Gamuda Berhad Scaling New Heights Q4 2012 INVESTORS BRIEFING 27 September 2012
INCOME STATEMENT SUMMARY (RMmil) FYE July 2012 FYE July 2011 Change (%) 3,087.0 2,673.2 +15 rofit from operations (EBIT) 584.5 380.9 +53 Finance Costs (62.4) (58.8) +6 Share of associates (net of tax) 206.1 222.4-7 rofit before tax 728.2 544.5 +34 Tax (162.2) (111.6) +45 Minority Interests (18.7) (7.5) +148 Net profit attributable to equity holders 547.3 425.4 +29 Fully diluted ES (sen) 25.6 19.8 Dividend per share (sen) 12.0 12.0 EBIT margins (%) 18.9 14.2 BT margins (%) 23.6 20.4 Revenue
BALANCE SHEET SUMMARY (RMmil) As at 31 July 12 As at 31 July 11 Current Assets 5,218.2 4,545.6 Current Liabilities 3,095.6 2,166.4 1.7x 2.1x Total borrowings 2,182.3 1,949.7 Cash and marketable securities 1,616.5 1,385.6 Net cash (565.8) (564.1) Share capital 2,079.4 2,064.8 Reserves 1,968.6 1,621.7 Equity attributable to equity holders 4,048.0 3,686.6 Net gearing (overall) 14% 15% Net assets per share (RM) 1.95 1.79 Current Ratio
QUARTERLY SEGMENTAL ROFITS (RMmil) Q411 Q112 Q212 Q312 Q4 `12 Q4 `11 +/- Construction & Eng 41.3 43.5 58.5 58.8 61.2 41.3 +48 roperties 38.9 58.8 71.8 79.6 76.0 38.9 +95 Concessions 70.9 64.8 58.0 57.6 39.5 70.9-44 Group retax rofit 151.1 167.1 188.3 196.0 176.7 151.1 +17 Group Net rofit 126.2 132.3 136.5 138.0 140.5 126.2 +11 retax Margins (YTD) YTD Segmentals (RMmil) FY `12 FY `11 +/- % FY `12 FY `11 Construction 222.0 143.3 +55 Construction 11.7 7.8 roperties 286.2 149.9 +91 roperties 26.8 21.3 Concessions 220.0 251.3-12 Concessions n.m. n.m. Group BT 728.2 544.5 +34 Group BT 23.6 20.4
KEY HIGHLIGHTS Second consecutive record-breaking year revenues broke the RM3bn mark (+15%); net profit just shy of RM550m (+29%); driven by construction and properties KVMRT 90% awarded civil works fully awarded, non-civil works almost 65% awarded, works momentum fast gaining traction Focusing on new projects for 2013 potential for >RM10bn new order book roperty sales achieve new record RM1.5bn (+16%) new sales in FY12, targeting 10% growth in FY13 Strong prospects for another record-breaking FY13 underpinned by strong construction activity, sizeable unbilled property sales
KEY CORORATE UDATES KVMRT another 14 packages worth RM5.2bn awarded in last 3 months; to date, total of 45 packages worth RM19.0bn (90%) awarded; 13 tenders in progress; 27 packages yet to be called, expect to achieve 98% award level by year end All 8 Viaduct packages awarded; For civil works, only 3 more Station packages outstanding; awards expected by October RM1.5bn new property sales achieved in FY12 (+16%) comprising RM1150m (Malaysia) and RM380m (Vietnam); targets for FY13 revised down for Vietnam Recently purchased a 4.86 acre piece of freehold commercial land in Kelana Jaya for RM95m cash; GDV of RM630m
CONSTRUCTION ORDER BOOK Current unbilled order book about RM4.8 billion Completion Status Balance works (RMbn) % now completion date Major Ongoing Double Tracking (50% share) 0.9 86 2014 Mainly systems works ongoing Recently Secured KVMRT Tunneling (50% share) 3.9 4 2017 TBMs procured, work ongoing at all seven underground stations simultaneously - 100 100 2012 2012 reparing for handover Airport opening in Dec 2012 Major rojects Recently Completed Yenso ark ST NDIA h 1, 2} Comments
