Sustained Infrastructure Holding Company · TADAWUL:2190
Sustained Infrastructure — Saudi Industrial Services Company (SISCO) — Q3 2020 Earnings Presentation
32 slides from Sustained Infrastructure's earnings presentation, Dec 2, 2020
Slide 1: SISCO Q3 2020 Earnings Presentation
SISCO Q3 2020 EARNINGS PRESENTATION Your Partner in Ports & Terminals | Logistics Parks & Services | Water Solutions
Slide 2: Disclaimer
Disclaimer This presentation is strictly confidential and is being shown to you solely for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose. This presentation has been prepared by Saudi Industrial Se
Slide 3: Content
- 2020 Financial Review - Financial Summary Content - Consolidated Financial Statements - Segment Review 3
Slide 4: Q3 2020 - Financial Review
Content Q3 2020 - Financial Review 4
Slide 5: Key Financial Highlights – YTD 2020
KEY FINANCIAL HIGHLIGHTS – YTD 2020 Revenue Gross Profit EBITDA SAR 621.6 m* 19.7% SAR 301.2 m 36.7% SAR 414.2 m 80.4% YTD 2019: SAR 519.4 m YTD 2019: SAR 220.4 m YTD 2019: SAR 229.6 m Parent Company Net Debt Net Income SAR 111.3 m 147.4% SAR 459.3 m 11.0% YTD 2019: SAR 44.9 m YTD 2019: SAR 515.5 m
Slide 6: Key Financial Highlights – Q3 2020
KEY FINANCIAL HIGHLIGHTS – Q3 2020 Revenue Gross Profit EBITDA SAR 239.0 m* 38.9% SAR 132.1 m 88.4% SAR 135.3 m 112.2% Q3 2019: SAR 172.1 m Q3 2019: SAR 70.1 m YTD19: SAR 63.8 m Parent Company Net Debt Net Income SAR 28.1 m 317.5% SAR 459.3 m 11.0% YTD19: SAR 6.7 m YTD 2019: SAR 515.5 m * Revenue ha
Slide 7: Key Financial and Operational Highlights
KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS HIGHLIGHTS HEADWINDS • Strong performance by the ports sector • Despite strong volume growth by the port with record volumes handled in both July segment, gateway volume continues to and August 2020. be impacted by the local economic slowdown and restriction
Slide 8: Fixed and Variable Fee Impact
FIXED AND VARIABLE FEE IMPACT Fixed and Guaranteed Variable Fee: RSGT is expected to pay a fixed fee and variable fee with a minimum guaranteed traffic expected by the Saudi Port Authority. These fees are recorded as intangible asset with a corresponding liability being recognized as obligation unde
Slide 9: Accounting Adjustments
ACCOUNTING ADJUSTMENTS ▪ Revenue comprises service YTD 2019 YTD 2020 revenue (SAR 621.8 m) and notional revenue (SAR 20.7 m). IFRS 9 gain on modification of loan (19.3) Notional revenue is an accounting impact and has been excluded Reversal of provision for asset (45.5) replacement cost when analysi
Slide 10: Group Consolidated Financial Highlights
GROUP CONSOLIDATED FINANCIAL HIGHLIGHTS All amounts are in SAR million Q1 2019 Q1 2020 Q2 2019 Q2 2020 Q3 2019 Q3 2020 YTD 2019 YTD 2020 +19.7 % +19.3 % +38.8 % +0.5 % 166.5 167.3 215.6 621.9 239.0 519.4 180.7 172.2 -26.8% +49.4 % +88.4 % +36.7 % 115.9 132.2 301.2 72.7 53.2 77.6 220.4 70.2 44% 32% 4
Slide 11: Group Consolidated Financial Highlights
GROUP CONSOLIDATED FINANCIAL HIGHLIGHTS All amounts are in SAR million Q1 2019 Q1 2020 Q2 2019 Q2 2020 Q3 2019 Q3 2020 YTD 2019 YTD 2020 +1.0 % +24.8 % -26.7 % -4.6 % OPERATING 55.2 EXPENSES 42.7 128.9 39.4 39.8 34.2 40.5 123.0 -25.1 % -36.6 % -6.3 % -22.7 % INVESTMENT 5.0 8.2 7.6 7.1 INCOME 20.7 3.
