Beijing Capital Development Co Ltd

SHSE:600376

China / Real Estate / Real Estate Management & Development

Overview

News

10Y Historical Financials

Stock Price

2.50 CNY


Key Metrics	Latest
Total Revenue	29.588 B
Adjusted EBITDA	-1.826 B
EBITDA Margin	-6.2%
Net Profit Margin	-24.4%
Total Assets	235 B
Total Debt	112.4 B

10Y Historical Financial Statements

Summary Financials


Summary Financials

	Fiscal Year Ending										Latest
(in millions)	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	12 Months

Revenue	20,851	23,618	29,883	36,686	39,736	47,645	44,226	67,802	47,921	47,763	29,588
% Growth		13.3%	26.5%	22.8%	8.3%	19.9%	-7.2%	53.3%	-29.3%	-0.3%

Adjusted EBITDA	3,449	4,627	4,733	5,982	6,260	10,777	7,508	6,227	4,770	442	(1,826)
% Margin	16.5%	19.6%	15.8%	16.3%	15.8%	22.6%	17.0%	9.2%	10.0%	0.9%	-6.2%

Adjusted EBIT	3,348	4,523	4,618	5,861	6,141	10,592	7,280	5,995	4,522	97	(2,245)
% Margin	16.1%	19.2%	15.5%	16.0%	15.5%	22.2%	16.5%	8.8%	9.4%	0.2%	-7.6%

Adjusted Net Income	1,947	2,525	2,553	3,557	3,902	5,343	3,973	1,293	1,180	(5,043)	(7,211)
% Margin	9.3%	10.7%	8.5%	9.7%	9.8%	11.2%	9.0%	1.9%	2.5%	-10.6%	-24.4%

Adjusted Basic EPS	0.87	1.08	0.78	1.09	1.31	1.83	1.43	0.10	0.66	(1.95)	(2.81)

Supporting Calculations

Income Statement

Balance Sheet

Statement of Cashflows


Income Statement
											Original
CNY	Fiscal Year Ending										Latest
(in millions)	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Sep-24
	FY - 9	FY - 8	FY - 7	FY - 6	FY - 5	FY - 4	FY - 3	FY - 2	FY - 1	FY	LTM

Revenue	20,851	23,618	29,883	36,686	39,736	47,645	44,226	67,802	47,921	47,763	29,588
% Growth	NA	13.3%	26.5%	22.8%	8.3%	19.9%	-7.2%	53.3%	-29.3%	-0.3%

Cost of Revenue	(13,882)	(14,651)	(19,881)	(24,551)	(27,382)	(30,464)	(32,227)	(55,856)	(40,006)	(43,978)	(28,718)
Gross Profit	6,968	8,967	10,003	12,135	12,354	17,181	12,000	11,947	7,915	3,785	870
% Revenue	33.4%	38.0%	33.5%	33.1%	31.1%	36.1%	27.1%	17.6%	16.5%	7.9%	2.9%

Research and Development	0	0	0	0	0	(3)	0	(6)	(10)	(13)	(11)
Selling and Marketing	(559)	(610)	(891)	(1,107)	(1,334)	(1,568)	(1,387)	(1,741)	(1,381)	(1,276)	(1,040)
General and Admin	(557)	(598)	(763)	(866)	(1,072)	(931)	(1,031)	(1,191)	(1,167)	(1,117)	(1,049)
Other Inc / (Exp)	(2,613)	(3,322)	(3,834)	(4,435)	(3,780)	(3,901)	(2,122)	(2,645)	(1,686)	(3,380)	(3,043)
Total Operating Exp	(3,728)	(4,530)	(5,487)	(6,408)	(6,186)	(6,403)	(4,540)	(5,583)	(4,244)	(5,787)	(5,142)

Operating Income	3,240	4,437	4,515	5,727	6,168	10,779	7,459	6,363	3,671	(2,002)	(4,272)
% Revenue	15.5%	18.8%	15.1%	15.6%	15.5%	22.6%	16.9%	9.4%	7.7%	-4.2%	-14.4%

Interest Expense	(348)	(524)	(532)	(512)	(348)	(2,349)	(1,050)	(2,701)	(1,848)	(3,214)	(3,446)
Pre-tax Income	2,892	3,913	3,984	5,215	5,820	8,430	6,409	3,662	1,823	(5,216)	(7,719)
Earnings of Discontinued Ops.	0	0	0	0	0	0	0	0	0	0	0
Provision for Taxes	(910)	(1,358)	(1,405)	(1,648)	(1,837)	(2,793)	(2,225)	(1,995)	(904)	(722)	(322)
Net Income to Company	1,982	2,554	2,579	3,566	3,984	5,636	4,184	1,667	919	(5,938)	(8,041)
% Margin	9.5%	10.8%	8.6%	9.7%	10.0%	11.8%	9.5%	2.5%	1.9%	-12.4%	-27.2%

