ALUMINUM CORP OF CHINA LTD financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data ALUMINUM CORP OF CHINA LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Revenue	27,678	26,215	27,302	28,505	42,329	42,189
Cost of revenue	25,464	24,293	25,560	26,448	38,174	37,654
Gross profit	2,214	1,921	1,742	2,057	4,155	4,536
Research and development	76	91.2	135	220	371	697
Selling and marketing	360	363	240	223	49.4	60.7
General and administrative	702	576
Operating income				923	2,104	2,377
Interest expense	798	710	707	677	619	565
Interest income	109	71.6	37.5	34.8	43.3	69.2
Pre-tax income	462	335	304	330	1,597	1,915
Income tax	98.7	120	89.9	89.2	375	343
Net income to minority interests	151	107	91.5	128	425	964
Net income	212	109	122	114	797	608
EPS, basic	0.01	0.01	0.01	0.00	0.05	0.04
EPS, diluted	0.01	0.01	0.01	0.00	0.05	0.04

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Cash and equivalents	4,049	2,748	1,115	1,476	2,802	2,438
Receivables			1,062	1,424	1,084	852
Inventory	3,127	2,976	2,803	3,043	2,931	3,583
Total current assets	10,505	8,566	6,997	7,081	7,644	7,907
Property, plant and equipment	14,770	15,445	14,843	15,423	14,661	15,844
Lease right-of-use assets			2,283	2,190	2,879	2,504
Total assets	30,762	29,216	29,169	29,870	30,188	30,788
Total current liabilities	13,829	10,872	9,936	9,598	8,188	9,042
Total liabilities	20,693	19,374	19,010	18,962	18,767	18,064
Retained earnings	-518	-410	-318	-267	1,071	1,463
Shareholders' equity	6,068	7,623	7,851	8,327	8,986	7,888
Minority interests	4,002	2,219	2,308	2,581	2,435	4,836
Total equity	10,069	9,842	10,159	10,908	11,421	12,723
Total liabilities and equity	30,762	29,216	29,169	29,870	30,188	30,788

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Net income	363	215	214	241	1,222	1,572
Cash from operations	2,018	1,893	1,792	2,281	4,430	4,023
Capital expenditures	-1,358	-981	-1,277	-772	-320	-640
Cash from investing	-1,096	-804	-1,924	296	-117	-496
Debt repaid	-12,092	-10,261	-9,495	-6,607	-6,365	-4,417
Dividends paid	-47.6	-47.7	-32	-54.6	-72.3	-364
Cash from financing	-282	-2,366	-1,505	-2,417	-2,900	-3,920
Exchange rate effect	-34.1	10.4	3.05	-13.5	11.6	-22.6
Free cash flow	659	912	515	1,508	4,110	3,382

Key metrics

Worked out from the statements above. Latest values use fiscal 2022. Valuation uses the share price of $0.99 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	10.8%	Gross profit / revenue.
Operating margin	5.6%	Operating income / revenue.
Pre-tax margin	4.5%	Pre-tax income / revenue.
Net margin	1.4%	Net income / revenue.
FCF margin	8.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.5%	Cash from operations / revenue.
Effective tax rate	17.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Return on invested capital (ROIC)	33.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.7%	Research and development expense / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	37.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.0%	Operating income vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-23.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	70.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	23.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-22.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	87.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	20.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-9.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	30.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-17.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	87.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	38.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-12.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.87x	Current assets / current liabilities.
Quick ratio	0.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	58.7%	Total liabilities / total assets.
Interest coverage	4.21x	Operating income / interest expense.
Working capital	-$1.14B	Current assets - current liabilities.
Tangible book value	$7.89B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.38x	Revenue / average total assets.
Fixed asset turnover	2.77x	Revenue / average property, plant and equipment.
Inventory turnover	11.6x	Cost of revenue / average inventory.
Days inventory	32 days	365 x average inventory / cost of revenue.
Receivables turnover	43.6x	Revenue / average receivables.
Days sales outstanding	8 days	365 x average receivables / revenue.
FCF conversion	556.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.04	Net income per basic share, as reported (split-adjusted).
Payout ratio	59.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.8%	Dividends paid / free cash flow, when free cash flow is positive.

What was ALUMINUM CORP OF CHINA LTD's revenue in fiscal 2022?

ALUMINUM CORP OF CHINA LTD reported revenue of $42.19B for fiscal 2022, 0.3% lower than the year before.

Was ALUMINUM CORP OF CHINA LTD profitable in fiscal 2022?

Yes. Net income was $607.8M, a net margin of 1.4%.

How much free cash flow did ALUMINUM CORP OF CHINA LTD generate in fiscal 2022?

Cash from operations of $4.02B minus capital expenditures of $640.3M left free cash flow of $3.38B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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