Yoma Strategic Holdings Ltd. · SGX:Z59
Yoma Strategic — Debt Investor Presentation (January 2019)
79 slides from Yoma Strategic's debt investor presentation, Jan 8, 2019
Slide 1: Corporate Presentation: Build A Better Myanmar For Its People
Corporate Presentation Build A Better Myanmar For Its People
Slide 2: Agenda
AGENDA • Company Overview • Key Businesses • Next Phase of Growth • Financial Highlights • CGIF Information • Summary of the Upcoming Bond Offering 2
Slide 3: Company Overview
COMPANY OVERVIEW 3
Slide 4: About Yoma Strategic Holdings (YSH)
ABOUT YOMA STRATEGIC HOLDINGS (YSH) First Myanmar-centric stock listed on Singapore Stock Exchange in 2006 Market capitalisation of S$711 million1 Affiliated to Serge Pun & Associates (SPA) and First Myanmar Investment (FMI) SPA was established in 1983. FMI was founded in 1992 and is the first compa
Slide 5: Our Board of Directors
OUR BOARD OF DIRECTORS Mr. Adrian Chan Pengee Lead Independent Director > 25 year of experience in legal, Senior Partner at the law firm, Lee & Lee • Nominating and Governance Committee (Chairman), • Remuneration Committee (Chairman) • Audit and Risk Management Committee (Member) Mr. Serge Pun @ The
Slide 6: Management Team
MANAGEMENT TEAM Board of Directors Executive Chairman Serge Pun Chief Executive Officer Melvyn Pun Group Financial Controller Joycelyn Siow Head of Risk Management and Assurance Chief Financial Officer Group General Counsel Head of Human Resources Win Min Htwe JR Ching Loo Hwee Fang Martin Appel Yom
Slide 7: Our Transformation FY2018 – FY2023
OUR TRANSFORMATION FY2018 – FY2023 Accelerating Our Next Phase of FY2006 – FY2010 FY2011 – FY2014 FY2015 – FY2017 Growth Pure Play Real Diversification Into Consolidation of Estate Developer New Businesses Into Core ▪ Building dominant Operations positions and nationwide ▪ Focused on real estate ▪ D
Slide 8: Transition to a More Balanced and Diversified Conglomerate
TRANSITION TO A MORE BALANCED AND DIVERSIFIED CONGLOMERATE ▪ In 2014, we set a 2020 target to have at least 50% of our revenue generated by Non-Real Estate businesses and to increase Real Estate Services income ▪ In FY2018 Non-Real Estate businesses contributed 62% of revenue 21% 37% 45% 17% 81% 91%
Slide 9: Focusing on Domestic Consumption
FOCUSING ON DOMESTIC CONSUMPTION Four Core Businesses YOMA YOMA YOMA YOMA LAND MOTORS F&B FINANCIAL SERVICES 9
Slide 10: Scaling Up Our Presence
SCALING UP OUR PRESENCE1 1Information as at 31 December 2018 2Includes four dealerships 10
Slide 11: Portfolio of Investments
PORTFOLIO OF INVESTMENTS Creating value for shareholders Tourism Infrastructure 35% stake in partnership with Norfund 33% stake in the first and IFC to address Myanmar’s rural Myanmar focused tourism electrification needs company listed on SGX Telecommunications Towers Other Key Investments 12.5% st
Slide 12: Unparalleled Access to Funding
UNPARALLELED ACCESS TO FUNDING Access to Equity Markets • June 2012: 4 for 5 rights issue at S$0.24 per share raised S$101 million • November 2012: Placement at S$0.525 per share raised S$100 million • June 2014: Placement at S$0.70 per share raised S$95 million • February 2015:1 for 3 rights issue
Slide 13: Key Businesses
KEY BUSINESSES 13
Slide 14: Yoma Land – A Leading Property Developer and Landlord
YOMA LAND – A LEADING PROPERTY DEVELOPER AND LANDLORD YANGON ▪ Owns 10+ million sq. ft. of landbank ▪ Focuses on township projects ▪ Own three large scale property developments in Yangon comprising: - Two residential developments, StarCity and Pun Hlaing Estate - A mixed used development, Yoma Centr
