Huawei

Huawei's Cash & Cash Equivalents rose 69.0% yoy to CNY 265,857 mil in 2018

By Helgi Analytics - April 2, 2020

Huawei's total assets reached CNY 665,792 mil at the end of 2018, up 31.8% compared to the previous year. Current ...

Profit Statement 2016 2017 2018
Sales 518,068 598,480 721,202
Gross Profit CNY mil 207,919 236,562 278,171
EBITDA 60,150 68,061 86,188
EBIT 51,403 57,253 72,268
Financing Cost CNY mil -120 -141 -2,412
Pre-Tax Profit CNY mil 44,058 56,128 73,646
Net Profit CNY mil 37,066 47,450 59,227
Dividends CNY mil 7,718 9,459 11,652
Balance Sheet 2016 2017 2018
Total Assets CNY mil 443,635 505,225 665,792
Non-Current Assets CNY mil 88,133 99,965 135,678
Current Assets CNY mil 355,502 405,261 530,114
Working Capital CNY mil 110,836 107,101 94,220
Shareholders' Equity CNY mil 140,134 175,616 233,065
Liabilities CNY mil 303,501 329,609 432,727
Total Debt CNY mil 44,836 39,945 69,941
Net Debt CNY mil -80,646 -117,347 -195,916
Ratios 2016 2017 2018
ROE % 28.6 30.1 29.0
ROCE % 20.4 23.4 27.1
Gross Margin % 40.1 39.5 38.6
EBITDA Margin % 11.6 11.4 12.0
EBIT Margin % 9.92 9.57 10.0
Net Margin % 7.15 7.93 8.21
Net Debt/EBITDA -1.34 -1.72 -2.27
Net Debt/Equity -0.575 -0.668 -0.841
Cost of Financing % -0.325 -0.333 -4.39
Cash Flow 2016 2017 2018
Total Cash From Operations CNY mil 18,108 99,958 74,659
Total Cash From Investing CNY mil -28,504 -24,657 -93,880
Total Cash From Financing CNY mil 20,239 -20,558 26,926
Net Change In Cash CNY mil 9,843 54,743 7,705
Cash Conversion Cycle days 79.4 65.1 48.4
Cash Earnings CNY mil 44,784 56,910 70,879
Free Cash Flow CNY mil -10,396 75,301 -19,221

