Sembcorp Industries Ltd. · SGX:U96
Sembcorp Industries — 9M2003 Earnings Presentation
17 slides from Sembcorp Industries's earnings presentation, Nov 11, 2003
Slide 1: 3Q2003 Results: Delivering Performance
3Q2003 Results Delivering Performance November 11, 2003
Slide 2: Delivering Performance
Delivering Performance 3Q2003 PATMI up 157% to $75.5m 9M2003 PATMI at $231.3m, a growth of 85% over 9M2002 9M2003 EPS at 12.69 cents, a growth of 82% Annualised ROE of 17.6% Strong operating performance todate and realised gains from divestments will underpin earnings for 2003 2
Slide 3: Delivering Performance: Creating Value for Shareholders
Delivering Performance Creating Value For Shareholders divestment gains for 9 months totalling $92.9m effective capital reallocation into profitable Key Businesses Building Sustainable Growth For the Future solid performance with long-term baseload earnings strong group order-book (excl. long-term c
Slide 4: Profit & Loss – 3Q2003
Profit & Loss – 3Q2003 $M 3Q03 3Q02 % Turnover 1,265.3 1,084.6 17 EBITDA 157.5 114.5 38 PBT 135.3 71.7 89 PATMI 75.5 29.4 157 EPS (cts) 4.14 1.62 156 PATMI grew 157% to $75.5m 4
Slide 5: Profit & Loss – 9M2003
Profit & Loss – 9M2003 $M 9M03 9M02 % Turnover 3,339.8 3,059.7 9 EBITDA 451.3 366.0 23 PBT 374.7 250.0 50 PATMI 231.3 125.1 85 EPS (cts) 12.69 6.96 82 9M2003 PATMI grew 85% to $231.3m 5
Slide 6: Contribution to Turnover – 9M2003
Contribution to Turnover – 9M2003 $M 9M03 9M02 % Utilities 1,286.1 751.6 71 E&C 596.9 624.4 (4) Env. Eng. 138.5 102.4 35 Logistics 353.0 335.9 5 Marine Eng. 824.6 744.4 11 Others 133.6 498.6 (73) Corporate 7.1 2.4 199 TOTAL 3,339.8 3,059.7 9 Good topline growth by Utilities, Marine Eng. and Env. Eng
Slide 7: Contribution to Total Turnover (%) - by businesses
Contribution to Total Turnover (%) - by businesses Corporate Others Corporate Marine Eng. Others 4 Utilities Utilities 16 25 25 38 24 11 20 Marine Eng. Logistics 4 11 18 E&C 3 Env. Eng. E&C Logistics Env. Eng. 9M03 - $3.4bn 9M02 - $3.1bn Key Businesses now comprise 96% of total turnover. Utilities’
Slide 8: Contribution to PATMI – 9M2003
Contribution to PATMI – 9M2003 $M 9M03 9M02 % Utilities 68.7 40.4 70 E&C 4.2 (14.9) NM Env. Eng. 9.0 7.3 23 Logistics 41.9 34.4 22 Marine Eng. 36.9 45.0 (18) Others 10.7 24.4 (56) Corporate 59.9 (11.5) NM TOTAL 231.3 125.1 85 Growth driven by earnings from Utilities, Env. Eng. and Logistics 8
Slide 9: Exceptional Items – 9M2003
Exceptional Items – 9M2003 $M 9M2003 Gain on disposal of investment in Cathay International Water 77.2 Loss on disposal of BMG (10.3) Gain on disposal of investment in Theme Parks 9.5 Gain on disposal of PacNet’s Shares 16.5 Exceptional Items 92.9 9
Slide 10: Capex – 9M2003
Capex – 9M2003 $M 9M2003 Investment items:- Teesside Assets & Business 286 Cleantech Services 15 PPL Shipyard 15 Tay Paper 4 Others 6 327 Fixed Asset items:- Plant & machinery / Vessels 47 Capital WIP 32 Others 24 103 TOTAL CAPEX 430 10
Slide 11: Cash Flow Statement – 9M2003
Cash Flow Statement – 9M2003 $M 9M03 9M02 Cash flow from Operating activities - before changes in working capital 323 334 - changes in working capital (301) 117 - tax paid (67) (67) (45) 384 Cash flow from Investing activities - divestments proceeds & sale of FA 137 120 - acquisitions (incl. investm
Slide 12: Borrowings – 9M2003
Borrowings – 9M2003 $M Sept 30, 2003 Dec 31, 2002 % PF loans 803 657 22 Long-term 651 811 (20) Short-term 620 347 79 Gross 2,074 1,815 14 Less Cash & FD (455) (482) (6) Net Debt 1,619 1,333 21 Net Debt (excl. PF*) 965 772 25 Net Gearing Ratio • exclude PF* 0.41 0.36 • include PF* 0.69 0.62 Gearing r
Slide 13: Financial Indicators – 9M2003
Financial Indicators – 9M2003 9M03 9M02 % EPS (cts) 12.69 6.96 82 EPS* (cts) 15.24 9.26 64 ROE* (%) 17.6 13.6 - ROTA* (%) 7.7 5.7 - EVA ($m) 68 (54) NM EPS grew by 82% to 12.69 cents EVA is now positive * annualised 13
Slide 14: Financial Indicators – 9M2003
Financial Indicators – 9M2003 Sept 30, 2003 Dec 31, 2002 NAV per share (cts) 90.8 82.6 NTA per share (cts) 88.8 80.7 Net Gearing – excl. PF* (times) 0.41 0.36 Net Gearing – incl. PF* (times) 0.69 0.62 Interest Cover (times) 7.9 5.4 Balance sheet remains strong * PF - Non-recourse project financing 1
Slide 15: Outlook
OUTLOOK Strong operating performance todate and realised gains from divestments will underpin earnings for 2003 Barring unforeseen circumstances, overall performance for 2003 is expected to be better than 2002 15
Slide 16: Disclaimer
DISCLAIMER This presentation contains certain statements that are not statements statements of historical fact, i.e. forward- forward-looking statements. Investors can identify some of these statements statements by forward- forward - looking terms such as ‘expect’ expect believe plan intend estimat
Slide 17: SembCorp Industries
SembCorp Industries 17