G-Vision International Holdings Ltd revenue increased on 7.0% in 2015 and EBITDA Margin increased on 7.8 pp from -11.3% to -3.4%
12/06/2015 • About G-Vision International Holdings Ltd (
$657) • By InTwits
G-Vision International Holdings Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- G-Vision International Holdings Ltd doesn't have a profitable business model yet: FY2015 ROIC is -3.9%
- The company operates at negative EBITDA Margin: -3.4%
- G-Vision International Holdings Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 was 0.0%. On average EBITDA Margin was -8.8% for the sames years0
- G-Vision International Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.5%. At the same time it's in pair with industry average of 192.9%.
- CAPEX is quite volatile: 0 in FY2015, 0.0090 in FY2014, 0.0040 in FY2013, 0.014 in FY2012, 10.1 in FY2011
- The company has unprofitable business model: ROIC is at -3.9%
- It operates with high leverage: Net Debt/EBITDA is 7.2x while industry average is -0.7x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
G-Vision International Holdings Ltd ($657) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 79.817 | 91.027 | 86.791 | 87.628 | 93.742 | 7.0% |
| Gross Profit | 50.365 | 57.619 | 55.564 | 55.930 | 61.967 | 10.8% |
| EBITDA | -12.606 | -5.410 | -7.412 | -9.860 | -3.195 | -67.6% |
| Net Income | -13.739 | -7.378 | -8.434 | -7.687 | -4.713 | -38.7% |
Balance Sheet
|
|---|
| Cash | 87.412 | 69.090 | 82.106 | 39.934 | 39.826 | -0.3% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 10.107 | 0.014 | 0.004 | 0.009 | 0.000 | -100.0% |
Ratios
|
|---|
| Revenue growth | 7.3% | 14.0% | -4.7% | 1.0% | 7.0% | |
| EBITDA growth | | -57.1% | 37.0% | 33.0% | -67.6% | |
| Gross Margin | 63.1% | 63.3% | 64.0% | 63.8% | 66.1% | 2.3% |
| EBITDA Margin | -15.8% | -5.9% | -8.5% | -11.3% | -3.4% | 7.8% |
| Net Income Margin | -17.2% | -8.1% | -9.7% | -8.8% | -5.0% | 3.7% |
| CAPEX, % of revenue | 12.7% | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% |
| ROIC | -9.0% | -5.5% | -7.6% | -9.1% | -3.9% | 5.1% |
| ROE | -9.5% | -5.3% | -6.3% | -6.1% | -4.0% | 2.2% |
Revenue and profitability
G-Vision International Holdings Ltd's Revenue increased on 7.0% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 44.8 pp from 26.5% to -18.3% in FY2015.
Gross Margin increased on 2.3 pp from 63.8% to 66.1% in FY2015.
Net Income marign increased on 3.7 pp from -8.8% to -5.0% in FY2015.
Return on investment
The company operates at negative ROIC (-3.95%) and ROE (-3.97%). ROIC increased on 5.1 pp from -9.1% to -3.9% in FY2015. ROE increased on 2.2 pp from -6.1% to -4.0% in FY2015.
Leverage (Debt)
The company has no debt. Cash showed almost no change in FY2015.
