Cash flow Emperor Watch & Jewellery Limited

Equities

887 HK0000047982

Apparel & Accessories Retailers

Market Closed - Hong Kong S.E. Other stock markets 04:08:05 2024-09-13 am EDT			5-day change	1st Jan Change
0.1550 ^HKD	-1.27%		-3.12%	-6.63%

Aug. 21	Emperor Watch & Jewellery Limited Reports Earnings Results for the Half Year Ended June 30, 2024	CI
Aug. 21	Emperor Watch & Jewellery Limited Declares Interim Dividend for Six Months Ended June 30, 2024, Payable on 20 September 2024	CI

10.IfKCMTdWLU_KRgM9yLvIfc8wdWvgJmz7Kt3xo0IZBrQ.VLazaUESVzipFmJwgeT_Ef1WD1qHTi2LYIKezQhTQONGluFwYQVZOb4hdA

Published financial data: EMPEROR WATCH & JEWELLERY LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	4.11B	2.63B	3.93B	3.68B	4.82B
Total Revenues	4.11B	2.63B	3.93B	3.68B	4.82B
Cost of Goods Sold, Total	2.85B	1.79B	2.7B	2.51B	3.37B
Gross Profit	1.26B	840M	1.23B	1.18B	1.45B
Selling General & Admin Expenses, Total	1.07B	766M	954M	882M	1.07B
Other Operating Expenses, Total	1.07B	766M	954M	882M	1.07B
Operating Income	197M	73.57M	275M	296M	380M
Interest Expense, Total	-56.94M	-33.14M	-16.38M	-6.9M	-10.23M
Interest And Investment Income	4.57M	5.48M	8.65M	7.98M	14.6M
Net Interest Expenses	-52.36M	-27.66M	-7.72M	1.09M	4.37M
Currency Exchange Gains (Loss)	-3.59M	3.37M	4.23M	-18.73M	-14.7M
Other Non Operating Income (Expenses)	1.38M	130K	195K	1.84M	207K
EBT, Excl. Unusual Items	143M	49.41M	272M	280M	369M
Gain (Loss) On Sale Of Assets	-3.56M	-1.58M	-1.2M	-2.07M	-2.59M
Asset Writedown	-20.21M	-15.94M	-14.67M	-629K	-
Other Unusual Items	561K	2.91M	50K	162K	931K
EBT, Incl. Unusual Items	119M	34.8M	256M	277M	368M
Income Tax Expense	29.29M	803K	51.57M	55.12M	68.51M
Earnings From Continuing Operations	90.03M	33.99M	205M	222M	299M
Net Income to Company	90.03M	33.99M	205M	222M	299M
Net Income - (IS)	90.03M	33.99M	205M	222M	299M
Net Income to Common Incl Extra Items	90.03M	33.99M	205M	222M	299M
Net Income to Common Excl. Extra Items	90.03M	33.99M	205M	222M	299M
Per Share Items
Net EPS - Basic	0.01	0.01	0.03	0.03	0.04
Basic EPS - Continuing Operations	0.01	0.01	0.03	0.03	0.04
Basic Weighted Average Shares Outstanding	6.78B	6.78B	6.78B	6.78B	6.78B
Net EPS - Diluted	0.01	0.01	0.03	0.03	0.04
Diluted EPS - Continuing Operations	0.01	0.01	0.03	0.03	0.04
Diluted Weighted Average Shares Outstanding	6.78B	6.78B	6.78B	6.78B	6.78B
Normalized Basic EPS	0.01	0	0.03	0.03	0.03
Normalized Diluted EPS	0.01	0	0.03	0.03	0.03
Dividend Per Share	0	0	0.01	0.01	0.01
Payout Ratio	67.77	-	23.18	22.28	31.27
Supplemental Items
EBITDA	334M	215M	404M	423M	520M
EBITA	197M	73.57M	275M	296M	380M
EBIT	197M	73.57M	275M	296M	380M
EBITDAR	431M	289M	516M	532M	649M
