amtek engineering ltd
TRANSCRIPT
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Amtek Engineering Ltd
3QFY15
1
Financial Performance
2
21.5
31.9
21.8 18.5 17.5
12.1
1.0 - 2.2 8.5
67.4
36.9
29.1
17.9 18.3
10.2
24.4
13.1
7.1
15.1
Automotive Networking andEnterprise Server
Enclosures
Industrial Products Consumer Electronics Mass Storage Imaging & Printing Telecommunications Industrial Electronics Medical and LifeSciences
Others
3QFY14
3QFY15
18.9
72.1
42.0
128.1 12.8%
17.3%15.0%
17.5%
3Q YTDFY14 FY15 Gross Profit
Overview of 3QFY15 operating results
Revenue(US$M) (US$M)
Gross Profit
122%78%
65%
52%
214%
229%
-10%
78%
5%
34%
146.9
481.1
242.6
731.1
3Q YTDFY14 FY15
Discontinued Enclosures Business (US$9.0M)
-3%
-16%
3
Revenue Breakdown by Industry Segment (YTD FY15 vs YTD FY14)
(In US$M)FY15 Revenue FY14 Revenue
9%
17%
8%
5%
5%
12%
25%
1% 3%
9%
6%
13%
29%
12%
8%0%
14%
13%
2%
2%1%
6%
Consumer Electronics
Networking and Enterprise Servers
Mass Storage
Imaging & Printing
Industrial Electronics
Industrial Products
Automotive
Infotainment
Medical and Life Sciences
Telecommunications
Others
4
Overview of 3QFY15 operating results
Profit Before Tax (US$M) (US$M)
Profit After Tax
Note: NRI and NC refers to net non-recurring items where the non-recurring gains (related to disposal of other investment) and non-recurring losses (mostly acquisition related professional fees) as well as negative carry of interest expense for Jul 2014 (US$1.0M) in FY15. For FY14, non-recurring losses relates to restructuring expenses.
3.8
13.8
22.7
42.3
(1.6)
(0.4)
(2.3) (6.1)
1.5%
5.5%
4.2%
4.9%
2.6%
5.7%
4.7%
5.8%
3QFY14 3QFY15 YTD FY14 YTD FY15
Normalised PBT NCI & NC
PBT Margin Normalised PBT Margin
3.2
11.0
18.2
32.2
(1.6)
(0.4)
(2.3)(6.1)
1.1%
4.3%
3.3%3.6%
2.2%
4.5%
3.8%
4.4%
3QFY14 3QFY15 YTD FY14 YTD FY15
Normalised PAT NCI & NC
PAT Margin Normalised PAT Margin
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Profit and Loss Highlights
US$’M
3Q YTD
FY15 FY14 FY15 FY14
Revenue 242.6 146.9 731.1 481.1
Gross Profit 42.0 18.9 128.1 72.1
GP Margin 17.3% 12.8% 17.5% 15.0%
EBITDA 26.5 10.0 81.2 40.2
EBITDA Margin 10.9% 6.8% 11.1% 8.4%
Profit Before Tax 13.4 2.3 36.2 20.4
PBT Margin 5.5% 1.5% 4.9% 4.2%
Profit After Tax 10.5 1.6 26.1 15.9
PAT Margin 4.3% 1.1% 3.6% 3.3%
Earnings per share (US cts)
- Basic 1.9 0.3 4.7 2.9
- Diluted 1.8 0.3 4.6 2.9
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Balance Sheet Highlights
US$M As at 31 Mar 2015 As at 30 Jun 2014
Total assets 832.0 600.3
Inventories 82.6 48.4
Trade receivables 225.8 140.0
Cash & cash equivalents, net of o/d 100.0 229.2
Non-current assets 370.6 152.8
Total liabilities (663.1) (423.3)
Total Debt (317.6) (261.8)
Non-current liabilities # (231.0) (168.3)
Total equity 168.9 177.0
Net Debt (217.6) (32.6)
# Includes non-current portion of loans and borrowings and finance lease obligations@ The figures presented above represent salient information from the Balance Sheet and will not sum downwards
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Cash Flows Highlights
Note: Figures above may not sum downwards due to rounding.
US$’M 3QFY15 3QFY14 YTD FY15 YTD FY14
Cash generated from operations 26.0 10.8 56.9 55.1
Net cash generated from operatingactivities
20.3 7.9 33.5 46.5
Net cash used in investing activities (9.4) (4.9) (165.0) (20.1)
Net cash used in financing activities (8.2) 96.1 18.9 67.6
Net effect of exchange rate changes (9.5) (1.3) (16.6) (2.2)
Net change in cash & cash equivalents (6.8) 97.7 (129.2) 91.8
Beginning cash and cash equivalents 106.7 87.2 229.2 93.1
Ending cash and cash equivalents 100.0 184.9 100.0 184.9
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Key Ratios
As at 31 Mar 2015 As at 30 Jun 2014
NAV per share (US$)# 0.31 0.32
Inventory turnover days ^ 50 44
Trade receivables turnover days ^ 91 81
Trade payables turnover days ^ 88 99
Cash conversion cycle days ^ 53 26
# Based on 545,518,193 shares (FY14: 544,925,133)^ Includes the extrapolated operating results of Interplex for Aug and Sep 2014