Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Infrastructure — Q4 FY2021 Earnings Presentation
57 slides from Gmr Airports's earnings presentation, Jun 19, 2021
Slide 1: GMR Infrastructure Limited exchange cover letter
GMR Infrastructure Limited Corporate Office: New Udaan Bhawan, Opp. Terminal-3 Indira Gandhi International Airport New Delhi-110037 CIN: L45203MH1996PLC281138 T +91 11 42532600 F+911147197181 W 'NitVItV.gmrgroup.in E Gii.Cosecy@gmrgroup.in June 19, 2021 BSE Limited National Stock Exchange of India P
Slide 2: Investor Presentation Q4FY21
Investor Presentation Q4FY21 0
Slide 3: Disclaimer
DISCLAIMER All statements, graphics, data, tables, charts, logos, names, figures and all other statements relating to future results of operation, financial condition, business information (“Contents”) contained in this document (“Material”) is prepared by GMR prospects, plans and objectives, are ba
Slide 4: Table of Contents
Table of Contents Particulars Pg. No. Group Overview and Way Forward 3–5 Business Highlight 6 – 11 GIL Financial Performance 12 – 15 Airport Business 16 – 24 Energy Business 25 – 28 Transportation and Urban Infrastructure Business 29 – 32 ESG Practices 33 – 43 Annexures 45 – 55 2
Slide 5: Group Overview and Way Forward
Group Overview and Way Forward
Slide 6: How Conditions Created by Covid were Handled?
How Conditions Created by Covid were Handled? 1. Focus on safety and welfare of employees 2. Liquidity raising and preservation • Raising bonds in Hyderabad (GHIAL) & Delhi Airports (DIAL) – USD 750 mn1 • Refinancing of bonds at GMR Airports Ltd – ~USD 415 mn2 • Financial closure at Goa for capex of
Slide 7: Strategy Going Forward for FY22
Strategy Going Forward for FY22 1. Complete the Demerger within FY22 (Create two listed pure-plays) 2. Further reduction of debt through monetization of assets/businesses 3. Remaining debt to be refinanced through dollar bonds at GIL (similar to DIAL & GHIAL) 4. Bidding for new airports within India
Slide 8: Business Highlights
Business Highlights Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 9: Air Traffic Begins to Recover post Second Wave
Air Traffic Begins to Recover post Second Wave Delhi Airport1,2,3 Passenger confidence returns with the decline in Covid 1st Week 39th Week 52nd Week 55th Week 25-31 May 2020 15-21 Feb 2020 17-23 May 2021 7-13 Jun 2021 Feb’21 was the best month post Covid Decline in air traffic in April 2021 and
Slide 10: Other Businesses
Other Businesses Energy Business FY20 FY21 June 2021* 82% 75% 77% 65% 69% Power demand and coal supply are improving 64% as the lockdown is easing up During FY21, the dispatch to the discoms under the PPA have been above the normative availability as defined in the respective PPA Warora Kamalanga
Slide 11: Demerger Update
Demerger1 Update Received most of the NOCs including SEBI, Stock Exchanges; NCLT meeting to convene shortly Current Structure Schemes of Arrangement Promoter Group Public • Vertical split demerger of the Non-Airport Business GIL L of GIL into GPUIL EPC & Urban Airport Sector Energy Sector Infra. Sec
Slide 12: Demerger – creating pure plays in Airport and Non-Airport Businesses
Demerger – step in right direction creating pure plays in Airport and Non-Airport Businesses of the Group Objectives of Demerger GIL to emerge as India's Only Pure-Play Listed Airports Company, value unlocking of Airport business Simplification of the Corporate Holding Structure and sharp management
