Financial Results : Savola Group posts SAR 451 mln loss in FY16

Savola Group posts SAR 451 mln loss in FY16

19/01/2017 Argaam Exclusive

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Savola Group, Saudi Arabia’s largest food producer, swung to a net loss of SAR 451.3 million in fiscal year 2016, compared to a profit of SAR 1.8 billion in the previous year.

 

The company attributed losses to a SAR 302 million impairment of assets and goodwill related to Egypt operations in Savola Foods Company, inventory reduction costs in Panda Retail Company, and a SAR 272 million impairment in the group’s non-core investments.

 

The company also cited lower share of net income from an associate, lower margins in the retail sector and a one-time charge to reduce inventory, along with increased financial charges mainly due to currency exchange losses and higher zakat and income tax.



Financials (M)

Item 2015 2016 Change‬
Revenues 25,125.60 26,330.80 4.8 %
Gross Income 5,025.39 4,652.96 (7.4 %)
Operating Income 989.26 344.50 (65.2 %)
Net Income 1,791.75 (363.29) (120.3 %)
Average Shares 241.05 241.05 -
Earnings Per Share before unusual items (Riyals) 5.64 1.60 (71.6 %)
EPS (Riyal) 7.43 (1.51) (120.3 %)

The company turned to a net loss of SAR 964.3 million in Q4 versus a profit of SAR 515.3 million in the same period last year, also due to impairment of assets and goodwill related to Egypt operations, lower margins in the retail sector, and higher losses in United Sugar Company-Egypt.

 

Savola had posted a net profit of SAR 173.4 million in Q3-2016.   



