Boustead Singapore Limited · SGX:F9D
Boustead Singapore — Shareholder Meeting (July 2023)
53 slides from Boustead Singapore's shareholder meeting presentation, Jul 28, 2023
Slide 1: Boustead Singapore Limited FY2023 Annual General Meeting
Boustead Singapore Limited FY2023 Annual General Meeting Management Presentation 28 July 2023
Slide 2: Disclaimer
Disclaimer This presentation contains certain statements that are not statements of historical fact such as forward-looking statements. These statements are based on current expectations, projections and assumptions about future events. Although Boustead Singapore Limited and Boustead Projects Limit
Slide 3: Presentation Agenda
Presentation Agenda § Business Performance § Group Financial Performance § Historical Value Creation § Q&A 3
Slide 4: Business Performance
Business Performance
Slide 5: Boustead Singapore Limited at a Glance
Boustead Singapore Limited at a Glance Separately listed with its own board Real Estate and management Energy Engineering In conjunction with Division Leadership, BSL sets strategy, determines operating frameworks, selects key executives and sets Geospatial operating targets which fit with longer te
Slide 6: Our People Running Our Businesses on a Day-to-day Basis
Our People Running Our Businesses on a Day-to-day Basis • Stuart Cummings • Prasun Chakraborty • Brett Bundock • Don Quah Chief Executive Officer Managing Director Managing Director Acting Chief Executive Boustead International Heaters Controls & Electrics Boustead Geospatial Division & Officer Esri
Slide 7: Division Performance – Real Estate
Division Performance – Real Estate
Slide 8: Real Estate Division Revenue, PBT & Orders Secured
Real Estate Division Revenue, PBT & Orders Secured FY2023 FY2022 Chg (S$’m) (S$’m) (%) Revenue 284.0 339.1 -16 PBT 26.5 13.8 +92 Orders secured 401 148 +171 § Boustead Projects prevailed over challenges of pandemic to deliver another year of profitable performance § Notwithstanding that Boustead con
Slide 9: Division Performance – Energy Engineering
Division Performance – Energy Engineering
Slide 10: Energy Engineering Product Offerings and Services
Energy Engineering Product Offerings and Services Hydraulic / Pnuematic Control Systems Wellhead Control Panels / Hydraulic Power Units Chemical Injection Skids Heat Transfer Products Furnaces Waste Heat Recovery Units Once Through Steam Generators (won Reformers S$40m of work in FY2023 relating to
Slide 11: Energy Engineering Product Offerings and Services – New Capabilities
Energy Engineering Product Offerings and Services – New Capabilities Boustead Controls new manufacturing facility in Saudi Arabia, Acquired a team of 15 FTEs in the USA, with S$11m worth of equipment sales achieved significant improvement in aftermarket servicing capabilities 11
Slide 12: Energy Engineering Division Revenue, PBT & Orders Secured
Energy Engineering Division Revenue, PBT & Orders Secured FY2023 FY2022 Chg (S$’m) (S$’m) (%) Revenue 98.0 112.3 -13 PBT 15.2 15.8 -4 Orders secured 182* 45 +304 * Includes uplifts and variation orders. § Lower revenue and PBT due to reduced order backlog carried forward at end of FY2022 § More than
Slide 13: Energy Engineering Division Revenue, PBT & Orders Secured
Energy Engineering Division Revenue, PBT & Orders Secured FY2023 FY2022 Chg (S$’m) (S$’m) (%) Revenue 98.0 112.3 -13 PBT 15.2 15.8 -4 Orders secured 182* 45 +304 * Includes uplifts and variation orders. § Lower revenue and PBT due to reduced order backlog carried forward at end of FY2022 § More than
Slide 14: Energy Engineering Prospects
Energy Engineering Prospects § Near to mid-term § Strong order book § New product offerings for heat transfer § New capabilities through addition of team members § New facility for wellhead control panels in Saudi § Longer term § Complex § Uncertain 14
Slide 15: Energy Engineering No Agreement on Energy Transition from Fossil Fuels