Slide 13: Timeline and Approvals
Timeline and Approvals Particulars Timeline and Approvals Appointed date • 1 April 2021 • SEBI and stock exchanges – approval received Approvals • Equity Shareholders and Creditors required • Regulatory Authorities and Income Tax Authority • NCLT Mumbai • Scheme filed with NCLT on Mar 5, 2021 • Shar
Slide 14: Performance Highlights – Q4FY21
Performance Highlights – Q4FY21
Slide 15: GIL Performance Highlights – Q4FY21
GIL Performance Highlights – Q4FY21 Consolidated Financials • Net Revenues ▲ 1.5x QoQ; ▲14% YoY o Airport business revenues ▲2.3x QoQ, ▲22% YoY • EBITDA ▲ 7.5x QoQ; ▲29% YoY to INR 8.4 bn driven by Airport business (▲ 9.7x QoQ; ▲47% YoY) • Net Loss after tax (adjusted for exceptional items) ~INR 1.4
Slide 16: GIL Consolidated – Quarterly Trends
GIL Consolidated – Quarterly Trends INR bn Airport Energy Highways Others 20.7 18.1 17% 20% 22% 26% Net Revenue 7% 34% 10% 5% 13.4 17% 7% 10% 7% 10.7 29% 9.6 31% 16% 59% 64% 41% 43% 35% Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 INR bn 8.4 6.5 EBITDA 1.4 1.1 -0.2 Q4FY20 Q1
Slide 17: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt (INR bn) ^ Net Debt (Sector-wise) ^ 346 93 253 Energy Airport 9% 62% Highways Others 10% 1% Corporate Gross Debt Cash & equivalents Net Debt 18% • Corporate net debt declined by INR 8.7 bn QoQ Note : FCCB not considered in debt, ^ As on March 2021 15
Slide 18: Airport Business
Airport Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 19: Key Developments in Q4FY21 - Delhi Airport
Key Developments in Q4FY21 - Airport Business Delhi Airport (DIAL) • Revenue (▲118% QoQ, ▲10% YoY) o Aero revenue (▲25% QoQ, ▼30% YoY) o Non-aero revenue (▲9% QoQ,▼26% YoY) Retail incl. Duty Free (▲53% QoQ,▼53% YoY) o CPD Rentals (▲10x QoQ, ▲1.9x YoY). QoQ & YoY up on revenue from contracts for pr
Slide 20: Key Developments in Q4FY21 - Hyderabad and Cebu Airports
Key Developments in Q4FY21 - Airport Business Hyderabad Airport (GHIAL) • Revenue (▲40% QoQ,▼47% YoY) o Aero revenue (▲25% QoQ,▼56% YoY) o Non-aero revenue (▲69% QoQ,▼24% YoY) Retail incl. Duty Free (▲40% QoQ, ▼62% YoY) • Revenues recovering strongly QoQ despite severe decline YoY due to Covid and
Slide 21: Key Developments in Q4FY21 - Goa and Crete Airports
Key Developments in Q4FY21 - Airport Business Goa Airport • Work is in progress at site with physical activities being carried out simultaneously at multiple sites of the project including Runway, Earthwork, ATC etc. • Achieved Milestone III in terms of both financial and physical progress within th
Slide 22: Airports Business Q4FY21 Operational & Financial Highlights
Airports Business (Q4FY21) - Operational & Financial Highlights QoQ Airport Business Delhi Airport Hyderabad(figures Airport in INR mn) (Consolidated) (Standalone) (Standalone) Particulars Q4FY2020 Q3FY2021 Q4FY2021 Q4FY2020 Q3FY2021 Q4FY2021 Q4FY2020 Q3FY2021 Q4FY2021 Net Revenues 10,785 7,150 13,1
Slide 23: Airports Business FY21 Operational & Financial Highlights
Airports Business (FY21) - Operational & Financial Highlights YoY (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport (Consolidated) (Standalone) (Standalone) Particulars FY2020 FY2021 FY2020 FY2021 FY2020 FY2021 Net Revenues 42,773 31,087 20,607 20,854 14,608 4,186 EBITDA 22,652 8,
Slide 24: Delhi and Hyderabad Airport Non-Aero Revenues
