HONG KONG EXCHANGES AND CLEARING LIMITED

Cash flow Hong Kong Exchanges and Clearing Limited

Equities

388 HK0388045442

Financial & Commodity Market Operators

Market Closed - Hong Kong S.E. Other stock markets 03:08:19 2025-01-24 am EST			5-day change	1st Jan Change
300.60 ^HKD	+2.45%		+4.52%	+1.97%

Jan. 22	HKEX CEO Expects 100 Deals in IPO Pipeline	MT
Jan. 16	HKEX Imposes Sanctions on FingerTango, Sanctions Five Directors, Directs Three for Training	MT

0f731cea0dc69f7dfd4569d.lhuKjGQD_IPHUhmcOsFLN2IUxGLOIoNFOhLsjUovRF4.zl3M1VxhmvOgYl7NaoUeW1tjihObG8gneUrZ2X9nMyqiQt76L26fwL4aIQ

Published financial data: HONG KONG EXCHANGES AND CLEARING LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	12.36B	15.43B	17.91B	15.43B	13.86B
Interest And Invest. Income (Rev)	2.81B	2.39B	1.5B	1.44B	5.04B
Other Revenues, Total	1.11B	1.23B	1.36B	1.4B	1.49B
Total Revenues	16.27B	19.05B	20.78B	18.27B	20.39B
Cost of Goods Sold, Total	580M	704M	777M	794M	877M
Gross Profit	15.69B	18.35B	20B	17.48B	19.52B
Selling General & Admin Expenses, Total	3.02B	3.32B	3.34B	3.85B	4.12B
Depreciation & Amortization - (IS)	1.04B	1.2B	1.35B	1.46B	1.44B
Other Operating Expenses	451M	305M	309M	313M	338M
Other Operating Expenses, Total	4.51B	4.82B	5B	5.62B	5.9B
Operating Income	11.18B	13.53B	15B	11.86B	13.61B
Interest Expense, Total	-125M	-128M	-100M	-87M	-82M
Net Interest Expenses	-125M	-128M	-100M	-87M	-82M
Income (Loss) On Equity Invest.	32M	69M	80M	71M	82M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-44M	-159M	-172M	-218M	-301M
EBT, Excl. Unusual Items	11.04B	13.31B	14.81B	11.62B	13.31B
Merger & Related Restructuring Charges	-123M	-	-	-	-
Gain (Loss) On Sale Of Assets	22M	24M	22M	17M	2M
Insurance Settlements	-	-	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	9M	-1M	12M	21M	19M
EBT, Incl. Unusual Items	10.95B	13.33B	14.84B	11.66B	13.33B
Income Tax Expense	1.56B	1.84B	2.34B	1.56B	1.35B
Earnings From Continuing Operations	9.39B	11.49B	12.5B	10.1B	11.98B
Net Income to Company	9.39B	11.49B	12.5B	10.1B	11.98B
Minority Interest	1M	18M	37M	-17M	-119M
Net Income - (IS)	9.39B	11.5B	12.54B	10.08B	11.86B
Net Income to Common Incl Extra Items	9.39B	11.5B	12.54B	10.08B	11.86B
Net Income to Common Excl. Extra Items	9.39B	11.5B	12.54B	10.08B	11.86B
Per Share Items
Net EPS - Basic	7.49	9.11	9.91	7.96	9.37
Basic EPS - Continuing Operations	7.49	9.11	9.91	7.96	9.37
Basic Weighted Average Shares Outstanding	1.25B	1.26B	1.27B	1.27B	1.27B
Net EPS - Diluted	7.47	9.09	9.89	7.95	9.36
Diluted EPS - Continuing Operations	7.47	9.09	9.89	7.95	9.36
Diluted Weighted Average Shares Outstanding	1.26B	1.27B	1.27B	1.27B	1.27B
Normalized Basic EPS	5.51	6.6	7.34	5.73	6.48
Normalized Diluted EPS	5.49	6.59	7.33	5.72	6.47
Dividend Per Share	6.71	8.17	8.87	7.14	8.41
Payout Ratio	61.6	60.7	91.96	95.9	86.97
