Silver base Group Holdings Ltd revenue dropped on 14.4% in 2015 while EBITDA Margin jumped on 147 pp from -152% to -5.2%
26/06/2015 • About Silver base Group Holdings Ltd (
$886) • By InTwits
Silver base Group Holdings Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Silver base Group Holdings Ltd is a company in decline: FY2015 revenue growth was -14.4%, 5 years revenue CAGR was -20.5%
- The company operates at negative EBITDA Margin: -5.2%
- Silver base Group Holdings Ltd 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 -2.7%0
- Silver base Group Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.6%. At the same time it's in pair with industry average of 6.6%.
- CAPEX is quite volatile: 0.97 in FY2015, 5.6 in FY2014, 24.0 in FY2013, 7.5 in FY2012, 5.9 in FY2011
- The company has unprofitable business model: ROIC is at -2.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Silver base Group Holdings Ltd ($886) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,217 | 2,974 | 390 | 489 | 419 | -14.4% |
| Gross Profit | 1,021 | 1,388 | 32 | -163 | 83 | -150.7% |
| SG&A | 270 | 426 | 476 | 357 | 291 | -18.4% |
| EBITDA | 756 | 934 | -1,102 | -743 | -22 | -97.0% |
| Net Income | 585 | 698 | -1,133 | -787 | -19 | -97.6% |
Balance Sheet
|
|---|
| Cash | 339 | 110 | 317 | 82 | 170 | 106.5% |
| Short Term Debt | 63 | 339 | 918 | 375 | 527 | 40.5% |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 6 | 8 | 24 | 6 | 1 | -82.6% |
Ratios
|
|---|
| Revenue growth | 68.1% | 34.1% | -86.9% | 25.4% | -14.4% | |
| EBITDA growth | 56.4% | 23.5% | -218.0% | -32.5% | -97.0% | |
| Gross Margin | 46.1% | 46.7% | 8.3% | -33.4% | 19.7% | 53.1% |
| EBITDA Margin | 34.1% | 31.4% | -282.5% | -152.0% | -5.2% | 146.8% |
| Net Income Margin | 26.4% | 23.5% | -290.5% | -161.0% | -4.6% | 156.4% |
| SG&A, % of revenue | 12.2% | 14.3% | 121.9% | 72.9% | 69.4% | -3.4% |
| CAPEX, % of revenue | 0.3% | 0.3% | 6.1% | 1.1% | 0.2% | -0.9% |
| ROIC | 44.0% | 41.4% | -40.0% | -32.7% | -2.4% | 30.3% |
| ROE | 37.9% | 37.9% | -69.4% | -90.6% | -3.8% | 86.8% |
| Net Debt/EBITDA | -0.4x | 0.2x | | | | 0.0x |
Revenue and profitability
The company's Revenue dropped on 14.4% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin surged on 147 pp from -152% to -5.2% in FY2015.
Gross Margin surged on 53.1 pp from -33.4% to 19.7% in FY2015. SG&A as a % of Revenue decreased on 3.4 pp from 72.9% to 69.4% in FY2015.
Net Income marign jumped on 156 pp from -161% to -4.6% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 0.23%. Silver base Group Holdings Ltd's CAPEX/Revenue showed almost no change from FY2012 to FY2015. For the last three years the average CAPEX/Revenue was 2.5%.
Return on investment
The company operates at negative ROIC (-2.37%) and ROE (-3.75%). ROIC surged on 30.3 pp from -32.7% to -2.4% in FY2015. ROE surged on 86.8 pp from -90.6% to -3.8% in FY2015.
Leverage (Debt)
Debt level is -1.3x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in FY2015. Debt surged on 40.5% in FY2015 while cash jumped on 107% in FY2015.