Slide 12: Group Consolidated Financial Highlights
GROUP CONSOLIDATED FINANCIAL HIGHLIGHTS All amounts are in SAR million Q1 2019 Q1 2020 Q2 2019 Q2 2020 Q3 2019 Q3 2020 YTD 2019 YTD 2020 +80.4 % +22.2% +109% +112% 414.2 REPORTED 183.3 135.3 EBITDA 95.6 78.3 229.6 87.6 63.8 44.2% 66.6% 47% 57% 48% 85% 37% 57% -18.6 % +23.4 % +71.8 % +25.5 % ADJUSTED
Slide 13: Group Consolidated Financial Highlights
GROUP CONSOLIDATED FINANCIAL HIGHLIGHTS All amounts are in SAR million Q1 2019 Q1 2020 Q2 2019 Q2 2020 Q3 2019 Q3 2020 YTD 2019 YTD 2020 +57.4 % +165 % +317 % +147 % 28.2 111.3 REPORTED 56.5 26.6 NET INCOME 16.9 45.0 21.3 6.7 10.1% 15.9% 3.9% 11.8% 8.7% 17.9% 11.8% 26.2% -57.2 % -29.4 % +77.7 % -3.3
Slide 14: Consolidated Revenue
Consolidated Revenue All amounts are in SAR millions Inner Circle: YTD 2019 Composition Outer Circle: YTD 2020 Variance Group Revenue 102.4 + 19.7% Ports Logistics Water 11% 0.7 + 1.0% 622 13% 519 (1.3) - 2.2% 10% 68 60 103.1 + 26.4% 68 12% 62 493 390 Ports 75% Logistics 79% YTD 2019 YTD 2020 Water
Slide 15: Consolidated Net Income
Consolidated Net Income All amounts are in SAR millions Adjusted Net Income & Margin Total Growth in net income (reported) of 10.9% 66.3 million (i.e. 147.4%) during 2020 vs 2019 8.8% is due to Ports and Water Segments. This was 50 offset by a nominal decline in logistics 41 revenue. 8 3 5 5 2 -3 YT
Slide 16: Consolidated Balance Sheet
Consolidated Balance Sheet Total Assets Net Debt 4,314 773 757 516 2,809 2,747 2,732 459 YTD 2017 YTD 2018 YTD 2019 YTD 2020 YTD 2017 YTD 2018 YTD 2019 YTD 2020 Total Liabilities (Excl. Borrowings) Shareholders' Equity 1,876 1,150 1,091 1,066 1,066 359 218 277 YTD 2017 YTD 2018 YTD 2019 YTD 2020 YTD
Slide 17: Q&A
Q&A Your Partner in PortsPorts & Terminals & Logistics | Logistics | WaterParks Solutions & Services | Industrial | WaterServices Solutions
Slide 18: Appendices Additional Information
Appendices Additional Information 18
Slide 19: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT All amounts are in SAR millions SAR '000 Q3 ‘20 Q2 ‘20 Q3 ’19 SAR '000 YTD ’20 YTD ’19 Revenue 259.7 215.6 172.1 Revenue 642.5 519.3 Cost of Revenue (127.5) (99.7) (102.0) Cost of Revenue (341.3) (298.9) Gross Profit 132.2 115.9 70.1 Gross Profit 301.2 220.3 Operating e
Slide 20: Consolidated Balance Sheet
Consolidated Balance Sheet SAR 000 YTD 2020 FY 2019 Fixed Assets 3,682,195 2,320,411 Investments 158,419 156,737 Deferred Tax 1,538 4,408 Current Assets 472,202 424,546 Total Assets 4,314,354 2,906,102 Borrowings 753,010 699,247 Long Term Liabilities 1,503,393 344,197 Current Liabilities (excl. borr
Slide 21: Cash Flow Statement
CASH FLOW STATEMENT All amounts are in SAR millions YTD 2020 YTD 2019 Operating cash flow after adjustments 225 207 Finance charges, net 30 39 Operating cash flow before working capital 255 246 Net working capital movement (43) 9 Cash generated from operating activities 212 255 Zakat & income tax, E
