Australian Vintage Ltd. :AUVGY-US: Earnings Analysis: For the six months ended December 31, 2016 : March 1, 2017
March 1, 2017 by CapitalCube Get free summary analysis
Australian Vintage Ltd. reports financial results for the half-year ended December 31, 2016.
We analyze the earnings along side the following peers of Australian Vintage Ltd. – Truett-Hurst, Inc. Class A and Compania Cervecerias Unidas S.A. Sponsored ADR (THST-US and CCU-US) that have also reported for this period. Highlights
Summary numbers: Revenues of USD 89.96 million, Net Earnings of USD 1.20 million.
Gross margins widened from 25.56% to 25.96% compared to the same period last year, operating (EBITDA) margins now 4.88% from 6.26%.
Earnings growth due to contribution of one-time items.
The table below shows the preliminary results and recent trends for key metrics such as revenues and net income growth:
2016-12-31
2016-06-30
2015-12-31
2015-06-30
2014-12-31
1
Relevant Numbers (Semi-Annual)
2
Revenues
89.96
82.79
93.75
85.39
108.14
3
Revenue Growth (YOY)
-4.05
-3.05
-13.31
-15.08
12
4
Earnings
1.2
2.97
-4.35
3.85
3.95
5
Earnings Growth (YOY)
127.66
-22.71
-210.19
-35.4
6.32
6
Net Margin
1.34
3.59
-4.64
4.5
3.65
7
EPS
0.26
0.64
-0.94
0.83
0.84
8
Return on Equity
1.17
2.79
-4.02
3.35
3.12
9
Return on Assets
0.75
1.76
-2.53
2.13
1.95
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Market Share Versus Profits
AUVGY-US‘s change in revenue this period compared to the same period last year of -4.05% is almost the same as its change in earnings, and is about average among the announced results thus far in its peer group, suggesting that AUVGY-US is holding onto its market share. Also, for comparison purposes, revenues changed by 8.66% and earnings by -59.48% compared to the immediate last period. Quadrant label definitions. Hover to know more Leader, Earnings Focus, Laggard, Revenues Focus
Earnings Growth Analysis
The company’s earnings growth has been influenced by the year-on-year improvement in gross margins from 25.56% to 25.96%. However the company’s overhead costs have prevented it from fully capitalizing on these gross margin improvements. In fact, the company’s operating margins (EBITDA margins) showed no improvement over the same period last year. Quadrant label definitions. Hover to know more Differentiated; Low Cost, Commodity; Low Cost, Commodity; High Cost, Differentiated; High Cost
Margins
The company’s operating (EBIT) margins contracted from 6.26% to 4.47%. In spite of this, the company’s earnings rose. This was influenced primarily by one-time items, which improved pretax margins from -6.58% to 1.95%. Quadrant label definitions. Hover to know more Operation driven Earnings, One-time Favorables, Low Earnings Base, One-time Unfavorables
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Company Profile
Australian Vintage Ltd. engages in manufacturing and maintaining wines and vineyards. The company operates through the following segments: Australia / North America Packaged, UK / Europe, Cellar Door, Australasia / North America bulk wine and processing and Vineyards. The Australia / North America Packaged segment supplies packaged wine within Australia, New Zealand, Asia and North America through retail and wholesale channels. The UK / Europe segment supplies wine direct to the consumer through regional outlets. The Cellar Door segment supplies wine directly to the consumer through regional outlets. The Australasia / North America Bulk Wine and Processing segment supplies bulk wine, concentrate and winery processing services throughout Australia, New Zealand, Asia and North America. The Vineyards segment provides vineyard management and maintenance services within Australia and includes biological assets income. The company brands are McGuigan Wines, Mirand, Tempus Two, Passion Pop, Nepenthe. Australian Vintage was founded on May 30, 1991 and is headquartered in Adelaide, Australia.
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