Megawide Construction Corporation · PSE:MWIDE
Megawide Construction — H1 2020 Earnings Presentation
29 slides from Megawide Construction's earnings presentation, Aug 17, 2020
Slide 1: Analyst Briefing: Operating and Financial Results, First Six Months of 2020
ANALYST BRIEFING 17 August 2020 Operating and Financial Results First Six Months of 2020
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: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT In PhP M 1H2020 1H2019 YoY% REMARKS Total Revenues 6,437 8,184 -21% Construction 4,880 6,184 -21% Quarantine guidelines / suspension Airport Operations 888 1,796 -51% Travel bans due to COVID-19 Airport Merchandising 69 158 -56% Landport Operations 599 45 1221% Lease co
Slide 4: Financial Highlights 1H2020
FINANCIAL HIGHLIGHTS 1H2020 PERFORMANCE REVENUE (PhP M) EBITDA (PhP M) NET INCOME / (LOSS) (PhP M) 2,369 7311 8,184 43 45 59 309 158 6,437 1,796 1,133 1,446 384 9 255 599 888 69 -322 579 17 6,184 357 -559 4,880 1,177 494 6172 1H 2019 1H 2020 1H 2019 1H 2020 1H 2019 1H 2020 BREAKDOWN REVENUE EBITDA N
Slide 5: Margin Performance
MARGIN PERFORMANCE In PhP M 1H2020 1H2019 FY 2019 FY 2018 REMARKS Gross Profit Margin 22% 26% 23% 26% Construction 9% 15% 13% 15% Suspension of activities Airport Operations 49% 58% 58% 69% Lower revenue due to travel bans Airport Merchandising 72% 75% 73% 76% Terminal Operations 86% 18% 44% - Lease
Slide 6: Financial Position
FINANCIAL POSITION In PhP M 30 June 2020 31 Dec 2019 Movement % Change Cash & Financial Assets 4,758 6,519 -1,761 -27% Other Current Assets 28,758 28,947 -989 -1% Total Current Assets 32,716 35,466 -2,750 -8% Concession Assets 29,674 29,437 237 1% Total Non Current Assets 45,557 45,299 258 1% Total
Slide 7: Liquidity and Gearing Ratios
LIQUIDITY AND GEARING RATIOS In PhP M 30 June 2020 31 December 2019 Parent1 GMCAC2 Conso Parent1 GMCAC2 Conso Cash/financial assets 2,167 1,273 4,758 3,592 1,169 6,519 Total Debt 17,862 24,431 46,006 19,573 24,278 47,753 Equity 11,126 9,106 16,538 12,300 9,322 17,999 D-E Ratio 1.61x 2.68x 2.78x 1.59
Slide 8: Engineering, Procurement & Construction
ENGINEERING, PROCUREMENT & CONSTRUCTION
Slide 9: Community Quarantine Impact
COMMUNITY QUARANTINE IMPACT QUARTERLY PERFORMANCE (PhP M) 4,783 4,342 3,737 3,799 3,626 3,616 2,989 2,568 2,336 1,081 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 POST QUARANTINE PROTOCOLS: ECQ MECQ GCQ (March 16 – (May 16 – (June 16 - • Testing of personnel May 15) June 15) Aug 3) • Securing l
Slide 10: Comfortable Order Book
COMFORTABLE ORDER BOOK Order Book (PhP B) No. of Projects 100 60.0 90 50.0 80 52.4 50.1 70 47.7 40.0 60 39.1 38.5 50 32.6 30.0 40 20.0 30 50 20 41 43 37 10.0 30 29 10 0 0.0 2015 2016 2017 2018 2019 1H2020 9
Slide 11: Diverse Portfolio
DIVERSE PORTFOLIO SEGMENT Office, Commercial and Industrial, 46% Residential, P48B 52% Order book 29 Projects Order backlog Infra and Facilities, > 2-3 years 2% AREA % COMPLETION 20-80% 80-100% 2% Visayas 24% 18% Metro Manila 69% 0-20% 80% Other Luzon 7% 80% of orderbook is in the 1st Trimester of P
Slide 12: Airport Operations
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Slide 13: COVID-19 Travel Ban Aftermath
COVID-19 TRAVEL BAN AFTERMATH 1,200 1,000 Revenue* EBITDA** 978 918 904 892 857 800 816 803 75% 676 646 600 605 590 585 576 557 534 510 481 472 400 200 85 - (117) (200) 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 QUARANTINE PERIODS POST QUARANTINE PROTOCOLS: • COVID Testing ECQ MECQ GCQ (March
Slide 14: Adapting to New Normal
ADAPTING TO NEW NORMAL REVENUE BREAKDOWN Aero 13% PSC Non-Aero 49% 38% PASSENGER TYPE Int'l 30% Domestic 70% 13
Slide 15: PSC Affected by Slower Passenger Traffic
