Mewah International Inc. · SGX:MV4
Mewah International — H1 2024 Earnings Presentation
23 slides from Mewah International's earnings presentation, Aug 14, 2024
Slide 1: H1 2024 Financial Results Summary
H1 2024 FINANCIAL RESULTS SUMMARY 14 Aug 2024
Slide 2: Contents
CONTENTS Cash Flow Statement Balance Sheet Income Statement Performance Summary 1
Slide 3: Performance Summary
REALISING GROWTH BYS DELIVERING a PERFORMANCE ed Fh La SUMMARY @) Mewah
Slide 4: H1 Performance Summary
H1 PERFORMANCE SUMMARY In US$mil +82.7% 18.6 NET PROFIT* 10.2 H1 2023 H1 2024 * Profit after tax attributable to equity holders of the Company 3
Slide 5: CPO Prices
CPO PRICES H1 2023 H1 2024 1,600 CPO Prices (USD) 8,000 CPO Prices (RM) 1,400 Operating Margin % 1,200 6,000 CPO Prices - US$ per MT CPO Prices - MYR per MT 1,000 800 4,000 600 400 4.2% 5.2% 2,000 200 47.7 - 41.9 - 4
Slide 6: Income Statement
REALISING (Dmewan GROWTH BYS DELIVERING
Slide 7: H1 Income Statement
H1 INCOME STATEMENT H1 2024 H1 2023 % change Sales volume (MT'000) 2,065.0 2,123.9 -2.8% Average selling prices per MT (US$) 924.8 1,005.6 -8.0% Revenue 1,909.8 2,135.8 -10.6% OM per MT (US$) 47.7 41.9 13.8% Operating margin ("OM") 98.5 89.1 10.6% Operating margin (%) 5.2% 4.2% 23.8% Other income/(l
Slide 8: H1 Sales Volume & Revenue
H1 SALES VOLUME & REVENUE In US$ million, unless stated otherwise H1 2023 H1 2024 Change % -2.8% -8.0% Sales Volume 2,123.9 2,065.0 -2.8% (MT’000) -10.6% Avg Selling Price 2,135.8 1,005.6 924.8 -8.0% (ASP) (US$) 1,909.8 Revenue 2,135.8 1,909.8 -10.6% 7
Slide 9: H1 Segmental Sales Volume & Revenue
H1 SEGMENTAL SALES VOLUME & REVENUE BULK H1 2023 H1 2024 Change % -3.8% -7.9% Sales Volume (MT’000) 1,515.8 1,458.3 -3.8% 1,484.4 1,314.8 -11.4% Avg Selling Price (ASP) 979.3 901.6 -7.9% (US$) Revenue 1,484.4 1,314.8 -11.4% CONSUMER PACK H1 2023 H1 2024 Change % -0.2% -8.4% Sales Volume (MT’000) 608
Slide 10: H1 Geographical Spread - Revenue (Total)
H1 GEOGRAPHICAL SPREAD - REVENUE TOTAL Based on Billing address of the customer Americas Pacific Americas Pacific Europe Europe 1% Oceania 1% Oceania 4% 3% 2% 2% Middle East Middle East 11% 13% Africa H1 2024 Malaysia/ Africa 9% H1 2023 10% Singapore Malaysia/ 50% Singapore Rest of Asia 15% 57% Rest
Slide 11: H1 Geographical Spread - Revenue (Bulk)
H1 GEOGRAPHICAL SPREAD - REVENUE BULK Based on Billing address of the customer Europe Pacific Europe Pacific 3% Oceania 2% Oceania 1% 1% Middle East Middle East 12% 12% Rest of Asia H1 2024 H1 2023 12% Rest of Asia 23% Malaysia/ Singapore 61% Malaysia/ Singapore 73% 10
Slide 12: H1 Geographical Spread - Revenue (Consumer Pack)
H1 GEOGRAPHICAL SPREAD - REVENUE CONSUMER PACK Based on Billing address of the customer Americas Pacific Americas Pacific 4% Oceania 3% Oceania Europe Europe 4% 4% 7% 6% Malaysia/ Singapore Malaysia/ 26% Singapore 22% Middle East 10% H1 2024 Middle East 14% H1 2023 Rest of Asia Rest of Asia 23% Afri
