Balance Sheet Fu-Wang Ceramic Industry Limited

Equities

FUWANGCER

BD0632FWCR08

Construction Supplies & Fixtures

End-of-day quote Dhaka S.E. Other stock markets 2024-09-15			5-day change	1st Jan Change
15.90 ^BDT	+3.25%		+2.58%	-16.32%

May. 02	Fu-Wang Ceramic Industry Limited Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2024	CI
Feb. 12	Fu-Wang Ceramic Industry Limited Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023	CI

29b402b75cbfe11cc.cARN07pdF0VnTnFPARxhllyL43GPXgGxt99tKaXZ5bo.FjBgh44NcCEtfjMkdkMgwBThiDbdFnbk07ADU8Gup4w5a3yq9B9QMy00MA

Published financial data: FU-WANG CERAMIC INDUSTRY LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2019	2020	2021	2022	2023
Revenues	595M	586M	767M	843M	911M
Total Revenues	595M	586M	767M	843M	911M
Cost of Goods Sold, Total	370M	365M	555M	614M	650M
Gross Profit	225M	220M	212M	229M	261M
Selling General & Admin Expenses, Total	62.37M	58.85M	65.08M	65.96M	72.23M
Other Operating Expenses, Total	62.37M	58.85M	65.08M	65.96M	72.23M
Operating Income	163M	162M	147M	163M	189M
Interest Expense, Total	-54.12M	-88.63M	-108M	-127M	-156M
Interest And Investment Income	1.48M	11.78M	11.58M	8.52M	14.03M
Net Interest Expenses	-52.64M	-76.84M	-96.62M	-119M	-142M
Other Non Operating Income (Expenses)	549K	-772K	-1.68M	-26.71K	421K
EBT, Excl. Unusual Items	111M	83.98M	48.39M	44.28M	46.74M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-	-	-	-
EBT, Incl. Unusual Items	111M	83.98M	48.39M	44.28M	46.74M
Income Tax Expense	30.09M	20.33M	2.02M	12.81M	10.74M
Earnings From Continuing Operations	80.78M	63.65M	46.36M	31.47M	36M
Net Income to Company	80.78M	63.65M	46.36M	31.47M	36M
Net Income - (IS)	80.78M	63.65M	46.36M	31.47M	36M
Net Income to Common Incl Extra Items	80.78M	63.65M	46.36M	31.47M	36M
Net Income to Common Excl. Extra Items	80.78M	63.65M	46.36M	31.47M	36M
Per Share Items
Net EPS - Basic	0.59	0.47	0.34	0.23	0.26
Basic EPS - Continuing Operations	0.59	0.47	0.34	0.23	0.26
Basic Weighted Average Shares Outstanding	136M	136M	136M	136M	136M
Net EPS - Diluted	0.59	0.47	0.34	0.23	0.26
Diluted EPS - Continuing Operations	0.59	0.47	0.34	0.23	0.26
Diluted Weighted Average Shares Outstanding	136M	136M	136M	136M	136M
Normalized Basic EPS	0.51	0.39	0.22	0.2	0.21
Normalized Diluted EPS	0.51	0.39	0.22	0.2	0.21
Dividend Per Share	0.1	0.14	0.2	0.2	0.2
Payout Ratio	-	17.83	25	64.48	57
Supplemental Items
EBITDA	217M	229M	215M	232M	258M
EBITA	163M	162M	147M	163M	189M
EBIT	163M	162M	147M	163M	189M
EBITDAR	221M	232M	218M	237M	264M
Effective Tax Rate - (Ratio)	27.14	24.21	4.18	28.93	22.98
Current Domestic Taxes	8.19M	3.75M	4.68M	5.12M	5.56M
Total Current Taxes	8.19M	3.75M	4.68M	5.12M	5.56M
Deferred Domestic Taxes	21.89M	16.58M	-2.66M	7.69M	5.18M
Total Deferred Taxes	21.89M	16.58M	-2.66M	7.69M	5.18M
Normalized Net Income	69.29M	52.49M	30.24M	27.67M	29.21M
Interest on Long-Term Debt	-	354K	124K	-	-
Non-Cash Pension Expense	3M	3M	3.5M	3.5M	3.5M
Supplemental Operating Expense Items
Advertising Expense	-	183K	137K	145K	126K
Marketing Expenses	371K	489K	575K	642K	586K
Selling and Marketing Expenses	24.73M	23.43M	29.28M	31.05M	33.33M
General and Administrative Expenses	24.63M	25.13M	26.52M	24.65M	26.97M
Net Rental Expense, Total	4.47M	3.08M	3.36M	4.55M	6.1M
Imputed Operating Lease Interest Expense	2.78M	2.31M	2.72M	2.92M	1.61M
Imputed Operating Lease Depreciation	1.68M	773K	646K	1.64M	4.48M
Maintenance & Repair Expenses, Total	2.48M	2.5M	2.27M	95.75K	134K

