Neptune Technologies & Bioressources Inc revenue dropped on 22.7% in 2015 and EBITDA Margin dropped on 60.3 pp from -191% to -252%
27.05.2015 • About Neptune Technologies & Bioressources Inc (
$NTB) • By InTwits
Neptune Technologies & Bioressources Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Neptune Technologies & Bioressources Inc doesn't have a profitable business model yet: FY2015 ROIC is -48.7%
- The company operates at negative EBITDA Margin: -251.7%
- Neptune Technologies & Bioressources Inc spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 is 0.0%. Average EBITDA Margin for the same period was -99.6%0
- Neptune Technologies & Bioressources Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 57.6%. At the same time it's a lot of higher than industry average of 8.4%.
- CAPEX is quite volatile: 17.9 in FY2015, 16.5 in FY2014, 19.0 in FY2013, 0.91 in FY2012, 1.00 in FY2011
- The company has unprofitable business model: ROIC is at -48.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Neptune Technologies & Bioressources Inc ($NTB) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 16.583 | 19.124 | 25.864 | 19.496 | 15.070 | -22.7% |
| Gross Profit | 9.218 | 10.060 | 10.231 | 2.522 | -8.018 | -417.9% |
| SG&A | | | | 31.999 | 22.582 | -29.4% |
| EBITDA | -0.719 | -4.966 | -14.858 | -37.318 | -37.938 | 1.7% |
| Net Income | -0.410 | -1.928 | -16.770 | -16.640 | -27.961 | 68.0% |
Balance Sheet
|
|---|
| Cash | 0.000 | 3.765 | 14.902 | 6.522 | 4.253 | -34.8% |
| Short Term Debt | 1.655 | 2.909 | 0.005 | 0.018 | 0.540 | 2,892.2% |
| Long Term Debt | 3.800 | 2.845 | 1.866 | 10.081 | 14.007 | 38.9% |
Cash flow
|
|---|
| Capex | 0.995 | 0.907 | 19.036 | 16.503 | 17.927 | 8.6% |
Ratios
|
|---|
| Revenue growth | 30.9% | 15.3% | 35.2% | -24.6% | -22.7% | |
| EBITDA growth | | 591.1% | 199.2% | 151.2% | 1.7% | |
| Gross Margin | 55.6% | 52.6% | 39.6% | 12.9% | -53.2% | -66.1% |
| EBITDA Margin | -4.3% | -26.0% | -57.4% | -191.4% | -251.7% | -60.3% |
| Net Income Margin | -2.5% | -10.1% | -64.8% | -85.4% | -185.5% | -100.2% |
| SG&A, % of revenue | | | | 164.1% | 149.9% | -14.3% |
| CAPEX, % of revenue | 6.0% | 4.7% | 73.6% | 84.6% | 119.0% | 34.3% |
| ROIC | | -20.4% | -32.2% | -56.3% | -48.7% | 7.5% |
| ROE | | -9.2% | -37.4% | -28.2% | -46.7% | -18.5% |
Revenue and profitability
Neptune Technologies & Bioressources Inc's Revenue dropped on 22.7% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.8 pp from -14.1% to -9.3% in 2015.
Gross Margin dropped on 66.1 pp from 12.9% to -53.2% in FY2015. SG&A as a % of Revenue dropped on 14.3 pp from 164% to 150% in FY2015.
Net Income marign dropped on 100 pp from -85.4% to -186% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Neptune Technologies & Bioressources Inc had CAPEX/Revenue of 119%. The company's CAPEX/Revenue surged on 114 pp from 4.7% in FY2012 to 119% in FY2015. For the last three years the average CAPEX/Revenue was 92.4%.
Return on investment
The company operates at negative ROIC (-48.72%) and ROE (-46.69%). ROIC increased on 7.5 pp from -56.3% to -48.7% in FY2015. ROE dropped on 18.5 pp from -28.2% to -46.7% in FY2015.
