Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Noble Group — H1 2008 Earnings Presentation
11 slides from Singapore Exchange's earnings presentation, Oct 10, 2008
Slide 1: Noble Group First Half Results 2008
NOBLE GROUP FIRST HALF RESULTS 2008
Slide 2: Financial Highlights – 1H 2008
Financial Highlights – 1H 2008 z Revenue rose to $19.9 billion in 1H 2008 vs $10.1 billion in 1H 2007 z Gross profit hit a record six month level of $778 million with a 3.9% gross profit margin z Net profit rose to $290 million - a 1.5% NPM versus 1.0% level in 1H 2007 z Gross profit per metric ton
Slide 3: Key Drivers – 1H 2008
Key Drivers – 1H 2008 z Continued strong demand across business divisions z Increased tonnage growth to 77.5 million MT from 58.9 million MT in the 1H 2007 reflects strong origination and distribution capacity in key consumer markets z Higher tonnage volumes and higher achieved selling prices amongs
Slide 4: Income Statement Summary
Income Statement Summary (in US$ million) 2Q 2008 1Q 2008 1H 2008 1H 2007 Revenue 10,432 9,497 19,929 10,060 Gross Profit/GPM 423/ 4.1% 355/ 3.7% 778/ 3.9% 327/ 3.3% SGA Expenses 198 160 358 159 GP/SGA (x) 2.14 2.21 2.17 2.05 Finance Costs – Net 50 50 100 55 Net Profit 123 167 290 100 Earnings per S
Slide 5: Net Profit – Recent Historical
Net Profit – Recent Historical In US$ million * Excluding one off gain of $48 million NOBLE GROUP FIRST HALF RESULTS 2008 4
Slide 6: Segments Results Summary
Segments Results Summary Revenue Tonnage Gross Profit (in US$ million/ mil MT) 1H 1H 1H 1H 1H 1H 2008 2007 2008 2007 2008 2007 Agriculture 4,809 2,606 7.6 7.1 209.3 47.0 Energy 10,581 4,750 35.1 21.8 237.9 98.1 MMO 3,519 2,133 11.1 9.6 161.0 63.0 Logistics 919 434 23.7 20.4 161.7 117.5 Group 19,929
Slide 7: Liquidity/Working Capital Summary
Liquidity/Working Capital Summary (in US$ million) Q2 2008 Q1 2008 1H 2008 1H 2007 Cash 803 713 803 536 Adjusted Current Ratio (x) 1.57 1.59 1.57 1.70 Inventories 2,390 1,963 2,390 1,312 Readily Marketable Inventories (“RMI”) 2,291 1,821 2,291 992 RMI/Total Inventories 96% 93% 96% 76% Adjusted Cash
Slide 8: Capital raising efforts maintain conservative capital structure and strong liquidity
Capital raising efforts maintain conservative capital structure and strong liquidity z Successfully executed $500 million 5 year bond issue to term out working capital debt z Raised $152 million in share placement to maintain strong capitalization profile z Incremental bank facilities of $1.2 billio
Slide 9: Credit Metrics
Credit Metrics (in US$ million) 1H 2008 2H 2007 Gross Debt 3,192 2,544 Cash (803) (671) Net Debt 2,389 1,873 RMI (2,291) (1,594) Adjusted Net Financial Debt 98 279 Shareholders’ Equity 1,868 1,550 Gross Debt/EBITDA (x) 3.30 4.14 Gross Debt/Book Capitalization (%) 63.1% 62.1% Adjusted Net Financial D
Slide 10: Capital Spending and Investments
Capital Spending and Investments Investment Strategy z selected and diversified across our business divisions z develop long term access to low cost production assets z further integrate supply chain – generate new profit points, improve operating efficiencies Key Investments z $82 million for expan
Slide 11: Noble Group First Half Results 2008
NOBLE GROUP FIRST HALF RESULTS 2008