Boustead FY2015 Financial Results Presentationboustead.listedcompany.com/misc/IR_Slides_FY16.pdf ·...
Transcript of Boustead FY2015 Financial Results Presentationboustead.listedcompany.com/misc/IR_Slides_FY16.pdf ·...
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Boustead Singapore Limited /
Boustead Projects LimitedJoint FY2016 Financial Results Presentation
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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 risks (whether known or unknown), uncertainties and
assumptions about our companies and 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 our businesses; industry trends; future levels and composition of our assets
and liabilities; future profitability of our operations; competition; changes in Singapore tax laws
or similar laws and regulations; and 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.
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Presentation Agenda
Overview
Boustead Group Financial Review
Boustead Projects Financial Review
Division Performance Review
Questions & Answers
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Overview
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Introducing BousteadEngineering the world of the future
Established in 1828, Boustead Singapore is a
progressive global infrastructure-related engineering
services and geo-spatial technology group
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Energy-Related
Engineering
Real Estate
Solutions
(Boustead
Projects)
Geo-Spatial
Technology
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Our Global Network
Canada
USA
Venezuela
Brazil
Argentina
Australia
South Korea
SingaporeMalaysia
Indonesia
Vietnam
Thailand
IndiaUAESaudi Arabia
Turkey
Italy
Spain
UK
China
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Our Global FootprintO
VE
RV
IEW
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Our Global Footprint
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
Kazakhstan
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
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Group Business Model
Undertaking only high value-added activities across value chain
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ENGINEERING FABRICATION DELIVERY
In-house expertise for high
value-added:
Design
Process engineering
Detailed engineering
Value engineering
Outsource low value-added:
Fabrication
Manufacturing
Modularisation
In-house expertise for high
value-added:
Installation
Commissioning
Training
VALUE CHAIN OF ACTIVITIES
PROJECT MANAGEMENT
In-house expertise for high value-added:
Project management, procurement and quality supervision
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Group Financial Review
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Group Financial Results
FY2016 FY2015 Chg
(%)
Revenue S$486.7m S$556.4m -13
Gross profit S$150.6m S$186.2m -19
Gross margin 31% 33%
Profit before income tax (“PBT”) S$56.5m S$89.0m -36
PBT margin 12% 16%
Profit attributable to equity holders
of the Company (“net profit”)
S$28.2m S$63.3m -55
Adjusted net profit* S$28.0m S$44.8m -38
Earnings per share 5.4cts 12.3cts -56
Net asset value per share **58.3cts 73.0cts -20
*Adjusted to reflect 48.8% demerger of Boustead Projects and other gains and losses for comparative review
**Lower net asset value per share due to dividend in specie of Boustead Projects Limited’s shares and dividends
paid to shareholders
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Group Revenue Mix by DivisionG
RO
UP
FIN
AN
CIA
L R
EV
IEW
FY’15: 20%
FY’15: 46%
FY’15: 34%
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Group RevenueG
RO
UP
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AN
CIA
L R
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10-year CAGR: +5%
Impacted by state of global economy and heavily
depressed state of global oil & gas industries
-13%
y-o-y
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Group Net Profit
Despite challenges, all three divisions remained
profitable
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10-year CAGR: +1%
-55%
y-o-y
11.0
-38%
y-o-y
For illustration: additional
net profit assuming no
demerger of Boustead
Projects
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Group Net Cash Position
Group net cash position significantly improved to
S$165.6m
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+125%
y-o-y
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Group Cash Flow
Net cash flow almost neutral due to positive cash
inflow from operating and investing activities
counterbalancing negative financing cash outflow
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Return on Shareholders’ Equity
ROE dropped due to lower net profit
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Earnings per Share
Tracking net profit
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10-year CAGR: +1%
-56%
y-o-y
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Net Asset Value per Share
Dividend in specie of Boustead Projects’ shares as
part of demerger
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10-year CAGR: +11%
-20%
y-o-y
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Group Orders Secured
Lower orders secured in challenging macro economic
environment
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10-year CAGR: +4%
