Tsingtao Brewery Company Limited (HKG: 0168)

Tsingtao Brewery Company Income Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating Revenue	31,387	33,406	31,697	29,673	27,338	27,618
Other Revenue	530.73	530.73	474.22	494.11	421.73	365.28
Revenue	31,918	33,937	32,172	30,167	27,760	27,984
Revenue Growth (YoY)	-6.23%	5.49%	6.65%	8.67%	-0.80%	5.30%
Cost of Revenue	19,110	20,916	20,402	19,183	18,018	17,120
Gross Profit	12,808	13,021	11,769	10,984	9,742	10,864
Selling, General & Admin	6,011	6,159	5,619	5,728	5,204	6,964
Research & Development	122.06	100.64	62.95	30.89	21.47	21.09
Other Operating Expenses	2,182	2,387	2,391	2,319	2,219	2,313
Operating Expenses	8,315	8,646	8,072	8,077	7,443	9,293
Operating Income	4,493	4,375	3,697	2,907	2,299	1,571
Interest Expense	-25.81	-16.43	-9.24	-29.09	-19.13	-16
Interest & Investment Income	727.01	678.42	629.57	501.71	549.27	539.34
Currency Exchange Gain (Loss)	-2.86	-2.86	12.2	-8.72	-11.85	7.65
Other Non Operating Income (Expenses)	-11.91	-17.79	-0.93	-17.64	-3.53	-1.39
EBT Excluding Unusual Items	5,180	5,016	4,329	3,353	2,814	2,100
Gain (Loss) on Sale of Investments	213.96	230.26	164.35	253.44	55.09	56.75
Gain (Loss) on Sale of Assets	169.56	178.58	-9.52	481.51	-5.2	59.17
Asset Writedown	-81.83	-79.53	-26.12	-189.06	-130.55	-121.34
Other Unusual Items	400.7	400.7	548.5	579.96	506.51	631.92
Pretax Income	5,882	5,746	5,006	4,479	3,240	2,727
Income Tax Expense	1,403	1,398	1,201	1,223	912.58	797.79
Earnings From Continuing Operations	4,479	4,348	3,805	3,256	2,327	1,929
Minority Interest in Earnings	-129.44	-80.35	-94.09	-100.79	-125.65	-77.01
Net Income	4,350	4,268	3,711	3,155	2,201	1,852
Preferred Dividends & Other Adjustments	7.97	7.97	9.78	10.03	-	-
Net Income to Common	4,342	4,260	3,701	3,145	2,201	1,852
Net Income Growth	-0.03%	15.02%	17.59%	43.34%	18.86%	30.23%
Shares Outstanding (Basic)	1,359	1,357	1,353	1,351	1,351	1,351
Shares Outstanding (Diluted)	1,363	1,362	1,360	1,358	1,353	1,351
Shares Change (YoY)	0.09%	0.15%	0.18%	0.38%	0.13%	-
EPS (Basic)	3.20	3.14	2.74	2.33	1.63	1.37
EPS (Diluted)	3.19	3.13	2.73	2.32	1.63	1.37
EPS Growth	-0.12%	14.84%	17.38%	42.82%	18.68%	30.23%
Free Cash Flow	1,808	1,160	3,099	4,408	3,658	2,861
Free Cash Flow Per Share	1.33	0.85	2.28	3.25	2.70	2.12
Dividend Per Share	2.000	2.000	1.300	1.100	0.750	0.550
Dividend Growth	53.85%	53.85%	18.18%	46.67%	36.36%	14.58%
Gross Margin	40.13%	38.37%	36.58%	36.41%	35.09%	38.82%
Operating Margin	14.08%	12.89%	11.49%	9.64%	8.28%	5.61%
Profit Margin	13.60%	12.55%	11.50%	10.43%	7.93%	6.62%
Free Cash Flow Margin	5.66%	3.42%	9.63%	14.61%	13.18%	10.22%
EBITDA	5,540	5,393	4,678	3,923	3,364	2,631
EBITDA Margin	17.36%	15.89%	14.54%	13.00%	12.12%	9.40%
D&A For EBITDA	1,047	1,018	980.37	1,016	1,065	1,060
EBIT	4,493	4,375	3,697	2,907	2,299	1,571
EBIT Margin	14.08%	12.89%	11.49%	9.64%	8.28%	5.61%
Effective Tax Rate	23.85%	24.33%	24.00%	27.30%	28.17%	29.26%
Revenue as Reported	31,918	33,937	32,172	30,167	-	-
Advertising Expenses	-	1,639	1,278	1,170	912.16	957.91

Source: S&P Capital IQ. Standard template. Financial Sources.