ComfortDelGro Corporation Limited · SGX:C52
ComfortDelGro — FY2021 Earnings Presentation
32 slides from ComfortDelGro's earnings presentation, Feb 28, 2022
Slide 1: 2021 Financial Results Presentation
2021 Financial Results Presentation 28 February 2022
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 • Review of Financial Results • Performance by Business Segments • Dividend Payout and Shareholder Return • Business Outlook Page 3
Slide 4: Review of Financial Results
REVIEW OF FINANCIAL RESULTS Page 4
Slide 5: Income Statement – 2021
Income Statement – 2021 2H2021 2H20201 Fav/(Adv) 2021 20201 Fav/(Adv) Revenue ($’m) 1,795.8 1,708.9 86.9 / 5.1% 3,538.3 3,242.6 295.7 / 9.1% Operating Costs ($’m) (1,499.2) (1,349.5) (149.7) / (11.1%) (2,903.0) (2,629.4) (273.6) / (10.4%) Depreciation and Amortisation ($’m) (195.8) (220.2) 24.4 / 11
Slide 6: Income Statement – 2021 (2H2021 vs 2H2020)
Income Statement – 2021 2H2021 vs 2H2020 • Revenue ↑$86.9m or 5.1% • Excluding Government relief, Revenue ↑$91.5m or 5.4% - Public Transport Services ↑$100.4m; Taxi ↓($20.5m); Automotive Engineering Services ↑$10.1m; Inspection & Testing ↑$5.5m • Includes Government relief of $9.9m (2020: $14.5m) •
Slide 7: Income Statement – 2021 (2021 vs 2020)
Income Statement – 2021 2021 vs 2020 • Revenue ↑$295.7m or 9.1% • Excluding Government relief, Revenue ↑$293.9m or 9.1% - Public Transport Services ↑$232.7m; Taxi ↑$27.6m; Inspection & Testing ↑$14.8m; Automotive Engineering Services ↑$12.4m; Driving Centre ↑$11.1m • Includes Government relief of $2
Slide 8: Balance Sheet
Balance Sheet Dec 21 Dec 201 Fav/(Adv) Cash and short-term deposits ($’m) 919.1 742.8 176.3 / 23.7% Other current assets ($’m) 669.2 681.4 (12.2) / (1.8%) Non-current assets ($’m) 3,366.7 3,534.4 (167.7) / (4.7%) Total Assets ($’m) 4,955.0 4,958.6 (3.6) / (0.1%) Current liabilities ($’m) 990.1 1,012
Slide 9: Cashflow
Cashflow 2021 ($’m) 2020 ($’m) Cash from Operating Activities 732.2 632.2 Utilisation of Cash: Net CAPEX (194.3) (106.1) Dividends (107.4) (144.4) Tax (67.0) (82.7) Others (12.7) (3.0) Total Utilisation of Cash (381.4) (336.2) Net Decrease in Borrowings (174.5) (147.4) Net Cash Inflow 176.3 148.6 •
Slide 10: Group Treasury Status
Group Treasury Status Dec 21 Dec 201 Fav/(Adv) Cash and short-term deposits $919.1m $742.8m $176.3m / 23.7% Borrowings + finance leases ($399.3m) ($552.3m) $153.0m / 27.7% Gross Gearing (gross debt / equity) 12.7% 18.0% 5.3% points Committed facilities $225.0m $435.9m ($210.9m) / (48.4%) Uncommitted
Slide 11: CAPEX Summary
CAPEX Summary 2021 2020 $228.2m $198.5m $ 32.3 m $ 33.9 m Proceeds from disposal of vehicles $ 47.7 m Proceeds from $ 67.6 m $ 86.2 m disposal of vehicles $ 80.9 m Finance lease $ 34.4 m $ 6.2 m $ 194.3 m Net CAPEX $ 49.4 m $ 19.1 m Net CAPEX $ 106.1 m $ 22.7 m $ 44.5 m $ 28.1 m Buses Taxis Other ve
Slide 12: Revenue by Geographical Region
