Gmr Power And Urban Infra Ltd · NSE:GMRP&UI
Gmr Power And Urban Infra — GMR Infrastructure — Q2 FY2018 Earnings Presentation
57 slides from Gmr Power And Urban Infra's earnings presentation, November 2017
Slide 1: Investor Presentation Q2FY2018
Investor Presentation Q2FY2018 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 4–7 Business Overview 8 – 11 Airport Sector 12 – 16 Energy Sector 17 – 23 Urban Infrastructure & Transportation 24 – 27 Summing Up 28 – 31 Financial Analysis – Q1FY18 32 - 42 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
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 ~110 mn Passenger Capacity (~30 mn under development) • 2 Airports in Delhi and Hyderabad • 1 Airport in Mopa, North Goa • 1 Airport in Philippines : Mactan - Cebu Airport • 1 Airport in Greece : Crete Airport • Airport Land : 230 acres in Delhi, 1,500 acres in Hyderabad,
Slide 12: Corporate Structure
Corporate Structure FIIs 19.4% Shareholding GMR Infrastructure Ltd as on Sep 30, Promoter & Promoter Group MF & DIIs 7.4% 2017 61.7% Others 11.5% 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 | Reset for individuel
Slide 14: GMR Airports: Focus on Emerging Markets
GMR Airports : Focus on Emerging Markets GMR Infrastructure Ltd 100%* GMR Airports Ltd 64% 63% 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%* Adverti
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 - 63% GMR - 64% MAHB - 11% Shareholding Fraport - 10% GMR - 100% GoAP - 13% AAI - 26% AAI - 11% Annual
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 ** Annual Passenger Capacity 1
Slide 18: Energy Sector
Energy Sector Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset 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: Partnership with Tenaga provides renewed impetus to Energy Business
Partnership with Tenaga provides renewed impetus to Energy Business Strong synergies from the strategic partnership with Tenaga • Partnership would be a force multiplier to create one of the most valuable company • GMR Energy Ltd and TNB REMACO to setup JV in India for O&M of power plants Strong Vis
Slide 21: GMR Energy Ltd.: Thermal Power Projects
GMR Energy Ltd. : Thermal Power Projects Warora Kamalanga Vemagiri Kakinada – Barge Plant Project (Maharashtra) (Orissa) (Andhra Pradesh) (Andhra Pradesh) Fuel Coal Coal Gas Gas Ownership 100% 87% 100% 100% Capacity 600 MW 1,050 MW 388 MW 220 MW Project Cost INR 40 bn INR 65 bn INR 11.5 bn INR 6 bn
Slide 22: GMR Energy Ltd.: Pipeline of Hydro Power Projects
GMR Energy Ltd. : Pipeline of Hydro Power Projects Bajoli Holi Alaknanda, Upper Karnali Upper Marsyangdi Project (Himachal Pradesh) (Uttaranchal) (Nepal) (Nepal) Ownership 100% 100% 73% 82% Capacity 180 MW 300 MW 900 MW 600 MW Concession Period • 40 years from CoD • 45 years from Implementation • 30
Slide 23: 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 24: Coal Mines
Coal Mines Project GEMS * PTBSL 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 – H1FY18 6.0 mn tons ( ▲ 41%) - Improvement in international coal prices resulted in Current Sta
Slide 25: Urban Infrastructure & Transportation
Urban Infrastructure & Transportation
Slide 26: Highways Projects
Highways Projects All 7 Projects (600 kms) are Operational 4 Projects (285 kms) are Annuity based and 3 Projects (315 kms) are Toll based Chandigarh-Ambala Highway – GACEPL (35 kms) Adloor-Gundla Pochanpalli Highway – GPEPL (103 kms) Tuni-Anakapalli Highway – GTAEPL (59 kms) Hyderabad-Vijaywada High
Slide 27: Highways Projects
Highways Projects Annuity Based Road Projects (285 kms) Toll Based Road Projects (315 kms) Project Name GTAEPL TTTEPL GPEPL GCORRPL GACEPL GHVEPL GOHHPL Tambaram- Ambala- Hyderabad- Hungund- Location Tuni-Anakapalli Pochampalli Chennai ORR Tindivanam Chandigarh Vijayawada Hospet Shareholding 100% 10
Slide 28: Urban Infrastructure: Special Investment Regions of ~13,800 acres
Urban Infrastructure : Special Investment Regions of ~13,800 acres Kakinada SIR (Andhra Pradesh) – 10,500 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 • L
Slide 29: Summing Up
Humility | Entrepreneurship | Teamwork a
Slide 30: 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 31: Key Highlights: Last Few Years (cont.)