Slide 22: Segment Review Port and Terminals
Segment Port and Terminals Review 22
Slide 23: Port and Terminals
Port and Terminals All amounts are in millions Revenue EBITDA 493.3 195 181 390.1 138 297.4 123 278.9 YTD 2017 YTD 2018 YTD 2019 YTD 2020 YTD 2017 YTD 2018 YTD 2019 YTD 2020 Adjusted Net Income Volume (TEUs) 74 61 1.9 1.5 31 1.1 1.1 -2 YTD 2017 YTD 2018 YTD 2019 YTD 2020 YTD 2017 YTD 2018 YTD 2019 Y
Slide 24: Port and Terminals
Port and Terminals All amounts are in SAR millions Revenue & GP Margin Gateway Transhipment ▪ Volumes during the period improved by 27% Consignee GP Margin compared to same period last year, which is 50.3% mainly due to increase in transhipment 43.5% 196 volumes. 152 96 69 ▪ The volume mix between G
Slide 25: Port and Terminals
Port and Terminals Volume - TEUs Volume Composition Gateway Transhipment Gateway Transhipment 766 686 49% 49% 54% 55% 51% 485 458 436 423 373 238 225 223 51% 51% 46% 45% 49% 313 343 247 233 213 Q3 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2019 Q3 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2019 25
Slide 26: Segment Review Logistics, Parks and Services
Segment Logistics, Parks and Services Review 26
Slide 27: Logistics, Parks and Services
Logistics, Parks and Services All amounts are in millions Revenue EBITDA 72.6 45 68.1 41 61.6 60.3 28 19 YTD 2017 YTD 2018 YTD 2019 YTD 2020 YTD 2017 YTD 2018 YTD 2019 YTD 2020 Net Income Occupancy Land Warehouse 34 26 95% 95% 92% 99% 15 5 90% 58% 67% 60% YTD 2017 YTD 2018 YTD 2019 YTD 2020 YTD 2017
Slide 28: Logistics, Parks and Services
Logistics, Parks and Services All amounts are in SAR millions Revenue & GP Margin 52.1% • Nominal decrease of SAR 1.3 million in revenue due to decrease in land 38.4% revenue which is offset by an increase 29 in warehouse and service revenues. 32 15 18 • Land rent revenue has decreased due 18 9 to a
Slide 29: Segment Review Water Solutions
Segment Water Solutions Review 29
Slide 30: Water Solutions
Water Solutions All amounts are in millions Revenue EBITDA 26.7 26.5 75.1 74.8 21.4 21.1 69.0 68.3 YTD 2017 YTD 2018 YTD 2019 YTD 2020 YTD 2017 YTD 2018 YTD 2019 YTD 2020 Net Income Volume Sold (Cubic Meters) 10.1 10.0 13.8 13.8 12.3 12.5 4.6 3.7 YTD 2017 YTD 2018 YTD 2019 YTD 2020 YTD 2017 YTD 2018
Slide 31: Water Solutions
Water Solutions All amounts are in SAR millions Revenue & GP Margin Volume & Rate per CM Tawzea Others Gross Margin Tawzea Others Rate-Tawzea Rate-Others 29.3% 5.3% 5.2% 28.1% 4.9% 4.8% 47.2 48.1 8.2 7.7 21.1 20.9 4.9 4.1 YTD 2019 YTD 2020 YTD 2019 YTD 2020 ▪ Sales increased marginally during the pe
Slide 32: Thank You
THANK YOU Your Partner in Ports & Terminals | Logistics Parks & Services | Water Solutions
Saudi Industrial Services Company (SISCO) — Q3 2020 Earnings Presentation on 6ix