Slide 1: Investor Presentation cover letter to stock exchanges
GMR Infrastructure Limited .R Corporate Office: New Udaan Bhawan, Opp. Terminal-3 Indira Gandhi International Airport New Delhi-110037 CIN: L45203MH1996PLC281138 T +91 1142532600 F +91 1147197181 W www.gmrgroup.in July 31, 2020 E Gil.Cosecy@gmrgroup.in BSE Limited National Stock Exchange of India Ph
Slide 2: Investor Presentation Q4FY20
Investor Presentation Q4FY20 0
Slide 3: Disclaimer
DISCLAIMER All statements, graphics, data, tables, charts, logos, names, figures and all other statements relating to future results of operation, financial condition, business information (“Contents”) contained in this document (“Material”) is prepared by GMR prospects, plans and objectives, are ba
Slide 4: Table of Contents
Table of Contents Particulars Pg. No. Current Status of the Business 3–7 Strategy Update 8 – 12 GIL Financial Performance 13 – 16 Airport Business 17 – 25 Energy Business 26 – 29 Transportation and Urban Infrastructure Business 30 – 33 Annexures 35 – 46 2
Slide 5: Current Status of the Business
Current Status of the Business
Slide 6: Aligning Business Position Amidst Unprecedented Pandemic
Aligning Business Position Amidst Unprecedented Pandemic Airport Business • Cash conservation through rescheduling of our Capex plan • Consolidation of infrastructures to adapt to the nature of traffic and reduce operating costs. ✓ Closed Terminal 1 & 2 and is now operating from only Terminal 3 at D
Slide 7: Our Airports Gaining Traction
Our Airports Gaining Traction Witnessing Recovery of Traffic Post Opening On 25th May 2020 Delhi Airport 1st Week 9th Week 25-31 May 20-26 July 78% 48% 41% 24% 28% 19% 17% 13% 17% 14% 3% 5% Domestic International Domestic International Domestic International Average Daily Pax Daily Average ATM Cargo
Slide 8: Key Developments - Positive For Airport Business
Key Developments - Positive For Airport Business Vande Bharat Mission ✓ Repatriation initiative by the Ministry of Civil Aviation Establishment of Air Bubbles ✓ Arrangements between two countries aimed at restarting commercial passenger services ✓ Established bilateral air bubbles with the US, Franc
Slide 9: Energy Businesses Also Gaining Momentum Post Lockdown
Energy Businesses Also Gaining Momentum Post Lockdown Energy Business ✓ Business has ensured continuity of power supply during the period of lockdown ✓ Asset utilization on the rise due to revival of industrial demand post lockdown ─ PLF of Warora and Kamalanga which was at 49% and 52% respectively
Slide 10: Strategy Update
Strategy Update Humility | Entrepreneurship | Teamwork afi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 11: Continuous Focus On Asset Light and Asset Right Strategy
Continuous Focus On Asset Light and Asset Right Strategy 1 Path to Significant Value Creation through Deleveraging 2 Vertical Demerger to create further value for shareholders 3 Divestment of Non-Core Businesses 9
Slide 12: Significant Value Creation Through Deleveraging
Significant Value Creation Through Deleveraging Strategic Partnership with Groupe ADP Transaction • Minority stake sale of 49% in GMR Airports Ltd (GAL) Investment Amount • Base Value : INR 200 bn • INR 98.13 bn received • Earnouts INR 10.6 bn - Valuation INR 220 bn ✓ Tranche I: INR 52.5 bn received
Slide 13: Strategic Roadmap - Mirror Demerger
Strategic Roadmap - Mirror Demerger Mirror Demerger* of GMR Group to provide pure play in Airport business • Initiated the process of due diligence after the Second Closing of ADP Deal. • The Sub-Committee of the Board is considering the following two options for demerger: (a) Two entities - Airport
