Aegis Logistics Limited · NSE:AEGISLOG
Aegis Logistics — Investor Presentation (November 2018)
37 slides from Aegis Logistics's investor presentation, November 2018
Slide 1: Aegis Logistics Limited – Positioned for growth
Aegis Logistics Limited “Positioned for growth” Investor Presentation November 2018
Slide 2: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Aegis Logistics Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any secu
Slide 3: Record Half Yearly Performance
Record Half Yearly Performance Revenue Normalized EBITDA* PBT +16% +33% +29% 2,443 192 140 2,100 109 144 H1FY18 H1FY19 H1FY18 H1FY19 H1FY18 H1FY19 Outperformance Continues… Highest EBITDA Highest Logistics Highest for the quarter in Volumes Distribution past 5 years for the quarter in Volumes past 5
Slide 4: Current Business Break-up
Current Business Break-up Liquid Division Gas Division ▪ Business ▪ Business – Third Party Liquid Logistics (3PL) – Third Party Gas Logistics (3PL) – O&M Services H1FY19 EBITDA – Auto Gas Retailing and Packed LPG Cylinders for Commercial segment Rs. 192 Cr – Industrial Gas Distribution Liquid – Mari
Slide 5: Gas Logistics
Gas Logistics 5
Slide 6: Gas Logistics - Capturing Complete Value Chain
Gas Logistics - Capturing Complete Value Chain 40% 60% Gas Distribution Gas Logistics (3PL) AND/OR Gas Sourcing Sourcing Fees Industrial Sourcing Shipping Terminalling Auto Gas Segment Activity Revenue Stream Gas Sourcing Sourcing & Shipping Sourcing Commission Throughput Fees, Handling & Gas Logist
Slide 7: Demand Supply Gap exists for LPG in India
Demand Supply Gap exists for LPG in India... Consumption of LPG in India Imports of LPG in India ‘000 MT ‘000 MT +207% CAGR 17% 21,537 11,026 14,331 10,456 4,484 7,016 2,883 853 2000-01 2005-06 2010-11 2016-17 2000-01 2005-06 2010-11 2016-17 Incremental Demand in LPG met through Imports •Source: PPA
Slide 8: Increasing LPG imports will need Terminal Capacity
Metric 0 5 10 15 Tons 20 Million 25 30 35 40 2004-05 2005-06 2006-07 2007-08 2008-09 Domestic Supply 2009-10 2010-11 Source: PPAC/IOC and Management Estimates 2011-12 2012-13 Demand 2013-14 2014-15 2015-16 2016-17(P) 11 2017-18 21 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-
Slide 9: To Capitalize on this Opportunity
To Capitalize on this Opportunity Leading LPG Logistics Player in India JV with ITOCHU ✓ Efficient and Cost Effective Shipping for High Volumes Expansion - Terminaling Capacity ✓ Strong Negotiating Power ✓ Growing LPG Market in India ✓ Financial Muscle ✓ Strong Customer Relationship ✓ Terminaling Ca
Slide 10: JV with ITOCHU
JV with ITOCHU Aegis entered into a Joint Venture for its Singapore based LPG Sourcing and Supply Business with ITOCHU Petroleum Co., (Singapore) Pte Ltd Aegis Logistics Limited sold 40% of its equity ownership in its wholly owned subsidiary, Aegis Group International Pte. Ltd. Singapore, to ITOCHU
Slide 11: LPG Capacity Post Expansion
LPG Capacity Post Expansion Static Capacity MT Throughput Capacity MT 63,300 5,000,000 Expansion in Haldia & Pipavav Debottlenecking in Mumbai 25,000 2,500,000 28,100 25,400 18,300 5,400 8,100 1,400,000 1,300,000 750,000 6,00,000 20,000 20,000 20,000 250,000 1,100,000 5,00,000 7,00,000 2015-16 2016-
Slide 12: Greenfield Capacity Expansion at Haldia
Greenfield Capacity Expansion at Haldia ✓ Static Capacity ▪ 25,000 MT – 2 Fully Refrigerated Tanks of 12,500 MT each ▪ 24 carousel (Filling Points) bottling plant ✓ Throughput Capacity ▪ 2,500,000 MT at full utilization ✓ ▪Project Cost Rs 250 crs – LPG Terminal West Bengal ▪ Rs. 25 crs – LPG Bottlin
Slide 13: Debottlenecking of LPG Terminals at Mumbai
