Brigade Enterprises Limited · NSE:BRIGADE
Brigade Enterprises — 9M FY19 Earnings Presentation
26 slides from Brigade Enterprises's earnings presentation, Feb 5, 2019
Slide 1: Investor Presentation – 9M FY19
INVESTOR PRESENTATION – 9M FY19 February 5, 2019 (CIN: L85110KA1995PLC019126) 1
Slide 2: Financial Highlights – 9M FY19
FINANCIAL HIGHLIGHTS – 9M FY19 Financial Highlights (Consolidated) • Revenue for 9M FY19 is Rs.22,494 Mn • EBITDA for 9M FY19 is Rs. 6,109 Mn , EBITDA Margin at 27% • PBT for 9M FY19 is Rs. 3,112 Mn • PBT (after MI) for 9M FY19 is Rs. 2,720 Mn • PAT for 9M FY19 is Rs. 2,085 Mn • PAT (after MI) for 9
Slide 3: Financial Highlights – Q3 FY19
FINANCIAL HIGHLIGHTS – Q3 FY19 Financial Highlights (Consolidated) • Revenue for Q3FY19 is Rs.6,980 Mn 17% decrease over Q2FY19 Rs. 8,436 Mn • EBITDA for Q3FY19 is Rs.1,862 Mn , EBITDA Margin at 27% 21% decrease over Q2FY19 Rs.2,365 Mn • PBT for Q3FY19 is Rs. 845 Mn 36% decrease over Q2FY19 is
Slide 4: Consolidated (Ind-AS) Financials - Snapshot
CONSOLIDATED (IND-AS) FINANCIALS - SNAPSHOT Amount in Rs. Mn 9M FY 19 Q3 FY 19 Q2 FY 19 Q3 FY 19 on Particulars 9M FY 18 * Q3 FY 18* (IND AS 115) (IND AS 115) (IND AS 115) Q2 FY 19 Turnover 22,494 6,980 8,436 -17% 14,978 4,336 EBITDA 6,109 1,862 2,364 -21% 4,538 1,690 Interest 2,022 697 697 0% 1,848
Slide 5: Consolidated Financials Trend
CONSOLIDATED FINANCIALS TREND EBITDA (Rs. Mn) Turnover (Rs. Mn) 2,364 8,436 1,862 2,500 9,000 6,980 8,000 2,000 7,000 1,500 6,000 5,000 1,000 4,000 3,000 500 2,000 - 1,000 Q3-FY19 Q2-FY19 - Q3-FY19 Q2-FY19 PAT after MI (Rs. Mn) PBT (Rs. Mn) 683 1,329 489 700 1,400 600 845 1,200 500 1,000 400 800 300
Slide 6: Consolidated Segment Profit Analysis
CONSOLIDATED SEGMENT PROFIT ANALYSIS 9 Months ending Dec 2018 Amount in Rs. Mn Particulars Real Estate Hospitality Lease Rental Total % of Revenue Revenue 17,914 2,180 2,400 22,494 100% as % of Total 80% 10% 11% 100% Direct Expenses 11,567 377 89 12,033 53% Admin Expenses 1,217 733 444 2,394 11% Sel
Slide 7: Consolidated Segment Contribution
CONSOLIDATED SEGMENT CONTRIBUTION 80% 80% 70% 66% 60% 50% 40% Real Estate 29% Hospitality 30% 26% Lease Rentals 18% 18% 20% 10% 11% 8% 9% 9% 10% 0% Revenue EBITDA PBD PBT -10% -11% -20% 7
Slide 8: Consolidated Cash Flows – (1)
CONSOLIDATED CASH FLOWS – (1) Direct Method Cash Flows Amount in Rs. Mn Particulars Q1 FY19 Q2 FY19 Q3 FY19 9M FY19 9M FY18 Operating Activities Total Collections 4,622 6,082 5,527 16,231 13,208 Direct Cost/Construction Cost (2,059) (3,021) (3,714) (8,794) (7,472) LO Payments (147) (120) (134) (400)
Slide 9: Consolidated Cash Flows (2)
CONSOLIDATED CASH FLOWS (2) Amount in Rs. Mn Particulars Q1 FY19 Q2 FY19 Q3 FY19 9M FY19 9M FY18 Investment Activities Cash from Investment Activities 2,026 798 997 3,821 2,436 Construction Cost-(CWIP/Capex Projects) (1,172) (1,677) (916) (3,765) (4,033) Investment in Land/JD/JV/TDR (31) (52) (155)
