Creative Enterprise Holdings Limited SEHK 3992 Financials

Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Key Stats
In Millions of the trading currency, except per share items. Currency: Trading Currency Conversion: Today's Spot Rate
Order: Latest on Right Units: S&P Capital IQ (Default)
Decimals: Capital IQ (Default) Dilution: Basic
Key Financials¹
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Mar-31-2016A Mar-31-2017A Mar-31-2018A Mar-31-2019A Mar-31-2020A Mar-31-2021A
Currency HKD HKD HKD HKD HKD HKD
Total Revenue 516.5 611.4 668.4 715.8 783.9 898.2

Growth Over Prior Year NA 18.4% 9.3% 7.1% 9.5% 14.6%
Gross Profit 439.9 530.1 602.7 648.8 726.1 862.7

Margin % 85.2% 86.7% 90.2% 90.6% 92.6% 96.1%
EBITDA 19.4 24.8 35.0 33.6 38.8 44.4

Margin % 3.7% 4.1% 5.2% 4.7% 4.9% 4.9%
EBIT 17.9 23.0 33.1 31.8 37.1 42.3

Margin % 3.5% 3.8% 4.9% 4.4% 4.7% 4.7%
Earnings from Cont. Ops. 13.7 18.3 36.5 13.4 29.9 56.8
Margin % 2.7% 3.0% 5.5% 1.9% 3.8% 6.3%
Net Income 13.8 18.3 36.5 13.4 29.9 56.8

Margin % 2.7% 3.0% 5.5% 1.9% 3.8% 6.3%
Diluted EPS Excl. Extra Items³ NA NA 0.1 0.03 0.06 0.11

Growth Over Prior Year NA NA NA (66.8%) 85.0% 89.8%
¹All results are taken from the most recently filed statement for each period. When there has been more than one, earlier filings can be viewed on the individual statement pages.
Latest Capitalization (Millions of HKD)

Currency HKD
Share Price 1.4
Shares Out. 500.0
Market Capitalization 700.0

- Cash & Short Term Investments 123.0
+ Total Debt 7.7
+ Pref. Equity -
+ Total Minority Interest -
- Long Term Marketable Securities -
= Total Enterprise Value (TEV) 584.7
Book Value of Common Equity 345.7

+ Pref. Equity -
+ Total Minority Interest -
+ Total Debt 7.7
= Total Capital 353.4
**For companies that have multiple share classes that publicly trade,
we are incorporating the different prices to calculate our company level
market capitalization. Please click on the value to see the detailed
calculation. Prices shown on this page are the close price of the
company’s primary stock class. Shares shown on this page are total
company as-reported share values.
Note: Striped area represents the impact of negative Net Liability on Market Cap.
Total Liability includes Total Debt, Minority Interest and Pref. Equity.
Net Liability includes Total Liability, net of Cash and Short Term Investments.
TEV includes Market Cap and Net Liability.
Total Capital includes Common Equity and Total Liability.
Valuation Multiples based on Current Capitalization

For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months
Mar-31-2017A Mar-31-2018A Mar-31-2019A Mar-31-2020A Mar-31-2021A
TEV/Total Revenue - 0.9x 0.8x 0.7x 0.7x
TEV/EBITDA - 16.7x 17.4x 15.0x 13.0x
TEV/EBIT - 17.7x 18.4x 15.7x 13.8x

P/Diluted EPS Before Extra - 14.4x 43.3x 23.4x 12.3x
P/BV - 3.8x 2.7x 2.5x 2.0x
Price/Tang BV - 3.8x 2.7x 2.5x 2.0x

Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Income Statement
In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Today's Spot Rate
Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)
Source: Capital IQ & Proprieta
Income Statement
Reclassified Reclassified
Mar-31-2016 Mar-31-2017 Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021
Revenue 516.5 611.4 668.3 715.8 783.9 898.2

Other Revenue - - 0.1 - - -
Total Revenue 516.5 611.4 668.4 715.8 783.9 898.2
Cost Of Goods Sold 76.6 81.3 65.7 67.0 57.9 35.4

Gross Profit 439.9 530.1 602.7 648.8 726.1 862.7
Selling General & Admin Exp. 396.4 477.0 535.4 578.8 648.3 765.2
R & D Exp. - - - - - -
Depreciation & Amort. - - - - - -
Other Operating Expense/(Income) 25.6 30.1 34.2 38.2 40.6 55.2
Other Operating Exp., Total 421.9 507.1 569.6 617.0 688.9 820.4
Operating Income 17.9 23.0 33.1 31.8 37.1 42.3
Interest Expense (1.4) (1.7) (1.8) (1.0) (0.5) (0.3)

Interest and Invest. Income 0.1 0.1 0.0 0.0 0.1 0.1
Net Interest Exp. (1.4) (1.7) (1.8) (1.0) (0.4) (0.2)
Other Non-Operating Inc. (Exp.) 0.1 0.1 0.0 (0.4) - 0.5

EBT Excl. Unusual Items 16.6 21.5 31.3 30.4 36.7 42.7
Impairment of Goodwill - - - - - -
Gain (Loss) On Sale Of Assets - - 15.2 (0.1) 0.0 -
Asset Writedown - 0.5 0.3 0.8 - -
Other Unusual Items - - (4.1) (12.3) 0.2 22.1
EBT Incl. Unusual Items 16.6 22.0 42.7 18.7 36.9 64.7
Income Tax Expense 2.9 3.7 6.1 5.4 7.0 7.9

Earnings from Cont. Ops. 13.7 18.3 36.5 13.4 29.9 56.8
Earnings of Discontinued Ops. - - - - - -

Extraord. Item & Account. Change - - - - - -
Net Income to Company 13.7 18.3 36.5 13.4 29.9 56.8
Minority Int. in Earnings 0.1 0.0 0.0 - - -

Net Income 13.8 18.3 36.5 13.4 29.9 56.8
Pref. Dividends and Other Adj. - - - - - -
NI to Common Incl Extra Items 13.8 18.3 36.5 13.4 29.9 56.8
NI to Common Excl. Extra Items 13.8 18.3 36.5 13.4 29.9 56.8
Per Share Items

Basic EPS NA NA 0.1 0.03 0.06 0.11
Basic EPS Excl. Extra Items NA NA 0.1 0.03 0.06 0.11
Weighted Avg. Basic Shares Out. NA NA 375.0 413.0 500.0 500.0
Diluted EPS NA NA 0.1 0.03 0.06 0.11