Debottlenecking of LPG Terminals at Mumbai ✓ Static Capacity to remain same ▪ 20,000 MT ✓ Throughput Capacity ▪ 1,100,000 MT (incremental 400,000 MT) ✓ Project Cost ▪ Rs 15 crs ✓ Means of Finance ▪ Internal Accruals ✓ Project Completed Project Status: ▪ Q3 FY17-18 ▪ Intake Pumps - Completed ✓ Pipeli
Slide 14: Brownfield Capacity Expansion at Pipavav
Brownfield Capacity Expansion at Pipavav ✓ Static Capacity ▪ 10,200 MT ✓ Throughput Capacity ▪ ~800,000 MT at full utilization Gujarat Pipavav ✓ Project Cost ▪ Rs 75 crs ✓ Means of Finance ▪ Internal Accruals Throughput volumes for LPG handled in Pipavav ✓ Project Completed expected to grow ▪ Q3 FY1
Slide 15: Our Gas Distribution Network
Our Gas Distribution Network B2C ▪ Auto Gas Retailing: Distribute LPG as Auto Fuel through Gas Station Network ▪ 111 Auto Gas Stations across 7 States B2B ▪ Bulk Industrial Distribution: Distribute LPG through road tankers to Auto, Steel, Ceramic Industries etc ▪ Commercial LPG: Distribute Packed Cy
Slide 16: Gas Division: Highest Operating Performance
Gas Division: Highest Operating Performance EBITDA (in Crs) Logistics (‘000 MT) Distribution (‘000 MT) 203 70% 1,743 71% 78 64% of FY18 of FY18 of FY18 EBITDA Volumes Volumes 155 achieved 1,365 achieved 59 achieved 142 1,240 49 50 50 123 979 42 85 626 61 477 FY14 FY15 FY16 FY17 FY18 H1FY19 FY14 FY15
Slide 17: Gas Division Performance EBITDA
Gas Division Performance EBITDA* Capacity Existing & New Expansion Customer Relationships Sustainable Business Rs. in Cr. Average ~21 Average ~31 Average ~39 Average ~51 Avg ~71 +58% 80 62 59 54 51 46 42 39 39 35 35 27 27 27 22 24 20 19 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17
Slide 18: LPG Volume - Logistics
LPG Volume - Logistics ‘000 MT Average ~157 Average ~245 Average ~341 Average ~436 Avg ~620 +50% 663 577 521 479 434 442 400 308 302 268 279 252 200 197 206 163 132 131 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 18
Slide 19: LPG Volume - Distribution
LPG Volume - Distribution ‘000 MT Average ~10 Average ~13 Average ~15 Average ~20 Avg ~25 +63% 28 22 22 21 18 17 15 15 15 14 13 13 13 12 11 11 10 10 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 19
Slide 20: Liquid Logistics
Liquid Logistics 20
Slide 21: Liquid Logistics and EPC Services
Liquid Logistics and EPC Services Liquid Logistics (3PL) O&M Services Shipping Logistics O&M Facilities Segment Activity Revenue Stream Throughput Fees, Handling & Value Liquid Logistics Logistics Addition Charges Operations & O&M Services O&M Fees Maintenance 21
Slide 22: Liquid Traffic at Indian Ports
Liquid* Traffic at Indian Ports POL Traffic Growth at Indian Ports POL Traffic at Major Ports* mn MT +38% Others Haldia 376.7 3% 4% Paradip Kandla 16% 27% 349.3 350.8 348.3 325.3 330.2 Visakhapatnam 312.6 7% Chennai 272.0 Kochi 6% Mumbai 16% 9% JNPT 2% New Mangalore 10% FY09 FY10 FY11 FY12 FY13 FY14
Slide 23: Greenfield Liquid Terminal Expansion
Greenfield Liquid Terminal Expansion Greenfield Liquid Terminal Expansion at Greenfield Liquid Terminal Expansion at Kandla Port – 100,000 KL Mangalore Port – 25,000 KL Kandla Gujarat Mangalore Karnataka ✓ Project Cost ✓ Project Cost ▪ Rs 75 crs ▪ Rs 18 crs ✓ Means of Finance ✓ Means of Finance ▪ In
Slide 24: Brownfield Liquid Terminal Expansion
Brownfield Liquid Terminal Expansion Liquid Terminal Expansion at Haldia Port – 35,000 KL West Bengal Phase II Project Cost Means of Finance Project Completion Date 35,000 KL ▪ Rs 35 crs ▪ Internal Accruals ▪ H1 FY18 - 19 Maps not to scale. All data, information, and maps are provided "as is" withou
Slide 25: Liquid Capacity Post Expansion
Liquid Capacity Post Expansion 01 Mumbai Built up of Capacities (‘000s KL) ✓ Existing – 273,000 KL 689 02 Kochi Existing 25 ✓ Existing – 51,000 KL New Capacity 100 03 Haldia 120 ✓ New Capacity – 35,000 KL 120 ✓ Existing – 85,190 KL 85 04 Pipavav 35 ✓ Existing – 120,120 KL 273 51 05 Kandla ✓ New Capa