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	11.55B	13.91B	15.41B	12.29B	14.08B
EBITA	11.31B	13.66B	15.13B	11.99B	13.74B
EBIT	11.18B	13.53B	15B	11.86B	13.61B
EBITDAR	11.68B	14.02B	15.52B	12.41B	14.21B
Total Revenues (As Reported)	16.31B	19.19B	20.95B	18.46B	20.52B
Effective Tax Rate - (Ratio)	14.25	13.84	15.79	13.41	10.13
Total Current Taxes	1.51B	1.71B	2.14B	1.6B	1.37B
Total Deferred Taxes	48M	132M	198M	-32M	-16M
Normalized Net Income	6.9B	8.34B	9.29B	7.25B	8.2B
Interest on Long-Term Debt	148M	89M	79M	68M	59M
Supplemental Operating Expense Items
Marketing Expenses	68M	81M	116M	129M	135M
Selling and Marketing Expenses	68M	81M	116M	129M	135M
General and Administrative Expenses	119M	151M	157M	279M	289M
Net Rental Expense, Total	129M	119M	117M	120M	134M
Imputed Operating Lease Interest Expense	63.08M	42.72M	35.55M	35.38M	41.01M
Imputed Operating Lease Depreciation	65.92M	76.28M	81.45M	84.62M	92.99M
Maintenance & Repair Expenses, Total	-	69M	62M	62M	63M
Stock-Based Comp., SG&A Exp. (Total)	240M	281M	324M	380M	399M
Total Stock-Based Compensation	240M	281M	324M	380M	399M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	11.42B	18.85B	15.5B	185B	125B
Short Term Investments	7.61B	14.25B	10.93B	11.7B	15.9B
Trading Asset Securities, Total	8.72B	7.2B	8.49B	6.18B	6.36B
Total Cash And Short Term Investments	27.75B	40.3B	34.92B	203B	147B
Accounts Receivable, Total	24.89B	46.07B	18.94B	13.96B	22.5B
Other Receivables	918M	1.01B	961M	1.22B	1.16B
Total Receivables	25.81B	47.08B	19.9B	15.19B	23.66B
Restricted Cash	117B	139B	166B	-	-
Other Current Assets, Total	84.92B	149B	154B	164B	145B
Total Current Assets	255B	376B	375B	382B	316B
Gross Property Plant And Equipment	6.62B	6.34B	6.15B	6.12B	6.11B
Accumulated Depreciation	-2.67B	-2.49B	-2.65B	-2.88B	-3.07B
Net Property Plant And Equipment	3.96B	3.85B	3.5B	3.24B	3.04B
Long-term Investments	1.48B	779M	1.72B	1.29B	2.62B
Goodwill	13.34B	13.29B	13.36B	13.37B	13.37B
Other Intangibles, Total	5.03B	5.45B	5.61B	5.6B	5.91B
Deferred Tax Assets Long-Term	17M	26M	25M	53M	21M
Other Long-Term Assets, Total	-	-	-	-	-
Total Assets	279B	399B	399B	406B	341B
Liabilities
Accounts Payable, Total	21.47B	40.99B	27.17B	17.67B	24.74B
Accrued Expenses, Total	606M	1.2B	778M	915M	732M
Current Portion of Long-Term Debt	338M	340M	340M	430M	382M
Current Portion of Leases	272M	304M	299M	297M	270M
Current Income Taxes Payable	1.76B	1.17B	1.15B	2.17B	639M
Unearned Revenue Current, Total	1.03B	1.05B	1.1B	1.08B	1.06B
Deferred Tax Liability Current	-	9M	18M	-	-
Other Current Liabilities	205B	301B	315B	330B	259B
Total Current Liabilities	231B	346B	346B	353B	287B
Long-Term Debt	80M	83M	86M	61M	65M
Long-Term Leases	2.23B	2.05B	1.76B	1.45B	1.33B
Unearned Revenue Non Current	403M	371M	354M	333M	307M
Deferred Tax Liability Non Current	792M	921M	1.11B	1.07B	1.05B
