Asia Cement China Holdings Corp EBITDA Margin dropped on 18.1 pp from 18.1% to in 2016
22/03/2017 • About Asia Cement China Holdings Corp (
$743) • By InTwits
Asia Cement China Holdings Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 3.8x while industry average is -9.3x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Asia Cement China Holdings Corp ($743) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 6,684 | 7,331 | 8,194 | 6,391 | 6,338 | -0.8% |
| Gross Profit | 1,122 | 1,617 | 1,911 | 956 | | -100.0% |
| SG&A | 597 | 631 | 754 | 738 | | -100.0% |
| EBITDA | 1,375 | 1,822 | 2,215 | 1,154 | | -100.0% |
| Net Income | 395 | 823 | 790 | -299 | 134 | |
Balance Sheet
|
|---|
| Cash | 1,620 | 1,968 | 2,325 | 1,105 | | -100.0% |
| Short Term Debt | 2,740 | 3,473 | 4,804 | 3,379 | | -100.0% |
| Long Term Debt | 3,294 | 3,483 | 3,814 | 3,566 | | -100.0% |
Cash flow
|
|---|
| Capex | 615 | 1,656 | 697 | 420 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -18.6% | 9.7% | 11.8% | -22.0% | -0.8% | |
| EBITDA growth | -44.7% | 32.5% | 21.6% | -47.9% | | |
| Gross Margin | 16.8% | 22.1% | 23.3% | 15.0% | | -15.0% |
| EBITDA Margin | 20.6% | 24.9% | 27.0% | 18.1% | 0.0% | -18.1% |
| Net Income Margin | 5.9% | 11.2% | 9.6% | -4.7% | 2.1% | 6.8% |
| SG&A, % of revenue | 8.9% | 8.6% | 9.2% | 11.5% | | -11.5% |
| CAPEX, % of revenue | 9.2% | 22.6% | 8.5% | 6.6% | | -6.6% |
| ROIC | 4.1% | 6.8% | 7.0% | 1.4% | | -1.4% |
| ROE | 4.6% | 9.2% | 8.3% | -3.1% | | 3.1% |
| Net Debt/EBITDA | 3.2x | 2.7x | 2.8x | 5.1x | | -5.1x |
Revenue and profitability
The company's Revenue decreased slightly on 0.83%.
Net Income marign increased on 6.8 pp from -4.7% to 2.1% in FY2016.
Management team
Wu Chung-Lih is a the company's CEO. Wu Chung-Lih has spent 10 years at the company. Asia Cement China Holdings Corp's CFO is Wu Ling-Ling "Doris". Wu Ling-Ling "Doris" has 2 years tenure at the company.
Appendix 1: Peers in Building Materials
Below you can find Asia Cement China Holdings Corp benchmarking vs. other companies in Building Materials 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 |
|---|
| Pacific Plywood Hldg Ltd ($767) | | -14.5% | 119.5% | 57.3% | 441.9% |
| Far East Global Group Ltd ($830) | | 9.5% | 18.6% | 30.5% | 20.6% |
| WLS Holdings Ltd/Hong Kong ($8021) | | 9.4% | -11.1% | 22.0% | 13.8% |
| China Wood Optimization Holding Ltd ($8099) | 68.7% | 77.9% | 6.5% | 18.9% | |
| Steed Oriental Holdings Co Ltd ($8277) | | -4.2% | 11.0% | 9.4% | -21.5% |
| |
|---|
| Median (25 companies) | -3.5% | 9.5% | 6.5% | -14.1% | 12.8% |
|---|
| Asia Cement China Holdings Corp ($743) | | 9.7% | 11.8% | -22.0% | -0.8% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Pacific Plywood Hldg Ltd ($767) | 91.4% | 82.0% | 97.2% | 98.6% | 99.9% |