Delhi Airport - Non-Aero Revenues (FY21) Performance YoY Delhi Airport Non-Aero Revenue Break-up INR 12.8 bn • Non-aero revenues ▼42% to INR 12.8bn Cargo Advt. • Retail revenues ▼79% YoY to INR 1.3bn 23% 4% F&B o Duty Free SPP increased to INR 848 in FY21 from 4% Ground Handling INR 798 in FY20 • Ca
Slide 25: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q4FY2020 Q3FY2021 Q4FY2021 FY2020 FY2021 Q4FY2020 Q3FY2021 Q4FY2021 FY2020 FY2021 Revenues 1,332 151 145 4,925 1,457 1,332 165 159 4,925 1,592 EBITDA 840 (100) (114) 3,161 229 840 (110) (126) 3,16
Slide 26: Significant Contribution of JVs and Subsidiaries
Significant Contribution of JVs and Subsidiaries GAL – FY21 Consolidated EBITDA (Proforma) INR mn Airport Consolidated JVs EBITDA Airport Consolidated EBITDA# (DIAL+GHIAL)* Cebu EBITDA Proforma EBITDA 807 100 8,992 8,084 DIAL – FY21 Consolidated EBITDA (Proforma) GHIAL – FY21 Consolidated EBITDA (Pr
Slide 27: Energy Business
Energy Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 28: Key Developments in Q4FY21 – Energy Business
Key Developments in Q4FY21 – Energy Business Warora Power Project • Revenue ▲17% QoQ; ▼13% YoY − PLF including alternate power at 88.2% vs. 78.3% in Q3FY21 and 83.4% in Q4FY20 • EBITDA ▲36% QoQ;▼37% YoY • Cash profit of INR 103 mn vs. cash loss of INR 217 mn in Q3FY21 and cash profit of INR 604 mn i
Slide 29: GMR Energy Ltd - Operational & Financial Highlights YoY
GMR Energy Ltd (GEL) - Operational & Financial Highlights YoY (figures in INR mn) GEL Consolidated Warora Kamalanga Solar Particulars Proforma Q4FY2020 Q4FY2021 Q4FY2020 Q4FY2021 Q4FY2020 Q4FY2021 Q4FY2020 Q4FY2021 Revenue 9,200 9,700 4,642 4,028 4,470 5,580 150 140 EBITDA 2,378 3,186 1,649 1,037 70
Slide 30: Coal Assets - PT GEMS Performance YoY
Coal Assets - PT GEMS Performance YoY (figures in INR mn) Golden Energy Mines Particulars Q4FY2020 Q4FY2021 FY2020 FY2021 Sales Vol. (mn tons) 10.2 9.4 31.0 34.0 Revenues 24,466 20,473 77,776 78,620 EBITDA 2,092 3,471 8,219 11,294 PAT 1,395 2,255 4,689 7,100 • Production ▼ 6% YoY to 9.5 mn tons in Q
Slide 31: Transportation and Urban Infrastructure Business (T&UI)
Transportation and Urban Infrastructure Business (T&UI)
Slide 32: Key Developments in Q4FY21 – T&UI
Key Developments in Q4FY21 – T&UI Highway Business • Hyderabad Vijaywada (HV) traffic increased by 16% YoY to 11.0 Mn in Q4FY21. On a QoQ basis, traffic increased by 4.6% in Q4FY21. − Per day avg. traffic volume decreased by 36% MoM in May’21 due to lockdown − With easing of lockdown, traffic increa
Slide 33: Highway Business Assets Performance YoY
Highway Business Assets Performance YoY (figures in INR mn) Hyderabad-Vijaywada Ambala - Chandigarh GPEL Chennai ORR Particulars Q4FY2020 Q4FY2021 Q4FY2020 Q4FY2021 Q4FY2020 Q4FY2021 Q4FY2020 Q4FY2021 Revenue 487 564 145 0 159 158 217 228 EBITDA 264 474 95 (53) 96 81 176 202 Interest 678 681 127 188
Slide 34: Urban Infrastructure – Potential to Unlock Value
Urban Infrastructure – Potential to Unlock Value Kakinada Special Investment Region: ~10400 Acres • Divestment1 of Group’s entire stake in KSEZ2 − Signed Definitive Agreements for divestment by GSPHL3 of its entire 51% stake in KSEZ2 to Aurobindo Realty and Infrastructure Pvt. Ltd − 100% equity stak
Slide 35: ESG Practices
ESG Practices Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 36: Environmental, Social & Governance Considerations
