Besunyen Holdings Co Ltd reports 174% Net Income decline in 2016
10/03/2017 • About Besunyen Holdings Co Ltd (
$926) • By InTwits
Besunyen Holdings Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Besunyen Holdings Co Ltd is a company in decline: FY2016 revenue growth was -22.3%, 5 years revenue CAGR was -9.3%
- Besunyen Holdings Co Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -7.4% for the sames years0
- It operates with high leverage: Net Debt/EBITDA is 8.8x while industry average is 2.6x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Besunyen Holdings Co Ltd ($926) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 475.2 | 487.5 | 563.9 | 662.8 | 514.7 | -22.3% |
| Gross Profit | 392.1 | 406.1 | 475.3 | 594.2 | | -100.0% |
| SG&A | 674.8 | 484.9 | 451.2 | 536.7 | | -100.0% |
| EBITDA | -311.3 | -60.9 | 80.5 | 91.0 | | -100.0% |
| Net Income | -342.2 | -90.0 | 45.0 | 92.3 | -68.7 | -174.5% |
Balance Sheet
|
|---|
| Cash | 447.5 | 207.6 | 477.8 | 425.9 | | -100.0% |
| Short Term Debt | 0.0 | 13.6 | 8.6 | 7.6 | | -100.0% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
Cash flow
|
|---|
| Capex | 89.0 | 35.8 | 49.5 | 37.3 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -43.5% | 2.6% | 15.7% | 17.5% | -22.3% | |
| EBITDA growth | -897.4% | -80.4% | -232.3% | 13.0% | | |
| Gross Margin | 82.5% | 83.3% | 84.3% | 89.7% | | -89.7% |
| EBITDA Margin | -65.5% | -12.5% | 14.3% | 13.7% | 0.0% | -13.7% |
| Net Income Margin | -72.0% | -18.5% | 8.0% | 13.9% | -13.3% | -27.3% |
| SG&A, % of revenue | 142.0% | 99.5% | 80.0% | 81.0% | | -81.0% |
| CAPEX, % of revenue | 18.7% | 7.3% | 8.8% | 5.6% | | -5.6% |
| ROIC | -24.2% | -8.9% | 3.2% | 4.1% | | -4.1% |
| ROE | -23.5% | -7.5% | 3.9% | 7.6% | | -7.6% |
| Net Debt/EBITDA | | | -5.8x | -4.6x | | 4.6x |
Revenue and profitability
Besunyen Holdings Co Ltd's Revenue dropped on 22.3%.
Net Income marign dropped on 27.3 pp from 13.9% to -13.3% in FY2016.
Appendix 1: Peers in Beverages
Below you can find Besunyen Holdings Co Ltd benchmarking vs. other companies in Beverages 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sino Distillery Group Ltd ($39) | -62.4% | -34.9% | -15.0% | 882.1% | |
| China Huiyuan Juice Group Ltd ($1886) | 4.1% | 13.1% | 2.0% | 23.7% | |
| Vitasoy International Holdings Ltd ($345) | | 9.0% | 10.9% | 12.4% | 9.9% |
| Tibet 5100 Water Resources Holdings Ltd ($1115) | 7.7% | 15.4% | -1.8% | 7.7% | |
| China Tontine Wines Group Ltd ($389) | | -73.3% | 62.7% | 2.6% | -7.6% |
| |
|---|
| Median (15 companies) | -4.6% | -13.0% | 2.0% | -5.5% | -4.9% |
|---|
| Besunyen Holdings Co Ltd ($926) | | 2.6% | 15.7% | 17.5% | -22.3% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tenfu Cayman Holdings Co Ltd ($6868) | 64.1% | 61.2% | 62.2% | 61.4% | |
