Cube Highways Trust Units · NSE:CUBEINVIT
Cube Highways Trust Units — Investor Presentation (May 2024)
38 slides from Cube Highways Trust Units's investor presentation, May 28, 2024
Slide 1: Intimation regarding Investor Presentation for FY 2023-24
May 28, 2024 To Listing Department Listing Department BSE Limited National Stock Exchange of India Limited 20th Floor, P. J. Towers Exchange Plaza, C-1, Block-G Dalal Street, Mumbai – 400 001 Bandra-Kurla Complex, Bandra (E) Scrip Code: 543899 (CUBEINVIT) Mumbai - 400 051 Symbol: CUBEINVIT Scrip Cod
Slide 2: FY 2024 Investor Presentation - Cube Highways Trust
FY 2024 - INVESTOR PRESENTATION CUBE HIGHWAYS TRUST May 2024
Slide 3: Disclaimer
Disclaimer This presentation is prepared and issued by Cube Highways Fund Advisors Pvt. Ltd. ("CHFAPL") (the “Investment Manager”) on behalf of and in its capacity as the Investment Manager of Cube Highways Trust (“InvIT”) for general information purposes only without regards to specific objectives,
Slide 4: Agenda
Agenda 04 17 20 24 28 FY 2024 Updates ESG & Key Corporate Annexures Sustainability Differentiators Governance & Strategy Management Team 3
Slide 5: FY 2024 Updates
§@ CUBENIGHWAYS FY 2024 Updates
Slide 6: Portfolio Snapshot
Portfolio Snapshot As on 31st Mar 2024 except stated otherwise 25 79% : 21% ASSETS(1) TOLL REV. : ANNUITY REV. (1) 3 (FY 24) 15 14 1,938 8,407 17 1 2 16 7 KILOMETERS LANE KILOMETERS 12 13 18 20.3 27 Assets 1. JMTPL, 2. MBEL, AVERAGE RESIDUAL TOLL PLAZAS 3. WUPTPL, 4. NAMEL, CONCESSION YEARS(2) 5. ND
Slide 7: Executive Summary
Executive Summary As on 31st Mar 2024 except stated otherwise Traffic Growth Toll Revenue Growth Electronic Toll Collection 6.5% YOY 1 11.9% YOY 1 96% Yield Rating DSCR 10.09% AAA 1.67 CRISIL, ICRA and Indian Ratings and Research Distributions till AUM NAV Growth date (INR mn) 258.11 INR Bn 26.6%2 1
Slide 8: Revenue & Traffic Performance Snapshot
Revenue & Traffic Performance Snapshot FY 24 vs FY 23 Asset-wise daily average revenue collection (FY24 v/s FY23)... Revenue: 11.9 %1 increase Average Daily Collection (INR Mn)2 9.1% FY24 70.48 Average daily 18.7% 17.8% 6.9% FY23 63.18 revenue 12.0% 8.0% 13.6% 10.2% 19.3% 9.7% 6.7% 12.2% 9.1% -2.3%
Slide 9: Strong Balance Sheet and Financing
Strong Balance Sheet and Financing Key Metrics Our Marquee Lenders 8.2% 10.09% 89% 33.65% 1.67 4.5 Average cost Yield Floating rate Net Debt/ AUM DSCR1 Debt/ EBITDA of Debt borrowing Repayment Schedule (INR millions) Gross Borrowings (INR billions) Listed NCD, Promotors 1,400 12.0, 11% fund, 0.3, 1,
Slide 10: Dividend Distribution - Snapshot
Dividend Distribution - Snapshot (in INR millions) 1,562 26,925 (5,615) (114) 2,501 13,019 10,587 10,518 (12,646) Revenue Interest Expenses Taxes and Debt Servicing Surplus cash Distribution from Distribution from Total Income Working available for cash available surplus opening Distribution for Cap
Slide 11: Technical Leadership
Technical Leadership Last-mile Construction Technology-Driven Testing Innovative Material Lifecycle Cost Management Excellence Utilization ⁻ Advanced testing techniques: Non- ⁻ Award winning surface mixes ⁻ Strategic Focus: A lifecycle focused ⁻ FRHL and DATRPL: Completed approach to strategic maint
Slide 12: Technology Driven Road Asset Management Systems
Technology Driven Road Asset Management Systems Road-Aid HiRate Build-Aid Data logging, workflow management and A first-of its kind application, developed fully in-house, that Quality control and progress tracking for highway oversight through digitizing highway operations objectively rates and asse
Slide 13: GAEPL – Cold Central Plant Recycling Technology
GAEPL – Cold Central Plant Recycling Technology W RLD REC RD State-of-the-art green technology CCPR technology implemented in this project represents a groundbreaking innovation in the Indian construction industry, focusing on sustainable recycling of deteriorated pavement resulting in reduced bitum
