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Yanzhou Coal Mining (RMB'000)
Short-term solvency ratios
Current ratio 14,994,397/ 5,296,991
= Current assets/ Current liabilities = 2.8307 times
Quick ratio (14,994,397 - 819,599)/ 5,296,991
= (Current assets - Inventory)/ Current liabilities = 2.6760 times
Activity ratios
Total asset turnover 24,903,081/ [(32,338,631 + 26,187,400)/ 2]
= Total operating revenues/ Average total assets = 0.8510 times
Receivables turnover 24,903,081/ [(2,977,266 + 2,753,485)/ 2]
= Total operating revenues/ Average receivables = 8.6910 times
Average collection period 365/ 8.6910
= Days in period/ Receicables turnover = 41.9975 days
Inventory turnover 12,451,588/ [(819,599 + 440,134)/ 2]
= Cost of goods sold/ Average inventory = 19.7686 times
Days in inventory 365/ 19.7686
= Days in period/ Inventory turnover = 18.4636 days
Financial leverage ratios
Debt ratio 5,522,021/ 32,338,631
= Total debt / Total Assets = 0.1708 times
Debt-equity ratio 5,522,021/ 26,816,610
= Total debt / Total Equity = 0.2059 times
Equity multiplier 32,338,631/ 26,816,610
= Total Asssets / Total Equity = 1.2059 times
Interest coverage 8,903,588/ 38,360
= Earning before interest and taxes / Interest = 232.1060 times
Profitability ratios
Net profit margin 6,479,611/ 24,903,081
= Net Income / Total operating revenue = 26.0193%
Financial Ratios20
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Gross profit margin 8,903,588/ 24,903,081
= EBIT / Total operating revenue = 35.7530%
Net return on assets 6,479,611/ [(32,338,631 + 26,187,400)/ 2]
= Net Income / Average Total Assets = 22.1427%
Gross return on assets 8,903,588/ [(32,338,631 + 26,187,400)/ 2]
= EBIT / Average Total Assets = 30.4261%
Return on equity (ROE) 6,479,611/ [(26,816,610 + 21,488,612)/ 2]
= Net Income / Average stockholders' equity = 26.8278%
Payout ratio 1,967,360 / 6,479,611
= Cash dividend / Net Income = 30.2623%
Retention ratio 1 - 0.303623
= 1 - Payout ratio = 69.6377%
Market value ratios
Price-to-earnings (P/E) ratio 5.26/ 1.32
= Market price per share / EPS = 3.9848 times
Dividend yield 0.4/ 5.26
= Dividend per share /Market price per share = 7.6046%
Market-to-book (P/B) ratio 5.26/ 5.4523
= Market price per share / Book value per share = 0.9647 times
Operating numbers and free cash flow
Net Operating Profit After Tax (NOPAT) 8,903,588 x (1 - 27%)
= EBIT* (1- Effective Tax rate) =6,499,619.24
Operating Cash Flow (OCF) 6,499,619.24 + 1,176,461
= NOPAT + Depreciation and Amortization =7,676,080.24
Net operating working capital (NOWC) (14,994,397 - 5,296,991) -18,823+ 450,979
= Working capital adjusted for non-operation items =10,129,562
Operating capital (OC) 10,129,562 + 14,149,446
= NOWC + Net Fixed Assets =24,279,008
Free Cash Flow (FCF) 7,676,080.24 - 1,225,602
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= OCF - Investment in OC =6,450,478.24
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China Shenhua (RMB'000,000) Yanzhou Coal Mining (RMB'000)
