Financials Xiaomi Corporation

Equities

1810

KYG9830T1067

Phones & Handheld Devices

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Projected Income Statement: Xiaomi Corporation

income-statement-evolution-chart XIAOMI-CORPORATION

Fiscal Period: december	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	205,839	245,866	328,309	280,044	270,970	352,823	421,921	489,078
Change	-	19.45%	33.53%	-14.7%	-3.24%	30.21%	19.58%	15.92%
EBITDA ¹	13,141	25,743	29,090	6,524	24,845	26,122	33,899	41,552
Change	-	95.9%	13%	-77.57%	280.83%	5.14%	29.77%	22.58%
EBIT ¹	11,760	24,035	26,029	2,816	20,009	20,686	27,771	34,722
Change	-	104.37%	8.3%	-89.18%	610.41%	3.39%	34.25%	25.03%
Interest Paid ¹	-	-2,401	-1,612	1,117	2,002	-2,898	-2,295	-3,170
Earnings before Tax (EBT) ¹	12,163	21,633	24,417	3,934	22,011	24,998	31,838	39,774
Change	-	77.87%	12.87%	-83.89%	459.51%	13.57%	27.36%	24.93%
Net income ¹	10,103	20,313	19,339	2,474	17,475	19,614	25,552	31,909
Change	-	101.06%	-4.79%	-87.21%	606.34%	12.24%	30.28%	24.88%
Announcement Date	3/31/20	3/24/21	3/22/22	3/24/23	3/19/24	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	56,470	49,702	53,538	72,163	70,463	76,882	87,789	78,063	85,575	73,352	70,171	70,474	66,047	59,477	67,355	70,894	73,244	75,507	88,888	92,507	96,996	96,579	107,054	109,285	115,576
Change	-	-11.98%	7.72%	34.79%	-2.36%	9.11%	14.19%	-11.08%	9.62%	-14.28%	-4.34%	0.43%	-6.28%	-9.95%	13.25%	5.26%	3.31%	3.09%	17.72%	4.07%	4.85%	-0.43%	10.85%	2.08%	5.76%
EBITDA ¹	3,045	2,675	5,786	7,090	10,192	8,815	11,454	3,530	5,292	-32.83	2,680	-430	4,306	6,825	5,066	6,653	6,284	5,077	7,301	7,738	6,456	7,544	8,191	8,357	-
Change	-	-12.15%	116.3%	22.54%	43.74%	-13.51%	29.94%	-69.18%	49.91%	-	-	-	-	58.5%	-25.78%	31.33%	-5.55%	-19.2%	43.8%	5.99%	-16.57%	16.85%	8.57%	2.03%	-100%
EBIT ¹	2,697	2,323	5,413	6,697	9,602	8,158	10,726	2,730	4,416	-911.3	1,733	-1,361	3,356	5,900	4,041	5,011	5,057	3,683	5,889	6,041	5,370	6,016	8,546	8,770	7,507
Change	-	-13.86%	133%	23.71%	43.38%	-15.04%	31.48%	-74.55%	61.76%	-	-	-	-	75.83%	-31.52%	24.02%	0.91%	-27.17%	59.89%	2.59%	-11.11%	12.02%	42.06%	2.62%	-14.4%
Charge d'intérêts	-	-	-545.2	-1,246	-741	-909.2	-1,047	-942.6	-531.1	-495.3	3.8	170.3	448	-1,108	915.2	876	640.8	1,539	-86.21	775.9	-	-	-	-	-
Earnings before Tax (EBT) ¹	2,716	2,454	4,868	5,451	8,861	9,067	9,679	1,787	3,884	-415.9	1,737	-1,191	3,804	5,471	4,956	5,887	5,698	5,222	6,679	6,817	5,483	6,989	7,816	7,967	-
Change	-	-9.65%	98.35%	11.97%	62.57%	2.32%	6.75%	-81.54%	117.36%	-	-	-	-	43.83%	-9.41%	18.8%	-3.22%	-8.34%	27.9%	2.06%	-19.57%	27.47%	11.82%	1.93%	-100%
Net income ¹	2,436	2,164	4,498	4,881	8,795	7,793	8,268	792.3	2,486	-587.6	1,386	-1,476	3,151	4,204	3,670	4,869	4,727	4,182	5,098	5,340	3,708	5,760	7,109	7,107	7,616
Change	-	-11.19%	107.91%	8.5%	80.2%	-11.39%	6.1%	-90.42%	213.75%	-	-	-	-	33.4%	-12.7%	32.67%	-2.91%	-11.54%	21.9%	4.75%	-30.56%	55.32%	23.42%	-0.03%	7.16%
Announcement Date	3/31/20	5/20/20	8/26/20	11/24/20	3/24/21	5/26/21	8/25/21	11/23/21	3/22/22	5/19/22	8/19/22	11/23/22	3/24/23	5/24/23	8/29/23	11/20/23	3/19/24	5/23/24	8/21/24	11/18/24	-	-	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 S1	2022 S1
Net sales ¹	103,240	143,522
Change	-	39.02%
EBITDA	-	-
Change	-	-
EBIT	-	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT) ¹	-	1,321
Change	-	-
Net income ¹	6,662	798.8
Change	-	-88.01%
Announcement Date	8/26/20	8/19/22

