ComfortDelGro Corporation Limited · SGX:C52
ComfortDelGro — FY2009 Earnings Presentation
17 slides from ComfortDelGro's earnings presentation, Feb 10, 2010
Slide 1: Financial Year 2009 Results Media Briefing
Financial Year 2009 Results Media Briefing 10 February 2010
Slide 2: Financial Overview
Financial Overview 2
Slide 3: Key Financial Highlights
Key Financial Highlights Incr/(Decr) 2009 $’m 2008 $’m $(68.4)m / (2.2)% Revenue 3,051.8 3,120.2 $(140.3)m / (4.9)% Op expenses (2,701.9) (2,842.2) $71.9m / 25.9% Op profit 349.9 278.0 $19.4m / 9.7% Net profit 219.5 200.1 $88.1m / 16.3% EBITDA 629.8 541.7 Net profit for 2008 included an exceptional
Slide 4: Revenue was $68.4m or 2.2% lower due mainly to negative FX translation
Revenue was $68.4m or 2.2% lower due mainly to negative FX translation Real revenue increased by $33.8m despite challenges 3,400 3,300 153.9 3,200 3,100 120.1 3,120.2 3,000 102.2 3,051.8 $'m Real revenue increased 2,900 by $33.8m 2,800 2,700 2,600 2,500 2008 Increase was Decrease was FX translation
Slide 5: Operating expenses were $140.3m or 4.9% lower due mainly to lower fuel-related costs
Operating expenses were $140.3m or 4.9% lower due mainly to lower fuel- related costs and positive FX translation 960.3 1,000 The decrease in operating expenses is helped by a positive FX translation effect of $93.2m. 800 561.7 600 $'m 400 279.9 263.4 251.1 213.3 172.2 200 942.8 263.7 286.8 329.4 28
Slide 6: Operating profit was $71.9m or 25.9% higher
Operating profit was $71.9m or 25.9% higher due mainly to higher revenue and lower fuel-related costs 400 47.1 350 9.0 33.8 349.9 300 250 278.0 FX translation effect $'m 200 Revenue: $102.2m Expenses: $93.2m 150 Profit: $9.0m 100 50 0 2008 Increase in Decrease in FX 2009 Operating profit Revenue Ope
Slide 7: Singapore Government Budget: Net benefit of $2.5m at operating level
Singapore Government Budget Net benefit of $2.5m at operating level $’m Jobs Credit 25.5 Others, comprising: • Road tax rebate • Road tax waiver for unhired taxis 7.4 • Rental rebate • Property tax rebate Savings received (A) 32.9 Temporary fare reduction and increase in transfer rebate 25.6 Others,
Slide 8: Higher cash flow in line with higher operating profit
Higher cash flow in line with higher operating profit 800 700 728.4 600 Net cash from operating 500 574.0 activities $61.0m 507.7 Purchases of vehicles $'m 400 purchased 446.7 under $55.2m 300 406.5 purchased and equipment finance 351.3 under 200 leases finance Cash payments on 100 leases purchases
Slide 9: Financial Position Remains Strong
Financial Position Remains Strong Gross Gearing: 27.0% Net Gearing: 3.3% 100% 524.9 596.8 Borrowings 90% Cash and liquid investments 80% 367.7 Current liabilities: Trade Receivables, prepayments, inventories 722.0 and other payables, 70% 517.6 Associates, receivables, goodwill income tax payable 60%
Slide 10: Overseas contribution to Group Revenue and Operating Profit
Overseas contribution to Group Revenue and Operating Profit are 43.5% and 40.0% respectively Overseas Overseas Revenue Operating Profit Vietnam 0.7% Vietnam 0.5% Malaysia 0.2% Malaysia 0.5% China 21.2% China 30.0% UK/Ireland UK/Ireland 56.1% 37.0% Australia 21.8% Australia 32.0% 10
Slide 11: Business Segments
Business Segments FOMFORIDEL GRO
Slide 12: Business Segments
Business Segments $’m 1,800 FY09 Revenue - FY09 Operating profit margin 60% FY08 Revenue - FY08 Operating profit margin 1,600 1,533.1 1,550.4 51% 50% 48% 1,400 1,200 40% 1,000 927.6 946.0 31% 30% 28% 800 26% 27% 18% 600 20% 17% 441.0 406.3 400 13% 11% 14% 13% 8% 10% 11% 200 119.7 115.5 6% 79.5 75.3
Slide 13: Outlook
Outlook 13
Slide 14: Growth Continues
Growth Continues • Bus Business – Shenyang – Fleet expanded by 49 buses to meet higher ridership on existing services • Taxi Business – Nanjing – Acquired 45 taxi licences in an open tender – Acquired 100 taxis from JV partner • Car Rental – Chengdu – Added 21 rental cars to serve the growing MNC se
Slide 15: Outlook: global economic conditions still remain fragile
Outlook: While there are signs of recovery, global economic conditions still remain fragile. The Group will continue to manage its cash flows, costs and receivables tightly while seeking opportunities for growth. Segments Revenue Expectation Bus Singapore: Decrease UK, Australia and China: Increase
Slide 16: Thank You
Thank You 16
Slide 17: Appendix: Group Income Statement for the 4th quarter
Appendix - Group Income Statement for the 4th quarter ended 31 December 2009 4th Qtr 4th Qtr Incr / Incr / 2009 2008 (Decr) (Decr) $'m $'m $'m % Revenue 794.3 768.1 26.2 3.4 Staff costs (251.1) (225.1) 26.0 11.6 Depreciation and amortisation (72.0) (66.0) 6.0 9.1 Contract services (71.5) (68.4) 3.1