Sembcorp Industries Ltd. · SGX:U96
Sembcorp Industries — Q1 2004 Earnings Presentation
16 slides from Sembcorp Industries's earnings presentation, May 10, 2004
Slide 1: SembCorp Industries First Quarter 2004 Financial Results Presentation
SembCorp Industries First Quarter 2004 (1Q2004) Financial Results Presentation May 10, 2004
Slide 2: Profit & Loss – 1Q04
Profit & Loss – 1Q04 $M 1Q04 1Q03 % Turnover 1,369.4 911.7 50 EBITDA 114.7 95.4 20 PBT 85.7 68.3 26 PATMI 42.6 38.2 12 EPS (cts) 2.3 2.1 11 12% PATMI growth to $42.6m 2
Slide 3: Contribution to Turnover – 1Q2004
Contribution to Turnover – 1Q2004 $M 1Q04 1Q03 % Utilities 682.3 317.7 115 Engineering & Construction 238.5 194.8 22 Environmental Engineering 50.4 37.8 33 Logistics 115.8 112.4 3 Marine Engineering 242.1 194.3 25 Others 40.3 54.7 (26) TOTAL 1,369.4 911.7 50 Turnover growth spurred by Utilities whic
Slide 4: Contribution to Total Turnover (%) - by businesses
Contribution to Total Turnover (%) - by businesses Others Marine Eng. Others Utilities 3 7 18 Utilities Marine Eng. 21 35 Logistics 8 50 4 12 Env. Eng. 17 Logistics 21 4 E&C E&C Env. Eng. 1Q04 1Q03 Total Turnover - $1.4bn Total Turnover - $0.9bn Utilities contributed 50% to Group turnover in 1Q2004
Slide 5: Contribution to Total Turnover (%) - by geographical area
Contribution to Total Turnover (%) - by geographical area Rest of Asia Rest of 19% Asia 17% Others Others Singapore 9% 10% Singapore 54% Europe Europe 62% 11% 18% 1Q04 1Q03 Total Turnover - $1.4bn Total Turnover - $0.9bn Overseas turnover grew from 38% to 46% of Group turnover 5
Slide 6: Contribution to PATMI – 1Q2004
Contribution to PATMI – 1Q2004 $M 1Q04 1Q03 % Utilities 21.1 16.7 26 Engineering & Construction 0.5 6.8 (93) Environmental Engineering 3.8 1.8 111 Logistics 15.4 12.2 26 Marine Engineering 12.9 11.5 12 Others (11.1) (10.8) (3) TOTAL 42.6 38.2 12 Utilities contributed 50% of Group PATMI and grew by 2
Slide 7: Capex – 1Q2004
Capex – 1Q2004 $M Capex in 1Q2004 50 Investments 23 Fixed assets 27 Major Investment items: - COSCO Corp 14 Phu My 3 7 Major Fixed Asset items: - Capital WIP 16 Plant & Machinery 7 7
Slide 8: Cash Flow Statement – 1Q2004
Cash Flow Statement – 1Q2004 $M 1Q04 1Q03 Cash flow from Operating activities - before changes in working capital 118 87 - changes in working capital (136) (137) - tax paid (6) (19) (24) (69) Cash flow from Investing activities - divestments proceeds & sale of FA 13 5 - acquisitions (incl. investmen
Slide 9: Borrowings – 1Q2004
Borrowings – 1Q2004 $M Mar 31, 2004 Dec 31, 2003 PF loans 788 814 Long-term 546 579 Short-term 740 660 Gross 2,074 2,053 Less Cash & FD (637) (679) Net Debt 1,437 1,374 Net Debt (excl. PF*) 833 762 Net Gearing Ratio • include PF* 0.6 0.6 • exclude PF* 0.3 0.3 * PF - Non-recourse project financing 9
Slide 10: Financial Indicators – 1Q2004
Financial Indicators – 1Q2004 1Q04 1Q03 EPS (cts) 2 2 Annualised EPS (cts) 9 8 Annualised ROE (%) 10 10 Annualised ROTA (%) 5 5 EVA ($m) 3 13 10
Slide 11: Financial Indicators – 1Q2004
Financial Indicators – 1Q2004 Mar 31, 2004 Dec 31, 2003 NAV per share (cts) 97 94 NTA per share (cts) 91 88 Net Gearing – excl. PF* (times) 0.3 0.3 Net Gearing – incl. PF* (times) 0.6 0.6 Interest Cover (times) 6 7 * PF - Non-recourse project financing Maintaining healthy financial ratios 11
Slide 12: Outlook
OUTLOOK Group’s earnings growth will be driven mainly by Utilities in 2004. The main profit contributors will continue to be Utilities, Logistics and Marine Engineering Barring unforeseen circumstances, overall operating performance for 2004 is expected to be better than 2003 12
Slide 13: Group Orderbook
Group Orderbook $M As at March 31, 2004 Utilities (SMOE) 403 Engineering &Construction 1,303 Environmental Engineering 307 Marine Engineering 896 TOTAL 2,909 Note: Excludes long-term contracts 13
Slide 14: Read in conjunction with First Quarter 2004 Financial Statement
This presentation should be read in conjunction with SembCorp Industries’ First Quarter 2004 Financial Statement of May 10, 2004 lodged on Masnet Visit : www.sembcorp.com.sg for presentations and press releases 14
Slide 15: 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 16: SembCorp Industries
SembCorp Industries 16