Key Highlights : Last Few Years (cont.) Business Update Verticals • Awarded development rights of 23 acres (~2.1 msf) for retail district to Bharti Realty in Delhi Airport CPD • Restarted collection of User Development Fee (UDF) under ‘Hybrid Till’ methodology for Hyderabad Airport • Awarded new pro
Slide 32: 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 33: Financial Analysis
Financial Analysis Humility | Entrepreneurship | Teamwork ay onships | Deliver the Pronyée | Learning And inner Excellence | Social Respoysibility | Reshect for
Slide 34: Performance Highlights – H1FY18
Performance Highlights – H1FY18 • Net Revenues ▲ 12% to INR 34.1 bn; Cash Profit from operations of INR 0.94 bn for H1FY18 • Net Debt remains stable; Leverage ratios impacted due to reduction in Aero revenues in Delhi Airport o Net Debt maintained since FY17 - INR 143 bn as on Sep’17 o Net Debt to E
Slide 35: Performance Highlights
Performance Highlights Energy Sector • Warora (600 MW) - PLF improved to 71%, Gross revenues ▲ 7%, EBITDA ▲ 9%, EBITDA margins ▲ 70bps to 37% • Kamalanga (1,050 MW) - PLF of 62%, Gross revenues was stable while EBITDA ▲ 11%, Net loss ▼ 55% o Under Govt.’s ‘SHAKTI’ scheme, Kamalanga tied up long term
Slide 36: Key Financial Indicators (Consolidated)
Key Financial Indicators (Consolidated) INR bn 34.1 Airport Energy Highways Others 30.5 6% 6% 12% 15% 13% 9% 9% Net Revenue 7% 8% 10% 14% 16% 19% 20% 19.5 21% 15.0 14.6 69% 71% 62% 58% 54% Q2FY17 Q1FY18 Q2FY18 H1FY17 H1FY18 Q2FY17 Q1FY18 Q2FY18 H1FY17 H1FY18 INR bn Airport Highways Others 15.5 15% 8
Slide 37: Airports Sector (Q2FY18): Operational & Financial Highlights
Airports Sector (Q2FY18) : Operational & Financial Highlights (figures in INR mn) Airport Sector Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) Q2FY17 Q2FY18 Q2FY17 Q2FY18 Q2FY17 Q2FY18 Gross Revenues 16,881 11,760 13,472 7,331 2,749 3,058 Net Revenues 10,413 7,
Slide 38: Airports Sector (H1FY18): Operational & Financial Highlights
Airports Sector (H1FY18) : Operational & Financial Highlights (figures in INR mn) Airport Sector Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) H1FY17 H1FY18 H1FY17 H1FY18 H1FY17 H1FY18 Gross Revenues 34,492 30,767 26,988 22,235 5,297 5,994 Net Revenues 21,666 1
Slide 39: Non-Aero Revenues: Continues to Witness Strong Growth
Non-Aero Revenues : Continues to Witness Strong Growth CPD Gross Revenue 4% Non-Aero Revenues INR 22.2 bn • Revenues grew 15% to INR 4.3 bn & INR 8.5 bn resp. in Q2 & H1 Retail (incl Duty Free) • Retail revenues ▲12% to INR 1.1bn in Q2; ▲10% to INR 2.3bn in H1 27% o Duty Free revenues in overall Ret
Slide 40: Airport JVs (H1FY18): Value Driver for Non-Aero Revenues
