Comfortdelgro Corporation Limited · SGX:C52
Comfortdelgro — Q3 2021 Earnings Presentation
37 slides from Comfortdelgro's earnings presentation, Nov 11, 2021
Slide 1: 3Q2021 Financial Results Presentation
3Q2021 Financial Results Presentation 11 November 2021
Slide 2: Disclaimer
Disclaimer This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for shares (“Shares”) in ComfortDelGro Corporation Limited (the "Company"). The value of shares and the income derived from them may fall as well as rise. Shares are
Slide 3: Contents
Contents • COVID-19 Update for 3Q2021 • Financial Update for 3Q2021 • Performance By Business Segment for 3Q2021 Page 3
Slide 4: COVID-19 Update for 3Q2021
COVID-19 UPDATE FOR 3Q2021 Page 4
Slide 5: COVID-19 Update: Overall
COVID-19 Update Overall • More than 7.1 billion doses of COVID-19 vaccines as of 5 November 2021 have been administered globally, with highest vaccination rates in developed countries. Vaccines have proven to be effective at preventing hospitalisation and deaths. • New strains, led by highly transmi
Slide 6: COVID-19 Update: Singapore
COVID-19 Update Singapore • Infectious nature of Delta variant has necessitated a shift away from a “Zero-COVID-19” strategy to one of “Living with COVID-19” as an endemic • Despite high vaccination of 84% by end Oct, daily infection numbers have increased to 3000s, with fatalities in the 10s, invol
Slide 7: COVID-19 Update: China
COVID-19 Update China • The Chinese Government continues to maintain a zero-tolerance approach to the COVID-19 pandemic • China has seen a resurgence in infections across various provinces and cities since mid-October, including in Heilongjiang, Inner Mongolia, Gansu, Ningxia and Beijing. National d
Slide 8: COVID-19 Update: Australia
COVID-19 Update Australia • A 4-stage National Plan for re-opening was agreed to by all States and Territories with the Federal Government on 6 August • Change in COVID-19 strategy from “COVID-Zero” to “Live with the Virus” • With about 88% of Australians having received at least one COVID-19 vaccin
Slide 9: COVID-19 Update: United Kingdom / Ireland
COVID-19 Update United Kingdom / Ireland • With a significant percentage of population vaccinated, lockdown restrictions including the wearing of masks and social distancing, were lifted on Freedom Day on 19 July • 79% of the UK population aged 12 and over have been fully vaccinated. 87% have receiv
Slide 10: Financial Update for 3Q2021
FINANCIAL UPDATE FOR 3Q2021 Page 10
Slide 11: Income Statement – 3Q2021
Income Statement – 3Q2021 3Q2021 3Q20201 Fav/(Adv) YTD Sep’21 YTD Sep’201 Fav/(Adv) Revenue ($’m) 880.3 820.0 60.3 / 7.4% 2,622.8 2,353.7 269.1 / 11.4% Depreciation and Amortisation ($’m) (102.5) (105.3) 2.8 / 2.7% (308.3) (317.1) 8.8 / 2.8% Operating Costs ($’m) (737.5) (653.4) (84.1) / (12.9%) (2,
Slide 12: Income Statement – 3Q2021 Commentary
Income Statement – 3Q2021 3Q2021 vs 3Q2020 • Revenue ↑$60.3m or 7.4% • Excluding Government relief, Revenue ↑$61.3m or 7.5% - Public Transport Services ↑$65.3m; Automotive Engineering Services ↑$5.1m; Taxi ↓($9.7m) • Includes Government relief of $3.1m (3Q2020: $4.1m) • Relief for unhired taxis, pro
Slide 13: Income Statement – Quarter-to-Quarter
Income Statement – Quarter-to-Quarter 1Q2021 2Q2021 3Q2021 Revenue ($’m) 856.3 886.2 880.3 Depreciation and Amortisation ($’m) (100.1) (105.7) (102.5) Other Operating Costs ($’m) (674.9) (727.2) (737.5) Operating Profit ($’m) 81.3 53.3 40.3 Profit After Tax ($’m) 66.8 40.8 31.3 Profit After Tax and
Slide 14: Income Statement – Quarter-to-Quarter
Income Statement – Quarter-to-Quarter COVID-19 situation remained volatile through 3Q2021 • Further outbreaks and tightening of measures in most geographies • Singapore moved to Phase 3 (Heightened Alert) in July 2021 • Full lockdowns in most states in Australia throughout 3Q2021 • Some further viru
Slide 15: Balance Sheet
Balance Sheet Sep 21 Dec 201 Fav/(Adv) Cash and short-term deposits ($’m) 867.4 742.8 124.6 / 16.8% Other current assets ($’m) 634.5 681.4 (46.9) / (6.9%) Non-current assets ($’m) 3,355.1 3,534.4 (179.3) / (5.1%) Total Assets ($’m) 4,857.0 4,958.6 (101.6) / (2.0%) Current liabilities ($’m) 929.6 1,0
Slide 16: Cashflow
