Mewah International Inc. · SGX:MV4
Mewah International — Q2 2018 Earnings Presentation
21 slides from Mewah International's earnings presentation, Aug 10, 2018
Slide 1: Q2 2018 & H1 2018 Financial Results Summary
10th August, 2018 Q2 2018 & H1 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 Second Quarter and Half Year Ended 30 June 2018 lodged on the SGXNET on 10th August, 2018. 2
Slide 3: Performance Summary
Performance Summary In US$ million Net Profit* H1 2018 5.4 H1 2017 7.1 YOY change -23.3% Q2 2018 0.6 Q2 2017 3.1 YOY change -81.4% Q1 2018 4.8 QOQ change -87.5% * Profit after tax attributable to equity holders of the Company 3
Slide 4: Income Statement | H1 2018 & Q2 2018
Income Statement | H1 2018 & Q2 2018 In US$ million, unless stated otherwise H1 2018 H1 2017 % change Q2 2018 Q2 2017 % change Q1 2018 % change Sales volume (MT'000) 2,109.5 1,807.6 16.7% 993.4 926.0 7.3% 1,116.1 -11.0% ASP (US$) 748.7 810.7 -7.6% 747.3 796.5 -6.2% 749.8 -0.3% Revenue 1,579.3 1,465.
Slide 5: Income Statement | CPO prices vs. OM per MT
Income Statement | CPO prices vs. OM per MT 2017 2018 CPO prices (MYR) CPO prices (US$) Operating margin % 800 3,500 700 3,000 CPO Prices - Ringgit Malaysia (RM) 600 7.0% 2,500 CPO Prices - US$ 500 5.2% 2,000 4.8% 400 4.4% 3.7% 1,500 300 3.0% Average @ US$40.9 1,000 200 Average @ US$27.9 30.2 41.5 3
Slide 6: Segmental Performance | Q2 2018 & H1 2018
Segmental Performance | Q2 2018 & H1 2018 YOY QOQ YOY Q2 2018 Q2 2017 Change Q1 2018 Change H1 2018 H1 2017 Change Bulk segment Sales volume (MT’000) 731.2 647.5 12.9% 839.1 -12.9% 1,570.3 1,268.8 23.8% Average selling prices (US$) 689.0 757.8 -9.1% 720.8 -4.4% 706.0 781.0 -9.6% Revenue (US$’million
Slide 7: Sales Volume & Revenue | Q2 2018 | YOY
Sales Volume & Revenue | Q2 2018 | YOY In US$ million, unless stated otherwise +7.3% -6.2% Total Q2 2017 Q2 2018 Change % Total 737.6 742.4 Sa l es vol ume (MT'000) 926.0 993.4 7.3% +0.7% Avg Sel l i ng Pri ce (US$) 796.5 747.3 -6.2% Revenue 737.6 742.4 0.7% Q2 2017 Volume ASP per MT Q2 2018 +12.9%
Slide 8: Sales Volume & Revenue | Q2 2018 | QOQ
Sales Volume & Revenue | Q2 2018 | QOQ In US$ million, unless stated otherwise 836.9 -11.0% -0.3% Total Q1 2018 Q2 2018 Change % 742.4 Total Sa l es vol ume (MT'000) 1,116.1 993.4 -11.0% Avg Sel l i ng Pri ce (US$) 749.8 747.3 -0.3% -11.3% Revenue 836.9 742.4 -11.3% Q1 2018 Volume ASP per MT Q2 2018
Slide 9: Sales Volume & Revenue | H1 2018
Sales Volume & Revenue | H1 2018 In US$ million, unless stated otherwise +16.7% -7.6% 1,579.3 Total H1 2017 H1 2018 Change % Total Sa l es vol ume (MT'000) 1,807.6 2,109.5 16.7% 1,465.5 +7.8% Avg Sel l i ng Pri ce (US$) 810.7 748.7 -7.6% Revenue 1,465.5 1,579.3 7.8% H1 2017 Volume ASP per MT H1 2018
Slide 10: Operating margin | Q2 2018 | YOY
Operating margin | Q2 2018 | YOY In US$ million, unless stated otherwise +2.8 -19.0 38.4 Total Q2 2017 Q2 2018 Change % 22.2 Sa l es vol ume (MT'000) 926.0 993.4 7.3% Total +7.3% -46.3% Opera ti ng Ma rgi n per MT (US$) 41.5 22.3 -46.3% -42.2% Operating margin 38.4 22.2 -42.2% Q2 2017 Volume OM per
Slide 11: Operating margin | Q2 2018 | QOQ