77,906/ 42,656 20,000,948/ 10,410,401
= 1.8264 times = 1.9212 times
(77,906 - 7,842)/ 42,656 (20,000,948 - 886,360)/ 10,410,401
= 1.6425 times = 1.8361 times
107,133/ [(275,540 + 238,527)/ 2] 20,253,362/ [(62,432,591 + 32,338,631)/ 2]
= 0.4168 times = 0.4274 times
107,133/ [(8,236 + 6,642)/ 2] 20,253,362/ [(4,723,922 + 2,977,266)/ 2]
= 14.4015 times = 5.2598 times
365/ 14.4015 365/ 5.2598
= 25.3446 days = 69.3943 days
59,378/ [(7,842 + 6,337)/ 2] 11,123,005/ [(886,360 + 819,599)/ 2]
= 8.3755 times = 13.0402 times
365/ 8.3775 365/ 13.0402
= 43.5691 days = 27.9904 days
103,797/ 275,540 33,178,298/ 62,432,591
= 0.3767 times = 0.5314 times
103,797/ 171,743 33,178,298/ 29,254,293
= 0.6044 times =1.3141 times
275,540/ 171,743 62,432,591/ 29,254,293
= 1.6044 times = 2.1341 times
41,656/ 4,681 5,730,921/ 45,115
= 8.8990 times = 127.0292 times
29,899/ 107,133 4,132,494/ 20,253,362
= 27.9083% = 20.4040%
8 2009
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41,656/ 107,133 5,730,921/ 20,253,362
= 38.8825% = 28.2961%
29,899/ [(275,540 + 238,527)/ 2] 4,132,494/ [(62,432,591 + 32,338,631)/ 2]
= 11.6323% = 8.7210%
41,656/ [(275,540 + 238,527)/ 2] 5,730,921/ [(62,432,591 + 32,338,631)/ 2]
= 16.2064% = 12.0942%
29,899/ [(171,743 + 149,804)/ 2] 4,132,494/ [(29,254,293 + 26,816,610)/ 2]
= 18.5970% = 14.7402%
9,149 / 29,899 1,229,600 / 4,132,494
= 30.5997% = 29.7544%
1 - 0.305997 1 - 0.297544
= 69.4003 = 70.2456%
15.5/ 1.339 16.59/ 0.84
= 11.5758 times = 19.7500 times
0.46/ 15.5 0.25/ 16.59
= 2.9677% = 1.5069%
15.5/ 8.6346 16.59/ 5.9479
= 1.7951 times = 2.7892 times
41,656 x (1 - 19%) 5,730,921 x (1 - 27%)
=33,741.36 =4,183,572.33
33,741.36 + 17,857 4,183,572.33 + 1,837,556
=51,598.36 =6,021,128.33
(77,906 - 42,656) - 241 (20,000,948 - 10,410,401)- 315,045+1,564,106
=35,009 =10,839,608
35,009 + 145,253 10,839,608 + 18,877,134
=180,262 =29,716,742
51,598.36 - 36,861 6,021,128.33 - 4,162,192
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=14,737.36 =1,858,936.33
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China Shenhua (RMB'000,000) Yanzhou Coal Mining (RMB'000)
92,459/ 55,684 24,281,354/ 10,133,862
= 1.6604 times = 2.3961 times
(92,459 - 7,727)/ 55,864 (24,281,354 - 1,646,116)/ 10,133,862
= 1.5168 times = 2.2326 times
121,312/ [(311,677 + 275,540)/ 2] 33,944,252/ [(72,755,864 + 62,432,591)/ 2]
= 0.4132 times = 0.5022 times
121,312/ [(8,781 + 8,236)/ 2] 33,944,252/ [(10,017,260 + 4,723,922)/ 2]
= 14.2577 times = 4.6054 times
365/ 14.2577 365/ 4.6054
= 25.6002 days = 79.2548 days
65,492/ [(7,727 + 7,842)/ 2] 18,886,621/ [(1,646,116 + 886,360)/ 2]
= 8.4131 times =14.9159 times
365/ 8.4131 365/ 14.9159
= 43.3847 days = 24.4705 days
114,259/ 311,677 35,317,413/ 72,755,864
= 0.3666 times = 0.4854 times
114,259/ 197,418 35,317,413/ 37,438,451
= 0.5788 times = 0.9433 times
311,677/ 197,418 72,755,864/ 37,438,451
= 1.5788 times = 1.9433 times
49,136/ 3,324 13,080,678/ 603,343
= 14.7822 times = 21.6803 times
36,186/ 121,312 9,306,292/ 33,944,252
= 29.8289% = 27.4164%