Slide 15: StarCity & Pun Hlaing Estate
StarCity & Pun Hlaing Estate (Residential Developments) StarCity Pun Hlaing Estate Building mid to upper income residential developments Building high-end landed and low-rise residential developments ▪ Total land area 135 acres ▪ Total land area 652 acres ▪ Located between downtown Yangon and Thilaw
Slide 16: Diversification into Mass Market Segment
DIVERSIFICATION INTO MASS MARKET SEGMENT Yoma Land adds City Loft, a mass market housing offering, into its range of product ▪ A 22-acre master-planned site at StarCity ▪ Modern affordable housing that targets the underserved middle- income market in Yangon ▪ Designed to bring quality apartments at
Slide 17: Yoma Central & The Peninsula Yangon
YOMA CENTRAL & THE Retail Podium T3 and T4 Office Towers Business Hotel The Peninsula PENINSULA YANGON Total GFA of 410,051 sq. ft. Total GFA of 903,651 sq. ft. Total GFA of 547,979 sq. ft. Residences Yangon Total GFA of 426,315 sq. ft. 270 hotel rooms and (Mixed-Used Developments) 4 Levels of retai
Slide 18: Building a Comprehensive F&B Platform
BUILDING A COMPREHENSIVE F&B PLATFORM Leading quick service restaurant brand with 33 stores1 ▪ 22 stores in Yangon, 11 stores outside of Yangon ▪ Exceeded its target of 32 stores by March 2019 F&B RETAIL Adding Little Sheep and Auntie Anne’s™ to its franchise portfolio ▪ First stores are planed in Y
Slide 19: Comprehensive Suite of Automotive & Heavy Equipment Brands
COMPREHENSIVE SUITE OF LEADING AUTOMOTIVE & HEAVY EQUIPMENT BRANDS ▪ New Holland continues to be one of Myanmar’s leading Heavy tractor brands in the country and has been the biggest Equipment market for New Holland tractors in Southeast Asia since 20151 • Strong reputation in the market with wide b
Slide 20: Continued Expansion of Financial Services Pillar
CONTINUED EXPANSION OF FINANCIAL SERVICES PILLAR First licensed and leading mobile financial services company ▪ Extensive network of over 40,000 agents throughout Myanmar¹ ▪ Network of agents is more than 10 times the number of bank branches in the country ▪ Revenue and transaction numbers grew stro
Slide 21: Ability to Drive High Returns for Our Portfolio of Investments
ABILITY TO DRIVE HIGH RETURNS FOR OUR PORTFOLIO OF INVESTMENTS Telecommunications Towers Tourism • Invested in a 25%-stake in a JV that builds and operates • Spun-off of tourism related businesses, which include telecommunications towers in Myanmar in 2014 for Balloons over Bagan, Bagan Land and Pun
Slide 22: Next Phase of Growth
NEXT PHASE OF GROWTH 22
Slide 23: Next Phase of Growth: Yoma Land
NEXT PHASE OF GROWTH YOMA LAND Revenue of S$41.3 million from both Real Estate Sales and recurring Real Estate Services revenue FY2018 23
Slide 24: Next Phase of Growth: Yoma Land FY2023 Target
NEXT PHASE OF GROWTH YOMA LAND FY2023 Target Expanding residential product offerings Revenue of S$41.3 million Growing availability of mortgage from both Real Estate Sales to drive StarCity and Pun Hlaing Estate sales and recurring Real Estate Services revenue Yoma Central to drive recurring rental
Slide 25: Next Phase of Growth: Yoma Motors
NEXT PHASE OF GROWTH YOMA MOTORS Revenue of S$44.2 million was mainly contributed by New Holland tractors FY2018 911 New Holland Tractors 80 JCB Construction Equipment 183 Mitsubishi Vehicles (Joint Venture) 25
Slide 26: Next Phase of Growth: Yoma Motors FY2023 Target
NEXT PHASE OF GROWTH YOMA MOTORS FY2023 Target 1,800 New Holland Tractors Revenue of S$44.2 million was mainly contributed by 500 Volkswagen Vehicles New Holland tractors 300 JCB Construction Equipment FY2018 1,000 Mitsubishi Vehicles (Joint Venture) 911 New Holland Tractors 80 JCB Construction Equi
