Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Infrastructure — Q1 FY2020 Earnings Presentation
35 slides from Gmr Airports's earnings presentation, Aug 16, 2019
Slide 1: Covering letter to stock exchanges: Investor Presentation
GMR Infrastructure Limited Corporate Office: New Udaan Bhawan, Opp. Terminal·3 Indira Gandhi International Airport New Delhi· liD 037 CIN L45203MH1996PLC281138 T +9111 42532600 F +911147197181 w www.gmrgroup.in August 16, 2019 BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy
Slide 2: Investor Presentation: Financial Performance Q1FY20
Investor Presentation Financial Performance Q1FY20 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. Strategic Initiatives And Way Forward 3–4 GIL Financial Performance 5–7 Airport Sector 8 – 16 Energy Sector 17 – 20 Annexures 22 - 33 2
Slide 5: Strategic Investment From Marquee Partners Followed By Demerger To Provide Pure Play In Airports Business
Strategic Investment From Marquee Partners Followed By Demerger To Provide Pure Play In Airports Business Strategic Investment And Demerger: Highlights I. Strategic Investment from Tata, GIC and SSG Capital Management II. Proposed Restructuring3 Amount: INR 80 Bn Process: • Secondary Sale: INR 70 Bn
Slide 6: To Strengthen Balance Sheet Through Continued Deleveraging And Establish Leadership In Airports Business
To Strengthen Balance Sheet Through Continued Deleveraging And Establish Leadership In Airports Business 1 Equity investment in airport business to significantly deleverage balance sheet – Corporate debt to reduce significantly which historically grew owing to expansion followed by challenging mac
Slide 7: GIL Performance Highlights – Q1FY20
GIL Performance Highlights – Q1FY20 Consolidated Financial • Net Revenues ▲15% YoY o Airport business revenues ▲16% YoY aided by Delhi Airport • EBITDA ▲37% YoY on healthy revenue growth • EBITDA margin 40% in Q1FY20 vs 33% in Q1FY19 • Net Loss after tax ~INR 3.3 bn in Q1FY20 vs INR 2.4 bn in Q1FY19
Slide 8: GIL Consolidated – Quarterly Trends
GIL Consolidated – Quarterly Trends INR bn 15.3 Airport Energy Highways Others 15.0 15.0 14.7 22% 19% 19% 17% 19% Net Revenue 7% 9% 8% 8% 8% 6% 12% 10% 14% 8% 13.2 65% 62% 62% 61% 66% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 INR bn Airport Highways Energy + Others 6.0 29
Slide 9: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt (INR bn) ^ Net Debt (Sector-wise) ^ 312.9 87.7 Corporate (Inc. debt 225.2 for PE Exit) 38% Airport 36% Others 2% Highways Energy Gross Debt Cash & equivalents Net Debt 12% 12% Note: Reclassified INR 12 bn of Energy and Others segments debts as Note : FCCB not c
Slide 10: Airport Business
Airport Business Humility | Entrepreneurship | Teamwork a4 Relationships | Deliver the P é | Learning And Inner Excellence | Social Respofsibility | Reshect for Individual
Slide 11: Key Developments in Q1FY20 - Airport Business
Key Developments in Q1FY20 - Airport Business Delhi Airport (DIAL) • Revenue growth (▲24% YoY) despite Jet Airways stopping its service o Aero revenue (▲6% YoY) and Non-aero revenue (▲9% YoY) o CPD Rentals (▲2.9x YoY) on commencement of lease rentals from recent land monetization • Aero revenue grow
Slide 12: Key Developments in Q1FY20 - Airport Business (Cebu, Goa, Nagpur)
