Gmr Power And Urban Infra Ltd · NSE:GMRP&UI
Gmr Power And Urban Infra — GMR Infrastructure — Q3 FY2018 Earnings Presentation
54 slides from Gmr Power And Urban Infra's earnings presentation, February 2018
Slide 1: Investor Presentation Q3FY2018
Investor Presentation Q3FY2018 0
Slide 2: 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 3: Table of Contents
Table of Contents Particulars Pg. No. Institutional Framework 3–7 Business Overview 8 – 11 Airport Sector 12 – 16 Energy Sector 17 – 21 Urban Infrastructure & Transportation 22 – 25 Summing Up 26 – 29 Financial Analysis – Q3 / 9MFY18 30 - 39 Annexures 41 - 53 2
Slide 4: Institutional Framework
Institutional Framework Humility | Entrepreneurship | Teamwork ay onships | Deliver the Pronyée | Learning And inner Excellence | Social Respoysibility | Reshect for
Slide 5: Visionary Leadership - Building Institution For Perpetuity
Visionary Leadership - Building Institution For Perpetuity… THE GROUP HOLDING BOARD INDEPENDENT DIRECTORS RSSLN NC Sarabeswaran Bhaskarudu GM Rao Group Chairman • Ex-RBI’s nominee Director • Ex- MD of Maruti Udyog on the board of Vysya Bank Limited • Founder Chairman of the Group • Actively guiding
Slide 6: External advisory council ensures highest standards of Governance
External advisory council ensures highest standards of Governance and Professionalism Dr Ram Charan • Highly acclaimed business advisor, speaker, and author. Group Performance • For 35 years, he's worked with companies like GE, BoA, DuPont, 3M,etc. Advisory Council M Damodaran • Retired IAS, with 30
Slide 7: Vision & Core Values
Vision & Core Values GMR Vision “GMR Group will be an Institution in perpetuity that will build Entrepreneurial Organizations, making a difference to Society through creation of Value” Our Values and Beliefs HUMILITY ENTREPRENEURSHIP TEAMWORK & RELATIONSHIPS DELIVER THE PROMISE We value intellectual
Slide 8: Committed to Giving Back To The Community through GMR Varalakshmi Foundation
Committed to “Giving Back To The Community" through GMR Varalakshmi Foundation Mission of “To make sustainable impact on the human development of under-served GMR Varalakshmi Foundation communities through initiatives in education, health and livelihoods” Through Through Our Four Pronged approach “O
Slide 9: Business Overview
Business Overview Humility | Entrepreneurship | Teamwork afi ela
Slide 10: GMR Group: Evolution And Key Milestones
GMR Group : Evolution And Key Milestones Growth Phase Managing Turbulence Consolidation Cash Flow Stabilisation • Focus on attaining scale • Raising of • Operationalise under • All projects in fully and equity capital construction projects operational rapid growth • Focus on execution • Focus on ope
Slide 11: Business Overview
Business Overview AIRPORTS ~270 Mn Total Passenger Capacity • ~81 mn capacity operational, ~76 mn under development • Operational airports: Delhi and Hyderabad in India, Cebu in Philippines • Recent new wins : Goa in India, Crete in Greece, Clark (EPC) in Philippines • Airport Land : 230 acres in De
Slide 12: GMR Infrastructure Ltd Corporate Structure
Corporate Structure FIIs 17.8% Shareholding GMR Infrastructure Ltd as on Dec 31, Promoter & Promoter Group MF & DIIs 7.9% 2017 61.7% Others 12.7% 100%* 52%* 100%* 100% GMR Airports Ltd GMR Energy Other Energy Assets GMR Highways Ltd Special Investment Region Operational Projects Stake Operational Pr
Slide 13: Airport Sector
Airport Sector Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | ResNect for individuel
Slide 14: GMR Airports: Focus on Emerging Markets
GMR Airports : Focus on Emerging Markets GMR Infrastructure Ltd 100%* GMR Airports Ltd 64% 74%^ Delhi Airport Hyderabad Airport 100% Goa Airport (Mopa) (DIAL) (GHIAL) 67%* 100% Duty Free (DDFS) Duty Free (HDFRL) ** 10% Crete Airport, Greece 26% 100% Cargo (Celebi) Hotel (GHRL) ** 49% 51% 40%* Advert
Slide 15: Airport Assets: India
