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 03:08:28 2026-01-23 am EST			5-day change	1st Jan Change
422.00 ^HKD	-1.03%		-3.74%	+3.53%

Jan. 23	HKEX says listing of shares of Dreameast Group will be cancelled	RE
Jan. 23	JPMorgan Chase & Co's short position in Alibaba increases to 3.88% on Jan 19 from 2.83%, HKEX shows	RE

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Published financial data: HONG KONG EXCHANGES AND CLEARING LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	15.43B	17.91B	15.43B	13.86B	15.62B
Interest And Invest. Income (Rev)	2.39B	1.5B	1.44B	5.04B	4.99B
Other Revenues, Total	1.23B	1.36B	1.4B	1.49B	1.65B
Total Revenues	19.05B	20.78B	18.27B	20.39B	22.26B
Cost of Goods Sold, Total	704M	777M	794M	877M	950M
Gross Profit	18.35B	20B	17.48B	19.52B	21.32B
Selling General & Admin Expenses, Total	3.32B	3.34B	3.85B	4.12B	4.35B
Depreciation & Amortization - (IS)	1.2B	1.35B	1.46B	1.44B	1.4B
Other Operating Expenses	305M	309M	313M	338M	367M
Other Operating Expenses, Total	4.82B	5B	5.62B	5.9B	6.12B
Operating Income	13.53B	15B	11.86B	13.61B	15.2B
Interest Expense, Total	-128M	-100M	-87M	-82M	-63M
Net Interest Expenses	-128M	-100M	-87M	-82M	-63M
Income (Loss) On Equity Invest.	69M	80M	71M	82M	88M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-159M	-172M	-218M	-301M	-383M
EBT, Excl. Unusual Items	13.31B	14.81B	11.62B	13.31B	14.84B
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Assets	24M	22M	17M	2M	-1M
Insurance Settlements	-	-	-	-	-
Other Unusual Items	-1M	12M	21M	19M	15M
EBT, Incl. Unusual Items	13.33B	14.84B	11.66B	13.33B	14.85B
Income Tax Expense	1.84B	2.34B	1.56B	1.35B	1.7B
Earnings From Continuing Operations	11.49B	12.5B	10.1B	11.98B	13.16B
Net Income to Company	11.49B	12.5B	10.1B	11.98B	13.16B
Minority Interest	18M	37M	-17M	-119M	-105M
Net Income - (IS)	11.5B	12.54B	10.08B	11.86B	13.05B
Net Income to Common Incl Extra Items	11.5B	12.54B	10.08B	11.86B	13.05B
Net Income to Common Excl. Extra Items	11.5B	12.54B	10.08B	11.86B	13.05B
Per Share Items
Net EPS - Basic	9.11	9.91	7.96	9.37	10.32
Basic EPS - Continuing Operations	9.11	9.91	7.96	9.37	10.32
Basic Weighted Average Shares Outstanding	1.26B	1.27B	1.27B	1.27B	1.26B
Net EPS - Diluted	9.09	9.89	7.95	9.36	10.29
Diluted EPS - Continuing Operations	9.09	9.89	7.95	9.36	10.29
Diluted Weighted Average Shares Outstanding	1.27B	1.27B	1.27B	1.27B	1.27B
Normalized Basic EPS	6.6	7.34	5.73	6.48	7.25
Normalized Diluted EPS	6.59	7.33	5.72	6.47	7.23
Dividend Per Share	8.17	8.87	7.14	8.41	9.26
Payout Ratio	60.7	91.96	95.9	86.97	79.82
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	13.91B	15.41B	12.29B	14.08B	15.62B
EBITA	13.66B	15.13B	11.99B	13.74B	15.33B
EBIT	13.53B	15B	11.86B	13.61B	15.2B
EBITDAR	14.02B	15.52B	12.41B	14.21B	15.76B
Total Revenues (As Reported)	19.19B	20.95B	18.46B	20.52B	22.37B
Effective Tax Rate - (Ratio)	13.84	15.79	13.41	10.13	11.43
Total Current Taxes	1.71B	2.14B	1.6B	1.37B	1.59B
Total Deferred Taxes	132M	198M	-32M	-16M	110M
Normalized Net Income	8.34B	9.29B	7.25B	8.2B	9.17B
Interest on Long-Term Debt	89M	79M	68M	59M	55M
