Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Infrastructure — Q2 FY2020 Earnings Presentation
35 slides from Gmr Airports's earnings presentation, November 2019
Slide 1: Investor Presentation Financial Performance Q2FY20
Investor Presentation Financial Performance Q2FY20 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. Strategic Initiatives And Focus Area 3–4 GIL Financial Performance 5–7 Airport Sector 8 – 17 Energy Sector 18 – 21 Annexures 23 - 34 2
Slide 4: Moving Forward On The Path To Realise Our Goals
Moving Forward On The Path To Realise Our Goals 1 Focus to close the stake sale in Airport Platform to right size the Balance Sheet – To significantly reduce Corporate Debt Planned divestment of non-core assets (Energy, Coal Mines, Highways and SIR assets) Right Sizing Exclusive discussions wi
Slide 5: Strategic Investment From Marquee Partners Followed By Demerger
Strategic Investment From Marquee Partners Followed By Demerger To Provide Pure Play In Airports Business Strategic Investment And Demerger: Highlights I. Strategic Investment from Tata, GIC and SSG Capital Management II. Proposed Restructuring3 Amount: INR 80 Bn • Will apply for demerger with NCLT
Slide 6: GIL Performance Highlights – Q2FY20
GIL Performance Highlights – Q2FY20 Consolidated Financial • Net Revenues ▲4% YoY o Airport business revenues ▲14% YoY aided by Delhi Airport • EBITDA ▲20% YoY on healthy revenue growth • EBITDA margin 42% in Q2FY20 vs 36% in Q2FY19 • Net Loss after tax ~INR 4.6 bn in Q2FY20 vs INR 3.3 bn in Q2FY19
Slide 7: GIL Consolidated – Quarterly Trends
GIL Consolidated – Quarterly Trends INR bn Airport Energy Highways Others 15.3 15.3 19% 19% 17% 19% 14% Net Revenue 8% 7% 15.0 7% 9% 8% 15.0 11% 12% 10% 14% 8% 14.7 62% 62% 66% 68% 61% Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 INR bn Airport Highways Energy + Others 6.4 6
Slide 8: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt (INR bn) ^ Net Debt (Sector-wise) ^ 319.9 80.2 Corporate 239.7 (Inc. debt for PE Exit) 38% Airport 39% Others 1% Highways Energy Gross Debt Cash & equivalents Net Debt 11% 11% Note: Certain loans part of Energy and Others segment till Mar’19 are Note : FCCB not
Slide 9: Airport Business
Airport Business Humility | Entrepreneurship | Teamwork a4 Relationships | Deliver the P é | Learning And Inner Excellence | Social Respofsibility | Reshect for Individual
Slide 10: Key Developments in Q2FY20 - Airport Business
Key Developments in Q2FY20 - Airport Business Delhi Airport (DIAL) • Revenue growth (▲16% YoY) o Aero revenue (▲4% YoY) and Non-aero revenue (▲2% YoY) o CPD Rentals (▲2.6x YoY) on revenue recognition for new contracts with Bharti Realty • Aero revenue growth driven by o Implementation of BAC w.e.f.
Slide 11: Key Developments in Q2FY20 - Airport Business
Key Developments in Q2FY20 - Airport Business Cebu Airport • Revenue ▲33% YoY and EBITDA ▲8% YoY in constant currency terms o Tariff reset on commencement of new terminal 2 w.e.f. Jul 1, 2018 o 16% YoY increase in flights per week o Operating expenses ▲2.2x on commencement of Terminal 2 • Operating
Slide 12: Airports Business (Q2FY20) - Operational & Financial Highlights
Airports Business (Q2FY20) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) Q2FY2019 Q2FY2020 Q2FY2019 Q2FY2020 Q2FY2019 Q2FY2020 Gross Revenues 13,155 14,947 8,099 9,290 3,641 3,920 Net Rev
Slide 13: Airports Business (H1FY20) - Operational & Financial Highlights