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 6,261.83 6,613.95 5.6 %
Gross Income 1,274.13 864.48 (32.2 %)
Operating Income 189.68 (228.79) (220.6 %)
Net Income 515.32 (915.70) (277.7 %)
Average Shares 241.05 241.05 -
Earnings Per Share before unusual items (Riyal) 1.31 (1.32) (200.7 %)
EPS (Riyal) 2.14 (3.80) (277.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 2,247.62 16.9 % 378.12 18.6 % 103.94 20.2 %
Q2 2007 2,752.38 28.2 % 410.19 8.8 % 39.90 (50.1 %)
Q3 2007 2,779.50 8.6 % 463.44 2.0 % 142.74 4.6 %
Q4 2007 2,630.03 6.7 % 451.93 15.1 % 120.79 (31.4 %)
Q1 2008 2,996.43 33.3 % 481.74 27.4 % 95.58 (8.0 %)
Q2 2008 3,312.54 20.4 % 549.44 33.9 % 157.35 294.4 %
Q3 2008 3,919.41 41.0 % 511.13 10.3 % 117.37 (17.8 %)
Q4 2008 3,593.00 36.6 % 272.02 (39.8 %) (144.50) (219.6 %)
Q1 2009 3,635.04 21.3 % 616.32 27.9 % 149.77 56.7 %
Q2 2009 4,356.80 31.5 % 776.33 41.3 % 211.70 34.5 %
Q3 2009 5,103.67 30.2 % 947.50 85.4 % 374.01 218.7 %
Q4 2009 4,821.69 34.2 % 767.16 182.0 % 209.47 245.0 %
Q1 2010 4,778.78 31.5 % 804.53 30.5 % 177.30 18.4 %
Q2 2010 4,868.07 11.7 % 709.82 (8.6 %) 135.85 (35.8 %)
Q3 2010 5,657.53 10.9 % 906.14 (4.4 %) 297.28 (20.5 %)
Q4 2010 5,725.10 18.7 % 994.74 29.7 % 331.52 58.3 %
Q1 2011 5,641.74 18.1 % 866.33 7.7 % 209.35 18.1 %
Q2 2011 6,312.58 29.7 % 959.88 35.2 % 277.91 104.6 %
Q3 2011 6,816.63 20.5 % 981.97 8.4 % 307.72 3.5 %
Q4 2011 6,424.75 12.2 % 1,162.55 16.9 % 468.45 41.3 %
Q1 2012 6,588.97 16.8 % 995.71 14.9 % 315.15 50.5 %
Q2 2012 6,989.08 10.7 % 1,193.39 24.3 % 449.42 61.7 %
Q3 2012 6,869.78 0.8 % 1,161.19 18.3 % 432.29 40.5 %
Q4 2012 6,943.66 8.1 % 1,411.28 21.4 % 607.10 29.6 %
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 601.26 90.8 %
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 479.79 6.8 %
Q3 2013 6,320.13 (8.0 %) 1,167.37 0.5 % 399.06 (7.7 %)
Q4 2013 5,047.40 (27.3 %) 951.93 (32.5 %) 249.23 (58.9 %)
Q1 2014 6,240.84 (13.2 %) 1,092.94 (21.4 %) 297.17 (50.6 %)
Q2 2014 7,336.58 9.1 % 1,251.38 (1.0 %) 402.68 (16.1 %)
Q3 2014 6,150.04 (2.7 %) 1,150.73 (1.4 %) 362.59 (9.1 %)
Q4 2014 6,860.38 35.9 % 1,368.67 43.8 % 414.67 66.4 %
Q1 2015 6,223.71 (0.3 %) 1,159.16 6.1 % 227.93 (23.3 %)
Q2 2015 7,036.49 (4.1 %) 1,353.24 8.1 % 326.05 (19.0 %)
