Yantai North Andre Juice Co Net Income jumped on 25.3% in 2015 while Revenue decreased on 3.1%
16/03/2016 • About Yantai North Andre Juice Co (
$2218) • By InTwits
Yantai North Andre Juice Co reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Yantai North Andre Juice Co is a company in decline: 2015 revenue growth was -3.1%, 5 years revenue CAGR was -5.9%
- Yantai North Andre Juice Co has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.7%. At the same time it's a lot of higher than industry average of 6.4%.
- CAPEX is quite volatile: 13.2 in 2015, 7.5 in 2014, 39.0 in 2013, 39.3 in 2012, 41.4 in 2011
- The company has potentially unprofitable business model: ROIC is at 4.1%
- It operates with medium-size leverage: Net Debt/EBITDA is 3.0x while industry average is 3.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Yantai North Andre Juice Co ($2218) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,304 | 1,219 | 888 | 838 | 813 | -3.1% |
| Gross Profit | 305 | 246 | 174 | 193 | 184 | -4.8% |
| SG&A | | | 107 | 100 | 100 | -0.8% |
| EBITDA | 210 | 172 | 105 | 130 | 128 | -1.3% |
| Net Income | 209 | 111 | 128 | 58 | 73 | 25.3% |
Balance Sheet
|
|---|
| Cash | 96 | 83 | 437 | 192 | 106 | -44.5% |
| Short Term Debt | 523 | 449 | 695 | 473 | 485 | 2.5% |
| Long Term Debt | 120 | 24 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 41 | 39 | 39 | 7 | 13 | 75.6% |
Ratios
|
|---|
| Revenue growth | 18.7% | -6.5% | -27.2% | -5.6% | -3.1% | |
| EBITDA growth | 70.2% | -18.0% | -38.7% | 23.0% | -1.3% | |
| Gross Margin | 23.4% | 20.2% | 19.6% | 23.1% | 22.7% | -0.4% |
| EBITDA Margin | 16.1% | 14.1% | 11.9% | 15.5% | 15.7% | 0.3% |
| Net Income Margin | 16.0% | 9.1% | 14.4% | 7.0% | 9.0% | 2.0% |
| SG&A, % of revenue | | | 12.0% | 12.0% | 12.2% | 0.3% |
| CAPEX, % of revenue | 3.2% | 3.2% | 4.4% | 0.9% | 1.6% | 0.7% |
| ROIC | 8.4% | 6.5% | 3.2% | 4.2% | 4.1% | -0.1% |
| ROE | 16.2% | 7.9% | 8.6% | 3.8% | 4.7% | 0.9% |
| Net Debt/EBITDA | 2.6x | 2.3x | 2.4x | 2.2x | 3.0x | 0.8x |
Revenue and profitability
The company's Revenue decreased on 3.1% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 16.9 pp from 30.7% to 47.6% in 2015.
Gross Margin showed almost no change in 2015. SG&A as a % of Revenue showed almost no change in 2015.
Net Income marign increased on 2.0 pp from 7.0% to 9.0% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 1.6% in 2015. The company's CAPEX/Revenue decreased slightly on 1.6 pp from 3.2% in 2012 to 1.6% in 2015. Average CAPEX/Revenue for the last three years was 2.3%.
Return on investment
The company operates at low ROIC (4.11%) and ROE (4.72%). ROIC showed almost no change in 2015. ROE increased slightly on 0.92 pp from 3.8% to 4.7% in 2015.
Leverage (Debt)
Debt level is 3.0x Net Debt / EBITDA and 3.8x Debt / EBITDA. Net Debt / EBITDA surged on 0.8x from 2.2x to 3.0x in 2015. Debt increased on 2.5% in 2015 while cash dropped on 44.5% in 2015.
Appendix 1: Peers in Beverages
Below you can find Yantai North Andre Juice Co 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% | |
| Silver base Group Holdings Ltd ($886) | | 34.1% | -86.9% | 25.4% | -14.4% |
| Besunyen Holdings Co Ltd ($926) | | -43.5% | 2.6% | 15.7% | 17.5% |
| Vitasoy International Holdings Ltd ($345) | | 11.6% | 9.0% | 10.9% | 12.4% |
| China Tianyi Holdings Ltd ($756) | | 43.0% | -19.2% | 8.3% | -17.3% |
| |
|---|
| Median (15 companies) | 18.0% | 0.4% | -8.1% | 3.1% | -12.4% |
|---|
| Yantai North Andre Juice Co ($2218) | | -6.5% | -27.2% | -5.6% | -3.1% |
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% | 89.7% |
| 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% | 61.4% |
| 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% | 41.7% |
| |
|---|
| Median (15 companies) | 46.1% | 44.8% | 37.7% | 36.6% | 40.3% |
|---|
| Yantai North Andre Juice Co ($2218) | 23.4% | 20.2% | 19.6% | 23.1% | 22.7% |
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% | 23.0% |
| Tenfu Cayman Holdings Co Ltd ($6868) | 27.4% | 27.5% | 25.3% | 26.1% | 22.5% |
| China Haisheng Juice Holdings Co Ltd ($359) | 15.2% | 5.8% | 6.6% | 14.9% | |
| Vitasoy International Holdings Ltd ($345) | 16.1% | 14.9% | 15.2% | 14.5% | 14.4% |
| |
|---|
| Median (15 companies) | 17.7% | 17.3% | 9.6% | 10.6% | 7.8% |
|---|
| Yantai North Andre Juice Co ($2218) | 16.1% | 14.1% | 11.9% | 15.5% | 15.7% |
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% | 75.8% |
| China Tianyi Holdings Ltd ($756) | 7.5% | 5.8% | 6.2% | 33.6% | 6.1% |
| 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% | 9.2% |
| |
|---|
| Median (15 companies) | 7.5% | 11.1% | 7.3% | 8.8% | 5.9% |
|---|
| Yantai North Andre Juice Co ($2218) | 3.2% | 3.2% | 4.4% | 0.9% | 1.6% |
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% | 11.0% |
| 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% | 3.2% |
| |
|---|
| Median (15 companies) | 14.9% | 12.7% | 3.5% | 2.7% | 0.6% |
|---|
| Yantai North Andre Juice Co ($2218) | 8.4% | 6.5% | 3.2% | 4.2% | 4.1% |
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 | |
| San Miguel Brewery Hong Kong Ltd ($236) | | | 2.0x | 1.0x | 3.8x |
| China Tianyi Holdings Ltd ($756) | -3.7x | -1.0x | -0.8x | 0.9x | 1.1x |
| |
|---|
| Median (10 companies) | -1.1x | -1.0x | 0.0x | 0.9x | 0.1x |
|---|
| Yantai North Andre Juice Co ($2218) | 2.6x | 2.3x | 2.4x | 2.2x | 3.0x |