Diluted EPS Excl. Extra Items NA NA 0.1 0.03 0.06 0.11
Weighted Avg. Diluted Shares Out. NA NA 375.0 413.0 500.0 500.0
Normalized Basic EPS NA NA 0.05 0.05 0.05 0.05

Normalized Diluted EPS NA NA 0.05 0.05 0.05 0.05
Dividends per Share NA NA NA NA NA NA
Supplemental Items
EBITDA 19.4 24.8 35.0 33.6 38.8 44.4
EBITA 17.9 23.0 33.1 31.8 37.1 42.3
EBIT 17.9 23.0 33.1 31.8 37.1 42.3
EBITDAR 19.4 24.8 NA 33.9 39.2 44.8
Effective Tax Rate % 17.6% 16.8% 14.4% 28.7% 19.0% 12.3%
Current Domestic Taxes NA NA NA NA 7.1 7.9
Total Current Taxes 3.0 3.5 6.2 5.6 7.1 7.9
Deferred Domestic Taxes NA NA NA NA (0.1) 0
Total Deferred Taxes (0.1) 0.2 (0.1) (0.2) (0.1) 0
Normalized Net Income 10.5 13.5 19.6 19.0 22.9 26.7

Interest on Long Term Debt 0.0 0.0 0.1 0.0 0.0 0.0
Non-Cash Pension Expense 0.1 0.1 0.1 0.2 0.2 0.1
Filing Date Jul-12-2018 Jul-12-2018 Jul-11-2019 Jul-10-2020 Jul-09-2021 Jul-09-2021
Restatement Type O O RC NC RC O
Calculation Type REP REP REP REP REP REP
Supplemental Operating Expense Items

Net Rental Exp. 0.1 0.0 NA 0.2 0.4 0.4
Imputed Oper. Lease Interest Exp. - 0.0 - 0.1 0.1 0.1
Imputed Oper. Lease Depreciation - 0.0 - 0.2 0.3 0.3
Maintenance & Repair Exp. 1.9 1.5 NA NA 2.1 1.4
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.
Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Balance Sheet
Balance Sheet
Balance Sheet as of:
ASSETS
Cash And Equivalents 25.6 43.8 34.1 97.7 89.7 123.0
Short Term Investments 1.3 0.0 - - - -
Total Cash & ST Investments 26.9 43.8 34.1 97.7 89.7 123.0
Accounts Receivable 115.3 130.6 145.9 170.4 193.6 203.4

Other Receivables 0.1 0.5 4.3 1.7 6.8 0.1
Total Receivables 115.3 131.1 150.3 172.1 200.4 203.5
Prepaid Exp. 2.2 1.6 0.8 3.1 3.8 4.6

Other Current Assets 3.8 3.8 11.1 39.5 46.2 54.2
Total Current Assets 148.2 180.4 196.2 312.4 340.0 385.3
Gross Property, Plant & Equipment 35.7 34.1 28.6 29.1 31.0 34.5
Accumulated Depreciation (4.6) (5.9) (6.1) (7.7) (9.2) (10.7)
Net Property, Plant & Equipment 31.1 28.3 22.5 21.4 21.9 23.7
Accounts Receivable Long-Term 1.9 1.6 2.0 2.4 2.7 2.7

Deferred Tax Assets, LT 0.0 - - 0.1 0.2 0.2
Other Long-Term Assets 7.8 14.9 29.6 24.3 28.0 28.0
Total Assets 189.0 225.2 250.3 360.6 392.8 440.0
LIABILITIES
Accounts Payable 13.2 13.2 12.0 11.5 6.8 5.2
Accrued Exp. 31.8 39.1 43.2 46.1 57.4 65.8
Short-term Borrowings 40.9 51.2 42.6 28.1 21.5 7.2
Curr. Port. of Leases 0.4 0.4 0.3 0.2 0.5 0.4
Curr. Income Taxes Payable 1.5 - 2.6 0.4 0.8 1.1
Other Current Liabilities - - - - 2.6 0.6
Total Current Liabilities 87.8 103.9 100.7 86.4 89.7 80.2
Long-Term Leases 0.5 0.4 0.4 0.3 0.5 0.2

Pension & Other Post-Retire. Benefits 8.3 8.7 9.2 13.1 20.1 13.9
Def. Tax Liability, Non-Curr. - 0.2 0.1 - 0.0 0.0
Other Non-Current Liabilities - - - - - -
Total Liabilities 96.6 113.1 110.5 99.8 110.3 94.3
Common Stock 0.1 0.1 - 5.0 5.0 5.0

Additional Paid In Capital - - - 111.8 111.8 111.8
Retained Earnings 92.1 110.8 139.1 144.0 165.7 228.9
Treasury Stock - - - - - -
Comprehensive Inc. and Other (0.6) 0.4 0.8 - - -
Total Common Equity 91.6 111.3 139.8 260.8 282.5 345.7
Minority Interest 0.8 0.7 - - - -
Total Equity 92.4 112.0 139.8 260.8 282.5 345.7
Total Liabilities And Equity 189.0 225.2 250.3 360.6 392.8 440.0
Supplemental Items
Total Shares Out. on Filing Date NA NA 375.0 500.0 500.0 500.0
Total Shares Out. on Balance Sheet Date NA NA 375.0 500.0 500.0 500.0
Book Value/Share NA NA 0.37 0.52 0.57 0.69
Tangible Book Value 91.6 111.3 139.8 260.8 282.5 345.7
Tangible Book Value/Share NA NA 0.37 0.52 0.57 0.69
Total Debt 41.8 52.0 43.4 28.6 22.6 7.7
Net Debt 14.9 8.2 9.3 (69.1) (67.1) (115.3)
Debt Equiv. of Unfunded Proj. Benefit Obligation 8.3 8.7 9.2 13.1 20.1 13.9
Debt Equivalent Oper. Leases 0.4 0.2 NA 1.9 3.2 3.0
Total Minority Interest 0.8 0.7 NA NA NA NA
Inventory Method NA NA NA NA NA NA
Land 30.3 23.0 17.2 17.2 17.2 17.2
Machinery 5.1 8.6 9.1 9.6 9.4 10.4
Leasehold Improvements 0.3 2.6 2.3 2.3 3.0 6.3
Full Time Employees NA NA 3,906 4,299 4,818 5,092
Accum. Allowance for Doubtful Accts 0.4 0.5 1.4 1.8 1.8 1.6
Restatement Type O O NC NC NC O
Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.
Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Cash Flow
Cash Flow
Restated
Net Income 13.8 18.3 36.5 13.4 29.9 56.8

