Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Nomura Conference Singapore (May 2019)
53 slides from Adani Ports & Special Economic Zone's conference presentation, May 13, 2019
Slide 1: Nomura Conference Singapore – FY 19 Presentation
Nomura Conference Singapore – FY 19 Presentation 1
Slide 2: Contents
Contents + Company Profile + Operational Highlights + Financial Highlights + FY 20 Outlook + ESG + Annexures 2
Slide 3: Vision
Vision To achieve 400 MMT of throughput by FY 25 For this APSEZ would pursue both organic and inorganic growth opportunities 3
Slide 4: Company Profile
Company Profile adani
Slide 5: APSEZ - Proxy to India's Growth Story
APSEZ - Proxy to India’s Growth Story in US$ Bn. Largest Commercial Port in India : 10.8 • 9 Ports in operation and 1 under Market construction 5.3 Cap. 2019 2.5 2013 Deft Management Experience : • Operating ports since 2001 2009 1.6 Operational Excellence with Low- 0.6 Cost : Revenue 2019 • Highest
Slide 6: APSEZ: India's Largest Integrated Port & Logistics Player
APSEZ: India’s Largest Integrated Port & Logistics Player All India Share* in Total Cargo in Container Multipurpose ports Bulk terminals 21% 34% Mundra : India’s 79% 66% Kilaraipur Container terminals largest Commercial Port Logistics Parks All India Cargo APSEZ Cargo Volumes Patli Kishangarh As of
Slide 7: Integrated Operating Model: Ports, Logistics, SEZ
Integrated Operating Model • Concession assets with free • 20 year license to operate Rails • Land bank of over 8,000 hectares pricing* • Operating four logistics Parks • Integration between land bank and • Handling multi and complex cargo (Including B2B) and 3 more parks port • JV model with ship l
Slide 8: Infrastructure: Offers Unique Value Chain
Infrastructure : Offers Unique Value Chain 19 dredgers Marine 26 tugs 14+KM length , 48 berths & 18 terminals Quay 105 cranes, 140 RTGs & 100 KM conveyors Handling 3.7 MN sq. mtrs., 0.9 MN KL tankages Storage 43,832 container ground slots 400,000 Sq. ft. of Warehouse Space 4 Logistics Parks, 20 Cont
Slide 9: Operational Highlights
Operational Highlights 9
Slide 10: APSEZ – Operational Performance Highlights FY 19
APSEZ – Operational Performance Highlights FY 19 Operational Highlights • Record cargo throughput – Volume of 208 MMT – 15% Growth • Growth across eight ports in India - Mundra 13%, Hazira 16%, Kattupalli 18%, and Dahej 30% • Our terminals at major ports handles 12 MMT (127% growth) • All segments o
Slide 11: APSEZ – Financial Performance Highlights FY 19
APSEZ – Financial Performance Highlights FY 19 P & L Highlights • Port Revenue is at Rs.8,897 cr against Rs.7,393 cr up Rs.1,504 cr. 20% growth over FY18 • Port EBITDA is at Rs.6,053 cr against Rs.5,144 cr up Rs.909 cr. 18% growth over FY18 • Logistics EBITDA grows by 20% from Rs.76 cr to Rs.90 cr i
Slide 12: Cargo Growth – APSEZ vs All India Ports - FY19
Cargo Growth – APSEZ vs All India Ports - FY19 APSEZ Total Throughput *All India Ports 208 979 934 180 Vs FY18 FY 19 FY18 FY 19 Of which Container *Of which Container 84 248 75 Vs 224 FY18 FY 19 FY18 FY 19 All India Cargo Market Share up by 200 bps to 21% -*As per internal estimates. Excluding non A