Supplemental Operating Expense Items
Marketing Expenses	81M	116M	129M	135M	126M
Selling and Marketing Expenses	81M	116M	129M	135M	126M
General and Administrative Expenses	151M	157M	279M	289M	199M
Net Rental Expense, Total	119M	117M	120M	134M	138M
Imputed Operating Lease Interest Expense	42.72M	35.55M	35.38M	41.01M	36.64M
Imputed Operating Lease Depreciation	76.28M	81.45M	84.62M	92.99M	101M
Maintenance & Repair Expenses, Total	69M	62M	62M	63M	68M
Stock-Based Comp., SG&A Exp. (Total)	281M	324M	380M	399M	390M
Total Stock-Based Compensation	281M	324M	380M	399M	390M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	29.29B	15B	15.26B	9.21B	13.91B
Short Term Investments	14.25B	10.93B	11.7B	15.9B	6.85B
Trading Asset Securities, Total	7.2B	8.49B	6.18B	6.36B	6.9B
Total Cash And Short Term Investments	50.74B	34.42B	33.14B	31.47B	27.66B
Accounts Receivable, Total	46.07B	18.94B	13.96B	22.5B	33.7B
Other Receivables	1.01B	961M	1.22B	1.16B	1.42B
Total Receivables	47.08B	19.9B	15.19B	23.66B	35.12B
Restricted Cash	129B	166B	170B	116B	120B
Other Current Assets, Total	149B	154B	164B	145B	170B
Total Current Assets	376B	375B	382B	316B	354B
Gross Property Plant And Equipment	6.34B	6.15B	6.12B	6.11B	5.8B
Accumulated Depreciation	-2.49B	-2.65B	-2.88B	-3.07B	-3.12B
Net Property Plant And Equipment	3.85B	3.5B	3.24B	3.04B	2.68B
Long-term Investments	779M	1.72B	1.29B	2.62B	2.6B
Goodwill	13.29B	13.36B	13.37B	13.37B	13.3B
Other Intangibles, Total	5.45B	5.61B	5.6B	5.91B	6.31B
Deferred Tax Assets Long-Term	26M	25M	53M	21M	9M
Other Long-Term Assets, Total	-	-	-	-	3.14B
Total Assets	399B	399B	406B	341B	382B
Liabilities
Accounts Payable, Total	40.99B	27.17B	17.67B	26.2B	36.11B
Accrued Expenses, Total	1.2B	778M	915M	732M	1B
Current Portion of Long-Term Debt	340M	340M	430M	382M	382M
Current Portion of Leases	304M	299M	297M	270M	260M
Current Income Taxes Payable	1.17B	1.15B	2.17B	639M	1.32B
Unearned Revenue Current, Total	1.05B	1.1B	1.08B	1.06B	1.04B
Deferred Tax Liability Current	9M	18M	-	-	-
Other Current Liabilities	301B	315B	330B	257B	284B
Total Current Liabilities	346B	346B	353B	287B	325B
Long-Term Debt	83M	86M	61M	65M	70M
Long-Term Leases	2.05B	1.76B	1.45B	1.33B	1.03B
Unearned Revenue Non Current	371M	354M	333M	307M	319M
Deferred Tax Liability Non Current	921M	1.11B	1.07B	1.05B	1.15B
Other Non Current Liabilities	98M	98M	90M	113M	123M
Total Liabilities	350B	349B	356B	289B	327B
Common Stock, Total	31.89B	31.9B	31.92B	31.95B	31.96B
Retained Earnings	17.84B	18.8B	19.23B	20.74B	23.34B
Treasury Stock	-485M	-901M	-918M	-1.01B	-1.12B
Comprehensive Income and Other	-330M	-165M	-505M	-334M	-319M
Total Common Equity	48.92B	49.63B	49.73B	51.34B	53.85B
Minority Interest	318M	284M	371M	452M	555M
Total Equity	49.24B	49.91B	50.1B	51.8B	54.41B
Total Liabilities And Equity	399B	399B	406B	341B	382B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.27B	1.27B	1.27B	1.26B	1.26B
ECS Total Common Shares Outstanding	1.27B	1.27B	1.27B	1.26B	1.26B
Book Value / Share	38.64	39.22	39.3	40.6	42.61
Tangible Book Value	30.18B	30.65B	30.76B	32.06B	34.25B
Tangible Book Value Per Share	23.84	24.22	24.31	25.36	27.1
