Mewah International Inc. · SGX:MV4
Mewah International — H1 2021 Earnings Presentation
24 slides from Mewah International's earnings presentation, Aug 13, 2021
Slide 1: H1 2021 Financial Results Summary
H1 2021 FINANCIAL RESULTS SUMMARY 13th August 2021 MEWAH INTERNATIONAL INC.
Slide 2: Contents
CONTENTS Cash Flow Statement Balance Sheet Income Statement Performance Summary 1
Slide 3: Performance Summary
PERFORMANCE SUMMARY 2
Slide 4: H1 Performance Summary: Net Profit
H1 PERFORMANCE SUMMARY NET PROFIT* In US$ million 30.0 -12.0% 25.0 20.0 15.0 27.8 24.5 10.0 5.0 H1 2020 H1 2021 * Profit after tax attributable to equity holders of the Company 3
Slide 5: H1 Performance Summary: Operating Margin, Volume, Revenue
H1 PERFORMANCE SUMMARY OPERATING MARGIN SALES VOLUME REVENUE PER MT In MT’000 In US$ million In US$ -2.1% -4.8% +42.6% 43.7 41.6 2,169.9 2,124.5 1,485.3 2,117.3 H1 2020 H1 2021 H1 2020 H1 2021 H1 2020 H1 2021 4
Slide 6: CPO Prices vs OM per MT
CPO PRICES vs OM PER MT 1,200 2020 2021 4,800 — CPO Prices (USD) 4,400 — CPO Prices (MYR) 1,000 4,000 --- Operating Margin % CPO Prices - Ringgit Malaysia (RM per MT) 3,600 CPO Prices - US$ per MT 800 3,200 7.4% 2,800 600 6.4% 2,400 2,000 Average @ US$49.9 4.2% 400 1,600 1,200 200 54.9 800 43.7 41.6
Slide 7: Income Statement
INCOME STATEMENT 6
Slide 8: H1 Income Statement
H1 INCOME STATEMENT H1 2021 H1 2020 % change Sales volume (MT'000) 2,124.5 2,169.9 -2.1% Average selling prices per MT (US$) 996.6 684.5 45.6% Revenue 2,117.3 1,485.3 42.6% OM per MT (US$) 41.6 43.7 -4.8% Operating margin ("OM") 88.4 94.9 -6.9% Operating margin (%) 4.2% 6.4% -34.4% Other losses (0.1
Slide 9: H1 Segmental Performance
H1 SEGMENTAL PERFORMANCE BULK CONSUMER PACK H1 2021 H1 2020 Change H1 2021 H1 2020 Change Sales Volume (MT’000) 1,571.6 1,661.8 -5.4% 552.9 508.1 8.8% Average Selling Price per MT (US$) 1,009.7 656.8 53.7% 959.5 775.2 23.8% Revenue (US$’million) 1,586.8 1,091.4 45.4% 530.5 393.9 34.7% Operating Marg
Slide 10: H1 Sales Volume & Revenue
H1 SALES VOLUME & REVENUE In US$ million, unless stated otherwise 2,500.0 Total H1 2021 H1 2020 Change % 2,000.0 Sales volume 1,500.0 2,124.5 2,169.9 -2.1% -2.1% +45.6% (MT’000) 1,000.0 2,117.3 Avg Selling Price 1,485.3 +42.6% 996.6 684.5 45.6% (US$) 500.0 Revenue 2,117.3 1,485.3 42.6% - H1 2020 Vol
Slide 11: H1 Segmental Sales Volume & Revenue
H1 SEGMENTAL SALES VOLUME & REVENUE In US$ million, unless stated otherwise BULK CONSUMER PACK -5.4% +53.7% 1,586.8 +8.8% +23.8% 530.5 1,091.4 393.9 +45.4% +34.7% H1 2020 Volume ASP per MT H1 2021 H1 2020 Volume ASP per MT H1 2021 Change Change Bulk H1 2021 H1 2020 Consumer Pack H1 2021 H1 2020 % %
Slide 12: H1 Geographical Spread - Revenue (Total)
H1 GEOGRAPHICAL SPREAD - REVENUE TOTAL Based on Billing address of the customer Americas Europe 1% Europe Americas 4% Pacific Oceania Rest of Asia 4% 2% Rest of Asia Pacific Oceania 2% 19% 20% 2% Middle East 5% Middle East 13% Malaysia/ Africa Singapore Malaysia/ Africa 11% 52% Singapore 8% 57% H1 2
Slide 13: H1 Geographical Spread - Revenue (Bulk)