Effective Tax Rate - (Ratio)	24.55	2.31	20.12	19.88	18.63
Current Domestic Taxes	26.01M	-	31.86M	34.98M	56.84M
Current Foreign Taxes	8.97M	9.29M	16.31M	20.11M	20.68M
Total Current Taxes	34.98M	9.29M	48.17M	55.09M	77.51M
Total Deferred Taxes	-5.77M	2.27M	5.47M	6.16M	-670K
Normalized Net Income	89.08M	30.88M	170M	175M	231M
Interest on Long-Term Debt	20.68M	16.49M	9.97M	6.21M	10.23M
Supplemental Operating Expense Items
Selling and Marketing Expenses	930M	677M	841M	765M	933M
General and Administrative Expenses	137M	89.26M	114M	116M	138M
Net Rental Expense, Total	97.54M	73.63M	112M	109M	129M
Imputed Operating Lease Interest Expense	34.62M	15.81M	19.84M	16.8M	34.96M
Imputed Operating Lease Depreciation	62.92M	57.82M	91.95M	92.35M	94.23M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	240M	405M	556M	466M	459M
Short Term Investments	-	-	-	198M	161M
Total Cash And Short Term Investments	240M	405M	556M	664M	620M
Accounts Receivable, Total	50.03M	62.61M	54M	51.86M	73.44M
Other Receivables	78.75M	71.38M	99.16M	77.51M	74.29M
Total Receivables	129M	134M	153M	129M	148M
Inventory	3.15B	3.03B	2.71B	2.7B	3.06B
Other Current Assets, Total	22.38M	16.3M	15.37M	8.73M	31.5M
Total Current Assets	3.54B	3.59B	3.44B	3.51B	3.86B
Gross Property Plant And Equipment	3.17B	2.62B	2.47B	2.48B	2.57B
Accumulated Depreciation	-750M	-539M	-646M	-687M	-811M
Net Property Plant And Equipment	2.42B	2.08B	1.82B	1.79B	1.75B
Deferred Tax Assets Long-Term	13.09M	10.9M	5.1M	-	-
Other Long-Term Assets, Total	118M	94.27M	86.27M	85.02M	94.34M
Total Assets	6.09B	5.77B	5.35B	5.38B	5.71B
Liabilities
Accounts Payable, Total	44.36M	45.24M	51.39M	51.36M	122M
Accrued Expenses, Total	6.12M	14.22M	20.69M	34.01M	39.6M
Current Portion of Long-Term Debt	173M	639M	165M	-	-
Current Portion of Leases	286M	227M	160M	201M	178M
Current Income Taxes Payable	65.68M	22.18M	36.46M	50.74M	65.31M
Unearned Revenue Current, Total	11.96M	9.88M	18.65M	13.38M	13M
Other Current Liabilities	71.96M	69.9M	82.38M	83.14M	114M
Total Current Liabilities	659M	1.03B	535M	433M	531M
Long-Term Debt	618M	-	-	-	-
Long-Term Leases	333M	194M	91.11M	99.26M	127M
Deferred Tax Liability Non Current	3.27M	3.36M	2.99M	4.04M	3.46M
Total Liabilities	1.61B	1.22B	629M	537M	662M
Common Stock, Total	3.48B	3.48B	3.48B	3.48B	3.48B
Retained Earnings	1.42B	1.46B	1.61B	1.79B	1.99B
Comprehensive Income and Other	-435M	-393M	-378M	-427M	-431M
Total Common Equity	4.47B	4.55B	4.72B	4.85B	5.05B
Total Equity	4.47B	4.55B	4.72B	4.85B	5.05B
Total Liabilities And Equity	6.09B	5.77B	5.35B	5.38B	5.71B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	6.78B	6.78B	6.78B	6.78B	6.78B
ECS Total Common Shares Outstanding	6.78B	6.78B	6.78B	6.78B	6.78B