Q3 2015 5,603.56 (8.9 %) 1,238.87 7.7 % 245.60 (32.3 %)
Q4 2015 6,261.83 (8.7 %) 1,274.13 (6.9 %) 189.68 (54.3 %)
Q1 2016 6,421.75 3.2 % 1,273.15 9.8 % 242.12 6.2 %
Q2 2016 7,140.78 1.5 % 1,332.79 (1.5 %) 217.40 (33.3 %)
Q3 2016 6,154.31 9.8 % 1,182.55 (4.5 %) 113.77 (53.7 %)
Q4 2016 6,613.95 5.6 % 864.48 (32.2 %) (228.79) (220.6 %)
2016 26,330.80 4.8 % 4,652.96 (7.4 %) 344.50 (65.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2007 137.46 1.2 % 0.61 - 137.46 0.61
Q2 2007 763.77 210.5 % 3.38 - 763.77 3.38
Q3 2007 151.39 (71.6 %) 0.67 - 151.39 0.67
Q4 2007 177.41 (23.9 %) 0.79 - 177.41 0.79
Q1 2008 250.48 82.2 % 1.11 - 250.48 1.11
Q2 2008 257.69 (66.3 %) 1.14 - 257.69 1.14
Q3 2008 158.04 4.4 % 0.70 - 158.04 0.70
Q4 2008 (463.85) (361.5 %) (2.06) - (463.85) (2.06)
Q1 2009 192.55 (23.1 %) 0.85 - 192.55 0.85
Q2 2009 212.50 (17.5 %) 0.94 - 212.50 0.94
Q3 2009 277.89 75.8 % 1.23 - 277.89 1.23
Q4 2009 268.62 157.9 % 1.19 318.12 (49.50) (0.22)
Q1 2010 394.04 104.6 % 1.75 198.06 195.98 0.87
Q2 2010 207.65 (2.3 %) 0.92 1.01 206.64 0.92
Q3 2010 282.99 1.8 % 1.25 1.90 281.10 1.25
Q4 2010 2.02 (99.2 %) 0.01 (117.84) 119.86 0.53
Q1 2011 165.16 (58.1 %) 0.73 - 165.16 0.73
Q2 2011 230.74 11.1 % 1.02 - 230.74 1.02
Q3 2011 307.89 8.8 % 1.36 - 307.89 1.36
Q4 2011 498.59 24607.3 % 2.21 152.78 345.81 1.53
Q1 2012 242.31 46.7 % 1.07 - 242.31 1.07
Q2 2012 341.32 47.9 % 1.51 - 341.32 1.51
Q3 2012 405.22 31.6 % 1.80 - 405.22 1.80
Q4 2012 413.36 (17.1 %) 1.83 46.65 366.71 1.62
Q1 2013 295.20 21.8 % 1.29 - 295.20 1.29
Q2 2013 387.76 13.6 % 1.69 - 387.76 1.69
Q3 2013 457.36 12.9 % 1.99 - 457.36 1.99
Q4 2013 564.16 36.5 % 2.46 200.93 363.23 1.58
Q1 2014 423.26 43.4 % 1.76 5.02 418.24 1.74
Q2 2014 513.27 32.4 % 2.13 35.95 477.33 1.98
Q3 2014 701.43 53.4 % 2.91 205.74 495.69 2.06
Q4 2014 434.36 (23.0 %) 1.80 (54.13) 488.48 2.03
Q1 2015 470.51 11.2 % 1.95 227.39 243.12 1.01
Q2 2015 434.37 (15.4 %) 1.80 (0.67) 435.03 1.80
Q3 2015 371.56 (47.0 %) 1.54 5.72 365.84 1.52
Q4 2015 515.32 18.6 % 2.14 199.19 316.13 1.31
Q1 2016 119.38 (74.6 %) 0.50 (107.31) 226.69 0.94
Q2 2016 253.52 (41.6 %) 1.05 (42.26) 295.78 1.23
Q3 2016 179.51 (51.7 %) 0.74 (3.13) 182.64 0.76
Q4 2016 (915.70) (277.7 %) (3.80) (597.46) (318.23) (1.32)
2016 (363.29) (120.3 %) (1.51) (750.15) 386.87 1.60

