Cash flow SAIC Motor Corporation Limited

Equities

600104

CNE000000TY6

Auto & Truck Manufacturers

End-of-day quote Shanghai S.E. Other stock markets 2025-01-17			5-day change	1st Jan Change
16.80 ^CNY	-0.47%		-4.71%	-19.08%

Jan. 15	Carmakers in India plan EV onslaught in 2025 despite slowing global demand	RE
Jan. 13	Global electric vehicle sales up 25% in record 2024	RE

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Published financial data: SAIC MOTOR CORPORATION LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	805B	710B	746B	706B	711B
Finance Div. Revenues	16.79B	19.09B	19.93B	23.08B	18.51B
Other Revenues, Total	21.91B	12.85B	13.94B	15.44B	15.53B
Total Revenues	843B	742B	780B	744B	745B
Cost of Goods Sold, Total	728B	647B	687B	653B	655B
Finance Div. Operating Exp.	-1.99B	-8.68B	-7.11B	-2.15B	-6.47B
Interest Expense - Finance Division	3.94B	4.04B	3.73B	3.42B	2.67B
Gross Profit	113B	99.61B	96.46B	89.75B	93.67B
Selling General & Admin Expenses, Total	80.32B	60.45B	54.08B	56.34B	54.57B
Provision for Bad Debts	462M	165M	586M	873M	1.45B
R&D Expenses	13.39B	13.4B	19.67B	18.03B	18.37B
Other Operating Expenses	6.61B	5.76B	5.55B	5.28B	4.96B
Other Operating Expenses, Total	101B	79.77B	79.89B	80.52B	79.34B
Operating Income	12.54B	19.83B	16.57B	9.23B	14.33B
Interest Expense, Total	-2.03B	-2.18B	-2.11B	-2.71B	-6.89B
Interest And Investment Income	25.37B	20.06B	23.66B	14.46B	14.3B
Net Interest Expenses	23.34B	17.88B	21.55B	11.76B	7.41B
Currency Exchange Gains (Loss)	276M	-474M	-570M	1.03B	1.24B
Other Non Operating Income (Expenses)	-442M	-231M	103M	-736M	1.6B
EBT, Excl. Unusual Items	35.72B	37B	37.66B	21.28B	24.57B
Impairment of Goodwill	-145M	-	-66.72M	-	-16.81M
Gain (Loss) On Sale Of Investments	617M	-2.34B	-336M	-404M	-1.99B
Gain (Loss) On Sale Of Assets	21.65M	-73.87M	831M	1.94B	1.33B
Asset Writedown	-237M	-1.57B	-435M	-415M	-2.09B
Other Unusual Items	4.98B	2.87B	3.91B	5.67B	4.16B
EBT, Incl. Unusual Items	40.96B	35.89B	41.56B	28.07B	25.97B
Income Tax Expense	5.67B	6.7B	7.62B	5.23B	5.91B
Earnings From Continuing Operations	35.29B	29.19B	33.94B	22.84B	20.06B
Net Income to Company	35.29B	29.19B	33.94B	22.84B	20.06B
Minority Interest	-9.69B	-8.76B	-9.41B	-6.73B	-5.95B
Net Income - (IS)	25.6B	20.43B	24.53B	16.12B	14.11B
Net Income to Common Incl Extra Items	25.6B	20.43B	24.53B	16.12B	14.11B
Net Income to Common Excl. Extra Items	25.6B	20.43B	24.53B	16.12B	14.11B
Per Share Items
Net EPS - Basic	2.19	1.75	2.12	1.4	1.23
Basic EPS - Continuing Operations	2.19	1.75	2.12	1.4	1.23
Basic Weighted Average Shares Outstanding	11.69B	11.66B	11.57B	11.51B	11.51B
Net EPS - Diluted	2.19	1.75	2.12	1.4	1.23
Diluted EPS - Continuing Operations	2.19	1.75	2.12	1.4	1.23
Diluted Weighted Average Shares Outstanding	11.69B	11.66B	11.57B	11.51B	11.51B
Normalized Basic EPS	1.08	1.23	1.22	0.57	0.82
Normalized Diluted EPS	1.08	1.23	1.22	0.57	0.82
