mmc group financial results slide.pdf · 2020. 3. 6. · senai airport terminal –another record...
TRANSCRIPT
MMC GroupFY2015 Financial Results
886 947
1,960
8,766 8,309
5,054
2
KEY HIGHLIGHTS – Improved operational performance
In RM million
Revenue
FY2014 FY2015 assuming Malakoff remained as a subsidiary
FY2015
• Revenue dropped by 42% (-RM3,712mil) mainly due to:
a. Deconsolidation of Malakoff following its listing on 15 May 2015;
b. Absence of substantial sale of land in respect of the overall development of Senai Airport City;
c. Lower work progress recorded from Klang Valley Mass Rapid Transit (KVMRT) Sungai Buloh-Kajang
(SBK);d. Completion of Electrified Double Track project in
November 2014.
42%YoY
Pre-tax profit
>100%YoY
*Including the gain from Malakoff IPO of RM1,344 mil.
*
• Group PBT jumped >100% (RM1,074mil) mainly due to:
a. Gain arising from Malakoff IPO of RM1,344mil; b. Fair value re-measurement in NCB’s investment of
RM143.5 million;c. Higher contribution from Malakoff with the recovery
at Tanjung Bin power plant;d. Higher contribution from Ports & Logistics division
due to increase in throughput handled at PTP coupled with lower operating costs given PTP’s continued cost efficiency and productivity programs.
3
KEY HIGHLIGHTS BY DIVISIONS
Ports & LogisticsEngineering & ConstructionEnergy & Utilities
Revenue +16% PBT +93%
• Higher revenue in-line with
higher volume handled at PTP
and consolidation of NCB.
• Higher PBT largely due to gain
on fair value re-measurement in
NCB’s investment as well as
higher margin at PTP in-line
with continuing cost efficiency
and productivity programs.
• Lower revenue following the
deconsolidation of Malakoff, post
IPO listing.
• Conversely, the segment
recorded a significant increase in
profit before zakat and taxation
primarily due to the exceptional
gain of RM1,344.1 million being
gain on sale of Malakoff shares
following completion of
Malakoff’s IPO listing
Revenue -63% PBT >100% Revenue -13% PBT -44%
• Lower revenue due to lower
work progress recorded from
KVMRT-SBK line project with the
completion of tunneling drive
works in April 2015 and
completion of Electrified Double
Track Project in November 2014.
4
REVENUE BREAKDOWN – Lower contribution from Energy division
Quarter Cumulative
424 556 556
1,482 1,372
287 314
314
111 86
86 1,646 1,907 1,907
5,594 5,299
2,044
1,104 964
964
421 139
139
4Q14 4Q15* FY2015* FY2015FY20144Q15
2,304 2,328
956
8,766
8,309
5,054
Engineering & ConstructionsEnergy & UtilitiesPorts & Logistics Others
FY2015 Revenue breakdown
38%
40%
19%
3%
FY2014 Revenue breakdown
19%
64%
13%
5%
Moving forward MMC will no longer recognize revenue from
Energy & Utilities division as water treatment subsidiary has
been included in ‘others’ segment in accordance with MFRS 8
requirements effective Sept’15.
*Assuming Malakoff remained as a subsidiary
In RM million
254 490 490
647743
1756
311173
173
(326) (459) (459)
5
PBT BREAKDOWN – E&U division propelled by listing gains
FY2015* FY2015FY2014
886
In RM million
947
1,960 #
Note:*Assuming Malakoff remained as a subsidiary#Including gain from Malakoff IPO
PBT breakdown
46%
38%
16%
*Excluding gain from Malakoff IPO
4Q14 4Q15* 4Q15
Ports & Logistics61.0 228.0 228.0
Energy & Uti.208.0 181.0 62.0
Eng. & Consts99.0 12.0 12.0
Others(20.0) (123.0) (123.0)
Total348.0 298.0 179.0
Engineering & ConstructionsEnergy & UtilitiesPorts & Logistics Others
PORTS & LOGISTICS: Handled more container and gateway boxes
6
Note:Consolidation of NCB as an associates (Jan 15 – Nov 15) and as a subsidiary in Dec 15*Inclusive of gain on fair value re-measurement of RM143.5 mil
1,043 1,200
603
618
88
FY2014 FY2015
106 191148
165
134
FY2014 FY2015
PTP JPB NCB
*
1,646
RM261mil
1,907
RM
mill
ion
Revenue
16%
Pre-tax profit
254
490
RM236mil93%
Operational Statistics
Port of Tanjung Pelepas
Volume FY2015Growth (YoY)
Container (mil. TEUs) 9.12 7.0%
Conventional Cargo (in mil. FWT)
FY2015Growth (YoY)
Liquid bulk 12.71 14.9%
Dry bulk 4.35 -10.3%
Break bulk 0.98 13.7%
Total Conventional 18.0 7.5%
Container (in '000 TEUs) 800.5 1.0%
Johor Port Berhad
Northport (M) Bhd
Throughput (in mil. FWT)
FY2015Growth (YoY)
Liquid bulk 2.29 -0.1%
Dry bulk 2.16 2.7%
Break bulk 3.31 13.4%
RORO 0.59 -38.5
Total Conventional 8.35 0.83%
Container (in mil. TEUs) 2.83 10.1%
595 706375
52 3737
7
ENERGY & UTILITIES: De-consolidation effect
Revenue Pre-tax profit
RM million
5,594 5,299
2,044
FY2015* FY2015FY2014
Note:*Assuming Malakoff remained as a subsidiary#Excluding gain on IPO
FY2015* FY2015#FY2014
RM3,550 mil
63% YoY
RM235mil
36% YoY
647743
412
Lower revenue mainly due to de-
consolidation of Malakoff.
