Great Harvest Maeta Group Holdings Ltd reports 96.8% CAPEX decline in 2016 and 39.9% Revenue decline
30/06/2016 • About Great Harvest Maeta Group Holdings Ltd (
$3683) • By InTwits
Great Harvest Maeta Group Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Great Harvest Maeta Group Holdings Ltd is a company in decline: FY2016 revenue growth was -39.9%, 5 years revenue CAGR was -21.5%
- The company operates at negative EBITDA Margin: -32.5%
- EBITDA Margin is quite volatile: -32.5% in FY2016, -8.5% in FY2015, 32.6% in FY2014, 18.7% in FY2013, 56.3% in FY2012
- Great Harvest Maeta Group Holdings Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 44.8%. At the same time it's a lot of higher than industry average of 13.6%.
- CAPEX is quite volatile: 0.79 in FY2016, 25.0 in FY2015, 9.3 in FY2014, 1.4 in FY2013, 1.0 in FY2012
- The company has unprofitable business model: ROIC is at -8.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Great Harvest Maeta Group Holdings Ltd ($3683) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 25.202 | 23.290 | 22.938 | 15.195 | 9.135 | -39.9% |
| Gross Profit | 4.607 | -1.818 | 3.456 | -6.653 | -5.862 | |
| SG&A | | 2.784 | 2.764 | 2.610 | 3.129 | 19.9% |
| EBITDA | 14.193 | 4.364 | 7.472 | -1.287 | -2.971 | |
| Net Income | -6.909 | -13.415 | -6.612 | -37.406 | -40.240 | |
Balance Sheet
|
|---|
| Cash | 5.946 | 1.146 | 6.038 | 0.421 | 0.863 | 105.0% |
| Short Term Debt | 5.485 | 4.486 | 7.370 | 10.012 | 41.170 | 311.2% |
| Long Term Debt | 41.723 | 37.237 | 42.612 | 50.796 | 3.810 | -92.5% |
Cash flow
|
|---|
| Capex | 1.010 | 1.427 | 9.327 | 25.020 | 0.791 | -96.8% |
Ratios
|
|---|
| Revenue growth | -17.5% | -7.6% | -1.5% | -33.8% | -39.9% | |
| EBITDA growth | -24.2% | -69.3% | 71.2% | -117.2% | 130.8% | |
| Gross Margin | 18.3% | -7.8% | 15.1% | -43.8% | -64.2% | -20.4% |
| EBITDA Margin | 56.3% | 18.7% | 32.6% | -8.5% | -32.5% | -24.1% |
| Net Income Margin | -27.4% | -57.6% | -28.8% | -246.2% | -440.5% | -194.3% |
| SG&A, % of revenue | | 12.0% | 12.0% | 17.2% | 34.3% | 17.1% |
| CAPEX, % of revenue | 4.0% | 6.1% | 40.7% | 164.7% | 8.7% | -156.0% |
| ROIC | 1.3% | -3.2% | -0.1% | -7.2% | -8.9% | -1.8% |
| ROE | -6.1% | -13.0% | -7.0% | -51.9% | -91.7% | -39.7% |
| Net Debt/EBITDA | 2.9x | 9.3x | 5.9x | | | 0.0x |
Revenue and profitability
The company's Revenue dropped on 39.9%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 44.8 pp from 44.2% to 89.0% in FY2016.
Gross Margin dropped on 20.4 pp from -43.8% to -64.2% in FY2016. SG&A as a % of Revenue surged on 17.1 pp from 17.2% to 34.3% in FY2016.
Net Income marign dropped on 194 pp from -246% to -441% in FY2016.
Capital expenditures (CAPEX) and working capital investments
Great Harvest Maeta Group Holdings Ltd's CAPEX/Revenue was 8.7% in FY2016. CAPEX/Revenue increased on 2.5 pp from 6.1% in FY2013 to 8.7% in FY2016. It's average level of CAPEX/Revenue for the last three years was 71.3%.
Return on investment
The company operates at negative ROIC (-8.91%) and ROE (-91.69%). ROIC decreased slightly on 1.8 pp from -7.2% to -8.9% in FY2016. ROE dropped on 39.7 pp from -51.9% to -91.7% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is -16.0x and Debt / EBITDA is . Net Debt / EBITDA didn't change in FY2016. Debt dropped on 26.0% while cash jumped on 105%.
