Vitop Bioenergy Holdings Ltd revenue jumped on 92.4% in 2015 and EBITDA Margin jumped on 73.2 pp from -169% to -95.4%
25/09/2015 • About Vitop Bioenergy Holdings Ltd (
$1178) • By InTwits
Vitop Bioenergy Holdings Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Vitop Bioenergy Holdings Ltd doesn't have a profitable business model yet: FY2015 ROIC is -17.2%
- The company operates at negative EBITDA Margin: -95.4%
- Vitop Bioenergy 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 -86.8%0
- Vitop Bioenergy Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.5%.
- The company has unprofitable business model: ROIC is at -17.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Vitop Bioenergy Holdings Ltd ($1178) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 27.217 | 20.484 | 19.823 | 14.420 | 27.739 | 92.4% |
| Gross Profit | 11.605 | 7.136 | 10.144 | 6.186 | 8.468 | 36.9% |
| SG&A | | | 25.699 | 22.742 | 32.645 | 43.5% |
| EBITDA | -15.393 | -16.936 | -12.146 | -24.303 | -26.450 | 8.8% |
| Net Income | -23.315 | -19.860 | -14.404 | -25.262 | -30.386 | 20.3% |
Balance Sheet
|
|---|
| Cash | 10.950 | 41.236 | 27.567 | 3.896 | 62.946 | 1,515.7% |
| Short Term Debt | 27.790 | 0.000 | 0.000 | 8.750 | 6.250 | -28.6% |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.189 | 0.005 | 0.026 | 0.193 | 0.094 | -51.3% |
Ratios
|
|---|
| Revenue growth | -59.7% | -24.7% | -3.2% | -27.3% | 92.4% | |
| EBITDA growth | 7.4% | 10.0% | -28.3% | 100.1% | 8.8% | |
| Gross Margin | 42.6% | 34.8% | 51.2% | 42.9% | 30.5% | -12.4% |
| EBITDA Margin | -56.6% | -82.7% | -61.3% | -168.5% | -95.4% | 73.2% |
| Net Income Margin | -85.7% | -97.0% | -72.7% | -175.2% | -109.5% | 65.6% |
| SG&A, % of revenue | | | 129.6% | 157.7% | 117.7% | -40.0% |
| CAPEX, % of revenue | 0.7% | 0.0% | 0.1% | 1.3% | 0.3% | -1.0% |
| ROIC | -26.1% | -18.0% | -10.4% | -20.0% | -17.2% | 2.7% |
| ROE | -60.5% | -27.0% | -12.9% | -23.3% | -22.0% | 1.3% |
Revenue and profitability
The company's Revenue jumped on 92.4% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 45.1 pp from -84.1% to -129% in FY2015.
Gross Margin dropped on 12.4 pp from 42.9% to 30.5% in FY2015. SG&A as a % of Revenue dropped on 40.0 pp from 158% to 118% in FY2015.
Net Income marign surged on 65.6 pp from -175% to -110% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Vitop Bioenergy Holdings Ltd had CAPEX/Revenue of 0.34%. CAPEX/Revenue showed almost no change from FY2012 to FY2015. Average CAPEX/Revenue for the last three years was 0.60%.
Return on investment
The company operates at negative ROIC (-17.23%) and ROE (-22.05%). ROIC increased on 2.7 pp from -20.0% to -17.2% in FY2015. ROE increased slightly on 1.3 pp from -23.3% to -22.0% in FY2015.
Leverage (Debt)
Debt level is -20.1x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in FY2015. Debt dropped on 28.6% in FY2015 while cash surged on 1,516% in FY2015.