Total Debt	2.78B	2.48B	2.24B	2.05B	1.75B
Net Debt	-47.96B	-31.94B	-30.9B	-29.42B	-25.92B
Debt Equivalent Oper. Leases	952M	936M	960M	1.07B	1.1B
Minority Interest, Total (Incl. Fin. Div)	318M	284M	371M	452M	555M
Equity Method Investments, Total	164M	244M	291M	352M	415M
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	708M	708M	708M	708M	708M
Machinery, Total	1.6B	1.75B	1.83B	2.61B	2.52B
Full Time Employees	2.2K	2.15K	2.24K	2.42K	2.44K
Accumulated Allowance for Doubtful Accounts (Supple)	42M	50M	45M	44M	48M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	11.5B	12.54B	10.08B	11.86B	13.05B
Depreciation & Amortization - CF	553M	585M	611M	630M	555M
Amortization of Goodwill and Intangible Assets - (CF)	131M	132M	133M	132M	137M
Depreciation & Amortization, Total	684M	717M	744M	762M	692M
Amortization of Deferred Charges, Total - (CF)	513M	637M	715M	681M	710M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-487M	-485M	507M	-120M	-264M
(Income) Loss On Equity Investments - (CF)	-69M	-80M	-71M	-82M	-88M
Stock-Based Compensation (CF)	281M	324M	380M	399M	390M
Provision and Write-off of Bad Debts	12M	7M	-2M	-	-
Other Operating Activities, Total	2.46B	-1.33B	2.78B	-1.98B	-461M
Change in Trading Asset Securities	-	-	-	-	-
Change In Accounts Receivable	-14.9B	15.39B	4.87B	-8.23B	-10.69B
Change in Other Net Operating Assets	14.77B	-15.38B	-5.04B	8.21B	9.43B
Cash from Operations	14.77B	12.34B	14.96B	11.5B	12.77B
Capital Expenditure	-1.35B	-1.07B	-1.28B	-1.39B	-1.6B
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-6.19B	3.31B	-647M	-5.77B	3.81B
Other Investing Activities, Total	56M	38M	231M	864M	992M
Cash from Investing	-7.48B	2.28B	-1.7B	-6.29B	3.19B
Long-Term Debt Repaid, Total	-284M	-310M	-309M	-307M	-255M
Total Debt Repaid	-284M	-310M	-309M	-307M	-255M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-31M	-681M	-350M	-448M	-481M
Common Dividends Paid	-6.98B	-11.53B	-9.66B	-10.32B	-10.42B
Common & Preferred Stock Dividends Paid	-6.98B	-11.53B	-9.66B	-10.32B	-10.42B
Other Financing Activities, Total	-176M	-151M	-49M	-179M	-109M
Cash from Financing	-7.47B	-12.67B	-10.37B	-11.25B	-11.26B
Foreign Exchange Rate Adjustments	26M	9M	-23M	-6M	-9M
Net Change in Cash	-161M	1.96B	2.86B	-6.05B	4.7B
Supplemental Items
Cash Interest Paid	438M	126M	2.34B	6.07B	5.88B
Cash Income Tax Paid (Refund)	2.32B	2.15B	574M	2.95B	1.28B
Levered Free Cash Flow	12B	11.8B	8.72B	7.16B	6.49B
Unlevered Free Cash Flow	12.08B	11.86B	8.77B	7.21B	6.53B
Change In Net Working Capital	-3.5B	-1.88B	-807M	1.76B	3.16B
Net Debt Issued / Repaid	-284M	-310M	-309M	-307M	-255M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.49	2.35	1.84	2.28	2.63
Return on Total Capital	17	17.96	14.15	16.02	17.27
Return On Equity %	24.51	25.21	20.19	23.52	24.77
Return on Common Equity	24.72	25.44	20.29	23.47	24.81
Margin Analysis
Gross Profit Margin %	96.3	96.26	95.65	95.7	95.73
SG&A Margin	17.42	16.07	21.08	20.21	19.53
EBITDA Margin %	72.99	74.15	67.27	69.04	70.15
EBITA Margin %	71.69	72.83	65.6	67.4	68.87
EBIT Margin %	71	72.19	64.88	66.75	68.26
