Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Infrastructure — Q2 FY2021 Earnings Presentation
47 slides from Gmr Airports's earnings presentation, Nov 11, 2020
Slide 1: Cover letter to stock exchanges
GMR Infrastructure Limited Corporate Office: New Udaan Bhawan, Opp. Terminal-3 Indira Gandhi International Airport New Delhi-11 0037 CIN: L45203MH1996PLC281138 T +91 11 42532600 F +91 11 47197181 W www.gmrgroup.in E Gii.Cosecy@gmrgroup.in November 11, 2020 BSE Limited National Stock Exchange of Indi
Slide 2: Investor Presentation Q2FY21
Investor Presentation Q2FY21 0
Slide 3: Disclaimer
DISCLAIMER All statements, graphics, data, tables, charts, logos, names, figures and all other statements relating to future results of operation, financial condition, business information (“Contents”) contained in this document (“Material”) is prepared by GMR prospects, plans and objectives, are ba
Slide 4: Table of Contents
Table of Contents Particulars Pg. No. Managing Covid 19 Impact 3–6 Strategy Update 7 – 12 GIL Financial Performance 13 – 16 Airport Business 17 – 24 Energy Business 25 – 28 Transportation and Urban Infrastructure Business 29 – 32 Annexures 34 – 45 2
Slide 5: Managing COVID-19 Impact
Managing COVID-19 Impact Humility | Entrepreneurship | Teamwork a7/i Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 6: Effectively Managing COVID Impact on Airport Operations
Effectively Managing COVID Impact on Airport Operations Aligning Business Position Response Amidst Unprecedented Pandemic • Cash conservation through rescheduling of our Capex Vande Bharat Repatriation initiative by the Ministry of plan Mission Civil Aviation • Consolidation of infrastructures to
Slide 7: Technological Development to Aid Air Traffic
Technological Development to Aid Air Traffic FDA has authorized first finger-prick blood Covid 19 test for point-of-care use. Point-of-care testing is testing performed outside of a lab, close to the patient e.g. in doctor’s office, hospital room, or anywhere the patient is. India and Israel are
Slide 8: Encouraging Trends in Recovery
Encouraging Trends in Recovery Energy Business - PLFs recovered Airport Business witnessing recovery of traffic post opening on May 25 th substantially Delhi Airport1,2,3 1st Week 24th Week Apr-20 Oct-20 Nov-20 25-31 May 2 - 8 Nov 98% 98% 100% 89% 81% 68% 59% 49% 52% 47% 47% 29% 24% 15% 19% 17% 3% 5
Slide 9: Strategy Update
Strategy Update Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 10: Asset Light and Asset Right Strategy; Deleveraging
Continuous Focus on Asset Light and Asset Right Strategy 1 Significant Move Towards Deleveraging 2 Vertical Demerger to create further value for shareholders 3 Divestment of Select Assets across Businesses 8
Slide 11: Significant Move Towards Deleveraging
Significant Move Towards Deleveraging Transaction Details Minority stake sale of 49% in GMR Airports Ltd (GAL) INR 98.13bn received Tranche I: INR 52.5bn received in February 2020 Tranche II: INR 45.7bn received in July 2020 ─ Including INR 10bn primary capital @ GAL Investment ─ Balance secon
Slide 12: Strategic Group Restructuring to Unlock Value (1/2)
Strategic Group Restructuring to Unlock Value1 (1/2) Current Structure Resultant Structure Promoter & Promoter Promoter & Promoter Group Public Public Group 65.52% 34.48% GIL 65.52% 34.48% Airport, Energy, EPC, Urban Infra Businesses GPUIL GIL 100% 100%2 Energy, EPC and Urban Airport Business GPIL I
Slide 13: Strategic Group Restructuring to Unlock Value (2/2)
Strategic Group Restructuring to Unlock Value1 (2/2) Rationale for Demerger Schemes of Arrangement Value unlocking of Airport & Non-Airport Demerger of the Non-Airport Business of GIL businesses into GPUIL as a going concern Mirror shareholding of GIL in GPUIL with all Simplification of the
Slide 14: Plans to Divest Select Assets across Businesses
Plans to Divest Select Assets across Businesses Signed Definitive Agreements for divestment of entire 51% stake in KSEZ to Port & Aurobindo Realty and Infrastructure Pvt. Ltd. Industrial Consideration for the equity stake and sub-debt in KSEZ - INR 26.1 bn Land - INR 16 bn to be received on the
Slide 15: Performance Highlights – Q2FY21
Performance Highlights – Q2FY21
Slide 16: GIL Performance Highlights – Q2FY21 (YoY)
GIL Performance Highlights – Q2FY21 (YoY) Consolidated Financials • Net Revenues ▼30% YoY due to unprecedented Covid pandemic o Airport business revenues ▼59% YoY • EBITDA of INR 1.4 bn in Q2FY21 vs INR 6.4 bn in Q2FY20 on lower revenue • Net Loss after tax ~INR 7.5 bn in Q2FY21 vs INR 4.6 bn in Q2F
Slide 17: GIL Consolidated – Quarterly Trends
GIL Consolidated – Quarterly Trends INR bn Airport Energy Highways Others 18.1 16.7 13% 13% 17% 15.3 20% 6% 26% Net Revenue 7% 7% 11% 12% 10% 17% 7% 10.7 9.6 29% 31% 69% 68% 59% 35% 41% Q2FY20 Q3FY20 Q4FY20 Q1FY20 Q2FY21 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 INR bn 7.7 7.3 6.4 6.5 6.7 5.7 EBITDA 4.7 3.
