total	8.59B	6.5B	5.76B	5.39B	8.52B
Operating Income	10.04B	-8.9B	-8.62B	-24.33B	3.82B
Interest Expense, Total	-5.84B	-6.72B	-6.2B	-6.01B	-5.93B
Interest And Investment Income	299M	322M	959M	1.01B	361M
Net Interest Expenses	-5.55B	-6.39B	-5.24B	-4.99B	-5.57B
Currency Exchange Gains (Loss)	-1.47B	3.48B	1.58B	-3.62B	-687M
Other Non Operating Income (Expenses)	-219M	-238M	-72M	-50M	-137M
EBT, Excl. Unusual Items	2.81B	-12.05B	-12.36B	-32.99B	-2.57B
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	265M	-348M	-309M	-388M	-814M
Gain (Loss) On Sale Of Assets	148M	-22M	399M	330M	409M
Asset Writedown	-18M	-3.96B	-2.58B	-449M	-3M
Other Unusual Items	868M	1.19B	945M	1.97B	1.34B
EBT, Incl. Unusual Items	4.07B	-15.19B	-13.9B	-31.53B	-1.64B
Income Tax Expense	975M	-3.37B	-2.89B	2.17B	1.44B
Earnings From Continuing Operations	3.1B	-11.82B	-11.01B	-33.7B	-3.08B
Net Income to Company	3.1B	-11.82B	-11.01B	-33.7B	-3.08B
Minority Interest	-444M	978M	-1.09B	1.02B	-1.13B
Net Income - (IS)	2.65B	-10.84B	-12.1B	-32.68B	-4.21B
Net Income to Common Incl Extra Items	2.65B	-10.84B	-12.1B	-32.68B	-4.21B
Net Income to Common Excl. Extra Items	2.65B	-10.84B	-12.1B	-32.68B	-4.21B
Per Share Items
Net EPS - Basic	0.22	-0.77	-0.75	-1.9	-0.23
Basic EPS - Continuing Operations	0.22	-0.77	-0.75	-1.9	-0.23
Basic Weighted Average Shares Outstanding	12.27B	14.06B	16.2B	17.2B	18.12B
Net EPS - Diluted	0.22	-0.77	-0.75	-1.9	-0.23
Diluted EPS - Continuing Operations	0.22	-0.77	-0.75	-1.9	-0.23
Diluted Weighted Average Shares Outstanding	12.27B	14.06B	16.2B	17.2B	18.12B
Normalized Basic EPS	0.11	-0.47	-0.54	-1.14	-0.15
Normalized Diluted EPS	0.11	-0.47	-0.54	-1.14	-0.15
Dividend Per Share	-	-	-	-	-
Payout Ratio	287.7	-61.3	-52.5	-19.46	-153.1
American Depositary Receipts Ratio (ADR)	50	50	50	50	50
Supplemental Items
EBITDA	19.18B	54M	356M	-15.5B	14.12B
EBITA	10.16B	-8.76B	-8.47B	-24.15B	3.98B
EBIT	10.04B	-8.9B	-8.62B	-24.33B	3.82B
EBITDAR	21.46B	1.55B	1.86B	-14.17B	15.92B
Effective Tax Rate - (Ratio)	23.96	22.17	20.8	-6.89	-87.36
Total Current Taxes	1.62B	1.76B	2.19B	1.85B	1.22B
Total Deferred Taxes	-646M	-5.13B	-5.09B	320M	220M
Normalized Net Income	1.31B	-6.55B	-8.82B	-19.6B	-2.74B
Interest Capitalized	1.28B	363M	701M	690M	672M
Interest on Long-Term Debt	6.74B	5.92B	4.46B	3.9B	3.6B
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
Advertising Expense	314M	121M	140M	80M	120M
Selling and Marketing Expenses	7.92B	5.25B	4.99B	4.56B	6.63B
General and Administrative Expenses	4.04B	3.99B	3.44B	3.56B	3.78B
Research And Development Expense From Footnotes	352M	367M	381M	389M	511M
Net Rental Expense, Total	2.28B	1.5B	1.5B	1.33B	1.8B
Imputed Operating Lease Interest Expense	833M	440M	416M	343M	453M
Imputed Operating Lease Depreciation	1.45B	1.06B	1.09B	985M	1.35B
Maintenance & Repair Expenses, Total	8.56B	10.5B	9.17B	-	-
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.99B	25.82B	21.84B	20.24B	9.92B
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	-	-	-	2M	3.16B
Total Cash And Short Term Investments	1.99B	25.82B	21.84B	20.24B	13.08B
Accounts Receivable, Total	3.2B	2.56B	3.04B	2.81B	3.5B
Other Receivables	2.36B	1.96B	1.28B	1.94B	1.64B
Total Receivables	5.56B	4.51B	4.31B	4.75B	5.14B
Inventory	1.89B	1.98B	1.69B	1.4B	1.67B
Prepaid Expenses	1.14B	275M	442M	348M	250M
Other Current Assets, Total	6.16B	6.4B	9.58B	6.03B	7.59B
Total Current Assets	16.74B	38.98B	37.87B	32.77B	27.74B