Operating margin | Q2 2018 | QOQ In US$ million, unless stated otherwise 36.7 -4.0 -10.5 Total Q1 2018 Q2 2018 Change % 22.2 Sa l es vol ume (MT'000) 1,116.1 993.4 -11.0% Total -11.0% -32.2% Opera ti ng Ma rgi n per MT (US$) 32.9 22.3 -32.2% -39.5% Operating margin 36.7 22.2 -39.5% Q1 2018 Volume OM
Slide 12: Operating margin | H1 2018
Operating margin | H1 2018 In US$ million, unless stated otherwise +10.9 -17.0 Total H1 2017 H1 2018 Change % 65.0 58.9 Sa l es vol ume (MT'000) 1,807.6 2,109.5 16.7% Total +16.7% -22.3% Opera ti ng Ma rgi n per MT (US$) 35.9 27.9 -22.3% -9.4% Operating margin 65.0 58.9 -9.4% H1 2017 Volume OM per M
Slide 13: Revenue | Geographical spread | Total Sales
Revenue | Geographical spread | Total Sales Q2 2018 H1 2018 Rest of Asia, Rest of Asia, Middle East, 27% 28% Malaysia/ Middle East, Malaysia/ 24% Singapore, Other, 47% 22% Singapore, Other, 48% Europe , 17% 53% 52% Africa, 23% Africa, 26% Europe , 16% Americas, 5% Americas, 3% Pacific Pacific Oceani
Slide 14: Revenue | Geographical spread | Bulk Sales
Revenue | Geographical spread | Bulk Sales Q2 2018 H1 2018 Rest of Asia Rest of Asia, 41% Malaysia/ Malaysia/ Others 47% Europe, 15% Singapore, Other, 28% Europe, 15% Singapore 28% 72% Americas, 2% 72% Americas Middle East, Middle East 4% 38% Pacific Oceania, 30% Pacific Oceania 4% 4% Q2 2018 H1 201
Slide 15: Revenue | Geographical spread | Consumer Pack Sales
Revenue | Geographical spread | Consumer Pack Sales Q2 2018 H1 2018 Africa Africa Middle East Malaysia/ 43% Middle East Malaysia/ 40% 16% Singapore Others 14% Singapore Others 9% 91% Pacific Oceania 9% 91% Pacific Oceania Rest of Asia 4% Rest of Asia 5% 16% Americas 19% Americas 4% Europe Europe 6%
Slide 16: Balance Sheet | Summary
Balance Sheet | Summary In US$ million 31 Dec 2017 30 Jun 2018 852.6 852.6 848.8 848.8 Current net debt Current net debt 288.8 34.0% Working Working Capital 315.8 Capital 37.1% 486.5 465.4 Non-current net debt Non-current net debt 41.9 5.0% 19.1 2.2% Equity Equity 517.7 60.7% Long-term 61.0% Long-te
Slide 17: Balance Sheet | Summary
Balance Sheet | Summary In US$ million 848.8 848.8 288.8 Current net debt 62.0% Working capital 465.4 55.0% 176.6 Equity 38.0% 41.9 Non-current debt 10.9% Long-term Equity investments 383.4 89.1% 45.0% 341.5 Investment Capital Actual Actual Debt / Equity Ratio H1 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 22.4 0.76 0.78 0.76 Year 3 19.5 0.46 Total 41.9 2015 2016 2017 H1 2018 In US$ million Net debt to equity Trade finance facilities utilisation Utilised % Facility 571.5 Utilised 334.9 58.6% 0.67 0.65 Unutilised
Slide 19: Cycle time
Cycle time Inventory days Trade receivable days 49 49 33 31 31 44 24 29 2015 2016 2017 H1 2018 2015 2016 2017 H1 2018 Trade payable days Cycle time 2015 2016 2017 H1 2018 (14) (16) (17) (20) 68 60 51 44 2015 2016 2017 H1 2018 Cycle time is calculated as Inventory days + Trade receivable days – Trade
Slide 20: Cash Flows Statement | Summary
Cash Flows Statement | Summary In US$ million Q2 2018 Q2 2017 H1 2018 H1 2017 Operating cash flows before working capital changes 5.0 21.6 20.1 32.5 Changes in operating assets and liabilities (6.2) (10.9) 33.1 (47.4) Net interest and income tax payment (3.7) (5.5) (8.9) (14.7) Net cash flows (used
Slide 21: Thank you
Thank you Any questions, contact: James Soo, Chief Financial Officer Ph: (65) 6829 5255| mail: jamessoo@mewahgroup.com 21