Slide 27: Next Phase of Growth: Yoma F&B
NEXT PHASE OF GROWTH YOMA F&B Revenue of S$14.2 million was contributed exclusively by KFC business FY2018 22 KFC stores 27
Slide 28: Next Phase of Growth: Yoma F&B FY2023 Target
NEXT PHASE OF GROWTH YOMA F&B FY2023 Target 6+ Restaurant Brands Revenue of S$14.2 million 125+ Total Stores including was contributed exclusively by KFC business 70+ KFC Stores FY2018 ACQUIRE AND DEVELOP NEW BRANDS 22 KFC stores 28
Slide 29: Next Phase of Growth: Yoma Financial Services
NEXT PHASE OF GROWTH YOMA FINANCIAL SERVICES Revenue of S$6.8 million was contributed exclusively by Yoma Fleet FY2018 720 vehicles with an asset size of US$23 million1 1 As at 31 March 2018, the total assets of Yoma Fleet was S$30.6 million. The conversion rate adopted was 1 USD = 1.3127 SGD. 29
Slide 30: Next Phase of Growth: Yoma Financial Services FY2023 Target
NEXT PHASE OF GROWTH YOMA FINANCIAL SERVICES FY2023 Target US$200 million Yoma Fleet’s asset size Revenue of S$6.8 million was contributed exclusively by Yoma Fleet Expand into additional mobile financial FY2018 services products including other payment services 720 vehicles with an asset size of US
Slide 31: Financial Highlights
FINANCIAL HIGHLIGHTS 31
Slide 32: FY2018 Financial Highlights
FY2018 FINANCIAL HIGHLIGHTS Strong growth in Consumer and Automotive & Heavy Equipment segments partially offsetting the slowdown in the Real Estate segment S$ million 140 Revenue Gross profit Net profit to shareholders 120 115.3 107.8 100 80 60 45.2 39.4 40 35.9 26.6 20 0 FY2017 FY2018 32
Slide 33: FY2018 Highlights: Yoma Land Real Estate Development
FY2018 FINANCIAL HIGHLIGHTS KEY HIGHLIGHTS OF YOMA LAND BUSINESS (REAL ESTATE DEVELOPMENT) S$ million Revenue Gross profit EBITDA 50 46.5 • Fewer units were launched for sale in FY2018 45 compared to FY2017 as the Group adjusted its sales strategy after taking into 40 consideration prevailing market
Slide 34: FY2018 Highlights: Yoma Land Real Estate Services
FY2018 FINANCIAL HIGHLIGHTS KEY HIGHLIGHTS OF YOMA LAND BUSINESS (REAL ESTATE SERVICES) S$ million Revenue Gross profit EBITDA ▪ Rental revenue from the two Dulwich 35 31.5 international schools and The Campus, a 30 new office building in Pun Hlaing Estate, helped to offset the loss of rental from F
Slide 35: FY2018 Highlights: Yoma F&B
FY2018 FINANCIAL HIGHLIGHTS KEY HIGHLIGHTS OF YOMA F&B BUSINESS S$ million Revenue Gross profit EBITDA 16 ▪ Contribution is exclusively from the KFC 14 14.2 business where revenue growth was generated from 10 new store openings in 12 FY2018. The Group operated 22 stores in 10.9 10 Yangon, Mandalay,
Slide 36: FY2018 Highlights: Yoma Motors
FY2018 FINANCIAL HIGHLIGHTS KEY HIGHLIGHTS OF YOMA MOTORS BUSINESS • In FY2018, New Holland business sold 911 tractors and 1,939 implements as compared S$ million Revenue Gross profit EBITDA to 692 tractors and 1,499 implements in 50 FY2017, while JCB construction equipment 44.2 business sold 80 uni
Slide 37: FY2018 Highlights: Yoma Financial Services
FY2018 FINANCIAL HIGHLIGHTS KEY HIGHLIGHTS OF YOMA FINANCIAL SERVICES BUSINESS S$ million Revenue Gross profit EBITDA 8 7 6.8 5.8 6 ▪ Revenue generated from the Financial 5 Services business was exclusively from Yoma Fleet. 3.9 4 3.2 ▪ Yoma Fleet expands to 720 vehicles with a 3 total assets of S$30
Slide 38: 1H2019 Financial Highlights