Fiscal Period: June	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	10.36M	6.37M	9.85M	4.73M	33.63M
Short Term Investments	8.61M	185M	190M	240M	234M
Total Cash And Short Term Investments	18.98M	192M	200M	245M	267M
Accounts Receivable, Total	84.63M	68.3M	54.99M	53.6M	68.96M
Other Receivables	11.51M	13.2M	13.33M	13.33M	17.59M
Total Receivables	96.15M	81.5M	68.32M	66.93M	86.55M
Inventory	882M	1.07B	1.32B	1.83B	2.6B
Prepaid Expenses	5.05M	2.67M	1.45M	-	-
Other Current Assets, Total	158M	195M	240M	302M	369M
Total Current Assets	1.16B	1.54B	1.83B	2.45B	3.33B
Gross Property Plant And Equipment	1.95B	2.04B	2.08B	2.49B	6.85B
Accumulated Depreciation	-614M	-683M	-750M	-819M	-889M
Net Property Plant And Equipment	1.33B	1.35B	1.33B	1.67B	5.96B
Other Intangibles, Total	-	-	-	-	-
Other Long-Term Assets, Total	14.02M	12.46M	12.52M	-	-
Total Assets	2.51B	2.9B	3.17B	4.12B	9.29B
Liabilities
Accounts Payable, Total	1.02M	1.4M	161M	94.12M	45.65M
Accrued Expenses, Total	47.54M	117M	159M	128M	100M
Short-term Borrowings	475M	689M	673M	1.73B	6.54B
Current Portion of Long-Term Debt	67.52M	151M	143M	127M	235M
Current Income Taxes Payable	26.15M	29.89M	34.58M	39.69M	45.26M
Other Current Liabilities	10.14M	12.8M	52.16M	41.94M	17.65M
Total Current Liabilities	628M	1B	1.22B	2.16B	6.98B
Long-Term Debt	277M	232M	254M	243M	579M
Long-Term Leases	-	980K	-	-	-
Deferred Tax Liability Non Current	83.59M	100M	97.52M	105M	110M
Other Non Current Liabilities	-	-	-	1	-
Total Liabilities	988M	1.33B	1.57B	2.51B	7.67B
Common Stock, Total	1.36B	1.36B	1.36B	1.36B	1.36B
Additional Paid In Capital	76.06M	76.06M	76.06M	76.06M	76.06M
Retained Earnings	80.78M	129M	156M	167M	184M
Total Common Equity	1.52B	1.57B	1.59B	1.61B	1.62B
Total Equity	1.52B	1.57B	1.59B	1.61B	1.62B
Total Liabilities And Equity	2.51B	2.9B	3.17B	4.12B	9.29B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	136M	136M	136M	136M	136M
ECS Total Common Shares Outstanding	136M	136M	136M	136M	136M
Book Value / Share	11.15	11.5	11.7	11.78	11.91
Tangible Book Value	1.52B	1.57B	1.59B	1.61B	1.62B
Tangible Book Value Per Share	11.15	11.5	11.7	11.78	11.91
Total Debt	819M	1.07B	1.07B	2.1B	7.35B
Net Debt	801M	881M	870M	1.86B	7.08B
Debt Equivalent Oper. Leases	35.73M	24.65M	26.89M	36.42M	48.76M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	621M	696M	611M	1.01B	1.51B
Inventories - Work In Process, Total	-	-	282M	435M	500M
Inventories - Finished Goods, Total	133M	231M	276M	203M	128M
Inventories - Others	127M	139M	147M	185M	216M
Land - (BS)	38.06M	38.06M	75.62M	97.71M	98.31M
Buildings, Total	258M	292M	292M	299M	301M
Machinery, Total	1.62B	1.69B	1.7B	1.79B	1.84B
Full Time Employees	445	469	503	552	451

