26 MAY Boustead Singapore Limited / Boustead Projects Limited Joint FY2015 Financial Results Presentation
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1 26 MAY 2015 Boustead Singapore Limited / Boustead Projects Limited Joint FY2015 Financial Results Presentation
2 Disclaimer This presentation contains certain statements that are not statements of historical fact such as forward-looking statements. These statements are based on current expectations, projections and assumptions about future events. Although Boustead Singapore Limited and Boustead Projects Limited believe that these expectations, projections and assumptions are reasonable, these statements are subject to the risks (whether known or unknown), uncertainties and assumptions about the companies and their business operations such as the general economic, business and political conditions in Singapore and globally; currency fluctuations between the Singapore dollar and other currencies; governmental, statutory, regulatory or administrative initiatives affecting their businesses; industry trends; future levels and composition of their assets and liabilities; future profitability of their operations; competition; changes in Singapore tax laws or similar laws and regulations; changes in or the failure to comply with government regulations including exchange control regulations if any. You are advised not to place undue reliance on these statements as the forward-looking events referred to in this presentation may differ materially or not occur due to these risks, uncertainties and assumptions. Investors should assume that the information in this presentation is accurate only as of the date it is issued. Boustead Singapore Limited and Boustead Projects Limited have no obligations to update or revise any statements, whether as a result of new information, future events or otherwise, except as required by law.
3 Presentation Agenda Overview Group Financial Review Division Performance Review Questions & Answers
4 Overview
5 Introducing Boustead Engineering the world of the future OVERVIEW Established in 1828, Boustead Singapore is a progressive global infrastructure-related engineering services & geo-spatial technology group Boustead Projects Limited is a leading real estate solutions provider in Singapore Energy-Related Engineering 34% Geo-Spatial Technology 20% Real Estate Solutions (Boustead Projects) 46%
6 Our Global Network OVERVIEW Canada USA Spain UK Italy Turkey China South Korea Venezuela Brazil Saudi Arabia UAE India Thailand Malaysia Indonesia Vietnam Singapore Argentina Australia
7 OVERVIEW Our Global Footprint
8 Our Global Footprint OVERVIEW ASIA & OCEANIA East Asia China* Japan Macau South Korea* Taiwan South East Asia Brunei Indonesia* Malaysia* Philippines Singapore* Thailand* Timor-Leste Vietnam* South Asia Bangladesh India* Maldives Pakistan Sri Lanka South West Asia Bahrain Cyprus Jordan Kuwait Oman Qatar Saudi Arabia* Turkey* UAE* Central Asia Azerbaijan Turkmenistan Australia & Oceania Australia* New Caledonia New Zealand Papua New Guinea EUROPE Eastern Europe Hungary Poland Russia Slovakia Ukraine Northern Europe England* Finland Ireland Isle of Man Lithuania Norway Scotland Wales Southern Europe Greece Italy* Spain* Western Europe Austria Belgium Germany Netherlands Switzerland AFRICA East Africa Tanzania North Africa Algeria Egypt Libya Tunisia Middle Africa Angola Equatorial Guinea West Africa Ghana Nigeria THE AMERICAS North America Canada* USA* Latin America & Caribbean Argentina* Bolivia Brazil* Chile Dominican Republic Mexico Netherlands Antilles Peru Venezuela* *Regional/local offices
9 Group Financial Review
10 Group Financial Results GROUP FINANCIAL REVIEW FY2015 FY2014 Chg (%) Revenue S$556.4m S$513.7m +8 Gross profit S$186.2m S$175.4m +6 Gross profit margin 33% 34% Profit before income tax S$89.0m S$90.6m -2 Profit before income tax margin 16% 18% Profit attributable to equity S$63.3m S$70.7m -10 holders of the company Earnings per share 12.3cts 13.9cts -12 Net asset value per share 73.0cts 68.4cts +7
11 Group Revenue Mix by Division GROUP FINANCIAL REVIEW FY 14: 21% FY 14: 38% FY 14: 41%
12 Group Revenue GROUP FINANCIAL REVIEW Second highest revenue level on record 7-year CAGR: +1% +8% y-o-y
13 Group Net Profit GROUP FINANCIAL REVIEW After adjusting for major non-recurring items, net profit would be 3% higher 7-year CAGR: +1% -10% y-o-y
