Sime Darby Bhd. · MYX:SIME
Sime Darby Bhd — Q3 FY2024 Earnings Presentation
23 slides from Sime Darby Bhd's earnings presentation, May 23, 2024
Slide 1: Analyst Briefing for 9 months & 3rd Quarter ended 31 March 2024
Sime Darby Berhad Analyst Briefing for 9 months & 3rd Quarter ended 31 March 2024 23rd May 2024
Slide 2: Group Results
Sime Darby Berhad Group Results
Slide 3: FY2024 Financial Results: Reported Profit, 9 months
FY2024 Financial Results Reported Profit: 9 months ended 31 March 2024 In RM Million 9M FY2024 9M FY2023 YoY % Revenue 48,339 35,002 38.1 PBIT 2,180 1,177 85.2 Finance income 105 47 Finance costs (502) (206) Profit before tax 1,783 1,018 75.1 Taxation (445) (308) Profit from continuing operations 1,
Slide 4: FY2024 Financial Results: Core Profit, 9 months
FY2024 Financial Results Core Profit: Reported Profit: 9 months ended 31 March 2024 In RM Million 9M FY2024 9M FY2023 YoY % Reported PBIT from continuing operations 2,180 1,177 85.2 Adjustments: • Gain on disposal of Malaysia Vision Valley (“MVV”) land (279) - • Foreign exchange gain on settlement o
Slide 5: FY2024 Financial Results: Segmental PBIT, 9 months
FY2024 Financial Results Segmental PBIT: 9 months ended 31 March 2024 9M FY2024 9M FY2023 Reported Core PBIT In RM Million PBIT Reported Core Reported YoY % YoY % Adjustments Adjustments Core PBIT PBIT PBIT PBIT Continuing operations Industrial 1,068 - 1,068 676 - 676 58.0 58.0 Motors 575 - 575 497
Slide 6: FY2024 Financial Results: Reported Profit, Quarter
FY2024 Financial Results Reported Profit: Quarter ended 31 March 2024 In RM Million Q3 FY2024 Q3 FY2023 YoY % Revenue 18,835 11,528 63.4 PBIT 759 405 87.4 Finance income 49 24 Finance costs (206) (81) Profit before tax 602 348 73.0 Taxation (151) (108) Profit from continuing operations 451 240 87.9
Slide 7: FY2024 Financial Results: Core Profit, Quarter
FY2024 Financial Results Core Profit: Quarter ended 31 March 2024 In RM Million Q3 FY2024 Q3 FY2023 YoY % Reported PBIT from continuing operations 759 405 87.4 Adjustments: • Foreign exchange gain on settlement of net investments - (7) Core PBIT from continuing operations 759 398 90.7 Net finance co
Slide 8: FY2024 Financial Results: Segmental PBIT, Quarter
FY2024 Financial Results Segmental PBIT: Quarter ended 31 March 2024 Q3 FY2024 Q3 FY2023 Reported Core PBIT In RM Million PBIT Reported Core Reported YoY % YoY % Adjustments Adjustments Core PBIT PBIT PBIT PBIT Continuing operations Industrial 359 - 359 236 - 236 52.1 52.1 Motors 180 - 180 170 - 170
Slide 9: PBIT - from continuing operations
PBIT - from continuing operations YTD Core PBIT from continuing operations was 62% higher mainly due to higher profit from Industrial Australasia and profit contribution from UMW Q3 FY2024 vs. Q3 FY2023 759 (34) 262 10 Q T 405 398 123 D (7) P B I T Q3 FY23 Net Q3 FY23 Industrial Motors UMW Corporate
Slide 10: Snapshot of borrowing position as at 31 March 2024
FY2024 Financial Results Snapshot of borrowing position as at 31 March 2024 Long Term vs Short Term Debt Total Debt 15,867 (6.6)% 14,826 2,262 2,192 4,899 4,750 512 518 8,194 7,366 RM 14.8bn As at 31 March 2024 Dec 2023 Mar 2024 ST Borrowings ST Leases LT Borrowings LT Leases RM3.6bn RM22.8bn 0.65x
Slide 11: Industrial Division
Sime Industrial Division
Slide 12: Strong performance from the Australasia operations
Industrial Division Strong performance from the Australasia operations 28.8% Australasia 58.0% 14,968 • The increase of profit in Australia was mainly 1,068 attributed to higher product support and mining 11,617 equipment revenue. 676 Mar-23 • Onsite Rental (acquired in April 2023) contributed PBIT
Slide 13: Industrial Outlook
Industrial Outlook Order book mainly from mining projects in Australia AUSTRALASIA 4,729 • Demand for mining equipment remains steady. 4,588 4,504 • In New Zealand, CAT price premiums have impacted margins 446 4,235 4,250 while economic conditions remain challenging. 495 436 245 188 235 540 535 770
Slide 14: Benefitting from Robust Commodity Prices; Copper on a Surge
Industrial Division Benefitting from Robust Commodity Prices; Copper on a Surge Robust Commodity Prices Strong Demand for Copper Metallurgical Coal fell $US slightly but remains at D Copper price/mt elevated price levels (USD) $9,791/t Copper 9,692 9,974 $256/t 8,387 8,476 Australia Premium 7,742 $1
Slide 15: Motors Division
Sime Motors Division 14
Slide 16: Strong performance in Malaysia and Singapore, partly offset by China
Motors Division Strong performance in Malaysia and Singapore, partly offset by weaker results from China Malaysia 20.1% 15.7% • Higher profits were mainly supported by strong revenue 28,025 growth, particularly for Sime Darby Auto Connexion. 575 23,338 497 • Higher assembly profit supported by the i
Slide 17: Motors Outlook: EV sales anticipated to benefit from incentives
Motors Outlook Electric vehicle sales anticipated to benefit from government incentives 107,187 39,582 Units Sold* Units Assembled Units sold by region (9M FY2023: 84,582) (9M FY2023: 23,988) * Includes cars sold on consignment MALAYSIA • The government continues to support EV adoption with tax ince
Slide 18: Motors Outlook: Exciting new models coming out
Motors Outlook Exciting new models coming out in the next 12 months Xpeng G6 Mini Cooper MINI Electric Hong Kong/Macau – 2024 China – 2024 BMW i5 M60 Volvo EX30 Australia –2024 Malaysia – 2024 17
Slide 19: New vehicle sales in China remains strong
Motors Division New vehicle sales in China remains strong China New Vehicle Sales Products launched Sales Volume (mil) unit 30.1 26.3 26.9 25.3 BYD Ocean-M concept Chery Tiggo 9 PHEV 6.7 2020 2021 2022 2023 3M2024 BEV sales in China Jaecoo J8 PHEV Neta L BAIC X55II Sales Volume (mil) unit • Governme
Slide 20: UMW Division
Sime UMW Division
Slide 21: PBIT largely contributed by its automotive segment
UMW Division PBIT largely contributed by its automotive segment Automotive 5,287 • Sales remained strong for the January-March period, supported by continuing demand. 309 • The Total Industry Volume (TIV) grew by 5% in the quarter. Equipment • The Equipment segment’s performance is sustained in Reve
Slide 22: UMW Toyota Motor and Perodua sales & Total Industry Volume
UMW Division UMW Toyota Motor and Perodua sales & Total Industry Volume 2019 2020 2021 2022 2023 2024F TIV 604,281 529,514 508,883 721,177 799,731 740,000 Monthly sales UMW Toyota Motor and Perodua market 900k Others share Market leader in the non-National segment 800k Perodua Jan Feb Mar UMWT 108,1
Slide 23: Thank You
Sime Thank You