Sino Distillery Group Ltd revenue dropped on 16.7%
24/03/2017 • About Sino Distillery Group Ltd (
$39) • By InTwits
Sino Distillery 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. -5.5% in FY2015 vs. -74.2% in FY2012
- Sino Distillery Group Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -7.8% for the sames years0
- It operates with high leverage: Net Debt/EBITDA is 13.9x while industry average is 3.4x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Sino Distillery Group Ltd ($39) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 144.7 | 94.2 | 80.0 | 785.7 | 654.8 | -16.7% |
| Gross Profit | 36.9 | 15.8 | 11.1 | 10.6 | | -100.0% |
| SG&A | 74.1 | 41.7 | 42.1 | 122.3 | | -100.0% |
| EBITDA | -107.3 | 9.1 | 4.2 | -43.4 | | |
| Net Income | -277.8 | -126.8 | 117.8 | 19.4 | 7.2 | -62.8% |
Balance Sheet
|
|---|
| Cash | 8.4 | 25.5 | 79.2 | 363.3 | | -100.0% |
| Short Term Debt | 36.1 | 67.4 | 61.2 | 105.6 | | -100.0% |
| Long Term Debt | 0.0 | 0.0 | 92.4 | 0.0 | | |
Cash flow
|
|---|
| Capex | 46.9 | 6.2 | 0.3 | 94.0 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -62.4% | -34.9% | -15.0% | 882.1% | -16.7% | |
| EBITDA growth | 206.8% | -108.4% | -53.5% | -1,128.9% | | |
| Gross Margin | 25.5% | 16.8% | 13.9% | 1.4% | | -1.4% |
| EBITDA Margin | -74.2% | 9.6% | 5.3% | -5.5% | 0.0% | 5.5% |
| Net Income Margin | -191.9% | -134.6% | 147.3% | 2.5% | 1.1% | -1.4% |
| SG&A, % of revenue | 51.2% | 44.2% | 52.7% | 15.6% | | -15.6% |
| CAPEX, % of revenue | 32.4% | 6.5% | 0.4% | 12.0% | | -12.0% |
| ROIC | -46.5% | -30.9% | -5.9% | -6.1% | | 6.1% |
| ROE | -129.0% | | | 3.0% | | -3.0% |
| Net Debt/EBITDA | | 4.6x | 17.7x | | | 0.0x |
Revenue and profitability
Sino Distillery Group Ltd's Revenue dropped on 16.7%.
Net Income marign decreased slightly on 1.4 pp from 2.5% to 1.1% in FY2016.
Management team
Sino Distillery Group Ltd's CEO is Li Jianqing. Li Jianqing has 4 years tenure at the company. Sino Distillery Group Ltd's CFO is Chai Chung Wai. Chai Chung Wai has 4 years tenure at the company.
Appendix 1: Peers in Beverages
Below we provide Sino Distillery Group Ltd benchmarking against other companies in Beverages 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 |
|---|
| China Huiyuan Juice Group Ltd ($1886) | 4.1% | 13.1% | 2.0% | 23.7% | |
| Besunyen Holdings Co Ltd ($926) | | 2.6% | 15.7% | 17.5% | -22.3% |
| Vitasoy International Holdings Ltd ($345) | | 9.0% | 10.9% | 12.4% | 9.9% |
| Tibet 5100 Water Resources Holdings Ltd ($1115) | | 15.4% | -1.8% | 7.7% | 4.3% |
| China Tontine Wines Group Ltd ($389) | | -73.3% | 62.7% | 2.6% | -7.6% |
| |
|---|
| Median (15 companies) | -2.2% | -8.1% | 3.1% | -5.5% | -2.2% |
|---|
| Sino Distillery Group Ltd ($39) | | -34.9% | -15.0% | 882.1% | -16.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Besunyen Holdings Co Ltd ($926) | 82.5% | 83.3% | 84.3% | 89.7% | |
| 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% | |
| |
|---|
| Median (15 companies) | 44.8% | 37.7% | 36.6% | 38.2% | 34.8% |
|---|
| Sino Distillery Group Ltd ($39) | 25.5% | 16.8% | 13.9% | 1.4% | |
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% | 11.3% | 13.7% | 4.2% |
|---|
| Sino Distillery Group Ltd ($39) | -74.2% | 9.6% | 5.3% | -5.5% | |
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% | |
| Vitasoy International Holdings Ltd ($345) | 11.1% | 4.2% | 5.1% | 11.1% | 12.0% |
| JLF Investment Co Ltd ($472) | 17.7% | 9.1% | 9.4% | 9.5% | |
| |
|---|
| Median (15 companies) | 10.1% | 7.3% | 8.8% | 5.6% | 6.4% |
|---|
| Sino Distillery Group Ltd ($39) | 32.4% | 6.5% | 0.4% | 12.0% | |
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% | |
| Besunyen Holdings Co Ltd ($926) | -24.2% | -8.9% | 3.2% | 4.1% | |
| |
|---|
| Median (15 companies) | 12.7% | 3.7% | 3.2% | 3.2% | 1.2% |
|---|
| Sino Distillery Group Ltd ($39) | -46.5% | -30.9% | -5.9% | -6.1% | |
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 (11 companies) | -1.0x | 0.0x | 0.9x | 0.1x | 1.0x |
|---|