Slide 13: H1 Operating Margin
H1 OPERATING MARGIN In US$ million, unless stated otherwise H1 2023 H1 2024 Change % -2.8% +13.8% Sales Volume 2,123.9 2,065.0 -2.8% (MT’000) +10.6% 98.5 Operating Margin 89.1 41.9 47.7 13.8% per MT (US$) Operating Margin 89.1 98.5 10.6% 12
Slide 14: H1 Segmental Operating Margin
H1 SEGMENTAL OPERATING MARGIN BULK H1 2023 H1 2024 Change % Sales Volume -3.8% +9.1% 1,515.8 1,458.3 -3.8% (MT’000) 46.5 +5.2% 48.9 Operating Margin 30.7 33.5 9.1% per MT (US$) Operating Margin 46.5 48.9 5.2% CONSUMER PACK H1 2023 H1 2024 Change % Sales Volume 608.1 606.7 -0.2% -0.2% +16.7% (MT’000)
Slide 15: Balance Sheet
REALISING GROWTH BYS DELIVERING = BALANCE SHEET
Slide 16: Source & Application of Capital
SOURCE & APPLICATION OF CAPITAL Balance Sheet as at 30 June 2024 In US$ million 1,083.3 1,083.3 Current net debt 169.1 Working capital 28.2% 55.4% Equity 599.9 71.8% 430.8 Non-current debt Long-term 25.7% 124.1 investments 44.6% 483.4 Equity 359.3 74.3% Capital Investment 15
Slide 17: Source & Application of Capital
SOURCE & APPLICATION OF CAPITAL In US$ million 30 Jun 2024 31 Dec 2023 1,083.3 1,083.3 1,046.2 1,046.2 Current net debt Current net debt 169.1 15.6% 14.9% 156.2 Non-current net debt Non-current net debt Working capital 124.1 11.5% 9.9% Working capital 103.5 599.9 555.5 Equity Equity 790.1 786.5 75.2
Slide 18: Source & Application of Capital
SOURCE & APPLICATION OF CAPITAL 30-Jun-24 % 31-Dec-23 % Change Long-term investments 483.4 44.6% 490.7 46.9% -1.5% Working capital 599.9 55.4% 555.5 53.1% 8.0% Total investments 1083.3 100% 1046.2 100% 3.5% Equity 790.1 72.9% 786.5 75.2% 0.5% Gross debt (A) 437.4 40.4% 391.6 37.4% 11.7% Cash (B) 144
Slide 19: Liquidity
LIQUIDITY In US$ million Term loan repayment 30 Jun 2024 Non-current debt Current debt Cash & cash equivalents schedule Gross debt and (in US$ million) net debt Gross debt, 392 Gross debt, 430 Gross debt, 541 Gross debt, 437 6 months ending 31 Dec 2024 13.6 Net debt, 260 Net debt, 292 Net debt, 258
Slide 20: Cycle Time
CYCLE TIME* 46 45 42 34 57 58 63 51 FY 2021 FY 2022 FY 2023 H 1 2024 FY 2021 FY 2022 FY 2023 H 1 2024 Cycle time Inventory days FY 2021 FY 2022 FY 2023 H 1 2024 34 32 27 22 (11) (11) (15) (16) FY 2021 FY 2022 FY 2023 H 1 2024 Trade receivable days Trade payable days * Cycle time is calculated as Inv
Slide 21: Cash Flow Statement
REALISING GROWTH BYS DELIVERING Sy . - CASH FLOW ‘= wa STATEMENT
Slide 22: Cash Flow Statement
CASH FLOW STATEMENT H1 2024 H1 2023 Operating cash flows before working capital changes 48.4 39.5 Changes in operating assets and liabilities (29.5) 189.6 Net interest and income tax payment (17.0) (24.3) Net cash flows from operating activities 1.9 204.8 Net cash flows used in investing activities
Slide 23: Thank you
Thank you Any questions, contact: Rajesh Shroff, Chief Financial Officer Ph: (65) 6829 5255| mail: ir@mewahgroup.com