Slide 10: Consolidated Debt Profile
CONSOLIDATED DEBT PROFILE Amount in Rs. Mn Particulars Dec-18 Sep-18 Dec-17 1. Real Estate 6,636 7,087 8,599 2. Hospitality GOP Securitised 3,312 3,278 3,224 Capex 1,464 1,375 757 3. Leasing Securitised Lease Rental 12,649 12,758 12,515 Capex 7,745 6,834 3,488 Less : Liquid Investments 3,467 4,324 5
Slide 11: Group Sales Snapshot
GROUP SALES SNAPSHOT Q3 FY19 on Q2 Q3 FY19 on Q3 9M FY19 on Q3 Q2 Q3 FY19 FY18 9M 9M 9M FY18 (% Particulars FY19 FY18 Inc) FY19 FY19 FY18 (% Inc) (% Inc) Area Sales ('000 sft) Real Estate 2,008 1,140 76% 777 804 463 -3% 68% Sale Value (Rs. Mn) Real Estate 11,242 6,616 70% 4,459 4,598 2,621 -3% 70% R
Slide 12: Ongoing Projects - Summary
ONGOING PROJECTS - SUMMARY Area in ‘000 sft Total Project Area LO/JV Hospitality 3% Projects Project Area share Co Share Real Estate projects 10,081 2,303 7,778 Brigade Orchards * 1,641 820 821 Lease Rental 34% Total Real Estate (A) 11,722 3,123 8,599 Real Estate 63% WTC, Kochi Phase 2 387 - 387 Bri
Slide 13: Consolidated Synopsis of Real Estate Projects
CONSOLIDTAED SYNOPSIS OF REAL ESTATE PROJECTS Ongoing Ongoing SPV Stock Particulars Total BEL Projects Projects Sales In Mn. Sft Total super built-up area of projects on sale basis 10.08 1.64 0.99 12.71 Less: LO Share 2.30 - - 2.30 Co share of saleable area 7.78 1.64 0.99 10.41 Sold till date 3.08 0
Slide 14: Lease Position – Dec 2018
LEASE POSITION – DEC 2018 Office 1,278 295 Retail 964 63 - 300 600 900 1,200 1,500 1,800 Leased out To be Leased Area in ‘000 Sft Project Leasable Area Leased To be Leased WTC @ Bangalore 628 628 - WTC Tower 1 @ Kochi 384 360 24 Brigade Bhuwalka Icon 188 188 - Brigade Financial Centre @ Gift City 31
Slide 15: Hospitality Business 9M FY19 Performance - 1
HOSPITALITY BUSINESS 9M FY19 PERFORMANCE- 1 GRAND MERCURE (BLR) SHERATON GRAND Details 9M FY19 9M FY18 9M FY19 9M FY18 No of Keys 126 126 230 230 Occupancy 66% 72% 79% 76% ARR (Rs.) 7,010 6,657 7,698 8,150 GOP 36% 40% 41% 40% GOP (Rs in Mn) 89 101 358 334 AGOP % 34% 38% 39% 37% AGOP (Rs in Mn) 85 96
Slide 16: Hospitality Business 9M FY19 Performance - 2
HOSPITALITY BUSINESS 9M FY19 PERFORMANCE- 2 HOLIDAY INN* GRAND MERCURE (MYSORE) HOLIDAY INN CHENNAI EXPRESS (BLR) Details 9M FY19 9M FY18 9M FY19 9M FY18 9M FY19 No of Keys 146 146 202 202 272 Occupancy 54% 44% 70% 30% 39% ARR (Rs.) 3,714 3,753 4,360 4,238 4,091 GOP 20% 7% 30% -1.5% 24% GOP (Rs in M
Slide 17: Land Bank - Group
LAND BANK - GROUP Land Area Total Cost* (INR in Location Paid (INR in Mn) Payable (INR in Mn) (in acres) Mn) Bangalore 337 9,432 7,481 1,951 Chennai 49 2,377 2,227 150 Hyderabad 13 180 120 60 Kochi 18 140 140 - Mangalore 29 54 46 8 Gujarat 2 267 130 137 Mysore 17 20 12 8 Grand Total 465 12,470 10,15
Slide 18: Land Bank – Developable Area