Slide 13: Cargo Composition – FY '19
Cargo Composition – FY ‘19 Coal Container Crude Others 47% 41% 36% 41% 41% 33% 33% 37% 32% 29% 14% 15% 15% 15% 14% 12% 12% 12% 10% 11% FY15 FY 16 FY 17 FY 18 FY 19 Balanced Cargo Mix……… 13 13
Slide 14: Financial Highlights
Financial Highlights 14
Slide 15: Consolidated Financial Performance – FY '19
Consolidated Financial Performance – FY ‘19 (Rs. in Cr.) Revenue EBIDTA** 11323 10925 7145 7067 Revenue* has grown by 15% (Excluding SEZ income of Rs.769 cr. in FY19 vs. Rs 2481 cr in FY 18) FY 18 FY 19 FY 18 FY 19 EBITDA** has grown by 17% PBT PAT (Excluding SEZ EBITDA of Rs.665 4,006 cr. in FY9 vs
Slide 16: Revenue – Segment Wise Break up FY '19
Revenue – Segment Wise Break up FY ‘19 (Rs. In Cr.) FY 18 FY 19 411 452 225 210 827 583 769 2,481 7,393 8,897 Ports SEZ Logistics Australia Other revenue Ports SEZ Logistics Australia Other revenue Total Revenue – Rs.11,323 cr. Total Revenue – Rs.10,925 cr. Port Revenue – Rs.7,393 cr. Port Revenue –
Slide 17: EBIDTA - Segment Wise Break up FY 19
EBIDTA* - Segment Wise Break up FY 19 (Rs. In Cr.) FY 18 FY 19 36 210 90 35 225 76 665 1679 5144 6053 Ports SEZ Logistics Australia Other revenue Ports SEZ Logistics Australia Other revenue Total EBIDTA – Rs.7,145 cr. Total EBIDTA – Rs.7,067 cr. Port EBIDTA – Rs.5,144 cr. Port EBIDTA – Rs.6,053 cr.
Slide 18: Key Ports & Logistic Vertical Performance FY '19
Key Ports & Logistic Vertical Performance FY ’19 (Rs. In Cr.) Kattupalli / Particulars Mundra Hazira Dahej Dhamra MIDPL 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 Cargo (MMT) 137 122 20 17 9 7 21 21 9 8 Operating Revenue 5,336 6,534 1,106 962 421 335 1,106 931 21
Slide 19: Debt Profile & Key Rating Ratios – FY 19
Debt Profile & Key Rating Ratios – FY 19 (Rs. In Cr.) Net Debt Maturity profile of Long Term Debt 54% Description Mar'2018 Mar'2019 Variance Long Term Borrowings 20,629 19,883 (746) Short Term Borrowings 1 6,188 6,187 34% Current Portion of Long Term Borrowings 802 1,116 314 Gross Debt 21,432 27,188
Slide 20: Trade Receivables Decreases by 31%
Trade Receivables Decreases by 31% (Rs. in cr.) Particulars FY 18 FY 19 Change Trade Receivables 3,538 2,432 (1,106) • Consolidated Adani Power receivables reduced by Rs.202 cr (Rs.420 cr in FY 19 compared to Rs.622 cr in FY 18) • Receivables relating to sale of CT3 Extension and CT4 aggregating to
Slide 21: Key Return Ratios & Cash Flow
Key Return Ratios & Cash Flow (Rs. in cr.) Ratios FY 17 FY 18 FY 19 ROCE 12.1% 15.8% 13.5% ROE 24.9% 19.0% 17.6% Net Debt /EBIDTA 3.4x 2.5x 2.9x • Continue to maintain net debt to EBITDA within our desired level of under 3x • Investment in new assets viz. Kattupalli, Dhamra and Terminals at Major Po
Slide 22: FY '20 Outlook
FY '20 Outlook adani
Slide 23: Business Strategy in 2019-20
Business Strategy in 2019-20 Strategy for Business (4 Cs) Top Priorities Culture- Efficiency Improvement: 1. Placing customer centricity as Enhancing and sustaining business key pillar to drive profitability through improvement in asset and revenue. utilization, focus on collaborative 2. Enhancing v