Airport JVs (H1FY18) : Value Driver for Non-Aero Revenues (figures in INR mn) Delhi Airport Hyderabad Airport (figures in INR mn) Duty Free Others Total Duty Free Cargo Others Total Gross Revenues 5,380 5,666 11,046 568 522 1,351 2,441 Revenue shared with DIAL/GHIAL 1,954 2,090 4,045 151 93 208 451
Slide 41: Energy Sector (Q2FY18): Operational & Financial Highlights
Energy Sector (Q2FY18) : Operational & Financial Highlights (figures in INR mn) Warora (A) Kamalanga (B) Total (A + B) Particulars Q2FY17 Q2FY18 Q2FY17 Q2FY18 Q2FY17 Q2FY18 Revenues 4,143 3,626 4,348 4,388 8,491 8,015 EBITDA 1,649 1,290 1,188 1,500 2,837 2,790 Interest 1,204 841 1,784 1,542 2,988 2,
Slide 42: Energy Sector (H1FY18): Operational & Financial Highlights
Energy Sector (H1FY18) : Operational & Financial Highlights (figures in INR mn) Warora (A) Kamalanga (B) Total (A + B) Particulars H1FY17 H1FY18 H1FY17 H1FY18 H1FY17 H1FY18 Revenues 7,098 7,567 9,078 9,093 16,176 16,660 EBITDA 2,555 2,776 2,950 3,279 5,505 6,055 Interest 2,359 2,059 3,438 3,233 5,79
Slide 43: Key Balance Sheet Highlights (Consolidated)
Key Balance Sheet Highlights (Consolidated) Gross & Net Debt (INR bn) * Net Debt-to-EBITDA Ratio ** 208.5 11.56 65.1 143.4 5.58 4.44 Gross Debt Cash & equivalents Net Debt FY16 FY17 H1FY18 Net Debt (Sector-wise) * Interest Coverage Ratio Airport 27% Corporate 31% 1.51 1.26 1.17 Others 1% Energy 20%
Slide 44: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 45: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 46: 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 47: Annexure A: Checklist of Companies - Ind AS Consolidation
Annexure A : Checklist of Companies - Ind AS Consolidation Segment Companies H1FY17 H1FY18 Delhi Airport Yes Yes Hyderabad Airport Yes Yes Mactan – Cebu Airport No No Airports Goa Airport Yes Yes DIAL JVs No No GHIAL JVs No No GMR Airports Ltd Yes Yes GMR Energy Ltd (Standalone) Projects under GMR E
Slide 48: Annexure B: Profitability Statement (Consolidated)
Annexure B : Profitability Statement (Consolidated) Rs mn Q2FY2017 Q1FY2018 Q2FY2018 H1FY2017 H1FY2018 Gross Revenue 21,657 26,736 18,659 43,719 45,395 Less: Revenue Share 6,674 7,266 4,019 13,247 11,285 Net Revenue 14,983 19,470 14,640 30,472 34,110 Total Expenditure 7,121 11,026 10,231 15,019 21,2
Slide 49: Annexure C: Airports Sector (Consolidated)
Annexure C : Airports Sector (Consolidated) Rs mn Q2FY2017 Q1FY2018 Q2FY2018 H1FY2017 H1FY2018 Aero Revenue 11,144 12,029 4,672 22,168 16,701 Non Aero Revenue 5,302 6,493 6,682 11,468 13,175 CPD Rentals 435 484 407 856 891 Gross Revenue 16,881 19,007 11,760 34,492 30,767 Less: Revenue Share 6,469 7,