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 17.01 % 8.21 % 11.04 %
Q2 2007 16.31 % 8.57 % 15.54 %
Q3 2007 16.05 % 8.40 % 11.47 %
Q4 2007 16.37 % 7.79 % 11.82 %
Q1 2008 16.20 % 7.36 % 12.04 %
Q2 2008 16.61 % 7.05 % 7.14 %
Q3 2008 15.51 % 6.35 % 6.56 %
Q4 2008 13.13 % 7.49 % 1.46 %
Q1 2009 13.48 % 7.68 % 1.00 %
Q2 2009 14.03 % 8.25 % 0.64 %
Q3 2009 15.65 % 9.45 % 1.31 %
Q4 2009 17.34 % 9.16 % 3.54 %
Q1 2010 17.29 % 8.89 % 3.34 %
Q2 2010 16.50 % 8.17 % 3.22 %
Q3 2010 15.84 % 7.64 % 3.15 %
Q4 2010 16.24 % 8.34 % 3.82 %
Q1 2011 15.88 % 8.17 % 3.53 %
Q2 2011 15.97 % 8.13 % 3.41 %
Q3 2011 15.52 % 7.78 % 3.36 %
Q4 2011 15.76 % 7.23 % 4.17 %
Q1 2012 15.68 % 7.39 % 4.31 %
Q2 2012 16.16 % 7.80 % 4.61 %
Q3 2012 16.79 % 8.26 % 4.97 %
Q4 2012 17.38 % 8.64 % 4.95 %
Q1 2013 18.42 % 9.48 % 5.03 %
Q2 2013 18.85 % 9.69 % 5.25 %
Q3 2013 19.25 % 9.79 % 5.55 %
Q4 2013 18.88 % 9.44 % 5.95 %
Q1 2014 18.40 % 8.63 % 6.69 %
Q2 2014 17.89 % 8.17 % 6.88 %
Q3 2014 17.95 % 8.18 % 7.08 %
Q4 2014 18.29 % 7.92 % 7.07 %
Q1 2015 18.55 % 7.64 % 6.42 %
Q2 2015 19.15 % 7.48 % 6.33 %
Q3 2015 19.90 % 7.24 % 5.96 %
Q4 2015 20.00 % 6.42 % 5.41 %
2015 20.00 % 6.42 % 5.41 %
Q1 2016 20.29 % 6.53 % 5.31 %
Q2 2016 20.13 % 6.32 % 4.74 %
Q3 2016 19.49 % 5.49 % 3.93 %
Q4 2016 17.67 % 4.04 % 1.47 %
2016 17.67 % 4.04 % 1.47 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2007 225.71 5.10 4.61 27.67
Q2 2007 225.71 7.39 6.90 29.10
Q3 2007 225.71 5.70 5.21 29.76
Q4 2007 225.71 5.45 5.45 31.71
Q1 2008 225.71 5.95 5.95 31.14
Q2 2008 225.71 3.71 3.71 32.33
Q3 2008 225.71 3.74 3.74 30.66
Q4 2008 225.71 0.90 0.90 28.31
Q1 2009 225.71 0.64 0.64 28.69
Q2 2009 225.71 0.44 0.44 29.08
Q3 2009 225.71 0.97 0.97 29.67
Q4 2009 225.71 4.22 2.81 30.84
Q1 2010 225.71 5.11 2.82 32.64
Q2 2010 225.71 5.09 2.80 31.53
Q3 2010 225.71 5.11 2.81 32.05
Q4 2010 225.71 3.93 3.56 31.10
Q1 2011 225.71 2.91 3.42 31.07
Q2 2011 225.71 3.02 3.53 31.65
Q3 2011 225.71 3.13 3.65 32.25
Q4 2011 225.71 5.33 4.65 34.21
Q1 2012 225.71 5.67 4.99 36.71
Q2 2012 225.71 6.16 5.48 35.23
Q3 2012 225.71 6.59 5.91 36.09
Q4 2012 225.71 6.21 6.01 36.71
Q1 2013 229.55 6.34 6.14 35.32
Q2 2013 229.55 6.54 6.34 35.91
Q3 2013 229.55 6.77 6.57 36.87
Q4 2013 229.55 7.43 6.55 40.04
Q1 2014 241.05 7.60 6.75 41.12
Q2 2014 241.05 8.12 7.12 41.02
Q3 2014 241.05 9.14 7.28 42.88
Q4 2014 241.05 8.60 7.80 41.34
Q1 2015 241.05 8.79 7.07 41.91
Q2 2015 241.05 8.47 6.90 43.46
Q3 2015 241.05 7.10 6.36 42.62
Q4 2015 241.05 7.43 5.64 43.77
Q1 2016 241.05 5.98 5.57 40.83
Q2 2016 241.05 5.23 5.00 41.13
Q3 2016 241.05 4.43 4.24 40.99
Q4 2016 241.05 (1.51) 1.60 34.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2007 4.95 5.47 0.91
Q2 2007 3.26 3.49 0.83
Q3 2007 4.21 4.60 0.81
Q4 2007 5.49 5.49 0.94
Q1 2008 4.53 4.53 0.86
Q2 2008 8.16 8.16 0.94
Q3 2008 6.48 6.48 0.79
Q4 2008 22.54 22.54 0.71
Q1 2009 26.62 26.62 0.59
Q2 2009 42.26 42.26 0.64
Q3 2009 24.43 24.43 0.80
Q4 2009 5.98 8.99 0.82
Q1 2010 5.84 10.57 0.91
Q2 2010 5.75 10.46 0.93
Q3 2010 5.59 10.16 0.89
Q4 2010 6.80 7.51 0.86
Q1 2011 7.99 6.81 0.75
Q2 2011 7.53 6.43 0.72
Q3 2011 6.94 5.95 0.67
Q4 2011 4.50 5.15 0.70
Q1 2012 5.07 5.75 0.78
Q2 2012 4.71 5.29 0.82
Q3 2012 4.90 5.47 0.90
Q4 2012 5.38 5.56 0.91
Q1 2013 5.38 5.55 0.98
Q2 2013 6.03 6.22 1.12
Q3 2013 6.49 6.69 1.21
Q4 2013 6.94 7.87 1.23
Q1 2014 6.92 7.79 1.28
Q2 2014 6.65 7.58 1.32
Q3 2014 7.12 8.93 1.52
Q4 2014 7.16 7.89 1.49
Q1 2015 6.08 7.56 1.28
Q2 2015 6.32 7.76 1.23
Q3 2015 6.39 7.13 1.06
Q4 2015 5.29 6.96 0.90
Q1 2016 5.46 5.86 0.80
Q2 2016 5.46 5.71 0.69
Q3 2016 5.63 5.88 0.61
Q4 2016 NEG 19.55 0.92

