Gamuda Berhadgamuda.listedcompany.com/misc/Q212briefing.pdf · 2012-04-03 · Gamuda Berhad KVMRT...
Transcript of Gamuda Berhadgamuda.listedcompany.com/misc/Q212briefing.pdf · 2012-04-03 · Gamuda Berhad KVMRT...
Gamuda BerhadKVMRT – Firmly in the Driving Seat
Q2 2012 INVESTORS’ BRIEFING28 March 2012
INCOME STATEMENT SUMMARY(RMmil) HY 2012 HY 2011 Change
(%)Revenue 1411.3 1241.4 +14Profit from operations (EBIT) 273.2 163.6 +67Finance Costs (33.4) (30.6) +9Share of associates (net of tax) 115.7 102.0 +13Profit before tax 355.4 235.0 +51Tax (74.1) (47.6) +56Minority Interests (12.6) (4.9) +159Net profit attributable to equity holders 268.8 182.5 +47Fully diluted EPS (sen) 12.7 8.6Dividend per share (sen) 6.0 6.0
EBIT margins (%) 19.4 13.2PBT margins (%) 25.2 18.9
BALANCE SHEET SUMMARY(RMmil) As at 31 Jan ’12 As at 31 Oct ’11Current Assets 4,282.3 4,439.3Current Liabilities 2,130.7 2,095.3Current Ratio 2.0x 2.1x
Total borrowings 1,999.7 1,949.7Cash and marketable securities 1,197.5 1,385.6Net cash (802.2) (612.5)
Share capital 2,069.3 2,065.6Reserves 1,763.5 1,747.8Equity attributable to equity holders 3,832.8 3,813.4
Net gearing (overall) 21% 16%Net assets per share (RM) 1.85 1.85
QUARTERLY SEGMENTAL PROFITS(RMmil) Q211 Q311 Q411 Q112 Q2 `12 Q2 `11 +/-Construction & Eng 28.0 48.2 41.3 43.5 58.5 28.0 +109Properties 32.4 52.7 38.9 58.8 71.8 32.4 +122Expressways 19.5 12.0 37.1 30.1 17.2 19.5 -12Water 45.4 45.5 33.8 35.5 40.8 45.4 -10
Group Pretax Profit 125.3 158.4 151.1 167.1 188.3 125.3 +50Group Net Profit 94.0 116.6 126.2 132.3 136.5 94.0 +45
% HY ‘12 HY ‘11Construction 12.4 6.2Properties 23.6 17.6Expressways 23.5 22.2Water n.a. n.a.Group PBT 25.2 18.9
Pretax Margins(RMmil) HY ‘12 HY ‘11 +/-Construction 102.0 53.8 +90Properties 130.6 58.4 +124Expressways 47.3 34.9 +36Water 75.5 87.9 -14Group PBT 355.4 235.0 +51
YTD Segmentals
KEY HIGHLIGHTS• RM8.2bn tunnel contract clinched – JV emerged as Best
Evaluated Tenderer with superior design and lowest cost, outbidding all foreign contenders outright
• PDP agreement signed – 6% fee, RM2.85bn reimbursables, 15% contingency sum, Owner’s, PDP’s responsibilities outlined
• Stellar 1HY – construction, properties profits double; further margin expansions achieved, stronger 2HY expected
• Property 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
KEY CORPORATE UPDATES
• 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%)
• PDP 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
PDP AGREEMENT – KEY HIGHLIGHTS • 6% fee with RM2.85bn fixed reimbursable costs, 15%
contingency sum for potential cost overruns• Both Owner and PDP can utilize contingency sum (with joint
consent) but subject to several clearly defined exclusions• PDP to deliver fully functional and operating railway system
within agreed Target Cost and Completion Date• PDP responsible for all contractors’ performances, failing
which PDP 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• PDP’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
Major Projects
Balance works
(RMbn)
Completion Status
Comments% now
completion date
Major OngoingDouble Tracking 1.6 77 2014 Achieving strong margins
Recently SecuredKVMRT Tunneling 4.1 0 2017 Mobilizing
Completing SoonYenso Park STPNDIA – Ph 1, 2}
0.1-
98100
20122012
Preparing for handoverPreparing for handover
• Current active order book about RM5.8 billion
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);
• PDP 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
KVMRT: Sg Buloh – Kajang Line
SUNGAI BULOH
KG BARUSUNGAI BULOH
RRIKOTADAMANSARA
TAMAN INDUSTRI SG. BULOH
PJU 5
DATARANSUNWAY
THE CURVE
ONE UTAMA
TTDISECTION 17
SECTION 16
PBD
SEMANTAN
KL SENTRAL
PASARSENI
MERDEKA
BUKITBINTANG
WEST
BUKITBINTANG
EAST
PASAR RAKYAT
COCHRANE
MALURI
TMN BUKIT RIA
TMN BUKIT MEWAH
LEISURE MALL
PLAZA PHOENIX TAMAN SUNTEX
TAMAN CUEPACS
BALAKONG
TAMAN KOPERASI
BDR TUN HUSSIEN ONN
TAMAN MESRA
SAUJANAIMPIAN
BANDARKAJANG
KAJANG
P
P
P
P
PP
P
P
P
P
P
P
DBKLRRI
ONE UTAMA
SEMANTAN
BDR. TUN HUSSEIN ONN
KAJANG
SUNGAI BULOH
KOTA DAMANSARA – MUTIARA
DAMANSARA
COCHRANE
BUKIT BINTANG EAST
MALURI
SPRINT HIGHWAY
GRAND SAGA
HIGHWAY
PASAR RAKYAT
PASAR SENI
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)
PROPERTIES - OUTLOOK• Record-breaking 1HY driven by strong revenue and margin
expansions; PBT more than doubled to RM131m on 68% revenue expansion; PBT 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
Gamuda City, Vietnam (200ha, RM9bn, 2012-2022)
SALES LAUNCHING PLAN
1st Launch Unit Total GDV(USD)
Year 2012 72 33 mil
Small Terrace (118m2) 48 19 mil
Small Semi-D (189m2) 24 14 mil
Initial Launch
14
Celadon City, Vietnam (80ha, RM5bn, 2011-2018)
16
Plot A7 – Resettlement
Plot A2- Mid-end AptPlot A3-
Mid-end Apt
Plot A4- Mid-end Apt
Commercial Land
Plot A5 – Mid High-end Apt
Plot A6 – Mid High-end Apt
Plot A1– Mid-end Apt
Ring Park
Main Access Road
Cultural Land
Primary & Secondary
School Land
High School Land
Sport Center Land
Kindergarten Land
APPROVED MASTER PLAN
30
INFRASTRUCTURE - OUTLOOK
• Traffic volume growth between 2-4% p.a. for matured expressways (LDP, Sprint Jalan Damansara, Kesas);
• Double-digit traffic growth for less matured expressways (Kerinchi, Pencala Links, SMART)
• 1HY average revenue growth up 9% y-o-y
• Water consolidation exercise still deadlocked; unclear when or how impasse can be resolved
THANK YOUFor any clarification, please email