SMRT Holdings Berhad · MYX:SMRT
SMRT Holdings Berhad — FY2008 Earnings Presentation
25 slides from SMRT Holdings Berhad's earnings presentation, Apr 29, 2008
Slide 1: SMRT Corporation Ltd 4Q and Full Year FY2008 Financial Results
SMRT Corporation Ltd 4Q and Full Year FY2008 Financial Results Analysts and Media Briefing 29 April 2008 1
Slide 2: Group Highlights FY2008
Group Highlights FY2008 Group revenue $802.1m 7.9% Operating profit $178.0m 22.6% Profit after tax $149.9m 10.4% EVA $103.3 m 33.3% Basic EPS 9.9 cents 10.0% Dividend per share 7.75 cents 6.9% (full year) 2
Slide 3: Business Update
Business Update • Full-year ridership increased 7.9% to 469.3m • Won 2 awards: – Best Passenger Experience award (Metro Awards) – Most Customer Friendly Transport award (Land Transport Excellence Awards) • 700 more train runs at estimated cost of $4m • Target to open Stage 3 of Circle Line in mid 20
Slide 4: Business Update
Business Update • Opening of two Xchanges: Boon Lay and Tanjong Pagar • Total of 26 stations refurbished to-date since FY2005 • Achieved revenue target of $42m in FY2008 • Expect more than $10m in rental revenue and 7 more stations to be refurbished in FY2009 • Launched new Tunnel TV between Newton
Slide 5: Consistent Earnings Growth
Consistent Earnings Growth 802.1 743.1 711.7 667.3 673.5 645 596.8 607.1 597.7 625.6 ($ million) Legend Revenue Operating Expenses 126.7 135.4 149.9 89.5 103.4 PATMI FY2004 FY2005 FY2006 FY2007 FY2008 EPS (cents) 6.0 8.4 6.9 9.0 9.9 Gross Div per share (cts) 4.5 6.5 7.0 7.25 7.75 Div payout 60 62 82
Slide 6: Approved Dividend Policy
Approved Dividend Policy • Endeavour to maintain or increase in terms of cents per share of dividend payout each year • Endeavour to ensure a minimum payout ratio of 60% of PATMI per year for Interim and Final Ordinary Dividend • In any particular financial year, may propose a special dividend to pr
Slide 7: Financial Performance
Financial Performance ($m) 4Q08 4Q07 % chg FY08 FY07 % chg Revenue 208.5 186.9 11.5 802.1 743.1 7.9 Other Op. 171.0 24.8 Income 9.1 3.4 20.9 27.8 EBITDA 65.8 49.2 33.7 284.1 255.0 11.4 EBIT 38.8 22.2 74.2 178.0 145.3 22.6 5.5 PAT 34.2 36.2 149.9 135.8 10.4 EPS (cents) 2.3 2.4 6.0 9.9 9.0 10.0 In FY0
Slide 8: Operating Expenses Breakdown
Operating Expenses Breakdown 4Q08 4Q07 % chg FY08 FY07 % chg Staff & related 73.1 71.9 1.6 263.5 263.1 0.1 Depreciation net Amort. 27.0 26.9 0.3 106.1 109.7 3.3 Repairs & maintenance 18.1 17.6 2.5 63.2 60.5 4.4 Energy 23.2 19.7 17.8 89.7 75.9 18.1 • Electricity 11.3 12.0 5.5 47.5 39.8 19.4 • Diesel
Slide 9: Key Financial Indicators
Key Financial Indicators 4Q08 4Q07 FY08 FY07 EBITDA margin (%) 31.6 26.3 35.4 34.3 EBIT margin (%) 18.6 11.9 22.2 19.5 PAT margin (%) 16.4 19.3 18.7 18.3 Interest cover (times) 34.1 23.8 35.4 25.7 ROE (%) - - 22.8 22.1 As at 31/3/08 31/3/07 NAV/share (cents) - - 44.7 42.3 NTA/share (cents)* - - 41.9
Slide 10: Balance Sheet Highlights
Balance Sheet Highlights $m as at 31-Mar-08 31-Mar-07 Total Assets 1,437.6 1,379.0 Property, Plant & Equipment 1,032.8 1,046.2 Trade & Other Receivables 60.7 48.5 Cash & Fixed Deposits 232.5 169.6 Total Borrowings (ST & LT) 250.0 250.0 Current Liabilities (less 229.9 177.4 borrowings) Non-current Li
Slide 11: Healthy Free Cash Flow
Healthy Free Cash Flow 4Q08 4Q07 FY08 FY07 Cash flow from: Operating activities 71.6 96.8 148.0 200.9 Investing activities 0.6 (29.3) (86.8) (115.4) Financing activities 0.1 1.3 1.8 (47.7) Free cash flow 60.2 70.4 51.5 110.3 Net (decrease)/increase in 72.3 68.8 63.0 37.9 cash & cash equivalents Cash
