Comfortdelgro Corporation Limited · SGX:C52
Comfortdelgro — FY2024 Earnings Presentation
29 slides from Comfortdelgro's earnings presentation, Feb 27, 2025
Slide 1: FY2024 Financial Results Presentation
FY2024 FINANCIAL RESULTS PRESENTATION 27 February 2025
Slide 2: Disclaimer
Disclaimer This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for shares (“Shares”) in ComfortDelGro Corporation Limited (the "Company"). The value of shares and the income derived from them may fall as well as rise. Shares are
Slide 3: Contents
Contents • Executive Summary • Review of Financial Results • Performance by Business Segment • Business Outlook • Dividend Payout Page 3
Slide 4: Executive Summary
EXECUTIVE SUMMARY mages COMFORIDELGRO.
Slide 5: Executive Summary
Executive Summary Stronger FY2024 earnings bolstered by accretive acquisitions FY2024 Financial Highlights 2H2024 Financial Highlights • Revenue of $4.48b, ↑15.4% from FY2023 • Revenue of $2.36b, ↑16.9% from 2H2023 • Up 11.4% from 1H2024/$2.12b • Operating Profit $322.9m, ↑18.7% from FY2023 • Operat
Slide 6: 4Q2024 Key Business Updates
4Q2024 Key Business Updates Public Transport • Singapore fares increased from December 2024 after annual review by Public Transport Council • Singapore Seletar bus package successfully retained for at least a further 5 years • Singapore Jurong West bus package expired on 31 August 2024 • UK Metrolin
Slide 7: 4Q2024 Key Business Updates
4Q2024 Key Business Updates Allegations Regarding A2B Australia • The Group has a zero-tolerance policy towards any kind of fraud and wrongdoing • The allegations made by an Australian media group are inaccurate and only show historical issues that A2B has already made significant investments to add
Slide 8: Review of Financial Results
REVIEW OF FINANCIAL RESULTS Page 8
Slide 9: Income Statement – FY2024 PATMI ↑$30.0m / 16.6% vs FY2023
Income Statement – FY2024 PATMI ↑$30.0m / 16.6% vs FY2023 $’m FY2024 FY2023 Revenue 4,476.5 3,880.3 • FY2024 Revenue ↑$596.2m or 15.4%; Operating Costs Operating Costs (3,790.3) (3,250.4) ↑($539.9m) or (16.6%) • Mainly due to: Depreciation and Amortisation (368.4) (364.2) • UK London Public Transpor
Slide 10: Income Statement – 2H2024 PATMI ↑$13.2m or 12.9% vs 2H2023
Income Statement – 2H2024 PATMI ↑$13.2m or 12.9% vs 2H2023 $’m 2H2024 1H2024 2H2023 Revenue 2,359.0 2,117.5 2,018.0 • 2H2024 PATMI ↑$13.2m or 12.9% vs 2H2023 Operating Costs (1,987.2) (1,803.1) (1,684.1) • 2H2024 Operating Profit margin 7.7%, vs 7.7% in 2H2023 Depreciation and Amortisation (191.7) (
Slide 11: Income Statement – 7th Consecutive Quarter of Improvement vs PCP
Income Statement – 7th Consecutive Quarter of Improvement vs PCP $’m 4Q2024 3Q2024 2Q2024 1Q2024 4Q2023 Revenue 1,178.6 1,180.4 1,112.9 1,004.6 1,021.4 Operating Costs (988.7) (998.5) (941.6) (861.5) (850.7) Depreciation and Amortisation (99.9) (91.8) (88.8) (87.9) (94.0) Operating Profit excl. non-
Slide 12: Balance Sheet – Remains Strong Post-Acquisitions
Balance Sheet – Remains Strong Post-Acquisitions $’m Dec’24 Dec’23 Fav/(Adv) Cash and short-term deposit 892.4 856.9 35.5 / 4.1% Other current assets 1,006.7 757.2 249.5 / 33.0% Total current assets 1,899.1 1,614.1 285.0 / 17.7% Total non-current assets 3,826.7 3,075.6 751.1 / 24.4% Total Assets 5,7
Slide 13: Cashflow
Cashflow $’m FY2024 FY2023 Cash from Operating Activities 625.2 531.6 Total Utilisation of Cash Net CAPEX (373.0) (323.4) Dividends (190.3) (211.9) Tax (65.9) (75.6) Others (38.2) (12.2) (667.4) (623.1) Acquisitions (750.0) (16.8) Borrowings related to acquisitions 750.0 - Cash balances acquired at
Slide 14: Group Treasury Status
Group Treasury Status $’m Dec’24 Dec’23 Fav/(Adv) Cash and short-term deposits 892.4 856.9 35.5 / 4.1% Borrowings + finance leases (1,110.6) (359.4) (751.2) / (209.0%) Net (Debt) / Cash (218.2) 497.5 (715.7) / (143.9%) Net Gearing (net debt / (net debt + equity)) 6.7% NA 6.7% / 100.0% Gross Gearing