Appendix 1: Peers in Beverages
Below you can find Silver base Group Holdings Ltd benchmarking vs. other companies in Beverages 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 |
|---|
| China Tontine Wines Group Ltd ($389) | 18.0% | -20.7% | -73.3% | 62.7% | |
| Besunyen Holdings Co Ltd ($926) | -3.9% | -43.5% | 2.6% | 15.7% | |
| Vitasoy International Holdings Ltd ($345) | | 11.6% | 9.0% | 10.9% | 12.4% |
| China Tianyi Holdings Ltd ($756) | -5.0% | 43.0% | -19.2% | 8.3% | |
| San Miguel Brewery Hong Kong Ltd ($236) | 16.0% | 0.4% | 0.1% | 6.0% | |
| |
|---|
| Median (15 companies) | 17.6% | -2.7% | -8.1% | 2.0% | 1.0% |
|---|
| Silver base Group Holdings Ltd ($886) | | 34.1% | -86.9% | 25.4% | -14.4% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Besunyen Holdings Co Ltd ($926) | 87.8% | 82.5% | 83.3% | 84.3% | |
| Tibet 5100 Water Resources Holdings Ltd ($1115) | 78.8% | 81.4% | 73.2% | 62.7% | |
| Tenfu Cayman Holdings Co Ltd ($6868) | 61.6% | 64.1% | 61.2% | 62.2% | |
| Vitasoy International Holdings Ltd ($345) | 48.1% | 47.4% | 47.5% | 48.4% | 49.7% |
| San Miguel Brewery Hong Kong Ltd ($236) | 43.4% | 42.8% | 42.2% | 42.8% | |
| |
|---|
| Median (15 companies) | 43.4% | 44.5% | 37.7% | 36.6% | 44.2% |
|---|
| Silver base Group Holdings Ltd ($886) | 46.1% | 46.7% | 8.3% | -33.4% | 19.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tibet 5100 Water Resources Holdings Ltd ($1115) | 72.2% | 73.3% | 73.2% | 69.2% | |
| China Tianyi Holdings Ltd ($756) | 17.7% | 28.4% | 26.1% | 29.7% | |
| Tenfu Cayman Holdings Co Ltd ($6868) | 27.4% | 27.5% | 25.3% | 26.1% | |
| Yantai North Andre Juice Co ($2218) | 16.1% | 14.1% | 11.9% | 15.5% | |
| China Haisheng Juice Holdings Co Ltd ($359) | 15.2% | 5.8% | 6.6% | 14.9% | |
| |
|---|
| Median (15 companies) | 16.1% | 15.2% | 10.5% | 11.3% | 3.7% |
|---|
| Silver base Group Holdings Ltd ($886) | 34.1% | 31.4% | -282.5% | -152.0% | -5.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Culiangwang Beverages Holdings Ltd ($904) | 39.1% | 26.8% | 52.2% | 81.8% | |
| China Tianyi Holdings Ltd ($756) | 7.5% | 5.8% | 6.2% | 33.6% | |
| China Tontine Wines Group Ltd ($389) | 5.3% | 15.3% | 129.4% | 16.7% | |
| China Haisheng Juice Holdings Co Ltd ($359) | 3.6% | 4.8% | 6.3% | 15.3% | |
| Tenfu Cayman Holdings Co Ltd ($6868) | 11.2% | 18.3% | 8.8% | 12.0% | |
| |
|---|
| Median (15 companies) | 7.5% | 11.1% | 7.3% | 8.8% | 7.2% |
|---|
| Silver base Group Holdings Ltd ($886) | 0.3% | 0.3% | 6.1% | 1.1% | 0.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vitasoy International Holdings Ltd ($345) | 23.8% | 20.8% | 20.6% | 21.7% | 23.5% |
| Tenfu Cayman Holdings Co Ltd ($6868) | 26.1% | 19.4% | 17.9% | 15.7% | |
| Tibet 5100 Water Resources Holdings Ltd ($1115) | 41.0% | 23.3% | 20.3% | 14.9% | |
| Tsingtao Brewery Co Ltd ($168) | 16.4% | 13.4% | 12.0% | 12.2% | |
| China Tianyi Holdings Ltd ($756) | 7.3% | 12.0% | 6.1% | 6.7% | |
| |
|---|
| Median (15 companies) | 10.3% | 9.6% | 3.7% | 3.2% | 6.2% |
|---|
| Silver base Group Holdings Ltd ($886) | 44.0% | 41.4% | -40.0% | -32.7% | -2.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sino Distillery Group Ltd ($39) | | | 4.6x | 17.7x | |
| China Haisheng Juice Holdings Co Ltd ($359) | 3.0x | 11.9x | 16.2x | 8.9x | |
| China Huiyuan Juice Group Ltd ($1886) | 8.6x | 5.4x | 4.3x | 7.9x | |
| Yantai North Andre Juice Co ($2218) | 2.6x | 2.3x | 2.4x | 2.2x | |
| San Miguel Brewery Hong Kong Ltd ($236) | | | 2.0x | 1.0x | |
| |
|---|
| Median (11 companies) | -1.1x | -1.0x | 1.0x | 0.9x | -0.2x |
|---|