Key Developments in Q1FY20 - Airport Business Cebu Airport • Revenue ▲39% YoY and EBITDA ▲21% YoY in constant currency terms o Tariff reset on commencement of new terminal 2 w.e.f. Jul 1, 2018 o Addition of 3 new airlines in existing routes and 3 new routes • Operating performance in INR aided by ~7
Slide 13: Airports Business (Q1FY20) - Operational & Financial Highlights
Airports Business (Q1FY20) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) Q1FY2019 Q1FY2020 Q1FY2019 Q1FY2020 Q1FY2019 Q1FY2020 Gross Revenues 12,468 14,416 7,785 9,278 3,426 3,813 Net Rev
Slide 14: Delhi Airport - Non-Aero Revenues (Q1FY20)
Delhi Airport - Non-Aero Revenues (Q1FY20) Delhi Airport Non-Aero Revenue Break-up INR 5.5 bn • Non-aero revenues ▲9% to INR 5.5bn • Retail revenues ▲10% YoY to INR 1.6bn Others o Duty Free revenues in overall Retail is ~72% 19% Reta il (incl Duty Free) o Duty Free SPP improved to INR 835 in Q1FY20
Slide 15: Hyderabad Airport - Non-Aero Revenues (Q1FY20)
Hyderabad Airport - Non-Aero Revenues (Q1FY20) Hyderabad Airport Non-Aero Revenue Break-up INR 1.5 bn • Non-aero revenues ▲20% to INR 1.5bn • Retail revenues ▲25% to INR 216mn Others Reta il (incl Duty Free) o Duty Free revenues in overall Retail is 43% 19% 15% o Duty Free SPP improved to INR 394 in
Slide 16: Airport JVs and Subsidiaries
Airport JVs and Subsidiaries (figures in INR mn) DIAL JVs and Subsidiaries Q1FY19 Q1FY20 Growth Particulars Duty Free Others Total Duty Free Others Total (YoY) Gross Revenues 3,293 3,106 6,399 3,600 3,230 6,831 7% Revenue shared with DIAL 1,049 1,008 2,057 1,135 1,000 2,135 4% Net Revenues 2,244 2,0
Slide 17: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q1FY2019 Q4FY2019 Q1FY2020 Q1FY2019 Q4FY2019 Q1FY2020 FY2019 Gross Revenues 849 1,071 1,182 791 992 1,182 3,641 EBITDA 656 717 797 612 665 797 2,632 PAT 417 169 142 388 157 142 1,179 • Tariff rese
Slide 18: Significant Contribution of JVs and Subsidiaries
Significant Contribution of JVs and Subsidiaries GAL – Q1FY20 Consolidated EBITDA (Proforma) I NR mn 319 6,988 750 5,919 Airport Consolidated JVs EBITDA Cebu EBITDA Airport Consolidated EBITDA^# (DIAL+GHIAL)* Proforma EBITDA DIAL – Q1FY20 Consolidated EBITDA (Proforma) GHIAL – Q1FY20 Consolidated EB
Slide 19: Energy Business
Energy Business Humility | Entrepreneurship | Teamwork a4 Relationships | Deliver the P é | Learning And Inner Excellence | Social Respofsibility | Reshect for Individual
Slide 20: Key Developments in Q1FY20 - Energy
Key Developments in Q1FY20 - Energy Warora Power Project • Revenue normalised for arrears ▲9% YoY led by − Traction in PLF (87.5% vs. 81.3% YoY) − Arrears of INR 348 mn accounted in Q1FY19 • EBITDA (normalized for arrears) ▲16% YoY aided by improved PLF and lower coal cost due to higher availability
Slide 21: GMR Energy Ltd (GEL) - Operational & Financial Highlights
GMR Energy Ltd (GEL)- Operational & Financial Highlights (figures in INR mn) GEL Consolidated Proforma Warora Kamalanga Solar Particulars Q1FY19 Q1FY20 Q1FY19 Q1FY20 Q1FY19 Q1FY20 Q1FY19 Q1FY20 Revenue 9,318 10,363 4,639 4,729 4,568 5,543 107 96 EBITDA 2,209 3,096 1,509 1,386 669 1,706 96 85 Interes
Slide 22: Coal Assets - PT GEMS
Coal Assets - PT GEMS (figures in INR mn) Golden Energy Mines Particulars Q1FY2019 Q1FY2020 FY2019 Sales Vol. (mn tons) 5.6 7.5 24.4 Revenues 17,724 18,980 71,409 EBITDA 4,535 2,531 10,123 Net Interest 29 128 164 PAT 3,183 1,539 6,871 • Production ▲ 53% YoY to 7.1 mn tons • Sales volumes ▲ 35% YoY •
Slide 23: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 24: Annexures
