Junefield Department Store Group Ltd EBITDA dropped on 112% in 2015 and Revenue dropped on 10.7%
30/03/2016 • About Junefield Department Store Group Ltd (
$758) • By InTwits
Junefield Department Store Group Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Junefield Department Store Group Ltd doesn't have a profitable business model yet: 2015 ROIC is -5.8%
- EBITDA Margin is quite volatile: -1.0% in 2015, 7.4% in 2014, 6.7% in 2013, 41.3% in 2012, 33.8% in 2011
- Junefield Department Store Group Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 18.2%. At the same time it's a lot of higher than industry average of 7.7%.
- CAPEX is quite volatile: 9.6 in 2015, 13.7 in 2014, 113 in 2013, 4.6 in 2012, 25.0 in 2011
- The company has unprofitable business model: ROIC is at -5.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Junefield Department Store Group Ltd ($758) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 261.8 | 208.5 | 156.5 | 354.8 | 316.8 | -10.7% |
| Gross Profit | 120.5 | 112.1 | 45.9 | 64.8 | 33.2 | -48.7% |
| SG&A | 43.1 | 50.5 | 66.1 | 66.3 | 78.8 | 18.9% |
| EBITDA | 88.6 | 86.1 | 10.5 | 26.4 | -3.0 | -111.5% |
| Net Income | 140.1 | 165.3 | 79.4 | -104.9 | -69.4 | -33.8% |
Balance Sheet
|
|---|
| Cash | 145.3 | 282.9 | 85.5 | 54.7 | 45.6 | -16.7% |
| Short Term Debt | 6.2 | 161.0 | 87.3 | 6.2 | 6.2 | 0.1% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 25.0 | 4.6 | 113.4 | 13.7 | 9.6 | -30.1% |
Ratios
|
|---|
| Revenue growth | 22.9% | -20.3% | -24.9% | 126.6% | -10.7% | |
| EBITDA growth | 35.6% | -2.8% | -87.8% | 152.0% | -111.5% | |
| Gross Margin | 46.0% | 53.8% | 29.3% | 18.3% | 10.5% | -7.8% |
| EBITDA Margin | 33.8% | 41.3% | 6.7% | 7.4% | -1.0% | -8.4% |
| Net Income Margin | 53.5% | 79.3% | 50.7% | -29.6% | -21.9% | 7.7% |
| SG&A, % of revenue | 16.5% | 24.2% | 42.2% | 18.7% | 24.9% | 6.2% |
| CAPEX, % of revenue | 9.5% | 2.2% | 72.5% | 3.9% | 3.0% | -0.8% |
| ROIC | 8.0% | 5.8% | -2.7% | -1.2% | -5.8% | -4.6% |
| ROE | 31.7% | 29.5% | 12.0% | -16.1% | -12.6% | 3.5% |
| Net Debt/EBITDA | -1.6x | -1.4x | 0.2x | -1.8x | | 1.8x |
Revenue and profitability
Junefield Department Store Group Ltd's Revenue dropped on 10.7% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.4 pp from 16.2% to 17.7% in 2015.
Gross Margin decreased on 7.8 pp from 18.3% to 10.5% in 2015. SG&A as a % of Revenue increased on 6.2 pp from 18.7% to 24.9% in 2015.
Net Income marign increased on 7.7 pp from -29.6% to -21.9% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 3.0%. The company's CAPEX/Revenue increased slightly on 0.83 pp from 2.2% in 2012 to 3.0% in 2015. It's average level of CAPEX/Revenue for the last three years was 26.4%.
Return on investment
The company operates at negative ROIC (-5.79%) and ROE (-12.60%). ROIC decreased on 4.6 pp from -1.2% to -5.8% in 2015. ROE increased on 3.5 pp from -16.1% to -12.6% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -5.4x and Debt / EBITDA is . Net Debt / EBITDA jumped on 1.8x from -1.8x to in 2015. Debt showed almost no change in 2015 while cash dropped on 16.7% in 2015.