Cashflow 3Q2021 ($’m) YTD Sep’21 ($m) Cash from Operating Activities 163.3 582.7 Utilisation of Cash: Net CAPEX (51.9) (136.1) Dividends (54.5) (105.3) Tax (16.2) (61.8) Others (3.3) 1.4 Total Utilisation of Cash (125.9) (301.8) Net Decrease in Borrowings (62.8) (156.3) Net Cash Inflow (25.4) 124.6
Slide 17: Group Treasury Status
Group Treasury Status Sep 21 Dec 201 Fav/(Adv) Cash and short-term deposits $867.4m $742.8m $124.6m / 16.8% Borrowings + finance leases ($409.9m) ($552.3m) $142.4m / 25.8% Gross Gearing (gross debt / equity) 13.2% 18.0% 4.8% points Committed facilities $225.0m $435.9m ($210.9m) / (48.4%) Uncommitted
Slide 18: CAPEX Summary – 3Q2021
CAPEX Summary – 3Q2021 3Q2021 3Q2020 $63.2m $51.5m $ 2.0 m Proceeds from $ 11.3 m disposal of vehicles $ 23.1 m $ 13.9 m Proceeds from disposal of vehicles $ 21.9 m $ 19.7 m $ 0.7 m Finance lease $ 51.9 m Net CAPEX $ 38.1 m $ 28.9 m Net CAPEX $ 17.9 m Buses Taxis Other vehicles, equipment and buildi
Slide 19: CAPEX Summary – YTD Sep'21
CAPEX Summary – YTD Sep’21 YTD Sep'21 YTD Sep'20 $163.5m $144.8m $ 19.9 m $ 27.4 m Proceeds from disposal of vehicles Proceeds from $ 36.9 m disposal of vehicles $ 54.9 m $ 57.6 m $ 5.5 m Finance lease $ 58.9 m $ 136.1 m Net CAPEX Net CAPEX $ 86.0 m $ 84.4 m $ 49.0 m Buses Taxis Other vehicles, equi
Slide 20: Revenue by Geographical Region – 3Q2021
Revenue by Geographical Region – 3Q2021 3Q2021 Revenue by Geographical Region 3Q2020 Revenue by Geographical Region 3.4% 0.0% 4.0% 0.1% 19.7% 19.9% Singapore Singapore UK/Ireland UK/Ireland Australia Australia 53.7% China 53.7% China 23.2% Vietnam & Malaysia Vietnam & Malaysia 22.3% • 3Q2021 oversea
Slide 21: Operating Profit by Region – 3Q2021
Operating Profit by Region – 3Q2021 Operating Profit/(Loss) by Geographical Region ($’m) 43.8 40.3 36.6 20.1 14.4 15.1 10.4 3Q2021 2.8 3.3 3Q2020 - (0.3) (18.3) Total Singapore UK/Ireland Australia China Vietnam & Malaysia • Significant government reliefs in Singapore and China in 2020 cushioned COV
Slide 22: Revenue by Geographical Region – YTD Sep'21
Revenue by Geographical Region – YTD Sep’21 YTD Sep'21 Revenue by Geographical Region YTD Sep'20 Revenue by Geographical Region 3.6% 0.1% 3.4% 0.1% 20.1% 19.4% Singapore Singapore UK/Ireland UK/Ireland Australia Australia 53.5% China 54.8% China Vietnam & Malaysia Vietnam & Malaysia 22.7% 22.3% • YT
Slide 23: Operating Profit by Region – YTD Sep'21
Operating Profit by Region – YTD Sep’21 Operating Profit/(Loss) by Geographical Region ($’m) 174.9 102.8 YTD Sep'21 49.6 51.2 52.3 YTD Sep'20 22.8 15.6 4.8 1.5 (0.6) (1.6) (24.3) Total Singapore UK/Ireland Australia China Vietnam & Malaysia • All regions except Vietnam & Malaysia returned to Operati
Slide 24: Performance by Business Segment for 3Q2021
PERFORMANCE BY BUSINESS SEGMENT FOR 3Q2021 Page 24
Slide 25: Revenue by Segment – 3Q2021
Revenue by Segment – 3Q2021 3Q2021 Revenue by Segment 3Q2020 Revenue by Segment 1.3% 1.6% 0.7% 0.8% 0.5% 2.9% 0.3% 2.7% Public Transportation 4.6% Public Transportation Services Services 4.9% Taxi Taxi 10.8% Automotive Engineering 13.0% Automotive Engineering Services Services Inspection & Testing S
Slide 26: Operating Profit by Segment – 3Q2021
Operating Profit by Segment – 3Q2021 Operating Profit by Segment ($’m) 43.8 40.3 32.0 33.4 7.4 8.2 3Q2021 4.4 5.4 2.6 3.2 2.3 3Q2020 0.9 0.9 0.1 (5.9) (10.8) Total Public Taxi Automotive Inspection & Driving Centre Car Rental & Bus Station Transportation Engineering Testing Services Leasing Services
Slide 27: Public Transport Services
Public Transport Services 1Q 2Q 3Q 3Q $’m 2021 2021 2021 2020 Revenue 665.6 708.6 710.6 644.3 Operating Costs (621.3) (670.4) (678.6) (606.4) 44.3 38.2 32.0 37.9 Impairment - - - (4.5) Operating Profit (“OP”) 44.3 38.2 32.0 33.4 OP before Government relief 17.0 17.6 15.5 3.3 COVID-19 Government reli
Slide 28: Taxi
Taxi 1Q 2Q 3Q 3Q $’m 2021 2021 2021 2020 Revenue 119.7 106.2 97.3 109.0 Operating Costs (101.1) (106.9) (103.2) (106.8) 18.6 (0.7) (5.9) 2.2 Impairment - - - (13.0) Operating Profit (“OP”) 18.6 (0.7) (5.9) (10.8) OP before Government relief 14.0 (2.1) (8.0) (20.2) COVID-19 Government relief 4.6 1.4
Slide 29: Automotive Engineering Services
Automotive Engineering Services 1Q 2Q 3Q 3Q $’m 2021 2021 2021 2020 Revenue 42.0 43.5 44.2 39.1 Operating Costs (39.0) (40.9) (41.6) (34.7) 3.0 2.6 2.6 4.4 Impairment - - - - Operating Profit (“OP”) 3.0 2.6 2.6 4.4 OP before Government relief 2.6 2.2 2.5 3.4 COVID-19 Government relief 0.4 0.4 0.1 1.