Excluding the gain on Malakoff, lower
PBT following the de-consolidation of
Malakoff, post-IPO.
Nevertheless, overall performance at
Malakoff has improved as compared
against FY2014 due to higher
contribution from Tanjung Bin Power
and lower net finance cost.
Remarks
Malakoff Gas Malaysia
311
173
FY2014 FY2015
1,104
964
FY2014 FY2015
8
RM140mil
RM
mill
ion
Revenue
13%
Pre-tax profit
RM138mil44%
Operational Statistics
KVMRT 1 Project Progress
ENGINEERING & CONSTRUCTION: Strong order-book
Projects As at Sept 2015 As at Dec 2015
Tunneling 81.8%84.0%
Elevated 64.6%72.8%
Overall 72.3%77.3%
9
Historical transaction
Company *TransactionAreas (acre)
EcoWorld Sold384
Hersheys Leased (99years)41
IPark Development(AME)
Sold189
Fuji OilLeased (60 years)
25
Total 639
Balance 2,079
SENAI LANDBANK –Continuously unlocking valueSENAI AIRPORT CITY
Total SAC Land: 2,718 acres
*Full revenue and profit recognition for all transactions upon completion of the condition precedents.
10
SENAI AIRPORT TERMINAL –Another record year of passengers handled
Senai Airport Terminal
Operational Statistics
Operational Data FY2015Growth (YoY)
Passengers Traffic ('000)
Domestic 2,227 7.4%
International 355 40.3%
Total 2,582 11.0%
Cargo (tonnage) 5,272 6.9%
1.17 1.22 1.32 1.33 1.80
2.07 2.23
0.14 0.02 0.02 0.05
0.19
0.25
0.36
2009 2010 2011 2012 2013 2014 2015
Domestic International
Passengers handled (2009 – 2015)
1.31 1.241.34
1.38
1.99
2.322.59
11
Note 17: Current Prospects
Ports & Logistics
Growing volumes at PTP and JPB. Additional contribution from NCB which will be consolidated arising from the
completion of the acquisition. Improve operational performance due to operational and cost synergies between
the ports.
Energy & Utilities Group’s revenue and earnings will be reduced as a result of full year impact of the
deconsolidation of Malakoff. However, the division is expected to perform better supported by
a. Improved performance at Malakoffb. Completion of an additional 1,000MW in Tanjung Bin Energy power plant
expected in March 2016c. Higher gas volume sales at Gas Malaysia
Engineering & Construction
Substantial existing order-book anchored by KVMRT SBK Line Other secured project:
Langat 2 Water Treatment Plant Langat Centralized Sewerage Project Infra work for Rapid Pengerang co-generation plant PDP role for KVMRT2 project
The Group remains positive on its prospects, driven by stable performance of its operating companies together with contribution from on-going construction projects.
12
DISCLAIMER
This presentation is not intended to form the basis of any investment decision with respect to MMC Corporation Berhad(MMC). Neither this presentation nor anything contained herein shall form the basis of, or be relied upon in connectionwith, any contract or commitment whatsoever. This Presentation is solely based upon Information of MMC. Norepresentation or warranty, express or implied, is or will be made by MMC in relation to, and no responsibility or liability isor will be accepted by MMC as to the accuracy and completeness of, the Information made available, and any liabilitytherefore is expressly disclaimed.
This Presentation contains “forward-looking statements”. Forward-looking statements by their nature involve known andunknown risks, uncertainties and other factors that are in many cases beyond MMC’s control. Although MMC believes thatthe expectations of its management as reflected by such forward-looking statements are reasonable based on informationcurrently available to it, no assurances can be given that such expectations will prove to have been correct. Accordingly, youare cautioned not to place undue reliance on such forward-looking statements. In any event, these statements speak only asof their dates, and MMC undertakes no obligation to update or revise any of them., whether as a result of new information,future events or otherwise.
This presentation and its contents are strictly confidential and must not be copied, reproduced, distributed, summarized,disclosed referred or passed on to others at any time without the prior written consent of MMC.
Investor Relations | www.mmc.com.my
13
Thank You
Group Strategy | Investor RelationsMMC Corporation Berhad
+603 2071 1122 [email protected]