1H2019 FINANCIAL HIGHLIGHTS Improved Real Estate performance driving strong revenue and net profit growth S$ million 80 Revenue Gross profit Net profit to shareholders 71.3 70 59.0 60 50 40 30 25.3 25.0 21.1 20 10.5 10 0 1H2018 1H2019 38
Slide 39: 1H2019 Highlights: Yoma Land Real Estate Development
1H2019 FINANCIAL HIGHLIGHTS KEY HIGHLIGHTS OF YOMA LAND BUSINESS (REAL ESTATE DEVELOPMENT) S$ million ▪ Revenue growth was generated mainly from Revenue Gross profit Core Operating EBITDA new sales of apartments in Galaxy Towers 2 35 32.8 and 4. 30 ▪ Lower gross margin was partly due to: 25 - In Aug
Slide 40: 1H2019 Highlights: Yoma Land Real Estate Services
1H2019 FINANCIAL HIGHLIGHTS KEY HIGHLIGHTS OF YOMA LAND BUSINESS (REAL ESTATE SERVICES) S$ million Revenue Gross profit Core Operating EBITDA 70 63.1 60 ▪ Rental revenue from the two Dulwich international schools and The Campus 50 40 partially offset the loss of rental revenue from FMI Centre. 30 ▪
Slide 41: 1H2019 Highlights: Yoma F&B
1H2019 FINANCIAL HIGHLIGHTS KEY HIGHLIGHTS OF YOMA F&B BUSINESS S$ million Revenue Gross profit Core Operating EBITDA 10 9.1 ▪ Revenue contribution exclusively from KFC 8 business. 6.3 6 ▪ Operates 26 KFC stores throughout Myanmar 4.5 as at 30 September 2018. 4 3.0 ▪ Increase in revenue driven by ne
Slide 42: 1H2019 Highlights: Yoma Motors
1H2019 FINANCIAL HIGHLIGHTS KEY HIGHLIGHTS OF YOMA MOTORS BUSINESS S$ million Revenue Gross profit Core Operating EBITDA 25 • Lower revenue was due to the lower 23.2 number of tractor and implements sold in 20 the New Holland business. 15.2 • The decline was mainly due to the delay in 15 farmers tak
Slide 43: 1H2019 Highlights: Yoma Financial Services
1H2019 FINANCIAL HIGHLIGHTS KEY HIGHLIGHTS OF YOMA FINANCIAL SERVICES BUSINESS S$ million Revenue Gross profit Core Operating EBITDA 4.5 4.0 4 3.5 3.4 3 ▪ Revenue generated from the 2.6 Financial Services business was 2.5 2.1 exclusively from Yoma Fleet. 2 1.7 1.5 ▪ Yoma Fleet expanded to 919 vehicl
Slide 44: Healthy Balance Sheet
HEALTHY BALANCE SHEET Total Assets Net Debt / Equity • 3x increase in Total Assets from FY2014 to FY2018. Net Gearing ratio1 at 23.8% as at 30 September 2018 is below the Group’s maximum targeted gearing ratio of 40.0%. S$ Million Net Debt (LHS) Total Capital (LHS) Net Gearing (RHS) S$ Million Total
Slide 45: CGIF Information
CGIF INFORMATION 45
Slide 46: Contents
CONTENTS Profile of CGIF • Shareholding Structure • Board of Directors • Management Team Background of CGIF’s Establishment CGIF’s Bond Guarantee Operations • CGIF’s Claims Paying Ability • Typical Guarantee Structure • Guarantee Terms • Eligibility Criteria • Transaction Parameters • Anticipated CG
Slide 47: Profile of CGIF
PROFILE OF CGIF Legal Structure A Trust Fund of the Asian Development Bank (ADB) Governed by CGIF Articles of Agreement, ADB acts as the Trustee for CGIF’s assets Establishment 12 November 2010 (commenced operations May 2012) Paid-In Capital US$ 859.2 million Maximum 2 to 2.5 times Leverage Contribu
Slide 48: Shareholding Structure
SHAREHOLDING STRUCTURE Contribution (USD) Shareholding (%) People's Republic of China 200,000,000 23.28% Japan (Japan Bank for International Cooperation) 342,800,000 39.90% Republic of Korea 100,000,000 11.64% Brunei Darussalam 5,600,000 0.65% Cambodia 200,000 0.02% Indonesia 12,600,000 1.47% Lao Pe
Slide 49: Board of Directors
BOARD OF DIRECTORS Members Represented Mr.Yuchuan Feng People's Republic of China Ms. Hongxia Li People's Republic of China Mr. Kenichi Aso Japan (Japan Bank for International Cooperation) Mr. Mitsutoshi Kajikawa Japan (Japan Bank for International Cooperation) Mr. Sun-joon Jun Republic of Korea Mr.