Revenue by Geographical Region Revenue by Geographical Region ($’m) 3,538.3 3,242.6 1,903.4 2021 1,769.8 2020 807.2 733.9 700.9 622.1 124.2 113.4 2.6 3.4 Total Singapore UK/Ireland Australia China Vietnam & Malaysia • 2021 overseas revenue contribution of 46.2% (2020 : 45.4%) Page 12
Slide 13: Operating Profit by Region
Operating Profit by Region Operating Profit by Geographical Region ($’m) 210.0 121.7 121.1 105.0 2021 2020 57.6 34.3 26.1 10.9 6.1 (0.9) (0.5) (28.0) Total Singapore Australia China UK/Ireland Vietnam & Malaysia • Significant government reliefs in Singapore and China in 2020 cushioned COVID-19 impac
Slide 14: Performance by Business Segment
PERFORMANCE BY BUSINESS SEGMENT Page 14
Slide 15: Revenue by Segment
Revenue by Segment Revenue by Segment ($’m) 3,538.3 3,242.6 2,822.2 2,582.6 2021 2020 426.1 403.2 174.4 163.4 100.9 86.8 52.3 41.3 25.9 27.0 12.1 15.7 (75.6) (77.4) Total Public Taxi Automotive Inspection & Testing Driving Centre Car Rental & Leasing Bus Station Elimination Transportation Engineerin
Slide 16: Operating Profit by Segment
Operating Profit by Segment Operating Profit by Segment ($’m) 210.0 130.7 124.1 121.7 2021 30.6 26.6 18.5 10.7 18.1 14.9 8.6 3.0 2.5 1.6 6.2 2020 (64.4) Total Public Taxi Automotive Inspection & Driving Centre Car Rental & Bus Station Transportation Engineering Testing Services Leasing Services Serv
Slide 17: Income Statement – Quarter-to-Quarter
Income Statement – Quarter-to-Quarter 1Q2021 2Q2021 3Q2021 4Q2021 2021 Revenue ($’m) 856.3 886.2 880.3 915.5 3,538.3 Other Operating Costs ($’m) (675.2) (728.6) (738.2) (761.0) (2,903.0) Depreciation and Amortisation ($’m) (100.1) (105.7) (102.5) (93.3) (401.6) Operating Profit excl. non-recurring i
Slide 18: Income Statement – Quarter-to-Quarter
Income Statement – Quarter-to-Quarter COVID-19 situation stabilised through 4Q2021 • Most geographies gradually relaxing restrictions, international travel resuming through Vaccinated Travel Lanes • Singapore gradually relaxed measures throughout 4Q2021 • Lockdowns in Australia mostly ended in Octob
Slide 19: Public Transport Services
Public Transport Services 1Q 2Q 3Q 4Q $’m 2021 2021 2021 2021 2021 20201 Revenue 665.6 708.6 710.6 737.4 2,822.2 2,582.6 Operating Costs (621.4) (670.8) (678.9) (704.1) (2,675.2) (2,452.7) Operating Profit excl. non-recurring 44.2 37.8 31.7 33.3 147.0 129.9 items (“OPE”) Net Gain/(Loss) on Disposal
Slide 20: Taxi
Taxi 1Q 2Q 3Q 4Q $’m 2021 2021 2021 2021 2021 20201 Revenue 119.7 106.2 97.3 102.9 426.1 403.2 Operating Costs (100.6) (108.2) (103.3) (90.8) (402.9) (421.2) Operating Profit excl. non-recurring 19.1 (2.0) (6.0) 12.1 23.2 (18.0) items (“OPE”) Net Gain/(Loss) on Disposal (0.5) 1.3 0.1 (0.1) 0.8 (10.6
Slide 21: Automotive Engineering Services
Automotive Engineering Services 1Q 2Q 3Q 4Q $’m 2021 2021 2021 2021 2021 20201 Revenue 42.0 43.5 44.2 44.7 174.4 163.4 Operating Costs (39.0) (40.9) (41.6) (42.1) (163.6) (145.3) Operating Profit excl. non-recurring 3.0 2.6 2.6 2.6 10.8 18.1 items (“OPE”) Net Gain/(Loss) on Disposal - - - (0.1) (0.1