Slide 14: Divestment of Non-Core Assets
Divestment of Non-Core Assets Monetisation of Barge Plant • GMR Energy Limited has entered into a Sale and Purchase Agreement with a prospective buyer for a consideration of USD 15.50 mn for sale of the Barge Mounted Power Plant. • Received an advance of USD 3 mn till March 31, 2020. Divestment upda
Slide 15: Performance Highlights – FY20
Performance Highlights – FY20
Slide 16: GIL Performance Highlights – Q4FY20
GIL Performance Highlights – Q4FY20 Consolidated Financial • Net Revenues ▲18% YoY o Airport business revenues ▲12% YoY aided by Delhi Airport • EBITDA ▲~2.0x YoY on healthy revenue growth • EBITDA margin 36% in Q4FY20 vs 21% in Q4FY19 • Net Loss after tax (adj. for exceptional items) ~INR 4.5 bn in
Slide 17: GIL Consolidated – Quarterly Trends
GIL Consolidated – Quarterly Trends INR bn Airport Energy Highways Others 18.1 16.7 15% 14% 13% 17% 15.4 15.0 15.3 19% Net Revenue 7% 6% 8% 7% 8% 12% 11% 14% 8% 17% 63% 66% 68% 68% 59% Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 INR bn Airport Highways Energy + Others 7.3 6
Slide 18: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt (INR bn) ^ Net Debt (Sector-wise) ^ 321.0 76.0 Energy 11% 245.0 Airport 50% Highways 10% Others 2% Corporate (Inc. debt for PE Exit) Gross Debt Cash & equivalents Net Debt 27% Note: Certain loans part of Energy and Others segment till Mar’19 are Note : FCCB not
Slide 19: Airport Business
Airport Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 20: Key Developments in Q4FY20 - Airport Business
Key Developments in Q4FY20 - Airport Business Delhi Airport (DIAL) • Revenue growth (▲28% YoY) o Aero revenue (▼24% YoY) and Non-aero revenue (▼2% YoY) o CPD Rentals (▲8x YoY) on revenue recognition for new contracts with Bharti Realty • Aero revenue impacted by o Decline in traffic due to unprecede
Slide 21: Key Developments in Q4FY20 - Airport Business (Cebu, Goa)
Key Developments in Q4FY20 - Airport Business Cebu Airport • Revenue ▲19% YoY and EBITDA ▲14% YoY in constant currency terms o Pax growth ▲11% YoY; Air traffic movement ▲8% YoY o Passenger service fees ▲10% w.e.f Nov’19 o Operating expenses ▲30% YoY primarily due to commencement of property tax w.r.
Slide 22: Envisaged A Clear Growth Plans in Airport Business
Envisaged A Clear Growth Plans in Airport Business Signed concession agreement for development & operation of Bhogapuram Airport • Project involves design, build, finance, construction, development, O&M of Greenfield International Airport • Concession period of 40 years, extendable by additional 20
Slide 23: Airports Business (Q4FY20) - Operational & Financial Highlights
Airports Business (Q4FY20) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) Q4FY2019 Q4FY2020 Q4FY2019 Q4FY2020 Q4FY2019 Q4FY2020 Gross Revenues 13,902 15,825 8,388 10,405 3,761 3,410 Net Re
Slide 24: Airports Business (FY20) - Operational & Financial Highlights
Airports Business (FY20) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) FY2019 FY2020 FY2019 FY2020 FY2019 FY2020 Gross Revenues 53,716 61,909 32,627 39,094 14,522 15,258 Net Revenues 37,1
Slide 25: Delhi Airport - Non-Aero Revenues (FY20)
Delhi Airport - Non-Aero Revenues (FY20) Delhi Airport Non-Aero Revenue Break-up INR 22.0 bn • Non-aero revenues ▲5% to INR 22.0bn • Retail revenues ▲1% YoY to INR 6.4bn Others 15% o Duty Free revenues in overall Retail is ~74% Reta il (incl Ground Handling Duty Free) o Duty Free SPP improved to INR