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summary Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                          
Sales             220,198 239,025 288,197 395,009 518,068    
Gross Profit CNY mil             87,577 98,020 127,451 164,697 207,919    
EBIT             19,238 32,347 39,138 45,786 51,403    
Net Profit CNY mil             15,365 20,919 27,851 36,908 37,066    
ROE %             21.8 25.0 29.0 33.7 28.6    
EBIT Margin %             8.74 13.5 13.6 11.6 9.92    
Net Margin %             6.98 8.75 9.66 9.34 7.15    
balance sheet                          
Total Assets CNY mil             210,006 231,532 309,773 372,155 443,635    
Non-Current Assets CNY mil             40,538 44,688 52,668 70,509 88,133    
Current Assets CNY mil             169,468 186,844 257,105 301,646 355,502    
Shareholders' Equity CNY mil             75,024 92,186 99,985 119,069 140,134    
Liabilities CNY mil             134,982 139,346 209,788 253,086 303,501    
Non-Current Liabilities CNY mil             28,765 33,602 31,249 40,459 44,579    
Current Liabilities CNY mil             106,217 111,664 178,539 212,627 258,923    
Net Debt/EBITDA ... ...         -1.88 -1.61 -1.80 -1.88 -1.34    
Net Debt/Equity             -0.589 -0.639 -0.779 -0.808 -0.575    
Cost of Financing % ...           3.93 2.05 -2.91 -4.67 -0.325    
cash flow                          
Total Cash From Operations CNY mil             24,969 22,554 41,755 49,315 18,108    
Total Cash From Investing CNY mil             -5,426 -8,037 -26,209 2,244 -28,504    
Total Cash From Financing CNY mil             8,491 -7,126 -10,406 -19,763 20,239    
Net Change In Cash CNY mil             28,034 7,391 5,140 31,796 9,843    
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                          
Sales             220,198 239,025 288,197 395,009 518,068    
Cost of Goods & Services CNY mil             132,621 141,005 160,746 230,312 310,149    
Gross Profit CNY mil             87,577 98,020 127,451 164,697 207,919    
Staff Cost CNY mil ... ... ... ... ... ... 48,084 52,450 71,808 100,834 115,000    
Other Cost CNY mil ... ... ... ... ... ... 16,037 9,003 12,285 12,622 32,769    
EBITDA ... ...         23,456 36,567 43,358 51,241 60,150    
Depreciation CNY mil ... ...         3,806 3,757 3,757 4,975 7,718    
EBIT             19,238 32,347 39,138 45,786 51,403    
Financing Cost CNY mil             914 519 -743 -1,332 -120    
Extraordinary Cost CNY mil             233 6,666 6,828 5,131 7,465    
Pre-Tax Profit CNY mil             18,091 25,162 33,053 41,987 44,058    
Tax CNY mil             2,711 4,159 5,187 5,077 7,006    
Minorities CNY mil             15.0 84.0 15.0 2.00 -13.7    
Net Profit CNY mil             15,365 20,919 27,851 36,908 37,066    
Dividends CNY mil ... ... ... ... ... ... 3,806 3,757 3,757 4,975 7,718    
growth rates                          
Total Revenue Growth % ...           7.98 8.55 20.6 37.1 31.2    
Operating Cost Growth % ... ... ... ... ... ... ... -4.16 36.8 34.9 30.2    
EBITDA Growth % ... ... ...       -16.2 55.9 18.6 18.2 17.4    
EBIT Growth % ...           3.53 68.1 21.0 17.0 12.3    
Pre-Tax Profit Growth % ...           45.2 39.1 31.4 27.0 4.93    
Net Profit Growth % ...           30.9 36.1 33.1 32.5 0.428    
ratios                          
ROE %             21.8 25.0 29.0 33.7 28.6    
ROCE % ...           25.6 21.8 23.6 24.9 20.4    
Gross Margin %             39.8 41.0 44.2 41.7 40.1    
EBITDA Margin % ... ...         10.7 15.3 15.0 13.0 11.6    
EBIT Margin %             8.74 13.5 13.6 11.6 9.92    
Net Margin %             6.98 8.75 9.66 9.34 7.15    
Payout Ratio % ... ... ... ... ... ... 24.8 18.0 13.5 13.5 20.8    
Cost of Financing % ...           3.93 2.05 -2.91 -4.67 -0.325    
Net Debt/EBITDA ... ...         -1.88 -1.61 -1.80 -1.88 -1.34    
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                          
Non-Current Assets CNY mil             40,538 44,688 52,668 70,509 88,133    
Property, Plant & Equipment CNY mil             20,366 22,209 27,248 35,438 52,477    
Intangible Assets CNY mil           ... 5,078 5,753 2,597 2,725 4,795    
Goodwill CNY mil ... ...     ... ... 3,389 3,343 307 396 323    
Current Assets CNY mil             169,468 186,844 257,105 301,646 355,502    
Inventories CNY mil             22,237 24,929 46,576 61,363 73,976    
