ZHONGFU STRAITS (PINGTAN) DEVELOPMENT COMPANY LIMITED

Cash flow Zhongfu Straits (Pingtan) Development Company Limited

Equities

000592

CNE0000009F2

Forest & Wood Products

End-of-day quote Shenzhen S.E. Other stock markets 2024-09-13			5-day change	1st Jan Change
1.450 ^CNY	-0.68%		+1.40%	-42.69%

Aug. 30	Zhongfu Straits Development Company Limited Reports Earnings Results for the Half Year Ended June 30, 2024	CI
Jul. 23	Zhongfu Straits to Receive 23 Million Yuan from Subsidiary's Former Controller Over Failed Performance Commitment	MT

4e.wSWuFRvoe73WF1ZXxcLH1sd077IzPh0j6yA1-FGIFFY.snTqQ3reDe6jXRkGsKmDr6Axo-UDe1ZQg1F-oGi-fxKTR9ksVqc41K5gGw

Published financial data: ZHONGFU STRAITS (PINGTAN) DEVELOPMENT COMPANY LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	947M	1.19B	1.56B	1.14B	1.21B
Other Revenues, Total	19.7M	41.74M	48.62M	31.82M	22.5M
Total Revenues	966M	1.23B	1.61B	1.18B	1.23B
Cost of Goods Sold, Total	865M	1.36B	1.99B	1.12B	1.18B
Gross Profit	102M	-128M	-382M	59.95M	49.05M
Selling General & Admin Expenses, Total	113M	118M	123M	93.19M	102M
Provision for Bad Debts	-254K	2.78M	-2.59M	-3.27M	1.35M
R&D Expenses	989K	5.09M	5.23M	6.73M	4.42M
Other Operating Expenses	-13.84M	-13.64M	-9.55M	-9.43M	-7.27M
Other Operating Expenses, Total	99.94M	112M	116M	87.21M	100M
Operating Income	1.89M	-240M	-498M	-27.26M	-50.96M
Interest Expense, Total	-11.55M	-750K	-250K	-795K	-1.48M
Interest And Investment Income	47.92M	26.57M	20.05M	32.33M	17.07M
Net Interest Expenses	36.37M	25.82M	19.8M	31.54M	15.59M
Currency Exchange Gains (Loss)	-8.36K	10.4K	-3.76K	135K	40.65K
Other Non Operating Income (Expenses)	-13.26M	-8.21M	-242M	-14.59M	-7.68M
EBT, Excl. Unusual Items	24.99M	-222M	-720M	-10.18M	-43.02M
Impairment of Goodwill	-7.12M	-48.03M	-	-2.05M	-
Gain (Loss) On Sale Of Investments	382K	67.16K	501K	417K	30.48M
Gain (Loss) On Sale Of Assets	-3.13M	18.55K	49.27M	-7.39M	-2.72M
Asset Writedown	-1.09M	-1.37M	-3.31M	-2.6M	-12.22M
Legal Settlements	-	-	-	-	-
Other Unusual Items	9.5M	-21.26M	-97.12M	-171M	-110M
EBT, Incl. Unusual Items	23.54M	-293M	-770M	-193M	-137M
Income Tax Expense	5.47M	7.62M	11.52M	1.59M	2.98M
Earnings From Continuing Operations	18.07M	-301M	-782M	-194M	-140M
Net Income to Company	18.07M	-301M	-782M	-194M	-140M
Minority Interest	6.57M	74.65M	395M	-35.26M	-168M
Net Income - (IS)	24.63M	-226M	-387M	-229M	-308M
Net Income to Common Incl Extra Items	24.63M	-226M	-387M	-229M	-308M
Net Income to Common Excl. Extra Items	24.63M	-226M	-387M	-229M	-308M
Per Share Items
Net EPS - Basic	0.01	-0.12	-0.2	-0.12	-0.16
Basic EPS - Continuing Operations	0.01	-0.12	-0.2	-0.12	-0.16
Basic Weighted Average Shares Outstanding	1.92B	1.93B	1.93B	1.93B	1.93B
