SMRT Holdings Berhad · MYX:SMRT
SMRT Holdings Berhad — Q1 FY2017 Earnings Presentation
17 slides from SMRT Holdings Berhad's earnings presentation, Aug 8, 2016
Slide 1: 1Q FY17 Financial Results
1Q FY17 FINANCIAL RESULTS 8 August 2016
Slide 2: Financial Overview – 1Q FY2017
FINANCIAL OVERVIEW – 1Q FY2017 Revenue ($’m) -$6.5m 1QFY17 PATMI ($’m) -$4.6m 313.9 313.9 -2.0% -22.9% 15.5 1QFY16 320.3 EBIT ($’m) -$5.6m 1QFY17 22.1 22.1 -20.3% 1QFY16 27.7 Balance Sheet ($'M) Jun 16 Mar 16 Var Assets 2,618.3 2,720.0 -$101.7m OPEX ($’m) +$2.5m Liabilities 1,689.5 1,805.8 -$116.3m
Slide 3: Financial Highlights
Financial Highlights Variance ($'M) 1QFY17 1QFY16 $'M % Revenue 313.9 320.3 (6.5) (2.0) Operating expenses (311.5) (308.9) (2.5) (0.8) Operating profit (EBIT) 22.1 27.7 (5.6) (20.3) PATMI 15.5 20.1 (4.6) (22.9) EBITDA 72.3 78.8 (6.4) (8.2) Basic EPS (cents) 1.02 1.32 (0.3) (22.9) 3
Slide 4: Rail vs Non-Rail
Rail1 vs Non-Rail2 1QFY17 1QFY16 Revenue Revenue Rail 53% Rail 53% 166.8 170.2 Non-Rail Non-Rail 47% 47% 147.0 150.1 EBIT3 EBIT3 Rail Rail -9.4 -5.3 Non-Rail Non-Rail 29.0 33.0 -50 50 150 $'M -50 50 150 $'M 1 Rail includes Trains and LRT. 2 Non-Rail includes Bus, Taxi, Rental, Advertising, Engineeri
Slide 5: Segment Results (YoY)
Segment Results (YoY) -$3.4m $'M 2.0% Revenue Group 180 170.2 166.8 1QFY17 313.9 160 1QFY16 320.3 140 - 100 200 300 $'M 120 100 -$2.7m 4.4% 80 -$2.7m -$0.4m 58.6 61.4 7.0% 60 1.3% +$0.1m +$1.2m 35.2 37.8 +$1.5m 40 32.4 32.9 0.7% 17.6% 62.2% 20 8.8 8.8 8.0 3.9 2.4 6.8 - Group $'M EBIT 1QFY17 22.1 30
Slide 6: Group Results
Group Results Variance ($'M) 1QFY17 1QFY16 $'M % Revenue 313.9 320.3 (6.5) (2.0) Other operating income 19.7 16.3 3.4 20.8 333.5 336.6 (3.1) (0.9) Staff costs (138.6) (128.9) (9.6) (7.5) Depreciation net Amortisation (50.3) (51.1) 0.8 1.6 Repairs & maintenance (38.0) (33.8) (4.2) (12.4)
Slide 7: Rail (Fare) Results
Rail (Fare) Results Variance ($'M) 1QFY17 1QFY16 $'M % Revenue 166.8 170.2 (3.4) (2.0) Other operating income 3.1 2.8 0.3 12.3 169.9 173.0 (3.0) (1.8) Staff costs (75.6) (68.8) (6.8) (9.9) Depreciation net Amortisation (25.7) (26.7) 1.0 3.6 Repairs & maintenance (24.6) (21.7) (2.9) (13.3
Slide 8: Rail Composite (Fare and Non-Fare) Results
Rail Composite (Fare and Non-Fare) Results Variance ($'M) 1QFY17 1QFY16 $'M % Revenue 199.1 202.4 (3.3) (1.6) Other operating income 3.1 2.9 0.2 8.1 202.2 205.3 (3.1) (1.5) Staff costs (76.3) (70.4) (5.9) (8.4) Depreciation net Amortisation (29.4) (30.5) 1.1 3.7 Repairs & maintenance (24.6
Slide 9: Declining Rail Profitability under CRFF
Declining Rail Profitability under CRFF SMRT rail-related profitability has declined since FY12. Pro forma of Trains Entities’ Business (Fare and Non-Fare) ($’M) 1QFY17 composite EBIT margin Heavy capital 23.5% (rail fare and non-fare expenditure commercial business) was 6.1%. 19.5% 14.3% 11.8% Enha
Slide 10: FY16: CRFF vs NRFF
FY16: CRFF vs NRFF Trains Entities Business (Fare and Non-Fare) EBIT CRFF NRFF Add $90M depn +5% increase in +10% increase Fare increase to Base CRFF Net OPEX in in Net OPEX in Scenario A Scenario A EBIT margin scenarios 9.5% 5.3% 5.3% 5.0% 5% EBIT margin 2.3% -1.5% -5.3% % of Fare 9.5% -9.1% increa
Slide 11: Re-categorised Operating Expenses
Re-categorised Operating Expenses Cost Distribution Group OPEX Group OPEX 1Q FY17 1Q FY16 311.5 308.9 OOE OOE 17% 18% Staff costs Staff costs Energy 29% 27% 9% Energy 11% D&A $'M D&A 13% +$6.4m 12% MRE MRE 120 33% 31% +$7.1m 7% 9% 100 80 -$5.3m 9% -$1.0m -$4.7m 60 2% 14% 40 20 89.7 82.6 38.5 39.5 10
Slide 12: Rail MRE
Rail MRE ($'M) 1Q FY17 1Q FY16 Rail Revenue (Fare) 167 170 Rail MRE 81 76 MRE as % of Fare Rev 49% 45% Rail MRE vs Rail Revenue (Fare) Rail MRE vs Group OPEX $'M Total Group OPEX $'M 200 60% 1QFY17 311 1QFY16 309 170 172 172 166 167 50% 160 40% Rail MRE 120 26% 53% 30% 25% 49% 45% 41% 43% 80 1Q 20%
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights ($'M) 30-Jun-16 31-Mar-16 Variance Total Assets 2,618.3 2,720.0 (101.7) Cash and cash equivalents 135.2 232.2 (97.0) Inventories 80.0 80.1 (0.1) Interests in associates and joint ventures 47.5 52.0 (4.6) Property, plant and equipment 2,108.4 2,130.7 (22.3) Trade and other re
Slide 14: Cash Flow Highlights
Cash Flow Highlights $'M 250 7.6 30.2 200 59.2 150 232.2 100 135.2 50 0 Beginning of Operating Investing Financing End of 1QFY17 Cash Flow Cash Flow Cash Flow 1QFY17 14
Slide 15: Outlook
Outlook SMRT Corporation Ltd (“SMRT”) announced on 15 July 2016 that subject to the satisfaction or waiver of conditions precedent including SMRT shareholders’ approval for the proposed asset sale, SMRT Trains will transit to the new rail financing framework (“NRFF”) on 1 October 2016. Under the N
Slide 16: Outlook
Outlook The Group remains committed to deliver higher service quality to meet the needs of our commuters and to deliver higher rail reliability in accordance with the Maintenance Performance Standards set out by LTA. The Group is expected to incur higher operating expenses, particularly in staff c
Slide 17: For enquiries from analysts/investors, please contact
For enquiries from analysts/investors, please contact: Tel: (65) 6331 1211 Fax: (65) 6334 1407 Email: investors_r@smrt.com.sg http://www.smrt.com.sg Visit http://www.smrt.com.sg/Investor-Relations for media releases, announcements and presentations 17