CONSTRUCTION - OUTLOOK Strong performance in FY12 despite dip in Q4 margin; Significant margin expansion with full year margin averaging 11.7% vs 7.8% previously; Q4 margin dips to 9.1% as Double Track moves into Systems phase and D revenues kick in All 10 TBMs procured, manufacturing progressing on track for first deliveries in late Q1 `13; preparatory station works ongoing at all 7 underground stations simultaneously; launch shafts works making good progress at North, South portals Visible activity at several elevated packages piling works (V4, V5, V6), utility relocations (SB depot, V1, V6), batching plants, casting yards construction for SBG supply Focused on securing new projects for execution in 2013/4
SBK Line Summary of Civil ackages SUNGAI BULOH DEOT 1 Trans Resources V1 Syarikat Muhibbah erniagaan & embinaan Start construction: June 2012 KG BARU SUNGAI BULOH Sg Buloh Depot RRI TAMAN INDUSTRI SG. BULOH KOTA DAMANSARA TEKNOLOGI JU 5 BUKIT BINTANG CENTRAL SEMANTAN DATARAN SUNWAY THE CURVE ONE UTAMA TTDI BD ASAR SENI SECTION 16 ASAR RAKYAT MERDEKA BUKIT KIARA KL SENTRAL COCHRANE MALURI V2 Gadang Engineering Start construction: July 2012 V3 Mudajaya Start construction: August 2012 V4 Sunway Construction Start construction: June 2012 UNDERGROUND MMC GAMUDA (T) KVMRT Start construction: March 2012 TMN BUKIT RIA TMN BUKIT MEWAH LEISURE MALL V5 IJM Construction Start construction: March 2012 LAZA HOENIX TAMAN SUNTEX V6 Ahmad Zaki Start construction: March 2012 TAMAN CUEACS BDR TUN HUSSIEN ONN BALAKONG V7 MTD Construction Start construction: August 2012 DESCRITION Total Elev. TAMAN KOERASI U/G Length (km) 51.0 41.5 9.5 Station (nos) 31 24 7 rovisional Station (nos) 3 3 0 ark & Ride 16 16 V8 UEM Construction DEOT 2 TSR Bina S/B Start construction: August 2012 SAUJANA IMIAN Ka jan gd BANDAR KAJANG ep o9t KAJANG
ROERTIES - OUTLOOK Extremely strong performance with revenues breaking RM1bn (+51%), BT near doubling to RM286m (+91%), margins expanding to 26.8% from 21.3% Achieved new sales of RM1.5bn (+16%), unbilled sales at RM1.2bn; Domestic sales totalled RM1.15bn (-13%) as sector slows; Vietnam sales totalled RM380m or 25% of group sales FY13 sales projections revised down to RM1.7bn (+10%) on back of slower domestic activity, persistent weakness in Vietnam Top selling projects are Bandar Botanic (30%), followed closely by Horizon Hills (28%) and Gamuda City (17%); Horizon Hills continues to buck the general slowdown seen in Klang Valley City-centre `The Robertson to be launched in late FY13; priced at average RM1200 psf; targeting the urban, Gen Y yuppies
Gamuda City, Vietnam (200ha, RM9bn, 2012-2022)
SALES LAUNCHING LAN 14
Celadon City, Vietnam (80ha, RM5bn, 2011-2018) 13
CONCESSIONS - OUTLOOK Weak Q4 due to one-off increase in amortisation costs at Litrak following major review of concession traffic projections BT for Concessions division (water & highway) declined 12% to RM220m Water consolidation exercise still deadlocked; unclear when or how impasse can be resolved; indications of a fresh offer from State Govt imminent
THANK YOU For any clarification, please email clarence@gamuda.com.my