Slide 12: MRT
MRT 4Q08 4Q07 % chg FY08 FY07 % chg Avg. Daily Ridership 1,326 1,209 9.7 1,282 1,191 7.6 (‘000) Revenue ($m) 112.3 101.1 11.1 436.9 404.4 8.0 EBIT ($m) 30.6 14.3 113.8 129.3 103.5 24.9 EBIT margin (%) 27.3 14.2 13.1pts 29.6 25.6 4.0 pts • Revenue increase in FY08 due to increase in average daily rid
Slide 13: LRT
LRT 4Q08 4Q07 % chg FY08 FY07 % chg Avg. Daily Ridership 43.7 40.7 7.2 41.4 39.2 5.4 (‘000) Revenue ($m) 2.3 2.1 9.6 8.6 8.1 6.6 EBIT ($m) (0.1) (0.5) 69.9 (0.4) (1.0) 58.6 • Revenue grew by 7.2% in 4Q08 and 5.4% in FY08 due to growth in average daily ridership • Operating loss for FY08 was more tha
Slide 14: Bus
Bus 4Q08 4Q07 % chg FY08 FY07 % chg Avg. Daily Ridership 784.6 752.0 4.3 757.7 740.4 2.3 (‘000) Revenue ($m) 50.8 47.8 6.2 195.9 190.4 2.9 EBIT ($m) 0.2 0.5 (68.8) 1.5 5.6 (73.1) • Ridership growth of 2.3% in FY08 resulted in 2.9% growth in revenue • Lower FY08 profits as a result of higher staff an
Slide 15: Taxi
Taxi 4Q08 4Q07 % chg FY08 FY07 % chg Holding fleet 3,002 2,993 0.3 3,002 2,993 0.3 Avg. no hired 2,814 2,378 18.3 2,719 2,259 20.4 Hired-out rate (%) 93.7 79.2 18.3 90.5 79.1 14.4 Revenue ($m) 19.1 17.5 9.1 75.4 68.1 10.8 EBIT ($m) 0.3 (0.4) 157.0 0.6 (5.1) 112.3 • Revenue of $75.4m, 10.8% higher th
Slide 16: Rental of Retail Space
Rental of Retail Space 4Q08 4Q07 % chg FY08 FY07 % chg Total Let. Space 27,862 23,156 20.3 27,862 23,156 20.3 (sqm) Avg. Occupany Rate 97.0 99.7 (2.7) 98.1 99.3 (1.3) (%) Revenue ($m) 12.0 9.2 30.0 42.0 34.5 21.8 EBIT ($m) 8.5 6.3 35.9 30.9 25.2 22.7 EBIT margin (%) 71.0 67.9 3.1 pts 73.7 73.1 0.6 p
Slide 17: Tanjong Pagar Xchange
Tanjong Pagar Xchange Before After 17
Slide 18: Boon Lay Xchange
Boon Lay Xchange Before After 18
Slide 19: Advertising
Advertising 4Q08 4Q07 % chg FY08 FY07 % chg Revenue ($m) 4.5 4.6 (3.2) 19.8 17.0 16.7 EBIT ($m) 3.2 2.8 13.7 13.1 11.0 19.0 EBIT margin (%) 70.7 60.2 10.5 pts 66.2 64.9 1.3 pts • Decline in 4Q08 advertising revenue due to decreased advertising on trains and stations • Advertising revenue grew 16.7%
Slide 20: Ad Campaigns in Q408
Ad Campaigns in Q408 HSBC Women’s Champion Citibank World Effie Festival Nokia 20
Slide 21: Engineering & Other Services
Engineering & Other Services 4Q08 4Q07 % chg FY08 FY07 % chg Revenue ($m) 7.5 4.6 63.7 23.5 20.8 13.2 EBIT ($m) (1.1) 0.0 n.a. 1.3 3.8 (65.1) • Operating loss in 4Q08 due to higher project expenses • FY08 revenue increased 13.2% to $23.5 million due mainly to higher sale of diesel and consultancy re
Slide 22: Palm Jumeirah Monorail
Palm Jumeirah Monorail 22
Slide 23: Business Outlook
Business Outlook • 1QFY09 as compared to 1QFY08: Revenue from Train and Bus operations is expected to increase Revenue from Taxis is expected to be higher with higher average hired-out fleet Revenue from Rental is expected to increase with better rental yield and increased space Advertising
Slide 24: Business Outlook
Business Outlook • Operating costs expected to be higher in 1QFY09 as compared to 1QFY08 due mainly to: Higher energy prices Increase in headcount in preparation of CCL Stage 3 opening • New electricity contract Six months contract 1 Apr 08 – 30 Sep 08 Rates are 15% higher than previous cont
Slide 25: Thank You
THANK YOU Visit www.smrt.com.sg/investor_relations.htm for media releases, announcements and presentations 25