Leverage (Debt)
Debt level is 0.6x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in FY2015. Debt surged on 44.0% in FY2015 while cash dropped on 34.8% in FY2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Neptune Technologies & Bioressources Inc benchmarking vs. other companies in Consumer, Non-cyclical industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| GDI Integrated Facility Services Inc ($GDI) | 43.8% | -38.8% | -72.9% | 218,969.1% | |
| Cardiome Pharma Corp ($COM) | -97.7% | -47.6% | 471.7% | 566.0% | |
| Family Memorials Inc ($FAM) | -13.6% | 54.7% | 22.9% | 245.3% | |
| Nobilis Health Corp ($NHC) | 16.6% | 45.3% | 49.0% | 169.9% | |
| Concordia Healthcare Corp ($CXR) | | | | 159.5% | |
| |
|---|
| Median (84 companies) | 10.8% | 7.3% | 5.3% | 12.7% | 5.3% |
|---|
| Neptune Technologies & Bioressources Inc ($NTB) | | 15.3% | 35.2% | -24.6% | -22.7% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Nobilis Health Corp ($NHC) | | | | 99.8% | |
| Cipher Pharmaceuticals Inc ($CPH) | | | 99.5% | 98.3% | |
| Heritage Global Inc ($HGP) | 99.5% | | | 95.7% | |
| Ritchie Bros Auctioneers Inc ($RBA) | 87.9% | 88.7% | 88.4% | 88.0% | |
| Concordia Healthcare Corp ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (72 companies) | 34.5% | 35.4% | 35.0% | 35.7% | 28.6% |
|---|
| Neptune Technologies & Bioressources Inc ($NTB) | 55.6% | 52.6% | 39.6% | 12.9% | -53.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | -50.0% | 40.6% | 71.4% | 63.7% | |
| Merus Labs International Inc ($MSL) | | 32.9% | 64.7% | 46.2% | |
| Valeant Pharmaceuticals International Inc ($VRX) | 37.0% | 30.6% | 27.8% | 45.6% | |
| EnerCare Inc ($ECI) | 59.0% | 52.8% | 51.0% | 45.5% | |
| Information Services Corp ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (83 companies) | 8.2% | 8.5% | 9.0% | 11.0% | -90.1% |
|---|
| Neptune Technologies & Bioressources Inc ($NTB) | -4.3% | -26.0% | -57.4% | -191.4% | -251.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| CanaDream Corp ($CDN) | 68.6% | 43.3% | 38.1% | 70.4% | |
| Ceapro Inc ($CZO) | 2.2% | 3.9% | 35.3% | 52.0% | |
| Feronia Inc/Canada ($FRN) | 129.0% | 191.4% | 117.4% | 42.4% | |
| Microbix Biosystems Inc ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | |
| ProMetic Life Sciences Inc ($PLI) | | 2.1% | 33.6% | 34.6% | 23.3% |
| |
|---|
| Median (84 companies) | 2.4% | 2.6% | 2.4% | 2.4% | 5.4% |
|---|
| Neptune Technologies & Bioressources Inc ($NTB) | 6.0% | 4.7% | 73.6% | 84.6% | 119.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Biosyent Inc ($RX) | 45.5% | 71.7% | 62.4% | 62.9% | |
| Information Services Corp ($ISV) | 56.0% | 71.8% | 72.8% | 58.9% | |
| Covalon Technologies Ltd ($COV) | -49.6% | -75.8% | -30.1% | 50.6% | |
| Cipher Pharmaceuticals Inc ($CPH) | -22.9% | 21.8% | 81.4% | 44.6% | |
| Ceapro Inc ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (84 companies) | 8.0% | 7.1% | 6.9% | 7.8% | 6.8% |
|---|
| Neptune Technologies & Bioressources Inc ($NTB) | | -20.4% | -32.2% | -56.3% | -48.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Noble Iron Inc ($NIR) | | 25.5x | 12.9x | 227.3x | |
| Family Memorials Inc ($FAM) | | | | 15.2x | |
| Amica Mature Lifestyles Inc ($ACC) | 11.7x | 9.4x | 14.7x | 13.8x | |
| Cott Corp ($BCB) | 2.6x | 2.0x | 2.2x | 13.4x | |
| CRH Medical Corp ($CRH) | -2.3x | -3.1x | -3.5x | 12.0x | |
| |
|---|
| Median (70 companies) | 1.8x | 2.8x | 2.1x | 2.7x | 0.9x |
|---|
