Mewah International Inc. · SGX:MV4
Mewah International — FY2021 Earnings Presentation
24 slides from Mewah International's earnings presentation, Feb 24, 2022
Slide 1: FY 2021 Financial Results Summary
FY 2021 FINANCIAL RESULTS SUMMARY 24th February 2022 MEWAH INTERNATIONAL INC.
Slide 2: Contents
CONTENTS Cash Flow Statement Balance Sheet Income Statement Performance Summary 1
Slide 3: Performance Summary
PERFORMANCE SUMMARY 2
Slide 4: FY Performance Summary
FY PERFORMANCE SUMMARY NET PROFIT* In US$ million 90.0 -7.4% 80.0 70.0 60.0 86.5 80.2 50.0 40.0 30.0 20.0 10.0 FY 2020 FY 2021 * Profit after tax attributable to equity holders of the Company 3
Slide 5: CPO Prices vs OM per MT
CPO PRICES vs OM PER MT 1,400 2020 2021 6,000 CPO Prices (USD) CPO Prices (MYR) 1,200 □ Operaing margin per MT (USD) 5,000 - - - Operating margin % CPO Prices - MYR per MT) 1,000 CPO Prices - US$ per MT 4,000 800 3,000 600 7.4% 6.4% 6.1% 4.2% 2,000 400 Average @ US$54.6 Average @ US$49.9 1,000 200 5
Slide 6: Income Statement
INCOME STATEMENT 5
Slide 7: FY Income Statement
FY INCOME STATEMENT FY 2021 FY 2020 % change Sales volume (MT'000) 4,119.5 4,821.2 -14.6% Average selling prices per MT (US$) 1,055.7 714.7 47.7% Revenue 4,348.8 3,445.9 26.2% OM per MT (US$) 54.6 49.9 9.4% Operating margin ("OM") 225.1 240.5 -6.4% Operating margin (%) 5.2% 7.0% -25.7% Other income/
Slide 8: FY Segmental Performance
FY SEGMENTAL PERFORMANCE Total BULK CONSUMER PACK FY 2021 FY 2020 Change FY 2021 FY 2020 Change FY 2021 FY 2020 Change Sales Volume (MT’000) 4,119.5 4,821.2 -14.6% 3,037.4 3,825.3 -20.6% 1,082.1 995.9 8.7% Average Selling Price per MT (US$) 1,055.7 714.7 47.7% 1,073.5 692.1 55.1% 1,005.7 801.8 25.4%
Slide 9: FY Sales Volume & Revenue
FY SALES VOLUME & REVENUE In US$ million, unless stated otherwise 5,000.0 Total FY 2021 FY 2020 Change % 4,000.0 Sales volume 4,119.5 4,821.2 -14.6% 3,000.0 -14.6% +47.7% (MT’000) 4,348.8 2,000.0 Avg Selling Price 3,445.9 +26.2% 1,055.7 714.7 47.7% (US$) 1,000.0 Revenue 4,348.8 3,445.9 26.2% - FY 20
Slide 10: FY Segmental Sales Volume & Revenue
FY SEGMENTAL SALES VOLUME & REVENUE In US$ million, unless stated otherwise BULK CONSUMER PACK 1,088.3 2,647.3 -20.6% +55.1% 3,260.5 +8.7% +25.4% 798.5 +23.2% +36.3% FY 2020 Volume ASP per MT FY 2021 FY 2020 Volume ASP per MT FY 2021 Change Change Bulk FY 2021 FY 2020 Consumer Pack FY 2021 FY 2020 %
Slide 11: FY Geographical Spread – Revenue
FY GEOGRAPHICAL SPREAD – REVENUE TOTAL Based on Billing address of the customer Americas Europe 1% 4% Europe Americas Pacific Oceania Rest of Asia 4% 2% Rest of Asia Pacific Oceania 2% 24% 22% 2% Middle East 9% Middle East Malaysia/ 6% Malaysia/ Africa Singapore Singapore Africa 9% 53% 52% 10% FY 20
Slide 12: FY Geographical Spread – Revenue (Bulk)
FY GEOGRAPHICAL SPREAD – REVENUE BULK Based on Billing address of the customer Americas Americas Europe 0.2% Europe 0.3% Rest of Asia 3% Rest of Asia 2% 22% Pacific Oceania 25% Pacific Oceania 1% 1% Middle East 8% Middle East 4% Africa 1% Malaysia/ Africa Malaysia/ Singapore 3% Singapore 65% 65% FY
Slide 13: FY Geographical Spread – Revenue (Consumer Pack)
