Balance Sheet Kangxin New Materials Co., Ltd

Equities

600076

CNE000000QB0

Non-Paper Containers & Packaging

End-of-day quote Shanghai S.E. Other stock markets 2024-09-06			5-day change	1st Jan Change
1.380 ^CNY	-1.43%		-2.13%	-47.92%

Jul. 16	Kangxin New Materials Co., Ltd Reports Earnings Results for the Half Year Ended June 30, 2024	CI
Jul. 04	Kangxin New Materials Co., Ltd announces an Equity Buyback for CNY 20 million worth of its shares.	CI

132751574293c2a9c11367f45e3d17c1.v6owZKXQGP9fIfxhT9NBcTJQL8vbaethL9CLrXGQzMc.x5tpAfC3e5wTe7JVDrgKOQIPWaTrAbEyHufEmwfJqoTpnHJT3Z9BpjQMuQ

Published financial data: KANGXIN NEW MATERIALS CO., LTD

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	2.01B	972M	1.28B	438M	223M
Other Revenues, Total	6.27M	50.91M	10.75M	9.05M	23.22M
Total Revenues	2.01B	1.02B	1.29B	447M	246M
Cost of Goods Sold, Total	1.26B	929M	1.06B	495M	361M
Gross Profit	748M	94.02M	221M	-47.98M	-115M
Selling General & Admin Expenses, Total	280M	169M	101M	62.73M	61.29M
Provision for Bad Debts	-8.49M	-935K	-4.36M	-4.07M	1.77M
R&D Expenses	33.56M	42.3M	49.56M	16.56M	5.47M
Other Operating Expenses	-72.34M	-16.39M	-17.6M	3.66M	9.82M
Other Operating Expenses, Total	233M	194M	128M	78.88M	78.35M
Operating Income	516M	-99.72M	93.24M	-127M	-193M
Interest Expense, Total	-90.27M	-115M	-77.31M	-85.76M	-78.14M
Interest And Investment Income	2.51M	4.12M	5.52M	9.86M	5.67M
Net Interest Expenses	-87.76M	-111M	-71.79M	-75.9M	-72.47M
Currency Exchange Gains (Loss)	-1.59M	1.72M	-248	894	-1.12K
Other Non Operating Income (Expenses)	-27.58M	-7.71M	4.84M	1.26M	-5.59M
EBT, Excl. Unusual Items	399M	-217M	26.29M	-201M	-271M
Impairment of Goodwill	-	-	-	-	-15.14M
Gain (Loss) On Sale Of Investments	-	-	-1.82M	4.39M	-
Gain (Loss) On Sale Of Assets	1.17M	25.86M	-1.36M	-29.89K	-284K
Asset Writedown	-	-12.58M	-	-	-
Other Unusual Items	17.78M	1.41M	5.53M	2.61M	1.95M
EBT, Incl. Unusual Items	418M	-202M	28.64M	-195M	-285M
Income Tax Expense	30.1M	-39.57M	1.1M	1.45M	10.34M
Earnings From Continuing Operations	388M	-163M	27.54M	-196M	-295M
Net Income to Company	388M	-163M	27.54M	-196M	-295M
Minority Interest	2.38M	1.38M	2.91M	2.44M	-1.92M
Net Income - (IS)	390M	-161M	30.45M	-194M	-297M
Net Income to Common Incl Extra Items	390M	-161M	30.45M	-194M	-297M
Net Income to Common Excl. Extra Items	390M	-161M	30.45M	-194M	-297M
Per Share Items
Net EPS - Basic	0.38	-0.16	0.02	-0.14	-0.22
Basic EPS - Continuing Operations	0.38	-0.16	0.02	-0.14	-0.22
Basic Weighted Average Shares Outstanding	1.03B	1.03B	1.32B	1.34B	1.35B
Net EPS - Diluted	0.38	-0.16	0.02	-0.14	-0.22
Diluted EPS - Continuing Operations	0.38	-0.16	0.02	-0.14	-0.22
Diluted Weighted Average Shares Outstanding	1.03B	1.03B	1.32B	1.34B	1.35B
Normalized Basic EPS	0.24	-0.13	0.01	-0.09	-0.13
Normalized Diluted EPS	0.24	-0.13	0.01	-0.09	-0.13
Dividend Per Share	-	-	-	-	-
Payout Ratio	16.2	-60.25	265.18	-43.89	-25.73
Supplemental Items
EBITDA	628M	21.63M	218M	-1.31M	-67.64M
EBITA	548M	-58.07M	138M	-82.41M	-149M
EBIT	516M	-99.72M	93.24M	-127M	-193M
EBITDAR	632M	26.24M	224M	46.55M	-19.72M
Total Revenues (As Reported)	2.01B	1.02B	1.29B	447M	246M
Effective Tax Rate - (Ratio)	7.21	19.56	3.82	-0.74	-3.63
Total Current Taxes	27.76M	-	21.09M	49.22K	3.45M
Total Deferred Taxes	2.34M	-39.57M	-19.99M	1.4M	6.9M
Normalized Net Income	252M	-134M	19.34M	-123M	-172M
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	8.07M	8.08M	5.71M	17.41M	17.37M
Non-Cash Pension Expense	-	32.91K	366K	205K	3.16M
Supplemental Operating Expense Items
Advertising Expense	126K	253K	303K	-	46.72K
Selling and Marketing Expenses	89.49M	59.03M	25.6M	9.03M	3.94M
General and Administrative Expenses	191M	110M	74.91M	50.3M	53.85M
Research And Development Expense From Footnotes	33.56M	42.3M	49.56M	16.56M	5.47M
Net Rental Expense, Total	4.61M	4.61M	5.92M	47.86M	47.92M
Imputed Operating Lease Interest Expense	3.26M	2.69M	1.39M	12.61M	12.99M
Imputed Operating Lease Depreciation	1.35M	1.91M	4.53M	35.25M	34.93M
Maintenance & Repair Expenses, Total	-	8.89K	107K	107K	97.78K