LAND BANK – DEVELOPABLE AREA Project Area - Product Project Area - Location Mangalore Mysore Hotel 7% 1% Commercial-Lease Hyderabad 1% GIFT 19% 4% 1% Chennai Commercial-Sale 10% 4% Residential 76% Bangalore 77% BEL Proj Area BEL Share Proj Area Location Product Share SFT in Mn SFT in Mn SFT in Mn SF
Slide 19: Projects Launched in FY19
PROJECTS LAUNCHED IN FY19 Project Project Product City Launched Area Mn sft Qtr 1.Brigade Enterprises Limited Brigade Buena vista Ph II Residential Bangalore 0.50 Q1 Brigade Senate 1 Commercial-Sale Bangalore 0.17 Q2 Brigade Senate 2 Commercial -sale Bangalore 0.20 Q1 Brigade Woods Residential Banga
Slide 20: Projects Launched in FY19; Projects to be Launched
PROJECTS LAUNCHED IN FY19 Project (Hospitality) City No of Keys 3. Brigade Hotel Ventures Limited Ibis Styles, Mysore Mysore 151 Keys PROJECTS TO BE LAUNCHED Segment Brigade Economic Total Area Interest (mn sq ft) (mn sq ft) Residential 5.84 4.03 Commercial Sale 1.02 0.59 Leasing 2.07 2.07 Hospitali
Slide 21: Annexure – Standalone Financials and Capex Commitment
Annexure – Standalone Financials and Capex Commitment 21
Slide 22: Standalone (Ind-AS) Financials - Snapshot
STANDALONE (IND-AS) FINANCIALS - SNAPSHOT Amount in Rs. Mn Q3 FY 19 on Particulars 9M FY 19 Q3 FY 19 Q2 FY 19 9M FY 18* Q3 FY 18* Q2 FY 19 (IND AS 115) (IND AS 115) (IND AS 115) Turnover 14,336 4,652 4,163 12% 10,490 3,154 EBITDA 4,315 1,337 1,392 -4% 3,761 1,514 Interest 1,289 448 422 6% 1,302 454
Slide 23: Capex Commitment – Commercial (1)
CAPEX COMMITMENT – COMMERCIAL (1) As on Dec 2018 Amount in Rs. Mn Projects Est. cost Incurred Balance 1. Brigade Enterprises Limited A. Office Space Brigade Opus 2,000 1,989 11 WTC, Kochi - Phase 2 1,030 960 70 Total Office Space 3,030 2,949 81 B.Retail Space Brigade Orion OMR & Holiday Inn Express*
Slide 24: Capex Commitment – Commercial (2)
CAPEX COMMITMENT – COMMERCIAL (2) As on Dec 2018 Amount in Rs. Mn Projects Est. cost Incurred Balance 2.Brookefields Real Estates And Projects Private Limited SEZ Office Space Brigade Tech Gardens # 11,300 4,653 6,647 3.Perungudi Real Estates Private Limited – Lease World Trade Centre, Chennai # 8,0
Slide 25: Capex Commitment - Hospitality
CAPEX COMMITMENT - HOSPITALITY As on Dec 2018 Amount in Rs. Mn Planned No. of Expected date of Projects Est. cost Incurred Balance Keys Commencement 1. Brigade Hotel Ventures Limited Four Points by Sheraton, Kochi* 1,330 1,315 15 218 Q4 FY19 Ibis Styles, Gift City* 1,140 626 514 159 Q3 FY20 Ibis Sty
Slide 26: Thank you
Thank you Atul Goyal Chief Financial Officer Brigade Enterprises Ltd Email: atulgoyal@brigadegroup.com 29th & 30th Floor, WTC, Om Prakash P Brigade Gateway Campus, Company Secretary 26/1, Dr. Rajkumar Road, Email: omprakash@brigadegroup.com Malleswaram-Rajajinagar, Bangalore -560 055. Rajiv Sinha Ph