Depreciation & Amort. 1.4 1.8 1.9 1.8 2.0 2.6
Depreciation & Amort., Total 1.4 1.8 1.9 1.8 2.0 2.6
(Gain) Loss From Sale Of Assets - - (15.2) 0.1 0 -

Asset Writedown & Restructuring Costs - (0.5) (0.3) (0.8) - -
(Income) Loss on Equity Invest. (0.1) (0.1) - - - -
Provision & Write-off of Bad debts 0.2 0.1 1.0 0.3 0.0 (0.1)
Other Operating Activities 3.6 0.8 8.2 (2.0) 3.2 0.8
Change in Acc. Receivable (15.1) (13.1) (14.7) (27.4) (24.2) (10.0)
Change in Acc. Payable (3.4) 0 (1.2) (0.5) (4.7) (1.6)
Change in Other Net Operating Assets (0.1) 5.5 1.8 5.9 4.2 12.1
Cash from Ops. 0.3 12.8 18.1 (9.2) 10.3 60.6
Capital Expenditure (20.6) (2.0) (0.4) (0.6) (2.4) (3.6)

Sale of Property, Plant, and Equipment - - 16.0 - 0.0 -
Cash Acquisitions - - - - - -
Divestitures - - - - - -
Sale (Purchase) of Real Estate properties 13.8 - - 9.0 - -
Invest. in Marketable & Equity Securt. 0.9 1.8 0.0 - - -
Net (Inc.) Dec. in Loans Originated/Sold - - - - - -
Other Investing Activities (2.3) (2.3) (23.1) (31.9) (8.5) (8.5)
Cash from Investing (8.2) (2.6) (7.4) (23.5) (10.9) (12.1)
Short Term Debt Issued 21.1 94.5 218.8 160.4 88.6 14.8
Long-Term Debt Issued - - - - - -
Total Debt Issued 21.1 94.5 218.8 160.4 88.6 14.8
Short Term Debt Repaid (16.8) (84.5) (227.2) (174.7) (100.3) (23.8)
Long-Term Debt Repaid (0.4) (0.6) (0.7) (0.7) (0.3) (0.5)
Total Debt Repaid (17.2) (85.1) (227.9) (175.3) (100.6) (24.3)
Issuance of Common Stock - - - 125.0 - -

Total Dividends Paid - - - - - -
Special Dividend Paid - - - - - -

Other Financing Activities (1.5) (1.8) (11.0) (13.7) (0.5) (0.3)
Cash from Financing 2.4 7.6 (20.1) 96.3 (12.5) (9.8)
Net Change in Cash (5.5) 17.9 (9.5) 63.6 (13.1) 38.6
Supplemental Items
Cash Interest Paid 1.4 1.7 1.8 1.6 0.5 0.3
Cash Taxes Paid 1.3 5.4 3.2 9.3 5.1 7.6
Levered Free Cash Flow NA 3.7 1.1 (31.8) (3.7) 18.4
Unlevered Free Cash Flow NA 4.7 2.2 (31.2) (3.3) 18.5
Change in Net Working Capital NA 9.5 20.0 52.3 26.1 6.9
Net Debt Issued 3.9 9.4 (9.1) (15.0) (12.0) (9.6)
Restatement Type O O NC NC RS O
Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Multiples
View: Data Frequency: Quarterly
Order: Latest on Right Decimals: Capital IQ (Default)
Dilution: Basic
In Millions of the reported currency, except per share items.
For Quarter Ending Dec-31-2019 Mar-31-2020 Jun-30-2020 Sep-30-2020 Dec-31-2020

TEV/LTM Total Revenue Average 0.55x 0.53x 0.50x 0.55x 0.68x
High 0.64x 0.63x 0.57x 0.96x 1.01x
Low 0.49x 0.48x 0.47x 0.46x 0.54x
Close 0.52x 0.50x 0.53x 0.73x 0.74x
TEV/LTM EBITDA Average 11.65x 11.12x 10.44x 11.04x 12.71x

High 13.70x 13.07x 11.81x 19.26x 17.57x
Low 10.12x 9.98x 9.84x 9.28x 9.45x
Close 10.82x 10.40x 10.68x 14.65x 12.99x
TEV/LTM EBIT Average 12.31x 11.76x 11.03x 11.62x 13.36x

High 14.48x 13.82x 12.48x 20.28x 18.45x
Low 10.70x 10.55x 10.40x 9.77x 9.93x
Close 11.44x 11.00x 11.19x 15.43x 13.64x
P/LTM EPS Average 25.96x 20.74x 19.48x 16.68x 16.22x

High 32.78x 23.80x 21.82x 27.41x 21.39x
Low 19.17x 18.95x 16.21x 14.37x 10.49x
Close 20.27x 19.61x 16.21x 21.39x 13.67x
P/LTM Normalized EPS Average 19.56x 18.00x 17.25x 21.62x 24.65x

High 23.05x 20.66x 21.24x 35.54x 32.93x
Low 16.64x 16.45x 16.26x 18.64x 19.41x
Close 17.60x 17.02x 21.02x 27.74x 25.31x
P/BV Average 1.77x 1.69x 1.61x 1.77x 2.10x

High 2.03x 1.94x 1.78x 2.90x 2.94x
Low 1.57x 1.55x 1.53x 1.52x 1.73x
Close 1.66x 1.60x 1.72x 2.27x 2.26x
P/Tangible BV Average 1.77x 1.69x 1.61x 1.77x 2.10x

High 2.03x 1.94x 1.78x 2.90x 2.94x
Low 1.57x 1.55x 1.53x 1.52x 1.73x
Close 1.66x 1.60x 1.72x 2.27x 2.26x
TEV/LTM Unlevered FCF Average NM NM - NM 68.80x

High NM NM - NM 103.30x
Low NM NM - NM 42.05x
Close NM NM - NM 76.40x
Market Cap/LTM Levered FCF Average NM NM - NM 83.42x

High NM NM - NM 119.49x
Low NM NM - NM 52.90x
Close NM NM - NM 91.82x
Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Negative values are excluded from the calculation. When the Multiples are not meaningful, due to neg
When a mismatch exists between the currency of the equity listing and the reported financial results such results are translated into the currency of the listing at the exchange rate applicable on the financial period end date
Historical Equity Pricing Data supplied by Interactive Data Pricing and

