Amber Energy Ltd reports 36.1 pp EBITDA Margin decline from 36.1% to in 2016 in 2016
24/03/2017 • About Amber Energy Ltd (
$90) • By InTwits
Amber Energy Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Amber Energy Ltd is a company in decline: FY2016 revenue growth was -28.3%, 5 years revenue CAGR was -17.3%
- It operates with medium-size leverage: Net Debt/EBITDA is 3.0x while industry average is 2.7x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Amber Energy Ltd ($90) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 614.4 | 745.0 | 894.3 | 389.6 | 279.2 | -28.3% |
| SG&A | | | 26.0 | 24.9 | | -100.0% |
| EBITDA | 109.5 | 108.0 | 105.0 | 140.8 | | -100.0% |
| Net Income | 19.5 | 15.6 | -148.9 | 43.7 | 41.7 | -4.6% |
Balance Sheet
|
|---|
| Cash | 155.2 | 60.2 | 148.5 | 150.0 | | -100.0% |
| Short Term Debt | 271.7 | 220.0 | 305.4 | 224.9 | | -100.0% |
| Long Term Debt | 520.9 | 528.8 | 613.4 | 653.4 | | -100.0% |
Cash flow
|
|---|
| Capex | 379.1 | 186.9 | 114.6 | 28.8 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -14.7% | 21.2% | 20.1% | -56.4% | -28.3% | |
| EBITDA growth | -14.3% | -1.3% | -2.8% | 34.1% | | |
| EBITDA Margin | 17.8% | 14.5% | 11.7% | 36.1% | 0.0% | -36.1% |
| Net Income Margin | 3.2% | 2.1% | -16.6% | 11.2% | 14.9% | 3.7% |
| SG&A, % of revenue | | | 2.9% | 6.4% | | -6.4% |
| CAPEX, % of revenue | 61.7% | 25.1% | 12.8% | 7.4% | | -7.4% |
| ROIC | 5.4% | 4.6% | 3.6% | 8.6% | | -8.6% |
| ROE | 3.6% | 2.8% | -31.1% | 10.0% | | -10.0% |
| Net Debt/EBITDA | 5.8x | 6.4x | 7.3x | 5.2x | | -5.2x |
Revenue and profitability
The company's Revenue dropped on 28.3%.
Net Income marign increased on 3.7 pp from 11.2% to 14.9% in FY2016.
Appendix 1: Peers in Electric
Below we provide Amber Energy Ltd benchmarking against other companies in Electric 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 |
|---|
| Huaneng Renewables Corp Ltd ($958) | 26.0% | 46.7% | 4.1% | 19.6% | |
| CGN Power Co Ltd ($1816) | | -1.2% | 19.3% | 12.3% | 41.4% |
| Huadian Fuxin Energy Corp Ltd ($816) | | 16.7% | 4.9% | 10.4% | 3.7% |
| China Datang Corp Renewable Power Co Ltd ($1798) | | 28.9% | -7.9% | 7.8% | 3.5% |
| HK Electric Investments & HK Electric Investments Ltd ($2638) | | -1.8% | 2.9% | 6.7% | 1.9% |
| |
|---|
| Median (15 companies) | 9.7% | 11.4% | 4.9% | -1.2% | 1.9% |
|---|
| Amber Energy Ltd ($90) | | 21.2% | 20.1% | -56.4% | -28.3% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Power Assets Holdings Ltd ($6) | 60.0% | 63.5% | 85.6% | 99.4% | 99.5% |
| China Power New Energy Development Co Ltd ($735) | 73.3% | 70.8% | 72.0% | 74.9% | |
| HK Electric Investments & HK Electric Investments Ltd ($2638) | 60.1% | 58.6% | 54.0% | 53.7% | 53.0% |
| CGN Power Co Ltd ($1816) | 46.5% | 46.9% | 48.6% | 47.9% | 43.7% |
| Tianjin Development Hldgs Ltd ($882) | 8.5% | 5.0% | 18.7% | 18.6% | |
| |
|---|
| Median (6 companies) | 46.5% | 52.8% | 48.6% | 50.8% | 48.3% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huaneng Renewables Corp Ltd ($958) | 94.0% | 80.5% | 91.3% | 93.1% | |
| China Datang Corp Renewable Power Co Ltd ($1798) | 90.5% | 82.8% | 87.0% | 82.4% | |
| HK Electric Investments & HK Electric Investments Ltd ($2638) | 72.6% | 77.6% | 73.3% | 71.7% | 70.4% |
| Power Assets Holdings Ltd ($6) | 66.2% | 68.0% | 2,533.1% | 71.2% | -84.2% |
| CGN Power Co Ltd ($1816) | 66.0% | 62.6% | 60.5% | 59.4% | 52.9% |
| |
|---|
| Median (15 companies) | 32.1% | 39.0% | 42.3% | 52.1% | 34.6% |
|---|
| Amber Energy Ltd ($90) | 17.8% | 14.5% | 11.7% | 36.1% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Enerchina Holdings Ltd ($622) | 24.1% | 28.3% | 3.8% | 321.6% | |
| Huaneng Renewables Corp Ltd ($958) | 163.4% | 124.0% | 217.8% | 171.9% | |
| China Power New Energy Development Co Ltd ($735) | 82.2% | 80.1% | 119.5% | 99.0% | |
| Huadian Fuxin Energy Corp Ltd ($816) | 62.2% | 54.3% | 91.8% | 96.0% | |
| China Datang Corp Renewable Power Co Ltd ($1798) | 157.1% | 81.7% | 106.3% | 93.4% | |
| |
|---|
| Median (15 companies) | 27.4% | 30.9% | 18.9% | 21.3% | 18.5% |
|---|
| Amber Energy Ltd ($90) | 61.7% | 25.1% | 12.8% | 7.4% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CLP Holdings Ltd ($2) | 7.0% | 4.8% | 8.5% | 12.8% | 10.1% |
| China Resources Power Holdings Co Ltd ($836) | 7.7% | 9.7% | 8.0% | 11.0% | 9.2% |
| China Power International Development Ltd ($2380) | 5.7% | 7.5% | 8.0% | 10.1% | 6.4% |
| Huadian Power International Corp Ltd ($1071) | 5.0% | 8.4% | 10.4% | 10.0% | |
| Huadian Fuxin Energy Corp Ltd ($816) | 7.5% | 8.1% | 7.7% | 6.2% | |
| |
|---|
| Median (15 companies) | 5.0% | 6.1% | 6.1% | 5.1% | 5.4% |
|---|
| Amber Energy Ltd ($90) | 5.4% | 4.6% | 3.6% | 8.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CGN Meiya Power Holdings Co Ltd ($1811) | 9.1x | 8.1x | 4.3x | 8.6x | 6.5x |
| China Datang Corp Renewable Power Co Ltd ($1798) | 9.1x | 8.2x | 8.7x | 8.5x | |
| CGN Power Co Ltd ($1816) | 6.5x | 6.7x | 7.8x | 8.4x | 9.3x |
| China Power New Energy Development Co Ltd ($735) | 4.8x | 5.5x | 6.4x | 7.9x | |
| Huadian Fuxin Energy Corp Ltd ($816) | 6.9x | 6.2x | 6.5x | 7.4x | |
| |
|---|
| Median (13 companies) | 5.6x | 5.5x | 4.9x | 5.1x | 5.1x |
|---|
| Amber Energy Ltd ($90) | 5.8x | 6.4x | 7.3x | 5.2x | |