Slide 24: Cargo Outlook - FY20
Cargo Outlook - FY20 • Container : We will continue to out perform all India container volume growth. • Other cargo (other than container) : To grow 2x of all India cargo volume growth. • Cargo segment wise growth anticipated as below: Commodity Drivers Coal 9 MMT increase based on : • Coastal Power
Slide 25: Financial Outlook – FY20
Financial Outlook – FY20 • Revenue growth of 12%-14%. Revenue/EBIDTA • EBIDTA growth of 14%-16% • Expected ROCE to be in the range of 14%-15% Port Revenue & • Port Revenue expected to grow by 1.5%-2% on per MT EBIDTA • Port EBIDTA growth of 16%-18%. • SEZ Port development income in the range of Rs.8
Slide 26: Environment Social & Governance (ESG)
Environment Social & Governance (ESG) 26
Slide 27: Energy
Energy 2500000 16000 1800000 18000 14372 14000 15676 1600000 16000 2000000 1400000 14000 12000 1200000 12000 9751 10000 1500000 1000000 10000 800000 8912 8000 8000 1000000 6000 600000 6000 1114294 1643317 1905867 2342749 4000 400000 4000 500000 200000 2000 2000 0 0 0 0 FY18 FY19 FY18 FY19 Consolodat
Slide 28: Emission
Emission 295 000 2000 200000 1800 180000 1601 1600 290000 1798 1800 1600 160000 1400 285000 1375 1400 140000 1162 1200 280000 1200 120000 1000 275000 1000 100000 800 800 80000 270000 600 600 60000 268829 145266 265000 293013 182565 400 400 40000 260000 200 200 20000 0 0 255000 0 FY18 FY19 FY18 FY19
Slide 29: Biodiversity
Biodiversity • Preserved 87+ species in terrestrial and 4 Mangroves species in Marine Biodiversity. • Terrestrial Green Zone development: 2.8 million trees 10.5 million shrubs and 1.46 million sq.mt. green carpet area • Conservation of 2889 ha mangrove out of which 2340 ha in Mundra 1627 h
Slide 30: Water
Water 515 502 626 616 660 645 545 529 3552 3742 1635 1765 FY18 FY19 FY18 FY19 Standalone (APSEZ) Consolidated Water Consumption (ML) Water Recycled (ML) Water Reused (ML) 1. Water consumption reduced by 7% for APSEZ Standalone and increased by 5% for APSEZ Consolidated . 30 30
Slide 31: Safety
Safety • One Fatal incident and 13 Loss time injury (LTI) covering all sites. • 1,73,277 person are inducted for Safety • 1,444 nos. of near miss recorded • 0.15 is frequency rate • 66.64 is severity rate 31 31
Slide 32: Corporate Governance
Corporate Governance • As part of improving corporate governance and based on feedback from our key investors, we have come out with a voluntary Policy on “R_l[t_^ Party Transactions for Acquiring and Sale of Ass_ts”; which is available on our website. Key Takeaways of the Policy : Transactions are
Slide 33: Corporate Social Responsibility – Major Initiatives
Corporate Social Responsibility – Major Initiatives 1) SAKSHAM: Aims to make 3 lakh Indian youth skilled by 2022. ASDC has more than 30 centres across the nation for facilitating skill development through various courses. 5027 aspirants enrolled under various ASDC courses, new projects 2) Udaan:
Slide 34: Corporate Social Responsibility – Adani Foundation
