Singapore Post Ltd. · SGX:S08
Singapore Post — FY2008/09 Earnings Presentation
23 slides from Singapore Post's earnings presentation, Apr 30, 2009
Slide 1: Q4 & Full Year FY2008/09 Results
Singapore Post Limited Q4 & Full Year FY2008/09 Results (Financial Year ended 31 March 2009) 30 April 2009 © 2008 Singapore Post Limited. All rights reserved. (Registration number: 199201623M)
Slide 2: Forward-looking Statements – Important Note
Forward-looking Statements – Important Note The following presentation contains forward looking statements by the management of Singapore Post Limited ("SingPost"), relating to financial trends for future periods, compared to the results for previous periods. Some of the statements contained in this
Slide 3: Contents
Contents • Highlights • Overview • Group Results • Segment Results • Financial Position • Dividend • Summary 3 P
Slide 4: Highlights, Overview, Group Results
Highlights Overview Group Results 4 P
Slide 5: Key Highlights
Key Highlights Q4 FY2008/09 Revenue 2.9% Impact of economic downturn Operating 6.3% Costs controlled; savings from government’s expenses relief measures Underlying 3.2% Decline in tandem with lower top line net profit Dividend 2.5 cents Total annual payout of 6.25 cents per share Full Year FY2008/09
Slide 6: Overview
Overview Positioning Group for growth Managing costs and capacity in downturn Strengthening and building network and businesses for future growth G3 Aspac Ready platform for expansion 6 P
Slide 7: Q4 FY08/09 Group Results
Q4 FY08/09 Group Results Q4 FY08/09 % change • Impact of recession Revenue $115.6M 2.9% • Weakness in most business lines • Cost management measures in place Underlying 3.2% $32.6M • Underlying net profit declined in net profit * tandem with lower revenue * Excluding one-off items and gains/losses o
Slide 8: Q4 FY08/09 Segment Results
Q4 FY08/09 Segment Results Revenue Operating Profit • S3 (Self Storage Solutions) for Mail 2.1% 4.8% commercial and residential customers • Strategic alliance with UOB to distribute HDB Home Loans Logistics 0.5% 35.5% • Alternative channel via SAM for remittances to Indonesia • Re-purposing of post
Slide 9: Q4 FY08/09 Operating Expenses
Q4 FY08/09 Operating Expenses Q4 Q4 $M Chg % chg FY07/08 FY08/09 Operating Expenses 90.7 85.0 (5.7) (6.3%) Operating Expenses Breakdown $M • Cost management measures 5.8% 1.9% implemented 33.9 • Selling & administrative 31.9 31.1 30.5 expenses increased on higher 11.3% professional fees and 41.0% ad
Slide 10: Q4 FY08/09 P&L
Q4 FY08/09 P&L $M Q4 FY07/08 Q4 FY08/09 Change % change Revenue 119.0 115.6 (3.5) (2.9%) Other income 6.7 8.6 +1.8 +27.4% Operating expenses (90.7) (85.0) (5.7) (6.3%) Operating profit 35.0 39.2 +4.1 +11.7% Share of assoc & JVs 2.9 2.7 (0.2) (6.3%) Net finance costs (2.0) (1.9) (0.2) (7.8%) Profit b
Slide 11: FY08/09 P&L
FY08/09 P&L $M FY07/08 FY08/09 Change % change Revenue 472.6 481.1 +8.5 +1.8% Other income 32.2 33.2 +1.0 +3.1% Operating expenses (329.5) (335.9) +6.4 +2.0% Operating profit 175.3 178.4 +3.1 +1.8% Share of assoc & JVs 8.2 7.8 (0.4) (4.3%) Net finance costs (8.0) (7.2) (0.8) (10.2%) Profit before ta
Slide 12: Segment Results, Financial Position, Dividend