Slide 26: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q4FY2019 Q4FY2020 FY2019 FY2020 Q4FY2019 Q4FY2020 FY2019 FY2020 Gross Revenues 1,066 1,273 3,795 4,662 1,066 1,329 3,795 4,899 EBITDA 714 814 2,739 3,025 714 850 2,739 3,179 PAT 169 202 1,206 689
Slide 27: Significant Contribution of JVs and Subsidiaries
Significant Contribution of JVs and Subsidiaries GAL – FY20 Consolidated EBITDA (Proforma) I NR mn 1,272 28,356 2,972 24,113 Airport Consolidated JVs EBITDA Cebu EBITDA Airport Consolidated EBITDA^# (DIAL+GHIAL)* Proforma EBITDA DIAL – FY20 Consolidated EBITDA (Proforma) GHIAL – FY20 Consolidated EB
Slide 28: Energy Business
Energy Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 29: Key Developments in Q4FY20 - Energy
Key Developments in Q4FY20 - Energy Warora Power Project • Revenue normalised for arrears▼7% YoY − PLF including alternate power at 83.4% from 90.1% YoY − Arrears of INR 852 mn accounted in Q4FY19 • EBITDA normalized for arrears▲28% YoY aided by lower coal cost • Cash profit of INR 604 mn vs. INR 10
Slide 30: GMR Energy Ltd (GEL) - Operational & Financial Highlights
GMR Energy Ltd (GEL) - Operational & Financial Highlights (figures in INR mn) GEL Consolidated Warora Kamalanga Solar Particulars Proforma Q4FY19 Q4FY20 Q4FY19 Q4FY20 Q4FY19 Q4FY20 Q4FY19 Q4FY20 Revenue 5,920 6,476 5,828 4,642 5,534 6,154 160 150 EBITDA 1,920 3,426 1,992 1,649 2,147 2,392 140 130 In
Slide 31: Coal Assets - PT GEMS
Coal Assets - PT GEMS (figures in INR mn) Golden Energy Mines Particulars Q4FY2019 Q4FY2020 FY2019 FY2020 Sales Vol. (mn tons) 7.4 10.2 24.4 31.0 Revenues 19,941 24,466 71,409 77,776 EBITDA 654 2,092 10,123 8,219 PAT 281 1,395 6,870 4,689 • Production ▲ 52% YoY to 10.1 mn tons in Q4FY20 • Sales volu
Slide 32: Transportation and Urban Infrastructure Business (T&UI)
Transportation and Urban Infrastructure Business (T&UI)
Slide 33: Key Developments in Q4FY20 – T&UI
Key Developments in Q4FY20 – T&UI Highway Business • Successfully handed back Tambaram & Tuni Project to NHAI after expiry of Concession Period • Received Arbitration Award for Pochanpalli (INR 150 mn) and Chennai ORR (INR 3.4 bn) project though same has been challenged by the counter party in High
Slide 34: Highway Business Assets Performance
Highway Business Assets Performance (figures in INR mn) Hyderabad- Ambala - GPEL Chennai ORR Particulars Vijaywada Chandigarh Q4FY19 Q4FY20 Q4FY19 Q4FY20 Q4FY19 Q4FY20 Q4FY19 Q4FY20 Revenue 507 487 144 145 168 159 227 217 EBITDA 403 264 87 95 94 96 138 176 Interest 686 678 123 127 233 209 199 204 PA
Slide 35: Urban Infrastructure – Special Investment Regions
Urban Infrastructure – Special Investment Regions Kakinada SIR (Andhra Pradesh) : ~10,400 Acres • Port-based SIR, located in the Krishna-Godavari basin, to include an all weather multi-purpose deep- water port, a logistics park, a petrochemicals cluster and an eco-industrial park • Land of ~4,650 ac
Slide 36: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 37: Annexures
Annexures Humility | Entrepreneurship | Teamwork ay Rela
Slide 38: Annexures index
Annexures Particulars No. Checklist of Companies : Ind AS Consolidation and Change in Accounting Policy A Profitability Statement (Consolidated) B Financial Performance • Airport Sector (Consolidated) C o Delhi Airport (Standalone) D o Hyderabad Airport (Standalone) E • Energy Sector (Consolidated)
