Mewah International Inc. · SGX:MV4
Mewah International — Q4 2018 Earnings Presentation
21 slides from Mewah International's earnings presentation, Feb 28, 2019
Slide 1: Q4 2018 & FY 2018 Financial Results Summary
28th February, 2019 Q4 2018 & FY 2018 Financial Results Summary Mewah International Inc.
Slide 2: Notice
Notice This presentation should be read in conjunction with Mewah International Inc.’s Unaudited Financial Statements for the Fourth Quarter and Full Year Ended 31 December 2018 lodged on the SGXNET on 28th February, 2018. 2
Slide 3: Performance Summary
Performance Summary In US$ million Q4 Full Year 2018 2017 % 2018 2017 % Sales volume (MT'000) 1,061.1 901.5 17.7% 4,197.6 3,690.6 13.7% Revenue 661.7 722.2 -8.4% 2,946.8 2,926.7 0.7% Net profit * 8.6 11.5 -25.4% 14.8 32.1 -53.9% * Profit after tax attributable to equity holders of the Company 3
Slide 4: Income Statement | Q4 2018 & FY 2018
Income Statement | Q4 2018 & FY 2018 In US$ million, unless stated otherwise FY 2018 FY 2017 % change Q4 2018 Q4 2017 % change Q3 2018 % change Sales volume (MT'000) 4,197.6 3,690.6 13.7% 1,061.1 901.5 17.7% 1,027.0 3.3% ASP (US$) 702.0 793.0 -11.5% 623.6 801.1 -22.2% 687.2 -9.3% Revenue 2,946.8 2,9
Slide 5: Income Statement | CPO prices vs. OM per MT
Income Statement | CPO prices vs. OM per MT 2017 2018 CPO prices (MYR) CPO prices (US$) 800 3,500 Operating margin % 700 3,000 600 2,500 7.0% CPO Prices - US$ 500 5.7% 2,000 5.2% 4.8% 400 4.4% 3.7% 3.7% 1,500 3.0% 300 Average @ US$40.9 1,000 200 Average @ US$29.3 500 100 35.8 30.2 41.5 36.1 56.1 32.
Slide 6: Segmental Performance | Q4 2018 & FY 2018
Segmental Performance | Q4 2018 & FY 2018 YOY QOQ YOY Q4 2018 Q4 2017 Change Q3 2018 Change FY 2018 FY 2017 Change Bulk segment Sales volume (MT’000) 761.1 647.7 17.5% 756.8 0.6% 3,088.2 2,596.1 19.0% Average selling prices (US$) 571.5 773.7 -26.1% 643.5 -11.2% 657.5 762.6 -13.8% Revenue (US$’millio
Slide 7: Sales Volume & Revenue | Q4 2018 | YOY
Sales Volume & Revenue | Q4 2018 | YOY In US$ million, unless stated otherwise +17.7% -22.2% 722.2 Total Q4 2017 Q4 2018 Change % 661.7 Sales volume (MT'000) 901.5 1,061.1 17.7% Total -8.4% Avg Selling Price (US$) 801.1 623.6 -22.2% Revenue 722.2 661.7 -8.4% Q4 2017 Volume ASP per MT Q4 2018 +17.5%
Slide 8: Sales Volume & Revenue | Q4 2018 | QOQ
Sales Volume & Revenue | Q4 2018 | QOQ In US$ million, unless stated otherwise +3.3% -9.3% Total Q3 2018 Q4 2018 Change % 705.8 Sales volume (MT'000) 1,027.0 1,061.1 3.3% Total 661.7 Avg Selling Price (US$) 687.2 623.6 -9.3% -6.2% Revenue 705.8 661.7 -6.2% Q3 2018 Volume ASP per MT Q4 2018 +0.6% -11
Slide 9: Sales Volume & Revenue | FY 2018
Sales Volume & Revenue | FY 2018 In US$ million, unless stated otherwise +13.7% -11.5% Total FY 2017 FY 2018 Change % Total 2,926.7 2,946.8 Sales volume (MT'000) 3,690.6 4,197.6 13.7% Avg Selling Price (US$) 793.0 702.0 -11.5% +0.7% Revenue 2,926.7 2,946.8 0.7% FY 2017 Volume ASP per MT FY 2018 +19.