Net EPS - Diluted	0.01	-0.12	-0.2	-0.12	-0.16
Diluted EPS - Continuing Operations	0.01	-0.12	-0.2	-0.12	-0.16
Diluted Weighted Average Shares Outstanding	1.92B	1.93B	1.93B	1.93B	1.93B
Normalized Basic EPS	0.01	-0.03	-0.03	-0.02	-0.1
Normalized Diluted EPS	0.01	-0.03	-0.03	-0.02	-0.1
Payout Ratio	49.35	-0.05	-1.38	-	-
Supplemental Items
EBITDA	50.56M	-186M	-454M	13.18M	-7.63M
EBITA	5.33M	-238M	-495M	-26.2M	-49.8M
EBIT	1.89M	-240M	-498M	-27.26M	-50.96M
EBITDAR	52.71M	-184M	-450M	16.98M	-3.96M
Total Revenues (As Reported)	-	1.23B	1.61B	1.18B	1.23B
Effective Tax Rate - (Ratio)	23.23	-2.6	-1.5	-0.82	-2.17
Current Domestic Taxes	-	-	14.55M	2.59M	4.37M
Total Current Taxes	7.65M	23.3M	14.55M	2.59M	4.37M
Deferred Domestic Taxes	-	-	-3.03M	-1M	-1.39M
Total Deferred Taxes	-2.18M	-15.68M	-3.03M	-1M	-1.39M
Normalized Net Income	22.19M	-64.35M	-55.16M	-41.62M	-195M
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	-	-	161K	795K	1.48M
Non-Cash Pension Expense	705K	596K	167K	-	2.57M
Supplemental Operating Expense Items
Advertising Expense	8.21M	29.12M	28.31M	1.2K	86.73K
Selling and Marketing Expenses	38.2M	50.04M	50.9M	14.71M	18.24M
General and Administrative Expenses	74.85M	67.65M	72.09M	78.49M	83.27M
Research And Development Expense From Footnotes	989K	5.09M	5.23M	6.73M	4.42M
Net Rental Expense, Total	2.15M	2.41M	3.29M	3.8M	3.67M
Imputed Operating Lease Interest Expense	715K	779K	481K	1.07M	1.03M
Imputed Operating Lease Depreciation	1.43M	1.63M	2.81M	2.73M	2.64M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	365M	686M	426M	466M	357M
Short Term Investments	-	-	-	-	36.69M
Trading Asset Securities, Total	294M	145M	384M	295M	432M
Total Cash And Short Term Investments	659M	831M	810M	761M	826M
Accounts Receivable, Total	164M	422M	336M	246M	241M
Other Receivables	274M	444M	106M	105M	97.54M
Notes Receivable	7.04M	-	-	-	-
Total Receivables	445M	865M	442M	351M	338M
Inventory	2.27B	2.36B	1.96B	1.99B	1.93B
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	56.03M	104M	277M	207M	243M
Total Current Assets	3.43B	4.16B	3.49B	3.31B	3.34B
Gross Property Plant And Equipment	653M	659M	662M	673M	668M
Accumulated Depreciation	-293M	-323M	-356M	-323M	-328M
Net Property Plant And Equipment	360M	337M	305M	350M	340M
Long-term Investments	94.87M	94.16M	94.19M	174M	140M
Goodwill	98.49M	50.46M	50.46M	48.41M	48.41M
Other Intangibles, Total	103M	101M	41.56M	45.12M	59.08M
Deferred Tax Assets Long-Term	2.64M	17.91M	17.85M	17.89M	23.25M
Deferred Charges Long-Term	7.16M	10.37M	3.72M	1.03M	1.33M
Other Long-Term Assets, Total	159M	162M	155M	155M	174M
Total Assets	4.25B	4.94B	4.16B	4.11B	4.13B
Liabilities
Accounts Payable, Total	123M	633M	316M	320M	305M