Airport Assets : India Delhi International Airport Hyderabad International Airport Goa International Airport Project (DIAL) (GHIAL) (GGIAL) Status Operational Operational Greenfield Development GMR - 64% GMR - 74% ^ Shareholding Fraport - 10% GoAP - 13% GMR - 100% AAI - 26% AAI - 13% Annual Passenge
Slide 16: DIAL CPD: A Promising Opportunity
DIAL CPD : A Promising Opportunity 230 acres of Aerotropolis Development Aerotropolis Phase - I : 45 Acres of Hospitality District • Commercial development at airport envisages an alternate • Competitive bidding - Participation from marquee international / domestic commercial hub in NCR (as BKC in M
Slide 17: Airport Assets: Outside India
Airport Assets : Outside India Project Mactan - Cebu International Airport, Philippines Crete International Airport, Greece Status Brownfield Development Greenfield Development GMR - 10% GMR - 40% Shareholding TERNA S.A. - 44% Megawide - 60% Govt. of Greece - 46% 16 mn ** 15 mn Annual Passenger Capa
Slide 18: Energy Sector
Energy Sector Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | ResNect for individuel
Slide 19: GMR Energy: Strategic Partnership with Tenaga Nasional Berhad
GMR Energy : Strategic Partnership with Tenaga Nasional Berhad GMR Infrastructure Ltd 52% Tenaga Nasional 30% 18% Private Equity Berhad GMR Energy Ltd Investors Thermal Renewable Other Assets (Coal & Gas) (Hydro & Solar) Warora Power Plant Bajoli Holi Project Gujarat Power Chhattisgarh Power Plant (
Slide 20: GMR Energy Ltd.: Diversified Portfolio of Projects
GMR Energy Ltd. : Diversified Portfolio of Projects Warora Kamalanga Vemagiri Kakinada – Barge Plant Bajoli Holi Project (Maharashtra) (Orissa) (Andhra Pradesh) (Andhra Pradesh) (Himachal Pradesh) Fuel Coal Coal Gas Gas Hydro Ownership 100% 87% 100% 100% 100% Capacity 600 MW 1,050 MW 388 MW 220 MW 1
Slide 21: Other Energy Projects
Other Energy Projects Raikheda Rajahmundry Project (Chhattisgarh) (Andhra Pradesh) Fuel Coal Gas Ownership 48% 45% Capacity 1,370 MW 768 MW Project Cost INR 124 bn INR 49.4 bn CoD • November 2015 (Unit - 1) • October 2015 • March 2016 (Unit – 2) Power Off-take • Long term PPA with Chhattisgarh Trans
Slide 22: Coal Mines
Coal Mines Project PT GEMS PT BSL Mine Location Indonesia Indonesia Ownership 30% 100% Resources 1.77 Bn Tons 404 Mn Tons Reserves 640 Mn Tons 142 Mn Tons Production – FY17 9.5 mn tons ( ▲ 9%) - Production – 9MFY18 10.1 mn tons ( ▲ 46%) - Improvement in international coal prices resulted in Current
Slide 23: Urban Infrastructure & Transportation
Urban Infrastructure & Transportation
Slide 24: Highways Projects
Highways Projects All 6 Projects (501 kms) are Operational 4 Projects (285 kms) are Annuity based and 2 Projects (216 kms) are Toll based Chandigarh-Ambala Highway – GACEPL (35 kms) Adloor-Gundla Pochanpalli Highway – GPEPL (103 kms) Tuni-Anakapalli Highway – Chennai Outer Ring – GTAEPL (59 kms) GCO
Slide 25: Highways Projects
Highways Projects Annuity Based Road Projects (285 kms) Toll Based Road Projects (216 kms) Project Name GTAEPL TTTEPL GPEPL GCORRPL GACEPL GHVEPL Tambaram- Ambala- Hyderabad- Location Tuni-Anakapalli Pochampalli Chennai ORR Tindivanam Chandigarh Vijayawada Shareholding 100% 100% 100% 90% 100% 90% Ro
Slide 26: Urban Infrastructure: Special Investment Regions of ~13,000 acres
Urban Infrastructure : Special Investment Regions of ~13,000 acres 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 • La
Slide 27: Summing Up
Humility | Entrepreneurship | Teamwork a
Slide 28: Key Highlights: Last Few Years
Key Highlights : Last Few Years Particulars ‘Asset Light • Focus moved from Asset Growth to Cash Growth Asset Right’ • Delivered on ‘Asset Light, Asset Right’ strategy Approach • Raised INR 117 bn through divestment of 8 projects o 1 Airport: Sabiha Gocken International Airport (SGIA), Turkey o 1 Po
Slide 29: Key Highlights: Last Few Years (cont.)
