Mewah International Inc. · SGX:MV4
Mewah International — Q3 2012 Earnings Presentation
21 slides from Mewah International's earnings presentation, Nov 9, 2012
Slide 1: Q3 2012 Financial Results Briefing
Mewah International Inc. Q3 2012 Financial Results Briefing 9th November, 2012
Slide 2: Cautionary note on forward looking statements
Cautionary note on forward looking statements This presentation, as well as Financial statements appended herewith should be read in conjunction with Mewah International Inc.’s Unaudited Financial Statements for the Third Quarter and Nine Months period ended 30 September 2012 lodged on the SGXNET on
Slide 3: Income Statement – Q3 2012
Income Statement – Q3 2012 In the nearest US$ million, unless stated otherwise Column1 Q3 2012 Q3 2011 Change Change% Sales volume (M T'000) 777.7 893.5 -115.8 -13.0% ASP (US$) 1,085.8 1,220.6 -134.8 -11.0% Sales revenue 844.4 1,090.6 -246.2 -22.6% OM per MT (US$) 31.3 28.9 2.4 8.3% Operating margin
Slide 4: Income Statement – Q3 2012: CPO price vs OM per MT
Income Statement – Q3 2012 Market prices for CPO vs. OM per MT of the Group OM per MT -total (US$) 3,927 CPO price (RM) 66.9 3,568 42.6 2,985 37.0 2,737 34.2 33.0 31.3 28.9 23.1 2,427 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 3
Slide 5: Income Statement – 9M 2012
Income Statement – 9M 2012 In the nearest US$ millions unless stated otherwise 9M 2012 9M 2011 Change Change% Sales volume (M T'000) 2,570.4 2,731.1 -160.7 -5.9% ASP (US$) 1,109.9 1,264.4 -154.5 -12.2% Sales revenue 2,853.0 3,453.3 -600.3 -17.4% OM per MT (US$) 32.9 31.1 1.8 5.8% Operating margin 84
Slide 6: Volume
Volume In MT’000 Q3 9M 893.5 2,731.1 777.7 2,570.4 229.7 654.3 168.8 594.5 663.8 608.9 2,076.8 1,975.9 Q3 11 Q3 12 9M 11 9M 12 Bulk Consumer Pack % change Q3 2012 vs Q3 2011 9M 2012 vs 9M 2011 Bulk -8.3% -4.9% Consumer Pack -26.5% -9.1% Total -13.0% -5.9% Segmental contribution Q3 2011 Q3 2012 Chang
Slide 7: Revenue - Total
Revenue - Total In the nearest US$ million, unless stated otherwise Q3 9M 1,090.6 -141.3 3,453.3 -203.2 -397.1 -104.9 (5.9%) 2,853.0 844.4 (13.0%) (11.5%) (9.6%) Q3 11 Volume ASP per MT Q3 12 9M 11 Volume ASP per MT 9M 12 Q3 2011 Q3 2012 Change % 9M 2011 9M 2012 Change % Sales volume (M T'000) 893.5
Slide 8: Revenue - Bulk
Revenue - Bulk In the nearest US$ million, unless stated otherwise Q3 9M 757.8 -62.7 2,487.2 -120.9 -62.8 -234.1 (4.9%) 2,132.2 (8.3%) 632.3 (8.3%) (9.4%) Q3 11 Volume ASP per MT Q3 12 9M 11 Volume ASP per MT 9M 12 BULK Q3 2011 Q3 2012 Change % 9M 2011 9M 2012 Change % Sales volume (M T'000) 663.8 6
Slide 9: Revenue – Consumer Pack
Revenue – Consumer Pack In the nearest US$ million, unless stated otherwise Q3 9M 332.8 -88.2 966.1 -88.3 -157.0 -32.5 (9.1%) 720.8 (26.5%) 212.1 (16.3%) (9.8%) Q3 11 Volume ASP per MT Q3 12 9M 11 Volume ASP per MT 9M 12 CONSUMER PACK Q3 2011 Q3 2012 Change % 9M 2011 9M 2012 Change % Sales volume (M
Slide 10: Operating margin - Total
Operating margin - Total In the nearest US$ million, unless stated otherwise Q3 9M 85.0 -5.0 +4.6 84.6 25.8 -3.3 +1.8 24.3 (5.9%) (5.4%) (13.0%) (7.1%) Q3 11 Volume OM per MT Q3 12 9M 11 Volume OM per MT 9M 12 Total Q3 2011 Q3 2012 Change % 9M 2011 9M 2012 Change % Sales volume (M T'000) 893.5 777.7
Slide 11: Operating margin - Bulk
