Gamuda Berhad KVMRT - Working Towards Future Lines Q3 2012 INVESTORS BRIEFING 28 June 2012
INCOME STATEMENT SUMMARY (RMmil) 9 mths to April 2012 9 mths to April 2011 Change (%) Revenue 2117.2 1862.6 +14 rofit from operations (EBIT) 432.5 290.3 +49 Finance Costs (47.9) (43.4) +10 Share of associates (net of tax) 166.9 146.4 +14 rofit before tax 551.5 393.4 +40 Tax (126.2) (86.8) +45 Minority Interests (18.5) (7.4) +151 Net profit attributable to equity holders 406.8 299.2 +36 Fully diluted ES (sen) 19.0 14.0 Dividend per share (sen) 12.0 12.0 EBIT margins (%) 20.4 15.6 BT margins (%) 26.0 21.1
BALANCE SHEET SUMMARY (RMmil) As at 30 Apr 12 As at 31 Jan 12 Current Assets 4,585.2 4,282.3 Current Liabilities 2,071.2 2,130.7 2.2x 2.0x Total borrowings 2,036.1 1,999.7 Cash and marketable securities 1,487.5 1,197.5 Net cash (548.6) (802.2) Share capital 2,077.0 2,069.3 Reserves 1,913.0 1,763.5 Equity attributable to equity holders 3,990.0 3,832.8 Net gearing (overall) 14% 21% Net assets per share (RM) 1.92 1.85 Current Ratio
QUARTERLY SEGMENTAL ROFITS (RMmil) Q311 Q411 Q112 Q212 Q3 `12 Q3 `11 +/- Construction & Eng 48.2 41.3 43.5 58.5 58.8 48.2 +22 roperties 52.7 38.9 58.8 71.8 79.6 52.7 +51 Expressways 12.0 37.1 30.1 17.2 21.9 12.0 +83 Water 45.5 33.8 35.5 40.8 35.8 45.5-21 Group retax rofit 158.4 151.1 167.1 188.3 196.0 158.4 +24 Group Net rofit 116.6 126.2 132.3 136.5 138.0 116.6 +18 retax Margins (YTD) YTD Segmentals (RMmil) 9M 12 9M 11 +/- % 9M 12 9M 11 Construction 160.8 102.0 +58 Construction 13.2 7.9 roperties 210.2 111.1 +89 roperties 24.8 21.0 Expressways 69.2 46.9 +48 Expressways 23.1 27.7 Water 111.3 133.4-17 Water n.a. n.a. Group BT 551.5 393.4 +40 Group BT 26.0 21.1
KEY HIGHLIGHTS Strong record-breaking performance continues into Q3 driven by construction and properties which delivered pretax growths of between 60%-90% KVMRT project making good progress 69% of entire project awarded, works activity building up at several sites underground and above ground Focusing on new projects for 2013 potential for >RM10bn new order book roperty sales growth slowing RM1.3bn (+30%) new sales ytd, unbilled sales unchanged at RM1.3bn Another record-breaking year in store construction and properties expected to post their best year ever
KEY CORORATE UDATES KVMRT RM8.3bn tunnel contract clinched; 31 packages worth RM13.8bn (69%) awarded to date; 23 tenders called and in progress; 31 packages yet to be called Remaining 3 V (viaduct) packages (V2, V3, V8) and 4 out of 8 S (station) packages expected to be awarded by end August RM1.3bn new property sales achieved in 9 months (+30%) comprising RM920m (Malaysia) and RM370m (Vietnam); targets unchanged but full year sales may fall slightly short Recently purchased a 4.86 acre piece of freehold commercial land in Kelana Jaya for RM95m cash; GDV of RM600m Board changes Dato aul Ha (Deputy Group MD), Tunku Afwida (Independent Non-Executive Director)
D AGREEMENT KEY HIGHLIGHTS 6% fee with RM2.85bn fixed reimbursable costs, 15% contingency sum for potential cost overruns Both Owner and D can utilize contingency sum (with joint consent) but subject to several clearly defined exclusions D to deliver fully functional and operating railway system within agreed Target Cost and Completion Date D responsible for all contractors performances, failing which D has the obligation to step-in and self-deliver works Owner responsible for obtaining all approvals, delivering site possession on time, making payments for all work done D s fee will be reduced if project cost exceeds Target Cost; LAD of RM0.5m imposed per day of delay Target cost is aggregate value of all awarded works + 15% contingency + reimbursables