Accrued Expenses, Total	26.99M	40.15M	32.23M	25.64M	27.98M
Short-term Borrowings	23.95M	13.25M	10.95M	10.95M	15.92M
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	-	-	476K	3.98M	3.35M
Current Income Taxes Payable	22.5M	22.88M	12.2M	7.83M	10.27M
Unearned Revenue Current, Total	25.88M	719M	906M	897M	898M
Other Current Liabilities	440M	219M	378M	530M	685M
Total Current Liabilities	663M	1.65B	1.66B	1.8B	1.94B
Long-Term Debt	-	-	-	-	-
Long-Term Leases	-	-	2.72M	15.97M	28.34M
Unearned Revenue Non Current	2.91M	2.55M	2.18M	5.55M	1.46M
Deferred Tax Liability Non Current	4.85M	4.44M	1.35M	381K	4.36M
Other Non Current Liabilities	3.23M	3.23M	3.23M	3.23M	3.23M
Total Liabilities	674M	1.66B	1.67B	1.82B	1.98B
Common Stock, Total	1.93B	1.93B	1.93B	1.93B	1.93B
Additional Paid In Capital	1.42B	1.42B	1.42B	1.42B	1.42B
Retained Earnings	-141M	-367M	-754M	-984M	-1.29B
Total Common Equity	3.21B	2.98B	2.6B	2.37B	2.06B
Minority Interest	366M	294M	-107M	-83.72M	83.69M
Total Equity	3.58B	3.28B	2.49B	2.28B	2.14B
Total Liabilities And Equity	4.25B	4.94B	4.16B	4.11B	4.13B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.93B	1.93B	1.93B	1.93B	1.93B
ECS Total Common Shares Outstanding	1.93B	1.93B	1.93B	1.93B	1.93B
Book Value / Share	1.66	1.55	1.34	1.23	1.07
Tangible Book Value	3.01B	2.83B	2.51B	2.27B	1.95B
Tangible Book Value Per Share	1.56	1.47	1.3	1.18	1.01
Total Debt	23.95M	13.25M	14.15M	30.9M	47.61M
Net Debt	-635M	-818M	-796M	-730M	-778M
Debt Equivalent Oper. Leases	17.19M	19.31M	26.33M	30.43M	29.36M
Minority Interest, Total (Incl. Fin. Div)	366M	294M	-107M	-83.72M	83.69M
Equity Method Investments, Total	66.21M	65.5M	65.53M	73.83M	72M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	530M	502M	480M	463M	475M
Inventories - Work In Process, Total	1.66B	2.06B	2.2B	2.21B	2.21B
Inventories - Finished Goods, Total	86.51M	70.62M	76.42M	129M	7.5M
Inventories - Others	775K	879K	517K	800K	71.59M
Buildings, Total	229M	245M	241M	221M	249M
Machinery, Total	411M	399M	405M	395M	362M
Full Time Employees	-	1.06K	1.12K	1.09K	1.1K
Accumulated Allowance for Doubtful Accounts (Supple)	17.34M	15.11M	9.44M	9.26M	8.14M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	24.63M	-226M	-387M	-229M	-308M
Depreciation & Amortization - CF	45.23M	51.65M	42.37M	42.72M	45.9M
Amortization of Goodwill and Intangible Assets - (CF)	3.44M	2.37M	2.42M	1.06M	1.16M
Depreciation & Amortization, Total	48.67M	54.02M	44.79M	43.78M	47.06M
Amortization of Deferred Charges, Total - (CF)	1.96M	8.16M	6.52M	3.59M	1.31M
(Gain) Loss From Sale Of Asset	3.13M	-18.55K	-49.27M	7.39M	2.72M
(Gain) Loss on Sale of Investments - (CF)	-42.3M	-8.15M	-6.91M	-11.79M	-10M