¹CNY in Million

Estimates

Forecast Balance Sheet: Xiaomi Corporation

balance-sheet-analysis-chart XIAOMI-CORPORATION

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-29,819	-54,755	-30,615	-34,287	-59,657	-86,311	-106,759	-134,384
Change	-	-283.62%	-155.91%	-211.99%	-273.99%	-244.68%	-223.69%	-225.88%
Announcement Date	3/31/20	3/24/21	3/22/22	3/24/23	3/19/24	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: Xiaomi Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	3,405	3,026	7,169	6,123	7,662	8,571	8,690	9,452
Change	-	-11.15%	136.96%	-14.59%	25.13%	11.87%	1.38%	8.77%
Free Cash Flow (FCF) ¹	20,405	18,853	2,616	-10,513	33,638	19,428	27,726	32,024
Change	-	-7.61%	-86.12%	-501.85%	-419.97%	-42.24%	42.71%	15.5%
Announcement Date	3/31/20	3/24/21	3/22/22	3/24/23	3/19/24	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: Xiaomi Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	6.38%	10.47%	8.86%	2.33%	9.17%	7.4%	8.03%	8.5%
EBIT Margin (%)	5.71%	9.78%	7.93%	1.01%	7.38%	5.86%	6.58%	7.1%
EBT Margin (%)	5.91%	8.8%	7.44%	1.4%	8.12%	7.09%	7.55%	8.13%
Net margin (%)	4.91%	8.26%	5.89%	0.88%	6.45%	5.56%	6.06%	6.52%
FCF margin (%)	9.91%	7.67%	0.8%	-3.75%	12.41%	5.51%	6.57%	6.55%
FCF / Net Income (%)	201.97%	92.81%	13.53%	-424.93%	192.49%	99.06%	108.51%	100.36%
Profitability
ROA	6.11%	9.29%	7.08%	3.01%	5.85%	6.12%	6.93%	7.37%
ROE	13.16%	19.82%	14.82%	6.07%	11.36%	12.48%	13.63%	14.22%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.65%	1.23%	2.18%	2.19%	2.83%	2.43%	2.06%	1.93%
CAPEX / EBITDA (%)	25.91%	11.75%	24.64%	93.86%	30.84%	32.81%	25.63%	22.75%
CAPEX / FCF (%)	16.69%	16.05%	274.04%	-58.24%	22.78%	44.12%	31.34%	29.51%
Items per share
Cash flow per share ¹	0.9715	0.8869	0.3836	-0.1735	1.631	1.166	1.387	1.601
Change	-	-8.71%	-56.75%	-145.23%	-1,039.94%	-28.48%	18.94%	15.37%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	3.425	5.157	5.504	5.786	6.59	7.4	8.35	9.584
Change	-	50.56%	6.74%	5.12%	13.9%	12.29%	12.83%	14.78%
EPS ¹	0.41	0.825	0.76	0.1	0.69	0.765	0.9964	1.223
Change	-	101.22%	-7.88%	-86.84%	590%	10.87%	30.24%	22.7%
Nbr of stocks (in thousands)	23,977,155	25,167,385	24,967,962	24,940,021	25,045,738	24,912,399	24,912,399	24,912,399
Announcement Date	3/31/20	3/24/21	3/22/22	3/24/23	3/19/24	-	-	-