SPT Energy Group Inc Net Income dropped on 455% in 2015 and Revenue dropped on 52.7%
21/03/2016 • About SPT Energy Group Inc (
$1251) • By InTwits
SPT Energy Group Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- SPT Energy Group Inc doesn't have a profitable business model yet: 2015 ROIC is -23.3%
- EBITDA Margin is declining: -36.0% in 2015 vs. 14.1% in 2014 vs. 24.7% in 2011
- EBITDA Margin is quite volatile: -36.0% in 2015, 14.1% in 2014, 19.8% in 2013, 23.8% in 2012, 24.7% in 2011
- SPT Energy Group Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 10.2%. At the same time it's a lot of higher than industry average of 6.5%.
- CAPEX is quite volatile: 243 in 2015, 173 in 2014, 134 in 2013, 136 in 2012, 89.6 in 2011
- The company has unprofitable business model: ROIC is at -23.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
SPT Energy Group Inc ($1251) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,321 | 1,822 | 2,403 | 2,187 | 1,035 | -52.7% |
| EBITDA | 327 | 433 | 475 | 309 | -372 | -220.4% |
| Net Income | 182 | 248 | 300 | 116 | -412 | -454.8% |
Balance Sheet
|
|---|
| Cash | 301 | 659 | 636 | 595 | 345 | -42.0% |
| Short Term Debt | 211 | 197 | 190 | 460 | 260 | -43.5% |
| Long Term Debt | 9 | 126 | 85 | 59 | 114 | 94.7% |
Cash flow
|
|---|
| Capex | 90 | 136 | 134 | 173 | 243 | 40.7% |
Ratios
|
|---|
| Revenue growth | 25.8% | 37.9% | 31.9% | -9.0% | -52.7% | |
| EBITDA growth | 57.3% | 32.4% | 9.7% | -34.9% | -220.4% | |
| EBITDA Margin | 24.7% | 23.8% | 19.8% | 14.1% | -36.0% | -50.1% |
| Net Income Margin | 13.8% | 13.6% | 12.5% | 5.3% | -39.8% | -45.1% |
| CAPEX, % of revenue | 6.8% | 7.4% | 5.6% | 7.9% | 23.5% | 15.6% |
| ROIC | 29.1% | 24.2% | 19.7% | 9.8% | -23.3% | -33.1% |
| ROE | 24.7% | 20.2% | 17.8% | 6.5% | -28.4% | -34.9% |
| Net Debt/EBITDA | -0.2x | -0.8x | -0.8x | -0.2x | | 0.2x |
Revenue and profitability
The company's Revenue dropped on 52.7% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 50.1 pp from 14.1% to -36.0% in 2015.
Net Income marign dropped on 45.1 pp from 5.3% to -39.8% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 SPT Energy Group Inc had CAPEX/Revenue of 23.5%. CAPEX/Revenue surged on 16.0 pp from 7.4% in 2012 to 23.5% in 2015. Average CAPEX/Revenue for the last three years was 12.3%.
Return on investment
The company operates at negative ROIC (-23.32%) and ROE (-28.41%). ROIC dropped on 33.1 pp from 9.8% to -23.3% in 2015. ROE dropped on 34.9 pp from 6.5% to -28.4% in 2015.
Leverage (Debt)
Debt level is 0.4x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA surged on 0.2x from -0.2x to in 2015. Debt dropped on 27.9% in 2015 while cash dropped on 42.0% in 2015.