H1 GEOGRAPHICAL SPREAD - REVENUE BULK Based on Billing address of the customer Europe Europe Rest of Asia 3% Rest of Asia Pacific Oceania 2% 20% 20% Pacific Oceania 1% 1% Middle East Middle East 2% 14% Africa 2% Malaysia/ Singapore Malaysia/ 62% Singapore 73% H1 2021 H1 2020 12
Slide 14: H1 Geographical Spread - Revenue (Consumer Pack)
H1 GEOGRAPHICAL SPREAD - REVENUE CONSUMER PACK Based on Billing address of the customer Americas Americas Pacific Oceania Pacific Oceania Europe 4% 6% 5% 5% Europe 9% Malaysia/ 8% Malaysia/ Singapore Singapore Rest of Asia Rest of Asia 13% 20% 18% 20% Middle East Middle East Africa 12% Africa 15% 35
Slide 15: H1 Operating Margin
H1 OPERATING MARGIN In US$ million, unless stated otherwise 100.0 90.0 Change Total H1 2021 H1 2020 80.0 -2.1% -4.8% % 70.0 Sales volume 60.0 2,124.5 2,169.9 -2.1% (MT’000) 50.0 94.9 88.4 40.0 Operating Margin per MT 41.6 43.7 -4.8% 30.0 (US$) 20.0 Operating 10.0 -6.9% 88.4 94.9 -6.9% Margin - H1 20
Slide 16: H1 Operating Margin by Segment
H1 OPERATING MARGIN In US$ million, unless stated otherwise BULK CONSUMER PACK -5.4% -7.3% 70.6 61.9 +8.8% +0.2% 24.3 26.5 -12.3% +9.1% H1 2020 Volume OM per MT H1 2021 H1 2020 Volume OM per MT H1 2021 Change Change Bulk H1 2021 H1 2020 Consumer Pack H1 2021 H1 2020 % % Sales volume (MT’000) 1,571.6
Slide 17: Balance Sheet
BALANCE SHEET 16
Slide 18: Source & Application of Capital
SOURCE & APPLICATION OF CAPITAL In US$ million 30 Jun 2021 31 Dec 2020 896.7 896.7 816.3 816.3 Current net debt Current net debt 229.3 25.6% Working 170.5 20.9% Non-current net debt Working Capital 38.4 Non-current net debt 4.3% Capital 35.5 4.3% 450.7 367.8 Equity 74.8% Equity Long-term 629.0 70.1%
Slide 19: Source & Application of Capital (table)
SOURCE & APPLICATION OF CAPITAL In US$ million 30-Jun-21 % 31-Dec-20 % Change Long-term investments 446.0 49.7% 448.5 54.9% -0.6% Working capital 450.7 50.3% 367.8 45.1% 22.5% Total investments 896.7 816.3 9.8% Equity 629.0 70.1% 610.3 74.8% 3.1% Gross debt 388.2 284.2 36.6% Cash 120.5 78.2 54.1% Ne
Slide 20: Liquidity
LIQUIDITY In US$ million Cash & cash equivalents Term loan repayment schedule (in US$ million) Current debt 6 months ending 31 Dec 2021 2.6 Gross debt and FY 2022 9.2 net debt FY 2023 10.3 FY 2024 9.6 Gross debt, 451 Gross debt, 388 Gross debt, 401 Gross debt, 284 Net debt, 268 Net debt, 339 Net deb
Slide 21: Cycle Time
CYCLE TIME* Inventory days Trade receivable days 52 44 34 33 31 32 30 27 27 22 FY 2018 FY 2019 FY 2020 H1 2020 H1 2021 FY 2018 FY 2019 FY 2020 H1 2020 H1 2021 Trade payable days Cycle time FY 2018 FY 2019 FY 2020 H1 2020 H1 2021 61 59 48 47 38 (11) (17) (16) (17) (18) FY 2018 FY 2019 FY 2020 H1 2020
Slide 22: Cash Flow Statement
CASH FLOW STATEMENT 21
Slide 23: Cash Flow Statement
CASH FLOW STATEMENT In US$ million H1 2021 H1 2020 FY 2020 FY 2019 Operating cash flows before working capital changes 51.4 56.5 166.2 33.8 Changes in operating assets and liabilities (83.4) 166.0 7.5 105.7 Net interest and income tax payment (11.8) (4.4) (12.5) (15.3) Net cash flows (used in)/from
Slide 24: Thank you
Thank you Any questions, contact: Rajesh Shroff, Chief Financial Officer Ph: (65) 6829 5255| mail: ir@mewahgroup.com