Slide 22: Inspection & Testing Services
Inspection & Testing Services 1Q 2Q 3Q 4Q $’m 2021 2021 2021 2021 2021 20201 Revenue 24.1 25.0 26.3 25.5 100.9 86.8 Operating Costs (16.5) (17.4) (18.9) (17.5) (70.3) (58.2) Operating Profit excl. non-recurring 7.6 7.6 7.4 8.0 30.6 28.6 items (“OPE”) Net Gain/(Loss) on Disposal - - - - - - Impairmen
Slide 23: Driving Centre
Driving Centre 1Q 2Q 3Q 4Q $’m 2021 2021 2021 2021 2021 20201 Revenue 13.9 12.7 11.5 14.2 52.3 41.3 Operating Costs (8.2) (8.3) (8.3) (9.1) (33.9) (27.9) Operating Profit excl. non-recurring 5.7 4.4 3.2 5.1 18.4 13.4 items (“OPE”) Net Gain/(Loss) on Disposal - - - - - - Impairment - - - (3.5) (3.5)
Slide 24: Car Rental & Leasing
Car Rental & Leasing 1Q 2Q 3Q 4Q $’m 2021 2021 2021 2021 2021 20201 Revenue 6.4 6.6 6.5 6.4 25.9 27.0 Operating Costs (5.7) (6.0) (5.9) (6.2) (23.8) (24.0) Operating Profit excl. non-recurring 0.7 0.6 0.6 0.2 2.1 3.0 items (“OPE”) Net Gain/(Loss) on Disposal 0.1 0.3 0.3 0.2 0.9 0.7 Impairment - - -
Slide 25: Bus Station
Bus Station 1Q 2Q 3Q 4Q $’m 2021 2021 2021 2021 2021 20201 Revenue 3.8 2.8 2.8 2.7 12.1 15.7 Operating Costs (2.5) (2.5) (2.7) (2.8) (10.5) (9.5) Operating Profit excl. non-recurring 1.3 0.3 0.1 (0.1) 1.6 6.2 items (“OPE”) Net Gain/(Loss) on Disposal - - - - - - Impairment - - - - - - Operating Prof
Slide 26: Financial Summary
Financial Summary • COVID-19 • Vaccinations progressing well across major economies and nations • Fully vaccinated as of end Jan’22 – Singapore 85%; Australia 79%; UK 72%; China 87% • Re-opening strategies continue, international travel resuming • Spikes and mutations remain a worry • P&L – 2021 Gro
Slide 27: Dividend Payout and Shareholder Return
DIVIDEND PAYOUT AND SHAREHOLDER RETURN Page 27
Slide 28: Financial Year 2021 Dividend Payout
Financial Year 2021 Dividend Payout FY2021 FY2020 Increase / (cents) (cents) (decrease) EPS (Cents) 6.00 2.81 3.19 / 113.5% Interim Dividend 2.10 - 2.10 / NM Final Dividend 2.10 1.43 0.67 / 46.8% Total 4.20 1.43 2.77 / 193.7% Dividend payout ratio 70.0% 50.0% ComfortDelGro share price as of 31 Dec 1
Slide 29: Business Outlook
BUSINESS OUTLOOK page COMFORIDELGRO
Slide 30: Business Outlook
Business Outlook • The global recovery has taken root as more countries with high vaccination rates re-open their economies through a relaxation of restrictions and a cautious resumption of international travel. As the situation improves, many Government relief schemes, which had already been taperi
Slide 31: Thank You
THANK YOU pageat COMFORIDELGRO
Slide 32: Appendix – Segments
Appendix – Segments (S$m) 2021 2020 2021 2020 Operating Revenue Revenue1 Operating Profit Profit1 Public Transportation Services 2,822.2 2,582.6 130.7 124.1 Taxi 426.1 403.2 18.5 (64.4) Automotive Engineering Services 174.4 163.4 10.7 18.1 Inspection & Testing Services 100.9 86.8 30.6 26.6 Driving C