Receivables CNY mil             59,829 65,534 79,580 93,260 107,957    
Cash & Cash Equivalents CNY mil             71,649 81,944 106,036 125,208 125,482    
Total Assets CNY mil             210,006 231,532 309,773 372,155 443,635    
Shareholders' Equity CNY mil             75,024 92,186 99,985 119,069 140,134    
Of Which Minority Interest CNY mil             -24.0 59.0 45.0 48.0 39.5    
Liabilities CNY mil             134,982 139,346 209,788 253,086 303,501    
Non-Current Liabilities CNY mil             28,765 33,602 31,249 40,459 44,579    
Long-Term Debt CNY mil             16,077 19,990 17,578 26,501 40,867    
Deferred Tax Liabilities CNY mil ... ...         784 476 320 460 1,104    
Current Liabilities CNY mil             106,217 111,664 178,539 212,627 258,923    
Short-Term Debt CNY mil             11,414 3,043 10,530 2,485 3,970    
Trade Payables CNY mil             33,536 31,980 45,899 61,017 71,096    
Equity And Liabilities CNY mil             210,006 231,532 309,773 372,155 443,635    
growth rates                          
Total Asset Growth % ...           82.8 10.3 33.8 20.1 19.2    
Shareholders' Equity Growth % ...           13.3 22.9 8.46 19.1 17.7    
Net Debt Growth % ...           15.6 33.4 32.3 23.5 -16.2    
Total Debt Growth % ...           44.7 -16.2 22.0 3.12 54.7    
ratios                          
Total Debt CNY mil             27,491 23,033 28,108 28,986 44,836    
Net Debt CNY mil             -44,158 -58,911 -77,928 -96,222 -80,646    
Working Capital CNY mil             48,530 58,483 80,257 93,606 110,836    
Capital Employed CNY mil             89,068 103,171 132,925 164,115 198,969    
Net Debt/Equity             -0.589 -0.639 -0.779 -0.808 -0.575    
Cost of Financing % ...           3.93 2.05 -2.91 -4.67 -0.325    
cash flow Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
cash flow                          
Net Profit CNY mil             15,365 20,919 27,851 36,908 37,066    
Depreciation CNY mil ... ...         3,806 3,757 3,757 4,975 7,718    
Non-Cash Items CNY mil ... ...         55,047 7,831 31,921 20,781 -9,445    
Change in Working Capital CNY mil ...           -49,249 -9,953 -21,774 -13,349 -17,230    
Total Cash From Operations CNY mil             24,969 22,554 41,755 49,315 18,108    
Capital Expenditures CNY mil             -5,426 -8,037 -26,209 2,244 -28,504    
Other Investments CNY mil             0 0 0 0 0    
Total Cash From Investing CNY mil             -5,426 -8,037 -26,209 2,244 -28,504    
Dividends Paid CNY mil             0 -3,806 -3,757 -3,757 -4,975    
Issuance Of Shares CNY mil             0 0 0 0 0    
Issuance Of Debt CNY mil             8,491 -3,320 -6,649 -16,006 25,214    
Total Cash From Financing CNY mil             8,491 -7,126 -10,406 -19,763 20,239    
Net Change In Cash CNY mil             28,034 7,391 5,140 31,796 9,843    
ratios                          
Days Sales Outstanding days             99.2 100 101 86.2 76.1    
Days Sales Of Inventory days             61.2 64.5 106 97.2 87.1    
Days Payable Outstanding days             92.3 82.8 104 96.7 83.7    
Cash Conversion Cycle days             68.1 81.8 102 86.7 79.4    
Cash Earnings CNY mil ... ...         19,171 24,676 31,608 41,883 44,784    
Free Cash Flow CNY mil             19,543 14,517 15,546 51,559 -10,396    
other data Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                          
ROA %             9.46 9.48 10.3 10.8 9.09    
Gross Margin %             39.8 41.0 44.2 41.7 40.1    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... 23.9 25.4 28.8 28.9 24.6    
Effective Tax Rate %             15.0 16.5 15.7 12.1 15.9    
Capital Expenditures (As % of Sales) %             2.46 3.36 9.09 -0.568 5.50    

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Finance

Huawei has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 18.7% a year during that time to total of 86,188 in 2018, or 12.0% of sales. That’s compared to 12.6% average margin seen in last five years.

The company netted CNY 59,227 mil in 2018 implying ROE of 29.0% and ROCE of 27.1%. Again, the average figures were 30.1% and 23.9%, respectively when looking at the previous 5 years.

Huawei’s net debt amounted to CNY -195,916 mil at the end of 2018, or -0.841 of equity. When compared to EBITDA, net debt was -2.27x, down when compared to average of -1.80x seen in the last 5 years.

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