Gross Property Plant And Equipment	419B	423B	423B	430B	443B
Accumulated Depreciation	-145B	-159B	-167B	-179B	-193B
Net Property Plant And Equipment	274B	264B	255B	251B	249B
Long-term Investments	7.6B	6.56B	6.64B	6.94B	10.39B
Other Intangibles, Total	3.71B	6.16B	6.56B	6.55B	6.63B
Accounts Receivable Long-Term	-	-	645M	744M	559M
Deferred Tax Assets Long-Term	2.7B	7.75B	12.83B	12.47B	12.28B
Deferred Charges Long-Term	652M	887M	768M	624M	517M
Other Long-Term Assets, Total	1.59B	2.04B	2.23B	1.28B	1.71B
Total Assets	307B	326B	323B	312B	309B
Liabilities
Accounts Payable, Total	1.69B	1.73B	1.36B	1.98B	2.49B
Accrued Expenses, Total	17.5B	15.55B	15.35B	16.74B	23.21B
Short-term Borrowings	34.75B	36.28B	49.83B	66.21B	51.36B
Current Portion of Long-Term Debt	2.8B	3.81B	8.09B	19.13B	14.33B
Current Portion of Leases	20B	21.02B	20.9B	22.04B	19.45B
Current Income Taxes Payable	563M	462M	844M	312M	346M
Unearned Revenue Current, Total	11.91B	5.51B	5.26B	4.88B	8.69B
Other Current Liabilities	6.29B	11.31B	9.35B	10.17B	9.56B
Total Current Liabilities	95.49B	95.68B	111B	141B	129B
Long-Term Debt	13.64B	38.13B	38.35B	34.44B	50.52B
Long-Term Leases	114B	101B	82.14B	73.25B	69.33B
Unearned Revenue Non Current	833M	769M	725M	760M	752M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non Current	232M	80M	26M	24M	23M
Other Non Current Liabilities	5.32B	6.01B	6.47B	6.95B	7.16B
Total Liabilities	230B	241B	239B	257B	257B
Common Stock, Total	12.27B	15.33B	16.95B	18.12B	18.12B
Additional Paid In Capital	25.62B	39.05B	47.89B	52.78B	52.76B
Retained Earnings	25.57B	14.72B	2.62B	-30.1B	-34.31B
Comprehensive Income and Other	406M	242M	159M	261M	216M
Total Common Equity	63.86B	69.35B	67.62B	41.06B	36.78B
Minority Interest	13.19B	15.52B	16.63B	14.06B	15.21B
Total Equity	77.05B	84.86B	84.24B	55.11B	52B
Total Liabilities And Equity	307B	326B	323B	312B	309B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	12.27B	15.33B	16.95B	18.12B	18.12B
ECS Total Common Shares Outstanding	12.27B	15.33B	16.95B	18.12B	18.12B
Book Value / Share	5.21	4.52	3.99	2.27	2.03
Tangible Book Value	60.15B	63.19B	61.05B	34.51B	30.16B
Tangible Book Value Per Share	4.9	4.12	3.6	1.9	1.66
Total Debt	185B	200B	199B	215B	205B
Net Debt	183B	174B	177B	195B	192B
Debt Equivalent Oper. Leases	18.24B	11.98B	12.04B	10.62B	14.41B
Minority Interest, Total (Incl. Fin. Div)	13.19B	15.52B	16.63B	14.06B	15.21B
Equity Method Investments, Total	6.44B	5.67B	5.98B	6.2B	6.72B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	1.68B	1.61B	1.56B	1.44B	1.56B
Inventories - Others	264M	219M	173M	153M	217M
Buildings, Total	16.07B	21.5B	23.53B	25.21B	25.09B
Machinery, Total	145B	145B	150B	152B	164B
Full Time Employees	104K	100K	98.1K	97.9K	99.47K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	36M	43M	39M	53M	64M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	2.65B	-10.84B	-12.1B	-32.68B	-4.21B
Depreciation & Amortization - CF	24.17B	24.07B	23.58B	23.55B	26.48B
Amortization of Goodwill and Intangible Assets - (CF)	119M	142M	148M	179M	166M
Depreciation & Amortization, Total	24.29B	24.21B	23.72B	23.73B	26.64B
Amortization of Deferred Charges, Total - (CF)	317M	372M	529M	534M	535M
(Gain) Loss From Sale Of Asset	-140M	-57M	-363M	-318M	-378M
(Gain) Loss on Sale of Investments - (CF)	-3M	426M	-304M	-46M	1.62B
Asset Writedown & Restructuring Costs	18M	3.96B	2.58B	449M	3M