Slide 15: CAPEX Summary
CAPEX Summary FY2024 FY2023 $445.1m $367.5m $ 72.1 m Proceeds from $ 129.6 m Proceeds from disposals $ 44.1 m disposals $ 102.3 m $ 206.5 m Net CAPEX $ 146.7 m $ 373.0 m $ 323.4 m Net CAPEX $ 17.9 m $ 36.1 m $ 54.8 m $ 28.0 m $ 36.3 m $ 54.4 m Buses Taxis Other vehicles Land and buildings Others • B
Slide 16: Revenue by Geographical Region
Revenue by Geographical Region Revenue by Geographical Region ($’m) FY2024 FY2023 4,476.5 Overseas SG 49.1% 42.6% 57.4% 50.9% 3,880.3 2,279.4 2,227.1 FY2024 FY2023 1,286.3 870.1 811.3 686.2 98.4 96.0 1.1 0.9 Total Singapore UK / EU Australia China Malaysia • FY2024 overseas revenue contribution has
Slide 17: Operating Profit by Geographical Region
Operating Profit by Geographical Region Operating Profit by Geographical Region ($’m) 322.9 272.1 210.3 201.3 FY2024 FY2023 49.9 47.4 48.4 15.0 18.4 3.9 0.3 0.1 Total Singapore UK / EU Australia China Malaysia • UK / EU public bus recovery continues on track; CMAC acquired in Feb’24, Addison Lee in
Slide 18: Performance by Business Segment
PERFORMANCE BY BUSINESS SEGMENT Page 18
Slide 19: Public Transport
Public Transport • Main components: Public Bus, Public Rail, Scheduled Bus $’m 1Q2024 2Q2024 3Q2024 4Q2024 FY2024 FY2023 Revenue 741.1 774.6 815.0 776.8 3,107.5 2,959.3 Operating Costs (717.3) (743.6) (777.5) (739.2) (2,977.6) (2,841.5) Operating Profit excl. non- 23.8 31.0 37.5 37.6 129.9 117.8 rec
Slide 20: Taxi & Private Hire
Taxi & Private Hire • Main components: Taxi Rental, PHV Rental, Platform Services, Engineering Services, Fuel Sales, newly acquired A2B and Addison Lee $’m 1Q2024 2Q2024 3Q2024 4Q2024 FY2024 FY2023 Revenue 148.3 179.2 179.9 241.3 748.7 574.7 Operating Costs (125.0) (140.9) (145.4) (205.4) (616.7) (4
Slide 21: Other Private Transport
Other Private Transport • Main components: Private Bus, Non-Emergency Patient Transport, Corporate Vehicle Leasing, newly acquired CMAC $’m 1Q2024 2Q2024 3Q2024 4Q2024 FY2024 FY2023 Revenue 65.3 108.2 129.8 102.9 406.2 143.8 Operating Costs (66.7) (105.3) (121.9) (97.2) (391.1) (148.6) Operating Pro
Slide 22: Inspection & Testing Services
Inspection & Testing Services • Main components: Vehicle and Non-vehicle Inspection $’m 1Q2024 2Q2024 3Q2024 4Q2024 FY2024 FY2023 Revenue 27.4 27.7 29.9 32.0 117.0 109.5 Operating Costs (19.1) (19.2) (21.6) (22.5) (82.4) (76.5) Operating Profit excl. non- 8.3 8.5 8.3 9.5 34.6 33.0 recurring items (“
Slide 23: Other Segments
Other Segments • Main components: Driving Centre, Bus Station, Insurance, Media, Logistics, EV Charging, Corporate Overheads $’m 1Q2024 2Q2024 3Q2024 4Q2024 FY2024 FY2023 Revenue 22.5 23.2 25.8 25.6 97.1 93.0 Operating Costs (21.3) (21.4) (23.9) (24.3) (90.9) (79.4) Operating Profit excl. non- 1.2 1
Slide 24: Business Outlook
BUSINESS OUTLOOK mage COMFORIDELGRO
Slide 25: Business Outlook
Business Outlook • Public Transport • Singapore Public Transport • Rail operations revenues are expected to increase marginally with higher ridership and fare increases granted by the Public Transport Council from December 2024. • Bus revenues are expected to reduce with the full year impact of the
Slide 26: Business Outlook
Business Outlook • Taxi & Private Hire • Singapore Taxi & Private Hire competition is expected to intensify with new entrants. • China Taxi revenues likely to be subdued due to the expected economic slowdown according to current consensus forecasts. • A2B and Addison Lee will contribute in full from
Slide 27: Dividend Payout
DIVIDEND PAYOUT page? COMFORIDELGRO
Slide 28: Financial Year 2024 Dividend Payout
Financial Year 2024 Dividend Payout FY2024 FY2023 Increase / • Interim dividend declared at 80% payout ratio (cents) (cents) (decrease) on PATMI EPS (Cents) 9.72 8.33 1.39 / 16.7% • Final dividend proposed at 80% payout ratio on PATMI Interim Dividend 3.52 2.90 0.62 / 21.4% Final Dividend 4.25 3.76
Slide 29: Thank You
THANK YOU page COMFORIDELGRO