Slide 30: Inspection & Testing Services
Inspection & Testing Services 1Q 2Q 3Q 3Q $’m 2021 2021 2021 2020 Revenue 24.1 25.0 26.3 22.4 Operating Costs (16.5) (17.4) (18.9) (14.2) 7.6 7.6 7.4 8.2 Impairment - - - - Operating Profit (“OP”) 7.6 7.6 7.4 8.2 OP before Government relief 7.0 6.9 7.0 6.1 COVID-19 Government relief 0.6 0.7 0.4 2.1
Slide 31: Driving Centre
Driving Centre 1Q 2Q 3Q 3Q $’m 2021 2021 2021 2020 Revenue 13.9 12.7 11.5 13.1 Operating Costs (8.2) (8.3) (8.3) (7.7) 5.7 4.4 3.2 5.4 Impairment - - - - Operating Profit (“OP”) 5.7 4.4 3.2 5.4 OP before Government relief 5.3 3.9 2.7 4.1 COVID-19 Government relief 0.4 0.5 0.5 1.3 OP after Government
Slide 32: Car Rental & Leasing
Car Rental & Leasing 1Q 2Q 3Q 3Q $’m 2021 2021 2021 2020 Revenue 6.4 6.6 6.5 6.5 Operating Costs (5.6) (5.7) (5.6) (5.6) 0.8 0.9 0.9 0.9 Impairment - - - - Operating Profit (“OP”) 0.8 0.9 0.9 0.9 OP before Government relief 0.7 0.7 0.7 0.7 COVID-19 Government relief 0.1 0.2 0.2 0.2 OP after Governme
Slide 33: Bus Station
Bus Station 1Q 2Q 3Q 3Q $’m 2021 2021 2021 2020 Revenue 3.8 2.8 2.8 4.5 Operating Costs (2.5) (2.5) (2.7) (2.2) 1.3 0.3 0.1 2.3 Impairment - - - - Operating Profit (“OP”) 1.3 0.3 0.1 2.3 OP before Government relief 1.3 0.3 0.1 2.2 COVID-19 Government relief - - - 0.1 OP after Government relief 1.3 0
Slide 34: 3Q2021 Summary
3Q2021 Summary • COVID-19 • Vaccinations progressing well across major economies and nations • Spikes and mutations worrying, restrictions reimposed in most geographies • Recovery remains uncertain and uneven across geographies • P&L – 3Q2021 Group PATMI $25.8m • Lower than 2Q2020 due to Phase 3 (He
Slide 35: Thank You
THANK YOU pages COMFORIDELGRO
Slide 36: Appendix – Segments 3Q2021
Appendix – Segments 3Q2021 (S$m) 3Q2021 3Q2020 3Q2021 3Q2020 Revenue Revenue1 Operating Profit Operating Profit1 Public Transportation Services 710.6 644.3 32.0 33.4 Taxi 97.3 109.0 (5.9) (10.8) Automotive Engineering Services 44.2 39.1 2.6 4.4 Inspection & Testing Services 26.3 22.4 7.4 8.2 Driving
Slide 37: Appendix – Segments YTD Sep'21
Appendix – Segments YTD Sep’21 (S$m) YTD Sep’21 YTD Sep’20 YTD Sep’21 YTD Sep’20 Revenue Revenue1 Operating Profit Operating Profit1 Public Transportation Services 2,084.8 1,878.6 114.5 88.9 Taxi 323.2 287.6 12.0 (79.2) Automotive Engineering Services 129.7 121.2 8.2 12.1 Inspection & Testing Servic