Tianjin Jinran Public Utilities Co Ltd EBITDA dropped on 44.1% in 2015 and EBITDA Margin decreased on 3.4 pp from 8.7% to 5.3%
23/03/2016 • About Tianjin Jinran Public Utilities Co Ltd (
$1265) • By InTwits
Tianjin Jinran Public Utilities Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Tianjin Jinran Public Utilities Co Ltd doesn't have a profitable business model yet: 2015 ROIC is 0.8%
- EBITDA Margin is declining: 5.3% in 2015 vs. 8.7% in 2014 vs. 15.3% in 2011
- EBITDA Margin is quite volatile: 5.3% in 2015, 8.7% in 2014, 11.3% in 2013, 14.3% in 2012, 15.3% in 2011
- Tianjin Jinran Public Utilities Co Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.5%. At the same time it's in pair with industry average of 5.0%.
- CAPEX is quite volatile: 27.7 in 2015, 15.4 in 2014, 10.7 in 2013, 13.2 in 2012, 29.1 in 2011
- The company has potentially unprofitable business model: ROIC is at 0.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Tianjin Jinran Public Utilities Co Ltd ($1265) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,058 | 1,539 | 1,487 | 1,449 | 1,323 | -8.7% |
| Gross Profit | 138 | 157 | 106 | 71 | 27 | -61.8% |
| SG&A | | 22 | 24 | 25 | 26 | 7.0% |
| EBITDA | 162 | 221 | 169 | 126 | 71 | -44.1% |
| Net Income | 91 | 120 | 84 | 68 | 37 | -45.2% |
Balance Sheet
|
|---|
| Cash | 272 | 372 | 287 | 93 | 1,003 | 981.1% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 29 | 13 | 11 | 15 | 28 | 80.0% |
Ratios
|
|---|
| Revenue growth | 175.8% | 45.5% | -3.4% | -2.6% | -8.7% | |
| EBITDA growth | 43.3% | 36.0% | -23.7% | -25.1% | -44.1% | |
| Gross Margin | 13.1% | 10.2% | 7.1% | 4.9% | 2.0% | -2.8% |
| EBITDA Margin | 15.3% | 14.3% | 11.3% | 8.7% | 5.3% | -3.4% |
| Net Income Margin | 8.6% | 7.8% | 5.7% | 4.7% | 2.8% | -1.9% |
| SG&A, % of revenue | | 1.5% | 1.6% | 1.7% | 2.0% | 0.3% |
| CAPEX, % of revenue | 2.8% | 0.9% | 0.7% | 1.1% | 2.1% | 1.0% |
| ROIC | 10.5% | 10.3% | 6.1% | 3.6% | 0.8% | -2.8% |
| ROE | 8.6% | 8.2% | 5.5% | 4.2% | 2.2% | -2.0% |
| Net Debt/EBITDA | -1.7x | -1.7x | -1.7x | -0.7x | -14.2x | -13.5x |
Revenue and profitability
Tianjin Jinran Public Utilities Co Ltd's Revenue decreased on 8.7% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.4 pp from 8.7% to 5.3% in 2015.
Gross Margin decreased on 2.8 pp from 4.9% to 2.0% in 2015. SG&A as a % of Revenue showed almost no change in 2015.
Net Income marign decreased slightly on 1.9 pp from 4.7% to 2.8% in 2015.
Capital expenditures (CAPEX) and working capital investments
Tianjin Jinran Public Utilities Co Ltd's CAPEX/Revenue was 2.1% in 2015. The company's CAPEX/Revenue increased slightly on 1.2 pp from 0.86% in 2012 to 2.1% in 2015. For the last three years the average CAPEX/Revenue was 1.3%.
Return on investment
The company operates at low ROIC (0.79%) and ROE (2.24%). ROIC decreased on 2.8 pp from 3.6% to 0.79% in 2015. ROE decreased slightly on 2.0 pp from 4.2% to 2.2% in 2015.
Leverage (Debt)
The company has no debt. Cash surged on 981% in 2015.
Appendix 1: Peers in Pipelines
Below you can find Tianjin Jinran Public Utilities Co Ltd benchmarking vs. other companies in Pipelines 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 74.6% | 58.9% | 27.3% | 47.4% | |
| Chinese People Holdings Co Ltd ($681) | | 24.9% | -16.4% | 8.2% | 16.3% |
| |
|---|
| Median (2 companies) | 74.6% | 41.9% | 5.5% | 27.8% | 16.3% |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | | 45.5% | -3.4% | -2.6% | -8.7% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 38.1% | 35.1% | 36.5% | 34.3% | |
| Chinese People Holdings Co Ltd ($681) | 26.9% | 26.2% | 19.6% | 20.3% | 22.8% |
| |
|---|
| Median (2 companies) | 32.5% | 30.6% | 28.0% | 27.3% | 22.8% |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | 13.1% | 10.2% | 7.1% | 4.9% | 2.0% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 33.1% | 33.6% | 32.6% | 33.2% | |
| Chinese People Holdings Co Ltd ($681) | 12.4% | 13.7% | 7.2% | 5.1% | 10.9% |
| |
|---|
| Median (2 companies) | 22.7% | 23.6% | 19.9% | 19.2% | 10.9% |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | 15.3% | 14.3% | 11.3% | 8.7% | 5.3% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 38.0% | 17.2% | 15.8% | 20.4% | |
| Chinese People Holdings Co Ltd ($681) | 12.9% | 13.9% | 5.9% | 8.4% | 8.1% |
| |
|---|
| Median (2 companies) | 25.4% | 15.6% | 10.9% | 14.4% | 8.1% |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | 2.8% | 0.9% | 0.7% | 1.1% | 2.1% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 13.5% | 13.5% | 12.8% | 14.1% | |
| Chinese People Holdings Co Ltd ($681) | 5.6% | 5.1% | 0.1% | 1.5% | 4.4% |
| |
|---|
| Median (2 companies) | 9.6% | 9.3% | 6.5% | 7.8% | 4.4% |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | 10.5% | 10.3% | 6.1% | 3.6% | 0.8% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 1.1x | 1.8x | 1.5x | 2.5x | |
| Chinese People Holdings Co Ltd ($681) | -0.4x | -0.2x | -4.2x | -5.8x | -0.6x |
| |
|---|
| Median (2 companies) | 0.3x | 0.8x | -1.4x | -1.7x | -0.6x |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | -1.7x | -1.7x | -1.7x | -0.7x | -14.2x |