Minority Interest in Earnings	(334)	(471)	(678)	(1,251)	(817)	(2,878)	(1,045)	(1,404)	(1,380)	(400)	485
Net Income to Stockholders	1,648	2,083	1,901	2,316	3,167	2,758	3,140	264	(461)	(6,339)	(7,556)

Preferred Dividends	0	0	0	0	0	0	0	0	0	0	0
Other Adj.	0	0	0	0	0	0	0	0	0	(160)	(160)

Net Income to Common	1,648	2,083	1,901	2,316	3,167	2,758	3,140	264	(461)	(6,498)	(7,716)
% Margin	7.9%	8.8%	6.4%	6.3%	8.0%	5.8%	7.1%	0.4%	-1.0%	-13.6%	-26.1%

As Reported
Basic EPS (Continuing Ops)	0.73	0.89	0.58	0.71	1.07	0.94	1.13	0.02	(0.26)	(2.52)	(3.01)
Diluted EPS (Continuing Ops)	0.73	0.89	0.58	0.71	1.07	0.94	1.13	0.02	(0.26)	(2.52)	(3.01)

WA Basic Shares Out.	2,242.16	2,333.92	3,282.27	3,250.40	2,969.95	2,919.70	2,775.71	12,616.81	1,782.47	2,579.57	2,569.17
WA Diluted Shares Out.	2,242.16	2,333.92	3,282.27	3,250.40	2,969.95	2,919.70	2,775.71	12,616.81	1,782.47	2,579.57	2,569.17

EBITDA, EBIT Reconciliation
EBT, Incl. Unusual Items	2,892	3,913	3,984	5,215	5,820	8,430	6,409	3,662	1,823	(5,216)	(7,719)
Addback: Net Interest Expense	348	524	532	512	348	2,349	1,050	2,701	1,848	3,214	3,446
Addback: Other Non Operating Expenses, Total	154	125	137	147	84	210	106	137	499	889	906
Addback: Depreciation & Amortization	101	104	116	121	118	185	228	232	248	345	419
Addback: Restructuring Charges	0	0	0	0	0	0	0	0	0	0	0
Addback: Merger / Acquisition Expenses	0	0	0	0	0	0	0	0	0	0	0
Addback: Goodwill Impairment	(44)	(20)	0	0	0	0	0	0	0	0	0
Addback: Gain (Loss) On Sale Of Invest.	0	0	0	0	1	(285)	(511)	(318)	542	1,169	242
Addback: Gain (Loss) On Sale Of Assets	(0)	(4)	0	(0)	(0)	(0)	(0)	(151)	(36)	(1)	(1)
Addback: Asset Writedown	0	0	0	0	20	0	10	1	0	0	852
Addback: In Process R&D Expenses	0	0	0	0	0	0	0	0	0	0	0
Addback: Insurance Settlements	0	0	0	0	0	0	0	0	0	0	0
Addback: Legal Settlements	0	0	0	0	0	0	0	0	0	0	0
Addback: Other Unusual Items	(3)	(16)	(35)	(12)	(132)	(111)	216	(37)	(154)	42	29
Adjusted EBITDA	3,449	4,627	4,733	5,982	6,260	10,777	7,508	6,227	4,770	442	(1,826)
% Margin	16.5%	19.6%	15.8%	16.3%	15.8%	22.6%	17.0%	9.2%	10.0%	0.9%	-6.2%

Adjusted EBIT	3,348	4,523	4,618	5,861	6,141	10,592	7,280	5,995	4,522	97	(2,245)
% Margin	16.1%	19.2%	15.5%	16.0%	15.5%	22.2%	16.5%	8.8%	9.4%	0.2%	-7.6%

Adjusted Net Income Reconciliation
Net Income to Company	1,982	2,554	2,579	3,566	3,984	5,636	4,184	1,667	919	(5,938)	(8,041)
Addback: Unusual Items	(47)	(39)	(35)	(13)	(111)	(396)	(285)	(505)	352	1,210	1,121
Less: Tax Benefit of Unusual Items (26%)	12	10	9	3	29	103	74	131	(92)	(315)	(292)
Adjusted Net Income	1,947	2,525	2,553	3,557	3,902	5,343	3,973	1,293	1,180	(5,043)	(7,211)
% Margin	9.3%	10.7%	8.5%	9.7%	9.8%	11.2%	9.0%	1.9%	2.5%	-10.6%	-24.4%

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Beijing Capital Development Co Ltd

SHSE:600376

China / Real Estate / Real Estate Management & Development

10Y Historical Financials