Airports Business (H1FY20) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) H1FY2019 H1FY2020 H1FY2019 H1FY2020 H1FY2019 H1FY2020 Gross Revenues 25,623 29,363 15,883 18,567 7,068 7,733 Net R
Slide 14: Delhi Airport - Non-Aero Revenues (H1FY20)
Delhi Airport - Non-Aero Revenues (H1FY20) Delhi Airport Non-Aero Revenue Break-up INR 10.8 bn • Non-aero revenues ▲6% to INR 10.8bn • Retail revenues ▲10% YoY to INR 3.2bn Others 17% o Duty Free revenues in overall Retail is ~72% Retail (incl Ground Handling Duty Free) o Duty Free SPP improved to I
Slide 15: Hyderabad Airport - Non-Aero Revenues (H1FY20)
Hyderabad Airport - Non-Aero Revenues (H1FY20) Hyderabad Airport Non-Aero Revenue Break-up INR 3.0 bn • Non-aero revenues ▲19% to INR 3.0bn • Retail revenues ▲15% to INR 446mn Others Reta il (incl Duty Free) o Duty Free revenues in overall Retail is 49% 21% 15% o Duty Free SPP improved to INR 420 in
Slide 16: Airport JVs and Subsidiaries
Airport JVs and Subsidiaries (figures in INR mn) DIAL JVs and Subsidiaries H1FY2019 H1FY2020 Growth Particulars Duty Free Others Total Duty Free Others Total (YoY) Gross Revenues 6,808 6,134 12,942 7,185 6,447 13,632 5% Revenue shared with DIAL 2,448 1,995 4,443 2,638 2,074 4,712 6% Net Revenues 4,3
Slide 17: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q2FY2019 Q2FY2020 H1FY2019 H1FY2020 Q2FY2019 Q2FY2020 H1FY2019 H1FY2020 Gross Revenues 819 1,088 1,610 2,181 819 1,177 1,610 2,359 EBITDA 629 677 1,240 1,414 629 733 1,240 1,530 PAT 539 255 927 38
Slide 18: Significant Contribution of JVs and Subsidiaries
Significant Contribution of JVs and Subsidiaries GAL – H1FY20 Consolidated EBITDA (Proforma) INR mn 612 14,174 1,569 11,993 Airport Consolidated JVs EBITDA Cebu EBITDA Airport Consolidated EBITDA^# (DIAL+GHIAL)* Proforma EBITDA DIAL – H1FY20 Consolidated EBITDA (Proforma) GHIAL – H1FY20 Consolidated
Slide 19: Energy Business
Energy Business Humility | Entrepreneurship | Teamwork a4 Relationships | Deliver the P é | Learning And Inner Excellence | Social Respofsibility | Reshect for Individual
Slide 20: Key Developments in Q2FY20 - Energy
Key Developments in Q2FY20 - Energy Warora Power Project • Revenue normalised for arrears ▲18% YoY led by − PLF improved to 67.8% from 54.6% YoY − Arrears of INR 414 mn accounted in Q2FY19 • EBITDA (normalized for arrears) ▲2x YoY aided by improved PLF and lower coal cost due to higher availability
Slide 21: GMR Energy Ltd (GEL) - Operational & Financial Highlights
GMR Energy Ltd (GEL)- Operational & Financial Highlights (figures in INR mn) GEL Consolidated Warora Kamalanga Solar Particulars Proforma Q2FY19 Q2FY20 Q2FY19 Q2FY20 Q2FY19 Q2FY20 Q2FY19 Q2FY20 Revenue 9,430 8,326 3,755 3,885 5,610 4,356 110 110 EBITDA 3,114 2,774 1,064 1,275 2,144 1,524 90 100 Inte
Slide 22: Coal Assets - PT GEMS
Coal Assets - PT GEMS (figures in INR mn) Golden Energy Mines Particulars Q2FY2019 Q2FY2020 H1FY2019 H1FY2020 Sales Vol. (mn tons) 4.8 5.8 10.4 13.3 Revenues 13,947 15,433 31,671 34,413 EBITDA 2,150 1,770 6,739 4,317 Net Interest 129 158 212 300 PAT 1,370 1,005 4,554 2,544 • Production ▲ 23% YoY to
Slide 23: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 24: Annexures
Annexures Humility | Entrepreneurship | Teamwork ay Relati De Ze | Learning And Inner Excellence | Social Respofsibility | Reshect for individuel
Slide 25: Annexures Index
Annexures Particulars No. Checklist of Companies : Ind AS Consolidation and Change in Accounting Policy A Profitability Statement (Consolidated) B Financial Performance • Airport Sector (Consolidated) C o Delhi Airport (Standalone) D o Hyderabad Airport (Standalone) E • Energy Sector (Consolidated)
