Mewah International Inc. · SGX:MV4
Mewah International — H1 2020 Earnings Presentation
24 slides from Mewah International's earnings presentation, Aug 12, 2020
Slide 1: H1 2020 Financial Results Summary
H1 2020 FINANCIAL RESULTS SUMMARY 12TH AUGUST 2020 MEWAH INTERNATIONAL INC.
Slide 2: Contents
Cash Flow Statement Balance Sheet Income Statement Performance Summary CONTENTS
Slide 3: H1 2020 Performance Summary
H1 2020 PERFORMANCE SUMMARY
Slide 4: Performance Summary
PERFORMANCE SUMMARY NET PROFIT* In US$ million 27.8 2.8 H1 2019 H1 2020 * Profit after tax attributable to equity holders of the Company
Slide 5: Performance Summary
PERFORMANCE SUMMARY SALES VOLUME REVENUE OPERATING MARGIN NET PROFIT* PER MT In MT’000 In US$ million In US$ In US$ million 2,316.9 2,169.9 1,419.2 1,485.3 27.8 43.7 23.2 2.8 H1 2019 H1 2020 H1 2019 H1 2020 H1 2019 H1 2020 H1 2019 H1 2020 * Profit after tax attributable to equity holders of the Comp
Slide 6: CPO Prices vs OM per MT
CPO PRICES vs OM PER MT 2019 2020 — CPO Prices (USD) — CPO Prices (MYR) 3,500 800 --- Operating Margin % 700 3,000 CPO Prices - Ringgit Malaysia 600 CPO Prices - US$ 2,500 500 6.4% 2,000 400 3.8% 1,500 3.7% 300 Average @ US$23.1 1,000 200 43.7 100 500 23.2 22.8 - - Jan 2019 Jul 2019 Dec 2019 Jun 202
Slide 7: H1 2020 Income Statement
H1 2020 INCOME STATEMENT
Slide 8: H1 2020 Income Statement
H1 2020 INCOME STATEMENT In US$ million, unless stated otherwise H1 2020 H1 2019 % change Sales volume (MT'000) 2,169.9 2,316.9 -6.3% ASP (US$) 684.5 612.5 11.8% Revenue 1,485.3 1,419.2 4.7% OM per MT (US$) 43.7 23.2 88.4% Operating margin ("OM") 94.9 53.7 76.8% Operating margin (%) 6.4% 3.8% 68.9%
Slide 9: Segmental Performance
SEGMENTAL PERFORMANCE BULK CONSUMER PACK H1 2020 H1 2019 Change H1 2020 H1 2019 Change Sales volume (MT’000) 1,661.8 1,767.9 -6.0% 508.1 549.0 -7.4% Average selling prices (US$) 656.8 569.0 15.4% 775.2 752.8 3.0% Revenue (US$’million) 1,091.4 1,005.9 8.5% 393.9 413.3 -4.7% Operating margin per MT (U
Slide 10: Sales Volume & Revenue
SALES VOLUME & REVENUE In US$ million, unless stated otherwise Change Total H1 2020 H1 2019 % Sales volume 1,419.2 -6.3% +11.8% 1,485.3 2,169.9 2,316.9 -6.3% (MT’000) Avg Selling Price 684.5 612.5 11.8% (US$) +4.7% Revenue 1,485.3 1,419.2 4.7% H1 2019 Volume ASP per MT H1 2020
Slide 11: Segmental Sales Volume & Revenue
SEGMENTAL SALES VOLUME & REVENUE In US$ million, unless stated otherwise BULK CONSUMER PACK 1,005.9 -6.0% +15.4% 1,091.4 413.3 -7.4% +3.0% 393.9 +8.5% -4.7% H1 2019 Volume ASP per MT H1 2020 H1 2019 Volume ASP per MT H1 2020 Change Change Bulk H1 2020 H1 2019 Consumer Pack H1 2020 H1 2019 % % Sales
Slide 12: Geographical Spread - Revenue
GEOGRAPHICAL SPREAD - REVENUE Rest of Asia, Malaysia/ 45% H1 2020 H1 2019 H1 2020 Other, 43% Middle East, 12% Singapore, 57% Europe , Malaysia/ Singapore 57% 53% Africa, 25% 9% Destination 43% 47% Americas, 4% Pacific Total 100% 100% Oceania, 5% Africa 25% 20% Middle East 12% 16% Rest of Asia, 34% R
Slide 13: Segment Geographical Spread - Revenue (Bulk)