Corporate Social Responsibility – Adani Foundation 11566 students and teachers from 194 schools and institutes visited the Ports under the Udaan Project. Udaan is a project that involves exposure visits for school and college students to Business units (Ports, Power Plants & Wilmar) to inspire the
Slide 35: Corporate Social Responsibility – Adani Foundation
Corporate Social Responsibility – Adani Foundation Adani employees adopt education of 704 children of migrant labourers in Mundra: Adani Group employees adopted 704 children of migrant labourers to ensure quality education for the children. The children are now studying in Hindi medium school. They
Slide 36: Annexures
mB. =) i ¥ittuecmliecs Annexures
Slide 37: Annexures
Annexures + Port Wise Cargo Break up + Q4 Operational & Financials Highlights + Segment Financials Q4 + Port Wise Financials Q4 + Financials as per SEBI format 37
Slide 38: Port Wise Cargo Break-up
Port Wise Cargo Break-up adani
Slide 39: Mundra: Reaching New Heights
Mundra : Reaching New Heights (MMT) 137 36 122 30 FY18 FY19 Q4 FY 18 Q4 FY 19 Cargo FY18 FY19 Growth % Q4 FY 18 Q4 FY 19 Growth % Coal 30.31 33.83 12% 6.08 9.85 62% Total Container 60.07 66.37 10% 15.71 17.13 9% Container - without CT1 44.17 54.46 23% 12.33 13.79 12% of Which CT1 (MMT)(Owned by DPW)
Slide 40: Hazira: All Cargo Segment Grows
Hazira : All Cargo Segment Grows (MMT) 20 5 4 17 FY18 FY19 Q4 FY 18 Q4 FY 19 Cargo FY18 FY19 Growth % Q4 FY 18 Q4 FY 19 Growth % Containers (000' TEUs) 501 568 13% 134 143 7% Containers (mmt) 7.31 8.30 13% 1.96 2.09 7% Coal 5.21 5.77 11% 1.47 1.22 -17% Liquid 2.47 2.95 19% 0.62 0.83 34% Others 1.88
Slide 41: Dahej: Sustaining Double Digit Growth
Dahej : Sustaining Double Digit Growth (MMT) 9 .2.15 7 1.62 FY18 FY19 Q4 FY 18 Q4 FY 19 Cargo FY18 FY19 Growth % Q4 FY 18 Q4 FY 19 Growth % Coal 5.59 7.05 26% 1.18 1.40 18% Others 1.38 2.02 47% 0.44 0.75 70% Total 6.97 9.07 30% 1.62 2.15 32% • Strategy to make Dahej multi commodity port pays off • H
Slide 42: Kattupalli: Market Share Gain Continues
Kattupalli : Market Share Gain Continues (MMT) 2.40 9 2.00 8 FY18 FY19 Q4 FY 18 Q4 FY 19 Cargo FY18 FY19 Growth % Q4 FY 18 Q4 FY 19 Growth % Containers (000' TEUs) 493 592 20% 134 150 12% Containers (mmt) 7.20 8.65 20% 1.95 2.18 12% Others 0.36 0.28 -23% 0.05 0.21 311% Total 7.56 8.93 18% 2.00 2.40
Slide 43: Dhamra: De-growth Arrested
Dhamra : De-growth Arrested (MMT) 21 6 6 21 FY18 FY19 Q4 FY 18 Q4 FY 19 Cargo FY18 FY19 Growth % Q4 FY 18 Q4 FY 19 Growth % Coal 13.89 12.80 -8% 4.22 3.50 -17% Others 7.56 7.87 4% 1.58 2.24 42% Total 21.45 20.67 -4% 5.80 5.74 -1% • Strategy to handle various type of cargo namely clinker, slag, ferti
Slide 44: Terminals at Major Ports
Terminals at Major Ports….. (MMT) 12.18 3.10 0.83 0.48 1.42 0.38 1.69 5.37 5.68 0.04 - 1.47 0.04 - 1.42 4.21 4.24 0.76 1.12 0.24 FY18 FY19 Q4 FY18 Q4 FY19 Cargo FY18 FY19 Growth Q4 FY 18 Q4 FY 19 Growth Coal 3.55 8.87 150% 1.05 2.30 119% Containers 0.04 0.83 2027% 0.04 0.48 1156% Others 1.78 2.48 40
Slide 45: Operational Highlights – Q4 FY '19
