Balance Sheet Haitian International Holdings Limited

Equities

1882

KYG4232C1087

Industrial Machinery & Equipment

Market Closed - Hong Kong S.E. Other stock markets 04:08:05 2024-09-13 am EDT			5-day change	1st Jan Change
21.35 ^HKD	+3.14%		-1.84%	+10.51%

Aug. 27	Haitian International H1 Profit Jumps Nearly 24%; Shares Slide 6%	MT
Aug. 26	Haitian International Holdings Limited Reports Earnings Results for the Half Year Ended June 30, 2024	CI

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Published financial data: HAITIAN INTERNATIONAL HOLDINGS LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	9.81B	11.8B	16.02B	12.31B	13.07B
Total Revenues	9.81B	11.8B	16.02B	12.31B	13.07B
Cost of Goods Sold, Total	6.71B	7.76B	10.87B	8.39B	8.87B
Gross Profit	3.1B	4.04B	5.15B	3.92B	4.2B
Selling General & Admin Expenses, Total	1.44B	1.52B	1.85B	1.8B	2.02B
Other Operating Expenses	-243M	-151M	-169M	-284M	-420M
Other Operating Expenses, Total	1.2B	1.37B	1.68B	1.51B	1.59B
Operating Income	1.9B	2.67B	3.47B	2.4B	2.61B
Interest Expense, Total	-48.9M	-35.47M	-46.5M	-57.88M	-74.06M
Interest And Investment Income	275M	352M	194M	191M	279M
Net Interest Expenses	227M	317M	148M	133M	205M
Income (Loss) On Equity Invest.	2.25M	26.11M	33.31M	16.46M	14.47M
Currency Exchange Gains (Loss)	52.23M	-52.82M	-127M	36.25M	44.89M
Other Non Operating Income (Expenses)	-3.42M	-	-	-	-
EBT, Excl. Unusual Items	2.18B	2.96B	3.53B	2.59B	2.87B
Gain (Loss) On Sale Of Investments	-	-	228M	189M	173M
Gain (Loss) On Sale Of Assets	5.98M	5.18M	14.62M	1.71M	-6.54M
EBT, Incl. Unusual Items	2.18B	2.97B	3.77B	2.78B	3.04B
Income Tax Expense	434M	580M	719M	514M	542M
Earnings From Continuing Operations	1.75B	2.39B	3.05B	2.27B	2.49B
Net Income to Company	1.75B	2.39B	3.05B	2.27B	2.49B
Minority Interest	-132K	-2.07M	1.87M	-349K	-3.12M
Net Income - (IS)	1.75B	2.39B	3.05B	2.26B	2.49B
Net Income to Common Incl Extra Items	1.75B	2.39B	3.05B	2.26B	2.49B
Net Income to Common Excl. Extra Items	1.75B	2.39B	3.05B	2.26B	2.49B
Per Share Items
Net EPS - Basic	1.1	1.5	1.91	1.42	1.56
Basic EPS - Continuing Operations	1.1	1.5	1.91	1.42	1.56
Basic Weighted Average Shares Outstanding	1.6B	1.6B	1.6B	1.6B	1.6B
Net EPS - Diluted	1.1	1.5	1.91	1.42	1.56
Diluted EPS - Continuing Operations	1.1	1.5	1.91	1.42	1.56
Diluted Weighted Average Shares Outstanding	1.6B	1.6B	1.6B	1.6B	1.6B
Normalized Basic EPS	0.85	1.16	1.38	1.01	1.12
Normalized Diluted EPS	0.85	1.16	1.38	1.01	1.12
Dividend Per Share	0.36	0.75	0.77	0.49	0.6
Payout Ratio	32.03	25.81	28.53	54.46	30.84
Supplemental Items
EBITDA	2.19B	2.98B	3.78B	2.74B	2.98B
EBITA	1.9B	2.68B	3.47B	2.4B	2.61B
EBIT	1.9B	2.67B	3.47B	2.4B	2.61B
EBITDAR	2.19B	2.98B	3.8B	2.76B	3B
Effective Tax Rate - (Ratio)	19.85	19.52	19.07	18.51	17.85
Total Current Taxes	370M	493M	622M	681M	693M
Total Deferred Taxes	63.87M	86.98M	96.62M	-166M	-151M
Normalized Net Income	1.36B	1.85B	2.21B	1.62B	1.79B
Interest on Long-Term Debt	178K	84K	37K	324K	126K
Supplemental Operating Expense Items
Selling and Marketing Expenses	745M	758M	1.02B	990M	1.13B
General and Administrative Expenses	689M	751M	812M	797M	888M
Research And Development Expense From Footnotes	151M	154M	210M	232M	246M
Net Rental Expense, Total	7.38M	7.18M	14.49M	12.03M	26.24M
Imputed Operating Lease Interest Expense	2M	1.74M	3.1M	3.09M	7.43M
Imputed Operating Lease Depreciation	5.38M	5.44M	11.39M	8.94M	18.82M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.54B	3.75B	3.59B	3.59B	5.45B
Short Term Investments	221M	258M	970M	2.56B	2.26B