SEGMENT GEOGRAPHICAL SPREAD - REVENUE BULK H1 2020 H1 2019 H1 2020 Rest of Asia, Malaysia/ 73% Malaysia/ Singapore 73% 70% Singapore, Other, 27% Europe, 9% 73% Americas, 1% Destination 27% 30% Pacific Oceania, 5% Total 100% 100% Middle East, Africa, 6% 6% Africa 6% 0% Middle East 6% 14% Rest of Asia
Slide 14: Segment Geographical Spread - Revenue (Consumer Pack)
SEGMENT GEOGRAPHICAL SPREAD - REVENUE CONSUMER PACK H1 2020 H1 2019 H1 2020 Africa, Middle East, Malaysia/ Other, 41% 17% Malaysia/ Singapore 13% 11% Singapore, 13% 87% Pacific Oceania, Destination 87% 89% 6% Rest of Asia, 20% Total 100% 100% Americas, 7% Europe, 9% Africa 41% 37% Middle East 17% 18
Slide 15: Operating Margin
OPERATING MARGIN In US$ million, unless stated otherwise Change Total H1 2020 H1 2019 % -6.3% +88.4% 94.9 Sales volume 53.7 2,169.9 2,316.9 -6.3% (MT’000) Operating Margin per MT 43.7 23.2 88.4% (US$) +76.8% Operating 94.9 53.7 76.8% Margin H1 2019 Volume OM per MT H1 2020
Slide 16: Operating Margin by Segment
OPERATING MARGIN In US$ million, unless stated otherwise BULK CONSUMER PACK 31.4 -7.4% -16.4% 24.3 22.3 -6.0% +237.3% 70.6 +216.6% -22.6% H1 2019 Volume OM per MT H1 2020 H1 2019 Volume OM per MT H1 2020 Change Change Bulk H1 2020 H1 2019 Consumer Pack H1 2020 H1 2019 % % Sales volume (MT’000) 1,661
Slide 17: H1 2020 Balance Sheet
H1 2020 BALANCE SHEET
Slide 18: Source & Application of Capital
SOURCE & APPLICATION OF CAPITAL In US$ million 30 Jun 2020 31 Dec 2019 861.6 861.6 Working Current net debt 36.2% 670.9 670.9 311.9 Current net debt 15.0% Capital Working 100.2 396.2 Non-current net debt Capital 27.1 4.0% Non-current net debt 27.1 3.1% 225.6 Long-term Equity 81.0% Long-term Equity i
Slide 19: Source & Application of Capital
SOURCE & APPLICATION OF CAPITAL In US$ million 30-Jun-20 % 31-Dec-19 % Change Long-term investments 445.3 66.4% 465.4 54.0% -4.3% Working capital 225.6 33.6% 396.2 46.0% -43.1% Total investments 670.9 861.6 -22.1% Equity 543.6 81.0% 522.6 60.7% 4.0% Gross debt 285.9 400.8 -28.7% Cash 158.6 61.8 156.
Slide 20: Liquidity
LIQUIDITY In US$ million Cash & cash equivalents Term loan repayment schedule Current debt Non-current debt 6 months ending 31 Dec 2020 12.7 Gross debt and FY 2021* 13.4 net debt Gross debt, 404 FY 2022 6.2 Gross debt, 451 Gross debt, 401 Net debt, 335 Net debt, 402 Net debt, 339 FY 2023 6.4 Gross d
Slide 21: Cycle Time
CYCLE TIME* Inventory days Trade receivable days 49 52 44 46 33 31 32 27 26 22 FY 2017 FY 2018 FY 2019 H1 2019 H1 2020 FY 2017 FY 2018 FY 2019 H1 2019 H1 2020 Trade payable days Cycle time FY 2017 FY 2018 FY 2019 H1 2019 H1 2020 60 61 59 54 38 (18) (17) (18) (17) (20) FY 2017 FY 2018 FY 2019 H1 2019
Slide 22: H1 2020 Cash Flow Statement
H1 2020 CASH FLOW STATEMENT
Slide 23: Cash Flow Statement
CASH FLOW STATEMENT In US$ million H1 2020 H1 2019 FY 2019 Operating cash flows before working capital changes 56.5 17.4 33.8 Changes in operating assets and liabilities 166.0 117.3 105.7 Net interest and income tax payment (4.4) (9.1) (15.9) Net cash flows from operating activities 218.1 125.6 123.
Slide 24: Thank you
Thank you Any questions, contact: Rajesh Shroff, Chief Financial Officer Ph: (65) 6829 5255| mail: ir@mewahgroup.com