Segment Results Financial Position Dividend 12 P
Slide 13: Mail – Q4 FY08/09 Results
Mail – Q4 FY08/09 Results Mail Revenue $M 90.5 2.1% 88.7 Mail Revenue Breakdown $M 0.3% 55.2 55.0 Q4 FY07/08 Q4 FY08/09 6.7% 29.7 27.7 Mail Operating Profit 8.7% $M 4.0 4.3 1.7 1.7 32.4 4.8% 30.8 Domestic International Hybrid mail Philatelic mail mail Q4 FY07/08 Q4 FY08/09 Q4 FY07/08 Q4 FY08/09 13 P
Slide 14: Mail – FY08/09 Results
Mail – FY08/09 Results Mail Revenue $M 365.3 368.5 0.9% Mail Revenue Breakdown $M 1.4% 227.4 224.1 FY07/08 FY08/09 1.3% 117.4 118.9 Mail Operating Profit 11.4% $M 3.8% 17.4 15.6 6.3 6.6 141.5 1.3% 139.6 Domestic mail International Hybrid mail Philatelic mail FY07/08 FY08/09 FY07/08 FY08/09 14 P
Slide 15: Logistics – Q4 FY08/09 Results
Logistics – Q4 FY08/09 Results Logistics Revenue $M 17.0 0.5% 17.1 Logistics Revenue Breakdown $M Q4 FY07/08 Q4 FY08/09 13.2 13.3 1.9% Logistics Operating Profit $M 3.8 3.7 35.5% Speedpost Warehousing, Fulfilment, 1.6 1.0 Distribution & Others Q4 FY07/08 Q4 FY08/09 Q4 FY07/08 Q4 FY08/09 15 P
Slide 16: Logistics – FY08/09 Results
Logistics – FY08/09 Results Logistics Revenue $M 72.4 68.6 5.5% Logistics Revenue Breakdown $M 1.2% 56.5 55.8 FY07/08 FY08/09 24.2% Logistics Operating Profit $M 15.5 12.4 8.6 8.6% 7.9 Speedpost Warehousing, Fulfilment & Distribution & Others FY07/08 FY08/09 FY07/08 FY08/09 16 P
Slide 17: Retail – Q4 FY08/09 Results
Retail – Q4 FY08/09 Results Retail Revenue $M 17.5 7.7% 16.1 Retail Revenue Breakdown $M 6.8% 14.5% Q4 FY07/08 Q4 FY08/09 6.3 6.5 6.1 5.4 4.7 4.7 Retail Operating Profit $M 3.8 28.5% Retail - Agency, Financial Services Inter-segment 2.7 Product & Others Q4 FY07/08 Q4 FY08/09 Q4 FY07/08 Q4 FY08/09 17
Slide 18: Retail – FY08/09 Results
Retail – FY08/09 Results Retail Revenue $M 6.0% 65.3 61.6 Retail Revenue Breakdown $M 9.5% 3.3% 5.0% 24.2 21.7 22.1 FY07/08 FY08/09 21.0 19.5 18.6 Retail Operating Profit $M 12.0 4.2% 11.5 Retail - Agency, Financial Services Inter-segment Product & Others FY07/08 FY08/09 FY07/08 FY08/09 18 P
Slide 19: Financial Position
Financial Position Cash Flows Financial indicators $M Net debt $163.4M 173.7 170.3 160.8 149.7 152.4 160.9 155.9 139.4 Net gearing 0.64x EBITDA to 27.4x interest expenses FY05/06 FY06/07 FY07/08 FY08/09 Return on 62% Net cash inflow from operating activities average equity Free cash flow 19 P
Slide 20: Dividend
Dividend Final dividend for FY08/09 • Proposed final dividend of 2.5 cents per share for shareholders’ approval • Total annual dividend of 6.25 cents per share for FY08/09 Dividend policy • Minimum annual payout of 5 cents per share • Quarterly payments on 1.25 cents based on minimum payout 20 P
Slide 21: Summary
Summary 21 P
Slide 22: Summary
Summary Q4 and full year FY08/09 results • Impact of economic downturn in second half of FY08/09 • Weakness in most business lines • Healthy cash flows and financial position Dividend • Proposed final dividend of 2.5 cents per share • Subject to shareholders’ approval at AGM Positioning SingPost for
Slide 23: Financial statements available on SGXNET and website
The complete set of financial statements is available on SGXNET and our website at www.singpost.com. 23 P