Slide 18: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt (INR bn) ^ Net Debt (Sector-wise) ^ 293 62 Energy 10% 231 Airport 57% Highways 11% Others 0% Corporate Gross Debt Cash & equivalents Net Debt 22% Note: Debt under ‘Other Segment’ pertaining to land assets (Kakinada) Note : FCCB not considered in debt, ^ As on S
Slide 19: Airport Business
Airport Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 20: Key Developments in Q2FY21 - Airport Business
Key Developments in Q2FY21 - Airport Business Delhi Airport (DIAL) • Revenue growth (▼56% YoY) o Aero revenue (▼65% YoY) and Non-aero revenue (▼41% YoY) o CPD Rentals (▼94% YoY) mainly on non-recognition of revenue from new contracts with Bharti Realty • Aero revenue impacted by o Decline in traffic
Slide 21: Key Developments in Q2FY21 - Airport Business (Cebu, Goa)
Key Developments in Q2FY21 - Airport Business Cebu Airport • Revenue ▼92% YoY in constant currency terms o Pax growth ▼99% YoY; Air traffic movement ▼98% YoY o Operating expenses ▼40% YoY o EBITDA loss at INR 179 mn in Q2FY21 Goa Airport • Construction & development works at Project Site at Mopa, we
Slide 22: Airports Business (Q2FY21) - Operational & Financial Highlights
Airports Business (Q2FY21) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) Q2FY2020 Q2FY2021 Q2FY2020 Q2FY2021 Q2FY2020 Q2FY2021 Gross Revenues 15,125 6,284 9,290 4,061 3,945 846 Net Revenu
Slide 23: Airports Business (H1FY21) - Operational & Financial Highlights
Airports Business (H1FY21) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) H1FY2020 H1FY2021 H1FY2020 H1FY2021 H1FY2020 H1FY2021 Gross Revenues 29,722 11,228 18,567 7,543 7,758 1,289 Net Re
Slide 24: Delhi Airport - Non-Aero Revenues (H1FY21)
Delhi Airport - Non-Aero Revenues (H1FY21) Delhi Airport Non-Aero Revenue Break-up INR 5.5 bn • Non-aero revenues ▼49% to INR 5.5bn Ca rgo • Retail revenues ▼91% YoY to INR 271mn Advt. 26% 3% o Duty Free SPP down to INR 567 in H1FY21 from INR 824 in F&B H1FY20 3% • Cargo revenues ▲2% YoY to INR 1.4b
Slide 25: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q2FY2020 Q2FY2021 H1FY2020 H1FY2021 Q2FY2020 Q2FY2021 H1FY2020 H1FY2021 Gross Revenues 1,175 93 2,370 1,155 1,175 103 2,370 1,242 EBITDA 724 -179 1,522 434 724 -198 1,522 467 PAT 273 -452 416 -552
Slide 26: Significant Contribution of JVs and Subsidiaries
Significant Contribution of JVs and Subsidiaries GAL – H1FY21 Consolidated EBITDA (Proforma) I NR mn Airport Consolidated JVs EBITDA Airport Consolidated EBITDA^# (DIAL+GHIAL)* Cebu EBITDA Proforma EBITDA 1,518 187 1,362 (342) DIAL – H1FY21 Consolidated EBITDA (Proforma) GHIAL – H1FY21 Consolidated
Slide 27: Energy Business
Energy Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 28: Key Developments in Q2FY21 – Energy Business
Key Developments in Q2FY21 – Energy Business Warora Power Project • Revenue normalised for arrears ▼5% YoY − PLF including alternate power at 84.4% from 67.8% YoY • EBITDA normalised for arrears ▼43% YoY • Cash loss of INR 239 mn vs. cash profit of INR 302 mn in Q2FY20 Kamalanga Power Project • Reve