Appendix 1: Peers in Engineering&Construction
Below we provide Junefield Department Store Group Ltd benchmarking against other companies in Engineering&Construction 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 |
|---|
| CNQC International Holdings Ltd ($1240) | | 21.6% | 91.0% | 103.7% | 807.4% |
| China National Culture Group Ltd ($745) | | -39.1% | -76.8% | -55.8% | 592.3% |
| Vision Fame International Holding Ltd ($1315) | | -9.9% | 45.9% | -10.5% | 105.6% |
| Sino Credit Holdings Ltd ($628) | | -13.8% | | | 97.4% |
| Grand Ming Group Holdings Ltd ($1271) | | 131.0% | -26.9% | -37.4% | 74.8% |
| |
|---|
| Median (41 companies) | 59.0% | 11.5% | 21.8% | 15.4% | 10.1% |
|---|
| Junefield Department Store Group Ltd ($758) | | -20.3% | -24.9% | 126.6% | -10.7% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| HNA Infrastructure Company Ltd ($357) | 61.6% | 66.4% | 62.1% | 62.4% | 61.1% |
| Broad Greenstate International Co Ltd ($1253) | 16.7% | 20.1% | 28.7% | 35.8% | 36.7% |
| China National Culture Group Ltd ($745) | -46.6% | 0.9% | 12.1% | 10.3% | 32.3% |
| Kingbo Strike Ltd ($1421) | 22.9% | 32.4% | 44.4% | 40.3% | 30.7% |
| Freetech Road Recycling Technology Holdings Ltd ($6888) | 50.1% | 54.1% | 54.3% | 41.5% | 30.1% |
| |
|---|
| Median (36 companies) | 12.0% | 13.3% | 13.7% | 13.8% | 14.2% |
|---|
| Junefield Department Store Group Ltd ($758) | 46.0% | 53.8% | 29.3% | 18.3% | 10.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| HNA Infrastructure Company Ltd ($357) | 60.0% | 62.8% | 63.7% | 62.8% | 61.7% |
| Cheung Kong Infrastructure Holdings Ltd ($1038) | 39.8% | 31.2% | 20.6% | 36.2% | 60.9% |
| Beijing Capital International Airport Co Ltd ($694) | 55.1% | 53.4% | 52.9% | 50.3% | 51.6% |
| China National Culture Group Ltd ($745) | -70.3% | -30.4% | -72.7% | -279.2% | 45.3% |
| Chevalier International Holdings Ltd ($25) | 6.7% | 10.4% | 11.9% | 12.8% | 37.5% |
| |
|---|
| Median (41 companies) | 8.5% | 9.4% | 8.8% | 8.1% | 7.6% |
|---|
| Junefield Department Store Group Ltd ($758) | 33.8% | 41.3% | 6.7% | 7.4% | -1.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| HNA Infrastructure Company Ltd ($357) | 43.3% | 36.8% | 5.7% | 85.4% | 155.4% |
| Grand Ming Group Holdings Ltd ($1271) | 10.6% | 0.0% | 16.1% | 8.7% | 33.8% |
| Beijing Capital International Airport Co Ltd ($694) | 5.3% | 3.5% | 6.6% | 7.2% | 28.2% |
| Louis XIII Holdings Ltd ($577) | 2.3% | 1.2% | 29.5% | 9.3% | 16.1% |
| PYI Corp Ltd ($498) | 6.6% | 3.7% | 4.2% | 24.5% | 13.1% |
| |
|---|
| Median (41 companies) | 4.1% | 2.5% | 2.4% | 1.6% | 2.2% |
|---|
| Junefield Department Store Group Ltd ($758) | 9.5% | 2.2% | 72.5% | 3.9% | 3.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Chun Sing Engineering Holdings Ltd ($2277) | | | 98.3% | 54.9% | 43.7% |
| Ngai Shun Holdings Ltd ($1246) | | 68.8% | 77.2% | 45.2% | 31.0% |
| Broad Greenstate International Co Ltd ($1253) | | 33.2% | 85.1% | 51.2% | 26.0% |
| CNQC International Holdings Ltd ($1240) | 23.1% | 12.2% | 22.3% | 40.4% | 21.8% |
| Tysan Holdings Ltd ($687) | 16.1% | 4.1% | 10.6% | 14.0% | 21.0% |
| |
|---|
| Median (43 companies) | 6.9% | 6.5% | 5.9% | 4.7% | 3.6% |
|---|
| Junefield Department Store Group Ltd ($758) | 8.0% | 5.8% | -2.7% | -1.2% | -5.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Deson Development International Holdings ($262) | 3.1x | 3.8x | 4.9x | 13.7x | 47.0x |
| Hsin Chong Construction Group Ltd ($404) | 4.3x | 1.8x | 8.0x | 10.2x | 41.7x |
| China Resources and Transportation Group Ltd ($269) | | | | 66.7x | 29.7x |
| CNC Holdings Ltd ($8356) | -0.7x | | 22.0x | 21.9x | 24.3x |
| Louis XIII Holdings Ltd ($577) | -1.6x | 0.8x | -12.5x | -23.2x | 19.1x |
| |
|---|
| Median (36 companies) | 0.5x | 1.2x | 1.2x | 2.0x | 2.4x |
|---|