Energy Engineering No Agreement on Energy Transition from Fossil Fuels “….there should be no new “The outlook for natural “Fossil fuel use will not investments in oil & gas gas is more resilient disappear any time soon. Our production fields, coal than for oil …when scenario envisages fossil mines o
Slide 16: Energy Engineering Addressing Uncertain Long-term Prospects
Energy Engineering Addressing Uncertain Long-term Prospects § Stay nimble and scale business quickly according to demand for oil & gas projects § Spend more time on chasing projects which are somewhat more resilient to transition to net-zero emissions such as Maintain bid natural gas projects / LNG
Slide 17: Division Performance – Geospatial
Division Performance – Geospatial
Slide 18: Geospatial Product and Service Offerings
Geospatial Product and Service Offerings ArcGIS Desktop and Extensions Professional Services ArcGIS Online and Extensions ArcGIS SmarterWX Enterprise Data Managed Server and Products Services Other ArcGIS Extensions Apps Esri Aligned Esri Direct
Slide 19: Geospatial Esri Direct and Esri Aligned
Geospatial Esri Direct and Esri Aligned Esri Direct Esri Aligned Revenue as result of Revenue as result of selling services, data selling Esri Inc’s products, 3rd party software products (including self- under distribution developed) solutions agreement that enhance and extend Esri ecosystem Leverag
Slide 20: Geospatial Project Showcase
Geospatial Project Showcase 20
Slide 21: Geospatial Division Revenue, PBT & Deferred Services Backlog
Geospatial Division Revenue, PBT & Deferred Services Backlog FY2023 FY2022 Chg (S$’m) (S$’m) (%) Revenue 168.0 168.3 0 PBT 35.4 36.9 -4 Deferred services backlog 92 113 -19 § No growth for second consecutive year § IT staff wage inflation, high staff attrition rates affecting business § Recent big c
Slide 22: Selling and Delivering a GIS Project Requires More Extensive Knowledge
Geospatial Selling and Delivering a GIS Project Requires More and More Extensive Knowledge GIS /geographic Customer science industry knowledge Software dev customisation Other software sys- ERP, IT infra, cloud database etc env, cyber security 22
Slide 23: Geospatial Prospects
Geospatial Prospects Smart Cities Digital Government IOT AI Digital Big Data Transformation Location Intelligence 23 Connected Enterprise Digital Twins
Slide 24: Division Performance – Healthcare
Division Performance – Healthcare
Slide 25: Healthcare Product Offerings and Services – Equipment Sales
Healthcare Product Offerings and Services – Equipment Sales Equipment Sales Service Offerings Rehabilitation and Sports Science Wound Care Mattress Disinfection and Installation Functional Assessment Centre at Changi General Hospital, Singapore 25
Slide 26: Healthcare De-cluttering the business
Healthcare De-cluttering the business • Medical equipment distribution (SEA) Medical • Healthcare simulation/mannequin distribution • Small hospital construction and fit-out business • Rental and provision of continuous blood pressure monitoring devices to dialysis centres • Operating Functional Ass
Slide 27: Healthcare Division Revenue & PBT
Healthcare Division Revenue & PBT FY2023 FY2022 Chg (S$’m) (S$’m) (%) Revenue 11.1 12.0 -7 Share of associate, 0.3 0.6 -50 Beijing Pukang (“Pukang”) PBT (includes share of -1.4 *-6.2 +78 Pukang’s income above) * Excludes S$0.1m of remaining annual amortisation adjustment by Group on acquisition in F
Slide 28: Noteworthy Projects and Achievements
Noteworthy Projects and Achievements
Slide 29: Largest Ever Wellhead Control Panel Contract by Boustead Controls & Electrics
Energy Engineering Largest Ever Wellhead Control Panel Contract by Boustead Controls & Electrics § Boustead Controls & Electrics (BCE) will be supplying 13 sets (one for each platform) of bespoke WHCP for the Qatar Energy North Field Expansion Project § This project will increase Qatar’s LNG product
