Megawide Construction Corporation · PSE:MWIDE
Megawide Construction — H1 2021 Earnings Presentation
29 slides from Megawide Construction's earnings presentation, Aug 18, 2021
Slide 1: 1H2021 Operating and Financial Results Analyst Briefing
1H2021 Operating and Financial Results Analyst Briefing 18 August 2021
Slide 2: Disclaimer
DISCLAIMER This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Megawide Construction Corporation (the “Company”). This presentation, as well as discussio
Slide 3: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT In PhP M 1H2021 1H2020 YoY% REMARKS Total Revenues 7,584 6,412 18% Construction 6,984 4,861 44% Near normalcy of construction Airport Operations 235 882 -73% Travel bans due to COVID-19 Airport Merchandising 4 69 -94% Landport Operations 360 599 -40% Industry-wide offic
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS PERFORMANCE REVENUE (PhP M) EBITDA (PhP M) NET INCOME / (LOSS) 7,584 360 (PhP M) 6,412 235 4 1,659 68 599 1,433 281 882 70 255 355 584 9 17 -303 -466 6,984 1,494 346 4,861 -410 -9 487 -108 (449)1 1H 2020 1H 2021 -7 (53) 2 1H 2020 1H 2021 1H 2020 1H 2021 BREAKDOWN REVENUE EBITDA
Slide 5: Margin Performance
MARGIN PERFORMANCE In PhP M 1H2021 1H2020 FY 2020 FY 2019 REMARKS Gross Profit Margin 17% 21% 19% 23% Construction 15% 9% 13% 13% Recovery of construction Airport Operations 26% 49% 43% 58% Lower revenue due to travel bans Airport Merchandising 4% 72% 70% 73% Terminal Operations 55% 72% 61% 44% Indu
Slide 6: Liquidity and Gearing Ratios
LIQUIDITY AND GEARING RATIOS In PhP M 30 June 2021 31 December 2020 Parent1 GMCAC2 Conso Parent1 GMCAC2 Conso Cash/financial assets 4,616 369 7,530 5,705 979 7,226 Total Debt 18,189 24,567 46,633 18,146 23,864 45,920 Equity 16,500 7,672 20,092 15,823 8,138 20,532 Retained Earnings 5,576 2,376 6,163
Slide 7: Engineering, Procurement & Construction
ENGINEERING, PROCUREMENT & CONSTRUCTION
Slide 8: Revenue Momentum on Track
REVENUE MOMENTUM ON TRACK QUARTERLY PERFORMANCE (PhP M) HIGHLIGHTS: • Construction activities unhampered 3,539 3,430 3,421 amid ECQ 2.0 • Sustained momentum of net income 2,551 since 1Q2021 • Announcement of winning bids for Subway Project delayed 1,062 2Q20 3Q20 4Q20* 1Q21 2Q21 * Includes ~P400M fi
Slide 9: Robust Order Book
ROBUST ORDER BOOK SEGMENT ORDER BACKLOG 100 80.0 70.0 80 Order Book (PhP B) Residential, 34% Office, Commercial and 68.4 60.0 No. of Projects 62.8 Industrial, 50% 50.0 60 50 52.4 37 50.1 41 40.0 40 39.1 30.0 38.5 32.6 43 20.0 20 30 21 21 10.0 0 0.0 Infra and Facilities, 16% 2015 2016 2017 2018 2019
Slide 10: Airport Operations
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Slide 11: Operations Remain Grounded
OPERATIONS REMAIN GROUNDED QUARTERLY REVENUES (PhP M) 130 HIGHLIGHTS: 120 • Passenger volume breached 100K 110 mark in July • Re-imposition of ECQ to dampen 100 domestic travel anew 90 • Marginal revenue improvement 80 recorded 70 60 110 111 114 119 85 50 2Q20 3Q20 4Q20 1Q21 2Q21 Note: Numbers do no
Slide 12: Upward Passenger Trajectory