FY GEOGRAPHICAL SPREAD – REVENUE CONSUMER PACK Based on Billing address of the customer Americas Americas Pacific Oceania Pacific Oceania Europe 4% 6% 5% 5% Europe 7% Malaysia/ 8% Malaysia/ Singapore Singapore Rest of Asia Rest of Asia 13% 19% 21% 19% Middle East 12% Middle East Africa Africa 13% 36
Slide 14: FY Operating Margin
FY OPERATING MARGIN In US$ million, unless stated otherwise 250.0 Change Total FY 2021 FY 2020 200.0 % -14.6% +9.4% Sales volume 150.0 4,119.5 4,821.2 -14.6% -6.4% (MT’000) 240.5 225.1 100.0 Operating Margin per MT 54.6 49.9 9.4% (US$) 50.0 Operating 225.1 240.5 -6.4% Margin - FY 2020 Volume OM per
Slide 15: FY Segmental Operating Margin
FY SEGMENTAL OPERATING MARGIN In US$ million, unless stated otherwise BULK CONSUMER PACK -20.6% +17.9% +8.7% -14.1% 80.0 160.5 150.4 74.7 -6.3% -6.6% FY 2020 Volume OM per MT FY 2021 FY 2020 Volume OM per MT FY 2021 Change Change Bulk FY 2021 FY 2020 Consumer Pack FY 2021 FY 2020 % % Sales volume (M
Slide 16: Balance Sheet
BALANCE SHEET 15
Slide 17: Source & Application of Capital
SOURCE & APPLICATION OF CAPITAL In US$ million 31 Dec 2021 31 Dec 2020 942.0 942.0 Current net debt 816.3 816.3 187.1 19.8% Current net debt Working Non-current net debt Working 20.9% 71.3 7.6% 170.5 Capital Capital Non-current net debt 493.5 35.5 4.3% 367.8 Equity Equity Long-term 683.6 72.6% Long-
Slide 18: Source & Application of Capital
SOURCE & APPLICATION OF CAPITAL In US$ million 31-Dec-21 % 31-Dec-20 % Change Long-term investments 448.5 47.6% 448.5 54.9% 0.0% Working capital 493.5 52.4% 367.8 45.1% 34.2% Total investments 942.0 816.3 15.4% Equity 683.6 72.6% 610.3 74.8% 12.0% Gross debt 430.2 284.2 51.4% Cash 171.8 78.2 119.7%
Slide 19: Source & Application of Capital
SOURCE & APPLICATION OF CAPITAL 942.0 942.0 Current net debt 187.1 37.9% Working capital 493.5 Equity 47.6% 306.4 62.1% Non-current debt 71.3 15.9% 448.5 Long-term Equity 377.2 investments 84.1% 52.4% Capital Investment Actual Debt / Equity Ratio Objective FY 2021 FY 2020 Long-term investments (LT D
Slide 20: Liquidity
LIQUIDITY In US$ million Non-current debt Current debt Cash & cash equivalents Term loan repayment schedule (in US$ million) FY 2022 13.6 Gross debt and FY 2023 16.7 net debt FY 2024 16.0 FY 2025 12.5 Gross debt, 451 Gross debt, 430 Gross debt, 401 Gross debt, 284 Net debt, 258 Net debt, 339 Net deb
Slide 21: Cycle Time
CYCLE TIME* Inventory days Trade receivable days 52 44 45 34 32 30 27 22 FY 2018 FY 2019 FY 2020 FY 2021 FY 2018 FY 2019 FY 2020 FY 2021 Trade payable days Cycle time FY 2018 FY 2019 FY 2020 FY 2021 61 59 48 51 (17) (16) (16) (18) FY 2018 FY 2019 FY 2020 FY 2021 * Cycle time is calculated as Invento
Slide 22: Cash Flow Statement
CASH FLOW STATEMENT 21
Slide 23: Cash Flow Statement
CASH FLOW STATEMENT In US$ million FY 2021 FY 2020 Operating cash flows before working capital changes 150.4 166.2 Changes in operating assets and liabilities (132.3) 7.4 Net interest and income tax payment (28.1) (12.5) Net cash flows (used in)/from operating activities (9.9) 161.2 Net cash flows f
Slide 24: Thank you
Thank you Any questions, contact: Rajesh Shroff, Chief Financial Officer Ph: (65) 6829 5255| mail: ir@mewahgroup.com