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Interbulk Group reports 14.4% EBITDA decline and almost no change in EBITDA Margin of 6.5%

23 Dec 2015 • About Interbulk Group ($INB) • By InTwits

Interbulk Group reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Interbulk Group is a company in decline: FY2015 revenue growth was -12.1%, 5 years revenue CAGR was -3.8%
  • EBITDA Margin is relatively stable: 6.5% in FY2015 vs. 6.7% in FY2014 vs. 8.1% in FY2011
  • Interbulk Group has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.6%.
  • The company has potentially unprofitable business model: ROIC is at 6.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Interbulk Group ($INB) key annual financial indicators

mln. £201120122013201420152015/2014
P&L
Revenue300.4280.4271.5256.3225.3-12.1%
Gross Profit41.338.934.733.329.2-12.4%
SG&A26.625.223.9-5.0%
EBITDA24.321.816.917.114.6-14.4%
Net Income3.94.3-13.6-33.40.1-100.4%
Balance Sheet
Cash12.816.613.511.310.3-8.6%
Short Term Debt9.777.38.29.052.5486.6%
Long Term Debt87.511.875.162.811.0-82.5%
Cash flow
Capex1.32.01.81.90.9-55.4%
Ratios
Revenue growth10.0%-6.7%-3.2%-5.6%-12.1%
EBITDA growth0.1%-10.4%-22.4%1.0%-14.4%
Gross Margin13.8%13.9%12.8%13.0%13.0%-0.0%
EBITDA Margin8.1%7.8%6.2%6.7%6.5%-0.2%
Net Income Margin1.3%1.5%-5.0%-13.0%0.1%13.1%
SG&A, % of revenue9.8%9.8%10.6%0.8%
CAPEX, % of revenue0.4%0.7%0.7%0.8%0.4%-0.4%
ROIC8.7%7.6%5.3%6.5%6.7%0.2%
ROE5.4%5.1%-17.0%-59.4%0.3%59.8%
Net Debt/EBITDA3.5x3.3x4.1x3.5x3.6x0.1x

Revenue and profitability


The company's Revenue dropped on 12.1% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 48.3 pp from 30.9% to -17.4% in 2015.

Gross Margin showed almost no change in FY2015. SG&A as a % of Revenue increased slightly on 0.79 pp from 9.8% to 10.6% in FY2015.

Net Income marign surged on 13.1 pp from -13.0% to 0.059% in FY2015.

Capital expenditures (CAPEX) and working capital investments


In FY2015 Interbulk Group had CAPEX/Revenue of 0.38%. Interbulk Group's CAPEX/Revenue showed almost no change from FY2012 to FY2015. For the last three years the average CAPEX/Revenue was 0.60%.

Return on investment


The company operates at low ROIC (6.69%) and ROE (0.35%). ROIC showed almost no change in FY2015. ROE jumped on 59.8 pp from -59.4% to 0.35% in FY2015.

Leverage (Debt)


Debt level is 3.6x Net Debt / EBITDA and 4.3x Debt / EBITDA. Net Debt / EBITDA jumped on 0.1x from 3.5x to 3.6x in FY2015. Debt dropped on 11.4% in FY2015 while cash decreased on 8.6% in FY2015.

Appendix 1: Peers in Industrial Transportation


Below you can find Interbulk Group benchmarking vs. other companies in Industrial Transportation 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 FY2011 FY2012 FY2013 FY2014 FY2015
Hellenic Carriers Ltd ($HCL)-42.3%-60.3%-17.0%88.5%
Global Ports Investments ($GLPR)31.1%0.1%-33.8%69.3%
Zhejiang Expressway Co ($ZHEH)0.2%2.2%13.3%20.5%
Yangming Marine Transport Corp ($YMTD)-9.2%10.9%-9.5%13.4%
Dp World Ltd ($0P5M)-6.6%4.8%-1.5%12.7%
 
Median (14 companies)10.8%3.5%-1.4%5.8%-7.1%
Interbulk Group ($INB)-6.7%-3.2%-5.6%-12.1%


Top companies by Gross margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Novorossiysk Commercial Sea Port ($NCSP)52.8%57.9%54.3%61.0%
Global Ports Investments ($GLPR)52.6%40.3%58.8%58.8%
Dp World Ltd ($0P5M)32.7%35.8%39.8%41.9%
Zhejiang Expressway Co ($ZHEH)39.9%34.0%36.9%37.7%
Globaltrans Investment ($GLTR)30.1%31.4%25.8%23.2%
 
Median (9 companies)37.4%31.4%25.8%23.2%9.9%
Interbulk Group ($INB)13.8%13.9%12.8%13.0%13.0%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Capital Lease Aviation ($CLA)105.0%101.2%88.5%89.2%80.5%
Global Ports Investments ($GLPR)55.1%57.1%60.3%69.6%
Frontline Ltd ($FRO)13.7%17.2%-4.6%64.5%
Novorossiysk Commercial Sea Port ($NCSP)52.7%48.4%26.8%58.3%
Zhejiang Expressway Co ($ZHEH)52.8%49.6%51.1%53.5%
 
Median (14 companies)45.5%29.6%24.8%29.7%10.5%
Interbulk Group ($INB)8.1%7.8%6.2%6.7%6.5%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Frontline Ltd ($FRO)10.2%2.5%0.5%83.6%
Hellenic Carriers Ltd ($HCL)1.3%11.7%246.3%75.1%
Dp World Ltd ($0P5M)15.1%20.6%33.4%20.7%
Zhejiang Expressway Co ($ZHEH)6.6%5.3%3.2%13.4%
Center Fr Cargo Cont Trf Trcnt PJSC ($TRCN)13.7%15.6%16.9%11.5%
 
Median (14 companies)10.1%11.2%9.3%5.6%1.5%
Interbulk Group ($INB)0.4%0.7%0.7%0.8%0.4%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Novorossiysk Commercial Sea Port ($NCSP)18.7%11.0%4.5%17.1%
Dx ($DX.)8.2%9.3%9.6%14.5%12.8%
Zhejiang Expressway Co ($ZHEH)13.3%11.2%13.3%13.2%
Global Ports Investments ($GLPR)18.5%17.0%7.1%12.1%
Center Fr Cargo Cont Trf Trcnt PJSC ($TRCN)18.2%20.2%17.6%8.8%
 
Median (14 companies)7.6%8.2%6.3%7.2%4.9%
Interbulk Group ($INB)8.7%7.6%5.3%6.5%6.7%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Hellenic Carriers Ltd ($HCL)2.5x533.2x291.0x39.1x
Yangming Marine Transport Corp ($YMTD)19.7x9.8x
Wisdom Marine Lines Co Limited ($WML)7.9x8.5x9.0x9.1x
Evergreen Marine Corp(Taiwan) ($EGMD)7.9x33.6x6.7x18.3x
Capital Lease Aviation ($CLA)3.9x2.8x4.0x3.4x3.2x
 
Median (14 companies)3.1x3.4x5.3x2.7x1.6x
Interbulk Group ($INB)3.5x3.3x4.1x3.5x3.6x


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