Dividend Per Share	0.88	0.62	0.68	0.34	0.37
Payout Ratio	65.08	60.68	37.73	65.31	49.2
Supplemental Items
EBITDA	24.82B	32.93B	31.43B	23.99B	30.45B
EBITA	13.2B	20.74B	17.95B	10.75B	16.32B
EBIT	12.54B	19.83B	16.57B	9.23B	14.33B
EBITDAR	25.64B	33.78B	32.4B	24.9B	31.2B
Total Revenues (As Reported)	843B	742B	780B	744B	745B
Effective Tax Rate - (Ratio)	13.84	18.68	18.33	18.63	22.76
Total Current Taxes	8.02B	7.23B	4.44B	6.45B	7.75B
Total Deferred Taxes	-1.85B	-335M	3.04B	-1.01B	-1.84B
Normalized Net Income	12.64B	14.37B	14.13B	6.57B	9.4B
Interest Capitalized	74.82M	79.61M	50.19M	72.78M	80.54M
Interest on Long-Term Debt	-	-	-	-	462M
Non-Cash Pension Expense	27.51M	106M	58.85M	90.21M	22.2M
Supplemental Operating Expense Items
Advertising Expense	13.44B	10.44B	13.11B	13.17B	11.42B
Selling and Marketing Expenses	57.45B	38.07B	29.51B	30.18B	29.88B
General and Administrative Expenses	22.31B	21.82B	24.1B	25.64B	24.24B
Research And Development Expense From Footnotes	13.39B	13.77B	19.67B	19.1B	19.38B
Net Rental Expense, Total	819M	846M	962M	904M	745M
Imputed Operating Lease Interest Expense	114M	105M	110M	113M	214M
Imputed Operating Lease Depreciation	706M	741M	852M	791M	531M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	128B	143B	139B	155B	144B
Short Term Investments	35.3B	50.07B	53.92B	30.31B	51.52B
Trading Asset Securities, Total	49.8B	54.8B	53.88B	45.23B	46.69B
Total Cash And Short Term Investments	213B	247B	246B	231B	242B
Accounts Receivable, Total	58.99B	60.26B	63.96B	81.15B	94.15B
Other Receivables	21.07B	19.31B	24.74B	26.39B	25.78B
Notes Receivable	124B	120B	119B	124B	120B
Total Receivables	204B	200B	208B	231B	239B
Inventory	54.4B	69.4B	56.64B	88.54B	98.6B
Prepaid Expenses	-	-	-	153M	-
Other Current Assets, Total	39.99B	49.66B	34.25B	31.68B	39.66B
Total Current Assets	511B	566B	545B	582B	620B
Gross Property Plant And Equipment	159B	166B	184B	201B	219B
Accumulated Depreciation	-60.06B	-69.54B	-81.94B	-95.78B	-111B
Net Property Plant And Equipment	99.24B	96.11B	102B	106B	108B
Long-term Investments	86B	87.28B	92.03B	123B	131B
Goodwill	1.48B	1.49B	1.27B	1.23B	1.21B
Other Intangibles, Total	15.28B	16.02B	16.84B	18.92B	20.84B
Loans Receivable Long-Term	81.83B	96.94B	103B	97.98B	65.28B
Deferred Tax Assets Long-Term	29.82B	30.74B	27.84B	28.62B	30.67B
Deferred Charges Long-Term	4.12B	4.73B	4.94B	5.71B	6.78B
Other Long-Term Assets, Total	20.41B	19.93B	24.82B	26.57B	22.84B
Total Assets	849B	919B	917B	990B	1,007B
Liabilities
Accounts Payable, Total	170B	205B	199B	244B	265B
Accrued Expenses, Total	77.33B	82.48B	67.68B	69.47B	69.21B
Short-term Borrowings	75.84B	93.94B	84.51B	103B	95.66B
Current Portion of Long-Term Debt	20.99B	18.38B	18.54B	31.88B	18.72B
Current Portion of Leases	-	-	1.59B	2.43B	2.74B
Current Income Taxes Payable	4.91B	5.39B	2.9B	3.53B	2.82B
Unearned Revenue Current, Total	11.87B	24.82B	26.55B	25.47B	21.84B
Other Current Liabilities	102B	80.83B	79.67B	64.05B	71.73B