Reference Data LLC
Mar-31-2021 Jun-30-2021 Aug-25-2021
0.72x 0.71x 0.67x
0.82x 0.72x 0.68x
0.67x 0.67x 0.63x
0.71x 0.67x 0.64x
12.58x 12.49x 13.36x

14.24x 13.63x 13.86x
11.64x 12.26x 12.57x
12.37x 13.63x 12.79x
13.21x 13.11x 14.14x

14.95x 14.17x 14.52x
12.22x 12.88x 13.34x
12.99x 14.17x 13.58x
13.30x 13.14x 12.57x

14.79x 13.30x 12.86x
12.45x 12.59x 11.98x
13.11x 12.59x 12.15x
24.62x 24.49x 26.78x

27.39x 26.82x 27.38x
23.05x 24.09x 25.50x
24.27x 26.82x 25.88x
2.20x 2.17x 2.07x

2.44x 2.19x 2.11x
2.06x 2.07x 1.97x
2.16x 2.07x 2.00x
2.20x 2.17x 2.07x

2.44x 2.19x 2.11x
2.06x 2.07x 1.97x
2.16x 2.07x 2.00x
73.98x - 32.21x
83.73x - 33.14x
68.45x - 30.45x
72.73x - 30.99x
89.33x - 38.77x
99.36x - 39.71x
83.64x - 36.99x
88.04x - 37.54x
ul, due to negative values, then they will not be displayed in the chart.
riod end date.

Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Historical Capitalization
In Millions of the trading currency, except per share items. Frequency: Quarterly Order: Latest on Right
Currency: Trading Currency Conversion: Today's Spot Rate
Dilution: Basic
Historical Capitalization
Balance Sheet as of:
Sep-30-2018 Mar-31-2019 Sep-30-2019 Mar-31-2020 Sep-30-2020 Mar-31-2021
Pricing as of* Dec-28-2018 Jul-11-2019 Dec-02-2019 Jul-10-2020 Nov-25-2020 Jul-09-2021
Capitalization Detail
Share Price 0.98 0.91 0.91 0.95 1.26 1.44
Shares Out. 500.0 500.0 500.0 500.0 500.0 500.0
Market Capitalization 490.0 455.0 455.0 475.0 630.0 720.0

- Cash & Short Term Investments 34.6 97.7 96.3 89.7 121.2 123.0
+ Total Debt 50.2 28.6 21.0 22.6 15.8 7.7
+ Pref. Equity - - - - - -
+ Total Minority Interest - - - - - -
- Long Term Marketable Securities - - - - - -
= Total Enterprise Value (TEV) 505.6 385.9 379.7 407.9 524.6 604.7
Book Value of Common Equity 142.8 260.8 277.8 282.5 323.5 345.7
+ Pref. Equity - - - - - -
+ Total Minority Interest - - - - - -
+ Total Debt 50.2 28.6 21.0 22.6 15.8 7.7
= Total Capital 193.0 289.3 298.8 305.1 339.3 353.4
* Pricing as of the filing date of the balance sheet period end date. For
TEV calculation purposes on this page Capital IQ only uses balance
sheet components from the original filing that is publicly available as of
a given pricing date and does not use restated balance sheet data from
a later filing. In the cases where a company did not disclose balance
sheet values for a particular period, TEV is calculated using balance
sheet components from the last reported balance sheet as of this date.
The table above is organized along period end dates.
** For companies that have multiple share classes that publicly trade,
we are incorporating the different prices to calculate our company level
market capitalization. Please click on the value to see the detailed
calculation. Prices shown on this page are the close price of the
company’s primary stock class. Shares shown on this page are total
company as-reported share values.
Historical Equity Pricing Data supplied by Interactive Data Pricing and
Reference Data LLC
Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Capital Structure Summary
In Millions of the reported currency, except ratios and % of Total
values. Restatement: Latest Filings Period Type: Annual
Order: Latest on Right
Capital Structure Data

For the Fiscal Period Ending
12 months Mar-31-2019 12 months Mar-31-2020 12 months Mar-31-2021
Currency HKD HKD HKD
Units Millions % of Total Millions % of Total Millions % of Total
Total Debt 28.6 9.9% 22.6 7.4% 7.7 2.2%

Total Common Equity 260.8 90.1% 282.5 92.6% 345.7 97.8%
Total Capital 289.3 100.0% 305.1 100.0% 353.4 100.0%

Exchange Rate 1.0 1.0 1.0
Conversion Method S S S
Debt Summary Data

For the Fiscal Period Ending
12 months Mar-31-2019 12 months Mar-31-2020 12 months Mar-31-2021
Units Millions % of Total Millions % of Total Millions % of Total
Total Revolving Credit 0.2 0.8% 5.3 23.5% 0.0 0.2%

Total Term Loans 27.4 95.8% 16.0 70.8% 6.9 89.4%
Total Lease Liabilities 0.4 1.5% 1.0 4.6% 0.5 7.0%
General/Other Borrowings 0.5 1.8% 0.3 1.1% 0.3 3.3%
Total Principal Due 28.6 100.0% 22.6 100.0% 7.7 100.0%
Total Debt Outstanding 28.6 100.0% 22.6 100.0% 7.7 100.0%
Additional Totals
Total Cash & ST Investments 97.7 - 89.7 - 123.0 -
Net Debt (69.1) - (67.1) - (115.3) -
Total Senior Debt 28.6 100.0% 22.6 100.0% 7.7 100.0%
Total Short-Term Borrowings 28.1 98.5% 21.5 95.4% 7.2 93.0%
Curr. Port. of LT Debt/Cap. Leases 0.2 0.6% 0.5 2.2% 0.4 5.0%
Long-Term Debt (Incl. Cap. Leases) 0.3 1.0% 0.5 2.4% 0.2 2.1%
Total Bank Debt 27.6 96.6% 21.3 94.2% 6.9 89.6%
Total Secured Debt 28.1 98.2% 22.3 98.9% 7.5 96.7%
Senior Secured Loans 27.6 96.6% 21.3 94.2% 6.9 89.6%
Total Senior Secured Debt 28.1 98.2% 22.3 98.9% 7.5 96.7%
Total Unsecured Debt 0.5 1.8% 0.3 1.1% 0.3 3.3%
Variable Rate Debt 27.4 95.8% 16.0 70.8% 6.9 89.4%
Zero Coupon Debt 0.5 1.8% 0.3 1.1% 0.3 3.3%
Credit Ratios
Net Debt/EBITDA NM - NM - NM -
Total Debt/EBITDA 0.8x - 0.6x - 0.2x -
Total Senior Debt/EBITDA 0.8x - 0.6x - 0.2x -
Total Senior Secured/EBITDA 0.8x - 0.6x - 0.2x -
Net Debt/(EBITDA-CAPEX) NM - NM - NM -
Total Debt/(EBITDA-CAPEX) 0.9x - 0.6x - 0.2x -
Total Senior Debt/(EBITDA-CAPEX) 0.9x - 0.6x - 0.2x -
Total Senior Secured/(EBITDA-CAPEX) 0.8x - 0.6x - 0.2x -
Fixed Payment Schedule