Slide 14: Minimizing Exemption & Violation at GAEPL
Minimizing Exemption & Violation at GAEPL Cube InvIT prioritizes inducing toll paying behavior and thus minimizing revenue leakages. At GAEPL, we've successfully achieved through: • Strategic Check Plazas : Cube has installed check plazas at two key locations (Km 47.100 and Km 48.000) and deployed g
Slide 15: InvIT NCD Issuance
InvIT NCD Issuance NCD Issuance Key Highlights: ⁻ Cube Highways Trust issued NCDs amounting to INR 10,300 Mns. in the month of June’23 ⁻ The NCD issuance received bids for an amount of INR 36,100 Mns from IFC and other domestic Investors. IFC subscribed entire issuance at 7.49% p.a.p.q ⁻ Key highlig
Slide 16: Awards and Achievements
Awards and Achievements ET Now Infra Focus Award 2023 - Most Admired Infrastructure Company Great Place to Cube Highways Work World Record of Felicitated with National Laying 112 lane kms special award M&A Deal of the Highways of Bituminous Year 2023 National Highways Excellence Concrete in 100 Exce
Slide 17: Board of Directors
Board of Directors As on 22nd May 2024: UPENDRA K SINHA | Independent Director HELLY BHARAT AJMERA | Non-Executive Director • He has served as the chairman of SEBI, UTI Asset Management • She is Director & Head of BCI’s India Investments since January 2023. Company Limited, Association of Mutual Fun
Slide 18: ESG and Sustainability Strategy
ESG and Sustainability Strategy 17
Slide 19: ESG Highlights
ESG Highlights 25% total women 14 female employees ~127 female toll strength in IM and promoted (IM, PM and collectors ENERGY* EMISSIONS* PM SPV) 17,405 MWh of total 19% of Scope 1+2 emissions energy consumed1 (Scope 1: 2329 tonnes CO eq; Scope 142.9 MWh of captive 2: 11,695 tonnes CO eq) 2 2 renewa
Slide 20: Cube InvIT's Sustainability Strategy
Cube InvIT’s Sustainability Strategy Key Pillars Environmental Responsibility Social Responsibility Governance Key Initiatives ⁻ Efforts on Resource Management efficiency ⁻ Create and nurture safe workplace for ⁻ Adopt and Implement Environment & Social ⁻ Sustainable O&M practices employees and cont
Slide 21: Key Differentiators
CUBEIGHWAYS Key Differentiators
Slide 22: Irreplicable Portfolio built over the years
Irreplicable Portfolio built over the years Our Expertise Traffic Corridors Presence in nearly all of India’s most attractive and high growth traffic corridors, tracking future growth trends Traffic and toll Asset Technological Project planning Last mile Planning management management innovation and
Slide 23: Thoughtfully Constructed Portfolio
Thoughtfully Constructed Portfolio Geographic Contiguous Traffic Share Diversified No Premium Rich Operating Long Residual Diversification Assets Diversification Commodity Obligation History of Assets Concession Life Boasting a varied collection Our assets are contiguous or Significant share of Expo
Slide 24: Strong Corporate Finance Capabilities
Strong Corporate Finance Capabilities AAA Credit Diversified Expertise Driven Global Transparent Raised funds at Investor Rating Funding Financial Investors Financial Practices Competitive Confidence Management Financing rate Achieved AAA rating from Leverage a diversified Experienced financial We c
Slide 25: Corporate Governance & Management Team
Corporate Governance & Management Team 24
Slide 26: Governance Committees
Governance Committees Audit Nomination & Stakeholders Risk Management Operations Investment Committee Remuneration Committee Relationship Committee Committee Committee Committee Composition Composition Composition Composition Composition Composition Consists of 3 Independent Consists of 3 Independen
