Malaysian Resources Corp. Bhd. · MYX:MRCB
Malaysian Resources Corp. Bhd — Q3 2017 Earnings Presentation
14 slides from Malaysian Resources Corp. Bhd's earnings presentation, Nov 21, 2017
Slide 1: Analyst Briefing
Analyst Briefing Quarter ended 30 September 2017 21 November 2017
Slide 2: Engineering & Construction Records Strong Growth
Engineering & Construction Records Strong Growth Key Highlights YTD3Q FY2017 FINANCIALS (YoY) KEY NUMBERS 75% Revenue Property Sales RM1.2bn RM2.4bn 25% Property PBT Unbilled Sales RM1.6bn RM115.8mn PBT excl. 5.6% Construction gains • lower finance costs (2016 de-gearing) Unbilled RM5.3bn RM44.4m •
Slide 3: Income Statement Summary
Income Statement Summary (RM'000) 3Q '17 3Q '16 Change (%) Revenue 2,415,490 1,376,422 75.5% Profit from operations (EBIT) 215,531 262,889 -18.0% Finance Costs (113,999) (133,085) 14.3% Share of JVs (net of tax) 8,165 5,041 62.0% Share of associates (net of tax) 6,064 19,164 -68.4% Profit before tax
Slide 4: Balance Sheet Summary
Balance Sheet Summary (RM'000) As at 30 Sept 2017 As at 30 Jun 2017 Current Assets 4,564,636 4,207,294 Current Liabilities 3,094,631 2,046,600 Current Ratio (times) 1.5 2.0 T otal borrowings 4,182,976 4,122,763 Deposit, bank & cash balances (779,522) (1,125,860) Net debt 3,403,454 2,996,903 Share ca
Slide 5: Breakdown of Group Borrowings
Breakdown of Group Borrowings Post rights issue (RM'000) (Estimate) As at 30 Sept 2017 As at 30 Jun 2017 Short term 944,356 1,327,815 662,054 Long term 2,468,582 2,852,041 3,457,308 HP creditors 3,120 3,120 3,400 Total borrowings 3,416,058 4,182,976 4,122,762 Less: cash & bank balances 1,744,753 779
Slide 6: Reduction in Borrowings
Reduction in Borrowings EPF to After subscribe in Acquire Dispose Dispose Dispose RM mil FYE 2013 30.09.17 Rights the Bkt Jalil Kwasa Celcom Ascott EDL Issue Project Bank Borrowings 2,226 3,124 2,357 2,357 3,094 2,863 2,863 2,863 EDL Financing 1,277 1,059 1,059 1,059 1,059 1,059 1,059 - Loan Stock 7
Slide 7: Quarterly Segmental Profit
Quarterly Segmental Profit (RM'000) Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q3 16 +/- Property Development & Investment ("Property") 70,459 236,437 50,139 29,667 32,695 70,459 (37,764) Engineering, Construction & Environment ("E&C") 7,027 1,587 1,254 14,029 31,265 7,027 24,238 Infrastructure 13,737 12,127 17,
Slide 8: Property Development & Investment Review
Property Development & Investment Review Due to: 10% 1) Completion of Sentral Residences and Easton Burwood Revenue RM730.7mn RM660.7mn in Q1 & Q2 respectively 2016 2017 2) new projects still at early phase of construction Higher profit in 2016 was due to: Operating 51% 1) Gain from disposal of non-
Slide 9: Property Sales Achieved in 2017
Property Sales Achieved in 2017 Project / Sales (RM'mil) GDV % Sales YTD 2017 2017 launches (Residential): 1060 Carnegie 305 68% 206 Kalista (Bukit Rahman Putra) 101 40% 40 Sentral Suites (Tower 1, 2 & 3) 1,529 53% 805 Total 1,935 1,051 Residential: 9 Seputeh: - VIVO (Parcel C) 952 78% 41 Sentral Re
Slide 10: Unbilled Sales
Unbilled Sales Project / Revenue RM'mil Completion YTD 2017 Unbilled Sales New Launches: Carnegie 0% 0 217 Bukit Rahman Putra (Kalista) 13% 4 31 349, Sentral Suites 8% 55 664 Total 59 912 Residential: Sentral Residences 88% 95 0 9 Seputeh / Parcel C 47% 107 339 Burwood 100% 146 0 SIDEC / Caspia 3 12
Slide 11: Total Property Development Projects
Total Property Development Projects 11
Slide 12: Engineering, Construction & Environment Review
Engineering, Construction & Environment Review Due to: 237% 1) National Sports Complex project (revenue of RM1.1bn) Revenue RM479.5mn RM1.61bn 2016 2017 Due to: 366% 1) Improved margins Operating Profit RM10.0mn RM46.5mn 2016 2017 Operating Profit 0.5% 3.0% 3.4% 1Q FY2017 2Q FY2017 3Q FY2017 Margin
Slide 13: Construction Orderbook
Construction Orderbook RM'mil Contract Value Completion Recognized Unbilled Sales NPE Bridge 127 61.10% 77 50 Johor Land Tower 182 75.94% 138 44 Aman Desaru 110 90.32% 99 11 Desaru Convention Centre 57 51.34% 29 28 Desa Desaru 215 49.89% 107 108 Westin Desaru Resort 203 44.25% 90 113 Giant Hypermark
Slide 14: Setting the Standard. Thank You.
SETTING THE STANDARD Thank You.
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