Mewah International Inc. · SGX:MV4
Mewah International — Q1 2017 Earnings Presentation
19 slides from Mewah International's earnings presentation, May 12, 2017
Slide 1: Q1 2017 Financial Results Summary
12th May, 2017 Creating Synergy Delivering Value Q1 2017 Financial Results Summary Mewah International Inc.
Slide 2: Notice
Notice This presentation should be read in conjunction with Mewah International Inc.’s Unaudited Financial Statements for the First Quarter Ended 31 Mar 2017 lodged on the SGXNET on 12th May, 2017. 2
Slide 3: Performance Summary
Performance Summary In US$ million Net Profit* Q1 2017 4.0 Q1 2016 2.9 YOY Change 35.8% Q4 2016 5.4 QOQ Change -25.9% * Profit after tax attributable to equity holders of the Company 3
Slide 4: Performance Summary
Performance Summary Sales volume Revenue In MT’000 In US$ million 1,094.1 1,123.2 1,075.5 834.4 930.4 881.6 757.0 740.0 711.4 727.9 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Operating margin per MT Net profit In US$ In US$ million 42.7 36.6 10.5 26.8 30.2 23.1 5
Slide 5: Income Statement Q1 2017
Income Statement | Q1 2017 In US$ million, unless stated otherwise Q1 2017 Q1 2016 % change Q4 2016 % change Sales volume (MT'000) 881.6 1,094.1 -19.4% 930.4 -5.2% ASP (US$) 825.7 650.2 27.0% 795.4 3.8% Revenue 727.9 711.4 2.3% 740.0 -1.6% OM per MT (US$) 30.2 23.1 30.7% 42.7 -29.3% Operating margin
Slide 6: Income Statement: CPO prices vs. OM per MT
Income Statement | CPO prices vs. OM per MT OM per MT (US$) CPO Price (MYR) 3,500 800 CPO Price (US$) Operating Margin (%) 700 3,000 600 CPO Prices - Ringgit Malaysia (RM) 2,500 5.4% 5.2% 500 2,000 CPO Prices - US$ 400 3.7% 3.5% 3.6% 1,500 300 1,000 42.7 200 36.6 30.2 23.1 26.8 500 100 - - Q1 2016 Q
Slide 7: Segmental Performance Q1 2017
Segmental Performance | Q1 2017 In US$ million YOY QOQ Q1 2017 Q1 2016 Change Q4 2016 Change Bulk segment Sales volume (MT’000) 621.3 861.2 -27.9% 669.2 -7.2% Average selling prices (US$) 805.1 631.0 27.6% 756.3 6.5% Revenue (US$’million) 500.2 543.4 -7.9% 506.1 -1.2% Operating margin per MT (US$) 2
Slide 8: Sales Volume & Revenue YOY
Sales Volume & Revenue | Q1 2017 | YOY In US$ million 711.4 -19.4% +27.0% 727.9 Total Q1 2016 Q1 2017 Change % Sales volume (MT'000) 1,094.1 881.6 -19.4% Total +2.3% ASP (US$) 650.2 825.7 27.0% Revenue 711.4 727.9 2.3% Q1 2016 Volume ASP per MT Q1 2017 543.4 -27.9% +27.6% 500.2 BULK Q1 2016 Q1 2017
Slide 9: Sales Volume & Revenue QOQ
Sales Volume & Revenue | Q1 2017 | QOQ In US$ million 740.0 -5.2% +3.8% 727.9 Total Q4 2016 Q1 2017 Change % Sales volume (MT'000) 930.4 881.6 -5.2% Total ASP (US$) 795.4 825.7 3.8% -1.5% Revenue 740.0 727.9 -1.5% Q4 2016 Volume ASP per MT Q1 2017 506.1 -7.2% +6.5% 500.2 BULK Q4 2016 Q1 2017 Change
Slide 10: Revenue Geographical Spread
Revenue | Geographical spread | Q1 2017 Middle East, 24% Rest of Asia, 20% Malaysia/ Singapore, 56% Other, 44% Europe , 17% Africa, 26% Americas, 7% Pacific Oceania, 6% Total Q1 2017 FY 2016 Malaysia/ Singapore 56% 63% Destination 44% 37% Total 100% 100% Africa 26% 28% Middle East 24% 26% Rest of As