201
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49,136/ 121,312 13,080,678/ 33,944,252
= 40.5038% = 38.5358%
36,186/ [(311,677 + 275,540)/ 2] 9,306,292/ [(72,755,864 + 62,432,591)/ 2]
= 12.3246% = 13.7679%
49,136/ [(311,677 + 275,540)/ 2] 13,080,678/ [(72,755,864 + 62,432,591)/ 2]
= 16.7352% = 19.3518%
36,186/ [(197,418 + 171,743)/ 2] 9,306,292/ [(37,438,451 + 29,254,293)/ 2]
= 19.6045% = 27.9080%
10,541 / 36,186 2,901,856 / 9,306,292
= 29.1301% = 31.1817%
1 - 0.291301 1 - 0.311817
= 70.8699% = 68.8183%
36.69/ 1.594 23.23/ 1.89
= 23.0176 times = 12.2910 times
0.53/ 36.69 0.59/ 23.23
= 1.4445% = 2.5398%
36.69/ 9.9254 23.23/ 7.6119
= 3.6966 times = 3.0518 times
49,136 x (1 - 21%) 13,080,678 x (1 - 25%)
=38,817.44 =9,810508.50
38,817.44 + 9,893 9,810,508.5 + 2,669,102
=48,710.44 =12,479,610.50
(92,459 - 55,684) - 656 (24,281,354- 10,133,862) -85,188+ 2,300,637
=36,119 =16,362,941
36,119 + 163,645 16,362,941 + 19,874,615
=199,764 =36,237,556
48,710.44 - 38,842 12,479,610.5 - 5,847,468
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=9,868.44 =6,632,142.50
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China Shenhua (RMB'000,000)
103,995/ 58,900
= 1.7656 times
(103,995 - 11,167)/ 58,900
= 1.5760 times
152,063/ [(340,860 + 311,677)/ 2]
= 0.4661 times
152,063/ [(10,645 + 8,781)/ 2]
=15.6556 times
365/ 15.6556
= 23.3143 days
86,638/ [(11,167 + 7,727)/ 2]
= 9.1921 times
365/ 9.1921
= 39.7080 days
112,072/ 340,860
= 0.3288 times
112,072/ 228,788
= 0.4899 times
340,860/ 228,788
= 1.4899 times
58,389/ 3,636
= 16.0586 days
43,569/ 152,063
= 28.6519%
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58,389/ 152,063
= 38.3979%
43,569/ [(340,860 + 311,677)/ 2]
= 13.3537%
58,389/ [(340,860 + 311,677)/ 2]
= 17.8960%
43,569/ [(228,788 + 197,418)/ 2]
= 20.4450%
Not declare yet
/
/
/
32.6/ 1.917
= 17.0057 times
Not declare yet
/
32.6/ 11.5027
= 2.8341 times
58,389 x (1 - 20%)
=46,711.20
46,711.2 + 13,329
=60,040.2
(103,995 - 58,900) - 0
=45,095
45,095 + 179,434
=224,529
60,040.2 - 24,932
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=35,108.2
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Date Stock Price Return (%) Deviation from Mean
2011-12 16.58
2011-11 17.44 5.18697226 7.579765385
2011-10 20.05 14.9655963 17.35838946
2011-09 17.2 -14.214464 -11.82167071
2011-08 22.65 31.6860465 34.07883964
2011-07 29.9 32.00883 34.40162315
2011-06 29.65 -0.8361204 1.556672728
2011-05 32.5 9.61214165 12.00493478
2011-04 30.2 -7.0769231 -4.684129948
2011-03 27.6 -8.6092715 -6.216478394
2011-02 22.79 -17.427536 -15.0347431
2011-01 22.11 -2.9837648 -0.59097168
2010-12 23.23 5.06558118 7.458374314
2010-11 21.13 -9.0400344 -6.647241309
2010-10 21.86 3.4548036 5.847596726
2010-09 18.66 -14.638609 -12.2458162
2010-08 15.65 -16.130761 -13.73796786
2010-07 16.31 4.2172524 6.610045525
2010-06 14.98 -8.1545064 -5.761713309
2010-05 17.7 18.1575434 20.55033652
2010-04 21.54 21.6949153 24.08770838
2010-03 17.98 -16.527391 -14.13459777
2010-02 15.92 -11.457175 -9.064381509