Provision and Write-off of Bad Debts	11M	10M	-	-3M	11M
Other Operating Activities, Total	6.98B	2.33B	5.49B	8.04B	6.46B
Change In Accounts Receivable	1.07B	1.31B	-1.48B	1.43B	-1.77B
Change In Inventories	-199M	77M	91M	54M	-186M
Change In Accounts Payable	175M	-1.2B	341M	2.64B	7.58B
Change in Unearned Revenues	1.44B	-6.5B	-410M	-225M	3.48B
Change In Income Taxes	2.13B	105M	367M	-448M	109M
Change In Deferred Taxes	-646M	-5.13B	-5.09B	320M	220M
Change in Other Net Operating Assets	14M	-15M	-2M	-12M	11M
Cash from Operations	38.12B	9.05B	13.37B	3.46B	40.13B
Capital Expenditure	-15.62B	-11.06B	-17.14B	-11.7B	-11.37B
Sale of Property, Plant, and Equipment	814M	2.85B	990M	4.8B	1.74B
Cash Acquisitions	176M	-	-	-	-
Divestitures	-	-	-	724M	-
Investment in Marketable and Equity Securities, Total	-487M	-244M	57M	183M	-8.57B
Other Investing Activities, Total	495M	703M	941M	583M	693M
Cash from Investing	-14.62B	-7.75B	-15.15B	-5.41B	-17.51B
Long-Term Debt Issued, Total	84.97B	145B	168B	107B	83.68B
Total Debt Issued	84.97B	145B	168B	107B	83.68B
Long-Term Debt Repaid, Total	-106B	-136B	-165B	-105B	-110B
Total Debt Repaid	-106B	-136B	-165B	-105B	-110B
Issuance of Common Stock	-	15.95B	-	6.05B	-
Common Dividends Paid	-7.63B	-6.65B	-6.35B	-6.36B	-6.44B
Common & Preferred Stock Dividends Paid	-7.63B	-6.65B	-6.35B	-6.36B	-6.44B
Other Financing Activities, Total	-82M	3.58B	475M	-798M	68M
Cash from Financing	-28.85B	22.3B	-2.17B	299M	-33.01B
Foreign Exchange Rate Adjustments	6M	-24M	-17M	76M	25M
Net Change in Cash	-5.34B	23.57B	-3.96B	-1.57B	-10.36B
Supplemental Items
Cash Income Tax Paid (Refund)	2.9B	2.44B	2.95B	-2B	3.23B
Levered Free Cash Flow	15.79B	1.76B	-7.4B	-992M	22.58B
Unlevered Free Cash Flow	19.45B	5.96B	-3.52B	2.76B	26.28B
Change In Net Working Capital	-4.18B	2B	5.25B	-5.4B	-8.08B
Net Debt Issued / Repaid	-21.14B	9.42B	3.71B	1.41B	-26.63B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.27	-1.76	-1.66	-4.79	0.77
Return on Total Capital	2.69	-2.03	-1.9	-5.49	0.9
Return On Equity %	3.99	-14.6	-13.02	-48.36	-5.75
Return on Common Equity	4.11	-16.28	-17.67	-60.15	-10.81
Margin Analysis
Gross Profit Margin %	12.07	-2.59	-2.81	-21.75	7.72
SG&A Margin	7.75	9.98	8.29	9.32	6.51
EBITDA Margin %	12.43	0.06	0.35	-17.8	8.83
EBITA Margin %	6.59	-9.46	-8.33	-27.74	2.49
EBIT Margin %	6.51	-9.62	-8.48	-27.95	2.39
Income From Continuing Operations Margin %	2.01	-12.77	-10.83	-38.71	-1.93
Net Income Margin %	1.72	-11.71	-11.91	-37.54	-2.63
Net Avail. For Common Margin %	1.72	-11.71	-11.91	-37.54	-2.63
Normalized Net Income Margin	0.85	-7.08	-8.67	-22.52	-1.71
Levered Free Cash Flow Margin	10.23	1.9	-7.28	-1.14	14.12
Unlevered Free Cash Flow Margin	12.6	6.44	-3.46	3.17	16.43
Asset Turnover
Asset Turnover	0.56	0.29	0.31	0.27	0.51
Fixed Assets Turnover	0.64	0.34	0.39	0.34	0.64
Receivables Turnover (Average Receivables)	49.5	31.39	35.24	28.54	48.99
Inventory Turnover (Average Inventory)	75.55	47.92	57.03	68.54	96.09
Short Term Liquidity
Current Ratio	0.18	0.41	0.34	0.23	0.21
Quick Ratio	0.08	0.32	0.24	0.18	0.14
Operating Cash Flow to Current Liabilities	0.4	0.09	0.12	0.02	0.31
Days Sales Outstanding (Average Receivables)	7.37	11.66	10.36	12.79	7.45
Days Outstanding Inventory (Average Inventory)	4.83	7.64	6.4	5.33	3.8
Average Days Payable Outstanding	4.91	6.59	5.42	5.77	5.51
Cash Conversion Cycle (Average Days)	7.3	12.71	11.34	12.35	5.74
Long Term Solvency
Total Debt/Equity