Asset Writedown & Restructuring Costs	8.21M	49.39M	2.76M	4.24M	-18.72M
Provision for Credit Losses	3M	7.04M	-	-	-
Provision and Write-off of Bad Debts	-254K	2.78M	-2.59M	-3.27M	1.35M
Other Operating Activities, Total	17.58M	181M	363M	70.61M	210M
Change In Accounts Receivable	189M	-809M	100M	152M	34.94M
Change In Inventories	-149M	-349M	-124M	-55.34M	29.78M
Change In Accounts Payable	251M	1B	24.19M	157M	136M
Change In Deferred Taxes	-2.18M	-15.68M	-3.03M	-1M	-1.39M
Change in Other Net Operating Assets	-	-	-	-	-
Cash from Operations	353M	-104M	-31.07M	137M	125M
Capital Expenditure	-33.06M	-27.14M	-46.98M	-63.8M	-65.71M
Sale of Property, Plant, and Equipment	3.12M	33.1K	79.58M	2.07M	12.23M
Cash Acquisitions	-118M	-	-466	-	-
Divestitures	33.77M	120M	64.33M	-	-
Investment in Marketable and Equity Securities, Total	134M	192M	-225M	62.47M	-106M
Other Investing Activities, Total	-55.63M	10.34M	7.64M	-74.69M	39.66M
Cash from Investing	-35.87M	295M	-120M	-73.95M	-120M
Short Term Debt Issued, Total	390M	1M	-	-	-
Long-Term Debt Issued, Total	216K	-	100K	-	-
Total Debt Issued	391M	1M	100K	-	-
Short Term Debt Repaid, Total	-878M	-8.01M	-	-	-
Long-Term Debt Repaid, Total	-5.96M	-	-2.99M	-3.71M	-3.31M
Total Debt Repaid	-884M	-8.01M	-2.99M	-3.71M	-3.31M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-12.16M	-116K	-5.35M	-	-
Common & Preferred Stock Dividends Paid	-12.16M	-116K	-5.35M	-	-
Other Financing Activities, Total	40.27M	2.07M	-4.9M	-55.03M	18.67M
Cash from Financing	-465M	-5.05M	-13.14M	-58.74M	15.36M
Foreign Exchange Rate Adjustments	-	-896	2.14K	171K	40.65K
Net Change in Cash	-148M	186M	-164M	4.7M	19.86M
Supplemental Items
Cash Income Tax Paid (Refund)	53.34M	65.58M	74.83M	33.25M	22.2M
Levered Free Cash Flow	136M	313M	357M	228M	139M
Unlevered Free Cash Flow	143M	314M	358M	229M	140M
Change In Net Working Capital	-125M	-429M	-664M	-262M	-189M
Net Debt Issued / Repaid	-493M	-7.01M	-2.89M	-3.71M	-3.31M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	0.03	-3.27	-6.84	-0.41	-0.77
Return on Total Capital	0.03	-4.35	-10.74	-0.71	-1.41
Return On Equity %	0.52	-8.77	-27.11	-8.14	-6.33
Return on Common Equity	0.77	-7.29	-13.88	-9.24	-13.91
Margin Analysis
Gross Profit Margin %	10.54	-10.38	-23.77	5.1	3.98
SG&A Margin	11.7	9.53	7.66	7.93	8.23
EBITDA Margin %	5.23	-15.07	-28.24	1.12	-0.62
EBITA Margin %	0.55	-19.25	-30.84	-2.23	-4.04
EBIT Margin %	0.2	-19.45	-30.99	-2.32	-4.13
Income From Continuing Operations Margin %	1.87	-24.35	-48.68	-16.53	-11.36
Net Income Margin %	2.55	-18.31	-24.11	-19.53	-24.96
Net Avail. For Common Margin %	2.55	-18.31	-24.11	-19.53	-24.96
Normalized Net Income Margin	2.3	-5.21	-3.43	-3.54	-15.78
Levered Free Cash Flow Margin	14.08