2010-01 14.89 -6.4698492 -4.077056117
2009-12 16.59 11.4170584 13.809851562009-11 14.91 -10.126582 -7.733789149
2009-10 11.92 -20.053655 -17.66086214
2009-09 10.72 -10.067114 -7.674320965
2009-08 10.68 -0.3731343 2.019658801
2009-07 11.65 9.082397 11.47519013
2009-06 10.31 -11.502146 -9.109352794
2009-05 9.29 -9.8933075 -7.500514339
2009-04 6.75 -27.341227 -24.948434
2009-03 5.15 -23.703704 -21.31091057
2009-02 4.14 -19.61165 -17.21885736
2009-01 4.8 15.942029 18.33482211Mean -2.3927931
Standard Deviation 15.0812788
Covariance 77.1799995
Beta 1.78778689
Yanzhou Coal Mining
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P/B Ratio (up to Dec 2011) 3.05
7/29/2019 Tue930 Yanzhou - China Shenhua
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Stock Price Return (%) Deviation from Mean
18434.39
17989.35 -2.4141835 -1.691575402
19864.87 10.4257241 11.1483322
17592.41 -11.439592 -10.71698351
20534.85 16.725622 17.4482301
22440.25 9.27886008 10.00146817
22398.1 -0.1878321 0.534775957
23684.13 5.74169238 6.464300465
23720.81 0.15487164 0.877479727
23527.52 -0.8148541 -0.092246041
23338.02 -0.8054398 -0.082831668
23447.34 0.4684202 1.191028289
23035.45 -1.7566598 -1.034051728
23007.99 -0.1192076 0.60340052
23096.32 0.38391011 1.1065182
22358.17 -3.1959637 -2.473355597
20536.49 -8.1477151 -7.425107041
21029.81 2.40216317 3.124771263
20128.99 -4.2835385 -3.560930374
19765.19 -1.8073435 -1.084735449
21108.59 6.7967978 7.519405894
21239.35 0.61946345 1.34207154
20608.7 -2.9692528 -2.246644736
20121.99 -2.3616725 -1.639064408
21872.5 8.69948748 9.42209556521821.5 -0.2331695 0.489438584
21752.87 -0.3145063 0.408101754
20955.25 -3.6667346 -2.944126461
19724.19 -5.8747092 -5.152101113
20573.33 4.30506905 5.027677144
18378.73 -10.667208 -9.944600379
18171 -1.130274 -0.407665874
15520.99 -14.583732 -13.86112423
13576.02 -12.531224 -11.80861576
12811.57 -5.6308845 -4.908276367
13278.21 3.64233267 4.364940762Mean -0.7226081
Standard Deviation 6.57044088
Hang Seng Index
7/29/2019 Tue930 Yanzhou - China Shenhua
19/25
7/29/2019 Tue930 Yanzhou - China Shenhua
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Product of Deviations
-12.821745
193.517092
126.69265
594.615436
344.066739
0.83247115
77.6035055
-4.1102291
0.57344552
1.24535285
-0.703864
-7.7123448
-4.0109489
6.47047221
30.288258
102.005882
20.6548803
20.5170599
-22.291679
181.125256
-18.969641
20.364445
6.68255757
130.117741-3.7852148
-7.2074288
22.5941714
-10.405486
57.6935512
90.5888732
3.05770374
345.813343
251.652354
84.5149106
80.0304124
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Date Stock Price Return (%) Deviation from Mean
2011-12 33.75
2011-11 32.7 -3.1111111 -1.350466849
2011-10 36.2 10.7033639 12.46400818
2011-09 31 -14.364641 -12.60399662
2011-08 36.2 16.7741935 18.53483781
2011-07 39.2 8.28729282 10.04793708
2011-06 37.2 -5.1020408 -3.341396554
2011-05 38.75 4.16666667 5.927310929
2011-04 36.25 -6.4516129 -4.690968641
2011-03 35.94 -0.8551724 0.905471848