Slide 27: Investment in a Team of Specialists – Investment Manager
Investment in a Team of Specialists Investment Manager (IM) Team VINAY C SEKAR Pankaj Vasani Mridul Gupta Abhijit S Sathe Nilesh Shukla Saurabh Bansal Deepan Shah Saurabh Kumar Chief Executive Officer Group Chief Financial Compliance Officer and SVP – Finance and VP – Finance and VP – Capital Raisin
Slide 28: Investment in a Team of Specialists – Project Manager
Investment in a Team of Specialists Project Manager (PM) Team DR. HARI REDDY BOVIN KUMAR Dr. Bhagwan Raju Rahul Shankar Dr. Mukul Shastry MVS Reddy Dr. Ashok Sharma Ankit Jain Anuj Maitrey Chairman Chief Executive Officer Chief Operating Chief HR Officer General Counsel Chief Information Head – E&S
Slide 29: Annexures
Annexures Portfolio Details InvIT Structure InvIT Vision & Mission Unit Holders Information Valuation Summary 28
Slide 30: Cube InvIT - Asset Portfolio
Cube InvIT - Asset Portfolio Project JMTPL MBEL WUPTL NDEPL FRHL WVEPL DATRPL TOT32 GAEPL APEL No. of SPVs 1 1 1 1 1 1 1 9 1 1 State Rajasthan Rajasthan Uttar Pradesh Karnataka West Bengal Kerala Uttar Pradesh, Jharkhand, Uttar Pradesh Andhra Haryana Uttar Pradesh, Pradesh, Bihar, Telangana Tamil Na
Slide 31: Cube InvIT – Assets Under Acquisition (ROFO)
Cube InvIT – Assets Under Acquisition (ROFO) Geographic Stretch BWHPL MSHPL MHPL KTIPL KSIPL KSPPL NAMEL No. of asset 1 1 1 1 1 1 1 States Covered Maharashtra Maharashtra Telangana Andhra Pradesh Tamil Nadu Telangana Andhra Pradesh, Telangana Project Length (km) 52.0 kms 55.8 kms 48.96 kms 61.128 km
Slide 32: Portfolio's Traffic Composition
Portfolio’s Traffic Composition Vehicle wise share calculated based on total number of tollable vehicles in FY 24 Traffic Synopsis 2% 3A Truck Commercial Vehicles: Annual Average Daily Traffic 5% LCV 6% 0% OSV 30% Passenger vehicles: 30,587 PCUs* Bus 7% 70% on the basis of total Average transactions
Slide 33: Cube Highways InvIT Structure
Cube Highways InvIT Structure CH-I = Cube Highways and Infrastructure Pte. Ltd.; CH-III = Cube Highways and Infrastructure III Pte. Ltd., CHFAPL = Cube Highways Fund Advisors Private Limited, CHTAAPL = Cube Highways and Transportation Assets Advisors Pvt. Ltd., JMTPL = Jaipur-Mahua Tollway Private L
Slide 34: Cube Vision & Mission
Cube Vision & Mission VISION MISSIONS We are driven by following Missions We aspire to become the most admired organization, To invest in and operate offering a diversified and exceptional, sustainable, sustainable portfolio reliable, safe, and inclusive comprising high quality infrastructure assets
Slide 35: Marquee Investors
Marquee Investors Ordinary Unitholding Pattern As on 31st March 2024 0.47% Foreign Portfolio Investors 1.16% Alternative Investment 0.46% Fund Provident/pension funds 1.94% Insurance Companies 0.22% Individuals 4.71% Non-Institution - Body Corporate 0.03% Non-Resident Indians 6.97% Mutual Funds 24.5
Slide 36: Valuation Summary
Valuation Summary As of 31st Mar 2024: (INR Mn) Total Particulars Description Enterprise Value 2,58,106 Revenue Assumptions Revenue growth rate of 9.2% for the overall concession life based on Assumptions Total Debt 1,08,543 Traffic report from Steer (SDG – traffic consultant) Net Debt 88,047 Traffi
Slide 37: Abbreviation
Abbreviation Abbreviations Definition Abbreviations Definition 2A Truck 2 Axle Truck LCV Light Commercial Vehicle 3A Truck 3 Axle Truck LRTPL Lucknow-Raebareli Tollway Private Limited ADIA Abu Dhabi Investment Authority MAV Multi-Axle Vehicle AIIB Asian Infrastructure and Investment Bank MBEL Mahua
Slide 38: Thank you
Thank you Cube Highways Trust Correspondence Address: Unit No. 1901, 19th Floor, Tower-B, World Trade Tower, Plot No. C-1, Sector-16, Noida, U.P-201301, Tel: +91-120-4868300 Email: [email protected] 37
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