Book Value / Share	0.66	0.67	0.7	0.71	0.74
Tangible Book Value	4.47B	4.55B	4.72B	4.85B	5.05B
Tangible Book Value Per Share	0.66	0.67	0.7	0.71	0.74
Total Debt	1.41B	1.06B	417M	300M	305M
Net Debt	1.17B	654M	-139M	-364M	-315M
Debt Equivalent Oper. Leases	780M	589M	894M	873M	1.03B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	44.89M	35.75M	26.38M	23.93M	27.2M
Inventories - Finished Goods, Total	3.1B	2.99B	2.68B	2.68B	3.03B
Land - (BS)	1.8B	1.8B	1.8B	-	1.8B
Buildings, Total	-	-	-	1.8B	-
Machinery, Total	123M	126M	130M	135M	148M
Full Time Employees	1.05K	865	857	839	1.01K
Accumulated Allowance for Doubtful Accounts (Supple)	682K	1.22M	585K	538K	526K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	90.03M	33.99M	205M	222M	299M
Depreciation & Amortization - CF	445M	384M	395M	354M	396M
Depreciation & Amortization, Total	445M	384M	395M	354M	396M
(Gain) Loss From Sale Of Asset	3.56M	1.58M	1.37M	2.07M	2.59M
Asset Writedown & Restructuring Costs	20.21M	15.94M	14.67M	629K	-
Provision and Write-off of Bad Debts	-3.84M	536K	-665K	-	-
Other Operating Activities, Total	76.18M	-15.42M	44.4M	18.12M	7.23M
Change In Accounts Receivable	28.72M	-7.2M	-14.63M	24.57M	-41.32M
Change In Inventories	-62.82M	151M	311M	-27.67M	-362M
Change In Accounts Payable	-159M	7.87M	11.09M	12.25M	104M
Change in Unearned Revenues	1.66M	-2.08M	8.78M	-5.27M	-384K
Change in Other Net Operating Assets	-1.83M	6.14M	-2.28M	4.92M	-2.6M
Cash from Operations	438M	577M	974M	606M	404M
Capital Expenditure	-54.52M	-15.93M	-34.29M	-37.23M	-102M
Sale of Property, Plant, and Equipment	328K	5K	-	3K	-
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-198M	39.11M
Other Investing Activities, Total	1.34M	25.94M	16.85M	14.99M	-3.69M
Cash from Investing	-52.86M	10.02M	-17.44M	-220M	-66.48M
Long-Term Debt Issued, Total	1.08B	130M	400M	300M	-
Total Debt Issued	1.08B	130M	400M	300M	-
Long-Term Debt Repaid, Total	-1.73B	-524M	-1.14B	-710M	-241M
Total Debt Repaid	-1.73B	-524M	-1.14B	-710M	-241M
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-61.02M	-	-47.46M	-49.49M	-93.56M
Common & Preferred Stock Dividends Paid	-61.02M	-	-47.46M	-49.49M	-93.56M
Other Financing Activities, Total	-56.94M	-33.14M	-16.38M	-6.9M	-10.23M
Cash from Financing	-770M	-427M	-809M	-466M	-344M
Foreign Exchange Rate Adjustments	-2.26M	5.6M	3.71M	-9.02M	-170K
Net Change in Cash	-387M	165M	151M	-90.15M	-7.44M
Supplemental Items
Cash Interest Paid	56.94M	33.14M	16.38M	6.9M	10.23M
Cash Income Tax Paid (Refund)	5.76M	42.38M	31.45M	33.91M	54.89M
Levered Free Cash Flow	302M	474M	872M	558M	248M
Unlevered Free Cash Flow	337M	495M	882M	562M	254M
Change In Net Working Capital	177M	-80.62M	-349M	-60.84M	277M
