Anglo Pacific Group revenue jumped on 149% in 2015 and EBITDA Margin jumped on 112 pp from -58.0% to 53.7%
23 Mar 2016 • About Anglo Pacific Group (
$APF) • By InTwits
Anglo Pacific Group reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Anglo Pacific Group doesn't have a profitable business model yet: 2015 ROIC is 1.1%
- EBITDA Margin is quite volatile: 53.7% in 2015, -58.0% in 2014, 77.9% in 2013, 76.2% in 2012, 90.3% in 2011
- Anglo Pacific Group has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.1%. At the same time it's a lot of higher than industry average of 21.6%.
- CAPEX is quite volatile: 0 in 2015, 0.19 in 2014, 0.014 in 2013, 0 in 2012, 0.029 in 2011
- The company has potentially unprofitable business model: ROIC is at 1.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Anglo Pacific Group ($APF) key annual financial indicators
| mln. £ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 34.679 | 15.157 | 14.731 | 3.481 | 8.683 | 149.4% |
| EBITDA | 31.307 | 11.545 | 11.478 | -2.020 | 4.663 | -330.8% |
| Net Income | 36.280 | 11.580 | -42.497 | -47.589 | -22.576 | -52.6% |
Balance Sheet
|
|---|
| Cash | 32.197 | 24.036 | 15.706 | 8.769 | 5.708 | -34.9% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 7.272 | |
Cash flow
|
|---|
| Capex | 0.029 | 0.000 | 0.014 | 0.188 | 0.000 | -100.0% |
Ratios
|
|---|
| Revenue growth | 15.1% | -56.3% | -2.8% | -76.4% | 149.4% | |
| EBITDA growth | 16.3% | -63.1% | -0.6% | -117.6% | -330.8% | |
| EBITDA Margin | 90.3% | 76.2% | 77.9% | -58.0% | 53.7% | 111.7% |
| Net Income Margin | 104.6% | 76.4% | -288.5% | -1,367.1% | -260.0% | 1,107.1% |
| CAPEX, % of revenue | 0.1% | 0.0% | 0.1% | 5.4% | 0.0% | -5.4% |
| ROIC | 7.9% | 3.0% | 3.6% | -1.3% | 1.1% | 2.3% |
| ROE | 11.1% | 3.8% | -16.4% | -25.2% | -14.0% | 11.2% |
| Net Debt/EBITDA | -1.0x | -2.1x | -1.4x | | 0.3x | 0.3x |
Revenue and profitability
Anglo Pacific Group's Revenue surged on 149% in 2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 2.0 pp from 47.7% to 49.8% in 2015.
Net Income marign jumped on 1,107 pp from -1,367% to -260% in 2015.
Return on investment
The company operates at low but positive ROIC (1.07%) and negative ROE (-13.97%). ROIC increased on 2.3 pp from -1.3% to 1.1% in 2015. ROE jumped on 11.2 pp from -25.2% to -14.0% in 2015.
Leverage (Debt)
Debt level is 0.3x Net Debt / EBITDA and 1.6x Debt / EBITDA. Net Debt / EBITDA surged0.3x from to 0.3x in 2015. Debt jumped while cash dropped on 34.9% in 2015.