Operational Highlights – Q4 FY ‘19 (YOY) • Throughput volume of 54 MMT • Cargo Volume growth of 19% against All India Ports growth of 5% and flat growth at Major ports. • Growth across all ports, regions and all segments of cargo • Western ports grew by 20% , Southern ports grew by 41% • Coal volume
Slide 46: Cargo Comparison – APSEZ vs All India Ports – Q4 FY '19
Cargo Comparison – APSEZ vs All India Ports – Q4 FY ‘19 APSEZ Total Throughput * All India Ports Total Cargo 249 54 239 45 Vs Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Of which Container * Of which Containers 22 64 20 58 Vs Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 APSEZ continues to gain Market Share…. -*As per intern
Slide 47: Consolidated Financial Performance – Q4 FY '19
Consolidated Financial Performance – Q4 FY ‘19 (Rs. in Cr.) Revenue EBIDTA** 3183 1931 1932 3082 Revenue* has grown by 16% (Excluding SEZ income of Rs.361 cr. in FY19 vs. Rs.838 cr in FY 18) Q4 FY 18 Q4 FY 19 Q4 FY 18 Q4 FY 19 EBITDA** has grown by 19% (Excluding SEZ EBITDA of Rs.335 cr. PBT PAT in
Slide 48: Revenue – Segment Wise Break up Q4 FY '19
Revenue – Segment Wise Break up Q4 FY ‘19 (Rs. In Cr.) Q4 FY 18 Q4 FY 19 132 59 106 69 148 223 361 838 1,947 2,383 Ports SEZ Logistics Australia Other revenue Ports SEZ Logistics Australia Other revenue Total Revenue – Rs. 3,183 cr Total Revenue – Rs. 3,082 cr Port Revenue – Rs. 1,947 cr Port Revenu
Slide 49: EBIDTA - Segment Wise Break up Q4 FY '19
EBIDTA* - Segment Wise Break up Q4 FY ‘19 (Rs. In Cr.) Q4 FY 18 Q4 FY 19 6 69 13 26 20 59 335 471 1371 1492 Ports SEZ Logistics Australia Other revenue Ports SEZ Logistics Australia Other revenue Total EBIDTA – Rs. 1,931 cr Total EBIDTA – Rs. 1932 cr Port EBIDTA – Rs. 1,371cr Port EBIDTA – Rs. 1,492
Slide 50: Key Ports & Logistic Vertical Performance Q4 FY19
Key Ports & Logistic Vertical Performance Q4 FY19 (Rs. In Cr.) Kattupalli / Particulars Mundra Hazira Dahej Dhamra MIDPL Q4'19 Q4'18 Q4'19 Q4'18 Q4'19 Q4'18 Q4'19 Q4'18 Q4'19 Q4'18 Cargo (MMT) 36 30 5 4 2 2 6 6 2 2 Operating Revenue 1,594 1,944 279 258 103 80 439 230 55 36 Expenses 486 734 77 68 47
Slide 51: Consolidated Financial Performance – As Reported
Consolidated Financial Performance – As Reported (Rs. In Cr) Quarter Ended Year Ended March 31, March 31, March 31, March 31, Particulars December 31, 2018 2019 2018 2019 2018 (Refer Note 13) Unaudited (Refer Note 13) Audited Audited Income a. Revenue from Operations 3,082.49 2,823.91 3,182.86 10,92
Slide 52: India EXIM Outlook: 2019-20
India EXIM Outlook: 2019-20 (USDbn) 400 5.6% 300 Export Import 200 100 0 (100) (200) (300) Trade Deficit (in USDbn) (400) (500) (600) 6.0% FY05 FY08 FY11 FY14 FY17 FY20e Exim outlook supports our thesis of continued All India cargo growth Source: DGCI&S, RBI Survey of Professional Forecasters (April
Slide 53: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “`orw[r^-looking st[t_m_nts;” including those relating to general business plans and strategy of Adani Ports and Special Economic Zone Limited (“APSEZL”);tb_ future outlook and grow
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