Trading Asset Securities, Total	5.66B	4.6B	5.89B	3.66B	3.26B
Total Cash And Short Term Investments	7.42B	8.61B	10.46B	9.82B	10.96B
Accounts Receivable, Total	2.57B	3.14B	3.51B	3.18B	3.43B
Other Receivables	184M	328M	320M	432M	305M
Notes Receivable	40.5M	17.62M	266M	16.61M	91.27M
Total Receivables	2.79B	3.48B	4.09B	3.62B	3.83B
Inventory	2.41B	3B	3.09B	3.2B	3.6B
Other Current Assets, Total	71.46M	36.37M	108M	46.69M	76.93M
Total Current Assets	12.7B	15.13B	17.75B	16.69B	18.46B
Gross Property Plant And Equipment	6.12B	6.83B	7.51B	8.94B	9.79B
Accumulated Depreciation	-1.97B	-2.19B	-2.44B	-2.76B	-3.03B
Net Property Plant And Equipment	4.15B	4.64B	5.07B	6.18B	6.76B
Long-term Investments	1.52B	2.8B	2.85B	2.12B	3.17B
Goodwill	43.09M	43.09M	43.09M	43.09M	43.09M
Other Intangibles, Total	12.05M	10.73M	9.41M	8.11M	6.79M
Accounts Receivable Long-Term	200M	130M	134M	112M	170M
Loans Receivable Long-Term	541M	494M	8.92M	318M	194M
Deferred Tax Assets Long-Term	143M	158M	208M	208M	210M
Other Long-Term Assets, Total	-	-	82.91M	112M	75.19M
Total Assets	19.3B	23.39B	26.15B	25.79B	29.09B
Liabilities
Accounts Payable, Total	2.96B	4.11B	4.22B	3.57B	4.02B
Accrued Expenses, Total	1.05B	1.21B	1.52B	1.42B	1.43B
Short-term Borrowings	1.02B	1.32B	-	-	-
Current Portion of Long-Term Debt	-	-	1.86B	1.32B	245M
Current Portion of Leases	1.13M	605K	280K	2.7M	1.14M
Current Income Taxes Payable	99.89M	255M	319M	208M	316M
Unearned Revenue Current, Total	716M	972M	1.1B	1.36B	1.17B
Other Current Liabilities	-	294M	321M	345M	326M
Total Current Liabilities	5.85B	8.17B	9.34B	8.23B	7.5B
Long-Term Debt	-	-	300M	112M	2.5B
Long-Term Leases	1.13M	550K	270K	1.14M	21K
Unearned Revenue Non Current	45.5M	57.59M	48.42M	41.13M	34.4M
Deferred Tax Liability Non Current	279M	381M	527M	362M	213M
Total Liabilities	6.18B	8.61B	10.22B	8.75B	10.25B
Common Stock, Total	161M	161M	161M	161M	161M
Additional Paid In Capital	1.33B	1.33B	1.33B	1.33B	1.33B
Retained Earnings	11.33B	13.1B	14.28B	15.31B	17.03B
Comprehensive Income and Other	299M	186M	167M	212M	294M
Total Common Equity	13.12B	14.78B	15.93B	17.01B	18.82B
Minority Interest	6.74M	8.8M	633K	28.88M	26.19M
Total Equity	13.13B	14.79B	15.94B	17.04B	18.84B
Total Liabilities And Equity	19.3B	23.39B	26.15B	25.79B	29.09B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.6B	1.6B	1.6B	1.6B	1.6B
ECS Total Common Shares Outstanding	1.6B	1.6B	1.6B	1.6B	1.6B
Book Value / Share	8.22	9.26	9.98	10.66	11.79
Tangible Book Value	13.06B	14.72B	15.88B	16.96B	18.77B
Tangible Book Value Per Share	8.19	9.23	9.95	10.63	11.76
Total Debt	1.02B	1.32B	2.16B	1.44B	2.75B
Net Debt	-6.4B	-7.29B	-8.29B	-8.38B	-8.21B
Debt Equivalent Oper. Leases	59.03M	57.41M	116M	96.23M	210M
Minority Interest, Total (Incl. Fin. Div)	6.74M	8.8M	633K	28.88M	26.19M
Equity Method Investments, Total	517M	485M	519M	535M	549M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	990M	1.33B	1.19B	963M	984M
Inventories - Work In Process, Total	178M	204M	352M	459M	607M
Inventories - Finished Goods, Total	1.2B	1.4B	1.47B	1.73B	1.95B
Land - (BS)	50.43M	45.49M	45.49M	66.79M	589M
Buildings, Total	2.11B	2.24B	2.67B	2.76B	3.13B
Machinery, Total	3.27B	3.35B	3.67B	3.96B	4.47B
Full Time Employees	6.31K	6.67K	-	7.16K	7.38K
Accumulated Allowance for Doubtful Accounts (Supple)	71.95M	105M	102M	110M	106M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.75B	2.39B	3.05B	2.26B	2.49B
Depreciation & Amortization - CF	296M	314M	324M	360M	390M
Amortization of Goodwill and Intangible Assets - (CF)	1.33M	1.32M	1.32M	1.3M	1.32M