LT Debt (Incl. Cap. Leases) Due +1 18.5 64.7% 9.6 42.4% 2.6 33.3%
LT Debt (Incl. Cap. Leases) Due, Next 5 Yrs 27.6 96.4% 17.0 75.4% 7.4 96.4%
LT Debt (Incl. Cap. Leases) Due, After 5 Yrs 0.3 0.9% - - - -
Cap. Lease Payment Due +1 0.2 - 0.5 - 0.4 -

Cap. Lease Payment Due, Next 5 Yrs 0.4 - 1.0 - 0.5 -
Cap. Lease Payment Due (incl. Interest) +1 - - - - 0.4 -
Operating Lease Commitment Due +1 0.2 - - - - -

Operating Lease Commitment Due, Next 5 Yrs 0.2 - - - - -
Contractual Obligations Due +1 48.8 - 54.8 - 54.9 -

Contractual Obligations Due, Next 5 Yrs 48.8 - 54.8 - 54.9 -
Total Contractual Obligations 48.8 - 54.8 - 54.9 -
Interest Rate Data

Filing Date Jul-10-2020 - Jul-09-2021 - Jul-09-2021 -

Exchange Rate 1.0 1.0 1.0
Conversion Method S S S
Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Capital Structure Details
Principal Due in Millions of the
reported currency. Period Type: Annual Source: A 2021 filed Jul-09-2021
Units: S&P Capital IQ (Default) Decimals: Capital IQ (Default)
FY 2021 (Mar-31-2021) Capital Structure As Reported Details
Coupon/Base
Description Type Principal Due (HKD) Rate Floating Rate Maturity Seniority Secured
Amount Due to Mr Ho Other Borrowings - NA NA - Senior No
Amount Due to Mr Lai Other Borrowings 0.1 NA NA - Senior No
Amount Due to Mr Lam Other Borrowings - NA NA - Senior No
Amount Due to Mr Poon Other Borrowings 0.1 NA NA - Senior No
Bank Loans Term Loans 6.9 2.250% - 2.800% NA - Senior Yes
Bank Overdrafts Revolving Credit - NA NA Mar-31-2022 Senior Yes
Lease Liabilities Capital Lease 0.5 NA NA - Senior Yes
FY 2020 (Mar-31-2020) Capital Structure As Reported Details
Coupon/Base
Description Type Principal Due (HKD) Rate Floating Rate Maturity Seniority Secured
Amount Due to Mr Ho Other Borrowings - NA NA - Senior No
Amount Due to Mr Lai Other Borrowings 0.1 NA NA - Senior No
Amount Due to Mr Lam Other Borrowings - NA NA - Senior No
Amount Due to Mr Poon Other Borrowings 0.1 NA NA - Senior No
Bank Loans Term Loans 16.0 2.250% - 2.800% NA - Senior Yes
Bank Overdrafts Revolving Credit 5.3 NA NA Mar-31-2022 Senior Yes
Lease Liabilities Capital Lease 1.0 NA NA - Senior Yes
Repayme
nt
Convertible Currency
No HKD
No HKD
No HKD
No HKD
No HKD
No HKD
No HKD
Repayme
nt
Convertible Currency
No HKD
No HKD
No HKD
No HKD
No HKD
No HKD
No HKD
Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Ratios
Restatement: Latest Filings Period Type: Annual
Order: Latest on Right Decimals: Capital IQ (Default)
Ratios
Profitability
Return on Assets % NA 7.0% 8.7% 6.5% 6.2% 6.4%
Return on Capital % NA 9.7% 11.9% 8.4% 7.8% 8.0%
Return on Equity % NA 17.9% 29.0% 6.7% 11.0% 18.1%
Return on Common Equity % NA 18.1% 29.1% 6.7% 11.0% 18.1%
Margin Analysis
Gross Margin % 85.2% 86.7% 90.2% 90.6% 92.6% 96.1%
SG&A Margin % 76.7% 78.0% 80.1% 80.9% 82.7% 85.2%
EBITDA Margin % 3.7% 4.1% 5.2% 4.7% 4.9% 4.9%
EBITA Margin % 3.5% 3.8% 4.9% 4.4% 4.7% 4.7%
EBIT Margin % 3.5% 3.8% 4.9% 4.4% 4.7% 4.7%
Earnings from Cont. Ops Margin % 2.7% 3.0% 5.5% 1.9% 3.8% 6.3%
Net Income Margin % 2.7% 3.0% 5.5% 1.9% 3.8% 6.3%
Net Income Avail. for Common Margin % 2.7% 3.0% 5.5% 1.9% 3.8% 6.3%
Normalized Net Income Margin % 2.0% 2.2% 2.9% 2.7% 2.9% 3.0%
Levered Free Cash Flow Margin % NA 0.6% 0.2% (4.4%) (0.5%) 2.0%
Unlevered Free Cash Flow Margin % NA 0.8% 0.3% (4.4%) (0.4%) 2.1%
Asset Turnover
Total Asset Turnover NA 3.0x 2.8x 2.3x 2.1x 2.2x
Fixed Asset Turnover NA 20.6x 26.3x 32.6x 36.2x 39.4x
Accounts Receivable Turnover NA 5.0x 4.8x 4.5x 4.3x 4.5x
Inventory Turnover NA NA NA NA NA NA
Short Term Liquidity

Current Ratio 1.7x 1.7x 1.9x 3.6x 3.8x 4.8x
Quick Ratio 1.6x 1.7x 1.8x 3.1x 3.2x 4.1x
Cash from Ops. to Curr. Liab. 0.0x 0.1x 0.2x NM 0.1x 0.8x
Avg. Days Sales Out. NA 73.4 75.5 80.6 85.0 80.7
Avg. Days Inventory Out. NA NA NA NA NA NA
Avg. Days Payable Out. NA 59.3 70.1 64.1 57.8 61.7
Avg. Cash Conversion Cycle NA NA NA NA NA NA
Long Term Solvency