Appendix 1: Peers in Transportation
Below we provide Great Harvest Maeta Group Holdings Ltd benchmarking against other companies in Transportation 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Noble Century Investment Holdings Ltd ($2322) | | | | 2,388.3% | 326.5% |
| China Best Group Holding Ltd ($370) | 202.4% | -53.6% | 459.4% | 25.9% | |
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 10.9% | 27.9% | 15.0% | 13.3% | |
| Kwoon Chung Bus Holdings Ltd ($306) | | 7.9% | 5.5% | 7.9% | 1.1% |
| Guangshen Railway Co Ltd ($525) | 2.7% | 4.7% | -6.9% | 6.9% | |
| |
|---|
| Median (31 companies) | 7.2% | 4.6% | 5.6% | -5.7% | 4.2% |
|---|
| Great Harvest Maeta Group Holdings Ltd ($3683) | | -7.6% | -1.5% | -33.8% | -39.9% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CIG Yangtze Ports PLC ($8233) | 51.3% | 44.8% | 46.6% | 48.7% | |
| Qinhuangdao Port Co Ltd ($3369) | 43.1% | 42.4% | 43.3% | 40.5% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 18.9% | 20.4% | 22.7% | 26.8% | 27.5% |
| Chu Kong Shipping Enterprise Group Co Ltd ($560) | 23.1% | 25.1% | 24.1% | 23.1% | |
| Tianjin Port Development Holdings Ltd ($3382) | 22.5% | 18.4% | 13.6% | 22.7% | |
| |
|---|
| Median (27 companies) | 13.0% | 11.3% | 10.3% | 12.6% | 19.5% |
|---|
| Great Harvest Maeta Group Holdings Ltd ($3683) | 18.3% | -7.8% | 15.1% | -43.8% | -64.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| MTR Corp Ltd ($66) | 42.7% | 37.6% | 45.2% | 41.6% | |
| Qinhuangdao Port Co Ltd ($3369) | 46.0% | 44.6% | 46.5% | 41.1% | |
| CIG Yangtze Ports PLC ($8233) | 30.2% | 27.6% | 38.5% | 39.5% | |
| China Shipping Development Co Ltd ($1138) | 12.5% | 3.0% | 24.7% | 26.7% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 13.3% | 16.1% | 20.7% | 26.1% | 25.7% |
| |
|---|
| Median (31 companies) | 8.8% | 6.4% | 7.2% | 9.5% | 13.2% |
|---|
| Great Harvest Maeta Group Holdings Ltd ($3683) | 56.3% | 18.7% | 32.6% | -8.5% | -32.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Frontier Services Group Ltd ($500) | 6.3% | 3.6% | 63.3% | 75.9% | |
| MTR Corp Ltd ($66) | 31.1% | 34.5% | 30.8% | 52.0% | |
| CIG Yangtze Ports PLC ($8233) | 17.8% | 24.8% | 2.1% | 50.7% | |
| Transport International Holdings Ltd ($62) | 7.9% | 16.2% | 16.0% | 26.2% | |
| Qinhuangdao Port Co Ltd ($3369) | 57.9% | 35.8% | 46.3% | 21.0% | |
| |
|---|
| Median (31 companies) | 7.9% | 9.0% | 6.8% | 9.0% | 6.2% |
|---|
| Great Harvest Maeta Group Holdings Ltd ($3683) | 4.0% | 6.1% | 40.7% | 164.7% | 8.7% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 21.1% | 20.9% | 19.1% | 19.3% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 3.6% | 5.7% | 9.2% | 14.6% | 12.4% |
| SITC International Holdings Co Ltd ($1308) | 8.2% | 9.1% | 9.1% | 11.2% | |
| CIG Yangtze Ports PLC ($8233) | 4.9% | 5.7% | 11.0% | 11.1% | |
| On Time Logistics Holdings Ltd ($6123) | 15.6% | 15.5% | 16.7% | 11.1% | |
| |
|---|
| Median (31 companies) | 3.5% | 3.7% | 3.7% | 3.9% | 12.1% |
|---|
| Great Harvest Maeta Group Holdings Ltd ($3683) | 1.3% | -3.2% | -0.1% | -7.2% | -8.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jinhui Holdings Co Ltd ($137) | 5.0x | 4.2x | 17.5x | 19.6x | |
| China Shipping Development Co Ltd ($1138) | 20.2x | 92.8x | 12.8x | 11.4x | |
| China COSCO Holdings Co Ltd ($1919) | | 18.8x | 9.0x | 8.1x | |
| Pacific Basin Shipping Ltd ($2343) | 2.1x | 4.6x | | 4.7x | |
| AMS Public Transport Holdings Ltd ($77) | 1.2x | 11.6x | 7.7x | 4.5x | 1.6x |
| |
|---|
| Median (21 companies) | 0.9x | 1.5x | 0.8x | 1.1x | 1.3x |
|---|