Slide 29: GMR Energy Ltd - Operational & Financial Highlights
GMR Energy Ltd (GEL) - Operational & Financial Highlights (figures in INR mn) GEL Consolidated Warora Kamalanga Solar Particulars Proforma Q2FY2020 Q2FY2021 Q2FY2020 Q2FY2021 Q2FY2020 Q2FY2021 Q2FY2020 Q2FY2021 Revenue 8,015 9,728 3,885 3,728 4,045 5,758 110 110 EBITDA 2,393 2,704 1,275 754 1,213 1,
Slide 30: Coal Assets - PT GEMS
Coal Assets - PT GEMS (figures in INR mn) Golden Energy Mines Particulars Q2FY2020 Q2FY2021 H1FY2020 H1FY2021 Sales Vol. (mn tons) 5.8 8.1 13.3 17.0 Revenues 15,433 19,334 34,413 42,470 EBITDA 1,790 2,443 4,322 6,212 PAT 1,005 1,584 2,544 4,057 • Production ▲ 50% YoY to 8.1 mn tons in Q2FY21 • Sales
Slide 31: Transportation and Urban Infrastructure Business (T&UI)
Transportation and Urban Infrastructure Business (T&UI)
Slide 32: Key Developments in Q2FY21 – T&UI
Key Developments in Q2FY21 – T&UI Highway Business • Hyderabad Vijayawada and Ambala Chandigarh expressways have reached 93% and 90% traffic as compared to pre-Covid levels in October 2020 • Major maintenance of Hyderabad Vijayawada completed DFCC Business • Construction work has resumed from 20th A
Slide 33: Highway Business Assets Performance
Highway Business Assets Performance (figures in INR mn) Hyderabad-Vijaywada Ambala - Chandigarh GPEL Chennai ORR Particulars Q2FY2020 Q2FY2021 Q2FY2020 Q2FY2021 Q2FY2020 Q2FY2021 Q2FY2020 Q2FY2021 Revenue 457 434 150 139 147 293 246 239 EBITDA 334 344 100 77 99 102 189 (31) Interest 689 694 125 133
Slide 34: Urban Infrastructure – Potential to Unlock Substantial Value
Urban Infrastructure – Potential to Unlock Substantial Value Kakinada Special Investment Region Divestment1ofofGroup’s Divestment Group’sentire entirestake stakeininKSEZ KSEZ1 2 Signed Definitive Agreements for divestment by GSPHL3 of its entire 51% stake in KSEZ2 to Aurobindo Realty and Infrast
Slide 35: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 36: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 37: Annexures Index
Annexures Particulars No. Checklist of Companies : Ind AS Consolidation and Change in Accounting Policy A Profitability Statement (Consolidated) B Financial Performance • Airport Sector (Consolidated) C o Delhi Airport (Standalone) D o Hyderabad Airport (Standalone) E • Energy Sector (Consolidated)
Slide 38: Annexure A : Checklist of Companies - Ind AS Consolidation
Annexure A : Checklist of Companies - Ind AS Consolidation Segment Companies Delhi Airport Yes Hyderabad Airport Yes Mactan – Cebu Airport No Airports Goa Airport Yes DIAL JVs (excl Car Park JV) No GHIAL JVs (excl Advertisement JV) Yes GMR Airports Ltd Yes GMR Energy Ltd (Standalone) Projects under
Slide 39: Annexure B : Profitability Statement (Consolidated)
