ComfortDelGro Corporation Limited · SGX:C52
ComfortDelGro — Q3 2023 Earnings Presentation
25 slides from ComfortDelGro's earnings presentation, Nov 14, 2023
Slide 1: Business Update for 3Q2023
Business Update for 3Q2023 14 November 2023
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 • Financial Update for 3Q2023 • Performance by Business Segment for 3Q2023 Page 3
Slide 4: Executive Summary
EXECUTIVE SUMMARY page COMFORIDELGRO
Slide 5: Executive Summary
Executive Summary Strong 3Q2023 financial performance, extends the continuing recovery YTD Sep2023 3Q2023 Financial Highlights YTD Sep’23 Financial Highlights • Revenue $996.6m, ↑3.8% from 3Q2022/$960.3m • Revenue of $2.86b, ↑2.0% from YTD Sep’22 • Up 4.3% from 2Q2023/$955.9m • PATMI $49.9m, ↑54.5%
Slide 6: Key Business Updates
Key Business Updates • Public Transport improved • UK renewals & indexation continue to improve margin • Taxi & Private Hire demand remains high, but competition is increasing • Platform fees introduced on Zig app from July 2023 • Singapore taxi fleet size holding firm, market share slightly increas
Slide 7: Financial Update for 3Q2023
FINANCIAL UPDATE FOR 3Q2023 Page 7
Slide 8: Income Statement
Income Statement $’m 3Q2023 2Q2023 1Q2023 4Q2022 3Q20221 2Q20221 1Q20221 Revenue 996.6 955.9 906.4 977.2 960.3 955.8 887.5 Operating Costs (833.4) (798.8) (767.5) (840.6) (815.8) (801.6) (731.9) Depreciation and Amortisation (89.6) (91.8) (88.8) (91.3) (88.3) (89.3) (88.3) Operating Profit excl. non
Slide 9: Income Statement (YTD Sep'23)
Income Statement $’m YTD YTD Sep’23 Sep’221 Revenue 2,858.9 2,803.6 • Normalised PATMI ↑$11.3m or 9.6% vs YTD Sep’22 Operating Costs (2,399.7) (2,349.3) • YTD Sep’23 Revenue ↑$55.3m or 2.0%; Operating Costs ↑($50.5m) or (2.1%) Depreciation and Amortisation (270.2) (265.9) • Mainly from Public Transp
Slide 10: Balance Sheet
Balance Sheet $’m Sep 23 Dec 221 Fav/(Adv) Cash and short-term deposit 849.9 967.0 (117.1) / (12.1%) Other current assets 726.4 677.7 48.7 / 7.2% Non-current assets 3,052.4 3,056.9 (4.5) / (0.1%) Total Assets 4,628.7 4,701.6 (72.9) / (1.6%) Current liabilities 990.2 1,040.8 50.6 / 4.9% Non-current l
Slide 11: Cashflow
Cashflow $’m 3Q2023 YTD Sep’23 Cash from Operating Activities 141.0 403.0 Utilisation of Cash: Net CAPEX (61.2) (213.3) Dividends (79.1) (197.0) Tax (32.4) (79.8) Acquisitions (0.6) (13.6) Others (4.7) (11.2) Total Utilisation of Cash (178.0) (514.9) Net Increase/(Decrease) in Borrowings 12.0 0.7 Ne
Slide 12: Group Treasury Status
Group Treasury Status $’m Sep 23 Dec 22 Fav/(Adv) Cash and short-term deposits 849.9 967.0 (117.1) / (12.1%) Borrowings + finance leases (349.6) (313.6) (36.0) / (11.5%) Net Cash 500.3 653.4 (153.1) / (23.4%) Gross Gearing (gross debt / equity) 11.9% 10.5% (1.4%) points Total Available facilities 70
Slide 13: CAPEX Summary – 3Q2023
CAPEX Summary – 3Q2023 3Q2023 3Q20221 $76.4m $80.7m $ 7.0 m $ 13.6 m Proceeds from Proceeds from $ 15.2 m disposals disposals $ 22.7 m $ 27.8 m $ 23.2 m Net CAPEX $ 61.2 m $ 67.1 m $ 6.2 m $ 32.2 m Net CAPEX $ 5.8 m $ 18.5 m $ 5.8 m $ 7.9 m Buses Taxis Other vehicles Land and buildings Others • Buse
Slide 14: CAPEX Summary – YTD Sep'23
