Boustead Singapore Limited · SGX:F9D
Boustead Singapore — Shareholder Meeting (July 2022)
37 slides from Boustead Singapore's shareholder meeting presentation, Jul 28, 2022
Slide 1: Boustead Singapore Limited FY2022 Annual General Meeting
Boustead Singapore Limited FY2022 Annual General Meeting Management Presentation 28 July 2022
Slide 2: Disclaimer
Disclaimer This presentation contains certain statements that are not statements of historical fact such as forward-looking statements. These statements are based on current expectations, projections and assumptions about future events. Although Boustead Singapore Limited and Boustead Projects Limit
Slide 3: Presentation Agenda
Presentation Agenda • Division Performance • Group Financial Performance • Polling Results for AGM Resolutions
Slide 4: Division Performance – Real Estate
Division Performance – Real Estate
Slide 5: Real Estate Division Revenue, PBT & Orders Secured
Real Estate Division Revenue, PBT & Orders Secured FY2022 FY2021 Chg (S$’m) (S$’m) (%) Revenue 339.1 301.4 +13 PBT 13.8 *140.6 -90 Orders secured 148 178 -17 * Includes Boustead Industrial Fund (“BIF”)’s value-unlocking transaction one-off gain of S$134.8 million (“BIF Value-Unlocking Gain”) § As a
Slide 6: Division Performance – Energy Engineering
Division Performance – Energy Engineering
Slide 7: Energy Engineering Division Revenue, PBT & Orders Secured
Energy Engineering Division Revenue, PBT & Orders Secured FY2022 FY2021 Chg (S$’m) (S$’m) (%) Revenue 112.3 198.4 -43% PBT 15.8 28.0 -44% Orders secured 45 52 -13% § Lower revenue and PBT due to reduced order backlog carried forward at end of FY2021 § Lower volume of contracts secured in FY2022 – no
Slide 8: Energy Engineering Prospects
Energy Engineering Prospects § Immediate term § Announced order backlog: S$39 million which is low by historical standards § FY2023 financial performance to be worse off than FY2022 in view of low order backlog § Healthier enquiry pipeline supported by improved market conditions § Longer term § Comp
Slide 9: No agreement on Energy Transition from Fossil Fuels
Energy Engineering No agreement on Energy Transition from Fossil Fuels “….there should be no new “The outlook for natural “Fossil fuel use will not investments in oil & gas gas is more resilient disappear any time soon. Our production fields, coal than for oil …when scenario envisages fossil mines o
Slide 10: Oil price volatility has made long-term planning very difficult
Energy Engineering Oil price volatility has made long-term planning very difficult Russian unpredictability Energy Transition New fields under investment Zero-covid policy OPEC bickering Covid-19 Pandemic “These are multibillion-dollars investments with long time horizons. How do you think about tha
Slide 11: Addressing uncertain long-term prospects
Energy Engineering Addressing uncertain long-term prospects § Stay nimble and scale business quickly according to demand for oil & gas projects § Spend more time on chasing projects which are somewhat more resilient to transition to net-zero emissions such as natural gas projects / LNG projects / pe
Slide 12: Division Performance – Geospatial
Division Performance – Geospatial
Slide 13: Geospatial Division Revenue, PBT & Deferred Services Backlog
Geospatial Division Revenue, PBT & Deferred Services Backlog FY2022 FY2021 Chg (S$’m) (S$’m) (%) Revenue 168.3 170.4 -1 PBT 36.9 40.7 -9 Deferred services backlog 113 100 +13 § No growth this year § Lower PBT partly as result of increase in headcount in anticipation of greater volume of business § R
Slide 14: Geospatial Esri Direct and Esri Aligned
Geospatial Esri Direct and Esri Aligned Esri Aligned Revenue as result of Esri Direct selling services, data Revenue as result of products, 3rd party selling Esri Inc’s (including self- software products developed) solutions under distribution that enhance and agreement extend Esri ecosystem Leverag
Slide 15: Esri Direct and Esri Aligned Revenue Growth