Slide 50: Management Team
MANAGEMENT TEAM Position Mr. Kiyoshi Nishimura Chief Executive Officer Mr. Aarne Dimanlig Chief Risk Officer Mr. Boo Hock Khoo Vice President, Operations Mr. Gene Soon Park General Counsel Mr. Hou Hock Lim Corporate Planner and Head of Budget, Planning, Personnel and Management Systems Ms. Jeong-Ae
Slide 51: Background of CGIF's Establishment
BACKGROUND OF CGIF’S ESTABLISHMENT • Help issue bonds Asian Bond in matching Markets Initiative currency (ABMI) Prevention of • Aim to match debt Currency Crisis tenures with Rebalance excessive Accelerate Economic investments dependence on Bank Development of • Transcend country Loans Develop ASEAN
Slide 52: CGIF's Claims Paying Ability
CGIF’S CLAIMS PAYING ABILITY • Guarantees supported by paid-in capital from contributors and conservative leverage policy – up to a maximum of 2 to 2.5 times • USD 859.2 m capital resources fully paid-in & held in trust by AAA rated Asian Development Bank (invested in minimum AA- rated investment se
Slide 53: General Bond Guarantee Structure
GENERAL BOND GUARANTEE STRUCTURE GUARANTEE REIMBURSEMENT AGREEMENT AND INDEMNITY AGREEMENT ________________ *To ensure applicability of the guarantee in multiple jurisdictions in the ASEAN+3 countries, some variations to this structure may be incorporated to accommodate the established market norms.
Slide 54: Guarantee Terms
GUARANTEE TERMS • Irrevocable & unconditional • Covers non-payment event • Guarantees up to 100% principal and interest payments • CGIF retains right to : (i) accelerate principal claim payments upon a demand made for a missed payment, or (ii) maintain payment schedule 54
Slide 55: Eligibility Criteria
ELIGIBILITY CRITERIA • ASEAN+3 company (General Corporate, Project Finance Companies, Securitization) • Acceptable credit profile to CGIF • Bond proceeds not used for prohibited activities (e.g. arms production, alcoholic beverages, tobacco, gambling etc. – full list on CGIF’s website) • Satisfies C
Slide 56: Transaction Parameters
TRANSACTION PARAMETERS • Within CGIF’s Concentration Limits* (i) Per Group exposure/Single borrower limit USD 172 million equivalent (ii) Per Country Industry Limit USD 226 million equivalent (iii) Per Country Limit USD 451 million equivalent (iv) Per Aggregate Industry Limit USD 451 million equival
Slide 57: Guarantee Support Focus
GUARANTEE SUPPORT FOCUS • First time issuer in a domestic bond market (overcoming rating cliffs) • Cross border transactions (naturally or financially hedged) • Tenure extension • Reach offshore investors (diversification of funding sources / investments) • Project finance • Securitization 57
Slide 58: Application Process
APPLICATION PROCESS Preliminary Formal Application Due Diligence & Assessment Approval • Formal Application • Submission of by potential issuer • Due diligence by CGIF Preliminary • Submission of deal team Information Pack detailed • Approval from the GIC (PIP) to CGIF information to CGIF for the gu
Slide 59: Guarantee Transactions