Slide 26: Annexure A : Checklist of Companies - Ind AS Consolidation
Annexure A : Checklist of Companies - Ind AS Consolidation Segment Companies Delhi Airport Yes Hyderabad Airport Yes Mactan – Cebu Airport No Airports Goa Airport Yes DIAL JVs (excl Car Park JV) No GHIAL JVs (excl Advertisement JV) Yes GMR Airports Ltd Yes GMR Energy Ltd (Standalone) Projects under
Slide 27: Annexure B : Profitability Statement (Consolidated)
Annexure B : Profitability Statement (Consolidated) INR mn Q2FY2019 Q1FY2020 Q2FY2020 H1FY2019 H1FY2020 Gross Revenue 19,042 19,921 20,182 36,515 40,103 Less: Revenue Share 4,351 4,872 4,911 8,602 9,783 Net Revenue 14,692 15,049 15,270 27,913 30,320 Total Expenditure 9,352 9,061 8,842 18,179 17,903
Slide 28: Annexure C : Airport Business (Consolidated)
Annexure C : Airport Business (Consolidated) INR mn Q2FY2019 Q1FY2020 Q2FY2020 H1FY2019 H1FY2020 Aero Revenue 4,705 4,695 4,846 9,125 9,541 Non Aero Revenue 7,796 8,264 8,546 15,331 16,811 CPD Rentals 654 1,457 1,555 1,167 3,012 Gross Revenue 13,155 14,416 14,947 25,623 29,363 Less: Revenue Share 4,
Slide 29: Annexure D : Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn Particulars Q2FY2019 Q1FY2020 Q2FY2020 H1FY2019 H1FY2020 Aero Revenue 2,375 2,365 2,471 4,608 4,836 Non Aero Revenue 5,111 5,523 5,232 10,178 10,755 CPD Rentals 613 1,390 1,586 1,097 2,976 Gross Revenue 8,099 9,278 9,290 15,883 18,567 Less: Revenue Shar
Slide 30: Annexure E : Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn Q2FY2019 Q1FY2020 Q2FY2020 H1FY2019 H1FY2020 Aero Revenue 2,331 2,331 2,374 4,518 4,705 Non Aero Revenue 1,310 1,483 1,546 2,549 3,029 Gross Revenue 3,641 3,813 3,920 7,068 7,733 Less: Revenue Share 155 162 166 299 328 Net Revenue 3,486 3,651 3,754
Slide 31: Annexure F : Energy Business (Consolidated)
Annexure F : Energy Business (Consolidated) INR mn Q2FY2019 Q1FY2020 Q2FY2020 H1FY2019 H1FY2020 Gross Revenue 1,782 1,163 1,676 2,511 2,839 Operating Expenditure 2,012 1,283 1,869 3,047 3,152 EBITDA (230) (120) (193) (536) (313) EBITDA margin -13% -10% -12% -21% -11% Other Income 78 217 280 124 497
Slide 32: Annexure G : Warora (Standalone) Power Plant
Annexure G : Warora (Standalone) Power Plant INR mn Particulars Q2FY2019 Q1FY2020 Q2FY2020 H1FY2019 H1FY2020 Total Revenue 3,755 4,729 3,885 8,393 8,614 Fuel - Consumption 2,111 2,746 2,021 4,731 4,766 Other Expenses 579 598 589 1,089 1,187 EBITDA 1,064 1,386 1,275 2,573 2,661 EBITDA margin 28% 29%
Slide 33: Annexure H : Kamalanga (Standalone) Power Plant
Annexure H : Kamalanga (Standalone) Power Plant INR mn Particulars Q2FY2019 Q1FY2020 Q2FY2020 H1FY2019 H1FY2020 Total Revenue 5,610 5,543 4,356 10,177 9,899 Fuel - Consumption 2,837 2,792 2,026 6,029 4,818 Other Expenses 628 1,045 805 1,335 1,851 EBITDA 2,144 1,706 1,524 2,813 3,230 EBITDA margin 38
Slide 34: Annexure I : PT GEMS (Indonesian Coal Mine)
Annexure I : PT GEMS (Indonesian Coal Mine) INR mn Particulars Q2FY2019 Q1FY2020 Q2FY2020 H1FY2019 H1FY2020 Production (mn tons) 4.4 7.1 5.4 9.1 12.6 Sales Volumes (mn tons) 4.8 7.5 5.8 10.4 13.3 Gross Revenue 13,947 18,980 15,433 31,671 34,413 Total Expenditure 11,797 16,434 13,663 24,932 30,097 EB
Slide 35: Annexure J : Highway Business (Consolidated)
Annexure J : Highway Business (Consolidated) INR mn Q2FY2019 Q1FY2020 Q2FY2020 H1FY2019 H1FY2020 Gross Revenue 1,347 1,510 1,414 2,792 2,925 Less: Revenue Share 269 314 288 541 602 Net Revenue 1,078 1,196 1,127 2,251 2,323 Operating Expenses 458 253 332 886 585 EBITDA 620 943 794 1,365 1,737 EBITDA