gamuda berhad · 2012. 6. 29. · balance sheet summary (rmmil) as at 30 apr ’12 as at 31 jan...
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Gamuda BerhadKVMRT - Working Towards Future Lines
Q3 2012 INVESTORS’ BRIEFING28 June 2012
INCOME STATEMENT SUMMARY(RMmil) 9 mths to
April 20129 mths toApril 2011
Change (%)
Revenue 2117.2 1862.6 +14Profit from operations (EBIT) 432.5 290.3 +49Finance Costs (47.9) (43.4) +10Share of associates (net of tax) 166.9 146.4 +14Profit before tax 551.5 393.4 +40Tax (126.2) (86.8) +45Minority Interests (18.5) (7.4) +151Net profit attributable to equity holders 406.8 299.2 +36Fully diluted EPS (sen) 19.0 14.0Dividend per share (sen) 12.0 12.0
EBIT margins (%) 20.4 15.6PBT margins (%) 26.0 21.1
BALANCE SHEET SUMMARY(RMmil) As at 30 Apr ’12 As at 31 Jan ’12Current Assets 4,585.2 4,282.3Current Liabilities 2,071.2 2,130.7Current Ratio 2.2x 2.0x
Total borrowings 2,036.1 1,999.7Cash and marketable securities 1,487.5 1,197.5Net cash (548.6) (802.2)
Share capital 2,077.0 2,069.3Reserves 1,913.0 1,763.5Equity attributable to equity holders 3,990.0 3,832.8
Net gearing (overall) 14% 21%Net assets per share (RM) 1.92 1.85
QUARTERLY SEGMENTAL PROFITS(RMmil) Q311 Q411 Q112 Q212 Q3 `12 Q3 `11 +/-Construction & Eng 48.2 41.3 43.5 58.5 58.8 48.2 +22Properties 52.7 38.9 58.8 71.8 79.6 52.7 +51Expressways 12.0 37.1 30.1 17.2 21.9 12.0 +83Water 45.5 33.8 35.5 40.8 35.8 45.5 -21
Group Pretax Profit 158.4 151.1 167.1 188.3 196.0 158.4 +24Group Net Profit 116.6 126.2 132.3 136.5 138.0 116.6 +18
% 9M ‘12 9M ‘11Construction 13.2 7.9Properties 24.8 21.0Expressways 23.1 27.7Water n.a. n.a.Group PBT 26.0 21.1
Pretax Margins (YTD)(RMmil) 9M ‘12 9M ‘11 +/-Construction 160.8 102.0 +58Properties 210.2 111.1 +89Expressways 69.2 46.9 +48Water 111.3 133.4 -17Group PBT 551.5 393.4 +40
YTD Segmentals
KEY HIGHLIGHTS• Strong record-breaking performance continues into Q3 –
driven by construction and properties which delivered pretax growths of between 60%-90%
• KVMRT project making good progress – 69% of entire project awarded, works activity building up at several sites underground and above ground
• Focusing on new projects for 2013 – potential for >RM10bn new order book
• Property sales growth slowing – RM1.3bn (+30%) new sales ytd, unbilled sales unchanged at RM1.3bn
• Another record-breaking year in store – construction and properties expected to post their best year ever
KEY CORPORATE UPDATES
• KVMRT – RM8.3bn tunnel contract clinched; 31 packages worth RM13.8bn (69%) awarded to date; 23 tenders called and in progress; 31 packages yet to be called
• Remaining 3 V (viaduct) packages (V2, V3, V8) and 4 out of 8 S (station) packages expected to be awarded by end August
• RM1.3bn new property sales achieved in 9 months (+30%) - comprising RM920m (Malaysia) and RM370m (Vietnam); targets unchanged but full year sales may fall slightly short
• Recently purchased a 4.86 acre piece of freehold commercial land in Kelana Jaya for RM95m cash; GDV of RM600m
• Board changes – Dato’ Paul Ha (Deputy Group MD), Tunku Afwida (Independent Non-Executive Director)
PDP AGREEMENT – KEY HIGHLIGHTS • 6% fee with RM2.85bn fixed reimbursable costs, 15%
contingency sum for potential cost overruns• Both Owner and PDP can utilize contingency sum (with joint
consent) but subject to several clearly defined exclusions• PDP to deliver fully functional and operating railway system
within agreed Target Cost and Completion Date• PDP responsible for all contractors’ performances, failing
which PDP has the obligation to step-in and self-deliver works• Owner responsible for obtaining all approvals, delivering site
possession on time, making payments for all work done• PDP’s fee will be reduced if project cost exceeds Target Cost;