GUARANTEE TRANSACTIONS CGIF % G’tee Coupon Issue Issuer Sector Exposure in by Tenure (spread over CGIF Date benchmark) LCY/USD Eqi. Noble Group Commodity THB 2,850 mio 26 Apr 3.55％ 1 100% 3y (Hong Kong) trading (USD 98 mio) 2013 (+69bps) IDR 300 bio 4 Dec 8.20％ Consumer 100% 3y PT BCA Finance (USD 2
Slide 60: Guarantee Transactions (2)
GUARANTEE TRANSACTIONS (2) Coupon CGIF Exposure % G’tee Issue Issuer Sector Tenure (spread over in LCY/USD Eqi. by CGIF Date benchmark) 7 IVL Singapore PTE. LTD SGD 195 mio 7 Oct 3.73% Chemicals 100% 10y (Thailand) (USD 137 mio) 2015 (+80bps) VND 1,950 bio 18 Feb 7.75% Vingroup Joint Real Estate 100
Slide 61: Guarantee Transactions (3)
GUARANTEE TRANSACTIONS (3) Coupon Currency / % G’tee Issue Issuer Sector by CGIF Tenure (spread over Amount Date benchmark) (Energy) KNM Group Berhad THB 2,780 mio 18 Nov 3.00% 12 Energy Equipment 100% 5y (Malaysia) (USD 78 mio) 2016 (+ 112 bps) & Services PHP 750 mio 10 Feb 5.07% 75% 5y (USD 15 mio
Slide 62: Guarantee Transactions (4)
GUARANTEE TRANSACTIONS (4) % G’tee Coupon CGIF Exposure Issue Issuer Sector by Tenure (spread over in LCY/USD Eqi. Date CGIF benchmark) The Pan Group JSC Consumer VND 1,135 bio 10 Sep 6.80% 16 100% 5y (Vietnam) Staples (USD 50 mio) 2018 (+211.6bps) (Healthcare) VND 930 bio 5 Oct 6.64% Hoan My Medica
Slide 63: CGIF Team
CGIF TEAM Boo Hock KHOO Jo Ee KHOO Vice President, Operations Senior Investment Specialist Tel : +63 2 683 1343 Tel: +63 2 683 1350 bhkhoo@cgif-abmi.org jkhoo@cgif-abmi.org 63
Slide 64: Summary of the Upcoming Bond Offering
SUMMARY OF THE UPCOMING BOND OFFERING 64
Slide 65: Indicative Bond Structure
INDICATIVE BOND STRUCTURE Issuer Yoma Strategic Holdings Ltd. (“YSH”) Bond Type Senior and Guaranteed Bonds Credit Guarantee and Investment Facility, Guarantor a trust fund of the Asian Development Bank (“CGIF”) Guarantor Rating AAA by TRIS Rating Company Limited Issue Rating [•] by TRIS Rating Comp
Slide 66: Key Terms of CGIF Guarantee
KEY TERMS OF CGIF GUARANTEE Key terms and scope of guarantee • Irrevocably and unconditionally guarantee non-payment of all scheduled principal and interest due under the Bonds • On occurrence of Event of Default: Bondholders will not have right to accelerate the Bonds so long as CGIF continues to m
Slide 67: Key Terms of CGIF Guarantee
KEY TERMS OF CGIF GUARANTEE Legal proceeding against CGIF • Obligations of CGIF under the guarantee do not constitute an obligation of ADB or any other contributors to CGIF. • Bondholders' recourse against CGIF under the guarantee is limited solely to ‘CGIF Assets’. “CGIF Assets” means all property
Slide 68: Investment Highlights
INVESTMENT HIGHLIGHTS Diversified Business with • Diversified Business in Real Estate, Comsumer, Automotive & Heavy Equipment, Financial Services High Growth Potential • Emerging Asia with GDP growth of more than 6% and immense opportunities across the economy Incubators of New • Incubators of New B
Slide 69: Tentative Timeline
TENTATIVE TIMELINE 1st Filing Roadshow Bookbuilding Subscription Issue Date Submission 26 December 2018 9 January 2019 [18] January 2019 [24] January 2019 [25] January 2019 69
