Marine & General Bhd · MYX:M&G

Marine & General Bhd — SILK Holdings — Investor Presentation (January 2014)

27 slides from Marine & General Bhd's investor presentation, Jan 21, 2014

  1. Slide 1: Briefing to Analysts on SILK Holdings Bhd

    BRIEFING TO ANALYSTS ON SILK HOLDINGS BHD 20-21 JAN 2014

  2. Slide 2: Agenda

    AGENDA • Group Overview – SILK Group – Group structure – Highway Infrastructure Division’s (HID) – Oil & Gas Support Services Division’s (OGSSD)  Key clients  Awards & achievements – 5-Year Historical Financial Performance – Q1 FY2014 Performance • Highway Infrastructure Division – 5-Year Historic

  3. Slide 3: Agenda (continued)

    AGENDA (continued) • Oil & Gas Support Services Division – 5-Year Historical Financial Performance – Q1 FY2014 Performance – Key Factors Moving Forward – Prospects for FY 2014 – Long-term prospects • Additional Information • Q&A 3

  4. Slide 4: Group Overview

    GROUP OVERVIEW

  5. Slide 5: Brief Introduction to SILK Group

    BRIEF INTRODUCTION TO SILK GROUP • SILK Holdings Bhd (“SILK”) started as SILK Concessionaire Holdings Sdn Bhd on 14 October 1996. • Renamed Sunway Infrastructure Bhd on 14 February 2002. • Listed on Bursa Malaysia on 17 December 2003 • The company assumed its present name on 31 October 2008. • Assum

  6. Slide 6: Group Structure

    GROUP STRUCTURE LK Red Centennial Sdn Bhd AQL Aman Sdn Bhd Jasa Merin (M) Sdn Bhd 100% 100% 100% Ly Jasa Merin (Labuan) PLc* JM Global 1 (Labuan) PLe* JM Global 2 (Labuan) PLe* JM Global 3 (Labuan) PLe* JM Global 4 (Labuan) PLe* LK

  7. Slide 7: Highway Infrastructure Division (HID)

    HIGHWAY INFRASTRUCTURE DIVISION’S (HID) • Operates through Sistem Lingkaran Lebuhraya Kajang Sdn Bhd (“SILK HIGHWAY”). • Owns and operates a 37 kilometer highway (216 lane kilometers) known as Kajang SILK Highway or Kajang Traffic Dispersal Ring Road (“the Ring Road”). • The concession commenced in

  8. Slide 8: Highway Infrastructure Division (HID) (continued)

    HIGHWAY INFRASTRUCTURE DIVISION’S (HID) (continued) • Length : 37km (216 lane km) • 11 graded-separated interchanges • Dual 3 and 4 lanes carriageway • 4 toll plazas • Open toll system • Current installed capacity of 600,000 vehicles per day 8

  9. Slide 9: Oil & Gas Support Services Division (OGSSD)

    OIL & GAS SUPPORT SERVICES DIVISION’S (OGSSD) • Division spearheaded by AQL, the holding company of the 70% owned JM, an offshore marine support services company. • Terengganu State Government owns 30% of JM via State investment company, Terengganu Incorporated Sdn Bhd (TI) • JM has more than 30-yea

  10. Slide 10: OGSSD: Recent Awards & Achievements

    OGSSD: RECENT AWARDS & ACHIEVEMENTS YEAR AWARDS 2013 SHELL MALAYSIA (EP) - Upstream Logistics : Appreciation Award - JM Bayu 2013 EMEPMI Marine Vessel of the Quarter Award – 2Q 2013 - JM INDAH 2012 LUNDIN Certificate of Achievement 2012 / 2013 – MV JM BAYU 2012 LUNDIN Certificate of Achievement 2012

  11. Slide 11: Group: 5-Year Historical Performance

    GROUP: 5-YEAR HISTORICAL PERFORMANCE Group Annual Revenue Group Annual EBITDA Revenue (RM Mil) EBITDA (RM Mil) 232.3 383.3 341.1 193.5 247.7 131.7 223.9 129.4 40.9 29.5 FY09 FY10 FY11 FY12 FY13 FY09 FY10 FY11 FY12 FY13 Group Annual PBT Group Annual PATMI PBT (RM Mil) PATMI (RM Mil) 34.5 26.4 10.0 17

  12. Slide 12: Group: Q1 FY2014

    GROUP: Q1 FY2014 Group Quarterly Trend - Revenue Group Quarterly Trend - EBITDA Revenue (RM Mil) EBITDA (RM Mil) 99.1 62.8 98.0 94.4 93.8 58.2 58.4 58.2 92.5 57.5 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Group Quarterly Trend - PBT Group Quarterly Trend - PATMI

  13. Slide 13: Group: Gearing

    GROUP: GEARING Year Net Debt / • 46% of total borrowings (RM863 mil) represents Sukuk and its accrued finance cost at SILK (Capital + Net Debt) Highway. • Future cashflows sufficient to cover commitment. 2010 90%  Tenure for another 15 years  Limited guarantee security by SILK 2011 92% 2012 93% •