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	270M	320M	700M	238M	178M
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	-	-	201M	-	-
Total Cash And Short Term Investments	270M	320M	900M	238M	178M
Accounts Receivable, Total	431M	300M	155M	20.31M	102M
Other Receivables	48.72M	7.14M	3.12M	3.87M	6.26M
Total Receivables	479M	307M	158M	24.18M	108M
Inventory	2.66B	3.26B	3.77B	3.85B	3.85B
Prepaid Expenses	-	92.03K	2.72M	856K	-
Other Current Assets, Total	194M	124M	76.32M	35.19M	28.21M
Total Current Assets	3.61B	4.01B	4.91B	4.15B	4.17B
Gross Property Plant And Equipment	1.59B	1.58B	1.64B	1.68B	1.67B
Accumulated Depreciation	-373M	-452M	-522M	-597M	-665M
Net Property Plant And Equipment	1.22B	1.13B	1.12B	1.08B	1B
Long-term Investments	3M	3M	3M	8M	8M
Goodwill	147M	147M	147M	147M	132M
Other Intangibles, Total	1.52B	1.7B	1.66B	1.61B	1.56B
Deferred Tax Assets Long-Term	8.54M	47.92M	67.86M	66.17M	61.53M
Deferred Charges Long-Term	69.15M	82.32M	52.99M	31.36M	14.77M
Other Long-Term Assets, Total	14.51M	13.49M	44.23M	49.32M	47.33M
Total Assets	6.59B	7.14B	8B	7.14B	7B
Liabilities
Accounts Payable, Total	454M	214M	136M	31.22M	38.05M
Accrued Expenses, Total	59.76M	63.73M	39.43M	19.99M	18.21M
Short-term Borrowings	851M	1.67B	2.25B	1.73B	1.33B
Current Portion of Long-Term Debt	-	-	35.27M	52.85M	46.09M
Current Portion of Leases	-	-	4.3M	4.92M	2.94M
Current Income Taxes Payable	13.09M	2.36M	6.71M	1.44M	3.93M
Unearned Revenue Current, Total	-	12.71M	1.03M	3.96M	3.55M
Other Current Liabilities	498M	451M	15.27M	9.18M	169M
Total Current Liabilities	1.88B	2.41B	2.49B	1.85B	1.61B
Long-Term Debt	99.67M	542M	570M	542M	894M
Long-Term Leases	-	-	10.93M	5.92M	6.03M
Unearned Revenue Non Current	52.95M	50.41M	48.45M	45.75M	42.82M
Deferred Tax Liability Non Current	3.2M	3.01M	2.96M	2.67M	4.79M
Other Non Current Liabilities	394M	134M	-	-	-
Total Liabilities	2.43B	3.14B	3.12B	2.45B	2.56B
Common Stock, Total	1.03B	1.03B	1.34B	1.34B	1.34B
Additional Paid In Capital	515M	515M	1.06B	1.06B	1.06B
Retained Earnings	2.56B	2.4B	2.43B	2.24B	1.94B
Comprehensive Income and Other	-	-	-	-	947K
Total Common Equity	4.11B	3.95B	4.84B	4.64B	4.35B
Minority Interest	49.15M	47.77M	44.86M	42.42M	95.07M
Total Equity	4.16B	4B	4.88B	4.68B	4.44B
Total Liabilities And Equity	6.59B	7.14B	8B	7.14B	7B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.03B	1.03B	1.34B	1.34B	1.34B
ECS Total Common Shares Outstanding	1.03B	1.03B	1.34B	1.34B	1.34B
Book Value / Share	3.98	3.82	3.6	3.45	3.23
Tangible Book Value	2.44B	2.1B	3.03B	2.89B	2.65B
Tangible Book Value Per Share	2.36	2.03	2.26	2.15	1.97
Total Debt	951M	2.21B	2.87B	2.34B	2.28B
Net Debt	681M	1.89B	1.97B	2.1B	2.1B
Debt Equivalent Oper. Leases	36.87M	36.87M	47.38M	383M	383M
Minority Interest, Total (Incl. Fin. Div)	49.15M	47.77M	44.86M	42.42M	95.07M
Account Code - Inventory Valuation	6	3	3	6	6
Inventories - Raw Materials, Total	2.43B	3.07B	3.43B	3.36B	3.42B
Inventories - Work In Process, Total	31.05M	104M	140M	213M	148M
Inventories - Finished Goods, Total	193M	87.79M	200M	371M	421M
Inventories - Others	6.82M	-	-	-	-
Buildings, Total	701M	706M	754M	747M	751M
Machinery, Total	42.4M	43.42M	803M	844M	842M
Full Time Employees	934	839	744	565	309