Slide 30: Largest Ever Wellhead Control Panel Contract by Boustead Controls & Electrics
Energy Engineering Largest Ever Wellhead Control Panel Contract by Boustead Controls & Electrics § Boustead Controls & Electrics (BCE) will be supplying 13 sets (one for each platform) of bespoke WHCP for the Qatar Energy North Field Expansion Project § This project will increase Qatar’s LNG product
Slide 31: Group Financial Performance
Group Financial Performance
Slide 32: Group Financial Results
Group Financial Results FY2023 FY2022 Chg (%) Revenue S$561.6m S$631.8m -11 • Revenue mainly impacted by decreased revenue Gross profit S$157.0m S$144.8m +8 contributions from Energy Gross margin 28% 23% Engineering Division and Real Estate Division PBT S$76.5m S$55.2m +38 • Higher net profit largel
Slide 33: Group Revenue Mix by Division
Group Revenue Mix by Division FY2023 FY2022 33
Slide 34: Group Revenue
Group Revenue • Downward trend as Group cleared sizeable legacy projects secured pre-pandemic, especially under Real Estate Division 34
Slide 35: Group Net Profit
Group Net Profit • Spike in FY2021 due to value-unlocking gain from Boustead Industrial Fund 35
Slide 36: Group Adjusted Net Profit
Group Adjusted Net Profit • Adjusted net profit remained comparable 36
Slide 37: Group Net Cash Position
Group Net Cash Position • Healthy cash levels for capital allocation • S$63.8 million used to consolidate shareholdings in Boustead Projects, for all purchases of its shares during FY2023 37
Slide 38: FY2023 Group Cash Flow
FY2023 Group Cash Flow 100 50 (46.9) (97.0) -100 38 = Cash provided by operating activities = Cash used in investing activities = Cash used in financing activities = Net cash flow including effect of FX rate changes BOUSTEAD. Since 1828
Slide 39: Group Return on Shareholders' Equity
Group Return on Shareholders’ Equity • Higher ROE due to increase in net profit 39
Slide 40: Group EPS
Group EPS • Higher EPS due to higher net profit 40
Slide 41: Group NAV per Share
Group NAV per Share • Higher NAV due to increased profits and greater consolidation of shareholdings in Boustead Projects following voluntary unconditional general offer 41
Slide 42: Group Engineering Orders Secured
Group Engineering Orders Secured • Real Estate – S$401m * • Energy Engineering – S$182m • Total orders secured almost three times amount secured in FY2022 * Includes uplifts and variation orders 42
Slide 43: Group Dividend
Group Dividend FY2023 FY2022 Interim dividend 1.5cts 1.5cts Final dividend *2.5cts 2.5cts Total dividend 4.0cts 4.0cts * Proposed 43
Slide 44: Group Dividend (cont'd)
Group Dividend (cont’d) • Maintained ordinary dividend at 4 cents per share throughout pandemic • FY2021 special dividend at 4 cents per share due to value-unlocking gain from Boustead Industrial Fund 44
Slide 45: Historical Value Creation
Historical Value Creation
Slide 46: BSL Revenue (FY1975-FY2023)
BSL Revenue (FY1975-FY2023) From listing date 46
Slide 47: BSL Revenue (FY1997-FY2023)
BSL Revenue (FY1997-FY2023) From takeover date by current management team (CAGR +9%) 47
Slide 48: BSL PBT (FY1975-FY2023)
BSL PBT (FY1975-FY2023) From listing date 48
Slide 49: BSL PBT (FY1997-FY2023)
BSL PBT (FY1997-FY2023) From takeover date by current management team (CAGR +13%) 49
Slide 50: BSL Net Profit (FY1975-FY2023)
BSL Net Profit (FY1975-FY2023) From listing date 50
Slide 51: BSL Net Profit (FY1975-FY2023)
BSL Net Profit (FY1975-FY2023) From takeover date by current management team (CAGR +14%) 51
Slide 52: Total Shareholder Return
Total Shareholder Return From takeover date by current management team Date Share Costs & Returns Value (S$) Comments 7-Mar-1996 BSL share price (2.780) Closing share price on management takeover date 26-Jun-1999 BSL rights issue (0.300) Closing share price on final cum rights and warrants 26-Jun-19
Slide 53: Thank you
Thank you For investor relations enquiries, please contact: ir.team@boustead.sg 53