Tsingtao Brewery Company Limited (TSGTF)

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	Jun 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating Revenue	31,869	33,406	31,697	29,673	27,338	27,618
Other Revenue	544.54	530.73	474.22	494.11	421.73	365.28
Revenue	32,413	33,937	32,172	30,167	27,760	27,984
Revenue Growth (YoY)	-6.02%	5.49%	6.65%	8.67%	-0.80%	5.30%
Cost of Revenue	19,514	20,916	20,402	19,183	18,018	17,120
Gross Profit	12,899	13,021	11,769	10,984	9,742	10,864
Selling, General & Admin	5,945	6,159	5,619	5,728	5,204	6,964
Research & Development	107.88	100.64	62.95	30.89	21.47	21.09
Other Operating Expenses	2,462	2,387	2,391	2,319	2,219	2,313
Operating Expenses	8,515	8,646	8,072	8,077	7,443	9,293
Operating Income	4,384	4,375	3,697	2,907	2,299	1,571
Interest Expense	-20.01	-16.43	-9.24	-29.09	-19.13	-16
Interest & Investment Income	725.87	678.42	629.57	501.71	549.27	539.34
Currency Exchange Gain (Loss)	-12.41	-2.86	12.2	-8.72	-11.85	7.65
Other Non Operating Income (Expenses)	-16.45	-17.79	-0.93	-17.64	-3.53	-1.39
EBT Excluding Unusual Items	5,061	5,016	4,329	3,353	2,814	2,100
Gain (Loss) on Sale of Investments	239.99	230.26	164.35	253.44	55.09	56.75
Gain (Loss) on Sale of Assets	167.29	178.58	-9.52	481.51	-5.2	59.17
Asset Writedown	-81.36	-79.53	-26.12	-189.06	-130.55	-121.34
Other Unusual Items	664.53	400.7	548.5	579.96	506.51	631.92
Pretax Income	6,052	5,746	5,006	4,479	3,240	2,727
Income Tax Expense	1,464	1,398	1,201	1,223	912.58	797.79
Earnings From Continuing Operations	4,588	4,348	3,805	3,256	2,327	1,929
Minority Interest in Earnings	-104.19	-80.35	-94.09	-100.79	-125.65	-77.01
Net Income	4,484	4,268	3,711	3,155	2,201	1,852
Preferred Dividends & Other Adjustments	0.81	7.97	9.78	10.03	-	-
Net Income to Common	4,483	4,260	3,701	3,145	2,201	1,852
Net Income Growth	4.66%	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)	0.08%	0.15%	0.18%	0.38%	0.13%	-
EPS (Basic)	3.30	3.14	2.74	2.33	1.63	1.37
EPS (Diluted)	3.29	3.13	2.73	2.32	1.63	1.37
EPS Growth	4.58%	14.84%	17.38%	42.82%	18.68%	30.23%
Free Cash Flow	1,868	1,160	3,099	4,408	3,658	2,861
Free Cash Flow Per Share	1.37	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	39.80%	38.37%	36.58%	36.41%	35.09%	38.82%
Operating Margin	13.53%	12.89%	11.49%	9.64%	8.28%	5.61%
Profit Margin	13.83%	12.55%	11.50%	10.43%	7.93%	6.62%
Free Cash Flow Margin	5.76%	3.42%	9.63%	14.61%	13.18%	10.22%
EBITDA	5,427	5,393	4,678	3,923	3,364	2,631
EBITDA Margin	16.74%	15.89%	14.54%	13.00%	12.12%	9.40%
D&A For EBITDA	1,042	1,018	980.37	1,016	1,065	1,060
EBIT	4,384	4,375	3,697	2,907	2,299	1,571
EBIT Margin	13.53%	12.89%	11.49%	9.64%	8.28%	5.61%
Effective Tax Rate	24.19%	24.33%	24.00%	27.30%	28.17%	29.26%
Revenue as Reported	33,937	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.