| Sustainable Forest Holdings Ltd ($723) | -2.4% | 12.1% | 19.7% | 55.2% | 83.9% |
| Dongpeng Holdings Co Ltd ($3386) | 35.6% | 37.1% | 38.5% | 39.1% | |
| Luks Group Vietnam Holdings Co Ltd ($366) | 37.2% | 36.9% | 37.0% | 36.4% | |
| Anhui Conch Cement Co Ltd ($914) | 27.3% | 32.5% | 33.2% | 26.9% | |
| |
|---|
| Median (25 companies) | 20.6% | 21.9% | 20.7% | 15.4% | 18.2% |
|---|
| Asia Cement China Holdings Corp ($743) | 16.8% | 22.1% | 23.3% | 15.0% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Pacific Plywood Hldg Ltd ($767) | 12.6% | -19.8% | 50.5% | 34.7% | 67.6% |
| China Tianrui Group Cement Co Ltd ($1252) | 28.5% | 23.7% | 26.7% | 32.8% | |
| Anhui Conch Cement Co Ltd ($914) | 27.1% | 31.1% | 32.1% | 29.7% | |
| Luks Group Vietnam Holdings Co Ltd ($366) | 30.4% | 29.9% | 23.8% | 26.2% | |
| Dongpeng Holdings Co Ltd ($3386) | 14.3% | 21.5% | 22.6% | 24.4% | |
| |
|---|
| Median (25 companies) | 14.3% | 14.5% | 16.5% | 13.6% | 1.4% |
|---|
| Asia Cement China Holdings Corp ($743) | 20.6% | 24.9% | 27.0% | 18.1% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Wood Optimization Holding Ltd ($8099) | 10.9% | 9.6% | 1.8% | 19.3% | |
| China Shanshui Cement Group Ltd ($691) | 18.9% | 21.1% | 12.1% | 14.3% | |
| Luks Group Vietnam Holdings Co Ltd ($366) | 0.6% | 0.5% | 4.1% | 14.2% | |
| China Glass Holdings Ltd ($3300) | 19.6% | 12.5% | 12.4% | 13.5% | |
| WLS Holdings Ltd/Hong Kong ($8021) | 6.0% | 6.6% | 7.9% | 11.5% | 1.5% |
| |
|---|
| Median (25 companies) | 9.8% | 8.0% | 5.5% | 6.4% | 1.3% |
|---|
| Asia Cement China Holdings Corp ($743) | 9.2% | 22.6% | 8.5% | 6.6% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dongpeng Holdings Co Ltd ($3386) | 37.1% | 35.8% | 27.2% | 26.6% | |
| China Wood Optimization Holding Ltd ($8099) | 33.5% | 27.3% | 17.7% | 17.7% | |
| China Lesso Group Holdings Ltd ($2128) | 20.5% | 19.4% | 18.2% | 17.2% | 16.5% |
| Anhui Conch Cement Co Ltd ($914) | 12.7% | 17.5% | 18.4% | 11.7% | |
| Hong Wei Asia Holdings Co Ltd ($8191) | 17.0% | 5.2% | 9.3% | 8.6% | |
| |
|---|
| Median (25 companies) | 6.6% | 6.0% | 4.8% | 1.2% | 2.3% |
|---|
| Asia Cement China Holdings Corp ($743) | 4.1% | 6.8% | 7.0% | 1.4% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Tianrui Group Cement Co Ltd ($1252) | 4.2x | 5.1x | 5.2x | 7.9x | |
| BBMG Corp ($2009) | 4.6x | 5.0x | 6.1x | 6.6x | |
| West China Cement Ltd ($2233) | 3.3x | 2.9x | 3.6x | 4.2x | 1.5x |
| China Singyes Solar Technologies Holdings Ltd ($750) | 0.9x | 0.8x | 1.8x | 4.0x | |
| Far East Global Group Ltd ($830) | | | | 4.0x | 3.7x |
| |
|---|
| Median (15 companies) | 2.1x | 1.1x | 1.8x | 3.3x | 0.9x |
|---|
| Asia Cement China Holdings Corp ($743) | 3.2x | 2.7x | 2.8x | 5.1x | |
