Sembcorp Industries Ltd. · SGX:U96
Sembcorp Industries — FY2009 Earnings Presentation
23 slides from Sembcorp Industries's earnings presentation, Feb 25, 2010
Slide 1: FY2009 Results Announcement
FY2009 Results Announcement February 25, 2010 Scope of Presentation – CEO‟s Report – Financial Review – Operations Review – Group Outlook Sembcorp Industries 2010 2 1
Slide 2: CEO's Report: FY2009 Performance Round-up
CEO’s Report Tang Kin Fei Group President & CEO FY2009 Performance Round-up Turnover of S$9.6 billion, down 4% PATMI of S$682.7 million, up 35% ROE at 23.1% EVA at S$770.5 million Strong balance sheet and cash flow – Net cash – Operating cash flow* of S$1.4 billion Proposing final tax exempt one-tie
Slide 3: Positioned for the Future
Positioned for the Future Key Strategic Highlights New strategic beachhead in Oman for energy and water business Secured US$1 billion Salalah Independent Water and Power Plant project in Oman Positioned for expansion of marine and offshore business Development of 206-hectare modern, work-eff
Slide 4: Strong Business Models: Energy and Water
Positioned for the Future Strong Business Models: Energy ■ Oman ■ UAE ■ China ■ Vietnam ■ UK ■ Singapore Sembcorp Industries 2010 7 Positioned for the Future Strong Business Models: Water ■ Oman ■ UAE ■ China ■ UK ■ Singapore Sembcorp Industries 2010 8 4
Slide 5: Strong Business Models: Marine and Integrated Townships
Positioned for the Future Strong Business Models: Marine Diversified Portfolio of Marine and Offshore Solutions Offshore production fixed & floating facilities (2006) Rig building (2001) Offshore engineering (1995) Ship conversion and offshore (1976) Shipbuilding (1970) Ship repair (1963) |1963-1969
Slide 6: Growing Global Footprint / Financial Review
Growing Global Footprint UK . . . China .. . . USA UAE India .. Vietnam Oman . Singapore . Indonesia Brazil Australia Sembcorp Industries 2010 11 Financial Review Lim Joke Mui Group CFO 6
Slide 7: Group Profit & Loss and Turnover 4Q09
Group Profit & Loss (S$M) 4Q09 4Q08 Δ% Turnover 2,417 2,694 (10) EBITDA before EI 520 278 87 EBIT before EI 464 231 101 PATMI before EI 259 128 103 EI - (27) 100 PATMI 259 101 157 EPS (cents) 14.6 5.7 157 Sembcorp Industries 2010 13 Group Turnover (S$M) 4Q09 4Q08 Δ% Utilities 984 985 - Marine 1,34
Slide 8: Group PATMI and Utilities Turnover & PATMI 4Q09
Group PATMI (S$M) 4Q09 4Q08 Δ% Utilities 60.1 29.9 101 Marine 182.3 70.1 160 Environment 6.3 2.2 181 Industrial Parks 13.1 10.4 26 Other Businesses 8.9 8.7 2 Corporate (11.7) 6.4 NM PATMI before EI 259.0 127.7 103 EI - (26.9) 100 PATMI 259.0 100.8 157 Sembcorp Industries 2010 15 Utilities Turnover
Slide 9: Group Profit & Loss and Turnover FY09
Group Profit & Loss (S$M) FY09 FY08 Δ% Turnover 9,572 9,928 (4) EBITDA before EI 1,316 983 34 EBIT before EI 1,116 788 42 PATMI before EI 683 534 28 EI - (27) 100 PATMI 683 507 35 EPS (cents) 38.4 28.5 35 Sembcorp Industries 2010 17 Group Turnover (S$M) FY09 FY08 Δ% Utilities 3,495 4,478 (22) Mari
Slide 10: Group PATMI and Utilities Turnover & PATMI FY09
Group PATMI (S$M) FY09 FY08 Δ% Utilities 211.3 200.3 6 Marine 430.2 290.6 48 Environment 15.5 2.1 625 Industrial Parks 28.3 31.5 (10) Other Businesses 25.0 12.2 106 Corporate (27.6) (2.7) (921) PATMI before EI 682.7 534.0 28 EI - (26.9) 100 PATMI 682.7 507.1 35 Sembcorp Industries 2010 19 Utilitie
Slide 11: Growing Broad based Income Stream / Group Capex
Growing Broad based Income Stream Utilities PATMI Excluding Corporate and Others 18% 7% 32% 21% 61% 61% Contribution from Vietnam, China and the UAE grew 143% Sembcorp Industries 2010 21 Group Capex (S$M) FY09 Fixed Asset Items 407.4 – Utilities 330.0 – Marine 67.0 – Environment 7.2 – Industrial P
Slide 12: Group Free Cash Flow and Borrowings
