Anglo Pacific Group revenue returned to growth in 2015: increased 149% vs. 76.4% decline a year earliner
23.03.2016 • About Anglo Pacific Group (
$APY) • By InTwits
Anglo Pacific Group reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Anglo Pacific Group doesn't have a profitable business model yet: 2015 ROIC is 1.1%
- EBITDA Margin is quite volatile: 53.7% in 2015, -58.0% in 2014, 77.9% in 2013, 76.2% in 2012, 90.3% in 2011
- Anglo Pacific Group has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.1%. At the same time it's a lot of higher than industry average of 8.8%.
- CAPEX is quite volatile: 0 in 2015, 0.19 in 2014, 0.014 in 2013, 0 in 2012, 0.029 in 2011
- The company has potentially unprofitable business model: ROIC is at 1.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Anglo Pacific Group ($APY) key annual financial indicators
| mln. £ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 34.679 | 15.157 | 14.731 | 3.481 | 8.683 | 149.4% |
| EBITDA | 31.307 | 11.545 | 11.478 | -2.020 | 4.663 | -330.8% |
| Net Income | 36.280 | 11.580 | -42.497 | -47.589 | -22.576 | -52.6% |
Balance Sheet
|
|---|
| Cash | 32.197 | 24.036 | 15.706 | 8.769 | 5.708 | -34.9% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 7.272 | |
Cash flow
|
|---|
| Capex | 0.029 | 0.000 | 0.014 | 0.188 | 0.000 | -100.0% |
Ratios
|
|---|
| Revenue growth | 15.1% | -56.3% | -2.8% | -76.4% | 149.4% | |
| EBITDA growth | 16.3% | -63.1% | -0.6% | -117.6% | -330.8% | |
| EBITDA Margin | 90.3% | 76.2% | 77.9% | -58.0% | 53.7% | 111.7% |
| Net Income Margin | 104.6% | 76.4% | -288.5% | -1,367.1% | -260.0% | 1,107.1% |
| CAPEX, % of revenue | 0.1% | 0.0% | 0.1% | 5.4% | 0.0% | -5.4% |
| ROIC | 7.9% | 3.0% | 3.6% | -1.3% | 1.1% | 2.3% |
| ROE | 11.1% | 3.8% | -16.4% | -25.2% | -14.0% | 11.2% |
| Net Debt/EBITDA | -1.0x | -2.1x | -1.4x | | 0.3x | 0.3x |
Revenue and profitability
The company's Revenue surged on 149% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 95.7 pp from -17.4% to -113% in FY2015.
Net Income marign surged on 1,107 pp from -1,367% to -260% in 2015.
Return on investment
The company operates at low but positive ROIC (1.07%) and negative ROE (-13.97%). ROIC increased on 2.3 pp from -1.3% to 1.1% in 2015. ROE surged on 11.2 pp from -25.2% to -14.0% in 2015.
Leverage (Debt)
Debt level is 0.3x Net Debt / EBITDA and 1.6x Debt / EBITDA. Net Debt / EBITDA surged0.3x from to 0.3x in 2015. Debt jumped while cash dropped on 34.9% in 2015.