14 Group Net Cash Position GROUP FINANCIAL REVIEW Lower due to loan to joint venture and expansion of industrial leasehold portfolio
15 Group Cash Flow GROUP FINANCIAL REVIEW S$104.2m net cash used in investing activities for investment properties and loan to joint venture Paid dividends of S$28.4m to shareholders
16 Return on Shareholders Equity GROUP FINANCIAL REVIEW Respectable ROE
17 Earnings per Share GROUP FINANCIAL REVIEW Tracking net profit 7-year CAGR: +1% -12% y-o-y
18 Net Asset Value per Share GROUP FINANCIAL REVIEW Strengthening financial position 7-year CAGR: +10% +7% y-o-y
19 Group Dividend GROUP FINANCIAL REVIEW FY2015 FY2014 Interim dividend (paid) 2.0cts 2.0cts Dividend in specie 15.5cts - (distributed) Final dividend (proposed) 2.0cts 3.0cts Total ordinary dividend 19.5cts 5.0cts Special dividend (paid) - 2.0cts Total dividend 19.5cts 7.0cts
20 Group Dividend GROUP FINANCIAL REVIEW Total dividend per share of 19.5 cents is highest on record
21 Group Orders Secured GROUP FINANCIAL REVIEW Healthy level of orders secured 7-year CAGR: +1% -4% y-o-y
22 BP Group Financial Review Boustead Projects Limited (BP)
23 BP Group Financial Results BP GROUP FINANCIAL REVIEW FY2015 FY2014 Chg (%) Revenue S$255.4m S$209.2m +22 Gross profit S$57.3m S$52.9m +8 Gross profit margin 22% 25% Profit before income tax S$33.4m S$39.4m -15 Profit before income tax margin 13% 19% Profit attributable to equity S$24.7m S$35.8m -31 holders of the company Earnings per share* 8.0cts 11.0cts -27 Net asset value per share* 79.0cts 72.0cts +10 * Computed based on 320,000,000 shares
24 BP Group Revenue BP GROUP FINANCIAL REVIEW Growth in revenue from both Design-and-Build and Leasing
25 BP Group PBT BP GROUP FINANCIAL REVIEW Decline in PBT from Design-and-Build partially offset by Leasing
26 BP Group Net Profit BP GROUP FINANCIAL REVIEW After adjusting for major non-recurring items, net profit would be 4% lower
27 BP Group Cash Flow BP GROUP FINANCIAL REVIEW Operating and financing cash flow used to expand industrial leasehold portfolio and for strategic partnership investments
28 BP Group Return on Shareholders Equity BP GROUP FINANCIAL REVIEW Lower ROE on margin pressure and expanding industrial leasehold portfolio
29 Division Financial Review Energy-Related Engineering
30 Energy-Related Engineering Division Revenue, PBT & Orders Secured DIVISION FINANCIAL REVIEW FY2015 FY2014 Chg (S$) (S$) (%) Revenue 190.3m 197.6m -4 Profit before income tax 33.4m 25.9m +29 Orders secured 105m 248m -58 Second highest revenue Weak business environment and slow order wins PBT increase Improvement in margins and cost savings in major projects
31 Energy-Related Engineering Prospects DIVISION FINANCIAL REVIEW Weak environment Current order book backlog: S$138m Oil & gas outlook - Expect slump in global oil & gas prices to result in delays in award of sizeable contracts - Potential M&A opportunities
32 Division Financial Review Real Estate Solutions
33 Real Estate Solutions Division Revenue, PBT & Orders Secured DIVISION FINANCIAL REVIEW FY2015 FY2014 Chg (S$) (S$) (%) Revenue 255.4m 209.2m +22 Profit before income tax 33.4m 39.4m -15 Orders secured 284m 158m +80 Highest revenue contributor for eight consecutive years Challenging business environment Ongoing strategy of expanding industrial leasehold portfolio PBT decrease Tighter margins and lower total value of nonrecurring items
34 Real Estate Solutions Prospects DIVISION FINANCIAL REVIEW Focusing on niche growth industries Current order book backlog: S$250m Industrial real estate outlook: - Challenging operating environment to persist - Design-and-build contracts in niche growth industries - Boustead Development Partnership to grow industrial leasehold portfolio for recurring income - Strategic partnerships with reputable joint venture partners in region
35 Division Financial Review Geo-Spatial Technology
36 Geo-Spatial Technology Division Revenue & PBT DIVISION FINANCIAL REVIEW FY2015 FY2014 Chg (S$) (S$) (%) Revenue 110.6m 106.9m +3 Profit before income tax 22.7m 25.2m -10 Second highest revenue Firm demand across Australia and South East Asia PBT decrease Currency headwinds and impairment of goodwill
37 Geo-Spatial Technology Prospects DIVISION FINANCIAL REVIEW Steady prospects Sustained demand from government agencies Continued expansion of workforce Currency headwinds may affect margins
38 Thank You
39 Questions & Answers
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