PUNCAK NIAGA HOLDINGS BERHAD

Transcription

1 PUNCAK NIAGA HOLDINGS BERHAD

2 PUNCAK NIAGA HOLDINGS BERHAD Group Financial Position 31 December

3 Group Financial Performance Financial Highlights Financial Statements Status of Bonds Stock Performance Dividend 3

4 Group Financial Highlights Revenue (RM Bil) Net Profit * (RM Mil) Earnings / Share (sen) '13 '12 * Attributable to Owners '13 '12 '13 '12 4

5 Group Financial Highlights Gearing (ratio %) Total Assets (RM Bil) Net Assets / Share (RM) '13 '12 '13 '12 '13 '12 5

6 Group Income Statement 2013 * 2012 Change RM Mil RM Mil RM Mil s Revenue Service Concession Oil and Gas Construction ,147 1, Other Income Raw mat, consumables & (130) (134) -4 maintenance Construction expenses (139) (198) -59 Cost of providing oil & gas (380) (609) -229 Staff cost (169) (172) -3 Other expenses (167) (141) +26 Depn & amortization expenses (25) (21) +4 Total Cost (1,010) (1,275) -265 Profit from operations Share of results of Joint Ventures (14) (13) +1 Finance cost (137) (152) -15 Taxation (36) (67) -31 Net Profit / (Loss) (RM' Mil) Earnings per share (sen) * Restated (MFRS Convergence and MFRS 10 Deconsol Syabas) 6

7 Contribution By Segment Water Treatment Oil & Gas Construction Group Total Syabas 2013 RM' Mil RM' Mil RM' Mil RM' Mil RM' Mil Revenue/Other Income , ,213.0 Segment Results (30.3) (13.3) Revenue/Other Income , ,904.2 Segment Results * * Note : Segment result = EBIT 7

8 Group Balance Sheet * Restated (MFRS Convergence and MFRS 10 Deconsol Syabas) * 2012 Changes RM Mil RM Mil RM Mil Assets Property, Plant & Equipment Operating Financial Assets Service Concession Assets Trade & other receivables 2, Deposits, Cash & Bank bal Goodwill Other Assets Total Assets 4,646 4, Liabilities Borrowings 2,054 1, Trade and Other Payables Deferred Tax Liabilities Other Liabilities Total Liabilities 2,872 2, Shareholder s Equity (RM' Mil) 1,777 1, Net Asset per share (RM)

9 Group Cash Flows Statement 2013 *2012 Changes RM Mil RM Mil RM Mil Net Cash From Operating activities Cash Used In Investing activities (33) (77) -44 Service Concession Assets Purchase of property, plant & equip Cash Used In Financing activities (114) (120) -6 Interest, loans repayment Net decrease in cash & cash equivalents (40) (93) -53 Opening cash balance Transfer from DSRA Exchange differences Cash & bank balance pledged DSRA Cash & cash equivalent at year end * Restated (MFRS Convergence and MFRS 10 Deconsol Syabas) 9

10 MFRS 10 Deconsolidation of SYABAS 10

11 MFRS 10 Deconsolidation of SYABAS MFRS 10 Consolidated Financial Statements (wef 1 January 2013) Define controls as Investor has the following: Power over investee Exposure / rights to variable returns Ability to use its power to affect the amount of investor s return. Under SYABAS shareholder s agreement, the following activities required favourable vote from 1 director of PNHB and 1 director of KDEB. Creation of security over SYABAS assets Approval of annual business plan & budget Capital expenditure > RM5 mil Borrowings > RM5 mil PNHB does not have practical ability to unilaterally direct the relevant activities of SYABAS, but has joint control since Result in Deconsolidation of SYABAS, apply equity accounting. * Note 42 : Significant Changes in Accounting Policies 11

12 Investment in JV - SYABAS Income Statement Changes RM Mil RM Mil RM Mil Revenue Sales of Treated Water 1,671 1, Tariff Compensation 1,069 1, Construction ,967 2, Other Income Raw mat, consumables & maintenance (1,590) (1,571) +19 Cost of rehabilitation works (212) (110) +102 Staff cost (194) (180) +14 Other expenses (299) (251) +48 Depn & amortization expenses (247) (214) +33 Profit from operations Finance cost (762) (632) +130 Taxation (7) Net Profit / (Loss) (RM' Mil) (98) (7) -91 Loss per share (RM) (1.51) (0.11)

13 Investment In JV SYABAS Balance Sheet Changes RM Mil RM Mil RM Mil Assets Property, Plant & Equipment Service Concession Assets 7,752 7, Trade & other receivables 3,369 2, Deposits, Cash & Bank bal 1, DSRA Other Assets Total Assets 12,899 11,781 +1,118 Liabilities Borrowings 4,452 4, Trade and Other Payables 5,819 4,518 +1,301 Service Concession 4,642 4, Obligations Other Liabilities Total Liabilities 14,940 13,723 +1,217 Shareholder s Equity (RM' Mil) (2,042) (1,943) -99 Net Liability per share (RM) (31.42) (29.89)

14 Trade & Other Receivables PNHB Group (Deconsol Syabas) SYABAS Due From : RM Mil RM Mil RM Mil SYABAS PNSB *1,995.2 *1, Serba Tiara PNSB *176 * Trade debtors POG Grp Contract customers POG Grp State Government - Tariff compensation Syabas - - 3,095.8 State Government - Free water Syabas Consumer / Collection agencies Syabas Others Total Trade & Other Receivables 2, , ,369.5 * Note: After net off allowance for impairment / fair value adjustment 14

15 Tariff Compensation Tariff Compensation Claims Submitted to State Government 2013 RM' mil Jan to Dec Jan to Dec Jan to Dec Jan to Dec ,023.9 Jan to Dec ,069.4 Submitted as at 31 Dec ,556.4 Jan to Mar Submitted upto Q ,

16 Amount Due To Water Treatment Operators 31 Dec 2013 Principal Interest Total RM Mil RM Mil RM Mil SPLASH 2, ,278.7 ABASS PNSB 1, ,100.6 KASB Total 4, ,121.6 * BLR + 1% to 2% 16

17 Loans & Borrowings Company Loan / Bond Book Value Due in 2014 RM Mil RM Mil PNSB - Al-Bai Bithaman Ajil Bonds ( BAIDS ) 1, Junior Notes A ( JNA ) Redeemable Unsecured Bonds ( RUBs ) Government Support Loan Sukuk POG & SINO - Working Capital & Term Loan Total PNHB Group 2, SYABAS - Bai Bithaman Ajil Medium Term Notes ( BAMTN ) 2, Government Support Loan Term Loan & HP RCULS Redeemable Preference Shares (RPS) Total SYABAS 4, Grand Total 6, PNSB : Bonds restructured in April 2013, maturity extended to October SYABAS : Negotiation with AQUA SPV ongoing, BAMTN of RM310 mil & RM200 mil tranche due for repayment in Sep

18 Stock Performance RM Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Volume ('mil) Price

19 Analysts views Research Co Views Target price 1 CIMB Research Buy RM Kenanga Research Buy RM Affin Research Buy RM Am Research Hold RM MIDF Research Neutral RM4.44 Average RM3.99 * RM3.65 (24/6/2014) EPS : sen PE Ratio : 7.4 times 19

20 Proposed Dividend YE 2012: Final tax exempt dividend of 5 sen per ordinary share (total RM20.5 million) paid on 6 August YE 2013: No dividend is proposed or declared for the financial year ended 2013, and no interim dividend proposed for 1 st quarter 2014, pending completion of the proposed disposal of water concession business. 20

21 THANK YOU 21