Megawide Construction Corporation · PSE:MWIDE
Megawide Construction — Q1 2019 Earnings Presentation
20 slides from Megawide Construction's earnings presentation, 2019
Slide 1: Financial and Operating Highlights: First Three Months of 2019
FINANCIAL AND OPERATING HIGHLIGHTS First Three Months of 2019 1
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: 1Q2019 Consolidated Income Statement
1Q2019 CONSOLIDATED INCOME STATEMENT* In Php M 1Q 2019 4Q 2018 1Q 2018 QoQ % YoY% Total Revenues 3,565 3,246 4,450 10% -20% Construction 2,568 2,337 3,737 10% -31% Airport Operations 892 816 646 9% 38% Airport Merchandising 85 75 67 13% 27% Landport Operations 20 18 - 11% - Direct Costs 2,467 2,478
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS PERFORMANCE REVENUE (PHP m) EBITDA (PHP m) NET INCOME (PHP m) 4,450 636 67 1,136 1,184 3,565* 1,020 25 646 3,246** 26 34 85 34 75 892 480 584 816 370 282* 534 174 3,737 26 2,337 2,568 25 73 630 566 33 452 241 186 116 1Q 2018 4Q2018 1Q 2019 1Q 2018 4Q2018 1Q 2019 1Q 2018 4Q2018 1
Slide 5: Margin Performance
MARGIN PERFORMANCE In PHP M 1Q 2019 1Q 2018 FY 2018 FY 2017 FY 2016 Gross Profit Margin 31% 26% 27% 24% 22% Construction 15% 15% 15% 16% 15% Airport Operations 71% 86% 75% 82% 81% Airport Merchandising 74% 75% 76% 72% - EBITDA Margin 33% 26% 29% 23% 20% Construction 22% 17% 19% 16% 15% Airport Opera
Slide 6: Financial Position
FINANCIAL POSITION In PHP m 31-Mar-19 31-Dec-18 Movement % Change Cash & Financial Assets 4,201 5,761 (1,560) -27% Other Current Assets 20,454 19,029 1,425 7% Total Current Assets 24,655 24,790 (135) -1% Concession Assets 28,371 28,289 82 0% Total Non Current Assets 42,179 41,115 1,064 2% Total Asse
Slide 7: Liquidity and Gearing Ratios
LIQUIDITY AND GEARING RATIOS MARGINS PROFITABILITY 14% 13% 0.80 31% 12% 0.70 27% 12% 10% *** 24% 9% 9% 0.60 21% 22% 10% 0.50 8% 12% 12% 0.40 10% 11% 6% 8% 0.30 4% 0.20 2% 0.10 0.41 0.57 0.70 0.56 0.45 0% 0.00 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 Net Margin Gross Profit Margin Earnings p
Slide 8: Engineering, Procurement, and Construction (EPC)
1 Engineering, Procurement, and Construction (EPC)
Slide 9: Revenues Picking Up
11 REVENUES PICKING UP REVENUES (in PHP bn) REVENUES (PHP bn) Revenue GP Margin 4.2 4.3 4.1 4.1 17.5% 18.0 17.0% 16.0 16.5% 17.0% 16.0% 3.7 3.6 16.0% 16.4% 14.0 16.2% 12.0 15.5% 15.0% 15.0% 15.0% 15.0% 15.0% 14.2% 10.0 3.0 8.0 14.5% 14.0% 6.0 2.6 4.0 2.4 13.5% 13.0% 2.0 7.7 8.2 10.9 9.8 14.0 15.8 16
Slide 10: Order Book Remain Robust
11 ORDER BOOK REMAIN ROBUST ORDER BOOK VS REVENUE 1Q 2019 ORDER BOOK (SEGMENT) 60.0 Order book 20.0 Commercial 16.7 18.0 and Revenue 15.8 Industrial, 50.0 Residential, 14.0 16.0 59% 33% 14.0 40.0 10.9 12.7 9.8 Order 12.0 30.0 8.2 backlog 10.0 > 2-3 8.0 20.0 years 6.0 2.6 4.0 10.0 2.0 Infrastructure,