2011-02 31.58 -12.13133 -10.37068573
2011-01 31 -1.8366054 -0.075961185
2010-12 31.93 3 4.760644262
2010-11 32.12 0.59505168 2.3556959372010-10 33.88 5.47945205 7.240096317
2010-09 31.44 -7.201889 -5.441244758
2010-08 27.67 -11.991094 -10.23044989
2010-07 29.28 5.81857608 7.579220337
2010-06 27.91 -4.6789617 -2.918317487
2010-05 30.75 10.1755643 11.93620858
2010-04 32.15 4.55284553 6.31348979
2010-03 31.58 -1.7729393 -0.012295085
2010-02 31.49 -0.2849905 1.475653762
2010-01 31.21 -0.8891712 0.871473096
2009-12 35.93 15.1233579 16.884002162009-11 35.79 -0.3896465 1.370997727
2009-10 33.71 -5.8116792 -4.051034978
2009-09 31.87 -5.458321 -3.697676711
2009-08 29.69 -6.8402887 -5.079644411
2009-07 30.12 1.44829909 3.208943352
2009-06 26.81 -10.989376 -9.228731568
2009-05 24.35 -9.1756807 -7.415036454
2009-04 20.27 -16.755647 -14.99500256
2009-03 16.16 -20.27627 -18.51562609
2009-02 14.26 -11.757426 -9.996781481
2009-01 15.74 10.3786816 12.13932589Mean -1.7606443
Standard Deviation 8.93047095
Covariance 49.3061063
Beta 1.14211986
China Shenhua
7/29/2019 Tue930 Yanzhou - China Shenhua
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P/B Ratio (up to Dec 2011) 2.83
7/29/2019 Tue930 Yanzhou - China Shenhua
23/25
Stock Price Return (%) Deviation from Mean
18434.39
17989.35 -2.4141835 -1.691575402
19864.87 10.4257241 11.1483322
17592.41 -11.439592 -10.71698351
20534.85 16.725622 17.4482301
22440.25 9.27886008 10.00146817
22398.1 -0.1878321 0.534775957
23684.13 5.74169238 6.464300465
23720.81 0.15487164 0.877479727
23527.52 -0.8148541 -0.092246041
23338.02 -0.8054398 -0.082831668
23447.34 0.4684202 1.191028289
23035.45 -1.7566598 -1.034051728
23007.99 -0.1192076 0.6034005223096.32 0.38391011 1.1065182
22358.17 -3.1959637 -2.473355597
20536.49 -8.1477151 -7.425107041
21029.81 2.40216317 3.124771263
20128.99 -4.2835385 -3.560930374
19765.19 -1.8073435 -1.084735449
21108.59 6.7967978 7.519405894
21239.35 0.61946345 1.34207154
20608.7 -2.9692528 -2.246644736
20121.99 -2.3616725 -1.639064408
21872.5 8.69948748 9.42209556521821.5 -0.2331695 0.489438584
21752.87 -0.3145063 0.408101754
20955.25 -3.6667346 -2.944126461
19724.19 -5.8747092 -5.152101113
20573.33 4.30506905 5.027677144
18378.73 -10.667208 -9.944600379
18171 -1.130274 -0.407665874
15520.99 -14.583732 -13.86112423
13576.02 -12.531224 -11.80861576
12811.57 -5.6308845 -4.908276367
13278.21 3.64233267 4.364940762Mean -0.7226081
Standard Deviation 6.57044088
Hang Seng Index
7/29/2019 Tue930 Yanzhou - China Shenhua
24/25
7/29/2019 Tue930 Yanzhou - China Shenhua
25/25
Product of Deviations
2.2844165
138.952904
135.076824
323.400115
100.494123
-1.7868985
38.3159188
-4.1162299
-0.0835262
0.8590212
-0.0904719
-4.9227524
1.421428158.01129835
13.4581332
75.9621855
23.6833299
10.3919254
-12.947629
47.4736923
-0.0165009
-3.3152698
-1.4284005
159.0826820.67101919
-1.6532345
10.8864279
26.1708416
16.1335311
91.7760475
3.02285732
207.847593
218.643914
49.0669663
52.9874384
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