Minera Irl Ltd EBITDA dropped on 253% in 2015 and EBITDA Margin dropped on 22.0 pp from 8.3% to -13.7%
03.06.2016 • About Minera Irl Ltd (
$IRL) • By InTwits
Minera Irl Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Minera Irl Ltd is a company in decline: 2015 revenue growth was -7.6%, 5 years revenue CAGR was -7.7%
- EBITDA Margin is declining: -13.7% in 2015 vs. 8.3% in 2014 vs. 45.8% in 2011
- EBITDA Margin is quite volatile: -13.7% in 2015, 8.3% in 2014, 14.4% in 2013, 29.1% in 2012, 45.8% in 2011
- Minera Irl Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 11.1%. At the same time it's a lot of higher than industry average of 28.2%.
- CAPEX is quite volatile: 6.9 in 2015, 2.2 in 2014, 3.9 in 2013, 2.1 in 2012, 4.0 in 2011
- The company has unprofitable business model: ROIC is at -4.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Minera Irl Ltd ($IRL) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 53.002 | 45.988 | 35.706 | 29.866 | 27.584 | -7.6% |
| Gross Profit | 25.047 | 18.856 | 7.402 | 6.765 | 6.527 | -3.5% |
| SG&A | | | 7.834 | 6.625 | 8.862 | 33.8% |
| EBITDA | 24.292 | 13.386 | 5.128 | 2.467 | -3.780 | -253.2% |
| Net Income | 9.759 | 3.333 | -33.834 | -43.363 | -15.085 | -65.2% |
Balance Sheet
|
|---|
| Cash | 11.134 | 6.246 | 3.389 | 3.809 | 15.580 | 309.0% |
| Short Term Debt | 10.000 | 0.000 | 25.000 | 28.435 | 2.190 | -92.3% |
| Long Term Debt | 0.000 | 20.000 | 0.000 | 0.000 | 63.542 | |
Cash flow
|
|---|
| Capex | 3.984 | 2.062 | 3.902 | 2.248 | 6.854 | 204.9% |
Ratios
|
|---|
| Revenue growth | 29.0% | -13.2% | -22.4% | -16.4% | -7.6% | |
| EBITDA growth | 48.9% | -44.9% | -61.7% | -51.9% | -253.2% | |
| Gross Margin | 47.3% | 41.0% | 20.7% | 22.7% | 23.7% | 1.0% |
| EBITDA Margin | 45.8% | 29.1% | 14.4% | 8.3% | -13.7% | -22.0% |
| Net Income Margin | 18.4% | 7.2% | -94.8% | -145.2% | -54.7% | 90.5% |
| SG&A, % of revenue | | | 21.9% | 22.2% | 32.1% | 9.9% |
| CAPEX, % of revenue | 7.5% | 4.5% | 10.9% | 7.5% | 24.8% | 17.3% |
| ROIC | 13.6% | 6.0% | -0.4% | -0.0% | -4.3% | -4.3% |
| ROE | 9.1% | 2.6% | -24.1% | -37.7% | -16.6% | 21.1% |
| Net Debt/EBITDA | -0.0x | 1.0x | 4.2x | 10.0x | | -10.0x |
Revenue and profitability
The company's Revenue decreased on 7.6% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 22.0 pp from 8.3% to -13.7% in 2015.
Gross Margin increased slightly on 1.0 pp from 22.7% to 23.7% in 2015. SG&A as a % of Revenue increased on 9.9 pp from 22.2% to 32.1% in 2015.
Net Income marign surged on 90.5 pp from -145% to -54.7% in 2015.
Capital expenditures (CAPEX) and working capital investments
Minera Irl Ltd's CAPEX/Revenue was 24.8% in 2015. Minera Irl Ltd's CAPEX/Revenue surged on 20.4 pp from 4.5% in 2012 to 24.8% in 2015. It's average level of CAPEX/Revenue for the last three years was 14.4%.
Return on investment
The company operates at negative ROIC (-4.32%) and ROE (-16.58%). ROIC decreased on 4.3 pp from -0.028% to -4.3% in 2015. ROE jumped on 21.1 pp from -37.7% to -16.6% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -11.3x and Debt / EBITDA is . Net Debt / EBITDA dropped on 10.0x from 10.0x to in 2015. Debt jumped on 131% in 2015 while cash jumped on 309% in 2015.