| Tibet 5100 Water Resources Holdings Ltd ($1115) | 81.4% | 73.2% | 62.7% | 60.3% | |
| Vitasoy International Holdings Ltd ($345) | 47.4% | 47.5% | 48.4% | 49.7% | 50.9% |
| JLF Investment Co Ltd ($472) | 50.9% | 48.7% | 42.4% | 41.8% | |
| San Miguel Brewery Hong Kong Ltd ($236) | 42.8% | 42.2% | 42.8% | 41.7% | 44.0% |
| |
|---|
| Median (15 companies) | 44.5% | 34.7% | 34.7% | 36.1% | 34.8% |
|---|
| Besunyen Holdings Co Ltd ($926) | 82.5% | 83.3% | 84.3% | 89.7% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tibet 5100 Water Resources Holdings Ltd ($1115) | 73.3% | 73.2% | 69.2% | 52.8% | |
| China Tianyi Holdings Ltd ($756) | 28.4% | 26.1% | 29.7% | 23.0% | 22.1% |
| Tenfu Cayman Holdings Co Ltd ($6868) | 27.5% | 25.3% | 26.1% | 22.5% | |
| China Huiyuan Juice Group Ltd ($1886) | 15.2% | 21.7% | 11.3% | 18.3% | |
| Yantai North Andre Juice Co ($2218) | 14.1% | 11.9% | 15.5% | 15.7% | |
| |
|---|
| Median (15 companies) | 17.3% | 10.5% | 10.6% | 9.6% | 4.2% |
|---|
| Besunyen Holdings Co Ltd ($926) | -65.5% | -12.5% | 14.3% | 13.7% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Culiangwang Beverages Holdings Ltd ($904) | 26.8% | 52.2% | 81.8% | 75.8% | 25.1% |
| China Haisheng Juice Holdings Co Ltd ($359) | 4.8% | 6.3% | 15.3% | 26.0% | |
| China Huiyuan Juice Group Ltd ($1886) | 11.7% | 7.4% | 10.5% | 14.9% | |
| Sino Distillery Group Ltd ($39) | 32.4% | 6.5% | 0.4% | 12.0% | |
| Vitasoy International Holdings Ltd ($345) | 11.1% | 4.2% | 5.1% | 11.1% | 12.0% |
| |
|---|
| Median (15 companies) | 10.1% | 6.5% | 7.3% | 6.1% | 6.4% |
|---|
| Besunyen Holdings Co Ltd ($926) | 18.7% | 7.3% | 8.8% | 5.6% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Vitasoy International Holdings Ltd ($345) | 20.8% | 20.6% | 21.7% | 23.5% | 23.5% |
| Tenfu Cayman Holdings Co Ltd ($6868) | 19.4% | 17.9% | 15.7% | 11.0% | |
| Tibet 5100 Water Resources Holdings Ltd ($1115) | 23.3% | 20.3% | 14.9% | 11.0% | |
| Tsingtao Brewery Co Ltd ($168) | 13.4% | 12.0% | 12.2% | 6.7% | |
| Yantai North Andre Juice Co ($2218) | 6.5% | 3.2% | 4.2% | 4.1% | |
| |
|---|
| Median (15 companies) | 12.7% | 3.7% | 2.7% | 2.4% | 1.2% |
|---|
| Besunyen Holdings Co Ltd ($926) | -24.2% | -8.9% | 3.2% | 4.1% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Haisheng Juice Holdings Co Ltd ($359) | 11.9x | 16.2x | 8.9x | 9.9x | |
| China Huiyuan Juice Group Ltd ($1886) | 5.4x | 4.3x | 7.9x | 4.3x | |
| San Miguel Brewery Hong Kong Ltd ($236) | | 2.0x | 1.0x | 3.8x | 1.0x |
| Yantai North Andre Juice Co ($2218) | 2.3x | 2.4x | 2.2x | 3.0x | |
| China Tianyi Holdings Ltd ($756) | -1.0x | -0.8x | 0.9x | 1.1x | 1.0x |
| |
|---|
| Median (10 companies) | -1.0x | 1.0x | 1.0x | 0.6x | 1.0x |
|---|
| Besunyen Holdings Co Ltd ($926) | | | -5.8x | -4.6x | |