Operating margin - Bulk In the nearest US$ million, unless stated otherwise Q3 9M 18.1 -1.5 53.0 -2.6 +3.6 54.0 +0.5 17.1 (4.9%) (6.8%) (8.3%) (2.8%) Q3 11 Volume OM per MT Q3 12 9M 11 Volume OM per MT 9M 12 BULK Q3 2011 Q3 2012 Change % 9M 2011 9M 2012 Change % Sales volume (M T'000) 663.8 608.9 -8
Slide 12: Operating margin – Consumer Pack
Operating margin – Consumer Pack In the nearest US$ million, unless stated otherwise Q3 9M 32.0 -2.9 +1.5 30.6 7.7 -2.0 +1.5 7.2 (9.1%) (4.7%) (26.0%) (19.5%) Q3 11 Volume OM per MT Q3 12 9M 11 Volume OM per MT 9M 12 CONSUMER PACK Q3 2011 Q3 2012 Change % 9M 2011 9M 2012 Change % Sales volume (M T'0
Slide 13: Sales revenue: Geographical spread
Sales revenue: Geographical Sales Revenue: spread FY2010 Geographical distribution Malaysia/Singapor Africa, 24% e, 53% FY 2011 Middle East, 25% Destination, 47% Other Asia, 27% Rest of world, 24% Malaysia/Singapor Africa, 21% e, 52% 9M 2012 Middle East, 36% Destination, 48% Other Asia, 28% Rest of
Slide 14: Segmental sales revenue: geographical spread
Sales Revenue: Sales Segmental geographical Revenue: spread distribution FY2010 Geographical Bulk Consumer Pack Rest of Asia Africa, 42% 48% FY 2011 Ex Malaysia/ Malaysia/ Middle East, Singapore Other Other, 90% Singapore, 10% 25% 71% 29% Middle East 28% Other Asia, 10% Rest of World Europe, 17% 24%
Slide 15: Balance sheet – Summary
Balance sheet – Summary In the nearest US$ million, unless stated otherwise 30-Sep-12 30-Jun-12 Change 31-Dec-11 Change Property, plant and equipment 320.6 301.8 18.8 287.8 32.8 Other long term investments 21.2 15.9 5.3 16.9 4.3 Long term investments 341.8 317.7 24.1 304.7 37.1 Inventories 257.6 250
Slide 16: Balance sheet – Summary
Balance sheet – Summary In the nearest US$ million, unless stated otherwise 924.3 924.3 285.0 Current Debt (49.1%) Working capital 580.6 295.6 Equity (50.9%) 89.3 Non-current Debt (26.1%) Long-term investments 341.8 254.4 Equity (73.9%) Cash (IPO proceeds) 1.9 Equity (100.0%) Investments Capital Deb
Slide 17: Balance sheet: Leverage
Balance sheet: Leverage Gross debt to equity 0.92 0.90 0.82 0.72 0.64 2009 2010 2011 Q2 12 Q3 12 Net debt to equity Objective: Keep below 1.5 (based on weighted average of 1:1 for Fixed Investment 2:1 for Current Investments ) 0.77 0.75 0.68 0.57 0.49 2009 2010 2011 Q2 12 Q3 12 Gross debt to equity
Slide 18: Cycle time
Cycle time Inventory days Trade Receivable days 26 51 27 24 26 45 44 20 36 34 10 7 5 3 5 2009 2010 2011 Q2 12 Q3 12 2009 2010 2011 Q2 12 Q3 12 Trade Payable days Cycle time 55 47 43 42 37 34 27 26 23 21 (18) (19) (20) (24) (28) 2009 2010 2011 Q2 12 Q3 12 2009 2010 2011 Q2 12 Q3 12 Adjusted for RMI 1
Slide 19: Cash Flows Statement (Summarised)
Cash Flows Statement (Summarised) In the nearest US$ million, unless stated otherwise Q3 2012 Q3 2011 9M 2012 9M 2011 Operating cash flows before working capital changes 2.4 17.8 36.3 55.6 Changes in operating assets and liabilities 37.1 44.7 (93.2) (86.7) Net interest and income tax payment (2.8) (
Slide 20: Liquidity
Liquidity In the nearest US$ million, unless stated otherwise Current debt coverage Interest coverage 4 quarters ended 30 Sep 2012 30 Sep 2012 Working capital 580.6 EBITDA 57.9 Current debt 285.0 Finance costs 16.5 Current debt coverage 2.0x Interest coverage 3.5x Working capital includes US$210.9 m
Slide 21: Thank you
Thank you Any questions, contact: Rajesh Chopra, Group Chief Financial Officer Ph: (65) 9710 2773 | mail: rajesh@mewahgroup.com 20