Total Current Liabilities	463B	511B	480B	544B	547B
Long-Term Debt	35.3B	47.1B	46.31B	49.68B	62.88B
Long-Term Leases	-	-	8.35B	10.75B	10.66B
Unearned Revenue Non Current	26.11B	26.44B	26.01B	22.18B	11.56B
Pension & Other Post Retirement Benefits	3.78B	-	-	-	-
Deferred Tax Liability Non Current	3.11B	4.22B	4.89B	3.42B	3.1B
Other Non Current Liabilities	17.39B	20.72B	22.12B	23.81B	28.09B
Total Liabilities	548B	609B	588B	654B	664B
Common Stock, Total	11.68B	11.68B	11.68B	11.68B	11.68B
Additional Paid In Capital	55.57B	57.03B	56.54B	57.9B	57.44B
Retained Earnings	169B	179B	193B	202B	212B
Treasury Stock	-	-2.04B	-2.78B	-3.75B	-4.01B
Comprehensive Income and Other	13.13B	14.06B	14.9B	11.73B	8.96B
Total Common Equity	250B	260B	274B	279B	286B
Minority Interest	51.14B	49.94B	55B	57.07B	56.59B
Total Equity	301B	310B	329B	336B	343B
Total Liabilities And Equity	849B	919B	917B	990B	1,007B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	11.68B	11.58B	11.51B	11.5B	11.48B
ECS Total Common Shares Outstanding	11.68B	11.58B	11.55B	11.5B	11.48B
Book Value / Share	21.37	22.47	23.71	24.29	24.95
Tangible Book Value	233B	243B	256B	259B	264B
Tangible Book Value Per Share	19.94	20.96	22.14	22.54	23.03
Total Debt	132B	159B	159B	198B	191B
Net Debt	-80.79B	-88.02B	-87.05B	-33.1B	-51.18B
Debt Equivalent of Unfunded Proj. Benefit Obligation	3.27B	3.25B	3.31B	3.03B	3.07B
Debt Equivalent Oper. Leases	6.56B	6.77B	7.7B	7.23B	5.96B
Minority Interest, Total (Incl. Fin. Div)	51.14B	49.94B	55B	57.07B	56.59B
Equity Method Investments, Total	64.62B	59.65B	60.85B	64.65B	66.7B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	9.35B	8.58B	15.89B	17.9B	14.01B
Inventories - Work In Process, Total	2.06B	10.76B	11.97B	13.49B	14.18B
Inventories - Finished Goods, Total	45.78B	53.18B	31.47B	60.45B	74.56B
Buildings, Total	37.54B	39.83B	40.52B	43.44B	47.2B
Machinery, Total	106B	113B	116B	126B	140B
Full Time Employees	216K	205K	207K	216K	207K
Accumulated Allowance for Doubtful Accounts (Supple)	2.16B	2.28B	2.56B	3.33B	4.72B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	25.6B	20.43B	24.53B	16.12B	14.11B
Depreciation & Amortization - CF	11.62B	12.19B	14.99B	15.31B	16.63B
Amortization of Goodwill and Intangible Assets - (CF)	654M	909M	1.38B	1.52B	1.98B
Depreciation & Amortization, Total	12.28B	13.1B	16.37B	16.83B	18.61B
Amortization of Deferred Charges, Total - (CF)	1.2B	1.36B	1.32B	1.4B	2.35B
(Gain) Loss From Sale Of Asset	-89.1M	125M	-774M	-1.91B	-1.27B
(Gain) Loss on Sale of Investments - (CF)	-26.38B	-24.83B	-28.9B	-14.63B	-15.91B
Asset Writedown & Restructuring Costs	382M	1.44B	53.04M	717M	2.46B
Provision for Credit Losses	1.87B	901M	-132M	817M	788M
Provision and Write-off of Bad Debts	-	338M	730M	1.05B	1.9B
Other Operating Activities, Total	12.95B	12.57B	12.08B	10.38B	10.9B
Change In Accounts Receivable	4.83B	-23.2B	6.36B	-24.95B	22.24B