  14. Slide 14: Highway Infrastructure Division

    HIGHWAY INFRASTRUCTURE DIVISION

  15. Slide 15: HID: 5-Year Historical Performance

    HID: 5-YEAR HISTORICAL PERFORMANCE Highway Annual Average Daily Traffic Highway Annual Revenue Volume (Approx) Revenue (RM Mil) ADTV (Units) 76.8 173,000 65.0 67.6 152,000 136,000 51.0 116,000 99,000 40.1 FY09 FY10 FY11 FY12 FY13 FY09 FY10 FY11 FY12 FY13 Highway Annual Trend - LBT PBT/(LBT) (RM Mil)

  16. Slide 16: HID: Q1 FY2014

    HID: Q1 FY2014 Highway Quarterly Trend - Average Daily Highway Quarterly Trend - Revenue Traffic Volume (Approx) Revenue (RM Mil) ADTV (Units) 20.8 186,000 19.9 181,000 177,000 19.4 19.0 169,000 18.5 163,000 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Highway Quar

  17. Slide 17: HID: Key Factors Moving Forward

    HID: KEY FACTORS MOVING FORWARD • Ring Road is built to rated capacity of 600,000 vehicles per day. Minimal capital expenditure for capacity expansion in immediate to medium term. • Located in the high growth area of Kajang / Klang Valley. Stands to benefit from the Greater Kuala Lumpur NKEA. • Ampl

  18. Slide 18: HID: Prospects for FY2014

    HID: PROSPECTS FOR FY2014 • ADTV for Q1 FY2014 stands at 186,000 vehicles per day – growth of 14% Y-O-Y. • HID expects another double digit improvement in traffic volume for FY2014. • Expected increase in ADTV should allow HID to improve revenue for FY2014. • HID’s accounting losses for FY2014 expec

  19. Slide 19: HID: Long-Term Prospects

    HID: LONG-TERM PROSPECTS • Traffic volume is expected to continue to grow due to:  Continuing and increasing development and urbanization in the surrounding vicinity of Kajang SILK Highway, and  SILK Highway’s connectivity with other highways along its alignment together with the availability of i

  20. Slide 20: Oil & Gas Support Services Division

    OIL & GAS SUPPORT SERVICES DIVISION

  21. Slide 21: OGSSD: Vessel Roster

    OGSSD: VESSEL ROSTER Straight Supply Vessels Delivery Date 1. JM Aman 2004 2. JM Indah 2007 3. JM Murni 2007 • Current fleet size is 19 vessels. Fleet to Anchor-Handling Tug & Supply Vessels expand to 21 vessels by end of FY2014 70 Meters 4. JM Bayu 2010 5. JM Sepoi 2011 • The average age of vessels

  22. Slide 22: OGSSD: 5-Year Historical Performance

    OGSSD: 5-YEAR HISTORICAL PERFORMANCE O&G Annual Vessels Deployed O&G Annual Revenue Owned (Units) 3rd Party Revenue (RM Mil) 318.4 291.1 5 6 206.7 181.3 182.7 2 2 2 18 16 12 10 10 FY09 FY10 FY11 FY12 FY13 FY09 FY10 FY11 FY12 FY13 O&G Annual Trend - PBT PBT (RM Mil) 51.4 42.0 41.8 37.5 14.7 FY09 FY10

  23. Slide 23: OGSSD: Q1 FY2014

    OGSSD: Q1 FY2014 O&G Quarterly Trend - Vessels Deployed O&G Quarterly Trend - Revenue Owned (Units) 3rd Party Revenue (RM Mil) 80.1 79.5 3 3 4 5 2 74.4 73.7 72.6 18 18 18 18 16 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 O&G Quarterly Trend - PBT PBT (RM Mil) 15.5

  24. Slide 24: OGSSD: Key Factors Going Forward

    OGSSD: KEY FACTORS GOING FORWARD • Sector’s future expected to be good given its part of NKEA and Petronas’ planned capex of RM 275 -300 billion between 2011-2015. • Clear focus on enhancing domestic activity/participation bodes well for local operators. 24

  25. Slide 25: OGSSD: Prospects for FY2014

    OGSSD: PROSPECTS FOR FY2014 • JM, mainly due to vessel mix & age as well as safety & delivery track record, remains competitive for renewals and new contracts/mandates • Current fleet enjoying good utilisation rates, which should translate to better yield. • 3 new vessels to enter roster in FY2014 –

  26. Slide 26: OGSSD: Long-Term Prospects

    OGSSD: LONG-TERM PROSPECTS • As relatively young fleet, accordingly should benefit from higher reliability and lower maintenance. Hence will enjoy better utilisation and better yields. • Ability to serve deep-water segment with addition of JM Bayu and JM Sepoi in late 2010, JM Samudera and JM Setia

  27. Slide 27: Thank You

    THANK YOU For queries: info@silk.my 27

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