Key Highlights : Last Few Years (cont.) Business Update Verticals • Signed share purchase agreement to increase stake in Hyderabad Airport from 63% to 74% • Awarded development rights of 23 acres (~2.1 msf) for retail district to Bharti Realty in Delhi Airport CPD • Restarted collection of User Deve
Slide 30: Focus for next 12 - 18 Months
Focus for next 12 - 18 Months Business Strategy • Grow Airport business (both existing and new) • Consolidate Energy business & Divest the Highways projects • Improvement in Operational Efficiencies across various projects and cost optimization Financial Initiatives to Strengthen the Balance Sheet •
Slide 31: Financial Analysis
Financial Analysis Humility | Entrepreneurship | Teamwork ay onships | Deliver the Pronyée | Learning And inner Excellence | Social Respoysibility | Reshect for
Slide 32: Performance Highlights – 9MFY18
Performance Highlights – 9MFY18 • Net Revenues ▲ 5% to INR 51.0 bn in 9MFY18 • During Q3FY18, Net Revenues ▲ 15% and EBITDA ▲ 8% compared to Q2FY18 • Net Debt marginally increased to INR 148 bn as on Dec’17 compared to INR 143 bn as on Mar’17 o Increase primarily due to issuance of USD bond in GHIAL
Slide 33: Performance Highlights – 9MFY18
Performance Highlights – 9MFY18 Energy Sector • Warora (600 MW) - PLF of 69%, PAT at INR 111mn in 9MFY18 against a Net Loss of INR 545 mn in 9MFY17 • Kamalanga (1,050 MW) - PLF of 59%, Net loss ▼ 23% to INR 2.1 bn o Tied up long term coal linkage for additional 1.5 mn tons under Govt.’s ‘SHAKTI’ sch
Slide 34: Key Financial Indicators (Consolidated)
Key Financial Indicators (Consolidated) INR bn 51.0 Airport Energy Highways Others 48.5 5% 6% 7% 15% 19% 9% 15% Net Revenue 10% 9% 24% 9% 18% 21% 22% 25% 18.1 16.9 14.6 63% 68% 54% 54% 46% Q3FY17 Q2FY18 Q3FY18 9MFY17 9MFY18 Q3FY17 Q2FY18 Q3FY18 9MFY17 9MFY18 22.3 INR bn Airport Highways Others 11% 1
Slide 35: Airports Sector (Q3FY18): Operational & Financial Highlights
Airports Sector (Q3FY18) : Operational & Financial Highlights (figures in INR mn) Airport Sector Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) Q3FY17 Q3FY18 Q3FY17 Q3FY18 Q3FY17 Q3FY18 Gross Revenues 18,355 11,421 14,611 7,112 2,802 3,171 Net Revenues 11,448 7,
Slide 36: Airports Sector (9MFY18): Operational & Financial Highlights
Airports Sector (9MFY18) : Operational & Financial Highlights (figures in INR mn) Airport Sector Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) 9MFY17 9MFY18 9MFY17 9MFY18 9MFY17 9MFY18 Gross Revenues 52,847 42,188 41,598 29,348 8,099 9,165 Net Revenues 33,114 2
Slide 37: Non-Aero Revenues (9MFY18): Continues to Witness Strong Growth
Non-Aero Revenues (9MFY18) : Continues to Witness Strong Growth CPD Gross Revenue 4% Non-Aero Revenues INR 29.3 bn • Revenues ▲ 17% to INR 4.6bn in Q3 & 15% to INR 13.1bn in 9M Retail (incl Duty Free) • Retail revenues ▲16% to INR 1.3bn in Q3; ▲12% to INR 3.6bn in 9M 27% o Duty Free revenues in over