Assets under Capital Lease - Gross	732M	732M	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-240M	-295M	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	10.03M	9.09M	4.37M	448K	2.37M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	390M	-161M	30.45M	-194M	-297M
Depreciation & Amortization - CF	79.53M	79.7M	86.26M	87.42M	87.39M
Amortization of Goodwill and Intangible Assets - (CF)	32.33M	41.65M	44.54M	44.45M	44.34M
Depreciation & Amortization, Total	112M	121M	131M	132M	132M
Amortization of Deferred Charges, Total - (CF)	22.68M	32.28M	33.1M	26.81M	18.3M
(Gain) Loss From Sale Of Asset	-1.17M	-25.86M	599K	29.89K	274K
(Gain) Loss on Sale of Investments - (CF)	-	-	-536K	-4.72M	-
Asset Writedown & Restructuring Costs	-	-	756K	96.59M	15.15M
Provision and Write-off of Bad Debts	-8.49M	-935K	-4.36M	-7.65M	1.77M
Other Operating Activities, Total	83.88M	118M	71.16M	86.53M	146M
Change In Accounts Receivable	-102M	206M	175M	170M	-71.45M
Change In Inventories	-492M	-598M	-491M	-151M	-45.84M
Change In Accounts Payable	203M	-121M	-112M	-122M	-1.69M
Change In Deferred Taxes	2.34M	-39.57M	-19.99M	1.4M	6.9M
Change in Other Net Operating Assets	-	-	-	-	1.51M
Cash from Operations	210M	-469M	-186M	34.18M	-94.12M
Capital Expenditure	-240M	-305M	-86.58M	-40.52M	-8.01M
Sale of Property, Plant, and Equipment	323K	-	428K	5.82M	654K
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-70M	-84M	-200M	210M	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-	-	-2M	-	-
Cash from Investing	-310M	-389M	-288M	176M	-7.36M
Short Term Debt Issued, Total	868M	-	-	-	-
Long-Term Debt Issued, Total	-	2.42B	2.68B	2.23B	2.92B
Total Debt Issued	868M	2.42B	2.68B	2.23B	2.92B
Short Term Debt Repaid, Total	-1.21B	-	-	-	-
Long-Term Debt Repaid, Total	-	-1.4B	-2.24B	-2.71B	-2.37B
Total Debt Repaid	-1.21B	-1.4B	-2.24B	-2.71B	-2.37B
Issuance of Common Stock	-	-	855M	-	-
Common Dividends Paid	-63.21M	-97.24M	-80.76M	-84.94M	-76.43M
Common & Preferred Stock Dividends Paid	-63.21M	-97.24M	-80.76M	-84.94M	-76.43M
Other Financing Activities, Total	458M	-	-396M	-6.85M	-429M
Cash from Financing	50.24M	920M	823M	-575M	47.95M
Foreign Exchange Rate Adjustments	108K	-1.72M	-248	894	-147
Net Change in Cash	-49.76M	60.5M	348M	-365M	-53.52M
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Cash Income Tax Paid (Refund)	81.26M	15.24M	57.56M	-14.59M	17.02M
Levered Free Cash Flow	-45.39M	-922M	-599M	-45.49M	59.56M
Unlevered Free Cash Flow	11.03M	-850M	-551M	8.11M	108M
Change In Net Working Capital	206M	636M	686M	30.76M	-87.18M
Net Debt Issued / Repaid	-345M	1.02B	444M	-483M	554M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.18	-0.91	0.77	-1.05	-1.7
Return on Total Capital	6.44	-1.1	0.82	-1.07	-1.75
Return On Equity %	9.74	-3.99	0.62	-4.1	-6.4
Return on Common Equity	9.93	-4	0.69	-4.08	-6.57
Margin Analysis
Gross Profit Margin %	37.19	9.19	17.21	-10.74	-46.66
SG&A Margin	13.91	16.49	7.81	14.04	24.88
EBITDA Margin %	31.18	2.11	16.99	-0.29	-27.46
EBITA Margin %	27.23	-5.68	10.71	-18.45	-60.47
EBIT Margin %	25.63	-9.75	7.25	-28.4	-78.47
Income From Continuing Operations Margin %	19.26	-15.91	2.14	-43.88	-119.83
Net Income Margin %	19.38	-15.78	2.37	-43.33	-120.6
Net Avail. For Common Margin %	19.38	-15.78	2.37	-43.33	-120.6
Normalized Net Income Margin	12.5	-13.12	1.5	-27.65	-69.63
Levered Free Cash Flow Margin	-2.26	-90.16	-46.58	-10.18	24.18
Unlevered Free Cash Flow Margin	0.55	-83.11	-42.82	1.82