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PUNCAK NIAGA HOLDINGS BERHAD
Group Financial Position 31 December 2014
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Financial Highlights
Financial Statements
Status of Bonds
Stock Performance
Dividend
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Group Financial Highlights
Revenue
(RM’Bil)
Net Profit
(RM’Mil)
Earnings / Share
(sen)
-7.2
-74.6
255.1 274.4
2014 2013
199.8 247.9
-1.66
-18.05
62.17 67.07
2014 2013
60.51 49.02
Continuing operations Discontinued operations
0.61 0.51
0.56 0.64
2014 2013
1.15 1.17
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5
Gearing
ratio (%)
Total Assets
(RM’Bil)
Net Assets / Share
(RM)
44 %
49 %
2014 2013
4.86 4.65
2014 2013
5.02
4.34
2014 2013
Group Financial Highlights
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* Restated (MFRS 5 – Asset/liabilities held for sale)
2014 * 2013
RM’Mil RM’Mil
Continuing operations
Revenue 606 514 + 92
Other Income 36 52 - 16
Construction expenses (112) (75) + 37
Cost of providing oil & gas (362) (380) - 18
Staff cost & other expenses (147) (169) - 22
Depn & amortization (11) (10) + 1
Finance cost (18) (11) + 7
Loss Before tax (8) (79) + 71
Taxation credit 1 5 - 4
Net Loss from continuing (7) (74) + 67
Discontinued operations
Profit after tax 255 274 - 19
Profit for the year 248 200 + 48
Earnings per share (sen) 60.51 49.02 + 11.49
Change
RM’Mil
Group Statement of Profit or Loss
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Contribution By Segment
7
* Others - Water and wastewater and Holding Company activities
Discontinued
Oil & Water
Gas Construction Others * Total treatment
RM' Mil RM' Mil RM' Mil RM' Mil RM' Mil
2014
Revenue 477 128 1 606 563
Segment Results 24 9 (24) 9 434
PBT/(LBT) 19 1 (28) (8) 302
2013
Revenue 455 58 1 514 632
Segment Results (30) (17) (21) (68) 442
PBT/(LBT) (37) 1 (43) (79) 316
Continuing
Contribution By Segment
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2014 2013
RM’Mil RM’Mil
Assets
Property, Plant & Equipment 244 426 - 182
Investment properties 181 - + 181
Operating Financial Assets - 842 - 842
Trade & other receivables 239 2,437 - 2,198
Deposits, Cash & Bank 446 672 - 226
Other Assets 130 269 - 139
Assets held for sale 3,618 - + 3,618
Total Assets 4,858 4,646 + 212
Liabilities
Borrowings 221 2,054 - 1,833
Trade and Other Payables 270 340 - 70
Deferred Tax Liabilities 21 475 - 454
Other Liabilities 1 3 - 2
Liabilities held for sale 2,271 - + 2,271
Total Liabilities 2,784 2,872 - 88
Shareholder’s Equity (RM' Mil) 2,076 1,777 + 299
Net Asset per share (RM) 5.02 4.34 + 0.67
Change
RM’Mil
Group Balance Sheet
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2014 2013
RM’Mil RM’Mil
Operating activities 163 107 + 56
Investing activities 25 (33) + 58
Financing activities (244) (114) - 130
Net decrease in cash & bank (56) (40) - 16
Opening balances 539 384 + 155
Transfer from DSRA - 191 - 191
Effects of exchange rate 5 4 + 1
Closing balances 488 539 - 51
Cash & bank balances in :
Continuing operations 446 436 + 10
Assets held for sale 168 235 - 67
614 671 - 57
Less: Cash & bank balances
pledged (126) (132) + 6
488 539 - 51
Change
RM’Mil
Group Cash Flows Statement
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MFRS 5 – Asset/Liabilities
Held for Sale
10
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11
MFRS 5 – Asset/Liabilities Held for Sale
The assets must be available for immediate sale in its present condition and its sale must be highly probable.
Conditions to consider highly probable are as follow:
Commitment to sell;
Has a complete plan to sell at reasonable price;
Expected to be completed within one year from the day of classification; and
Unlikely there will be significant changes or withdrawal to the plan.
PNHB and Air Selangor signed an SPA on 11 November 2014 for a total cash consideration of RM1,555.3 million.
Shareholders’ approval obtained at EGM on 7 January 2015.
Completion is expected in 2015.