Net Debt Issued / Repaid	-652M	-394M	-745M	-410M	-241M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.04	0.78	3.09	3.44	4.28
Return on Total Capital	2.14	0.8	3.2	3.59	4.52
Return On Equity %	2.01	0.75	4.42	4.64	6.05
Return on Common Equity	2.01	0.75	4.42	4.64	6.05
Margin Analysis
Gross Profit Margin %	30.75	31.98	31.31	31.95	30.07
SG&A Margin	25.96	29.18	24.3	23.93	22.2
EBITDA Margin %	8.12	8.19	10.29	11.47	10.79
EBITA Margin %	4.8	2.8	7.01	8.02	7.87
EBIT Margin %	4.8	2.8	7.01	8.02	7.87
Income From Continuing Operations Margin %	2.19	1.29	5.21	6.03	6.2
Net Income Margin %	2.19	1.29	5.21	6.03	6.2
Net Avail. For Common Margin %	2.19	1.29	5.21	6.03	6.2
Normalized Net Income Margin	2.17	1.18	4.33	4.75	4.79
Levered Free Cash Flow Margin	7.34	18.05	22.2	15.14	5.14
Unlevered Free Cash Flow Margin	8.21	18.84	22.46	15.26	5.27
Asset Turnover
Asset Turnover	0.68	0.44	0.71	0.69	0.87
Fixed Assets Turnover	1.89	1.17	2.01	2.04	2.72
Receivables Turnover (Average Receivables)	73.81	46.64	67.35	69.61	76.99
Inventory Turnover (Average Inventory)	0.91	0.58	0.94	0.93	1.17
Short Term Liquidity
Current Ratio	5.37	3.49	6.42	8.09	7.27
Quick Ratio	0.56	0.52	1.33	1.83	1.44
Operating Cash Flow to Current Liabilities	0.66	0.56	1.82	1.4	0.76
Days Sales Outstanding (Average Receivables)	4.95	7.85	5.42	5.24	4.74
Days Outstanding Inventory (Average Inventory)	400.43	632.86	388.45	394.13	311.86
Average Days Payable Outstanding	14.8	9.83	7.42	7.5	8.49
Cash Conversion Cycle (Average Days)	390.58	630.88	386.45	391.87	308.11
Long Term Solvency
Total Debt/Equity	31.53	23.29	8.83	6.19	6.04
Total Debt / Total Capital	23.97	18.89	8.11	5.83	5.69
LT Debt/Equity	21.26	4.26	1.93	2.05	2.52
Long-Term Debt / Total Capital	16.16	3.45	1.77	1.93	2.38
Total Liabilities / Total Assets	26.51	21.21	11.77	9.97	11.59
EBIT / Interest Expense	3.46	2.22	16.81	42.86	37.11
EBITDA / Interest Expense	11.29	13.81	40.93	94.17	75.83
(EBITDA - Capex) / Interest Expense	10.33	13.33	38.84	88.77	65.86
Total Debt / EBITDA	2.19	2.32	0.62	0.46	0.39
Net Debt / EBITDA	1.82	1.43	-0.21	-0.56	-0.41
Total Debt / (EBITDA - Capex)	2.4	2.4	0.66	0.49	0.45
Net Debt / (EBITDA - Capex)	1.99	1.48	-0.22	-0.6	-0.47
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-12.96	-36.09	49.49	-6.17	30.91
Gross Profit, 1 Yr. Growth %	-3.11	-33.54	46.36	-4.25	23.19
EBITDA, 1 Yr. Growth %	-5.6	-35.54	87.85	4.58	23.07
EBITA, 1 Yr. Growth %	-38.35	-62.67	274.31	7.33	28.4
EBIT, 1 Yr. Growth %	-38.35	-62.67	274.31	7.33	28.4
Earnings From Cont. Operations, 1 Yr. Growth %	-65.93	-62.24	502.17	8.52	34.71
Net Income, 1 Yr. Growth %	-65.93	-62.24	502.17	8.52	34.71
Normalized Net Income, 1 Yr. Growth %