Yangming Marine Transport Corp EBITDA dropped on 107% in 2015 and EBITDA Margin decreased on 5.1 pp from 4.8% to -0.36%
31 Mar 2016 • About Yangming Marine Transport Corp (
$YMTD) • By InTwits
Yangming Marine Transport Corp reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Yangming Marine Transport Corp doesn't have a profitable business model yet: 2015 ROIC is -5.5%
- The company operates at negative EBITDA Margin: -0.4%
- EBITDA Margin is quite volatile: -0.4% in 2015, 4.8% in 2014, -2.1% in 2013, 2.8% in 2012, -3.0% in 2011
- Yangming Marine Transport Corp has medium CAPEX intensity: 5 year average CAPEX/Revenue was 9.4%. At the same time it's in pair with industry average of 12.2%.
- CAPEX is quite volatile: 2,516 in 2015, 4,103 in 2014, 9,997 in 2013, 14,978 in 2012, 20,502 in 2011
- The company has unprofitable business model: ROIC is at -5.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Yangming Marine Transport Corp ($YMTD) key annual financial indicators
| mln. TWD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 118,555 | 131,425 | 118,874 | 134,778 | 127,559 | -5.4% |
| Gross Profit | -4,932 | 1,783 | -4,130 | 5,744 | -791 | -113.8% |
| SG&A | | 5,392 | 5,603 | 5,904 | 6,022 | 2.0% |
| EBITDA | -3,521 | 3,651 | -2,527 | 6,403 | -454 | -107.1% |
| Net Income | -9,399 | -1,623 | -2,946 | 320 | -7,722 | -2,510.4% |
Balance Sheet
|
|---|
| Cash | 11,251 | 10,944 | 13,632 | 21,684 | 23,749 | 9.5% |
| Short Term Debt | 15,154 | 12,018 | 12,386 | 14,470 | 20,666 | 42.8% |
| Long Term Debt | 66,178 | 70,716 | 68,852 | 69,754 | 72,465 | 3.9% |
Cash flow
|
|---|
| Capex | 12,986 | 17,271 | 9,717 | 9,378 | 9,844 | 5.0% |
Ratios
|
|---|
| Revenue growth | -9.2% | 10.9% | -9.5% | 13.4% | -5.4% | |
| EBITDA growth | -115.7% | -203.7% | -169.2% | -353.4% | -107.1% | |
| Gross Margin | -4.2% | 1.4% | -3.5% | 4.3% | -0.6% | -4.9% |
| EBITDA Margin | -3.0% | 2.8% | -2.1% | 4.8% | -0.4% | -5.1% |
| Net Income Margin | -7.9% | -1.2% | -2.5% | 0.2% | -6.1% | -6.3% |
| SG&A, % of revenue | | 4.1% | 4.7% | 4.4% | 4.7% | 0.3% |
| CAPEX, % of revenue | 11.0% | 13.1% | 8.2% | 7.0% | 7.7% | 0.8% |
| ROIC | -9.2% | -3.1% | -8.2% | -0.1% | -5.5% | -5.4% |
| ROE | -26.3% | -5.1% | -8.7% | 0.9% | -22.5% | -23.5% |
| Net Debt/EBITDA | | 19.7x | | 9.8x | | -9.8x |
Revenue and profitability
Yangming Marine Transport Corp's Revenue decreased on 5.4% in 2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased on 5.1 pp from 4.8% to -0.36% in 2015.
Gross Margin decreased on 4.9 pp from 4.3% to -0.62% in 2015. SG&A as a % of Revenue showed almost no change in 2015.
Net Income marign decreased on 6.3 pp from 0.24% to -6.1% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 7.7% in 2015. The company's CAPEX/Revenue decreased on 5.4 pp from 13.1% in 2012 to 7.7% in 2015. For the last three years the average CAPEX/Revenue was 7.6%.
Return on investment
The company operates at negative ROIC (-5.52%) and ROE (-22.55%). ROIC decreased on 5.4 pp from -0.13% to -5.5% in 2015. ROE dropped on 23.5 pp from 0.91% to -22.5% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.9x and Debt / EBITDA is . Net Debt / EBITDA dropped on 9.8x from 9.8x to in 2015. Debt jumped on 10.6% in 2015 while cash increased on 9.5% in 2015.