Environmental, Social & Governance Considerations The Group companies strive together to create a difference in society through creation of value for each stakeholder. Company has invested substantially and allocated resources to increase adherence to environmental standards and pollution control me
Slide 37: Reward & Recognition for DIAL
Reward & Recognition for DIAL DIAL achieved ACI ASQ Top rank among Asia pacific DIAL became Asia Pacific's first airports (overall & >40 MPPA Level 4+ (Transition) accredited category) in CY2020 airport and Second airport Globally under ACI's Airport Carbon Accreditation program DIAL won ACI World’s
Slide 38: DIAL’s Environment & Safety practices
DIAL’s Environment & Safety practices T3 – First IGBC LEED certified First airport registered with First Carbon neutral airport in NC building – GOLD (Feb’11) UNFCC&C for Clean 7.85 MW installed Solar Asia Pacific IGBC Platinum rated existing development mechanism for capacity building (Oct’16) ener
Slide 39: Reward and Recognition for GHIAL
Reward and Recognition for GHIAL GHIAL won ACI ASQ best 2018 – Gold for the best airport by size and region in Solid Waste Management Asia-Pacific region and 15-25 million passenger category • 2019 - Silver for the GHIAL won ACI World’s ‘Voice of best Green Customer’ recognition Infrastructure GHIAL
Slide 40: GHIAL’s Environment & Safety practices
GHIAL’s Environment & Safety practices Climate Change Management: Green Development Green Energy Carbon Neutral Airport Bridge Mounted Equipment Terminal Building certified for Area of 683 acres is developed Installation of 10 MW Solar For 3rd consecutive year, “Leadership in Energy & with various p
Slide 41: Energy Business’s ESG Practices
Energy Business’s ESG Practices • Plants are certified for ISO 9001 : QMS, ISO 14001 : EMS, ISO 45001 : OHSMS & ISO 50001 : ENMS GWEL is also certified for ISO 27001 : Information Security Management System, ISO 55001 : Asset Management System, ISO / IEC 17025: 2017 for GWEL Laboratory (Coal and W
Slide 42: Energy Business’s ESG Practices
Energy Business’s ESG Practices • Implemented non-usage of Single-use Plastic as per government guidelines. • Organic farming being sustained at different sites to cater the needs of employees and their families. Kitchen waste converted to compost by Mechanical food bio digester and used in horticul
Slide 43: Energy Business’s ESG Awards & Recognition and Workshop
Energy Business’s ESG Awards & Recognition and Workshop GWEL • Won CII’s “National Energy Leader” & “Excellent Energy efficient Unit award during the 21st National Award for excellence in Energy Management event which is held online on 25th to 28th August 2020. • Bagged the prestigious “National Ene
Slide 44: Energy Business’s ESG CSR Related Activities
Energy Business’s ESG CSR Related Activities GWEL • Provided safe and clean drinking water, under CSR activity GWEL installed and handed over 3 RO-Water ATM’s in FY 20-21. This is the flagship program taken in FY 16-17 to combat high fluoride content in drinking water in nearby villages. Till date 1
Slide 45: PT GEMS Mining: ESG Performance, Practices and Safety Highlights
PT GEMS Mining: ESG Performance, Practices and Safety Highlights • PTGEMS Corporate Social and Environmental Responsibility (CSER) programs are constantly aligned with the 7 core subjects of ISO 26000 and support the UN Sustainable Development Goals (SDGs) • PTGEMS through its subsidiaries has won s
Slide 46: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 47: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 48: Annexures index