Slide 38: Airport JVs (9MFY18): Value Driver for Non-Aero Revenues
Airport JVs (9MFY18) : Value Driver for Non-Aero Revenues (figures in INR mn) Delhi Airport Hyderabad Airport Particulars Duty Free Others Total Duty Free Cargo Others Total Gross Revenues 8,377 8,865 17,242 891 784 2,183 3,858 Revenue shared with DIAL/GHIAL 3,051 3,222 6,273 267 139 322 728 Net Rev
Slide 39: Energy Sector (9MFY18): Operational & Financial Highlights
Energy Sector (9MFY18) : Operational & Financial Highlights (figures in INR mn) Warora (A) Kamalanga (B) Total (A + B) Particulars 9MFY17 9MFY18 9MFY17 9MFY18 9MFY17 9MFY18 Revenues 11,217 11,499 14,124 13,139 25,341 24,638 EBITDA 4,194 4,024 4,574 4,223 8,768 8,247 Interest 3,659 3,143 5,101 4,751
Slide 40: Key Balance Sheet Highlights (Consolidated)
Key Balance Sheet Highlights (Consolidated) Gross & Net Debt (INR bn) * Net Debt-to-EBITDA Ratio ** 211.0 62.8 11.56 148.2 6.27 4.44 Gross Debt Cash & equivalents Net Debt FY16 FY17 9MFY18 Net Debt (Sector-wise) * Interest Coverage Ratio Airport 26% Corporate 31% 1.51 1.26 1.03 Others 3% Energy 20%
Slide 41: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 42: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 43: Annexures Index
Annexures Particulars No. Checklist of Companies : Ind AS Consolidation A Profitability Statement (Consolidated) B Financial Performance • Airport Sector (Consolidated) C o Delhi Airport (Standalone) D o Hyderabad Airport (Standalone) E o Cebu Airport F • Energy Sector (Consolidated) G o Warora (Sta
Slide 44: Annexure A: Checklist of Companies - Ind AS Consolidation
Annexure A : Checklist of Companies - Ind AS Consolidation Segment Companies 9MFY17 9MFY18 Delhi Airport Yes Yes Hyderabad Airport Yes Yes Mactan – Cebu Airport No No Airports Goa Airport Yes Yes DIAL JVs No No GHIAL JVs Yes Yes GMR Airports Ltd Yes Yes GMR Energy Ltd (Standalone) Projects under GMR
Slide 45: Annexure B: Profitability Statement (Consolidated)
Annexure B : Profitability Statement (Consolidated) Rs mn Q3FY2017 Q2FY2018 Q3FY2018 9MFY2017 9MFY2018 Gross Revenue 25,130 18,659 20,723 68,849 66,119 Less: Revenue Share 7,068 4,019 3,816 20,315 15,101 Net Revenue 18,062 14,640 16,907 48,533 51,017 Total Expenditure 11,287 10,200 12,101 26,259 33,
Slide 46: Annexure C: Airports Sector (Consolidated)
Annexure C : Airports Sector (Consolidated) Rs mn Q3FY2017 Q2FY2018 Q3FY2018 9MFY2017 9MFY2018 Aero Revenue 11,979 4,672 4,121 34,147 20,822 Non Aero Revenue 5,951 6,682 6,871 17,418 20,046 CPD Rentals 425 407 428 1,282 1,320 Gross Revenue 18,355 11,760 11,421 52,847 42,188 Less: Revenue Share ^ 6,9
