Greenheart Group Ltd revenue decreased on 8.1%
24/03/2017 • About Greenheart Group Ltd (
$94) • By InTwits
Greenheart Group 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. 1.9% in FY2015 vs. -15.0% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 4.3x while industry average is -3.0x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Greenheart Group Ltd ($94) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 495.2 | 724.6 | 673.6 | 591.4 | 543.7 | -8.1% |
| Gross Profit | 186.4 | 244.4 | 145.5 | 113.7 | | -100.0% |
| SG&A | 249.2 | 313.3 | 280.6 | 249.3 | | -100.0% |
| EBITDA | -74.4 | 81.1 | 25.7 | 11.5 | | -100.0% |
| Net Income | -76.8 | -5.7 | -133.3 | -436.9 | 8.7 | |
Balance Sheet
|
|---|
| Cash | 144.3 | 204.0 | 108.1 | 121.9 | | -100.0% |
| Short Term Debt | 534.1 | 478.5 | 551.5 | 443.9 | | -100.0% |
| Long Term Debt | 86.1 | 304.4 | 246.3 | 287.9 | | -100.0% |
Cash flow
|
|---|
| Capex | 129.1 | 71.4 | 56.3 | 30.7 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 51.5% | 46.3% | -7.0% | -12.2% | -8.1% | |
| EBITDA growth | 27.1% | -209.0% | -68.3% | -55.2% | | |
| Gross Margin | 37.6% | 33.7% | 21.6% | 19.2% | | -19.2% |
| EBITDA Margin | -15.0% | 11.2% | 3.8% | 1.9% | 0.0% | -1.9% |
| Net Income Margin | -15.5% | -0.8% | -19.8% | -73.9% | 1.6% | 75.5% |
| SG&A, % of revenue | 50.3% | 43.2% | 41.7% | 42.2% | | -42.2% |
| CAPEX, % of revenue | 26.1% | 9.9% | 8.4% | 5.2% | | -5.2% |
| ROIC | -9.9% | -3.4% | -6.9% | -7.8% | | 7.8% |
| ROE | -7.4% | -0.6% | -14.2% | -60.1% | | 60.1% |
| Net Debt/EBITDA | | 7.1x | 26.8x | 53.0x | | -53.0x |
Revenue and profitability
Greenheart Group Ltd's Revenue decreased on 8.1%.
Net Income marign jumped on 75.5 pp from -73.9% to 1.6% in FY2016.
Appendix 1: Peers in Forest Products&Paper
Below you can find Greenheart Group Ltd benchmarking vs. other companies in Forest Products&Paper 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 |
|---|
| KuangChi Science Ltd ($439) | | | 39.7% | 211.9% | |
| Merdeka Mobile Group Ltd ($8163) | | 415.4% | 71.4% | 88.0% | 95.0% |
| Youyuan International Holdings Ltd ($2268) | | 6.7% | 0.8% | 10.3% | 5.7% |
| PNG Resources Holdings Ltd ($221) | | 248.6% | 8.5% | 8.7% | -44.3% |
| China Sunshine Paper Holdings Co Ltd ($2002) | | -1.3% | -5.7% | 8.1% | 13.4% |
| |
|---|
| Median (11 companies) | 7.5% | 3.6% | 2.8% | 6.2% | 6.6% |
|---|
| Greenheart Group Ltd ($94) | | 46.3% | -7.0% | -12.2% | -8.1% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| KuangChi Science Ltd ($439) | | 20.3% | 17.3% | 63.6% | |
| PNG Resources Holdings Ltd ($221) | 19.4% | 18.6% | 24.2% | 35.3% | 31.9% |
| Youyuan International Holdings Ltd ($2268) | 29.8% | 32.9% | 31.3% | 29.2% | 30.8% |
