Sime Darby Berhad
Analyst Briefing for the Full Year & Fourth Quarter Ended 30 June 2024 27 August 2024
Group Financial Results
2
FY2024 Financial Results
Reported Profit: Financial year ended 30 June 2024
In RM Million | FY2024 | FY2023 | YoY % |
Revenue | 67,132 | 48,288 | 39.0 |
PBIT | 2,758 | 2,084 | 32.3 |
Finance income | 142 | 70 | |
Finance costs | (719) | (333) | |
Profit before tax | 2,181 | 1,821 | 19.8 |
Taxation | (698) | (484) | |
Profit from continuing operations | 1,483 | 1,337 | 10.9 |
Non-controlling interests | (186) | (54) | |
Perpetual Sukuk | (39) | - | |
Net profit from continuing operations | 1,258 | 1,283 | (1.9) |
Net profit from discontinuing/discontinued operations1 | 2,048 | 175 | |
Net profit attributable to owners of the Company | 3,306 | 1,458 | >100.0 |
1. Relates to Healthcare and Logistics
3
FY2024 Financial Results
Core Profit: Financial year ended 30 June 2024
In RM Million | FY2024 | FY2023 | YoY % |
Reported PBIT from continuing operations | 2,758 | 2,084 | 32.3 |
Adjustments: | |||
• Gain on disposal of Malaysia Vision Valley ("MVV") land | (279) | - | |
• Gain on disposal of Motors property | - | (179) | |
• Fair value gain on financial assets (MES) | (15) | - | |
• Forex (gain)/loss on settlement of net investment | (45) | (29) | |
• Motors impairments and provisions | 229 | - | |
Core PBIT from continuing operations | 2,648 | 1,876 | 41.2 |
Net finance costs | (577) | (263) | |
Taxation1 | (557) | (454) | |
Non-controlling interests | (200)2 | (54) | |
Perpetual Sukuk | (39) | - | |
Core Net Profit from continuing operations | 1,275 | 1,105 | 15.4 |
Core Net Profit/ (loss) from discontinuing/discontinued operations | 413 | 494 | |
Core Net Profit | 1,316 | 1,154 | 14.0 |
Adjustments: | ||
1. | Adjusted for tax effects of one-off items, deferred tax adjustment arising from change in New Zealand tax legislation (RM26m), and additional deferred tax provision on unremitted | |
earnings of RM76m in FY2023 | ||
2. | Adjusted for NCI portion for the one-off items | |
3. | Excludes net gain on disposal of Ramsay Sime Darby Healthcare ("RSDH") (total of RM2,007 million) | 4 |
4. | Excludes net gain on disposal of the Weifang port companies and adjustments for depreciation, impairment and deferred tax (total of RM126m) | |
FY2024 Financial Results
Segmental PBIT: Financial year ended 30 June 2024
In RM Million
FY2024 | FY2023 | ||
Reported PBIT Adjustments Core PBIT | Reported | Adjustments | Core PBIT |
PBIT | |||
Reported PBIT Core PBIT
YoY % YoY %
Continuing operations
Industrial | 1,467 | (15)1 | 1,452 | 1,051 | - | 1,051 | 39.6 | 38.2 | ||||
Motors | 584 | 2292 | 813 | 1,052 | (179)2 | 873 | (44.5) | (6.9) | ||||
UMW | 480 | - | 480 | - | - | - | - | - | ||||
Others | 16 | - | 16 | 39 | - | 39 | (59.0) | (59.0) | ||||
Corporate | (113) | - | (113) | (87) | - | (87) | 29.9 | 29.9 | ||||
Gain on disposal of | 279 | (279) | - | - | - | - | >100.0 | - | ||||
MVV land | ||||||||||||
Forex | 45 | (45) | - | 29 | (29) | - | 55.2 | - | ||||
PBIT from | ||||||||||||
continuing | 2,758 | (110) | 2,648 | 2,084 | (208) | 1,876 | 32.3 | 41.2 | ||||
operations | ||||||||||||
PBIT from | ||||||||||||
discontinuing/ | 2,060 | (2,007) 3 | 53 | 169 | (122)4 | 47 | >100.0 | 12.8 | ||||
discontinued | ||||||||||||
operations | ||||||||||||
PBIT | 4,818 | (2,117) | 2,701 | 2,253 | (330) | 1,923 | >100.0 | 40.5 | ||||
Adjustments: | ||||||||||||
1. Fair value gain on financial assets (MES) | ||||||||||||
2. Impairments and provisions in FY2024; Gain on disposal of properties in FY 2023 | ||||||||||||
3. Net gain on disposal of Ramsay Sime Darby Health ("RSDH") | 5 | |||||||||||
4. Net gain on disposal of the Weifang port companies and adjustments for impairment and depreciation | ||||||||||||