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Investments Manufacturing & Whole sale sector Disposals
Q1 2006 - 700.35 - 1.14 1,221.22 -
Q2 2006 - 770.00 - (1.14) 1,378.91 -
Q3 2006 - 869.50 - - 1,690.81 -
Q4 2006 - 821.28 - - 1,644.62 -
Q1 2007 - 843.56 - 3.19 1,400.87 -
Q2 2007 - 934.88 - (0.79) 1,818.30 -
Q3 2007 - 1,201.16 - 6.11 1,572.23 -
Q4 2007 - 1,245.18 - (3.68) 1,388.53 -
Q1 2008 - 1,216.75 - - 1,779.67 -
Q2 2008 - 1,315.45 - 20.17 1,976.92 -
Q3 2008 - 1,614.46 - 10.08 2,294.87 -
Q4 2008 - 1,972.98 - (30.25) 1,650.27 -
Q1 2009 - 1,835.58 - - 1,799.46 -
Q2 2009 - 1,895.71 - - 2,461.09 -
Q3 2009 - 2,108.28 - - 2,995.40 -
Q4 2009 - 2,080.53 - - 2,741.16 -
Q1 2013 4,386.49 2,606.25 - 19.29 - (71.22)
Q2 2013 3,859.23 2,635.50 - 19.29 - (95.20)
Q3 2013 3,241.41 2,813.52 - 19.29 - (59.03)
Q4 2013 3,065.27 2,869.33 - 83.10 - (111.80)
Q1 2014 3,463.82 2,818.18 - 16.37 - (57.53)
Q2 2014 4,119.66 3,283.45 - 15.32 - (81.85)
Q3 2014 3,336.91 2,868.20 - 15.33 - (70.40)
Q4 2014 3,671.56 3,234.54 - 80.15 - (125.88)
Q1 2015 3,086.66 3,192.49 - 14.69 - (70.13)
Q2 2015 3,369.06 3,781.59 - 14.69 - (128.85)
Q3 2015 2,553.93 3,091.95 - 14.69 - (57.01)
Q4 2015 2,802.55 3,466.70 - 100.78 - (108.20)
Q1 2016 2,924.81 3,271.22 283.55 13.75 - (71.58)
Q2 2016 3,102.65 3,873.85 277.73 13.75 - (127.20)
Q3 2016 2,717.25 3,174.73 315.17 13.75 - (66.58)
Q4 2016 3,142.01 3,252.58 280.23 96.36 - (157.23)

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 73.00 (915.70) (318.23)

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
SNB Capital 46.00 (915.70) (318.23)
Al Rajhi Capital 75.00 (915.70) (318.23)
Albilad Capital 98.00 (915.70) (318.23)


Financial Ratios
Current
Market Cap (M Riyal) 7,566.01
Enterprise Value (EV) (M Riyal) 9,320.83
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 32.62
Book Value (BV) ( Riyal) 16.33
Par Value ( Riyal) 10.00
Recurring P/E 29.92
P/E (TTM) 0.77
Price/book 1.54
Return on Average Assets (%) (TTM) 39.9
Return on Average Equity (%) (TTM) 145.3
EV/adj EBITDA 4.50
EV/Revenues 0.36
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Share Price

Savola Group
25.22
0.14 0.56 %

Savola Group (SAVOLA GROUP)

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