PSC AFFECTED BY SLOWER PASSENGER TRAFFIC 1H2020 BREAKDOWN PASSENGER VOLUME INTERNATIONAL 49% -61% P435M 749K -56% YoY Int'l PASSENGER VOLUME (‘000) Domestic 2,063 DOMESTIC 2,164 1,888 1,948 1,606 1,534 -64% 1.7M 749 3,519 3,321 3,869 3,795 4,262 4,085 1,721 1H2017 2H2107 1H2018 2H2108 1H2019 2H2109
Slide 16: Air Traffic Movement Restricted
AIR TRAFFIC MOVEMENT RESTRICTED 1H2020 BREAKDOWN AIR TRAFFIC MOVEMENT 49% 13% INTERNATIONAL P112M -48% YoY -60% 5.4K Int'l AIR TRAFFIC (‘000) Domestic 13.5 14.9 DOMESTIC 12.1 13.2 10.6 10.9 -55% 5.4 17.7K 32.5 33.6 37.7 36.4 38.9 38.4 17.7 1H2017 2H2017 1H2018 2H2018 1H2019 2H2019 1H2020 15
Slide 17: Non-Aero Expanding Share
NON-AERO EXPANDING SHARE 1H2020 BREAKDOWN 38% RETAIL GLA (in sqms) P342M Airport village -42% YoY T2 9,800 T1 Ph1 8,000 1,800 5,800 3,800 3,800 NON-AERO SHARE TO TOTAL 38% 3,500 3,200 3,800 34% 31% 32% 4,200 4,200 28% 2,000 23% 21% 2016 2017 2018 2019 2020E 2014 2015 2016 2017 2018 2019 1H2020 16
Slide 18: Landport Operations
LANDPORT OPERATIONS
Slide 19: Temporary Suspension of Operations
TEMPORARY SUSPENSION OF OPERATIONS AVERAGE FOOT TRAFFIC (‘000) 59.7 62.4 60.9 RENTAL REVENUE 68.0 55.6 (in Php M) 49.6 48.2 59.8 Office 55.8 51.9 36.4 36.6 45.1 Commercial 39.3 40.6 32 7.3 53 199 93 AVERAGE SPP (Php) 24 35 Q4 2019 Q1 2020 Q2 2020 33 31 31 28 26 26 ECQ MECQ GCQ 20 (March 16 – (May 16
Slide 20: 4-Point Post-COVID Resiliency Program
4-POINT POST-COVID RESILIENCY PROGRAM
Slide 21: Runway to Resilience: Post COVID Plan
RUNWAY TO RESILIENCE: POST COVID PLAN TAKE OFF PORTFOLIO FUTURE INFRA FORWARD EXPANSION PLATFORMS INTEGRATION FULL NEW CAPACITY STRATEGIC THROTTLE PROJECTS BUILD UP FUNDING SAFETY AND LIABILITY REV UP DIGITALIZATION SECURITY MANAGEMENT COSTS & INEFFICIENT PUSH BACK EXPENSES RESOURCES 20
Slide 22: Project Updates
- PROJECT UPDATES
Slide 23: Malolos-Clark Railway Project
MALOLOS-CLARK RAILWAY PROJECT ENGINEERING PROCUREMENT & CONSTRUCTION Scope: Phase 2, Package 1: covers civil works for 17 kilometers of PNR Clark, including Calumpit and Apalit Stations. Contract Cost: P25B Structure: EPC Proponent: Consortium with Hyundai Engineering and Dong Ah Constructio
Slide 24: NAIA Rehabilitation Project (OPS)
NAIA REHABILITATION PROJECT (OPS) ORIGINAL PROPONENT STATUS Improve airside capacity Implement terminal improvements Introduce key performance measures Build future capacity Passenger Capacity 72mppa (4 years) Aircraft movement/hr 40-60 ATMs Concession Period 15 years Technical Partn
Slide 25: MCIA Expansion Project (OPS)
MCIA EXPANSION PROJECT (OPS) ORIGINAL PROPONENT STATUS Phase 1: Takeover airside and undertake the ff: rehabilitation of existing runway and taxiways construction of full length parallel taxiway development of rapid exit taxiways/runway holding positions Phase 2: Construct second parallel
Slide 26: PITX Lot 2 Development
PITX LOT 2 DEVELOPMENT DESIGN, DEVELOPMENT AND O&M Location: 1.8 hectare lot adjacent to existing PITX Estimated Project Cost: ~P5Bn Four-tower commercial/office complex and Bus staging area ~70K sqms GLA (office) ~12K sqms GLA (retail) Possible Tenant Mix BPO/traditional offices Min
Slide 27: Carbon Market Redevelopment (OPS)
CARBON MARKET REDEVELOPMENT (OPS) ORIGINAL PROPONENT STATUS Scope: Remake of Carbon Market Phase 1: New public market including, night market, and other commercial establishments, transport and ferry terminals, new Sto. Nino Park and chapel Phase 2: Potential mixed-use development (hotel, MICE
Slide 28: Pre-Cast Capacity Build-Up
PRE-CAST CAPACITY BUILD-UP PRE-CAST CAPACITY (m3/month) EXISTING 9,900 2019 New 2,922 2020 Planned 6,948 TOTAL 19,770 2023-2024 Forecast 40,000 AFFORDABLE/SOCIALIZED HOUSING SEGMENT HORIZONTAL INFRASTRUCTURE 28
Slide 29: End of presentation
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