Total Debt/Equity 45.2% 46.4% 31.0% 11.0% 8.0% 2.2%
Total Debt/Capital 31.1% 31.7% 23.7% 9.9% 7.4% 2.2%
LT Debt/Equity 0.6% 0.3% 0.3% 0.1% 0.2% 0.0%
LT Debt/Capital 0.4% 0.2% 0.2% 0.1% 0.2% 0.0%
Total Liabilities/Total Assets 51.1% 50.2% 44.1% 27.7% 28.1% 21.4%
EBIT / Interest Exp. 12.4x 13.3x 18.1x 30.5x 68.3x 159.2x

EBITDA / Interest Exp. 13.4x 14.3x 19.2x 32.3x 71.9x 168.9x
(EBITDA-CAPEX) / Interest Exp. NM 13.2x 19.0x 31.7x 67.5x 155.4x
Total Debt/EBITDA 2.2x 2.1x 1.2x 0.8x 0.6x 0.2x
Net Debt/EBITDA 0.8x 0.3x 0.3x NM NM NM
Total Debt/(EBITDA-CAPEX) NM 2.3x 1.3x 0.9x 0.6x 0.2x
Net Debt/(EBITDA-CAPEX) NM 0.4x 0.3x NM NM NM
Altman Z Score 4.11 4.15 4.34 6.43 6.24 7.56
Growth Over Prior Year

Total Revenue NA 18.4% 9.3% 7.1% 9.5% 14.6%
Gross Profit NA 20.5% 13.7% 7.7% 11.9% 18.8%
EBITDA NA 28.2% 41.0% (3.9%) 15.3% 14.5%
EBITA NA 28.5% 43.6% (3.8%) 16.7% 14.0%
EBIT NA 28.5% 43.6% (3.8%) 16.7% 14.0%
Earnings from Cont. Ops. NA 33.6% 99.4% (63.4%) 124.0% 89.8%
Net Income NA 33.0% 99.3% (63.5%) 124.0% 89.8%
Normalized Net Income NA 28.5% 45.5% (3.0%) 20.8% 16.2%
Diluted EPS before Extra NA NA NA (66.8%) 85.0% 89.8%
Accounts Receivable NA 13.3% 11.7% 16.7% 13.6% 5.1%

Inventory NA NA NA NA NA NA
Net PP&E NA (9.0%) (20.5%) (4.7%) 2.0% 8.7%
Total Assets NA 19.1% 11.2% 44.1% 8.9% 12.0%
Tangible Book Value NA 21.5% 25.7% 86.5% 8.4% 22.3%

Common Equity NA 21.5% 25.7% 86.5% 8.4% 22.3%
Cash from Ops. NA 4,253.9% 40.7% NM NM 486.3%
Capital Expenditures NA (90.4%) (80.4%) 42.2% 329.3% 51.3%
Levered Free Cash Flow NA NA (70.1%) NM NM NM
Unlevered Free Cash Flow NA NA (52.9%) NM NM NM
Dividend per Share NA NA NA NA NA NA
Compound Annual Growth Rate Over Two Years

Total Revenue NA NA 13.8% 8.2% 8.3% 12.0%
Gross Profit NA NA 17.1% 10.6% 9.8% 15.3%
EBITDA NA NA 34.5% 16.4% 5.3% 14.9%
EBITA NA NA 35.8% 17.5% 6.0% 15.3%
EBIT NA NA 35.8% 17.5% 6.0% 15.3%
Earnings from Cont. Ops. NA NA 63.2% (14.6%) (9.5%) 106.2%
Net Income NA NA 62.8% (14.7%) (9.5%) 106.2%
Normalized Net Income NA NA 36.7% 18.8% 8.2% 18.5%
Diluted EPS before Extra NA NA NA NA (21.6%) 87.4%
Accounts Receivable NA NA 12.5% 14.2% 15.2% 9.3%

Net PP&E NA NA (14.9%) (12.9%) (1.4%) 5.3%
Total Assets NA NA 15.1% 26.5% 25.3% 10.5%
Tangible Book Value NA NA 23.6% 53.1% 42.1% 15.1%

Common Equity NA NA 23.6% 53.1% 42.1% 15.1%
Cash from Ops. NA NA 682.6% NM (24.4%) NM
Capital Expenditures NA NA (86.3%) (47.2%) 147.0% 154.8%
Levered Free Cash Flow NA NA NA NM NM NM
Unlevered Free Cash Flow NA NA NA NM NM NM
Compound Annual Growth Rate Over Three Years

Total Revenue NA NA NA 11.5% 8.6% 10.3%
Gross Profit NA NA NA 13.8% 11.1% 12.7%
EBITDA NA NA NA 20.2% 16.0% 8.2%
EBITA NA NA NA 21.1% 17.3% 8.6%
EBIT NA NA NA 21.1% 17.3% 8.6%
Earnings from Cont. Ops. NA NA NA (0.9%) 17.8% 15.9%
Net Income NA NA NA (1.1%) 17.7% 15.8%
Normalized Net Income NA NA NA 21.9% 19.5% 10.8%
Diluted EPS before Extra NA NA NA NA NA 5.2%
Accounts Receivable NA NA NA 13.9% 14.0% 11.7%

Net PP&E NA NA NA (11.6%) (8.2%) 1.9%
Total Assets NA NA NA 24.0% 20.4% 20.7%
Tangible Book Value NA NA NA 41.7% 36.4% 35.2%

Common Equity NA NA NA 41.7% 36.4% 35.2%
Cash from Ops. NA NA NA NM (7.0%) 49.7%
Capital Expenditures NA NA NA (70.1%) 6.2% 109.8%
Levered Free Cash Flow NA NA NA NA NM 155.9%
Unlevered Free Cash Flow NA NA NA NA NM 102.4%
Compound Annual Growth Rate Over Five Years

Total Revenue NA NA NA NA NA 11.7%
Gross Profit NA NA NA NA NA 14.4%
EBITDA NA NA NA NA NA 18.1%
EBITA NA NA NA NA NA 18.8%
EBIT NA NA NA NA NA 18.8%
Earnings from Cont. Ops. NA NA NA NA NA 32.9%
Net Income NA NA NA NA NA 32.7%
Normalized Net Income NA NA NA NA NA 20.5%
Diluted EPS before Extra NA NA NA NA NA NA
Accounts Receivable NA NA NA NA NA 12.0%