Income From Continuing Operations Margin %	60.3	60.15	55.25	58.75	59.08
Net Income Margin %	60.39	60.33	55.15	58.17	58.61
Net Avail. For Common Margin %	60.39	60.33	55.15	58.17	58.61
Normalized Net Income Margin	43.76	44.72	39.65	40.21	41.18
Levered Free Cash Flow Margin	63.01	56.78	47.7	35.1	29.15
Unlevered Free Cash Flow Margin	63.43	57.08	48	35.35	29.32
Asset Turnover
Asset Turnover	0.06	0.05	0.05	0.05	0.06
Fixed Assets Turnover	4.88	5.65	5.42	6.49	7.79
Receivables Turnover (Average Receivables)	0.43	0.67	0.94	0.76	0.56
Short Term Liquidity
Current Ratio	1.08	1.08	1.08	1.1	1.09
Quick Ratio	0.28	0.16	0.14	0.19	0.19
Operating Cash Flow to Current Liabilities	0.04	0.04	0.04	0.04	0.04
Days Sales Outstanding (Average Receivables)	841.61	541.95	389.26	480.08	658.39
Average Days Payable Outstanding	16.24K	16.01K	10.31K	9.13K	12K
Long Term Solvency
Total Debt/Equity	5.65	4.98	4.46	3.96	3.21
Total Debt / Total Capital	5.35	4.74	4.27	3.81	3.11
LT Debt/Equity	4.34	3.7	3.01	2.7	2.03
Long-Term Debt / Total Capital	4.11	3.52	2.88	2.6	1.97
Total Liabilities / Total Assets	87.66	87.5	87.66	84.82	85.74
EBIT / Interest Expense	105.68	149.99	136.26	166	241.22
EBITDA / Interest Expense	111.02	157.16	144.82	175.29	252.21
(EBITDA - Capex) / Interest Expense	100.47	146.46	130.06	158.39	226.75
Total Debt / EBITDA	0.2	0.16	0.18	0.14	0.11
Net Debt / EBITDA	-3.37	-2.03	-2.45	-2.05	-1.63
Total Debt / (EBITDA - Capex)	0.22	0.17	0.2	0.16	0.12
Net Debt / (EBITDA - Capex)	-3.73	-2.18	-2.73	-2.27	-1.81
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	17.02	9.06	-11.95	11.6	9.18
Gross Profit, 1 Yr. Growth %	17.36	9.01	-12.5	11.65	9.22
EBITDA, 1 Yr. Growth %	19.82	10.79	-20.08	14.53	10.93
EBITA, 1 Yr. Growth %	20.11	10.78	-20.65	14.65	11.57
EBIT, 1 Yr. Growth %	20.36	10.88	-20.83	14.82	11.64
Earnings From Cont. Operations, 1 Yr. Growth %	22.33	8.8	-19.23	18.68	9.8
Net Income, 1 Yr. Growth %	22.51	8.95	-19.6	17.7	10.02
Normalized Net Income, 1 Yr. Growth %	20.76	11.54	-22.01	13.17	11.82
Diluted EPS Before Extra, 1 Yr. Growth %	21.69	8.8	-19.62	17.74	9.94
Accounts Receivable, 1 Yr. Growth %	85.06	-44.67	-26.28	61.14	49.76
Net Property, Plant and Equip., 1 Yr. Growth %	-2.65	-9.06	-7.34	-6.38	-11.82
Total Assets, 1 Yr. Growth %	43.02	0.05	1.69	-15.98	11.86
Tangible Book Value, 1 Yr. Growth %	17	1.57	0.35	4.24	6.8
Common Equity, 1 Yr. Growth %	10.74	1.45	0.21	3.25	4.88
Cash From Operations, 1 Yr. Growth %	46.78	-16.45	21.2	-23.11	11.08
Capital Expenditures, 1 Yr. Growth %	23.83	-20.8	20	7.94	15.73
Levered Free Cash Flow, 1 Yr. Growth %	-49.62	-299.23	-4.86	-17.89	-9.33
Unlevered Free Cash Flow, 1 Yr. Growth %	-49.45	-303.03	-4.91	-17.82	-9.42
Dividend Per Share, 1 Yr. Growth %	21.76	8.57	-19.5	17.79	10.11
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.75	12.97	-2.06	-0.87	10.38
Gross Profit, 2 Yr. CAGR %	9.48	13.11	-2.39	-1.16	10.43
EBITDA, 2 Yr. CAGR %	10.93	15.21	-5.98	-4.33	12.72
EBITA, 2 Yr. CAGR %	11.06	15.35	-6.31	-4.62	13.1
EBIT, 2 Yr. CAGR %	11.18	15.52	-6.38	-4.66	13.22
Earnings From Cont. Operations, 2 Yr. CAGR %	11.19	15.37	-6.25	-2.09	14.15