Slide 11: Airport Business Segment
TRANSPORT INFRASTRUCTURE 2 Airport Business Segment
Slide 12: Traffic Growth Sustained
22 TRAFFIC GROWTH SUSTAINED 193.0 AIR TRAFFIC PASSENGER TRAFFIC 30.4 (in ‘000) 174.0 (in millions) 39.4 Domestic Int'l 152.2 26.2 10.2 36.1 Domestic Int'l 125.2130.6 32.0 21.7 9.0 119.4 112.1116.3 99.5 27.8 28.0 17.5 7.5 16.3 86.6 25.0 26.5 27.7 15.3 14.0 6.0 72.6 25.3 12.7 5.7 21.3 153.6 11.5 5.4 5
Slide 13: Healthy Revenue and EBITDA
2 HEALTHY REVENUE AND EBITDA 4-yr AIRPORT REVENUE* CAGR EBITDA** (In Php M) 26% (In PHP M) 2,996 AERO-RELATED 12% 30% 70% NON-AERO PSC 2,298 42% 13% 32% 71% 1,872 12% 31% 70% 1,484 11% 28% 19% 65% 2,109 23% 892 38% 1,641 56% 12% 37% 1,303 56% 34% 60% 42% 971 200 66% 13% 584 21% 54% 36% 21% 66% 90 20
Slide 14: Earnings Remain Strong
22 EARNINGS REMAIN STRONG 75% 892 REVENUES * 858 (In Php M) 816 676 646 570 586 567 575 EBITDA** 483 493 (In Php M) 465 585 584 431 534 510 481 420 430 389 402 368 329 321 285 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2017 2018 2019 * Excludes airport revenues 1Q19 of P85M ** Computed as Operating
Slide 15: Integrated Transport Exchange Business Segment
TRANSPORT INFRASTRUCTURE 3 Integrated Transport Exchange Business Segment
Slide 16: Capacity Building Up
3 CAPACITY BUILDING UP PASSENGER FOOT TRAFFIC DAILY BUS TRIPS 70,000 134 134 53,800 55,000 41,500 755 793 699 28,200 9,800 267 Nov-18 Feb-19 May-19 Nov-18 Feb-19 Apr-19 May-19 Peak Average Short Haul Long Haul INTER-MODAL TRANSPORT OPTIONS & DESTINATIONS Short Haul • Provincial bus • PUJs/Taxi • Min
Slide 17: Initial Revenue Contribution
3 INITIAL REVENUE CONTRIBUTION OFFICE (72K sqms, 100% pre-leased)* Tower 2 Tower 4 Tower 1 T/O Date: May 2019 Tower 3 T/O Date: T/O Date: June 2019 Pre-Leased T/O Date: Mar 2019 Pre-leased Feb 2019 Pre-leased BPO Pre-leased POGO POGO RETAIL (12K sqms, 45% leased)* OPERATIONAL PER CATEGORY SOON TO OP
Slide 18: Stable Source and Returns
3 STABLE SOURCE AND RETURNS LEASING REVENUE BREAKDOWN ESTIMATED EARNINGS Retail Podium 1,062 1,011 17% 62% 60% 658 607 445 57% 255 Office E2019 E2020 E2021 Towers 83% Lease revenue (PHPm) EBITDA (PHPm) EBITDA Margin 18 18
Slide 19: Company Information
COMPANY INFORMATION Company Name Office Address Telephone Numbers Website Email Address Megawide Construction Corporation 20 N. Domingo St., Brgy. Valencia, Quezon City (02) 655-1111 www.megawide.com.ph fb.com/MegawideConstructionCorporationOfficial etwitter.com/megawidebuilds investorrelations@mega
Slide 20: JOIMVOSW
JOIMVOSW 15
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