Net PP&E NA NA NA NA NA (5.2%)
Total Assets NA NA NA NA NA 18.4%
Tangible Book Value NA NA NA NA NA 30.4%
Common Equity NA NA NA NA NA 30.4%
Cash from Ops. NA NA NA NA NA 190.1%
Capital Expenditures NA NA NA NA NA (29.5%)
Levered Free Cash Flow NA NA NA NA NA NA
Unlevered Free Cash Flow NA NA NA NA NA NA
Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Supplemental
In Millions of the reported currency, except per share items. Restatement: Latest Filings Period Type: Annual
Decimals: Capital IQ (Default) Source: Capital IQ & Proprietary Data
Supplemental
Loss Carry Forward Related Items
NOL C/F, No Expiration - - 0.7 1.0 1.0 1.1
Total NOL C/F - - 0.7 1.0 1.0 1.1
Fair Value Measurements

Level 1 Assets - Quoted Prices 1.3 0.0 - - - -
Fair Value of Assets 1.3 0.0 - - - -
Fair Value Change Included in Earnings - 0.5 0.3 0.8 - -

Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Industry Specific
In Millions of
the reported
currency,
except per
share items. Restatement: Latest Filings Period Type: Annual
Currency: Reported Cur Conversion: Today's Spot Rate
Order: Latest on Rig Units: S&P Capital IQ (Default)
Decimals: Capital IQ (De Source: Capital IQ & Proprietary Data
Industry Specific
No Data Available
Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Pension/OPEB
In Millions of the reported currency, except per share items. Restatement: Latest Filings Period Type: Annual
Decimals: Capital IQ (Default) Source: Capital IQ & Proprietary Data
Pension/OPEB
Pension Information - Total
Defined Benefit Net Periodic Cost
Def. Benefit Service Cost 0.4 0.5 0.6 0.7 1.0 1.0
Def. Benefit Plan Interest Cost 0.1 0.1 0.1 0.2 0.2 0.1
Def. Benefit Plan Total Cost 0.4 0.6 0.7 0.9 1.2 1.2
Def. Contribution Plan Cost 17.1 19.8 22.8 22.9 25.4 30.3
Total Pension Expense 17.5 20.4 23.5 23.7 26.6 31.5
Defined Benefit Obligation

Beg. Def. Benefit Obligation 4.6 8.3 8.7 9.2 13.1 20.1
Def. Benefit Interest Cost 0.1 0.1 0.1 0.2 0.2 0.1
Def. Benefit Actuarial Gain/Losses 3.3 (0.2) (0.2) 4.1 8.1 (6.3)
Def. Benefits Paid 0 0 (0.1) (1.0) (2.4) (1.0)
Proj. Benefit Obligation (Pension) 8.3 8.7 9.2 13.1 20.1 13.9
Weighted Avg. Assumptions on Def. Benefit Obligation

PBO Assumed Rate of Return - Min 1.4% 1.6% 1.9% 1.4% 0.7% 1.2%
PBO Assumed Rate of Return - Max 1.4% 1.6% 1.9% 1.4% 0.7% 1.2%
Rate of PBO Compensation Increase - Min 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
Rate of PBO Compensation Increase - Max 4.0% 4.0% 4.0% 5.0% 4.5% 4.5%
Adj. for Liability Recognized on Balance Sheet

Net Asset/Liability Recognized on Balance Sheet (8.3) (8.7) (9.2) (13.1) (20.1) (13.9)
Consolidated Balance Sheet Amounts

Long Term Liabilities (8.3) (8.7) (9.2) (13.1) (20.1) (13.9)
Other Pension Related Items

Est. Contributions - Next Year - - - 1.0 1.0 1.3
Benefit Info Date - - Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021
Pension Information - Domestic

Defined Benefit Net Periodic Cost
Def. Benefit Total Cost 0.4 0.6 0.7 0.9 1.2 1.2
Defined Benefit Obligation

Beg. Def. Benefit Obligation 4.6 8.3 8.7 9.2 13.1 20.1
Def. Benefit Actuarial Gain/Losses 3.3 (0.2) (0.2) 4.1 8.1 (6.3)
Def. Benefits Paid 0 0 (0.1) (1.0) (2.4) (1.0)
Proj. Benefit Obligation (Pension) - Domestic 8.3 8.7 9.2 13.1 20.1 13.9
Weighted Avg. Assumptions on Def. Benefit Obligation

PBO Assumed Rate of Return - Min 1.4% 1.6% 1.9% 1.4% 0.7% 1.2%
PBO Assumed Rate of Return - Max 1.4% 1.6% 1.9% 1.4% 0.7% 1.2%
Rate of PBO Compensation Increase - Min 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
Rate of PBO Compensation Increase - Max 4.0% 4.0% 4.0% 5.0% 4.5% 4.5%
Adj. for Liability Recognized on Balance Sheet

Net Asset/Liability Recognized on Balance Sheet (8.3) (8.7) (9.2) (13.1) (20.1) (13.9)
Consolidated Balance Sheet Amounts

Long Term Liabilities (8.3) (8.7) (9.2) (13.1) (20.1) (13.9)
Other Pension Related Items

Est. Contributions - Next Year - - - 1.0 1.0 1.3
Benefit Info Date - - Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021
Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Segments
In Millions of the reported currency. View By: Line Items Restatement: Latest Filings
Business Segments
Revenues
Provision of Property Management and Related Services 516.5 611.4 668.4 715.8 783.9 898.2
Total Revenues 516.5 611.4 668.4 715.8 783.9 898.2
Operating Profit Before Tax

Total Operating Profit Before Tax 18.1 23.7 44.5 20.3 37.3 64.9
Interest Expense
Provision of Property Management and Related Services (1.4) (1.7) (1.8) (1.0) (0.5) (0.3)
Total Interest Expense (1.4) (1.7) (1.8) (1.0) (0.5) (0.3)
Net Profit Before Tax

Total Net Profit Before Tax 16.6 22.0 42.7 18.7 36.9 64.7
Tax Expense
Total Tax Expense 2.9 3.7 6.1 5.4 7.0 7.9
Net Profit After Tax

Total Net Profit After Tax 13.8 18.3 36.5 13.4 29.9 56.8
Assets
Total Assets 189.0 225.2 250.3 360.6 392.8 440.0
Depreciation & Amortization

