Megawide Construction Corporation · PSE:MWIDE
Megawide Construction — Q1 2021 Earnings Presentation
25 slides from Megawide Construction's earnings presentation, May 24, 2021
Slide 1: Analyst Briefing: 1Q2021 Operating and Financial Results
Analyst Briefing 1Q2021 Operating and Financial Results 24 May 2021
Slide 2: Disclaimer
DISCLAIMER This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Megawide Construction Corporation (the “Company”). This presentation, as well as discussio
Slide 3: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT In PhP M 1Q2021 1Q2020 YoY% REMARKS Total Revenues 3,723 4,960 -25% Construction 3,421 3,799 -10% Pandemic impact Airport Operations 114 809 -86% Travel restrictions Airport Merchandising 1 65 -98% Landport Operations 187 287 -35% Lower occupancy Direct Costs 3,092 3,65
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS PERFORMANCE REVENUE (PhP M) EBITDA (PhP M) NET INCOME / (LOSS) (PhP M) 4,960 174 287 1,666 65 3,723 106 45 809 1 24 17 187 479 743 139 168 114 -88 3,799 149 -345 3,421 909 665 -6 (138) ( 67 ) 5 1Q2020 1Q2021 1Q2020 1Q2021 1Q2020 1Q2021 BREAKDOWN 0 REVENUE EBITDA NET LOSS % 20% 5
Slide 5: Margin Performance
MARGIN PERFORMANCE In PhP M 1Q 2021 1Q 2020 FY2020 FY 2019 REMARKS Gross Profit Margin 17% 26% 19% 23% Construction 15% 15% 13% 13% Higher margin projects Airport Operations 26% 57% 43% 58% Travel ban impact Airport Merchandising -76% 75% 70% 73% Terminal Operations 55% 81% 61% 44% Lower occupancy E
Slide 6: Improved Leverage Ratios
IMPROVED LEVERAGE RATIOS In PhP M 31 March 2021 31 December 2020 Parent1 GMCAC2 Conso Parent1 GMCAC2 Conso Cash/financial assets 6,326 589 8,037 5,705 979 7,226 Total Debt 18,281 23,909 46,082 18,146 23,864 45,920 Equity 16,513 7,793 20,258 15,823 8,138 20,532 D-E Ratio 1.11 3.07 2.27 1.15 2.93 2.24
Slide 7: Engineering, Procurement & Construction
ENGINEERING, PROCUREMENT & CONSTRUCTION
Slide 8: Sustained Revenue Growth
SUSTAINED REVENUE GROWTH QUARTERLY PERFORMANCE (PhP M) HIGHLIGHTS: • 80% labor force capacity across ongoing developments • Digitization accelerated to rationalize processes and increase efficiencies • Concentration of available manpower 3,799 1,062 2,551 3,430 3,421 to live projects 1Q20 2Q20 3Q20
Slide 9: Healthy and Diverse Order Book
HEALTHY AND DIVERSE ORDER BOOK SEGMENT ORDER BACKLOG 100 80.0 70.0 80 Order Book (PhP B) Residential, 33% 68.4 Office, Commercial and No. of Projects 66.1 60.0 Industrial, 51% 50.0 60 52.4 50.1 40.0 40 39.1 38.5 30.0 32.6 50 43 20.0 20 37 41 30 23 21 10.0 Infra and Facilities, 0 0.0 16% 2015 2016 20
Slide 10: New Contract: Corral Village Cebu
NEW CONTRACT: CORRAL VILLAGE CEBU EPC CONTRACT • P219M Contract with John Dorf Ventures • Design, supply and build of 300 units using pre-cast • Development timetable: 14 months 9
Slide 11: New Contract: Westside City Site A
NEW CONTRACT: WESTSIDE CITY SITE A EPC CONTRACT • P884M Contract with Travellers Group (Site A) • Retail strip and theatre mall • Development timetable: 18 months 10
Slide 12: Airport Operations
