Kakuzi reports 29.4 pp EBITDA Margin decline from 29.4% to in 2016
29 Mar 2017 • About Kakuzi (
$KAKU) • By InTwits
Kakuzi reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Kakuzi ($KAKU) key annual financial indicators
| mln. KES | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,565 | 1,384 | 1,690 | 2,482 | 2,651 | 6.8% |
| Gross Profit | 670 | 412 | 557 | 1,221 | | -100.0% |
| SG&A | | | 487 | 655 | | -100.0% |
| EBITDA | 439 | 207 | 199 | 729 | | -100.0% |
| Net Income | 379 | 165 | 160 | 528 | 562 | 6.6% |
Balance Sheet
|
|---|
| Cash | 898 | 905 | 974 | 1,175 | | -100.0% |
| Short Term Debt | 0 | 0 | 0 | 0 | | |
| Long Term Debt | 0 | 0 | 0 | 0 | | |
Cash flow
|
|---|
| Capex | 315 | 288 | 371 | 618 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 0.3% | -11.5% | 22.1% | 46.9% | 6.8% | |
| EBITDA growth | -35.6% | -52.9% | -3.5% | 266.0% | | |
| Gross Margin | 42.8% | 29.8% | 33.0% | 49.2% | | -49.2% |
| EBITDA Margin | 28.0% | 14.9% | 11.8% | 29.4% | 0.0% | -29.4% |
| Net Income Margin | 24.2% | 11.9% | 9.5% | 21.3% | 21.2% | -0.0% |
| SG&A, % of revenue | | | 28.8% | 26.4% | | -26.4% |
| CAPEX, % of revenue | 20.1% | 20.8% | 22.0% | 24.9% | | -24.9% |
| ROIC | 11.4% | 4.7% | 4.3% | 17.4% | | -17.4% |
| ROE | 14.3% | 5.8% | 5.4% | 16.4% | | -16.4% |
| Net Debt/EBITDA | -2.0x | -4.4x | -4.9x | -1.6x | | 1.6x |
Revenue and profitability
The company's Revenue increased on 6.8% in FY2016.
Net Income marign showed almost no change in FY2016.
Appendix 1: Peers in Food Producers
Below you can find Kakuzi benchmarking vs. other companies in Food Producers 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 |
|---|
| Fyffes ($FFY) | 18.9% | 6.6% | 2.0% | 15.6% | |
| Cherkizovo Group OJSC ($CHE) | | 8.1% | 31.5% | 11.1% | 7.0% |
| Glanbia ($GLB) | | 7.7% | 6.6% | 9.3% | 2.7% |
| Kerry Group ($KYGA) | | -0.2% | -1.4% | 6.1% | 0.4% |
| Ros Agro ($AGRO) | | 8.2% | 78.6% | 4.1% | 13.3% |
| |
|---|
| Median (20 companies) | 18.9% | 6.6% | -4.1% | -5.3% | 2.7% |
|---|
| Kakuzi ($KAKU) | | -11.5% | 22.1% | 46.9% | 6.8% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Walcom Group Ltd ($WALG) | 62.6% | 63.2% | 62.2% | 60.5% | |
| Narborough Plantations ($NBP) | 64.9% | 55.5% | 59.7% | 54.6% | 56.2% |
| Zambeef Products ($ZAM) | 33.6% | 34.5% | 33.7% | 43.2% | 36.3% |
| Ros Agro ($AGRO) | 28.8% | 22.1% | 33.6% | 42.1% | 30.4% |
| Produce Investments ($PIL) | 27.9% | 25.0% | 33.5% | 36.4% | 37.9% |
| |
|---|
| Median (18 companies) | 28.8% | 22.0% | 26.8% | 23.4% | 26.6% |
|---|
| Kakuzi ($KAKU) | 42.8% | 29.8% | 33.0% | 49.2% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Mhp Sa ($MHPC) | 33.2% | 26.1% | 37.0% | 38.8% | 37.0% |
| Narborough Plantations ($NBP) | 58.1% | 42.5% | 39.6% | 37.4% | 40.8% |
| Ros Agro ($AGRO) | 20.6% | 15.5% | 28.1% | 34.6% | 23.7% |
| R.E.A.Hldgs ($RE.B) | 35.3% | 34.0% | 33.2% | 31.1% | |
| Tongaat Hulett Ltd ($THL) | 18.7% | 18.2% | 19.0% | 16.5% | 14.5% |
| |
|---|
| Median (20 companies) | 9.9% | 8.7% | 8.7% | 8.8% | 11.2% |
|---|
| Kakuzi ($KAKU) | 28.0% | 14.9% | 11.8% | 29.4% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| R.E.A.Hldgs ($RE.B) | 40.3% | 10.9% | 11.8% | 17.4% | |
| Avangardco Investments Public Ltd ($AVGR) | 51.1% | 28.0% | 18.4% | 16.2% | 6.9% |
| Zambeef Products ($ZAM) | 9.2% | 4.6% | 4.8% | 15.9% | 7.5% |
| Ros Agro ($AGRO) | 20.0% | 10.5% | 7.3% | 15.3% | 19.7% |
| Asian Citrus Hldgs ($ACHL) | 19.3% | 28.6% | 17.7% | 14.3% | |
| |
|---|
| Median (20 companies) | 6.1% | 4.3% | 4.8% | 5.1% | 6.4% |
|---|
| Kakuzi ($KAKU) | 20.1% | 20.8% | 22.0% | 24.9% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ros Agro ($AGRO) | 7.2% | 4.0% | 23.8% | 23.2% | 11.1% |
| Origin Enterprises ($OGN) | 13.2% | 15.3% | 16.9% | 20.1% | 15.3% |
| Mhp Sa ($MHPC) | 18.4% | 11.2% | 17.6% | 17.6% | 16.1% |
| Kerry Group ($KYGA) | 10.6% | 5.2% | 16.6% | 15.8% | 13.1% |
| Fyffes ($FFY) | 16.4% | 17.2% | 18.5% | 14.7% | |
| |
|---|
| Median (20 companies) | 12.3% | 8.6% | 12.0% | 8.2% | 7.8% |
|---|
| Kakuzi ($KAKU) | 11.4% | 4.7% | 4.3% | 17.4% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| R.E.A.Hldgs ($RE.B) | 3.1x | 4.4x | 3.9x | 7.2x | |
| Tate & Lyle ($BD15) | 1.0x | 1.2x | 1.2x | 4.0x | 1.8x |
| Real Good Food ($RGD) | | 2.5x | 5.7x | 3.2x | 1.3x |
| Cherkizovo Group OJSC ($CHE) | 2.7x | 4.4x | 1.6x | 3.1x | 3.8x |
| Zambeef Products ($ZAM) | 6.3x | 4.7x | 4.8x | 3.0x | 1.8x |
| |
|---|
| Median (17 companies) | 1.4x | 1.7x | 1.7x | 1.8x | 1.8x |
|---|
| Kakuzi ($KAKU) | -2.0x | -4.4x | -4.9x | -1.6x | |