Total Depreciation & Amortization 1.4 1.8 1.9 1.8 2.0 2.6
Capital Expenditure
Provision of Property Management and Related Services (20.6) (2.0) (0.4) (0.6) (2.4) (3.6)
Total Capital Expenditure (20.6) (2.0) (0.4) (0.6) (2.4) (3.6)
Geographic Segments
Revenues
Hong Kong 516.5 611.4 668.4 715.8 783.9 898.2
Total Revenues 516.5 611.4 668.4 715.8 783.9 898.2
Operating Profit Before Tax

Hong Kong 18.1 23.7 44.5 20.3 37.3 64.9
Total Operating Profit Before Tax 18.1 23.7 44.5 20.3 37.3 64.9
Interest Expense
Hong Kong (1.4) (1.7) (1.8) (1.0) (0.5) (0.3)
Total Interest Expense (1.4) (1.7) (1.8) (1.0) (0.5) (0.3)
Net Profit Before Tax

Hong Kong 16.6 22.0 42.7 18.7 36.9 64.7
Total Net Profit Before Tax 16.6 22.0 42.7 18.7 36.9 64.7
Tax Expense
Hong Kong 2.9 3.7 6.1 5.4 7.0 7.9
Total Tax Expense 2.9 3.7 6.1 5.4 7.0 7.9
Net Profit After Tax

Hong Kong 13.8 18.3 36.5 13.4 29.9 56.8
Total Net Profit After Tax 13.8 18.3 36.5 13.4 29.9 56.8
Assets
Hong Kong 189.0 225.2 250.3 360.6 392.8 440.0
Total Assets 189.0 225.2 250.3 360.6 392.8 440.0
Depreciation & Amortization

Hong Kong 1.4 1.8 1.9 1.8 2.0 2.6
Total Depreciation & Amortization 1.4 1.8 1.9 1.8 2.0 2.6
Capital Expenditure
Hong Kong (20.6) (2.0) (0.4) (0.6) (2.4) (3.6)
Total Capital Expenditure (20.6) (2.0) (0.4) (0.6) (2.4) (3.6)

Creative Enterprise Holdings Limited SEHK 3992 Financials

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Creative Enterprise Holdings Limited SEHK 3992 Financials

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Creative Enterprise Holdings Limited (SEHK:3992) > Financials > Key Stats

Total Revenue 516.5 611.4 668.4 715.8 783.9 898.2

Gross Profit 439.9 530.1 602.7 648.8 726.1 862.7

EBITDA 19.4 24.8 35.0 33.6 38.8 44.4

EBIT 17.9 23.0 33.1 31.8 37.1 42.3

Net Income 13.8 18.3 36.5 13.4 29.9 56.8

Diluted EPS Excl. Extra Items³ NA NA 0.1 0.03 0.06 0.11

Latest Capitalization (Millions of HKD)

Market Capitalization 700.0

Book Value of Common Equity 345.7

Valuation Multiples based on Current Capitalization

TEV/EBITDA - 16.7x 17.4x 15.0x 13.0x

TEV/EBIT - 17.7x 18.4x 15.7x 13.8x

P/BV - 3.8x 2.7x 2.5x 2.0x

Price/Tang BV - 3.8x 2.7x 2.5x 2.0x

Revenue 516.5 611.4 668.3 715.8 783.9 898.2

Cost Of Goods Sold 76.6 81.3 65.7 67.0 57.9 35.4

Operating Income 17.9 23.0 33.1 31.8 37.1 42.3

Interest Expense (1.4) (1.7) (1.8) (1.0) (0.5) (0.3)

Other Non-Operating Inc. (Exp.) 0.1 0.1 0.0 (0.4) - 0.5

Income Tax Expense 2.9 3.7 6.1 5.4 7.0 7.9

Earnings of Discontinued Ops. - - - - - -

Minority Int. in Earnings 0.1 0.0 0.0 - - -

Pref. Dividends and Other Adj. - - - - - -

Per Share Items

Diluted EPS NA NA 0.1 0.03 0.06 0.11

Normalized Basic EPS NA NA 0.05 0.05 0.05 0.05

Dividends per Share NA NA NA NA NA NA

Normalized Net Income 10.5 13.5 19.6 19.0 22.9 26.7

Supplemental Operating Expense Items

Accounts Receivable 115.3 130.6 145.9 170.4 193.6 203.4

Prepaid Exp. 2.2 1.6 0.8 3.1 3.8 4.6

Accounts Receivable Long-Term 1.9 1.6 2.0 2.4 2.7 2.7

Long-Term Leases 0.5 0.4 0.4 0.3 0.5 0.2

Common Stock 0.1 0.1 - 5.0 5.0 5.0

Minority Interest 0.8 0.7 - - - -

Total Equity 92.4 112.0 139.8 260.8 282.5 345.7

Net Income 13.8 18.3 36.5 13.4 29.9 56.8

(Gain) Loss From Sale Of Assets - - (15.2) 0.1 0 -

Capital Expenditure (20.6) (2.0) (0.4) (0.6) (2.4) (3.6)

Issuance of Common Stock - - - 125.0 - -

Special Dividend Paid - - - - - -

Net Change in Cash (5.5) 17.9 (9.5) 63.6 (13.1) 38.6

In Millions of the reported currency, except per share items.

For Quarter Ending Dec-31-2019 Mar-31-2020 Jun-30-2020 Sep-30-2020 Dec-31-2020

TEV/LTM EBITDA Average 11.65x 11.12x 10.44x 11.04x 12.71x

TEV/LTM EBIT Average 12.31x 11.76x 11.03x 11.62x 13.36x

P/LTM EPS Average 25.96x 20.74x 19.48x 16.68x 16.22x

P/LTM Normalized EPS Average 19.56x 18.00x 17.25x 21.62x 24.65x

P/BV Average 1.77x 1.69x 1.61x 1.77x 2.10x

P/Tangible BV Average 1.77x 1.69x 1.61x 1.77x 2.10x

TEV/LTM Unlevered FCF Average NM NM - NM 68.80x

Market Cap/LTM Levered FCF Average NM NM - NM 83.42x

Historical Equity Pricing Data supplied by Interactive Data Pricing and

12.58x 12.49x 13.36x

13.21x 13.11x 14.14x

13.30x 13.14x 12.57x

24.62x 24.49x 26.78x

2.20x 2.17x 2.07x

2.20x 2.17x 2.07x

riod end date.

Market Capitalization 490.0 455.0 455.0 475.0 630.0 720.0

Capital Structure Data

Total Debt 28.6 9.9% 22.6 7.4% 7.7 2.2%