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Slide 13: Operations Remain Grounded
OPERATIONS REMAIN GROUNDED QUARTERLY REVENUES (PhP M) HIGHLIGHTS: • Debt rebalancing executed with and unanimously approved by Lenders • Consolidation of departures at Terminal 1 to optimize operations • Omnibus travel protocols being 803 110 111 114 85 finalized with surrounding LGUs 1Q20 2Q20 3Q20
Slide 14: Airport Clears Runway to Recovery
AIRPORT CLEARS RUNWAY TO RECOVERY REBALANCED PRINCIPAL PAYMENTS (PhP M) 7,437 RECOVERY PERIOD (2021-23): • Free up P4.5B in cash initially for debt servicing 4,132 • Temporary relaxation of D-E Ratio to 2,962 75:25 from 70:30 2,777 2,708 2,316 • 1,970 DSCR compliance on hold until 2023 1,723 1,970 1
Slide 15: Resurgence of Domestic Segment
RESURGENCE OF DOMESTIC SEGMENT REVENUE BREAKDOWN PASSENGER TYPE Int'l Aero, 13% 9% PSC, 27% Non-Aero, 60% Domestic 91% 14
Slide 16: Passenger Trajectory Improved
PASSENGER TRAJECTORY IMPROVED BREAKDOWN PASSENGER VOLUME P31.2M -93% YoY INTERNATIONAL 27% -97% 19,190 8.4 PASSENGER VOLUME DOMESTIC (in ‘000) 5.4 Dom Int'l 5.5 5.4 -89% 5.5 6.6 11.0 8.3 10.6 188,363 5.0 0.5 1.8 1.8 24.2 30.3 28.4 31.1 35.3 38.1 56.4 62.1 52.6 73.7 3.8 15
Slide 17: Air Traffic Limited
AIR TRAFFIC LIMITED BREAKDOWN AIR TRAFFIC MOVEMENT P14.5M 13% -84% YoY INTERNATIONAL 27% -96% 198 AIR TRAFFIC 70 70 89 DOMESTIC 58 Dom Int'l -86% 107 128 89 85 104 2,476 32 17 55 5 344 385 336 415 442 431 832 845 771 860 24 16
Slide 18: Significance of Non-Aero Share
SIGNIFICANCE OF NON-AERO SHARE BREAKDOWN P68.2M 60% -76% YoY NON-AERO SHARE TO TOTAL 60% 32% 34% 31% 28% 21% 23% 2014 2015 2016 2017 2018 2019 1Q2021 17
Slide 19: Landport Operations
LANDPORT OPERATIONS
Slide 20: Steady Contributor
STEADY CONTRIBUTOR QUARTERLY RENTAL REVENUE (in Php M) Office Commercial HIGHLIGHTS: • Tower 2 impacted by industry-wide 21 office vacancy rates 34 31 25 • Retail and commercial activities 266 199 186 remain robust 162 0 • Passenger traffic affected by ECQ II 24 1Q2020 2Q2020 3Q2020* 4Q2020 1Q2021 s
Slide 21: Passenger Spending Stabilizes
PASSENGER SPENDING STABILIZES RETAIL MIX Services, 10% OFFICE (72K sqms) Consumer Goods, 15% • 75% leased out • P1,000/sqm/month (ave) F&B, 75% AVERAGE SPP (PhP) RETAIL (12K sqms) 33 35 31 29 29 • 80% leased out 28 28 27 26 26 24 25 25 • 60% operational • P1,200/sqm/month (ave) 0 0 20
Slide 22: Consistent Foot Traffic
CONSISTENT FOOT TRAFFIC DAILY BASIS 56,354 56,064 55,529 53,510 51,892 MONTHLY FOOT TRAFFIC (‘000) 43,276 39,620 62.4 60.9 59.7 58.0 68.0 55.6 50.6 52.0 53.0 49.6 59.8 48.2 46.4 55.8 51.9 38.9 MONDAY TUESDAYWEDNESDAY THURSDAY FRIDAY SATURDAY SUNDAY 36.4 36.6 45.1 45.4 39.3 40.6 28.5 26.8 BY THE HOUR
Slide 23: Carbon Market Redevelopment
CARBON MARKET REDEVELOPMENT EPC / O&M • P5.5B Contract • 50-year JV with Cebu • Phase 1: 2021-24 • 7.8 hectare complex • “Agri-agra” platform 22
Slide 24: Carbon Market Groundbreaking
CARBON MARKET GROUNDBREAKING 23
Slide 25: Thank you
fil MEGAWIDE A First- World Philippines Thank you Contact us Follow us
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