Mewah International Inc. · SGX:MV4
Mewah International — Q4 2016 Earnings Presentation
23 slides from Mewah International's earnings presentation, Feb 27, 2017
Slide 1: Q4 2016 & FY 2016 Financial Results Summary
27th Feb, 2017 Creating Synergy Delivering Value Q4 2016 & FY 2016 Financial Results Summary Mewah International Inc.
Slide 2: Notice
Notice This presentation should be read in conjunction with Mewah International Inc.’s Unaudited Financial Statements for the Fourth Quarter and Full year Ended 31 Dec 2016 lodged on the SGXNET on 27th February, 2017. 2
Slide 3: Performance Summary
Performance Summary In US$ million Q4 Full Year 2016 2015 % 2016 2015 % Sales volume (MT'000) 930.4 846.5 9.9% 4,223.3 3,883.0 8.8% Revenue 740.0 540.3 37.0% 3,042.8 2,674.7 13.8% Net profit * 5.4 1.8 197.9% 20.8 6.5 220.2% * Profit after tax attributable to equity holders of the Company 3
Slide 4: Performance Summary
Performance Summary Sales volume Revenue In MT’000 In US$ million 4,223.20 3,620.78 3,438.82 4,015.70 3,883.00 3,190.63 3,733.50 3,042.79 2,674.74 3,400.50 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Operating margin per MT Net profit In US$ In US$ million 31.8 30.9 31.8 24.8 20.9 20.8 23.6 24
Slide 5: Income Statement | Q4 and FY 2016
Income Statement | Q4 and FY 2016 In US$ million, unless stated otherwise Q4 2016 Q4 2015 % change Q3 2016 % change FY 2016 FY 2015 % change Sales volume (MT'000) 930.4 846.5 9.9% 1,075.5 -13.5% 4,223.3 3,883.0 8.8% ASP (US$) 795.4 638.3 24.6% 703.9 13.0% 720.5 688.8 4.6% Revenue 740.0 540.3 37.0% 7
Slide 6: Income Statement | CPO prices vs. OM per MT
Income Statement | CPO prices vs. OM per MT 2015 2016 3,500 CPO prices (MYR) CPO prices (US$) 900 3,000 OM per MT (US$) OM % 800 2,500 CPO Prices - Ringgit Malaysia (RM) 700 600 2,000 5.2% 5.4% CPO Prices - US$ 500 4.6% 1,500 400 3.5% 3.4% 3.5% 3.6% 2.9% 300 1,000 42.7 200 36.6 26.0 29.0 26.8 500 24
Slide 7: Segmental Performance | Q4 and FY 2016
Segmental Performance | Q4 and FY 2016 In US$ million YOY QOQ YOY Q4 2016 Q4 2015 Change Q3 2016 Change FY 2016 FY 2015 Change Bulk segment Sales volume (MT’000) 669.2 569.7 17.5% 869.5 -23.0% 3,288.2 2,871.7 14.5% Average selling prices (US$) 756.3 593.1 27.5% 685.5 10.3% 696.5 653.3 6.6% Revenue (
Slide 8: Sales volume
Sales volume QOQ YOY 1,075.5 -13.5% 930.4 930.4 846.5 +9.9% 206.0 261.2 261.2 +26.8% 276.8 -5.6% 869.5 -23.0% 669.2 669.2 569.7 +17.5% Q3 2016 Q4 2016 Q4 2015 Q4 2016 FY In MT’000 4,223.2 Consumer Pack 3,883.0 +8.8% 935.0 Bulk 1,011.3 -7.5% 3,288.2 2,871.7 +14.5% FY 2015 FY 2016 8
Slide 9: Revenue | Q4 2016 | YOY
Revenue | Q4 2016 | YOY In US$ million +9.9% +24.6% 740.0 Total Q4 2015 Q4 2016 Change % 540.3 Sales volume (MT'000) 846.5 930.4 9.9% Total +37.0% ASP (US$) 638.3 795.4 24.6% Revenue 540.3 740.0 37.0% Q4 2015 Volume ASP per MT Q4 2016 +17.5% +27.5% 506.1 BULK Q4 2015 Q4 2016 Change % 337.9 Sales vol
Slide 10: Revenue | Q4 2016 | QOQ
Revenue | Q4 2016 | QOQ In US$ million 757.0 -13.5% +13.0% 740.0 Total Q3 2016 Q4 2016 Change % Total Sales volume (MT'000) 1,075.5 930.4 -13.5% ASP (US$) 703.9 795.4 13.0% -2.2% Revenue 757.0 740.0 -2.2% Q3 2016 Volume ASP per MT Q4 2016 596.0 -23.0% +10.3% 506.1 BULK Q3 2016 Q4 2016 Change % Sales
Slide 11: Revenue | FY 2016
Revenue | FY 2016 In US$ million +8.8% +4.6% 3,042.8 Total FY 2015 FY 2016 Change % Total Sales volume (MT'000) 3,883.0 4,223.3 8.8% 2,674.7 +13.8% ASP (US$) 688.8 720.5 4.6% Revenue 2,674.7 3,042.8 13.8% FY 2015 Volume ASP per MT FY 2016 +14.5% +6.6% 2,290.2 1,876.1 BULK FY 2015 FY 2016 Change % Sa
Slide 12: Revenue | Geographical spread | Total
