Tianjin Jinran Public Utilities Co Ltd reports 9.4% revenue decline in FY2016
22/03/2017 • About Tianjin Jinran Public Utilities Co Ltd (
$1265) • By InTwits
Tianjin Jinran Public Utilities Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is declining: in FY2016 vs. 5.3% in FY2015 vs. 14.3% in FY2012.
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 | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,539 | 1,487 | 1,449 | 1,323 | 1,198 | -9.4% |
| Gross Profit | 157 | 106 | 71 | 27 | | -100.0% |
| SG&A | 22 | 24 | 25 | 26 | | -100.0% |
| EBITDA | 221 | 169 | 126 | 71 | | -100.0% |
| Net Income | 120 | 84 | 68 | 37 | 37 | 1.3% |
Balance Sheet
|
|---|
| Cash | 372 | 287 | 93 | 1,003 | | -100.0% |
| Short Term Debt | 0 | 0 | 0 | 0 | | |
| Long Term Debt | 0 | 0 | 0 | 0 | | |
Cash flow
|
|---|
| Capex | 13 | 11 | 15 | 28 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 45.5% | -3.4% | -2.6% | -8.7% | -9.4% | |
| EBITDA growth | 36.0% | -23.7% | -25.1% | -44.1% | | |
| Gross Margin | 10.2% | 7.1% | 4.9% | 2.0% | | -2.0% |
| EBITDA Margin | 14.3% | 11.3% | 8.7% | 5.3% | 0.0% | -5.3% |
| Net Income Margin | 7.8% | 5.7% | 4.7% | 2.8% | 3.1% | 0.3% |
| SG&A, % of revenue | 1.5% | 1.6% | 1.7% | 2.0% | | -2.0% |
| CAPEX, % of revenue | 0.9% | 0.7% | 1.1% | 2.1% | | -2.1% |
| ROIC | 10.3% | 6.1% | 3.6% | 0.8% | | -0.8% |
| ROE | 8.2% | 5.5% | 4.2% | 2.2% | | -2.2% |
| Net Debt/EBITDA | -1.7x | -1.7x | -0.7x | -14.2x | | 14.2x |
Revenue and profitability
Tianjin Jinran Public Utilities Co Ltd's Revenue decreased on 9.4%.
Net Income marign showed almost no change in FY2016.
Appendix 1: Peers in Pipelines
Below we provide Tianjin Jinran Public Utilities Co Ltd benchmarking against other companies in Pipelines 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 58.9% | 27.3% | 47.4% | 67.6% | |
| Chinese People Holdings Co Ltd ($681) | | -16.4% | 8.2% | 16.3% | -1.4% |
| |
|---|
| Median (2 companies) | 58.9% | 5.5% | 27.8% | 41.9% | -1.4% |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | | -3.4% | -2.6% | -8.7% | -9.4% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 35.1% | 36.5% | 34.3% | 27.0% | |
| Chinese People Holdings Co Ltd ($681) | 26.2% | 19.6% | 20.3% | 22.8% | 28.2% |
| |
|---|
| Median (2 companies) | 30.6% | 28.0% | 27.3% | 24.9% | 28.2% |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | 10.2% | 7.1% | 4.9% | 2.0% | |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 33.6% | 32.6% | 33.2% | 29.4% | |
| Chinese People Holdings Co Ltd ($681) | 13.7% | 7.2% | 5.1% | 10.9% | 13.1% |
| |
|---|
| Median (2 companies) | 23.6% | 19.9% | 19.2% | 20.2% | 13.1% |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | 14.3% | 11.3% | 8.7% | 5.3% | |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 17.2% | 15.8% | 20.4% | 11.9% | |
| Chinese People Holdings Co Ltd ($681) | 13.9% | 5.9% | 8.4% | 8.1% | 6.5% |
| |
|---|
| Median (2 companies) | 15.6% | 10.9% | 14.4% | 10.0% | 6.5% |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | 0.9% | 0.7% | 1.1% | 2.1% | |
Top companies by ROIC, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 13.5% | 12.8% | 14.1% | 11.6% | |
| Chinese People Holdings Co Ltd ($681) | 5.1% | 0.1% | 1.5% | 4.4% | 3.3% |
| |
|---|
| Median (2 companies) | 9.3% | 6.5% | 7.8% | 8.0% | 3.3% |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | 10.3% | 6.1% | 3.6% | 0.8% | |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Tian Lun Gas Holdings Ltd ($1600) | 1.8x | 1.5x | 2.5x | 3.2x | |
| Chinese People Holdings Co Ltd ($681) | -0.2x | -4.2x | -5.8x | -0.6x | -0.9x |
| |
|---|
| Median (2 companies) | 0.8x | -1.4x | -1.7x | 1.3x | -0.9x |
|---|
| Tianjin Jinran Public Utilities Co Ltd ($1265) | -1.7x | -1.7x | -0.7x | -14.2x | |