Appendix 1: Peers in Oil&Gas Services
Below you can find SPT Energy Group Inc benchmarking vs. other companies in Oil&Gas Services 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 |
|---|
| Yuan Heng Gas Holdings Ltd ($332) | | 196.3% | 207.4% | 105.9% | -36.4% |
| CIMC Enric Holdings Ltd ($3899) | | 18.4% | -0.3% | 39.7% | -26.9% |
| TSC Group Holdings Ltd ($206) | -2.8% | 31.7% | 9.9% | 34.0% | |
| China Oilfield Services Ltd ($2883) | 4.9% | 20.0% | 23.8% | 20.6% | |
| Sinopec Engineering Group Co Ltd ($2386) | | 25.9% | 13.1% | 13.3% | -7.8% |
| |
|---|
| Median (12 companies) | 15.3% | 24.7% | 9.1% | 6.0% | -7.8% |
|---|
| SPT Energy Group Inc ($1251) | | 37.9% | 31.9% | -9.0% | -52.7% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Hilong Holding Ltd ($1623) | 41.0% | 39.5% | 40.3% | 39.6% | 32.6% |
| Anton Oilfield Services Group/Hong Kong ($3337) | 41.5% | 45.0% | 44.3% | 31.2% | |
| TSC Group Holdings Ltd ($206) | 38.0% | 30.7% | 31.6% | 27.8% | |
| Jutal Offshore Oil Services Ltd ($3303) | 20.3% | 21.7% | 25.1% | 19.6% | |
| CIMC Enric Holdings Ltd ($3899) | 18.7% | 19.5% | 20.4% | 18.8% | 18.6% |
| |
|---|
| Median (10 companies) | 19.5% | 16.9% | 17.6% | 15.8% | 13.5% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Hans Energy Co Ltd ($554) | -38.3% | 40.4% | 45.0% | 42.8% | 42.7% |
| China Oilfield Services Ltd ($2883) | 43.7% | 39.8% | 40.0% | 37.0% | |
| Hilong Holding Ltd ($1623) | 28.5% | 25.9% | 27.8% | 28.8% | 22.7% |
| TSC Group Holdings Ltd ($206) | 11.7% | 11.4% | 14.0% | 13.2% | |
| Anton Oilfield Services Group/Hong Kong ($3337) | 18.6% | 24.5% | 28.0% | 12.5% | |
| |
|---|
| Median (12 companies) | 12.0% | 12.4% | 14.0% | 11.0% | 10.6% |
|---|
| SPT Energy Group Inc ($1251) | 24.7% | 23.8% | 19.8% | 14.1% | -36.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Petro-King Oilfield Services Ltd ($2178) | 8.2% | 13.3% | 13.3% | 75.4% | |
| Hilong Holding Ltd ($1623) | 17.1% | 16.7% | 18.9% | 48.1% | 9.6% |
| China Oilfield Services Ltd ($2883) | 24.9% | 16.5% | 30.9% | 29.8% | |
| Anton Oilfield Services Group/Hong Kong ($3337) | 13.3% | 12.6% | 32.2% | 22.8% | |
| Jutal Offshore Oil Services Ltd ($3303) | 6.6% | 12.8% | 8.4% | 12.9% | |
| |
|---|
| Median (12 companies) | 6.7% | 9.0% | 5.9% | 6.3% | 2.5% |
|---|
| SPT Energy Group Inc ($1251) | 6.8% | 7.4% | 5.6% | 7.9% | 23.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Yuan Heng Gas Holdings Ltd ($332) | | -59.8% | -0.0% | 25.6% | 3.9% |
| CIMC Enric Holdings Ltd ($3899) | 19.4% | 20.3% | 20.0% | 21.3% | 8.9% |
| Sinopec Engineering Group Co Ltd ($2386) | 59.6% | 77.5% | 33.3% | 18.6% | 15.3% |
| Hilong Holding Ltd ($1623) | 19.0% | 15.5% | 14.8% | 12.0% | 6.0% |
| China Oilfield Services Ltd ($2883) | 8.6% | 8.9% | 11.2% | 11.6% | |
| |
|---|
| Median (12 companies) | 8.3% | 7.8% | 10.1% | 8.3% | 6.0% |
|---|
| SPT Energy Group Inc ($1251) | 29.1% | 24.2% | 19.7% | 9.8% | -23.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Hans Energy Co Ltd ($554) | | 14.0x | 11.9x | 12.9x | 11.3x |
| Anton Oilfield Services Group/Hong Kong ($3337) | -0.5x | 0.0x | 0.9x | 7.4x | |
| Yuan Heng Gas Holdings Ltd ($332) | | | | 2.7x | 8.9x |
| Hilong Holding Ltd ($1623) | 0.8x | 0.9x | 1.1x | 2.6x | 3.3x |
| Sinopec Kantons Holdings Ltd ($934) | -1.2x | -7.1x | -7.4x | 2.5x | |
| |
|---|
| Median (11 companies) | 0.2x | 0.1x | -0.0x | 1.8x | 3.3x |
|---|
| SPT Energy Group Inc ($1251) | -0.2x | -0.8x | -0.8x | -0.2x | |