Slide 10: Operating margin | Q4 2018 | YOY
Operating margin | Q4 2018 | YOY In US$ million, unless stated otherwise 50.6 +8.9 -21.6 Total Q4 2017 Q4 2018 Change % 37.9 Sales volume (MT'000) 901.5 1,061.1 17.7% Total +17.7% -36.2% Operating Margin per MT (US$) 56.1 35.8 -36.2% -24.9% Operating margin 50.6 37.9 -24.9% Q4 2017 Volume OM per MT
Slide 11: Operating margin | Q4 2018 | QOQ
Operating margin | Q4 2018 | QOQ In US$ million, unless stated otherwise +0.8 +11.1 37.9 Total Q3 2018 Q4 2018 Change % 26.0 Sales volume (MT'000) 1,027.0 1,061.1 3.3% Total +3.3% +41.5% Operating Margin per MT (US$) 25.3 35.8 41.5% +45.8% Operating margin 26.0 37.9 45.8% Q3 2018 Volume OM per MT Q4
Slide 12: Operating margin | FY 2018
Operating margin | FY 2018 In US$ million, unless stated otherwise +20.6 -48.8 Total FY 2017 FY 2018 Change % 151.0 122.8 Total Sales volume (MT'000) 3,690.6 4,197.6 13.7% +13.7% -28.4% Operating Margin per MT (US$) 40.9 29.3 -28.4% -18.7% Operating margin 151.0 122.8 -18.7% FY 2017 Volume OM per MT
Slide 13: Revenue | Geographical spread | Total Sales
Revenue | Geographical spread | Total Sales Q4 2018 FY 2018 Middle East,Rest of Asia, Middle East, Rest of Asia, Malaysia/ 27% 26% Malaysia/ 33% 21% Singapore, Other, 48% Singapore, Other, 50% 50% 52% Europe. 15% Africa, 25% Europe, 11% Africa, 23% Americas, 5% Americas, 6% Pacific Pacific Oceania,
Slide 14: Revenue | Geographical spread | Bulk Sales
Revenue | Geographical spread | Bulk Sales Q4 2018 FY 2018 Rest of Asia Rest of Asia, 33% 40% Malaysia/ Malaysia/ Others Singapore Europe, 12% Singapore, Other, 30% Middle East, Europe, 6% 30% 70% 51% 70% Middle East Americas, 6% 40% America 4% Pacific Oceania, Pacific Oceania 4% 4% Q4 2018 FY 2018
Slide 15: Revenue | Geographical spread | Consumer Pack Sales
Revenue | Geographical spread | Consumer Pack Sales Q4 2018 FY 2018 Africa Africa Malaysia/ 41% Middle East Malaysia/ 40% Middle East Singapore Other 22% Singapore Other 18% 12% 88% 10% 90% Pacific Oceania Pacific Oceania 4% Rest of Asia 5% Rest of Asia Americas Europe 13% Americas Europe 15% 6% 14%
Slide 16: Balance Sheet | Summary
Balance Sheet | Summary In US$ million 31 Dec 2017 31 Dec 2018 922.5 922.5 852.6 852.6 Working Working Current net debt Capital Current net debt Capital 356.0 37.1% 38.6% 315.8 509.8 486.5 Non-current net debt Non-current net debt 19.1 2.2% 46.3 5.0% Equity Equity Long-term 517.7 Long-term 60.7% inv
Slide 17: Balance Sheet | Summary
Balance Sheet | Summary In US$ million 922.5 922.5 Current net debt 356.0 69.8% Working capital 55.3% 509.8 Equity 153.8 30.2% Non-current debt 46.3 11.2% Long-term Equity investments 88.8% 412.7 366.4 44.7% Investment Capital Actual Actual Debt / Equity Ratio FY 2018 FY 2017 Objective Long-term inv
Slide 18: Balance Sheet | Liquidity
Balance Sheet | Liquidity Gross debt to equity Non-current debt repayment schedule Year 2 31.1 Year 3 4.0 Year 4 4.0 0.87 Year 5 4.0 0.76 0.78 0.46 > Year 5 3.2 Total 46.3 2015 2016 2017 2018 In US$ million Net debt to equity Trade finance facilities utilisation Utilised % Facility 565.4 Utilised 38
Slide 19: Cycle time
Cycle time Inventory days Trade receivable days 49 49 52 33 31 31 27 29 2015 2016 2017 2018 2015 2016 2017 2018 Trade payable days Cycle time 2015 2016 2017 2018 (14) (16) (20) (18) 68 60 61 44 2015 2016 2017 2018 Cycle time is calculated as Inventory days + Trade receivable days – Trade payable day
Slide 20: Cash Flows Statement | Summary
Cash Flows Statement | Summary In US$ million Q4 2018 Q4 2017 FY 2018 FY 2017 Operating cash flows before working capital changes 16.9 32.7 43.2 83.6 Changes in operating assets and liabilities (2.9) (115.3) (6.6) (157.4) Net interest and income tax payment (2.6) (5.6) (15.9) (23.1) Net cash flows (
Slide 21: Thank you
Thank you Any questions, contact: James Soo, Chief Financial Officer Ph: (65) 6829 5255| mail: jamessoo@mewahgroup.com 21