Appendix 1: Peers in Mining
Below you can find Minera Irl Ltd 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 |
|---|
| Serabi Gold ($SBI) | | | | | 177.8% |
| Anglo Pacific Group ($APY) | | -56.3% | -2.8% | -76.4% | 149.4% |
| 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 ($CEE) | | 25.2% | 18.2% | -6.2% | 7.6% |
| |
|---|
| Median (8 companies) | | 22.1% | -2.8% | -8.2% | 15.0% |
|---|
| Minera Irl Ltd ($IRL) | | -13.2% | -22.4% | -16.4% | -7.6% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Serabi Gold ($SBI) | -14,912.1% | | | 2.3% | 32.8% |
| Rambler Metals & Mining ($RAB) | 50.2% | 44.7% | 39.6% | 52.2% | 30.6% |
| Caledonia Mining Corp ($CAL) | 57.6% | 54.4% | 45.9% | 34.7% | 26.9% |
| Kirkland Lake Gold Inc ($KGI) | 29.7% | 38.5% | 18.3% | 6.1% | 22.8% |
| China Gold International Resources Corp Ltd ($CGG) | | 37.6% | 33.7% | 35.6% | 18.5% |
| |
|---|
| Median (7 companies) | 42.1% | 41.6% | 36.6% | 24.2% | 22.8% |
|---|
| Minera Irl Ltd ($IRL) | 47.3% | 41.0% | 20.7% | 22.7% | 23.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Anglo Pacific Group ($APY) | 90.3% | 76.2% | 77.9% | -58.0% | 53.7% |
| China Gold International Resources Corp Ltd ($CGG) | | 41.7% | 38.3% | 47.3% | 33.7% |
| Kirkland Lake Gold Inc ($KGI) | 25.6% | 34.9% | 16.4% | 13.6% | 32.5% |
| Centamin ($CEE) | 61.9% | 61.4% | 44.9% | 35.6% | 30.4% |
| Rambler Metals & Mining ($RAB) | -26.1% | -194.4% | 29.6% | 45.1% | 20.5% |
| |
|---|
| Median (8 companies) | 29.0% | 34.9% | 38.3% | 27.5% | 25.4% |
|---|
| Minera Irl Ltd ($IRL) | 45.8% | 29.1% | 14.4% | 8.3% | -13.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Gold International Resources Corp Ltd ($CGG) | | 64.7% | 156.1% | 95.6% | 81.4% |
| Caledonia Mining Corp ($CAL) | 15.3% | 10.5% | 18.0% | 11.5% | 33.8% |
| Kirkland Lake Gold Inc ($KGI) | 54.9% | 44.6% | 72.9% | 47.7% | 21.6% |
| Rambler Metals & Mining ($RAB) | 640.5% | 820.8% | 24.2% | 13.9% | 20.7% |
| Orosur Mining Inc ($OMI) | 34.7% | 53.8% | 29.6% | 14.1% | 19.7% |
| |
|---|
| Median (8 companies) | 41.0% | 53.8% | 29.6% | 16.4% | 20.2% |
|---|
| Minera Irl Ltd ($IRL) | 7.5% | 4.5% | 10.9% | 7.5% | 24.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kirkland Lake Gold Inc ($KGI) | 11.3% | 19.7% | 1.5% | -0.7% | 9.2% |
| Caledonia Mining Corp ($CAL) | 61.7% | 37.6% | 34.9% | 18.1% | 8.4% |
| Centamin ($CEE) | 30.2% | 24.6% | 15.7% | 6.6% | 4.5% |
| China Gold International Resources Corp Ltd ($CGG) | | 5.9% | 4.0% | 3.0% | 1.5% |
| Serabi Gold ($SBI) | -13.8% | -9.1% | -8.9% | -5.8% | 1.2% |
| |
|---|
| Median (8 companies) | 11.3% | 4.9% | 3.4% | 3.8% | 1.3% |
|---|
| Minera Irl Ltd ($IRL) | 13.6% | 6.0% | -0.4% | -0.0% | -4.3% |
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 |
| Serabi Gold ($SBI) | | | | | 1.4x |
| Kirkland Lake Gold Inc ($KGI) | -1.0x | -0.3x | 3.2x | 4.1x | 0.6x |
| Anglo Pacific Group ($APY) | -1.0x | -2.1x | -1.4x | | 0.3x |
| |
|---|
| Median (7 companies) | -0.8x | -0.5x | 0.2x | 0.2x | 0.6x |
|---|
