International Standard Resources Holdings Ltd CAPEX surged on 178% in 2015 while Revenue dropped on 55.4%
23/03/2016 • About International Standard Resources Holdings Ltd (
$91) • By InTwits
International Standard Resources Holdings Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- International Standard Resources Holdings Ltd doesn't have a profitable business model yet: 2015 ROIC is -5.7%
- The company operates at negative EBITDA Margin: -49.2%
- International Standard Resources Holdings Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 was 0.0%. On average EBITDA Margin was -44.4% for the sames years0
- International Standard Resources Holdings Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 29.6%. At the same time it's in pair with industry average of 4.9%.
- CAPEX is quite volatile: 40.4 in 2015, 14.5 in 2014, 2.3 in 2013, 19.4 in 2012, 4.9 in 2011
- The company has unprofitable business model: ROIC is at -5.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
International Standard Resources Holdings Ltd ($91) key annual financial indicators
| mln. | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 36.4 | 37.7 | 97.9 | 130.6 | 58.2 | -55.4% |
| Gross Profit | 13.1 | 8.6 | 9.3 | 4.3 | 3.4 | -20.8% |
| SG&A | | | | 43.0 | 54.5 | 26.8% |
| EBITDA | -27.0 | -29.5 | -32.2 | -42.9 | -28.6 | -33.2% |
| Net Income | -393.4 | -202.2 | -353.2 | -196.4 | -423.7 | 115.7% |
Balance Sheet
|
|---|
| Cash | 164.6 | 81.7 | 42.3 | 109.9 | 124.9 | 13.6% |
| Short Term Debt | 0.0 | 687.0 | 15.8 | 773.5 | 12.9 | -98.3% |
| Long Term Debt | 751.4 | 0.0 | 685.3 | 79.3 | 674.1 | 750.2% |
Cash flow
|
|---|
| Capex | 4.9 | 19.4 | 2.3 | 14.5 | 40.4 | 178.0% |
Ratios
|
|---|
| Revenue growth | -21.2% | 3.6% | 159.6% | 33.5% | -55.4% | |
| EBITDA growth | -14.4% | 9.4% | 9.2% | 33.1% | -33.2% | |
| Gross Margin | 36.0% | 22.9% | 9.5% | 3.3% | 5.9% | 2.6% |
| EBITDA Margin | -74.1% | -78.3% | -32.9% | -32.8% | -49.2% | -16.4% |
| Net Income Margin | -1,081.5% | -536.5% | -360.9% | -150.4% | -727.7% | -577.3% |
| SG&A, % of revenue | | | | 32.9% | 93.6% | 60.7% |
| CAPEX, % of revenue | 13.5% | 51.5% | 2.4% | 11.1% | 69.3% | 58.2% |
| ROIC | -4.4% | -4.6% | -5.1% | -5.4% | -5.7% | -0.3% |
| ROE | -20.2% | -10.9% | -21.6% | -13.8% | -34.5% | -20.8% |
Revenue and profitability
International Standard Resources Holdings Ltd's Revenue dropped on 55.4% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 38.0 pp from -70.9% to -33.0% in 2015.
Gross Margin increased on 2.6 pp from 3.3% to 5.9% in 2015. SG&A as a % of Revenue jumped on 60.7 pp from 32.9% to 93.6% in 2015.
Net Income marign dropped on 577 pp from -150% to -728% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 69.3% in 2015. The company's CAPEX/Revenue surged on 17.8 pp from 51.5% in 2012 to 69.3% in 2015. It's average level of CAPEX/Revenue for the last three years was 27.6%.
Return on investment
The company operates at negative ROIC (-5.68%) and ROE (-34.52%). ROIC showed almost no change in 2015. ROE dropped on 20.8 pp from -13.8% to -34.5% in 2015.
Leverage (Debt)
Debt level is -1.1x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in 2015. Debt dropped on 19.4% in 2015 while cash surged on 13.6% in 2015.