Other Non Current Liabilities	104M	98M	98M	90M	113M
Total Liabilities	235B	350B	349B	356B	289B
Common Stock, Total	30.45B	31.89B	31.9B	31.92B	31.95B
Retained Earnings	14.79B	17.84B	18.8B	19.23B	20.74B
Treasury Stock	-770M	-485M	-901M	-918M	-1.01B
Comprehensive Income and Other	-297M	-330M	-165M	-505M	-334M
Total Common Equity	44.17B	48.92B	49.63B	49.73B	51.34B
Minority Interest	328M	318M	284M	371M	452M
Total Equity	44.5B	49.24B	49.91B	50.1B	51.8B
Total Liabilities And Equity	279B	399B	399B	406B	341B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.26B	1.27B	1.27B	1.27B	1.26B
ECS Total Common Shares Outstanding	1.26B	1.27B	1.27B	1.27B	1.26B
Book Value / Share	35.12	38.64	39.22	39.3	40.6
Tangible Book Value	25.8B	30.18B	30.65B	30.76B	32.06B
Tangible Book Value Per Share	20.51	23.84	24.22	24.31	25.36
Total Debt	2.92B	2.78B	2.48B	2.24B	2.05B
Net Debt	-24.82B	-37.52B	-32.44B	-201B	-145B
Debt Equivalent Oper. Leases	1.03B	952M	936M	960M	1.07B
Minority Interest, Total (Incl. Fin. Div)	328M	318M	284M	371M	452M
Equity Method Investments, Total	95M	164M	244M	291M	352M
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	708M	708M	708M	708M	708M
Machinery, Total	1.56B	1.6B	1.75B	1.83B	2.61B
Full Time Employees	2.18K	2.2K	2.15K	2.24K	2.42K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	29M	42M	50M	45M	44M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	9.39B	11.5B	12.54B	10.08B	11.86B
Depreciation & Amortization - CF	506M	553M	585M	611M	630M
Amortization of Goodwill and Intangible Assets - (CF)	132M	131M	132M	133M	132M
Depreciation & Amortization, Total	638M	684M	717M	744M	762M
Amortization of Deferred Charges, Total - (CF)	406M	513M	637M	715M	681M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-789M	-487M	-485M	507M	-120M
(Income) Loss On Equity Investments - (CF)	-32M	-69M	-80M	-71M	-82M
Stock-Based Compensation (CF)	240M	281M	324M	380M	399M
Provision and Write-off of Bad Debts	9M	12M	7M	-2M	-
Other Operating Activities, Total	134M	2.46B	-1.33B	2.78B	-1.98B
Change in Trading Asset Securities	-	-	-	-	-
Change In Accounts Receivable	-5.48B	-14.9B	15.39B	4.87B	-8.23B
Change in Other Net Operating Assets	5.54B	14.77B	-15.38B	-5.04B	8.21B
Cash from Operations	10.06B	14.77B	12.34B	14.96B	11.5B
Capital Expenditure	-1.09B	-1.35B	-1.07B	-1.28B	-1.39B
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	41M	-	-	-	-
Investment in Marketable and Equity Securities, Total	-2.53B	-6.19B	3.31B	-647M	-5.77B
Other Investing Activities, Total	97M	56M	38M	231M	864M
Cash from Investing	-3.48B	-7.48B	2.28B	-1.7B	-6.29B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-903M	-284M	-310M	-309M	-307M
Total Debt Repaid	-903M	-284M	-310M	-309M	-307M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-285M	-31M	-681M	-350M	-448M