Net Income, 2 Yr. CAGR %	11.15	15.53	-6.41	-2.72	13.79
Normalized Net Income, 2 Yr. CAGR %	10.69	16.02	-6.73	-6.05	12.49
Diluted EPS Before Extra, 2 Yr. CAGR %	10.24	15.06	-6.48	-2.72	13.77
Accounts Receivable, 2 Yr. CAGR %	63.14	-12.77	-36.13	9	55.35
Net Property, Plant and Equip., 2 Yr. CAGR %	53.92	-5.91	-8.21	-6.86	-9.14
Total Assets, 2 Yr. CAGR %	24.87	19.62	0.87	-7.56	-3.05
Tangible Book Value, 2 Yr. CAGR %	15.28	9.01	0.95	2.28	5.52
Common Equity, 2 Yr. CAGR %	9.59	5.99	0.82	1.72	4.06
Cash From Operations, 2 Yr. CAGR %	24.82	10.74	0.63	-3.46	-7.58
Capital Expenditures, 2 Yr. CAGR %	25.34	-0.97	-2.51	13.81	11.77
Levered Free Cash Flow, 2 Yr. CAGR %	35.83	-29.63	21.33	-11.61	-13.72
Unlevered Free Cash Flow, 2 Yr. CAGR %	35.83	-29.56	22.54	-11.6	-13.72
Dividend Per Share, 2 Yr. CAGR %	10.34	14.97	-6.52	-2.63	13.88
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	13.36	9.52	3.92	2.29	2.37
Gross Profit, 3 Yr. CAGR %	13.21	9.32	3.79	2.08	2.19
EBITDA, 3 Yr. CAGR %	15.4	10.88	1.94	0.41	0.51
EBITA, 3 Yr. CAGR %	15.96	10.97	1.78	0.21	0.5
EBIT, 3 Yr. CAGR %	16.16	11.08	1.79	0.21	0.49
Earnings From Cont. Operations, 3 Yr. CAGR %	16.02	10.39	2.44	1.41	1.72
Net Income, 3 Yr. CAGR %	15.83	10.41	2.38	1.02	1.35
Normalized Net Income, 3 Yr. CAGR %	15.92	10.94	1.63	-0.52	-0.44
Diluted EPS Before Extra, 3 Yr. CAGR %	14.72	9.76	2.1	0.98	1.33
Accounts Receivable, 3 Yr. CAGR %	43.42	3.05	-17.53	-13.05	21.17
Net Property, Plant and Equip., 3 Yr. CAGR %	37.87	29.16	-6.39	-7.6	-8.55
Total Assets, 3 Yr. CAGR %	7.91	15.98	13.32	-5.09	-1.5
Tangible Book Value, 3 Yr. CAGR %	15.98	10.52	6.04	2.04	3.76
Common Equity, 3 Yr. CAGR %	9.49	6.81	4.03	1.63	2.76
Cash From Operations, 3 Yr. CAGR %	25.83	9.19	14.12	-8	1.16
Capital Expenditures, 3 Yr. CAGR %	25.22	7.55	5.58	0.86	14.45
Levered Free Cash Flow, 3 Yr. CAGR %	24.56	21.95	-28.48	6.52	-10.86
Unlevered Free Cash Flow, 3 Yr. CAGR %	24.45	21.89	-28.41	7.26	-10.88
Dividend Per Share, 3 Yr. CAGR %	14.8	9.75	2.09	0.97	1.44
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.17	13.42	6.92	5.21	6.46
Gross Profit, 5 Yr. CAGR %	8.25	13.74	6.69	4.98	6.4
EBITDA, 5 Yr. CAGR %	8.66	16.26	6.32	4.49	6.12
EBITA, 5 Yr. CAGR %	8.85	16.77	6.48	4.41	6.16
EBIT, 5 Yr. CAGR %	8.95	17	6.56	4.46	6.22
Earnings From Cont. Operations, 5 Yr. CAGR %	7.69	16.83	6.54	5.22	6.98
Net Income, 5 Yr. CAGR %	7.66	16.79	6.36	4.96	6.8
Normalized Net Income, 5 Yr. CAGR %	8.83	16.92	6.25	3.8	5.84
Diluted EPS Before Extra, 5 Yr. CAGR %	6.38	15.8	5.72	4.59	6.62
Accounts Receivable, 5 Yr. CAGR %	25.53	10.37	-2.21	5.39	6.25
Net Property, Plant and Equip., 5 Yr. CAGR %	19.8	18.49	17.17	13.32	-7.5
Total Assets, 5 Yr. CAGR %	10.87	10.05	5.04	5.92	6.46
Tangible Book Value, 5 Yr. CAGR %	20.37	16.23	9.72	7.14	5.83
Common Equity, 5 Yr. CAGR %	10.41	8.99	5.94	4.74	4.04
Cash From Operations, 5 Yr. CAGR %	12.16	28.94	15.07	3.94	4.89
Capital Expenditures, 5 Yr. CAGR %	13.73	11.53	13.29	10.02	8.01
Levered Free Cash Flow, 5 Yr. CAGR %	14.93	23.62	7.01	1.93	-22.9
Unlevered Free Cash Flow, 5 Yr. CAGR %	14.8	23.45	6.95	1.94	-22.86
Dividend Per Share, 5 Yr. CAGR %	6.55	15.85	5.75	4.62	6.65