-27%
y-o-y
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Group DividendG
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UP
FIN
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CIA
L R
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IEW FY2016 FY2015
Interim dividend (paid) 1.0ct 2.0cts
Final dividend (proposed) 2.0cts 2.0cts
Total ordinary dividend 3.0cts 4.0cts
Dividend in specie of
Boustead Projects’ shares
(distributed)
16.2cts -
Total dividend 19.2cts 4.0cts
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Group Dividend
Cash/scrip dividend payout ratio of 56%, maintained
within historical payout ratio band
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BP Group Financial ReviewBoustead Projects Limited (BP)
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BP
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BP Group Financial Results
FY2016 FY2015 Chg
(%)
Revenue S$255.5m S$255.4m +0
Gross profit S$59.0m S$57.3m +3
Gross margin 23% 22%
PBT S$29.7m S$33.4m -11
PBT margin 12% 13%
Net profit S$22.9m S$24.7m -7
Earnings per share* 7.1cts 7.7cts -8
Net asset value per share* **60.6cts 79.0cts -23
* Computed based on 320,000,000 shares post-sub-division
** Lower net asset value per share due to S$80.0m dividend paid to Boustead Singapore Limited
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Lower design-and-build revenue compensated for by
higher leasing revenue
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BP Group Revenue
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Lower design-and-build PBT partially offset by higher
leasing PBT
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BP Group PBT
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Lower net profit due to challenging market conditions,
higher overhead and finance expenses, and greater share
of loss of associate and joint ventures
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BP Group Net Profit
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Negative net cash flow due mainly to S$93.0m
repayment of borrowings and S$80.0m dividend
payment to Boustead Singapore under demerger
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BP Group Cash Flow
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ROE rose due to lower retained profits after S$80.0m
dividend payment to Boustead Singapore
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Equity
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Division Financial ReviewEnergy-Related Engineering
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DIV
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Sharp fall in revenue and profit• CAPEX and investment cuts across all parts of
value chain
• Cost overruns for implementation of two remaining mini-power plant projects in Indonesia
Energy-Related EngineeringDivision Revenue, PBT & Orders Secured
FY2016
(S$)
FY2015
(S$)
Chg
(%)
Revenue 128.0m 190.3m -33
PBT 9.1m 33.4m -73
Orders secured 95m 105m -10
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DIV
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• Current order book backlog: S$115m
• Oil & gas outlook
- Weak global crude and natural gas prices
- Historically high global crude inventories
- Potential M&A opportunities
Energy-Related EngineeringProspects
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Division Financial ReviewReal Estate Solutions
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DIV
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N F
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NC
IAL
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FY2016
(S$)
FY2015
(S$)
Chg
(%)
Revenue 255.5m 255.4m +0
PBT 29.7m 33.4m -11
Orders secured 189m 284m -33
Comparable revenue• Challenging industrial real estate landscape
• Expanding industrial leasehold portfolio
PBT decrease• Higher overhead and finance expenses, and
greater share of loss of associate and joint ventures
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DIV
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N F
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Focusing on overseas expansion and higher
value industries
• Current order book backlog: S$208m
• Industrial real estate outlook:
- Challenging operating environment
- Design-and-build contracts in niche growth higher
value industries
- Expanding business in overseas markets of
Malaysia, Vietnam, China and Indonesia through
strategic partnerships with reputable partners,
investments and M&A
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Division Financial ReviewGeo-Spatial Technology
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DIV
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Decline in revenue and profit
• Currency headwinds
• Firm demand across Australia and South East
Asia
FY2016
(S$)
FY2015
(S$)
Chg
(%)
Revenue 103.0m 110.6m -7
PBT 19.9m 22.7m -12
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DIV
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Steady prospects
• Sustained demand from government agencies
• Continued expansion of workforce
• Currency headwinds may affect margins
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Thank You
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Questions & Answers