Annexure B : Profitability Statement (Consolidated) INR mn INR mn Q2FY2020 Q1FY2021 Q2FY2021 H1FY2020 H1FY2021 Gross Revenue 20,182 11,341 12,938 40,103 24,278 Less: Revenue Share 4,911 1,775 2,226 9,783 4,001 Net Revenue 15,270 9,566 10,712 30,320 20,277 Total Expenditure 8,842 9,755 9,316 17,903 1
Slide 40: Annexure C : Airport Business (Consolidated)
Annexure C : Airport Business (Consolidated) INR mn INR mn Q2FY2020 Q1FY2021 Q2FY2021 H1FY2020 H1FY2021 Aero Revenue 4,846 746 1,388 9,541 2,134 Non Aero Revenue 8,724 3,617 4,770 17,170 8,388 CPD Rentals 1,555 580 126 3,012 706 Gross Revenue 15,125 4,944 6,284 29,722 11,228 Less: Revenue Share 4,62
Slide 41: Annexure D : Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn INR mn Particulars Q2FY2020 Q1FY2021 Q2FY2021 H1FY2020 H1FY2021 Aero Revenue 2,471 518 869 4,836 1,387 Non Aero Revenue 5,232 2,401 3,091 10,755 5,492 CPD Rentals 1,586 562 101 2,976 664 Gross Revenue 9,290 3,482 4,061 18,567 7,543 Less: Revenue Share 4
Slide 42: Annexure E : Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn INR mn Q2FY2020 Q1FY2021 Q2FY2021 H1FY2020 H1FY2021 Aero Revenue 2,946 259 558 5,844 817 Non Aero Revenue 998 184 288 1,914 472 Gross Revenue 3,945 443 846 7,758 1,289 Less: Revenue Share 166 29 54 328 83 Net Revenue 3,779 414 792 7,430 1,205 Operat
Slide 43: Annexure F : Energy Business (Consolidated)
Annexure F : Energy Business (Consolidated) INR mn INR mn Q2FY2020 Q1FY2021 Q2FY2021 H1FY2020 H1FY2021 Gross Revenue 1,676 3,006 3,101 2,839 6,107 Operating Expenditure 1,869 3,056 3,048 3,152 6,105 EBITDA (193) (50) 52 (313) 2 EBITDA margin -12% -2% 2% -11% 0% Other Income 280 215 259 497 474 Inter
Slide 44: Annexure G : Warora (Standalone) Power Plant
Annexure G : Warora (Standalone) Power Plant INR mn INR mn Particulars Q2FY2020 Q1FY2021 Q2FY2021 H1FY2020 H1FY2021 Total Revenue 3,885 3,575 3,728 8,614 7,303 Fuel - Consumption 2,021 1,440 2,543 4,766 3,983 Other Expenses 589 487 430 1,187 917 EBITDA 1,275 1,649 754 2,661 2,403 EBITDA margin 33% 4
Slide 45: Annexure H : Kamalanga (Standalone) Power Plant
Annexure H : Kamalanga (Standalone) Power Plant INR mn INR mn Particulars Q2FY2020 Q1FY2021 Q2FY2021 H1FY2020 H1FY2021 Total Revenue 4,045 4,202 5,758 9,587 9,960 Fuel - Consumption 2,026 2,082 2,931 4,818 5,012 Other Expenses 805 737 864 1,851 1,601 EBITDA 1,213 1,383 1,964 2,918 3,347 EBITDA margi
Slide 46: Annexure I : PT GEMS (Indonesian Coal Mine)
Annexure I : PT GEMS (Indonesian Coal Mine) INR mn INR mn Particulars Q2FY2020 Q1FY2021 Q2FY2021 H1FY2020 H1FY2021 Production (mn tons) 5.4 8.4 8.1 12.6 16.5 Sales Volumes (mn tons) 5.8 8.9 8.1 13.3 17.0 Gross Revenue 15,433 23,136 19,334 34,413 42,470 Total Expenditure 13,643 19,367 16,890 30,091 3
Slide 47: Annexure J : Highway Business (Consolidated)
Annexure J : Highway Business (Consolidated) INR mn INR mn Q2FY2020 Q1FY2021 Q2FY2021 H1FY2020 H1FY2021 Gross Revenue 1,414 864 1,397 2,925 2,261 Less: Revenue Share 288 168 293 602 460 Net Revenue 1,127 696 1,104 2,323 1,800 Operating Expenses 332 206 587 585 793 EBITDA 794 490 517 1,737 1,007 EBIT