Slide 47: Annexure D: Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) Rs mn Particulars Q3FY2017 Q2FY2018 Q3FY2018 9MFY2017 9MFY2018 Aero Revenue 10,268 2,642 2,105 28,990 14,942 Non Aero Revenue 3,919 4,293 4,593 11,363 13,124 CPD Rentals 423 396 415 1,245 1,282 Gross Revenue 14,611 7,331 7,112 41,598 29,348 Less: Revenue Share
Slide 48: Annexure E: Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) Rs mn Q3FY2017 Q2FY2018 Q3FY2018 9MFY2017 9MFY2018 Aero Revenue 1,773 1,999 2,017 5,220 5,881 Non Aero Revenue 1,029 1,058 1,154 2,879 3,284 Gross Revenue 2,802 3,058 3,171 8,099 9,165 Less: Revenue Share ^ 120 131 137 338 392 Net Revenue 2,682 2,927 3,035
Slide 49: Annexure F: Cebu Airport - Financial & Operational Performance
Annexure F : Cebu Airport - Financial & Operational Performance (INR mn) Particulars Q3FY17 Q2FY18 Q3FY18 9MFY17 9MFY18 Gross Revenues 663 805 759 1,920 2,347 EBITDA 494 593 550 1,364 1,733 PAT 337 401 334 979 1,185 Passengers (Mn) ATM ('000) Domestic International Domestic International 7.5 65.2 6.
Slide 50: Annexure G: Energy Sector (Consolidated)
Annexure G : Energy Sector (Consolidated) Rs mn Q3FY2017 Q2FY2018 Q3FY2018 9MFY2017 9MFY2018 Gross Revenue 4,352 3,068 4,305 8,517 11,119 Operating Expenditure 4,928 3,310 4,250 9,326 11,216 EBITDA (576) (241) 56 (809) (97) EBITDA margin -13% -8% 1% -9% -1% Other Income 127 102 213 352 431 Interest
Slide 51: Annexure H: Warora (Standalone)
Annexure H : Warora (Standalone) Rs mn Particulars Q3FY2017 Q2FY2018 Q3FY2018 9MFY2017 9MFY2018 Total Revenue 4,119 3,626 3,932 11,217 11,499 Fuel - Consumption 2,004 1,616 1,726 5,105 5,302 Other Expenses 476 720 958 1,918 2,173 EBITDA 1,639 1,290 1,249 4,194 4,024 EBITDA margin 40% 36% 32% 37% 35%
Slide 52: Annexure I: Kamalanga (Standalone)
Annexure I : Kamalanga (Standalone) Rs mn Particulars Q3FY2017 Q2FY2018 Q3FY2018 9MFY2017 9MFY2018 Total Revenue 5,046 4,388 4,046 14,124 13,139 Fuel - Consumption 2,747 2,152 2,390 7,222 6,686 Other Expenses 676 736 712 2,328 2,230 EBITDA 1,623 1,500 943 4,574 4,223 EBITDA margin 32% 34% 23% 32% 32
Slide 53: Annexure J: PT GEMS (Indonesian Coal Mine)
Annexure J : PT GEMS (Indonesian Coal Mine) Rs mn Particulars Q3FY2017 Q2FY2018 Q3FY2018 9MFY2017 9MFY2018 Production (mn tons) 2.7 3.0 4.1 6.9 10.1 Sales Volumes (mn tons) 2.8 3.2 4.1 8.2 10.7 Gross Revenue 6,548 8,640 12,060 18,813 30,336 Total Expenditure 4,712 6,636 9,405 15,393 22,644 EBITDA 1,
Slide 54: Annexure K: Highways Consolidated - Financial Performance
Annexure K : Highways Consolidated - Financial Performance Rs mn Q3FY2017 Q2FY2018 Q3FY2018 9MFY2017 9MFY2018 Gross Revenue 1,280 1,473 1,476 4,148 4,373 Less: Revenue Share 160 228 241 582 713 Net Revenue 1,120 1,245 1,235 3,567 3,661 Operating Expenses 384 571 619 1,300 1,551 EBITDA 735 674 617 2,