Slide 26: Liquid Division Performance
Liquid Division Performance Revenue (Rs. In Cr.) Normalized EBITDA (Rs. In Cr.) +9% -21% 44 • New Capacities fully 26 41 operational 21 • Margins to improve with better utilization of new capacities Q2FY18 Q2FY19 Q2FY18 Q2FY19 171 168 102 103 97 153 154 91 84 131 +8% -8% 83 90 54 50 2013-14 2014-15
Slide 27: Leading provider of logistics and supply chain services
We are leading provider of logistics and supply chain services to India’s oil, gas and chemical industry Strategic port locations Storage terminals Rail connectivity Pipelines 27
Slide 28: Unique Infrastructure
Unique Infrastructure Liquids LPG ▪ Terminals at key ports- Mumbai, Kochi, ▪ Refrigerated Gas Terminal in Mumbai Haldia, Pipavav ▪ Pressurized Gas Terminal in Pipavav ▪ Jetty Pipelines ▪ Pipeline connectivity to Petchem plant ▪ Multiple tank sizes ▪ Network of 111 Autogas stations in 7 states ▪ Coat
Slide 29: Building a Necklace of Terminals around the coastline of India
Our Strategy : Building a Necklace of Terminals around the coastline of India ✓ VLGC ▪ All Ports are Deep Water Ports to accommodate VLGC New Location ✓ Pipelines ▪ Pipeline Facilities for Larger Customers Kandla Pipavav Haldia ✓ Railways ▪ Railways available at Pipavav Mumbai and can be set up at a
Slide 30: Strong Industry Partners
Strong Industry Partners AEGIS (6) Gs ASHV Gas TATA TATA STEEL eS BS CD es Mahindra Os Q Reliance Industries Limited IndianOil PIAGGIO’ 30
Slide 31: Management Team
Management Team Raj Chandaria Anish Chandaria Chairman & MD Vice Chairman & MD Sudhir Malhotra Rajiv Chohan Group President & COO President -Business Development Murad Moledina K. S. Sawant Chief Financial Officer President - Operations & Projects 31
Slide 32: Financial Performance
Financial Performance Solid Foundations 32
Slide 33: Consolidated Profitability Statement [IndAS]
Consolidated Profitability Statement [IndAS] Rs. In Cr. Q2 FY19 Q2 FY18 Y-o-Y % H1FY19 H1FY18 Y-o-Y % Revenue 1,426 1,242 15% 2,443 2,100 16% Cost of Sales 1,280 1,137 2,181 1,897 Others 45 28 70 59 Normalized EBITDA (Segment) * 101 77 31% 192 144 33% Finance, Hedging & Forex related 7 4 11 8 Expens
Slide 34: Consolidated Profitability Statement [IndAS]
Consolidated Profitability Statement [IndAS] Rs. In Cr. FY18 FY17 Y-o-Y % Revenue 4,791 3,939 22% Cost of Sales 4,355 3,567 Others 130 125 Normalized EBITDA (Segment) * 306 247 24% Finance, Hedging & Forex related Expenses (Net) 17 18 Depreciation 32 24 Unallocated Expenses 32 33 Profit Before Tax 2
Slide 35: Consolidated Balance Sheet [IndAS]
Consolidated Balance Sheet [IndAS] Rs. In Cr. Sep-18 Mar-18 Rs. In Cr. Sep-18 Mar-18 Non Current Assets Equity Equity Share Capital 33 33 Property, Plant and Equipment 1,320 1,280 Other Equity 1,237 1,174 Capital Work in Progress 114 126 Equity Attributable to owners 1,271 1,207 Other Intangible Ass
Slide 36: Profit & Dividend Track Record
Profit & Dividend Track Record Dividend 32% 35% 44% 34% 24% 32% 34% 25% Payout Rs. In Cr. Dividend Paid Net Profit 198 120 113 103 61 47 50 36 41 34 22 21 25 15 15 8 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Total Dividend for FY18 is 125% (i.e. Re. 1.25 per share) of Face Valu
Slide 37: For further information, please contact
For further information, please contact: Company : Investor Relations Advisors : Aegis Logistics Limited Strategic Growth Advisors Pvt. Ltd. CIN: L63090GJ1956PLC001032 CIN: U74140MH2010PTC204285 Mr. Murad Moledina, CFO Ms. Payal Dave / Mr. Jigar Kavaiya murad@aegisindia.com payal.dave@sgapl.net / ji
Aegis Logistics — Investor Presentation (November 2018) on 6ix