Appendix 1: Peers in Industrial Transportation
Below we provide Yangming Marine Transport Corp benchmarking against other companies in Industrial Transportation 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Frontline Ltd ($FRO) | | -27.8% | -9.4% | -55.6% | 104.5% |
| Zhejiang Expressway Co ($ZHEH) | | 2.2% | 13.3% | 20.5% | 32.2% |
| Wisdom Marine Lines Co Limited ($WML) | | 11.2% | -0.8% | 8.8% | 21.6% |
| Dp World Ltd ($0P5M) | | 4.8% | -1.5% | 12.7% | 16.7% |
| Center Fr Cargo Cont Trf Trcnt PJSC ($TRCN) | | 17.8% | 7.7% | -6.6% | 16.2% |
| |
|---|
| Median (13 companies) | 65.2% | 1.6% | -1.4% | 3.4% | -4.6% |
|---|
| Yangming Marine Transport Corp ($YMTD) | | 10.9% | -9.5% | 13.4% | -5.4% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Global Ports Investments ($GLPR) | 52.6% | 40.3% | 58.8% | 58.8% | 68.0% |
| Dp World Ltd ($0P5M) | 32.7% | 35.8% | 39.8% | 41.9% | 48.4% |
| Zhejiang Expressway Co ($ZHEH) | 39.9% | 34.0% | 36.9% | 37.7% | 43.6% |
| Wisdom Marine Lines Co Limited ($WML) | 37.4% | 30.3% | 20.3% | 20.7% | 24.1% |
| Globaltrans Investment ($GLTR) | 30.1% | 31.4% | 25.8% | 23.2% | 20.2% |
| |
|---|
| Median (8 companies) | 37.4% | 31.4% | 25.8% | 23.2% | 22.1% |
|---|
| Yangming Marine Transport Corp ($YMTD) | -4.2% | 1.4% | -3.5% | 4.3% | -0.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Capital Lease Aviation ($CLA) | 105.0% | 101.2% | 88.5% | 89.2% | 80.5% |
| Frontline Ltd ($FRO) | 13.7% | 17.2% | -4.6% | 64.5% | 74.6% |
| Global Ports Investments ($GLPR) | 55.1% | 57.1% | 60.3% | 69.6% | 71.2% |
| Zhejiang Expressway Co ($ZHEH) | 52.8% | 49.6% | 51.1% | 53.5% | 58.0% |
| Wisdom Marine Lines Co Limited ($WML) | 60.1% | 56.9% | 52.0% | 52.8% | 55.2% |
| |
|---|
| Median (13 companies) | 45.5% | 29.6% | 24.8% | 29.7% | 21.0% |
|---|
| Yangming Marine Transport Corp ($YMTD) | -3.0% | 2.8% | -2.1% | 4.8% | -0.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Frontline Ltd ($FRO) | 10.2% | 2.5% | 0.5% | 83.6% | 171.4% |
| Dp World Ltd ($0P5M) | 15.1% | 20.6% | 33.4% | 20.7% | 28.9% |
| Center Fr Cargo Cont Trf Trcnt PJSC ($TRCN) | 13.7% | 15.6% | 16.9% | 11.5% | 5.7% |
| Wisdom Marine Lines Co Limited ($WML) | 160.8% | 163.8% | 108.4% | 4.2% | 5.2% |
| Bba Aviation ($BBA) | | 2.3% | 3.2% | 3.7% | 3.8% |
| |
|---|
| Median (13 companies) | 9.5% | 8.0% | 8.8% | 4.2% | 2.6% |
|---|
| Yangming Marine Transport Corp ($YMTD) | 11.0% | 13.1% | 8.2% | 7.0% | 7.7% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Zhejiang Expressway Co ($ZHEH) | 13.3% | 11.2% | 13.3% | 13.2% | 15.3% |
| Global Ports Investments ($GLPR) | 18.5% | 17.0% | 7.1% | 12.1% | 14.6% |
| Dx ($DX.) | 8.2% | 9.3% | 9.6% | 14.5% | 12.8% |
| Frontline Ltd ($FRO) | -3.4% | -1.0% | -8.9% | 7.6% | 12.1% |
| Globaltrans Investment ($GLTR) | 30.3% | 25.5% | 16.3% | 6.4% | 10.3% |
| |
|---|
| Median (13 companies) | 8.4% | 8.4% | 6.3% | 7.2% | 6.7% |
|---|
| Yangming Marine Transport Corp ($YMTD) | -9.2% | -3.1% | -8.2% | -0.1% | -5.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Evergreen Marine Corp(Taiwan) ($EGMD) | | 7.9x | 33.6x | 6.7x | 18.3x |
| Wisdom Marine Lines Co Limited ($WML) | 7.9x | 8.5x | 9.0x | 9.1x | 8.4x |
| Interbulk Group ($INB) | 3.5x | 3.3x | 4.1x | 3.5x | 3.6x |
| Global Ports Investments ($GLPR) | 0.3x | 0.8x | 6.6x | 2.8x | 3.6x |
| Dp World Ltd ($0P5M) | 3.1x | 2.4x | 2.0x | 1.5x | 3.4x |
| |
|---|
| Median (12 companies) | 3.3x | 3.1x | 4.1x | 2.7x | 3.2x |
|---|