Change In Inventories	5.78B	-17.02B	16.31B	-36.6B	-12.1B
Change In Accounts Payable	22.37B	47.68B	-31.55B	40.02B	-5.01B
Change In Deferred Taxes	-1.85B	-335M	3.04B	-1.01B	-2.08B
Change in Other Net Operating Assets	-12.67B	4.96B	2.19B	1.26B	5.35B
Cash from Operations	46.27B	37.52B	21.62B	9.5B	42.33B
Capital Expenditure	-26.93B	-15.14B	-18.74B	-22.93B	-19.41B
Sale of Property, Plant, and Equipment	1.86B	924M	2.09B	2.42B	379M
Cash Acquisitions	-1.72B	462M	1.39B	757M	-
Divestitures	149M	336M	1.3B	-306M	43.67M
Investment in Marketable and Equity Securities, Total	-41.61B	-18.32B	-5.06B	-3.36B	-40.61B
Other Investing Activities, Total	28.99B	24.63B	17.53B	16.65B	17.36B
Cash from Investing	-39.26B	-7.11B	-1.5B	-6.78B	-42.23B
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	69.78B	69.46B	61.91B	88.69B	130B
Total Debt Issued	69.78B	69.46B	61.91B	88.69B	130B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-47.55B	-61.48B	-55.5B	-61.49B	-122B
Total Debt Repaid	-47.55B	-61.48B	-55.5B	-61.49B	-122B
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-16.66B	-12.4B	-9.26B	-10.53B	-6.94B
Common & Preferred Stock Dividends Paid	-16.66B	-12.4B	-9.26B	-10.53B	-6.94B
Other Financing Activities, Total	-8.66B	-11.44B	-13.33B	-7.54B	-10.89B
Cash from Financing	-3.09B	-15.85B	-16.17B	9.14B	-10.06B
Foreign Exchange Rate Adjustments	-308M	-531M	-886M	822M	704M
Net Change in Cash	3.61B	14.02B	3.06B	12.68B	-9.25B
Supplemental Items
Cash Interest Paid	4.49B	4.74B	4.63B	4.61B	2.69B
Cash Income Tax Paid (Refund)	27.91B	23.31B	26.4B	9.22B	11.66B
Levered Free Cash Flow	27.18B	22.45B	-12.73B	-22.47B	3.42B
Unlevered Free Cash Flow	28.44B	23.81B	-11.41B	-20.78B	7.73B
Change In Net Working Capital	-34.07B	-12.1B	20.71B	21.84B	2.78B
Net Debt Issued / Repaid	22.23B	7.99B	6.41B	27.2B	7.77B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	0.96	1.4	1.13	0.6	0.9
Return on Total Capital	1.89	2.75	2.2	1.13	1.68
Return On Equity %	12.05	9.56	10.63	6.87	5.91
Return on Common Equity	10.58	8.02	9.19	5.83	4.99
Margin Analysis
Gross Profit Margin %	13.44	13.42	12.37	12.06	12.58
SG&A Margin	9.52	8.15	6.94	7.57	7.33
EBITDA Margin %	2.94	4.44	4.03	3.22	4.09
EBITA Margin %	1.56	2.79	2.3	1.44	2.19
EBIT Margin %	1.49	2.67	2.12	1.24	1.92
Income From Continuing Operations Margin %	4.18	3.93	4.35	3.07	2.69
Net Income Margin %	3.04	2.75	3.15	2.17	1.89
Net Avail. For Common Margin %	3.04	2.75	3.15	2.17	1.89
Normalized Net Income Margin	1.5	1.94	1.81	0.88	1.26
Levered Free Cash Flow Margin	3.22	3.03	-1.63	-3.02	0.46
Unlevered Free Cash Flow Margin	3.37	3.21	-1.46	-2.79	1.04
Asset Turnover
Asset Turnover	1.03	0.84	0.85	0.78	0.75
Fixed Assets Turnover	8.91	7.6	7.89	7.18	6.97
Receivables Turnover (Average Receivables)	13.4	11.91	12.01	9.72	8.11
Inventory Turnover (Average Inventory)	12.85	10.46	10.9	9	7
Short Term Liquidity
Current Ratio	1.1	1.11	1.13	1.07	1.13
Quick Ratio	0.63	0.64	0.7	0.62	0.66