Revenue | Geographical spread | Total Q4 2016 FY 2016 Rest of Asia, Rest of Asia, 17% Middle East, 19% 27% Middle East, Malaysia/ Malaysia/ 26% Singapore, Other, 43% Singapore, Other, 37% Europe , 14% 57% Europe , 14% 63% Africa, 30% Americas, 8% Americas, 7% Africa, 28% Pacific Pacific Oceania, 5%
Slide 13: Revenue | Geographical spread | Bulk
Revenue | Geographical spread | Bulk Q4 2016 FY 2016 Americas Americas, 5% 8% Middle East, Middle East Malaysia/ 43% Europe, 18% Malaysia/ 42% Europe Others Singapore, Other, 21% Singapore 14% 19% 79% 81% Pacific Oceania, Rest of Asia Pacific Oceania Rest of Asia, 29% 5% 31% 5% Q4 2016 FY 2016 FY 20
Slide 14: Revenue | Geographical spread | Consumer Pack
Revenue | Geographical spread | Consumer Pack Q4 2016 FY 2016 Africa Africa Malaysia/ 45% Malaysia/ 45% Singapore Others Middle East Singapore Others Middle East 8% 92% Pacific Oceania 16% 10% 90% 19% Pacific Oceania 6% 5% Rest of Asia Rest of Asia Americas Americas 11% Europe 12% 8% 8% Europe 13% 1
Slide 15: Operating margin | Q4 2016 | YOY
Operating margin | Q4 2016 | YOY In US$ million, unless stated otherwise +2.4 +12.7 39.7 24.6 Total Q4 2015 Q4 2016 Change % Total Sales volume (MT'000) 846.5 930.4 9.9% +9.9% +47.2% OM per MT (US$) 29.0 42.7 47.2% +61.6% Operating margin 24.6 39.7 61.6% Q4 2015 Volume OM per MT Q4 2016 +0.5 +21.7 2
Slide 16: Operating margin | Q4 2016 | QOQ
Operating margin | Q4 2016 | QOQ In US$ million, unless stated otherwise 39.4 -5.3 +5.6 39.7 Total Q3 2016 Q4 2016 Change % -13.5% +16.7% Total Sales volume (MT'000) 1,075.5 930.4 -13.5% +0.8% OM per MT (US$) 36.6 42.7 16.7% Operating margin 39.4 39.7 0.8% Q3 2016 Volume OM per MT Q4 2016 35.3 -8.1
Slide 17: Operating margin | FY 2016
Operating margin | FY 2016 In US$ million, unless stated otherwise +8.3 +31.9 134.4 Total FY 2015 FY 2016 Change % 94.2 Total +8.8% +30.9% Sales volume (MT'000) 3,883.0 4,223.3 8.8% OM per MT (US$) 24.3 31.8 30.9% +42.7% Operating margin 94.2 134.4 42.7% FY 2015 Volume OM per MT FY 2016 +5.4 +59.9 1
Slide 18: Balance Sheet | Summary
Balance Sheet | Summary In US$ million 31 Dec 2015 31 Dec 2016 807.7 807.7 Current 33.7% net debt Working 661.8 661.8 Capital 272.5 Current net debt 21.9% 476.6 Working 144.8 Capital Non-current net debt 6.3% Non-current net debt 50.5 31.0 4.7% 334.5 Equity Equity Long-term 484.7 Long-term 486.0 73.
Slide 19: Balance Sheet | Summary
Balance Sheet | Summary In US$ million 661.8 661.8 Current net debt 144.8 43.2% Working capital 47.8% 334.5 189.7 Equity 56.8% Non-current debt 31.0 9.5% Long-term investments 52.2% 327.3 296.3 Equity 90.5% Investment Capital Actual Actual Debt / Equity Ratio FY 2016 FY 2015 Objective Long-term inve
Slide 20: Balance Sheet | Liquidity
Balance Sheet | Liquidity Gross debt to equity Non-current debt repayment schedule Year 2 14.0 Year 3 13.0 0.76 0.62 Year 4 4.0 0.48 0.46 Year 5 - 2013 2014 2015 2016 Total 31.0 In US$ million Net debt to equity Trade finance facilities utilisation Utilised % Facility 580.5 Utilised 173.9 30.0% 0.67
Slide 21: Cycle time
Cycle time Inventory days Trade receivable days 34 49 33 31 34 29 31 31 2013 2014 2015 2016 2013 2014 2015 2016 Trade payable days Cycle time 2013 2014 2015 2016 (14) (16) (17) (17) 68 47 48 44 2013 2014 2015 2016 Cycle time is calculated as Inventory days + Trade receivable days – Trade payable day
Slide 22: Cash Flows Statement | Summary
Cash Flows Statement | Summary In US$ million Q4 2016 Q4 2015 FY 2016 FY 2015 Operating cash flows before working capital changes 27.4 14.1 71.1 44.4 Changes in operating assets and liabilities (23.7) (139.4) 137.8 (55.3) Net interest and income tax payment (3.8) (3.6) (17.0) (10.3) Net cash flows f
Slide 23: Thank you
Thank you Any questions, contact: Rajesh Chopra, Group Chief Financial Officer Ph: (65) 6829 5255| mail: rajesh@mewahgroup.com 23