UPWARD PASSENGER TRAJECTORY BREAKDOWN PASSENGER VOLUME P69M -84% YoY INTERNATIONAL 30% -93% 52,746 PASSENGER VOLUME DOMESTIC (in ‘000) Dom Int'l 7.7 12.2 8.4 -76% 13.7 5.4 5.5 5.4 417,992 5.5 6.6 11.0 28.4 10.6 8.3 0.5 1.8 1.8 24.2 5.0 30.3 31.1 35.3 38.1 56.4 62.1 52.6 73.7 58.5 81.7 89.4 3.8 11
Slide 13: Air Traffic Confined
AIR TRAFFIC CONFINED BREAKDOWN AIR TRAFFIC MOVEMENT P30M 13% -73% YoY INTERNATIONAL 30% -91% 474 AIR TRAFFIC 69 98 DOMESTIC Dom Int'l 70 70 109 89 58 -70% 107 128 89 5,321 85 104 32 24 17 1,060 55 5 442 344 385 336 415 431 832 845 771 860 788 997 12
Slide 14: Boost from Non-Aero
BOOST FROM NON-AERO BREAKDOWN P134M 57% -61% YoY NON-AERO SHARE TO TOTAL 57% 44% 32% 34% 31% 28% 21% 23% 2014 2015 2016 2017 2018 2019 2020 1H2021 13
Slide 15: Landport Operations
LANDPORT OPERATIONS
Slide 16: Steady Contributor
STEADY CONTRIBUTOR QUARTERLY RENTAL REVENUE HIGHLIGHTS: (in Php M) • Passenger traffic returning to normalcy Office Commercial post ECQ 2.0 21 • Daily average passenger spend steady amid pandemic 31 25 30 • Increasing industry-wide vacancy rates 266 186 162 put pressure on office leasing 143 0 24 2Q
Slide 17: Healthy Commercial Mix
HEALTHY COMMERCIAL MIX OFFICE (72K sqms) RETAIL MIX • 75% leased out Services, • ~P1,000/sqm/month (ave) 10% Consumer Goods, 15% RETAIL (12K sqms) • 80% leased out F&B, 75% • 65% operational • ~P1,200/sqm/month (ave) 16
Slide 18: Recovery in Foot Traffic and SPP
RECOVERY IN FOOT TRAFFIC AND SPP AVERAGE DAILY FOOT TRAFFIC (‘000) AVERAGE DAILY SPP (PhP) 35 58 33 56 31 51 52 53 51 28 28 29 29 28 29 46 45 27 26 26 25 25 26 41 24 39 27 29 26 10 17
Slide 19: Project Updates
- PROJECT UPDATES
Slide 20: Pivot to Infrastructure
PIVOT TO INFRASTRUCTURE MCRP – EM & Track For Tender Works (Malolos - Clark) (MCRP electromechanical/track works) in talks with well-established Japanese company E&M works Ongoing (MCRP Package 1) with Hyundai Engineering and Dong-ah Geological Engineering from Korea Elevated rail ~30B value Bid sub
Slide 21: Electro-Mechanical & Track Works
ELECTRO-MECHANICAL & TRACK WORKS Coverage Malolos to Clark Airport Solis to Calamba Length Total: 108 km MCRP: 52.4 km SCRP: 55.6 km Stations: 24 nos. Status Live Tender Tender August 2021 (expected to be Submission extended) Client DOTr Fund Source JICA (Foreign ODA) Project Cost Php ~100 B Duratio
Slide 22: Transport Oriented Developments
TRANSPORT ORIENTED DEVELOPMENTS Baguio (ongoing discussions) 205 kms PITX 10 kms Cavite (initial talks) 570 kms Carbon (ongoing) 21
Slide 23: Baguio Landport: Advanced Discussions
BAGUIO LANDPORT : ADVANCED DISCUSSIONS
Slide 24: Carbon: Awarding of Flower and Native Stalls
CARBON : AWARDING OF FLOWER AND NATIVE STALLS
Slide 25: Carbon: Declogging and Sidewalk Rehab Works
CARBON : DECLOGGING AND SIDEWALK REHAB WORKS
Slide 26: Carbon: Board Up Completed
CARBON : BOARD UP COMPLETED 25
Slide 27: Cavite BRT: Initial Talks
CAVITE BRT : INITIAL TALKS
Slide 28: Phirst Park Homes Pre-Cast Contract
PHIRST PARK HOMES PRE-CAST CONTRACT • 2 new locations: Batulao (Batangas) and Magalang (Pampanga) • Total: 7 Sites; 12K units 23
Slide 29: End of presentation
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