Appendix 1: Peers in Retail
Below we provide G-Vision International Holdings Ltd benchmarking against other companies in Retail industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Household Holdings Ltd ($692) | -87.0% | -32.8% | 5,357.9% | 76.2% | |
| Ming Fung Jewellery Group Ltd ($860) | 21.9% | 3.3% | -14.9% | 54.3% | |
| Merry Garden Holdings Ltd ($1237) | 53.9% | 37.1% | 12.8% | 47.6% | |
| Luk Fook Holdings International Ltd ($590) | 50.2% | 47.2% | 12.6% | 43.3% | |
| NewOcean Energy Holdings Ltd ($342) | 19.3% | 23.1% | 15.9% | 36.0% | |
| |
|---|
| Median (108 companies) | 20.8% | 9.9% | 5.9% | 2.9% | -0.7% |
|---|
| G-Vision International Holdings Ltd ($657) | | 14.0% | -4.7% | 1.0% | 7.0% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Culture Landmark Investment Ltd ($674) | 77.5% | 91.1% | 99.4% | 99.5% | |
| Modern Beauty Salon Holdings Ltd ($919) | 97.3% | 97.4% | 95.9% | 96.8% | |
| Vongroup Ltd ($318) | | | | 95.1% | |
| Nanjing Sinolife United Co Ltd ($3332) | 80.6% | 86.5% | 89.3% | 90.9% | |
| Embry Holdings Ltd ($1388) | 82.3% | 81.2% | 80.4% | 82.3% | |
| |
|---|
| Median (97 companies) | 40.0% | 37.7% | 38.0% | 35.6% | 48.5% |
|---|
| G-Vision International Holdings Ltd ($657) | 63.1% | 63.3% | 64.0% | 63.8% | 66.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Maoye International Holdings Ltd ($848) | 45.5% | 47.4% | 46.3% | 73.2% | |
| China Dongxiang Group Co Ltd ($3818) | 5.6% | 6.0% | 5.6% | 58.3% | |
| Nanjing Sinolife United Co Ltd ($3332) | 47.8% | 51.6% | 56.9% | 54.4% | |
| Lifestyle International Holdings Ltd ($1212) | 49.6% | 47.5% | 47.0% | 44.7% | |
| Golden Eagle Retail Group Ltd ($3308) | 52.1% | 48.5% | 47.3% | 42.8% | |
| |
|---|
| Median (108 companies) | 13.4% | 10.3% | 7.3% | 8.8% | 11.6% |
|---|
| G-Vision International Holdings Ltd ($657) | -15.8% | -5.9% | -8.5% | -11.3% | -3.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Intime Retail Group Co Ltd ($1833) | 58.4% | 28.3% | 55.4% | 37.0% | |
| Future Bright Holdings Ltd ($703) | 6.2% | 2.6% | 3.7% | 36.8% | |
| Sage International Group Ltd ($8082) | 20.4% | 236.6% | 28.2% | 35.4% | |
| Maoye International Holdings Ltd ($848) | 30.9% | 32.8% | 24.1% | 31.5% | |
| Tsui Wah Holdings Ltd ($1314) | 5.2% | 8.3% | 9.3% | 30.5% | |
| |
|---|
| Median (108 companies) | 3.8% | 4.1% | 3.6% | 3.5% | 2.9% |
|---|
| G-Vision International Holdings Ltd ($657) | 12.7% | 0.0% | 0.0% | 0.0% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Modern Beauty Salon Holdings Ltd ($919) | 48.1% | 50.7% | -4.6% | 81.3% | |
| Starbucks Corp ($4337) | 36.4% | 36.4% | -6.0% | 52.8% | |
| Sa Sa International Holdings Ltd ($178) | 45.7% | 53.5% | 52.7% | 49.0% | |
| Coach Inc ($6388) | 82.0% | 82.3% | 68.7% | 45.0% | |
| Nanjing Sinolife United Co Ltd ($3332) | 57.4% | 67.3% | 68.1% | 32.2% | |
| |
|---|
| Median (108 companies) | 17.2% | 11.9% | 8.2% | 8.3% | 11.3% |
|---|
| G-Vision International Holdings Ltd ($657) | -9.0% | -5.5% | -7.6% | -9.1% | -3.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sparkle Roll Group Ltd ($970) | -0.8x | 0.6x | 4.0x | 9.3x | |
| China Yongda Automobiles Services Holdings Ltd ($3669) | 3.3x | 3.4x | 4.7x | 5.5x | |
| Zhongsheng Group Holdings Ltd ($881) | 2.2x | 4.6x | 4.5x | 5.3x | |
| NewOcean Energy Holdings Ltd ($342) | 35.2x | 6.2x | 6.1x | 5.3x | |
| Century Ginwa Retail Holdings Ltd ($162) | 6.5x | 2.0x | 2.5x | 4.8x | |
| |
|---|
| Median (85 companies) | -0.8x | -0.6x | -0.9x | -0.3x | -0.6x |
|---|