Appendix 1: Peers in Healthcare-Products
Below we provide Vitop Bioenergy Holdings Ltd benchmarking against other companies in Healthcare-Products 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 |
|---|
| Microport Scientific Corp ($853) | 20.9% | 13.5% | 2.8% | 134.3% | |
| PW Medtech Group Ltd ($1358) | 188.2% | 89.2% | 37.9% | 33.0% | |
| China Medical System Holdings Ltd ($867) | 52.0% | 30.8% | 26.5% | 31.0% | |
| Lifetech Scientific Corp ($1302) | 34.0% | 29.3% | 27.3% | 22.4% | |
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 29.2% | 16.0% | 25.1% | 14.4% | |
| |
|---|
| Median (14 companies) | 21.3% | 13.5% | 16.0% | 10.8% | -16.9% |
|---|
| Vitop Bioenergy Holdings Ltd ($1178) | | -24.7% | -3.2% | -27.3% | 92.4% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lifetech Scientific Corp ($1302) | 80.5% | 80.1% | 81.6% | 81.4% | |
| PW Medtech Group Ltd ($1358) | 62.3% | 66.0% | 67.9% | 72.8% | |
| Golden Meditech Holdings Ltd ($801) | 57.5% | 69.1% | 69.8% | 70.2% | 72.8% |
| Microport Scientific Corp ($853) | 83.7% | 83.6% | 81.0% | 68.5% | |
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 55.3% | 57.3% | 59.1% | 58.8% | |
| |
|---|
| Median (14 companies) | 55.3% | 50.2% | 49.8% | 48.2% | 15.9% |
|---|
| Vitop Bioenergy Holdings Ltd ($1178) | 42.6% | 34.8% | 51.2% | 42.9% | 30.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| PW Medtech Group Ltd ($1358) | 42.3% | 44.2% | 30.6% | 41.6% | |
| China Medical System Holdings Ltd ($867) | 31.6% | 34.5% | 32.4% | 39.4% | |
| Golden Meditech Holdings Ltd ($801) | 42.5% | 41.4% | 37.9% | 29.8% | -31.7% |
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 31.3% | 28.5% | 28.0% | 29.0% | |
| Hengan International Group Co Ltd ($1044) | 20.8% | 27.4% | 25.3% | 25.3% | |
| |
|---|
| Median (14 companies) | 20.8% | 22.8% | 22.2% | 13.6% | -28.2% |
|---|
| Vitop Bioenergy Holdings Ltd ($1178) | -56.6% | -82.7% | -61.3% | -168.5% | -95.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| PW Medtech Group Ltd ($1358) | 21.1% | 14.8% | 22.3% | 30.2% | |
| Golden Meditech Holdings Ltd ($801) | 9.5% | 12.7% | 51.2% | 27.3% | 26.1% |
| Microport Scientific Corp ($853) | 18.5% | 31.6% | 27.9% | 15.0% | |
| Arts Optical International Hldgs ($1120) | 5.6% | 14.0% | 4.5% | 14.0% | |
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 41.7% | 26.0% | 20.2% | 11.7% | |
| |
|---|
| Median (14 companies) | 9.5% | 8.2% | 6.6% | 5.9% | 3.3% |
|---|
| Vitop Bioenergy Holdings Ltd ($1178) | 0.7% | 0.0% | 0.1% | 1.3% | 0.3% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Medical System Holdings Ltd ($867) | 19.7% | 19.4% | 20.2% | 27.4% | |
| Lifetech Scientific Corp ($1302) | 13.0% | 17.5% | 15.9% | 21.2% | |
| Hengan International Group Co Ltd ($1044) | 16.9% | 19.5% | 14.9% | 14.0% | |
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 14.6% | 10.5% | 11.7% | 12.8% | |
| PW Medtech Group Ltd ($1358) | 30.9% | 30.7% | 9.2% | 10.0% | |
| |
|---|
| Median (14 companies) | 13.1% | 8.5% | 7.4% | 5.3% | -14.7% |
|---|
| Vitop Bioenergy Holdings Ltd ($1178) | -26.1% | -18.0% | -10.4% | -20.0% | -17.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Fortune Investments Holdings Ltd ($8116) | 18.2x | | 2.9x | 93.0x | |
| Techcomp Holdings Ltd ($1298) | 1.7x | 4.3x | 3.6x | 2.7x | |
| Hengan International Group Co Ltd ($1044) | 0.9x | 1.4x | 1.7x | 1.8x | |
| China Medical System Holdings Ltd ($867) | -0.8x | -0.4x | -0.2x | 0.2x | |
| PW Medtech Group Ltd ($1358) | -0.8x | -1.2x | -7.5x | -0.3x | |
| |
|---|
| Median (11 companies) | -1.2x | -1.1x | -1.5x | -1.5x | -2.9x |
|---|