Annexures Humility | Entrepreneurship | Teamwork ay Relati De Ze | Learning And Inner Excellence | Social Respofsibility | Reshect for individuel
Slide 25: Annexures: Particulars
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 26: 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 27: Annexure B : Profitability Statement (Consolidated)
Annexure B : Profitability Statement (Consolidated) INR mn Q1FY2019 Q4FY2019 Q1FY2020 FY2019 Gross Revenue 17,383 19,825 19,921 75,649 Less: Revenue Share 4,251 4,528 4,872 17,648 Net Revenue 13,132 15,298 15,049 58,001 Total Expenditure 8,775 12,208 9,061 41,055 EBITDA 4,357 3,090 5,988 16,946 EBIT
Slide 28: Annexure C : Airport Business (Consolidated)
Annexure C : Airport Business (Consolidated) INR mn Q1FY2019 Q4FY2019 Q1FY2020 FY2019 Aero Revenue 4,419 5,052 4,695 18,982 Non Aero Revenue 7,535 8,101 8,264 31,840 CPD Rentals 514 422 1,457 1,959 Gross Revenue 12,468 13,574 14,416 52,780 Less: Revenue Share 3,979 4,232 4,558 16,528 Net Revenue 8,4
Slide 29: Annexure D : Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn Particulars Q1FY2019 Q4FY2019 Q1FY2020 FY2019 Aero Revenue 2,233 2,731 2,365 9,878 Non Aero Revenue 5,068 5,260 5,523 20,909 CPD Rentals 484 397 1,390 1,839 Gross Revenue 7,785 8,388 9,278 32,626 Less: Revenue Share 3,834 4,074 4,396 15,913 Net Revenue
Slide 30: Annexure E : Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn Q1FY2019 Q4FY2019 Q1FY2020 FY2019 Aero Revenue 2,187 2,321 2,331 9,106 Non Aero Revenue 1,240 1,440 1,483 5,416 Gross Revenue 3,426 3,761 3,813 14,523 Less: Revenue Share 145 159 162 615 Net Revenue 3,282 3,602 3,651 13,907 Operating Expenditure 839
Slide 31: Annexure F : Energy Business (Consolidated)
Annexure F : Energy Business (Consolidated) INR mn Q1FY2019 Q4FY2019 Q1FY2020 FY2019 Gross Revenue 729 2,204 1,163 6,172 Operating Expenditure 1,035 2,906 1,283 7,262 EBITDA (305) (702) (120) (1,090) EBITDA margin -42% -32% -10% -18% Other Income 47 61 217 239 Interest & Fin Charges 291 1,170 1,161
Slide 32: Annexure G : Warora (Standalone) Power Plant
Annexure G : Warora (Standalone) Power Plant INR mn Particulars Q1FY2019 Q4FY2019 Q1FY2020 FY2019 Total Revenue 4,639 5,828 4,729 18,942 Fuel - Consumption 2,619 3,005 2,746 10,482 Other Expenses 510 831 598 2,568 EBITDA 1,509 1,992 1,386 5,892 EBITDA margin 33% 34% 29% 31% Other Income 37 44 35 288
Slide 33: Annexure H : Kamalanga (Standalone) Power Plant
Annexure H : Kamalanga (Standalone) Power Plant INR mn Particulars Q1FY2019 Q4FY2019 Q1FY2020 FY2019 Total Revenue 4,568 5,534 5,543 21,954 Fuel - Consumption 3,191 2,596 2,792 11,713 Other Expenses 707 791 1,045 2,812 EBITDA 669 2,147 1,706 7,429 EBITDA margin 15% 39% 31% 34% Other Income 1,185 462
Slide 34: Annexure I : PT GEMS (Indonesian Coal Mine)
Annexure I : PT GEMS (Indonesian Coal Mine) INR mn Particulars Q1FY2019 Q4FY2019 Q1FY2020 FY2019 Production (mn tons) 4.7 6.7 7.1 22.6 Sales Volumes (mn tons) 5.6 7.4 7.5 24.4 Gross Revenue 17,724 19,939 18,980 71,409 Total Expenditure 13,189 19,099 16,449 61,286 EBITDA 4,535 840 2,531 10,123 EBITDA
Slide 35: Annexure J : Highway Business (Consolidated)
Annexure J : Highway Business (Consolidated) INR mn Q1FY2019 Q4FY2019 Q1FY2020 FY2019 Gross Revenue 1,356 1,510 1,510 5,705 Less: Revenue Share 272 295 314 1,120 Net Revenue 1,084 1,215 1,196 4,585 Operating Expenses 339 333 253 1,333 EBITDA 745 882 943 3,252 EBITDA margin 69% 73% 79% 71% Other Inco