Slide 70: Questions & Answers
STRATEGIC HOLDINGS LTD. QUESTIONS & ANSWERS
Slide 71: Appendix
APPENDIX 71
Slide 72: Group Structure
GROUP STRUCTURE Yoma Land Yoma Motors Yoma F&B Investments DEVELOPMENT PROPERTIES HEAVY EQUIPMENT F&B RETAIL Tourism Pun Hlaing Estate New Holland KFC Memories Group Limited 33.3%4 Yoma Development Group Limited 100% Convenience Prosperity Company Limited 100% Summit Brands Restaurant Group Company
Slide 73: Consolidated Balance Sheets (1/2)
CONSOLIDATED BALANCE SHEETS (1/2) S$ Thousands 31 March 2017 31 March 2018 30 September 2018 Cash and bank balances 34,825 33,411 32,579 Trade and other receivables 58,685 67,578 98,167 Inventories 33,159 35,260 26,061 Development properties 262,789 356,557 330,028 Other current assets 24,690 70,973
Slide 74: Consolidated Balance Sheets (2/2)
CONSOLIDATED BALANCE SHEETS (2/2) S$ Thousands 31 March 2017 31 March 2018 30 September 2018 Trade and other payables 147,699 143,183 136,214 Current income tax liabilities 5,039 5,844 5,313 Borrowings 40,841 93,351 128,302 Total current liabilities 193,579 242,378 269,829 Trade and other payables -
Slide 75: Consolidated Statement of Comprehensive Income (1/2)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (1/2) S$ Thousands FY2018 FY2017 1H2019 1H2018 Revenue 107,753 115,332 71,270 59,018 Cost of sales (68,398) (70,157) (46,248) (33,760) Gross profit 39,355 45,175 25,022 25,258 Other income – net 57,908 66,716 59,862 16,515 Expenses Administrative (55,97
Slide 76: Consolidated Statement of Comprehensive Income (2/2)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (2/2) S$ Thousands FY2018 FY2017 1H2019 1H2018 Total profit attributable to: Equity holders of the Company 26,636 35,871 10,254 6,433 Non-controlling interests 7,304 6,715 10,890 4,043 33,940 42,586 21,144 10,476 Total profit attributable to equity holde
Slide 77: EBITDA and Interest Expense for Interest Coverage Ratio
EBITDA S$ Thousands FY2018 FY2017 1H2019 1H2018 Profit from continuing operations 34,295 41,307 21,144 11,969 Add: Interest expense 12,995 8,903 10,242 6,451 Add: Income tax expense 2,097 3,880 698 544 Add: Depreciation and amortisation 10,722 9,316 6,736 5,769 EBITDA 60,109 63,406 38,820 24,733 Adj
Slide 78: Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS Unit: Thousand S$ FY2018 FY2017 1H2019 1H2018 Cash flows from operating activities (601) 65,357 28,349 2,497 Cash flows from investing activities (240,570) (93,503) (124,532) 7,050 Cash flows from financing activities 235,650 39,889 94,191 29,658 Net Change in C
Slide 79: Key Financial Ratio
KEY FINANCIAL RATIO FY2018 FY2017 1H2019 1H2018 Gross Profit Margin (%) 36.5% 39.2% 35.1% 42.8% EBITDA Margin (%) 55.8% 55.0% 54.5% 43.2% Net Profit Margin (%) 31.5% 36.9% 29.7% 17.8% Return on Equity (%) 3.9% 5.7% 2.4% 1.3% Liquidity Ratio Current Ratio (times) 2.6 2.4 2.3 2.6 Efficiency Ratio Retu
Yoma Strategic Holdings — Debt Investor Presentation (January 2019) on 6ix