Fiscal Period: June	2019	2020	2021	2022	2023
Net Income	80.78M	63.65M	46.36M	31.47M	36M
Depreciation & Amortization - CF	53.94M	68.4M	69.08M	69.34M	69.67M
Depreciation & Amortization, Total	53.94M	68.4M	69.08M	69.34M	69.67M
Other Operating Activities, Total	-83.33M	15.83M	-3.64M	123M	151M
Change In Accounts Receivable	-	14.64M	13.18M	1.39M	-19.62M
Change In Inventories	-	-184M	-251M	-518M	-768M
Change In Accounts Payable	-	7.28M	41.44M	-7.17M	-23.56M
Change in Other Net Operating Assets	-	34.54M	154M	-145M	-150M
Cash from Operations	51.39M	20.28M	70.04M	-446M	-705M
Capital Expenditure	-302M	-88.83M	-45.11M	-397M	-4.36B
Sale of Property, Plant, and Equipment	-	-	150K	-	-
Investment in Marketable and Equity Securities, Total	-	-185M	-8M	-60M	10.8M
Other Investing Activities, Total	-	-	-	9.65M	15.09M
Cash from Investing	-302M	-274M	-52.96M	-447M	-4.34B
Short Term Debt Issued, Total	90.41M	297M	-	1.04B	4.91B
Long-Term Debt Issued, Total	160M	-	21.73M	-	335M
Total Debt Issued	250M	297M	21.73M	1.04B	5.25B
Short Term Debt Repaid, Total	-	-	-23.73M	-	-
Long-Term Debt Repaid, Total	-	-44.32M	-	-10.71M	-
Total Debt Repaid	-	-44.32M	-23.73M	-10.71M	-
Common Dividends Paid	-	-11.35M	-11.59M	-20.29M	-20.52M
Common & Preferred Stock Dividends Paid	-	-11.35M	-11.59M	-20.29M	-20.52M
Other Financing Activities, Total	-	-	-	-125M	-154M
Cash from Financing	250M	241M	-13.59M	888M	5.07B
Miscellaneous Cash Flow Adjustments	1	-	-	-	-
Net Change in Cash	-794K	-12.61M	3.49M	-5.13M	28.91M
Supplemental Items
Cash Interest Paid	54.12M	88.63M	108M	124M	153M
Cash Income Tax Paid (Refund)	16.19M	27.57M	29.57M	31.54M	42.12M
Levered Free Cash Flow	-286M	-102M	11.51M	-985M	-5.22B
Unlevered Free Cash Flow	-252M	-47.04M	79.13M	-905M	-5.13B
Change In Net Working Capital	105M	128M	36.52M	680M	950M
Net Debt Issued / Repaid	250M	253M	-2M	1.03B	5.25B