Slide 11: Revenue Geographical Spread by Segment
Revenue | Geographical spread | Q1 2017 Q1 2017 FY 2016 Malaysia/ Singapore 79% 81% Destination 21% 19% Americas, 11% Total 100% 100% Bulk Malaysia/ Middle East, 32% Europe, 17% Middle East 32% 42% Singapore, 79% Other, 21% Rest of Asia 34% 31% Pacific Oceania, Rest of Asia, 6% Americas 11% 8% 34% E
Slide 12: Operating Margin YOY
Operating margin | Q1 2017 | YOY In US$ million, unless stated otherwise 25.2 -4.9 +6.3 26.6 Total Q1 2016 Q1 2017 Change % Sales volume (MT'000) 1,094.1 881.6 -19.4% Total -19.4% +30.7% OM per MT (US$) 23.1 30.2 30.7% +5.4% Operating margin 25.2 26.6 5.4% Q1 2016 Volume OM per MT Q1 2017 16.3 -4.5
Slide 13: Operating Margin QOQ
Operating margin | Q1 2017 | QOQ In US$ million, unless stated otherwise 39.7 -2.1 -11.1 Total Q4 2016 Q1 2017 Change % 26.6 Sales volume (MT'000) 930.4 881.6 -5.2% Total -5.2% -29.3% OM per MT (US$) 42.7 30.2 -29.3% -33.0% Operating margin 39.7 26.6 -33.0% Q4 2016 Volume OM per MT Q1 2017 25.0 -1.8
Slide 14: Balance Sheet Summary
Balance Sheet | Summary In US$ million 31 Dec 2016 31 Mar 2017 713.5 713.5 661.8 661.8 Current net debt Current Working 27.7% Working net debt 21.9% 197.5 50.5% Capital Capital 144.8 52.9% Non-current net debt 377.7 Non-current net debt 334.5 31.0 4.7% 24.5 3.4% Equity Equity 486.0 491.5 68.9% 49.5%
Slide 15: Balance Sheet Summary
Balance Sheet | Summary In US$ million 713.5 713.5 Current net debt 197.5 52.3% Working capital 52.9% 377.7 Equity 180.2 47.7% 24.5 Non-current debt 7.3% Long-term investments Equity 335.8 311.3 92.7% 47.1% Investment Capital Actual Actual Debt / Equity Ratio Q1 2017 FY 2016 Objective Long-term inve
Slide 16: Balance Sheet Liquidity
Balance Sheet | Liquidity Gross debt to equity Non-current debt repayment schedule Year 2 14.1 0.76 Year 3 8.2 0.62 0.55 0.46 Year 4 2.2 Total 24.5 2014 2015 2016 Q1 2017 In US$ million Net debt to equity Trade finance facilities utilisation Utilised % Facility 586.7 Utilised 225.6 38.5% 0.67 Unutil
Slide 17: Cycle time
Cycle time Inventory days Trade receivable days 49 33 34 29 32 27 31 31 2014 2015 2016 Q1 2017 2014 2015 2016 Q1 2017 Trade payable days Cycle time 2014 2015 2016 2017 (14) (16) (15) (17) 68 48 44 44 2014 2015 2016 Q1 2017 Cycle time is calculated as Inventory days + Trade receivable days – Trade pa
Slide 18: Cash Flows Statement Summary
Cash Flows Statement | Summary In US$ million Q1 2017 Q1 2016 Operating cash flows before working capital changes 8.8 7.0 Changes in operating assets and liabilities (36.2) (9.5) Net interest and income tax payment (9.1) (5.1) Net cash flows used in operating activities (36.5) (5.1) Net cash flows f
Slide 19: Thank you
Thank you Any questions, contact: Rajesh Chopra, Group Chief Financial Officer Ph: (65) 6829 5255| mail: [email protected] 19