CHKIFOTCAir Transportation, ScheduledFiscal year ends December 31
CHINA SOUTHERN AIRLINES CO LTD
Financials through fiscal 2022, year ended Dec 31, 2022Last filing: 20-F on Apr 27, 2023
$0.35−0.00 (-0.67%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2022
Operating margin
-25.9%−33.1 pts over 5 years
Net margin
-37.6%−42.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2022
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -14.3% | -17.4% | -7.4% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2014 | FY2017 | FY2022 | Trend |
|---|---|---|---|---|
| Return on equity | – | 12.8% | -59.9% | |
| Return on assets | – | 2.8% | -10.3% | |
| Current ratio | – | 0.26 | 0.24 | |
| Debt to equity | – | 0.97 | 2.90 | |
| Net debt to EBITDA | – | 1.87× | 57.94× | |
| Interest coverage | – | 3.3× | -3.8× | |
| Diluted shares | – | 9.92B | 17.21B |
Cash use needs five years of cash flow figures
China Southern Airlines does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-37.6%
×Asset turnover0.27×
×Equity multiplier5.82×
=Return on equity, FY2022-59.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2022 | -37.6% | 0.27× | 5.82× | -59.9% |
| FY2021 | -11.9% | 0.31× | 4.73× | -17.6% |
| FY2020 | -11.7% | 0.29× | 4.74× | -16.2% |
| FY2019 | 1.7% | 0.56× | 4.28× | 4.1% |
| FY2018 | 2.0% | 0.62× | 4.04× | 5.0% |
| FY2017 | 4.7% | 0.61× | 4.49× | 12.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2022 against fiscal 2021
2of 8 tests passed in fiscal 2022. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥32.70B
- Cash generatingOperating cash flow above zero-CN¥2.45B
- Return on assets improvedROA up on the prior year-3.7% → -10.1%
- Earnings backed by cashOperating cash flow above net income-CN¥2.45B vs -CN¥32.70B
- Less leverageLong-term debt to assets fell11.9% → 11.0%
- Better liquidityCurrent ratio rose0.34 → 0.24
- No dilutionShare count did not rise16.20B → 17.21B
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.31 → 0.27