Appendix 1: Peers in Mining
Below you can find Anglo Pacific Group benchmarking vs. other companies in Mining 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 |
|---|
| Patagonia Gold ($PGD) | | | | 234.6% | |
| Zccm Investments Hldgs ($ZCC) | | -30.1% | 102.1% | 92.4% | |
| Rambler Metals & Mining ($RMM) | | -65.4% | 2,744.1% | 79.2% | -34.2% |
| Shanta Gold ($SHG) | | | | 74.1% | |
| Mwana Africa ($MWA) | | 86.0% | 34.2% | 30.5% | 6.9% |
| |
|---|
| Median (28 companies) | 16.3% | 8.3% | -3.0% | -4.7% | -7.9% |
|---|
| Anglo Pacific Group ($APF) | | -56.3% | -2.8% | -76.4% | 149.4% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Zccm Investments Hldgs ($ZCC) | 68.4% | 51.8% | 71.4% | 85.6% | |
| Rambler Metals & Mining ($RMM) | 50.2% | 44.7% | 39.6% | 52.2% | 30.6% |
| Mwana Africa ($MWA) | 32.4% | 42.9% | 45.9% | 46.6% | 38.6% |
| Kaz Minerals ($KAZ) | 54.6% | 39.7% | 41.1% | 46.1% | 35.5% |
| Polyus Gold Intl Ltd ($PGIL) | 50.5% | 51.1% | 40.2% | 46.1% | 58.8% |
| |
|---|
| Median (28 companies) | 41.2% | 38.6% | 18.8% | 22.6% | 24.8% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Zccm Investments Hldgs ($ZCC) | 138.5% | 146.8% | 75.2% | 88.7% | |
| Polyus Gold Intl Ltd ($PGIL) | 43.6% | 51.1% | 18.7% | 45.9% | 58.0% |
| Rambler Metals & Mining ($RMM) | -26.1% | -194.4% | 29.6% | 45.1% | 20.5% |
| Antofagasta ($ANTO) | | 50.0% | 45.0% | 42.6% | 25.9% |
| Nord Gold Nv ($NORD) | 47.9% | 33.0% | 0.8% | 40.2% | 44.9% |
| |
|---|
| Median (30 companies) | 27.7% | 25.0% | 16.8% | 18.9% | 20.6% |
|---|
| Anglo Pacific Group ($APF) | 90.3% | 76.2% | 77.9% | -58.0% | 53.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kaz Minerals ($KAZ) | 19.8% | 36.6% | 136.5% | 168.8% | 168.7% |
| Goldbridges Global Resources ($GBGR) | 40.3% | 26.9% | 17.6% | 73.9% | |
| Griffin Mining ($GFM) | 12.2% | 10.8% | 10.4% | 51.2% | |
| Kirkland Lake Gold Inc ($KGI) | 54.9% | 44.6% | 72.9% | 47.7% | 21.6% |
| Serabi Gold ($SRB) | 3,151.4% | | | 44.5% | |
| |
|---|
| Median (30 companies) | 16.9% | 21.5% | 17.8% | 11.0% | 17.3% |
|---|
| Anglo Pacific Group ($APF) | 0.1% | 0.0% | 0.1% | 5.4% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Polyus Gold Intl Ltd ($PGIL) | 23.0% | 27.0% | 4.3% | 19.2% | 29.7% |
| Mwana Africa ($MWA) | -39.7% | 0.1% | 12.6% | 18.3% | 7.5% |
| Caledonia Mining Corp ($CMCL) | 61.7% | 37.6% | 34.9% | 18.1% | 8.4% |
| Rambler Metals & Mining ($RMM) | -1.5% | -2.6% | 3.3% | 16.7% | 0.5% |
| Shanta Gold ($SHG) | -39.2% | -14.0% | -2.4% | 15.8% | |
| |
|---|
| Median (31 companies) | 8.2% | 4.6% | 2.0% | 2.3% | 2.6% |
|---|
| Anglo Pacific Group ($APF) | 7.9% | 3.0% | 3.6% | -1.3% | 1.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Minera Irl Ltd ($MIRL) | -0.0x | 1.0x | 4.2x | 10.0x | |
| Kaz Minerals ($KAZ) | 0.6x | 2.4x | 2.9x | 5.5x | 18.7x |
| Anglo Asian Mining ($AAZ) | 0.1x | 0.7x | 2.6x | 5.2x | |
| Glencore ($GLEN) | 6.0x | 7.3x | 6.2x | 4.6x | 5.5x |
| Kirkland Lake Gold Inc ($KGI) | -1.0x | -0.3x | 3.2x | 4.1x | 0.6x |
| |
|---|
| Median (24 companies) | 0.1x | 0.8x | 1.7x | 0.6x | 0.5x |
|---|