Slide 50: Annexure D: Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) Rs mn Particulars Q2FY2017 Q1FY2018 Q2FY2018 H1FY2017 H1FY2018 Aero Revenue 9,338 10,196 2,642 18,722 12,838 Non Aero Revenue 3,720 4,238 4,293 7,444 8,531 CPD Rentals 415 470 396 822 867 Gross Revenue 13,472 14,904 7,331 26,988 22,235 Less: Revenue Share 6,35
Slide 51: Annexure E: Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) Rs mn Q2FY2017 Q1FY2018 Q2FY2018 H1FY2017 H1FY2018 Aero Revenue 1,786 1,865 1,999 3,447 3,864 Non Aero Revenue 963 1,072 1,058 1,850 2,130 Gross Revenue 2,749 2,936 3,058 5,297 5,994 Less: Revenue Share 114 124 131 218 255 Net Revenue 2,635 2,812 2,927 5,0
Slide 52: Annexure F: Cebu Airport - Financial & Operational Performance
Annexure F : Cebu Airport - Financial & Operational Performance (INR mn) Particulars Q2FY17 Q1FY18 Q2FY18 H1FY17 H1FY18 Gross Revenues 646 783 805 1,257 1,588 EBITDA 454 591 593 871 1,183 PAT 335 450 486 643 936 Passengers (Mn) ATM ('000) Domestic International Domestic International 5.1 44.1 4.5 36
Slide 53: Annexure G: Energy Sector (Consolidated)
Annexure G : Energy Sector (Consolidated) Rs mn Q2FY2017 Q1FY2018 Q2FY2018 H1FY2017 H1FY2018 Gross Revenue 2,330 3,745 3,068 4,165 6,813 Operating Expenditure 2,549 3,697 3,341 4,444 7,037 EBITDA (219) 48 (272) (279) (224) EBITDA margin -9% 1% -9% -7% -3% Other Income 151 115 102 225 218 Interest &
Slide 54: Annexure H: Warora (Standalone)
Annexure H : Warora (Standalone) Rs mn Particulars Q2FY2017 Q1FY2018 Q2FY2018 H1FY2017 H1FY2018 Total Revenue 4,143 3,941 3,626 7,098 7,567 Fuel - Consumption 2,101 1,960 1,616 3,102 3,576 Other Expenses 393 495 720 1,442 1,215 EBITDA 1,649 1,485 1,290 2,555 2,776 EBITDA margin 40% 38% 36% 36% 37% O
Slide 55: Annexure I: Kamalanga (Standalone)
Annexure I : Kamalanga (Standalone) Rs mn Particulars Q2FY2017 Q1FY2018 Q2FY2018 H1FY2017 H1FY2018 Total Revenue 4,348 4,704 4,388 9,078 9,093 Fuel - Consumption 2,261 2,143 2,152 4,475 4,295 Other Expenses 899 782 736 1,652 1,518 EBITDA 1,188 1,779 1,500 2,950 3,279 EBITDA margin 27% 38% 34% 33% 36
Slide 56: Annexure J: PT GEMS (Indonesian Coal Mine)
Annexure J : PT GEMS (Indonesian Coal Mine) Rs mn Particulars Q2FY2017 Q1FY2018 Q2FY2018 H1FY2017 H1FY2018 Production (mn tons) 2.3 3.0 3.0 4.3 6.0 Sales Volumes (mn tons) 2.7 3.4 3.2 5.4 6.6 Gross Revenue 6,069 9,636 8,640 12,265 18,276 Total Expenditure 5,214 6,603 6,636 10,681 13,239 EBITDA 855 3
Slide 57: Annexure K: Highways Consolidated - Financial Performance
Annexure K : Highways Consolidated - Financial Performance Rs mn Q2FY2017 Q1FY2018 Q2FY2018 H1FY2017 H1FY2018 Gross Revenue 1,317 1,424 1,473 2,869 2,897 Less: Revenue Share 206 244 228 422 471 Net Revenue 1,111 1,181 1,245 2,447 2,426 Operating Expenses 462 361 571 916 932 EBITDA 649 820 674 1,531