| China Asean Resources Ltd ($8186) | 19.8% | 40.3% | | 27.8% | |
| Shandong Chenming Paper Holdings Ltd ($1812) | 15.2% | 18.0% | 19.4% | 26.6% | 30.3% |
| |
|---|
| Median (12 companies) | 16.1% | 16.9% | 17.0% | 20.0% | 30.3% |
|---|
| Greenheart Group Ltd ($94) | 37.6% | 33.7% | 21.6% | 19.2% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Youyuan International Holdings Ltd ($2268) | 27.2% | 30.8% | 29.8% | 30.0% | 28.4% |
| PNG Resources Holdings Ltd ($221) | -6.1% | 9.6% | 12.2% | 26.5% | 21.9% |
| Shandong Chenming Paper Holdings Ltd ($1812) | 11.4% | 13.2% | 14.5% | 20.4% | 23.2% |
| Changgang Dunxin Enterprise Co Ltd ($2229) | 20.9% | 22.2% | 22.8% | 19.9% | |
| Nine Dragons Paper Holdings Ltd ($2689) | 16.4% | 17.2% | 18.6% | 16.9% | 20.7% |
| |
|---|
| Median (12 companies) | 11.4% | 10.3% | 11.2% | 13.6% | 21.9% |
|---|
| Greenheart Group Ltd ($94) | -15.0% | 11.2% | 3.8% | 1.9% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| KuangChi Science Ltd ($439) | | 3.2% | 0.5% | 65.6% | |
| PNG Resources Holdings Ltd ($221) | 133.1% | 35.6% | 53.0% | 44.8% | 31.1% |
| Changgang Dunxin Enterprise Co Ltd ($2229) | 2.1% | 15.8% | 2.0% | 36.7% | |
| China Agroforestry Low-Carbon Holdings Ltd ($1069) | 0.2% | 11.5% | 26.7% | 26.3% | |
| Shandong Chenming Paper Holdings Ltd ($1812) | 14.4% | 18.8% | 16.3% | 18.5% | 10.9% |
| |
|---|
| Median (12 companies) | 14.4% | 11.5% | 5.9% | 10.0% | 8.3% |
|---|
| Greenheart Group Ltd ($94) | 26.1% | 9.9% | 8.4% | 5.2% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| PNG Resources Holdings Ltd ($221) | -1.2% | 5.8% | 8.3% | 19.9% | 8.1% |
| Youyuan International Holdings Ltd ($2268) | 12.6% | 12.9% | 10.4% | 10.6% | 9.5% |
| Changgang Dunxin Enterprise Co Ltd ($2229) | 41.0% | 32.5% | 23.3% | 10.4% | |
| China Sunshine Paper Holdings Co Ltd ($2002) | 6.8% | 5.1% | 5.5% | 7.6% | |
| Nine Dragons Paper Holdings Ltd ($2689) | 6.5% | 6.1% | 5.9% | 5.3% | 7.7% |
| |
|---|
| Median (13 companies) | 1.8% | 2.8% | 2.3% | 2.9% | 7.7% |
|---|
| Greenheart Group Ltd ($94) | -9.9% | -3.4% | -6.9% | -7.8% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shandong Chenming Paper Holdings Ltd ($1812) | 10.4x | 9.0x | 10.9x | 12.4x | 8.8x |
| Samson Paper Holdings Ltd ($731) | 8.3x | 13.0x | 9.3x | 8.9x | 11.3x |
| Nine Dragons Paper Holdings Ltd ($2689) | 4.9x | 5.7x | 5.1x | 4.7x | 3.3x |
| China Sunshine Paper Holdings Co Ltd ($2002) | 5.9x | 6.9x | 6.0x | 4.1x | |
| Youyuan International Holdings Ltd ($2268) | 1.5x | 2.1x | 1.5x | 1.4x | 2.4x |
| |
|---|
| Median (9 companies) | 3.5x | 3.6x | 3.3x | 1.4x | 3.3x |
|---|
| Greenheart Group Ltd ($94) | | 7.1x | 26.8x | 53.0x | |