Appendix 1: Peers in Mining
Below you can find Anglo Pacific Group benchmarking vs. other companies in Mining 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 |
|---|
| Kirkland Lake Gold Inc ($KGI) | | 54.7% | -5.1% | 14.2% | 26.9% |
| China Gold International Resources Corp Ltd ($CGG) | | | -9.0% | -8.2% | 22.4% |
| Centamin ($CEE) | | 25.2% | 18.2% | -6.2% | 7.6% |
| Orosur Mining Inc ($OMI) | | 19.0% | 13.0% | -24.1% | -18.0% |
| Caledonia Mining Corp ($CAL) | | 33.6% | -16.0% | -15.4% | -28.3% |
| |
|---|
| Median (6 companies) | -35.3% | 22.1% | -5.1% | -8.2% | -5.2% |
|---|
| Anglo Pacific Group ($APY) | | -56.3% | -2.8% | -76.4% | 149.4% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Rambler Metals & Mining ($RAB) | 50.2% | 44.7% | 39.6% | 52.2% | 30.6% |
| China Gold International Resources Corp Ltd ($CGG) | | 37.6% | 33.7% | 35.6% | 18.5% |
| Caledonia Mining Corp ($CAL) | 57.6% | 54.4% | 45.9% | 34.7% | 26.9% |
| Centamin ($CEE) | 62.3% | 60.2% | 44.9% | 24.2% | 18.1% |
| Minera Irl Ltd ($IRL) | 47.3% | 41.0% | 20.7% | 22.7% | |
| |
|---|
| Median (8 companies) | 47.3% | 41.0% | 33.7% | 23.4% | 20.6% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Gold International Resources Corp Ltd ($CGG) | | 41.7% | 38.3% | 47.3% | 33.7% |
| Rambler Metals & Mining ($RAB) | -26.1% | -194.4% | 29.6% | 45.1% | 20.5% |
| Centamin ($CEE) | 61.9% | 61.4% | 44.9% | 35.6% | 30.4% |
| Orosur Mining Inc ($OMI) | 29.0% | 14.8% | 17.3% | 27.9% | -49.7% |
| Caledonia Mining Corp ($CAL) | 49.0% | 31.9% | 38.9% | 27.1% | 18.3% |
| |
|---|
| Median (8 companies) | 29.0% | 31.9% | 29.6% | 27.5% | 25.4% |
|---|
| Anglo Pacific Group ($APY) | 90.3% | 76.2% | 77.9% | -58.0% | 53.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Gold International Resources Corp Ltd ($CGG) | | 64.7% | 156.1% | 95.6% | 81.4% |
| Kirkland Lake Gold Inc ($KGI) | 54.9% | 44.6% | 72.9% | 47.7% | 21.6% |
| Serabi Gold ($SBI) | 3,151.4% | | | 44.5% | |
| Centamin ($CEE) | 41.0% | 55.9% | 55.8% | 18.7% | 14.0% |
| Orosur Mining Inc ($OMI) | 34.7% | 53.8% | 29.6% | 14.1% | 19.7% |
| |
|---|
| Median (8 companies) | 41.0% | 53.8% | 29.6% | 16.4% | 21.1% |
|---|
| Anglo Pacific Group ($APY) | 0.1% | 0.0% | 0.1% | 5.4% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Caledonia Mining Corp ($CAL) | 61.7% | 37.6% | 34.9% | 18.1% | 8.4% |
| Rambler Metals & Mining ($RAB) | -1.5% | -2.6% | 3.3% | 16.7% | 0.5% |
| Centamin ($CEE) | 30.2% | 24.6% | 15.7% | 6.6% | 4.5% |
| Orosur Mining Inc ($OMI) | 22.0% | 3.8% | -1.5% | 4.5% | -84.1% |
| China Gold International Resources Corp Ltd ($CGG) | | 5.9% | 4.0% | 3.0% | 1.5% |
| |
|---|
| Median (8 companies) | 13.6% | 6.0% | 2.4% | 3.8% | 3.0% |
|---|
| Anglo Pacific Group ($APY) | 7.9% | 3.0% | 3.6% | -1.3% | 1.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Gold International Resources Corp Ltd ($CGG) | | 0.2x | 3.4x | 4.7x | 7.3x |
| Rambler Metals & Mining ($RAB) | | | 2.5x | 0.6x | 2.4x |
| Kirkland Lake Gold Inc ($KGI) | -1.0x | -0.3x | 3.2x | 4.1x | 0.6x |
| Caledonia Mining Corp ($CAL) | -0.3x | -1.2x | -0.9x | -1.6x | -1.1x |
| Centamin ($CEE) | -0.8x | -0.6x | -0.5x | -0.7x | -1.3x |
| |
|---|
| Median (5 companies) | -0.6x | -0.3x | 2.5x | 0.6x | 0.6x |
|---|
| Anglo Pacific Group ($APY) | -1.0x | -2.1x | -1.4x | | 0.3x |