Common Dividends Paid	-5.78B	-6.98B	-11.53B	-9.66B	-10.32B
Common & Preferred Stock Dividends Paid	-5.78B	-6.98B	-11.53B	-9.66B	-10.32B
Other Financing Activities, Total	-181M	-176M	-151M	-49M	-179M
Cash from Financing	-7.15B	-7.47B	-12.67B	-10.37B	-11.25B
Foreign Exchange Rate Adjustments	-	26M	9M	-23M	-6M
Net Change in Cash	-577M	-161M	1.96B	2.86B	-6.05B
Supplemental Items
Cash Interest Paid	1.35B	438M	126M	2.34B	6.07B
Cash Income Tax Paid (Refund)	431M	2.32B	2.15B	574M	2.95B
Levered Free Cash Flow	8.7B	12.16B	11.99B	9.46B	-46.65B
Unlevered Free Cash Flow	8.78B	12.24B	12.05B	9.52B	-46.6B
Change In Net Working Capital	-1.6B	-3.66B	-2.07B	-1.55B	55.57B
Net Debt Issued / Repaid	-903M	-284M	-310M	-309M	-307M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.61	2.49	2.35	1.84	2.28
Return on Total Capital	15.62	17	17.96	14.15	16.02
Return On Equity %	21.99	24.51	25.21	20.19	23.52
Return on Common Equity	22.12	24.72	25.44	20.29	23.47
Margin Analysis
Gross Profit Margin %	96.44	96.3	96.26	95.65	95.7
SG&A Margin	18.54	17.42	16.07	21.08	20.21
EBITDA Margin %	70.96	72.99	74.15	67.27	69.04
EBITA Margin %	69.52	71.69	72.83	65.6	67.4
EBIT Margin %	68.71	71	72.19	64.88	66.75
Income From Continuing Operations Margin %	57.71	60.3	60.15	55.25	58.75
Net Income Margin %	57.71	60.39	60.33	55.15	58.17
Net Avail. For Common Margin %	57.71	60.39	60.33	55.15	58.17
Normalized Net Income Margin	42.42	43.76	44.72	39.65	40.21
Levered Free Cash Flow Margin	53.47	63.85	57.7	51.78	-228.79
Unlevered Free Cash Flow Margin	53.95	64.27	58	52.07	-228.54
Asset Turnover
Asset Turnover	0.06	0.06	0.05	0.05	0.05
Fixed Assets Turnover	5.83	4.88	5.65	5.42	6.49
Receivables Turnover (Average Receivables)	0.59	0.43	0.67	0.94	0.76
Short Term Liquidity
Current Ratio	1.11	1.08	1.08	1.08	1.1
Quick Ratio	0.23	0.25	0.16	0.62	0.6
Operating Cash Flow to Current Liabilities	0.04	0.04	0.04	0.04	0.04
Days Sales Outstanding (Average Receivables)	623.34	841.61	541.95	389.26	480.08
Average Days Payable Outstanding	12.25K	16.24K	16.01K	10.31K	8.53K
Long Term Solvency
Total Debt/Equity	6.57	5.65	4.98	4.46	3.96
Total Debt / Total Capital	6.17	5.35	4.74	4.27	3.81
LT Debt/Equity	5.2	4.34	3.7	3.01	2.7
Long-Term Debt / Total Capital	4.88	4.11	3.52	2.88	2.6
Total Liabilities / Total Assets	84.05	87.66	87.5	87.66	84.82
EBIT / Interest Expense	89.44	105.68	149.99	136.26	166
EBITDA / Interest Expense	94.54	111.02	157.16	144.82	175.29
(EBITDA - Capex) / Interest Expense	85.82	100.47	146.46	130.06	158.39
Total Debt / EBITDA	0.25	0.2	0.16	0.18	0.14
Net Debt / EBITDA	-2.1	-2.64	-2.06	-15.92	-10.11
Total Debt / (EBITDA - Capex)	0.27	0.22	0.17	0.2	0.16
Net Debt / (EBITDA - Capex)	-2.31	-2.92	-2.21	-17.73	-11.19
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.88	17.02	9.06	-11.95	11.6
Gross Profit, 1 Yr. Growth %