CONSTRUCTION ORDER BOOK Current unbilled order book about RM5.5 billion Completion Status Balance works (RMbn) % now completion date Major Ongoing Double Tracking 1.2 81 2014 Achieving strong margins Recently Secured KVMRT Tunneling 4.2 0 2017 Mobilizing, TBMs procured Completing Soon Yenso ark ST NDIA h 1, 2} 0.1-98 100 2012 2012 reparing for handover reparing for handover Major rojects Comments
CONSTRUCTION - OUTLOOK Continued strong performance in Q3 with near 15% BT margin; pretax up 58% to RM161m; margin improves to 13.2% from 7.9%; Unbilled order book stands at RM5.5bn comprising ongoing Double-Track and recently secured KVMRT Tunnel projects All 10 TBMs procured; initial works have commenced on 5 out of 7 underground stations; demolition works ongoing (asar Seni); launch shafts construction ongoing at North, South portals Activity levels building up at several elevated packages piling works (V5, V6), utility relocations (SB depot, V1, V6), batching plants, casting yards construction for SBG supply Awaiting decision on Southern Double Track Focused on securing new projects for execution in 2013/4
KVMRT: Sg Buloh Kajang Line SUNGAI BULOH SUNGAI BULOH KG BARU SUNGAI BULOH KOTA DAMANSARA TAMAN INDUSTRI SG. BULOH RRI ASAR RRI DATARAN SUNWAY DBKL SENI THE CURVE JU 5 KOTA DAMANSARA MUTIARA DAMANSARA SEMANTAN SEMANTAN ONE ONE UTAMA UTAMA BD TTDI SECTION 17 SECTION 16 SRINT HIGHWAY BUKIT BINTANG EAST BUKIT BUKIT BINTANG BINTANG EAST ASAR WEST SENI ASAR RAKYAT MERDEKA KL SENTRAL ASAR RAKYAT COCHRANE COCHRANE MALURI MALURI TMN BUKIT RIA GRAND SAGA HIGHWAY TMN BUKIT MEWAH LEISURE MALL LAZA HOENIX TAMAN SUNTEX TAMAN CUEACS BALAKONG BDR TUN BDR. HUSSIEN ONNTUN HUSSEIN ONN TAMAN KOERASI TAMAN MESRA SAUJANA IMIAN BANDAR KAJANG KAJANG KAJANG
SMART Tunnel, Malaysia (RM1.9bn, 2007) The world s first dual-purpose stormwater diversion and motorway tunnel Winner of the prestigious British Construction Industry Award 2008
Kaohsiung MRT, Taiwan (RM1bn, 2006)
ROERTIES - OUTLOOK Record-breaking 9 months driven by strong revenue and margin expansions; BT increases by near 90% to RM210m on 66% revenue expansion; BT margins expand from 21.0% to 24.8% y-o-y New sales of RM1.3bn in 9 months to April (+30% y-o-y), unbilled sales at RM1.3bn, growth rate slows down, may fall slightly short of full year sales targets Q3 performance slightly boosted by final booking of gain from Celadon City s land sale to Aeon Co Ltd; Vietnam achieves RM370m ytd comprising RM250m (Gamuda City) and RM120m sales (Celadon City) RM600m Kelana Jaya GDV; earmarked for SOHO serviced residences augmented by a lifestyle retail development
Gamuda City, Vietnam (200ha, RM9bn, 2012-2022)
SALES LAUNCHING LAN Initial Launch 1st Launch Unit Total GDV Year 2012 72 33 mil Small Terrace (118m2) 48 19 mil Small Semi-D (189m2) 24 14 mil (USD) 14
Celadon City, Vietnam (80ha, RM5bn, 2011-2018) 16
AROVED MASTER LAN Ring ark Main Access Road Kindergarten Land Sport Center Land High School Land lot A6 Mid High-end Apt lot A1 Mid-end Apt lot A5 Mid High-end Apt lot A2- Mid-end Apt lot A7 rimary & Secondary School Land Cultural Land lot A3Mid-end Apt lot A4Mid-end Apt Commercial Land Resettlement 30
INFRASTRUCTURE - OUTLOOK Traffic volume growth between 2-4% p.a. for matured expressways (LD, Sprint Jalan Damansara, Kesas); Double-digit traffic growth for less matured expressways (Kerinchi, encala Links, SMART) Water consolidation exercise still deadlocked; unclear when or how impasse can be resolved
ROGRESS HOTOS SEMANTAN ORTAL
ROGRESS HOTOS SG BULOH DEOT
ROGRESS HOTOS - COCHRANE
ROGRESS HOTOS - COCHRANE
THANK YOU For any clarification, please email clarence@gamuda.com.my