CAPEX Summary – YTD Sep’23 YTD Sep’23 YTD Sep’221 $241.1m $216.9m Proceeds from $ 27.8m disposals $ 69.1m $ 25m Proceeds from $ 76.7m disposals $ 63.6m $ 88.3m $ 213.3m Net CAPEX $ 72.9m $ 29.7m $ 140.2m Net CAPEX $ 10.7m $ 27.6m $ 43.3m $ 27.8m Buses Taxis Other vehicles Land and buildings Others •
Slide 15: Revenue by Geographical Region – 3Q2023
Revenue by Geographical Region – 3Q2023 Revenue by Geographical Region ($’m) 996.6 960.3 569.0 563.8 3Q2023 2Q2022 231.1 196.7 171.7 174.8 24.6 24.8 0.2 0.2 Total Singapore UK/Ireland Australia China Malaysia • 3Q2023 overseas revenue contribution remained stable at 42.9% (3Q2022 : 41.3%) Page 15
Slide 16: Operating Profit by Region – 3Q2023
Operating Profit by Region – 3Q2023 Operating Profit by Geographical Region ($’m) 75.4 56.0 53.6 46.8 3Q2023 3Q2022 11.5 8.9 6.1 4.2 2.2 - 0.1 (2.0) Total Singapore Australia China UK/Ireland Malaysia • 3Q2022 operating profits affected by inflation / Ukraine conflict Page 16
Slide 17: Revenue by Geographical Region – YTD Sep'23
Revenue by Geographical Region – YTD Sep’23 Revenue by Geographical Region ($’m) 2,858.9 2,803.6 1,654.0 1,632.4 YTD Sep'23 YTD Sep'22 627.5 577.4 506.5 518.9 70.3 74.1 0.6 0.8 Total Singapore UK/Ireland Australia China Vietnam & Malaysia • YTD Sep’23 overseas revenue contribution remained stable at
Slide 18: Operating Profit by Region – YTD Sep'23
Operating Profit by Region – YTD Sep’23 Operating Profit by Geographical Region ($’m) 227.1 192.6 144.2 139.9 YTD Sep'23 YTD Sep'22 Alperton Disposal 35.7 40.3 37.2 10.6 6.8 2.0 2.9 - 0.1 - Total Singapore Australia China UK/Ireland UK/Ireland - Vietnam & Alperton disposal Malaysia • 1H2022 operatin
Slide 19: Performance by Business Segment
PERFORMANCE BY BUSINESS SEGMENT Page 19
Slide 20: Public Transport
Public Transport • Main components: Public Bus, Public Rail, Scheduled Bus $’m 3Q2023 2Q2023 1Q2023 4Q2022 3Q2022 Revenue 758.5 730.0 686.1 753.2 733.8 Operating Costs (725.6) (701.1) (663.1) (737.9) (706.3) Operating Profit excl. non- 32.9 28.9 23.0 15.3 27.5 recurring items (“OPE”) OPE Margin % 4.
Slide 21: Taxi & Private Hire
Taxi & Private Hire • Main components: Taxi Rental, PHV Rental, Platform Services, Engineering Services, Fuel Sales $’m 3Q2023 2Q2023 1Q2023 4Q2022 3Q2022 Revenue 147.6 140.8 137.1 142.6 142.9 Operating Costs (119.1) (115.0) (120.3) (118.9) (122.3) Operating Profit excl. non- 28.5 25.8 16.8 23.7 20.
Slide 22: Other Private Transport
Other Private Transport • Main components: Private Bus, Non-Emergency Patient Transport, Corporate Vehicle Leasing $’m 3Q2023 2Q2023 1Q2023 4Q2022 3Q2022 Revenue 37.9 35.4 34.1 33.4 35.6 Operating Costs (39.1) (36.2) (34.9) (36.9) (38.2) Operating Profit excl. non- (1.2) (0.8) (0.8) (3.5) (2.6) recu
Slide 23: Inspection & Testing Services
Inspection & Testing Services • Main components: Vehicle and Non-vehicle Inspection $’m 3Q2023 2Q2023 1Q2023 4Q2022 3Q2022 Revenue 26.6 27.6 27.1 27.0 26.8 Operating Costs (18.7) (19.1) (19.0) (18.2) (18.7) Operating Profit excl. non- 7.9 8.5 8.1 8.8 8.1 recurring items (“OPE”) OPE Margin % 29.7% 30
Slide 24: Other Segments
Other Segments • Main components: Driving Centre, Bus Station, Insurance, Media, Logistics, EV Charging $’m 3Q2023 2Q2023 1Q2023 4Q2022 3Q2022 Revenue 26.0 22.1 22.0 21.1 21.1 Operating Costs (20.5) (19.2) (19.0) (20.1) (18.6) Operating Profit excl. non- 5.5 2.9 3.0 1.0 2.5 recurring items (“OPE”) O
Slide 25: Thank You
THANK YOU pages COMFORIDELGRO