Gamuda Berhad. KVMRT Firmly in the Driving Seat. Q INVESTORS BRIEFING 28 March 2012

Transcription

1 Gamuda Berhad KVMRT Firmly in the Driving Seat Q INVESTORS BRIEFING 28 March 2012

2 INCOME STATEMENT SUMMARY (RMmil) HY 2012 HY 2011 Change (%) Revenue rofit from operations (EBIT) Finance Costs (33.4) (30.6) +9 Share of associates (net of tax) rofit before tax Tax (74.1) (47.6) +56 Minority Interests (12.6) (4.9) +159 Net profit attributable to equity holders Fully diluted ES (sen) Dividend per share (sen) EBIT margins (%) BT margins (%)

3 BALANCE SHEET SUMMARY (RMmil) As at 31 Jan 12 As at 31 Oct 11 Current Assets 4, ,439.3 Current Liabilities 2, , x 2.1x Total borrowings 1, ,949.7 Cash and marketable securities 1, ,385.6 Net cash (802.2) (612.5) Share capital 2, ,065.6 Reserves 1, ,747.8 Equity attributable to equity holders 3, ,813.4 Net gearing (overall) 21% 16% Net assets per share (RM) Current Ratio

4 QUARTERLY SEGMENTAL ROFITS (RMmil) Q211 Q311 Q411 Q112 Q2 `12 Q2 `11 +/- Construction & Eng roperties Expressways Water Group retax rofit Group Net rofit retax Margins YTD Segmentals (RMmil) HY 12 HY 11 +/- % HY 12 HY 11 Construction Construction roperties roperties Expressways Expressways Water Water n.a. n.a. Group BT Group BT

5 KEY HIGHLIGHTS RM8.2bn tunnel contract clinched JV emerged as Best Evaluated Tenderer with superior design and lowest cost, outbidding all foreign contenders outright D agreement signed 6% fee, RM2.85bn reimbursables, 15% contingency sum, Owner s, D s responsibilities outlined Stellar 1HY construction, properties profits double; further margin expansions achieved, stronger 2HY expected roperty sales grow further RM870m (+50%) new sales in 1HY, local sales achieve targets, Vietnam showing mixed results Strong response to Gamuda City sell-out launches, RM220m sales achieved in first 4 months, accelerating new launches, revising up targets

6 KEY CORORATE UDATES KVMRT RM8.2bn tunnel contract clinched; 27 packages worth RM10.5bn (53%) awarded to date; 16 more tenders in progress; another 45 packages to be awarded by Oct 2012 (85%) D agreement signed 6% fee with RM2.85bn reimbursable costs, 15% contingency sum Upcoming 2 MRT lines unveiled; MRT2 Orbital Line 41km, 30 stations; MRT3 North-South Line 46km, 24 stations; scheduled to be implemented in 2HY 2013 RM870m new property sales achieved in 1HY (+50%) comprising RM620m from Malaysia and RM250m from Vietnam; maintaining overall sales targets for this year

7 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

8 CONSTRUCTION ORDER BOOK Current active order book about RM5.8 billion Completion Status Balance works (RMbn) % now completion date Major Ongoing Double Tracking Achieving strong margins Recently Secured KVMRT Tunneling Mobilizing Completing Soon Yenso ark ST NDIA h 1, 2} reparing for handover reparing for handover Major rojects Comments

9 CONSTRUCTION - OUTLOOK Significantly stronger Q2 with margins topping 13%; 1HY pretax up 90% to RM102m; 1HY margin doubles to 12.4%; Active order book jumps to RM5.8bn with clinching of RM8.2bn KVMRT Tunnel contract (50% share); D agreement signed with 6% project management fee; all costs covered under RM2.85bn reimbursables; Apart from Double-Track, all other projects substantially completed with ongoing preparations for handovers Awaiting decision on RM8bn Gemas-JB railway electrification project (Southern Double Track) New projects expected to significantly boost sustainable earnings levels over the next 4-5 years

10 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

11 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

12 Kaohsiung MRT, Taiwan (RM1bn, 2006)

13 ROERTIES - OUTLOOK Record-breaking 1HY driven by strong revenue and margin expansions; BT more than doubled to RM131m on 68% revenue expansion; BT margins expanded sharply from 17.6% to 23.6% y-o-y New sales of RM870m in 1HY (+50% y-o-y), unbilled sales at RM1.3bn, maintaining FY12 domestic and Vietnam sales targets respectively Q2 performance boosted by Celadon City s land sale to Aeon Co Ltd; partially booked in Q2 Gamuda City achieves strong response with RM120m sales in first 2 months, RM220m in first 4 months; 1st two launches were sell-outs and 3rd launch almost fully sold; accelerating more launches in coming months; FY12 & 13 sales targets raised

14 Gamuda City, Vietnam (200ha, RM9bn, )

15 SALES LAUNCHING LAN Initial Launch 1st Launch Unit Total GDV Year mil Small Terrace (118m2) mil Small Semi-D (189m2) mil (USD) 14

16 Celadon City, Vietnam (80ha, RM5bn, ) 16

17 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

18 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) 1HY average revenue growth up 9% y-o-y Water consolidation exercise still deadlocked; unclear when or how impasse can be resolved

19 THANK YOU For any clarification, please