Fiscal Period: June	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.38	3.73	3.02	2.79	1.76
Return on Total Capital	4.69	4.06	3.46	3.19	1.86
Return On Equity %	5.46	4.12	2.93	1.97	2.23
Return on Common Equity	5.46	4.12	2.93	1.97	2.23
Margin Analysis
Gross Profit Margin %	37.86	37.65	27.61	27.15	28.62
SG&A Margin	10.48	10.05	8.48	7.83	7.93
EBITDA Margin %	36.44	39.16	28.04	27.55	28.34
EBITA Margin %	27.38	27.6	19.12	19.32	20.7
EBIT Margin %	27.38	27.6	19.12	19.32	20.7
Income From Continuing Operations Margin %	13.57	10.87	6.04	3.73	3.95
Net Income Margin %	13.57	10.87	6.04	3.73	3.95
Net Avail. For Common Margin %	13.57	10.87	6.04	3.73	3.95
Normalized Net Income Margin	11.64	8.96	3.94	3.28	3.21
Levered Free Cash Flow Margin	-47.97	-17.49	1.5	-116.89	-573.26
Unlevered Free Cash Flow Margin	-42.29	-8.03	10.32	-107.47	-562.54
Asset Turnover
Asset Turnover	0.26	0.22	0.25	0.23	0.14
Fixed Assets Turnover	0.49	0.44	0.57	0.56	0.24
Receivables Turnover (Average Receivables)	5.94	7.66	12.44	15.52	14.87
Inventory Turnover (Average Inventory)	0.45	0.37	0.47	0.39	0.29
Short Term Liquidity
Current Ratio	1.85	1.54	1.49	1.13	0.48
Quick Ratio	0.18	0.27	0.22	0.14	0.05
Operating Cash Flow to Current Liabilities	0.08	0.02	0.06	-0.21	-0.1
Days Sales Outstanding (Average Receivables)	61.42	47.8	29.33	23.52	24.54
Days Outstanding Inventory (Average Inventory)	807.04	976.07	782.9	937	1.24K
Average Days Payable Outstanding	0.74	0.81	36.66	41.06	17.99
Cash Conversion Cycle (Average Days)	867.72	1.02K	775.58	919.46	1.25K
Long Term Solvency
Total Debt/Equity	53.93	68.46	67.1	131.01	452.86
Total Debt / Total Capital	35.04	40.64	40.16	56.71	81.91
LT Debt/Equity	18.2	14.88	15.93	15.15	35.66
Long-Term Debt / Total Capital	11.83	8.83	9.53	6.56	6.45
Total Liabilities / Total Assets	39.4	45.98	49.67	61.01	82.53
EBIT / Interest Expense	3.01	1.82	1.36	1.28	1.21
EBITDA / Interest Expense	4.01	2.6	1.99	1.83	1.65
(EBITDA - Capex) / Interest Expense	-1.58	1.59	1.58	-1.29	-26.26
Total Debt / EBITDA	3.78	4.67	4.96	9.06	28.45
Net Debt / EBITDA	3.69	3.83	4.03	8.01	27.41
Total Debt / (EBITDA - Capex)	-9.6	7.6	6.27	-12.79	-1.79
Net Debt / (EBITDA - Capex)	-9.38	6.24	5.1	-11.3	-1.72
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.93	-1.62	31	9.84	8.17
Gross Profit, 1 Yr. Growth %	12.18	-2.17	-3.94	8.03	14.02
EBITDA, 1 Yr. Growth %	19.77	5.72	-6.2	6.34	11.26
EBITA, 1 Yr. Growth %	18.83	-0.84	-9.22	8.61	15.86
EBIT, 1 Yr. Growth %	18.83	-0.84	-9.22	8.61	15.86
Earnings From Cont. Operations, 1 Yr. Growth %	-3.92	-21.2	-27.16	-32.13	14.41
Net Income, 1 Yr. Growth %	-3.92	-21.2	-27.16	-32.13	14.41
Normalized Net Income, 1 Yr. Growth %	-1.73	-24.25	-42.38	-8.5	5.57
Diluted EPS Before Extra, 1 Yr. Growth %