Slide 39: Annexure A : Checklist of Companies - Ind AS Consolidation
Annexure A : Checklist of Companies - Ind AS Consolidation Segment Companies Delhi Airport Yes Hyderabad Airport Yes Mactan – Cebu Airport No Airports Goa Airport Yes DIAL JVs (excl Car Park JV) No GHIAL JVs (excl Advertisement JV) Yes GMR Airports Ltd Yes GMR Energy Ltd (Standalone) Projects under
Slide 40: Annexure B : Profitability Statement (Consolidated)
Annexure B : Profitability Statement (Consolidated) INR mn Q4FY2019 Q3FY2020 Q4FY2020 FY2019 FY2020 Gross Revenue 19,936 21,965 23,487 75,760 85,555 Less: Revenue Share 4,528 5,232 5,357 17,648 20,372 Net Revenue 15,409 16,733 18,131 58,112 65,184 Total Expenditure 12,208 9,410 11,585 41,055 38,898
Slide 41: Annexure C : Airport Business (Consolidated)
Annexure C : Airport Business (Consolidated) INR mn Q4FY2019 Q3FY2020 Q4FY2020 FY2019 FY2020 Aero Revenue 5,052 4,984 6,103 18,982 20,628 Non Aero Revenue 8,318 9,958 6,512 32,665 33,640 CPD Rentals 532 1,419 3,210 2,069 7,641 Gross Revenue 13,902 16,361 15,825 53,716 61,909 Less: Revenue Share 4,23
Slide 42: Annexure D : Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn Particulars Q4FY2019 Q3FY2020 Q4FY2020 FY2019 FY2020 Aero Revenue 2,731 2,582 2,073 9,878 9,492 Non Aero Revenue 5,260 6,138 5,153 20,909 22,046 CPD Rentals 397 1,402 3,178 1,839 7,556 Gross Revenue 8,388 10,122 10,405 32,627 39,094 Less: Revenue Share
Slide 43: Annexure E : Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn Q4FY2019 Q3FY2020 Q4FY2020 FY2019 FY2020 Ind AS Ind AS Ind AS Ind AS Ind AS Aero Revenue 2,831 3,018 2,452 11,079 11,314 Non Aero Revenue 930 1,096 958 3,443 3,944 Gross Revenue 3,761 4,114 3,410 14,522 15,258 Less: Revenue Share 159 175 147 615 649
Slide 44: Annexure F : Energy Business (Consolidated)
Annexure F : Energy Business (Consolidated) INR mn Q4FY2019 Q3FY2020 Q4FY2020 FY2019 FY2020 Gross Revenue 2,204 2,072 3,103 6,172 8,014 Operating Expenditure 2,906 2,132 2,963 7,262 8,247 EBITDA (702) (60) 139 (1,090) (233) EBITDA margin -32% -3% 4% -18% -3% Other Income 61 185 (139) 239 543 Interes
Slide 45: Annexure G : Warora (Standalone) Power Plant
Annexure G : Warora (Standalone) Power Plant INR mn Particulars Q4FY2019 Q3FY2020 Q4FY2020 FY2019 FY2020 Total Revenue 5,828 5,187 4,642 18,942 18,443 Fuel - Consumption 3,005 2,790 2,360 10,482 9,917 Other Expenses 831 728 632 2,568 2,548 EBITDA 1,992 1,669 1,649 5,892 5,979 EBITDA margin 34% 32% 3
Slide 46: Annexure H : Kamalanga (Standalone) Power Plant
Annexure H : Kamalanga (Standalone) Power Plant INR mn Particulars Q4FY2019 Q3FY2020 Q4FY2020 FY2019 FY2020 Total Revenue 5,534 6,261 6,154 21,954 22,314 Fuel - Consumption 2,596 2,936 2,786 11,713 10,541 Other Expenses 791 957 976 2,812 3,783 EBITDA 2,147 2,368 2,392 7,429 7,990 EBITDA margin 39% 3
Slide 47: Annexure I : PT GEMS (Indonesian Coal Mine)
Annexure I : PT GEMS (Indonesian Coal Mine) INR mn Particulars Q4FY2019 Q3FY2020 Q4FY2020 FY2019 FY2020 Production (mn tons) 6.7 8.1 10.1 22.6 30.8 Sales Volumes (mn tons) 7.4 7.4 10.2 24.4 31.0 Gross Revenue 19,941 18,897 24,466 71,409 77,776 Total Expenditure 19,287 17,091 22,374 61,286 69,557 EBI
Slide 48: Annexure J : Highway Business (Consolidated)
Annexure J : Highway Business (Consolidated) INR mn Q4FY2019 Q3FY2020 Q4FY2020 FY2019 FY2020 Gross Revenue 1,510 1,376 1,552 5,705 5,852 Less: Revenue Share 295 317 317 1,120 1,236 Net Revenue 1,215 1,059 1,235 4,585 4,616 Operating Expenses 334 265 600 1,333 1,450 EBITDA 881 794 635 3,252 3,166 EBI