LAD of RM0.5m imposed per day of delay• Target cost is aggregate value of all awarded works + 15%
contingency + reimbursables
CONSTRUCTION ORDER BOOK
Major Projects
Balance works
(RMbn)
Completion Status
Comments% now
completion date
Major OngoingDouble Tracking 1.2 81 2014 Achieving strong margins
Recently SecuredKVMRT Tunneling 4.2 0 2017 Mobilizing, TBMs procured
Completing SoonYenso Park STPNDIA – Ph 1, 2}
0.1-
98100
20122012
Preparing for handoverPreparing for handover
• Current unbilled order book about RM5.5 billion
CONSTRUCTION - OUTLOOK
• Continued strong performance in Q3 with near 15% PBT margin; pretax up 58% to RM161m; margin improves to 13.2% from 7.9%;
• Unbilled order book stands at RM5.5bn comprising ongoing Double-Track and recently secured KVMRT Tunnel projects
• All 10 TBMs procured; initial works have commenced on 5 out of 7 underground stations; demolition works ongoing (Pasar Seni); launch shafts construction ongoing at North, South portals
• Activity levels building up at several elevated packages – piling works (V5, V6), utility relocations (SB depot, V1, V6), batching plants, casting yards construction for SBG supply
• Awaiting decision on Southern Double Track
• Focused on securing new projects for execution in 2013/4
KVMRT: Sg Buloh – Kajang Line
SUNGAI BULOH
KG BARUSUNGAI BULOH
RRIKOTADAMANSARA
TAMAN INDUSTRI SG. BULOH
PJU 5
DATARANSUNWAY
THE CURVE
ONE UTAMA
TTDISECTION 17
SECTION 16
PBD
SEMANTAN
KL SENTRAL
PASARSENI
MERDEKA
BUKITBINTANG
WEST
BUKITBINTANG
EAST
PASAR RAKYAT
COCHRANE
MALURI
TMN BUKIT RIA
TMN BUKIT MEWAH
LEISURE MALL
PLAZA PHOENIX TAMAN SUNTEX
TAMAN CUEPACS
BALAKONG
TAMAN KOPERASI
BDR TUN HUSSIEN ONN
TAMAN MESRA
SAUJANAIMPIAN
BANDARKAJANG
KAJANG
P
P
P
P
PP
P
P
P
P
P
P
DBKLRRI
ONE UTAMA
SEMANTAN
BDR. TUN HUSSEIN ONN
KAJANG
SUNGAI BULOH
KOTA DAMANSARA – MUTIARA
DAMANSARA
COCHRANE
BUKIT BINTANG EAST
MALURI
SPRINT HIGHWAY
GRAND SAGA
HIGHWAY
PASAR RAKYAT
PASAR SENI
SMART Tunnel, Malaysia (RM1.9bn, 2007) • The world’s first dual-purpose stormwater diversion and motorway tunnel• Winner of the prestigious British Construction Industry Award 2008
Kaohsiung MRT, Taiwan (RM1bn, 2006)
PROPERTIES - OUTLOOK• Record-breaking 9 months driven by strong revenue and
margin expansions; PBT increases by near 90% to RM210m on 66% revenue expansion; PBT margins expand from 21.0% to 24.8% y-o-y
• New sales of RM1.3bn in 9 months to April (+30% y-o-y), unbilled sales at RM1.3bn, growth rate slows down, may fall slightly short of full year sales targets
• Q3 performance slightly boosted by final booking of gain from Celadon City’s land sale to Aeon Co Ltd;
• Vietnam achieves RM370m ytd comprising RM250m (Gamuda City) and RM120m sales (Celadon City)
• RM600m Kelana Jaya GDV; earmarked for SOHO serviced residences augmented by a lifestyle retail development
Gamuda City, Vietnam (200ha, RM9bn, 2012-2022)
SALES LAUNCHING PLAN
1st Launch Unit Total GDV(USD)
Year 2012 72 33 mil
Small Terrace (118m2) 48 19 mil
Small Semi-D (189m2) 24 14 mil
Initial Launch
14
Celadon City, Vietnam (80ha, RM5bn, 2011-2018)
16
Plot A7 – Resettlement
Plot A2- Mid-end AptPlot A3-
Mid-end Apt
Plot A4- Mid-end Apt
Commercial Land
Plot A5 – Mid High-end Apt
Plot A6 – Mid High-end Apt
Plot A1– Mid-end Apt
Ring Park
Main Access Road
Cultural Land
Primary & Secondary
School Land
High School Land
Sport Center Land
Kindergarten Land
APPROVED MASTER PLAN
30
INFRASTRUCTURE - OUTLOOK
• Traffic volume growth between 2-4% p.a. for matured expressways (LDP, Sprint Jalan Damansara, Kesas);
• Double-digit traffic growth for less matured expressways (Kerinchi, Pencala Links, SMART)
• Water consolidation exercise still deadlocked; unclear when or how impasse can be resolved
PROGRESS PHOTOS – SEMANTAN PORTAL
PROGRESS PHOTOS – SG BULOH DEPOT
PROGRESS PHOTOS - COCHRANE
PROGRESS PHOTOS - COCHRANE
