Mewah International Inc. · SGX:MV4
Mewah International — Q1 2019 Earnings Presentation
18 slides from Mewah International's earnings presentation, May 9, 2019
Slide 1: Q1 2019 Financial Results Summary
9th May, 2019 Q1 2019 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 First Quarter Ended 31 March 2019 lodged on the SGXNET on 10th May, 2019. 2
Slide 3: Performance Summary
Performance Summary In US$ million Net Profit* Q1 2019 0.9 Q1 2018 4.8 YOY change -82.5% Q4 2018 8.6 QOQ change -89.5% * Profit after tax attributable to equity holders of the Company 3
Slide 4: Income Statement | Q1 2019
Income Statement | Q1 2019 In US$ million, unless stated otherwise Q1 2019 Q1 2018 % change Q4 2018 % change Sales volume (MT'000) 1,175.5 1,116.1 5.3% 1,061.1 10.8% ASP (US$) 616.2 749.8 -17.8% 623.6 -1.2% Revenue 724.4 836.9 -13.4% 661.7 9.5% OM per MT (US$) 21.8 32.9 -33.7% 35.8 -39.1% Operating
Slide 5: Income Statement | CPO prices vs. OM per MT
Income Statement | CPO prices vs. OM per MT 2018 2019 3,500 CPO prices (USD) 800 CPO prices (MYR) Operating margin % 3,000 700 2,500 600 CPO Prices - Ringgit Malaysia 500 2,000 CPO Prices - US$ 400 5.7% 1,500 4.4% 3.7% 3.5% 300 3.0% 1,000 Average @ US$29.3 200 500 100 32.9 25.3 35.8 21.8 - - 22.3 Q1
Slide 6: Segmental Performance | Q1 2019
Segmental Performance | Q1 2019 YOY QOQ Q1 2019 Q1 2018 Change Q4 2018 Change Bulk segment Sales volume (MT’000) 897.9 839.1 7.0% 761.1 18.0% Average selling prices (US$) 573.3 720.8 -20.5% 571.5 0.3% Revenue (US$’million) 514.8 604.8 -14.9% 435.0 18.3% Operating margin per MT (US$) 12.0 26.6 -54.9%
Slide 7: Sales Volume & Revenue | YOY
Sales Volume & Revenue | Q1 2019 | YOY In US$ million, unless stated otherwise +5.3% -17.8% 836.9 724.4 Total Q1 2018 Q1 2019 Change % Total Sales volume (MT'000) 1,116.1 1,175.5 5.3% -13.4% Avg Selling Price (US$) 749.8 616.2 -17.8% Revenue 836.9 724.4 -13.4% Q1 2018 Volume ASP per MT Q1 2019 +7.0%
Slide 8: Sales Volume & Revenue | QOQ
Sales Volume & Revenue | Q1 2019 | QOQ In US$ million, unless stated otherwise +10.8% -1.2% 724.4 Total Q4 2018 Q1 2019 Change % Total 661.7 Sales volume (MT'000) 1,061.1 1,175.5 10.8% +9.5% Avg Selling Price (US$) 623.6 616.2 -1.2% Revenue 661.7 724.4 9.5% Q4 2018 Volume ASP per MT Q1 2019 +18.0% +
Slide 9: Operating margin | YOY
Operating margin | Q1 2019 | YOY In US$ million, unless stated otherwise +1.9 -13.0 36.7 Total Q1 2018 Q1 2019 Change % 25.6 Sales volume (MT'000) 1,116.1 1,175.5 5.3% Total +5.3% -33.7% Operating Margin per MT (US$) 32.9 21.8 -33.7% -30.3% Operating margin 36.7 25.6 -30.3% Q1 2018 Volume OM per MT
Slide 10: Operating margin | QOQ
Operating margin | Q1 2019 | QOQ In US$ million, unless stated otherwise +4.1 -16.4 37.9 Total Q4 2018 Q1 2019 Change % 25.6 Sales volume (MT'000) 1,061.1 1,175.5 10.8% Total +10.8% -39.1% Operating Margin per MT (US$) 35.8 21.8 -39.1% -32.5% Operating margin 37.9 25.6 -32.5% Q4 2018 Volume OM per M
Slide 11: Total Revenue | Geographical spread
Revenue | Geographical spread | Q1 2019 Rest of Asia, 33% Malaysia/ Singapore, 54% Other, 46% Middle East, 15% Europe , 23% Africa, 21% Americas, 4% Pacific Oceania, 4% Total Q1 2019 FY 2018 Malaysia/ Singapore 54% 52% Destination 46% 48% Total 100% 100% Africa 21% 23% Middle East 15% 27% Rest of As
Slide 12: Bulk and Consumer Pack Revenue | Geographical spread
Revenue | Geographical spread | Q1 2019 Q1 2019 FY 2018 Malaysia/ Singapore 71% 70% Destination 29% 30% Total 100% 100% Bulk Malaysia/ Rest of Asia, 56% Europe, 32% Singapore, 71% Other, 29% Middle East 9% 40% Americas, 1% Rest of Asia 56% 40% Pacific Oceania, 2% Americas 1% 4% Middle East, 9% Europ
Slide 13: Balance Sheet | Summary
Balance Sheet | Summary In US$ million 31 Dec 2018 31 Mar 2019 922.5 922.5 918.7 918.7 Working Current net debt Working Current net debt Capital 356.0 Capital 358.7 38.6% 39.0% 509.8 487.5 Non-current net debt Non-current net debt 46.3 5.0% 37.5 4.1% Equity Equity Long-term 520.2 Long-term 56.4% inv
Slide 14: Balance Sheet | Summary
Balance Sheet | Summary In US$ million 918.7 918.7 Current net debt 358.7 73.6% Working capital 53.1% 487.5 Equity 128.8 26.4% 37.5 Non-current debt 8.7% Long-term Equity investments 431.2 91.3% 46.9% 393.7 Investment Capital Actual Actual Debt / Equity Ratio Q1 2019 FY 2018 Objective Long-term inve
Slide 15: Balance Sheet | Liquidity
Balance Sheet | Liquidity Gross debt to equity Non-current debt repayment schedule Year 2 24.3 Year 3 4.0 Year 4 4.0 0.87 0.85 Year 5 4.0 0.78 0.46 > Year 5 1.2 Total 37.5 2016 2017 2018 Q1 2019 In US$ million Net debt to equity Trade finance facilities utilisation Utilised % Facility 583.3 Utilised
Slide 16: Cycle time
Cycle time Inventory days Trade receivable days 49 52 53 31 31 30 27 29 2016 2017 2018 Q1 2019 2016 2017 2018 Q1 2019 Trade payable days Cycle time 2016 2017 2018 Q1 2019 (16) (18) (18) (20) 65 60 61 44 2016 2017 2018 Q1 2019 Cycle time is calculated as Inventory days + Trade receivable days – Trade
Slide 17: Cash Flows Statement | Summary
Cash Flows Statement | Summary In US$ million Q1 2019 Q1 2018 Operating cash flows before working capital changes 7.4 15.2 Changes in operating assets and liabilities 16.3 39.2 Net interest and income tax payment (3.6) (5.2) Net cash flows from operating activities 20.0 49.2 Net cash flows used in f
Slide 18: Thank you
Thank you Any questions, contact: James Soo, Chief Financial Officer Ph: (65) 6829 5255| mail: jamessoo@mewahgroup.com 18