Geospatial Esri Direct and Esri Aligned Revenue Growth ea rs 32% r 5y ve xo 1.7 ars 29% ye o ve r 5 1.5 x 68% 71 FY2017 FY2021 FY2022 Esri Direct Esri Aligned We remain 100% committed to growing the Esri ecosystem, whether through direct software sales or aligned services, solutions or datasets. 16
Slide 16: Geospatial Prospects
Geospatial Prospects Smart Cities Digital Government IOT AI Digital transformation Big Data Location Intelligence 17 Connected Enterprise Digital Twins
Slide 17: Division Performance – Healthcare
Division Performance – Healthcare
Slide 18: Healthcare Division Revenue & PBT
Healthcare Division Revenue & PBT FY2022 FY2021 Chg (S$’m) (S$’m) (%) Revenue 12.0 15.2 -21% Share of associate, 0.7 1.5 -53% Beijing Pukang (“Pukang”) PBT (includes share of *-6.2 *-0.1 NM Pukang’s income above) * Excludes S$0.4m and S$0.1m of annual amortisation adjustment by Group on acquisition
Slide 19: Healthcare Prospects
Healthcare Prospects § Immediate term § Leadership transition § No turnaround for FY2023 as raising performance levels of management and sales team is slow and painstaking § Number of product and service offerings within healthcare business to be reduced significantly § Pukang’s management capabilit
Slide 20: Noteworthy Projects and Achievements
Noteworthy Projects and Achievements
Slide 21: Hydrogen-powered furnace for Essar Oil
Energy Engineering Hydrogen-powered furnace for Essar Oil Stuart Cummings Chief Executive Officer Boustead International Heaters 23
Slide 22: World's largest implementation of Esri Utility Network – Energy Queensland
Geospatial World’s largest implementation of Esri Utility Network – Energy Queensland Brett Bundock Managing Director Esri Australia 25
Slide 23: Group Financial Performance
Group Financial Performance
Slide 24: Group Financial Results
Group Financial Results FY2022 FY2021 Chg (%) Revenue S$631.8m S$685.7m -8 Gross profit S$144.8m S$173.6m -17 • Revenue impacted by Gross margin 23% 25% prolonged COVID-19 PBT S$55.2m **S$204.3m -73 pandemic, inflationary pressures and volatile PBT margin 9% 30% geoeconomic and Total profit S$38.8m
Slide 25: Group Revenue Mix by Division
Group Revenue Mix by Division 28
Slide 26: Group Revenue
Group Revenue • Group revenue impacted by pandemic, inflationary pressures and volatile business environment • Higher revenue recognition under Real Estate 29
Slide 27: Group Net Profit
Group Net Profit • Lower net profit due to absence of BIF Value- Unlocking Gain registered in FY2021 30
Slide 28: Group Adjusted Net Profit
Group Adjusted Net Profit • Reasonable adjusted net profit achieved during pandemic 31
Slide 29: Group Net Cash Position
Group Net Cash Position • Healthy cash levels for capital allocation 32
Slide 30: FY2022 Group Cash Flow
FY2022 Group Cash Flow 100 50 -50 (57.0) (68.7) -100 = Net cash inflow from operating activities = Net cash outflow to investing activities = Net cash outflow to financing activities m@ Net cash flow including effect of FX rate changes woes BOUSTEAD
Slide 31: Group Return on Shareholders' Equity
Group Return on Shareholders’ Equity • Lower ROE due to absence of BIF Value- Unlocking Gain registered in FY2021 34
Slide 32: Group EPS
Group EPS • Lower EPS due to absence of BIF Value- Unlocking Gain registered in FY2021 35
Slide 33: Group NAV per Share
Group NAV per Share • Lower NAV due to record dividend payment 36
Slide 34: Group Orders Secured
Group Orders Secured • Business development activities impacted by challenging conditions and global travel restrictions due to pandemic 37
Slide 35: Group Dividend
Group Dividend FY2022 FY2021 Interim dividend 1.5cts 1.0cts Final dividend *2.5cts 3.0cts Special dividend 0.0cts 4.0cts Total dividend 4.0cts 8.0cts * Proposed 38
Slide 36: Group Dividend (cont'd)
39 Group Dividend (cont'd) 10 8 6 m Special dividend cents per share (cents) 4 = Ordinary dividend per share (cents) 2 0 FY2018 FY2019 FY2020 FY2021 FY2022 Since 1828
Slide 37: Thank You
BOUSTEAD Since 1828