Annexures Particulars No. Profitability Statement (Consolidated) A Financial Performance • Airport Sector (Consolidated) B o Delhi Airport (Standalone) C o Hyderabad Airport (Standalone) D • Energy Sector (Consolidated) E • Warora (Standalone) F • Kamalanga (Standalone) G • PT GEMS (Indonesian Coal
Slide 49: Annexure A : Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Q4FY2020 Q3FY2021 Q4FY2021 FY2020 FY2021 Gross Revenue 23,487 14,810 23,205 85,555 62,294 Less: Revenue Share 5,357 1,407 2,493 20,372 4,849 Net Revenue 18,131 13,404 20,712 65,184 57,445 Total Expenditure 11,585 12,279 12,274 38,898 46,658
Slide 50: Annexure B : Airport Business (Consolidated)
Annexure B : Airport Business (Consolidated) INR mn Q4FY2020 Q3FY2021 Q4FY2021 FY2020 FY2021 Aero Revenue 6,103 1,993 2,511 20,628 6,638 Non Aero Revenue 6,512 5,548 6,635 33,640 20,571 CPD Rentals 3,210 621 6,159 7,641 7,486 Gross Revenue 15,825 8,162 15,305 61,909 34,695 Less: Revenue Share 5,040
Slide 51: Annexure C : Delhi Airport (Standalone)
Annexure C : Delhi Airport (Standalone) INR mn Particulars Q4FY2020 Q3FY2021 Q4FY2021 FY2020 FY2021 Aero Revenue 2,073 1,160 1,453 9,492 4,000 Non Aero Revenue 5,153 3,480 3,810 22,046 12,782 CPD Rentals 3,178 606 6,183 7,556 7,453 Gross Revenue 10,405 5,247 11,445 39,094 24,235 Less: Revenue Share
Slide 52: Annexure D : Hyderabad Airport (Standalone)
Annexure D : Hyderabad Airport (Standalone) INR mn Q4FY2020 Q3FY2021 Q4FY2021 FY2020 FY2021 Aero Revenue 2,458 872 1,092 11,314 2,781 Non Aero Revenue 952 431 728 3,944 1,631 Gross Revenue 3,410 1,304 1,820 15,258 4,412 Less: Revenue Share 147 61 81 649 225 Net Revenue 3,264 1,242 1,739 14,608 4,186
Slide 53: Annexure E : Energy Business (Consolidated)
Annexure E : Energy Business (Consolidated) INR mn Q4FY2020 Q3FY2021 Q4FY2021 FY2020 FY2021 Gross Revenue 3,103 2,158 1,969 8,014 10,234 Operating Expenditure 2,963 2,253 2,160 8,247 10,517 EBITDA 139 (95) (191) (233) (284) EBITDA margin 4% -4% -10% -3% -3% Other Income (139) 355 400 543 1,230 Inter
Slide 54: Annexure F : Warora (Standalone) Power Plant
Annexure F : Warora (Standalone) Power Plant INR mn Particulars Q4FY2020 Q3FY2021 Q4FY2021 FY2020 FY2021 Total Revenue 4,642 3,443 4,028 18,443 14,773 Fuel - Consumption 2,360 2,152 2,308 9,917 8,443 Other Expenses 632 528 682 2,548 2,127 EBITDA 1,649 763 1,037 5,979 4,203 EBITDA margin 36% 22% 26%
Slide 55: Annexure G : Kamalanga (Standalone) Power Plant
Annexure G : Kamalanga (Standalone) Power Plant INR mn Particulars Q4FY2020 Q3FY2021 Q4FY2021 FY2020 FY2021 Total Revenue 4,470 6,350 5,580 20,630 21,890 Fuel - Consumption 2,786 3,250 2,469 10,541 10,732 Other Expenses 976 1,037 945 3,783 3,583 EBITDA 708 2,062 2,166 6,307 7,575 EBITDA margin 16% 3
Slide 56: Annexure H : PT GEMS (Indonesian Coal Mine)
Annexure H : PT GEMS (Indonesian Coal Mine) INR mn Particulars Q4FY2020 Q3FY2021 Q4FY2021 FY2020 FY2021 Production (mn tons) 10.1 7.4 9.5 30.8 33.5 Sales Volumes (mn tons) 10.2 7.6 9.4 31.0 34.0 Gross Revenue 24,466 15,678 20,473 77,776 78,620 Total Expenditure 22,374 14,067 17,001 69,557 67,326 EBI
Slide 57: Annexure I : Highway Business (Consolidated)
Annexure I : Highway Business (Consolidated) INR mn Q4FY2020 Q3FY2021 Q4FY2021 FY2020 FY2021 Gross Revenue 1,552 1,372 1,336 5,852 4,969 Less: Revenue Share 317 395 386 1,236 1,241 Net Revenue 1,235 978 950 4,616 3,728 Operating Expenses 600 462 234 1,450 1,490 EBITDA 635 515 716 3,166 2,238 EBITDA