Depreciation & Amortization, Total	297M	316M	326M	361M	391M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-5.98M	-5.18M	-14.62M	-1.71M	6.54M
(Gain) Loss on Sale of Investments - (CF)	-	-	-228M	-189M	-173M
(Income) Loss On Equity Investments - (CF)	-2.25M	-26.11M	-33.31M	-16.46M	-14.47M
Provision and Write-off of Bad Debts	4.78M	38.54M	7.19M	2.68M	3.58M
Other Operating Activities, Total	-402M	-27.22M	-66.45M	-449M	-391M
Change In Accounts Receivable	290M	-565M	-371M	319M	-343M
Change In Inventories	297M	-594M	-60.23M	-119M	-336M
Change In Accounts Payable	290M	1.15B	117M	-649M	493M
Change in Unearned Revenues	-	-	-	-	-195M
Change in Other Net Operating Assets	210M	601M	396M	258M	79.94M
Cash from Operations	2.73B	3.28B	3.12B	1.78B	2.01B
Capital Expenditure	-461M	-640M	-924M	-1.47B	-1.11B
Sale of Property, Plant, and Equipment	42.48M	90.27M	31.85M	13.02M	237M
Cash Acquisitions	-	-	-	-	-104M
Divestitures	-	-	29.82M	-	-22.39M
Sale (Purchase) of Intangible assets	-2.12M	-255M	-	-28.73M	-1.72M
Investment in Marketable and Equity Securities, Total	-2.67B	-93.91M	-1.34B	1.69B	699M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-544M	65.84M	233M	-60.12M	37.75M
Other Investing Activities, Total	67.14M	81.64M	-300M	27.52M	-434M
Cash from Investing	-3.57B	-751M	-2.27B	171M	-702M
Short Term Debt Issued, Total	1.41B	1.17B	-	-	-
Long-Term Debt Issued, Total	-	-	1.47B	1.62B	2.53B
Total Debt Issued	1.41B	1.17B	1.47B	1.62B	2.53B
Short Term Debt Repaid, Total	-1.4B	-869M	-	-	-
Long-Term Debt Repaid, Total	-846M	-1.2M	-608M	-2.36B	-1.22B
Total Debt Repaid	-2.24B	-871M	-608M	-2.36B	-1.22B
Common Dividends Paid	-561M	-616M	-871M	-1.23B	-768M
Common & Preferred Stock Dividends Paid	-561M	-616M	-871M	-1.23B	-768M
Special Dividend Paid	-	-	-1B	-	-
Other Financing Activities, Total	-	-	-1.68M	27.85M	-
Cash from Financing	-1.39B	-319M	-1.01B	-1.95B	544M
Net Change in Cash	-2.23B	2.21B	-154M	-1.78M	1.85B
Supplemental Items
Cash Interest Paid	47.55M	36.07M	45.49M	55.65M	75.9M
Cash Income Tax Paid (Refund)	589M	323M	575M	783M	609M
Levered Free Cash Flow	1.92B	1.85B	1.4B	179M	577M
Unlevered Free Cash Flow	1.95B	1.87B	1.43B	216M	623M
Change In Net Working Capital	-924M	-779M	147M	151M	281M
Net Debt Issued / Repaid	-831M	298M	865M	-748M	1.31B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	6.24	7.83	8.76	5.78	5.93
Return on Total Capital	8.5	11.05	12.69	8.21	8.13
Return On Equity %	13.98	17.13	19.86	13.74	13.9
Return on Common Equity	13.98	17.12	19.88	13.75	13.91
Margin Analysis
Gross Profit Margin %	31.59	34.24	32.16	31.83	32.14
SG&A Margin	14.69	12.85	11.54	14.61	15.42
EBITDA Margin %	22.28	25.22	23.61	22.3	22.78
EBITA Margin %	19.39	22.68	21.69	19.54	19.94
EBIT Margin %	19.37	22.66	21.68	19.53	19.93
Income From Continuing Operations Margin %	17.85	20.25	19.04	18.4	19.09
Net Income Margin %	17.84	20.24	19.05	18.4	19.06
Net Avail. For Common Margin %	17.84	20.24	19.05	18.4	19.06
Normalized Net Income Margin	13.88	15.68	13.77	13.14	13.7
Levered Free Cash Flow Margin	19.53	15.67	8.72	1.46	4.41
Unlevered Free Cash Flow Margin	19.84	15.85	8.9	1.75	4.77
Asset Turnover
Asset Turnover	0.52	0.55	0.65	0.47	0.48
Fixed Assets Turnover	2.55	2.69	3.3	2.19	2.02
Receivables Turnover (Average Receivables)	3.56	4.14	4.82	3.68	3.96
Inventory Turnover (Average Inventory)	2.61	2.87	3.57	2.66	2.61
Short Term Liquidity
Current Ratio	2.17	1.85	1.9	2.03	2.46
Quick Ratio	1.74	1.48	1.53	1.63	1.96
Operating Cash Flow to Current Liabilities	0.47	0.4	0.33	0.22	0.27
Days Sales Outstanding (Average Receivables)