Appendix 1: Peers in Energy-Alternate Sources
Below you can find International Standard Resources Holdings Ltd benchmarking vs. other companies in Energy-Alternate Sources 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 |
|---|
| United Photovoltaics Group Ltd ($686) | 221.6% | -74.0% | -83.5% | 1,168.8% | |
| HaiTian Hydropower International Ltd ($8261) | | 26.6% | 8.5% | 114.0% | 220.2% |
| Canvest Environment Protection Group Co Ltd ($1381) | | 150.6% | 0.8% | 103.5% | 49.2% |
| Concord New Energy Group Ltd ($182) | -22.4% | 14.7% | 71.2% | 88.5% | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 11.2% | 2.5% | 50.7% | 39.6% | |
| |
|---|
| Median (10 companies) | 26.3% | 12.7% | 12.8% | 31.0% | 42.9% |
|---|
| International Standard Resources Holdings Ltd ($91) | | 3.6% | 159.6% | 33.5% | -55.4% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| United Photovoltaics Group Ltd ($686) | 17.9% | -29.8% | 99.3% | 90.7% | |
| HaiTian Hydropower International Ltd ($8261) | 70.0% | 74.2% | 74.3% | 79.3% | 64.6% |
| Canvest Environment Protection Group Co Ltd ($1381) | 61.5% | 53.4% | 51.9% | 43.1% | 37.1% |
| Xinyi Solar Holdings Ltd ($968) | 35.9% | 17.2% | 30.1% | 31.6% | 36.0% |
| China Suntien Green Energy Corp Ltd ($956) | 28.8% | 33.5% | 31.3% | 25.2% | |
| |
|---|
| Median (7 companies) | 33.2% | 20.2% | 37.1% | 31.6% | 36.0% |
|---|
| International Standard Resources Holdings Ltd ($91) | 36.0% | 22.9% | 9.5% | 3.3% | 5.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| United Photovoltaics Group Ltd ($686) | 13.0% | -42.6% | -230.5% | 92.9% | |
| HaiTian Hydropower International Ltd ($8261) | 86.2% | 61.9% | 75.9% | 80.2% | 69.0% |
| China Renewable Energy Investment Ltd ($987) | 28.1% | 54.1% | 66.1% | 64.3% | 74.3% |
| China Longyuan Power Group Corp Ltd ($916) | 48.8% | 56.3% | 54.4% | 63.5% | 64.5% |
| Canvest Environment Protection Group Co Ltd ($1381) | 71.0% | 59.3% | 56.6% | 50.3% | 41.8% |
| |
|---|
| Median (10 companies) | 40.6% | 47.5% | 43.9% | 46.1% | 53.2% |
|---|
| International Standard Resources Holdings Ltd ($91) | -74.1% | -78.3% | -32.9% | -32.8% | -49.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Renewable Energy Investment Ltd ($987) | 44.5% | 23.4% | 118.5% | 126.1% | 32.4% |
| China Longyuan Power Group Corp Ltd ($916) | 83.1% | 79.5% | 54.9% | 100.2% | 77.7% |
| Xinyi Solar Holdings Ltd ($968) | 71.2% | 22.7% | 12.2% | 98.8% | 75.4% |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 90.6% | 98.0% | 110.8% | 65.4% | |
| Concord New Energy Group Ltd ($182) | 199.2% | 64.2% | 19.0% | 52.7% | |
| |
|---|
| Median (10 companies) | 75.1% | 32.4% | 22.3% | 44.3% | 37.6% |
|---|
| International Standard Resources Holdings Ltd ($91) | 13.5% | 51.5% | 2.4% | 11.1% | 69.3% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Xinyi Solar Holdings Ltd ($968) | 33.6% | 13.8% | 21.6% | 16.9% | 18.7% |
| Canvest Environment Protection Group Co Ltd ($1381) | | 27.0% | 18.1% | 12.4% | 10.0% |
| HaiTian Hydropower International Ltd ($8261) | 9.5% | 6.4% | 7.5% | 7.5% | 11.9% |
| GCL-Poly Energy Holdings Ltd ($3800) | 15.8% | 0.3% | 2.8% | 6.9% | 7.2% |
| China Longyuan Power Group Corp Ltd ($916) | 7.0% | 6.9% | 6.3% | 6.3% | 6.2% |
| |
|---|
| Median (10 companies) | 7.0% | 6.1% | 6.5% | 6.3% | 8.6% |
|---|
| International Standard Resources Holdings Ltd ($91) | -4.4% | -4.6% | -5.1% | -5.4% | -5.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| HaiTian Hydropower International Ltd ($8261) | 4.5x | 1.4x | 2.6x | 10.5x | 2.4x |
| United Photovoltaics Group Ltd ($686) | 5.1x | | | 7.8x | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 5.0x | 6.7x | 6.3x | 6.7x | |
| China Renewable Energy Investment Ltd ($987) | 17.1x | 8.9x | 6.2x | 6.4x | 3.8x |
| China Longyuan Power Group Corp Ltd ($916) | 5.9x | 5.5x | 5.3x | 5.8x | 5.7x |
| |
|---|
| Median (10 companies) | 4.6x | 4.5x | 4.1x | 5.6x | 3.1x |
|---|