Group Free Cash Flow (S$M) FY09 FY08 CASH FLOW FROM OPERATING ACTIVITIES - before changes in working capital 1,361 1,034 - changes in working capital and others (396) 1,273 - tax paid (32) (46) 933 2,261 CASH FLOW FROM INVESTING ACTIVITIES - divestments, dividend and interest income 125 254 - invest
Slide 13: Strong Financial Stability / Financial Indicators
Strong Financial Stability (S$M) As of December 31, 2009 Total Gross Debt Total Cash Net (Debt)/ Cash Sembcorp Industries excl. Marine 947 619 (328) Sembcorp Marine 21 1,979 1,958 Total Sembcorp Group 968 2,598 1,630 S$M 3000 2,598 Marine in a net cash position of S$1.9bn 1,630 2000 Utilities and Ot
Slide 14: Rewarding Shareholders / Operations Review
Rewarding Shareholders 36% 15 cents 11 cents Proposed final tax exempt one-tier dividend of 15 cents per ordinary share to be paid on May 12, 2010 Sembcorp Industries 2010 27 Operations Review Tang Kin Fei Group President & CEO 14
Slide 15: Utilities Key Developments: Singapore
Utilities Integrated Wastewater Treatment Membrane Bioreactor, Jurong Island, Singapore Utilities Key Developments Singapore Strong operational performance, expanded facilities – Strong performance from energy business – Serving growing customer needs on Jurong Island – Expansion of service corridor
Slide 16: Utilities Key Developments: UK and China
Utilities Key Developments UK New demand onstream, reconfigured assets – New onsite demand: – SABIC LDPE plant operational Oct 2009. Full production expected by mid-2010 – Ensus bio-ethanol plant undergoing commissioning. Expected completion 1Q2010 – Sale of Artenius UK‟s Wilton plants to Lotte Chem
Slide 17: Utilities: Other Markets and Salalah IWPP
Utilities Key Developments Other Markets – In Vietnam, Phu My 3 power plant performed well, underpinned by 20-year PPA – In the UAE, Fujairah IWPP performed well. Successfully completed the power expansion, increasing capacity to 893 MW and boosting profits Fujairah Independent Water and Power Plant
Slide 18: Marine Key Developments
Marine Sembcorp Industries 2010 35 Sembcorp Marine’s Jurong Shipyard in Singapore Marine Key Developments – Achieved record year with strong earnings growth – Delivered 4 jack-ups, 2 semi-subs, and 3 ship conversion and offshore projects in 2009 – All deliveries on schedule or ahead of schedule –
Slide 19: Marine: New Yard Facility and Global Network
Marine Key Developments New Yard Facility Positioned for expansion of the Marine & Offshore business – A “One-Stop Solutions” hub for ship repair & conversion, shipbuilding, rig building and offshore engineering & construction – Increase in capacity, capability, and efficiency to stay ahead of compe
Slide 20: Integrated Townships Key Developments
Integrated Townships Sembcorp Industries 2010 39 VSIP Hai Phong integrated township and industrial park Integrated Townships Key Developments Vietnam – Positioned as major integrated township and industrial park developer with 4,845 ha under development – Expansion in Binh Duong from 1000 ha to 17
Slide 21: Environment Key Developments
Environment 41 SembSITA Pacific’s Advanced Waste Treatment (AWT) in Western Sydney, Australia Environment Key Developments – Australia operations performed well – Two state-of-the-art resource recovery facilities in Perth and Sydney began full commercial operations in July and August – Wins Asia Pac
Slide 22: Group Outlook
Group Outlook Tang Kin Fei Group President & CEO Group Outlook The pace of global economic recovery in 2010 is likely to be muted. Notwithstanding this, Sembcorp remains committed to delivering a credible operating performance and satisfactory earnings. Sembcorp Industries 2010 44 22
Slide 23: Disclaimer
Vital Partners. Essential Solutions. Sembcorp Industries 2010 45 Disclaimer This presentation contains certain statements that are not statements of historical fact, i.e. forward-looking statements. These forward-looking statements are based on current expectations, projections and assumptions abo