MFRS 5 – Asset/Liabilities Held for Sale
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2014 2013
RM Mil RM Mil
563 632
225 199
(152) (190)
(172) (171)
(15) (15)
(132) (126)
(15) (14)
302 315
(47) (41)
255 274 Profit after tax
Taxation
Revenue
Profit before tax
Staff cost & other expenses
Other income
Raw mat, consumables &
maintenance
Depn & amortization
Finance costs
Share of results of joint
MFRS 5 – Results of Discontinued Operations
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13
Balance Sheet 2014
RM Mil
Assets held for sale :
Property, plant & equipment 3
Serv concession assets 14
Operating Fin assets 780
Trade & other receivables 2,567
Inventories 6
Tax recoverable 80
Cash & bank bal 168
3,618
Liabilities held for sale :
Loans & borrowings 1,726
Trade & other payables 54
Deferred tax liabilities 492
2,272
Cash Flow
Net cash used in operation (133)
Cash & bank bal 168
MFRS 5 – Balance Sheet and Cash Flow
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14
* Note: After net off allowance for impairment / fair value adjustment
Trade & Other Receivables
PNSB POG Grp PNCGroup
TotalSYABAS
RM Mil RM Mil RM Mil RM Mil RM Mil
Trade receivables
Tariff Compensation - - - - 4,517
Amount due from Serba Tiara 92 - - 92 -
Amount due from SYABAS 2,622 - - 2,622 -
Unbilled revenue - 129 - 129 -
Amount due from contract
customers
- - 14 15 -
Other trade receivables 1 34 45 80 -
Consumers - - - - 251
Less : impairment (152) (152) (451)
2,563 163 59 2,786 4,317
Other receivables 6 7 2 21 34
Total * 2,569 170 61 2,807 4,351
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2014
RM' mil
Jan to Dec 2009 472
Jan to Dec 2010 481
Jan to Dec 2011 510
Jan to Dec 2012 1,024
Jan to Dec 2013 1,069
Jan to Dec 2014 1,114
Up to year ended 4,670
Jan to Mar 2015 302
Total claims 4,972
Tariff Compensation Claims
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* Interest @ BLR + 1% to 2%
Principal Interest Total
RM’Mil RM’Mil RM’Mil
SPLASH 2,568 457 3,025
ABASS 772 145 917
PNSB 2,114 465 2,579
KASB 32 2 34
Total 5,486 1,069 6,555
Outstanding as at 31 Dec 2014
Due To Water Treatment Operators
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Book
Value
RM' Mil
PNHB & Others
SUKUK PNHB 139
Revolving credit facility GOM 28
USD 36 million terms loan KGL 35
Others/HP Sino 20
(A) 222
PNSB
Government Support Loan 24
BAIDS 1,017
JNA 230
RSBs 454
(B) 1,725
SYABAS
Government Support Loan 467
BAMTN 2,082
Term Loan & others 668
RCULS 225
Redeemable Preference Shares 737
(C) 4,180
TOTAL (A + B + C) 6,127
Loans & Borrowings
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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Volume ('mil) 12.9 34.0 65.1 111. 72.6 65.9 218. 74.1 95.1 55.2 36.1 34.9 37.9 45.7 53.0 22.4 18.3 67.3 33.0 34.0 18.3 12.2 21.2 35.0 34.3 16.6 24.0 12.9 14.1
Price 1.21 1.29 1.47 1.76 1.79 1.89 2.48 2.66 3.00 3.24 3.37 3.33 3.13 3.22 3.06 2.93 2.96 3.33 3.37 3.37 3.39 3.30 3.41 2.64 2.79 2.70 2.64 2.66 2.58
1.00
1.50
2.00
2.50
3.00
3.50
4.00
1.0
51.0
101.0
151.0
201.0
251.0
RM
Stock Performance
2015 2014 2013
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Analysts’ views
19
Research Co Views Target price
1 Affin Hwang Research Buy RM2.90
2 Kenanga Research Buy RM3.99
3 CIMB Research Hold RM2.71
4 Am Research Hold RM2.92
5 RHB Research Neutral RM2.61
Average RM3.03
* RM2.62 (29/5/2015)
EPS : 60.51 sen
PE Ratio : 4.3 times
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Proposed Dividend
• YE 2012: Final tax exempt dividend of 5 sen per ordinary share was declared, total RM20.5 million paid on
6 August 2013.
• YE 2013: No dividend was declared for 2013.
• YE 2014: No dividend was declared for 2014, and no interim dividend was proposed for 1st quarter 2015,
except for the Proposed Distribution of a special cash dividend payment of RM1.00 per ordinary share, up to a maximum of RM534.3 million to the entitled shareholders of the Company post-completion of the Proposed Disposal of PNSB and SYABAS
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THANK YOU