FY2024 Financial Results
Reported Profit: Quarter ended 30 June 2024
In RM Million | Q4 FY2024 | Q4 FY2023 | YoY % |
Revenue | 18,793 | 13,286 | 41.4 |
PBIT | 578 | 907 | (36.3) |
Finance income | 37 | 23 | |
Finance costs | (217) | (127) | |
Profit before tax | 398 | 803 | (50.4) |
Taxation | (253) | (176) | |
Profit from continuing operations | 145 | 627 | (76.9) |
Non-controlling interests | (44) | (14) | |
Perpetual Sukuk | (18) | - | |
Net profit from continuing operations | 83 | 613 | (86.5) |
Net profit from discontinuing/discontinued operations1 | 6 | 9 | |
Net profit attributable to owners of the Company | 89 | 622 | (85.7) |
1. Relates to Healthcare and Logistics
6
FY2024 Financial Results
Core Profit: Quarter year ended 30 June 2024
In RM Million | Q4 FY2024 | Q4 FY2023 | YoY % |
Reported PBIT from continuing operations | 578 | 907 | (36.3) |
Adjustments | |||
• Gain on disposal of Motors property | - | (179) | |
• Fair value gain on financial assets (MES) | (15) | - | |
• Motors impairments and provisions | 229 | - | |
• Forex gain on settlement of net investment | (20) | (10) | |
Core PBIT from continuing operations | 772 | 718 | 7.5 |
Net finance costs | (180) | (104) | |
Taxation1 | (140) | (146) | |
Non-controlling interests | (58)2 | (14) | |
Perpetual Sukuk | (18) | - | |
Core Net Profit from continuing operations | 376 | 454 | (17.2) |
Core Net Profit/ (loss) from discontinuing/discontinued operations | 6 | 9 | |
Core Net Profit | 382 | 463 | (17.5) |
Adjustments:
1. Adjusted for tax effects of one-off items, deferred tax adjustment arising from change in New Zealand tax legislation (RM26m), and additional deferred tax provision on unremitted earnings of RM76m in FY2023
2. Adjusted for NCI portion for the one-off items | 7 |
FY2024 Financial Results
Segmental PBIT: Quarter ended 30 June 2024
Q4 FY2024 | Q4 FY2023 | Reported | Core PBIT | ||||||
In RM Million | PBIT | ||||||||
Reported | Adjustments | Core PBIT | Reported | Adjustments | Core PBIT | YoY % | YoY % | ||
PBIT | PBIT | ||||||||
Continuing operations | |||||||||
Industrial | 399 | (15)1 | 384 | 375 | - | 375 | 6.4 | 2.4 | |
Motors | 9 | 2292 | 238 | 555 | (179)2 | 376 | (98.4) | (36.7) | |
UMW | 171 | - | 171 | - | - | - | - | - | |
Others | 5 | - | 5 | (12) | - | (12) | >100.0 | >100.0 | |
Corporate | (26) | - | (26) | (21) | - | (21) | 23.8 | 23.8 | |
Forex | 20 | (20) | - | 10 | (10) | - | 100.0 | - | |
PBIT from | |||||||||
continuing | 578 | 194 | 772 | 907 | (189) | 718 | (36.3) | 7.5 | |
operations | |||||||||
PBIT from | |||||||||
discontinuing/ | 14 | - | 14 | 9 | - | 9 | 55.6 | 55.6 | |
discontinued | |||||||||
operations | |||||||||
PBIT | 592 | 194 | 786 | 916 | (189) | 727 | (35.4) | 8.1 | |
- Fair value gain on financial assets (MES)
- Impairments and provisions in FY2024; Gain on disposal of properties in FY2023
8
PBIT from continuing operations
YTD Core PBIT from continuing operations was 41.2% higher mainly due to higher profit from Industrial Australasia and profit contribution from UMW.
FY2024 vs. FY2023
2,084 | ||
Y | (179) | |
T | ||
D |
P
B
I
T
Mainly | from strong | UMW contribution | ||
is consolidated | ||||
product | support & | 2,648 | ||
Cavpower contribution | ||||
279 | ||||
480 | (49) | |||
1,876 | 401 | (60) | ||
(29) |
(229)
2,758
60
FY23 | Motors | Net | FY23 | Industrial | Motors | UMW | Corporate/ | FY24 | Gain on | Motors | Net | FY24 |
Reported | Property | Investment | Core | Others | Core | disposal of | impairments | Investment | Reported | |||
PBIT | Disposal | Forex | PBIT | PBIT | Malaysian | and | Forex | PBIT | ||||
Vision Valley | provisions | /Others | ||||||||||
("MVV") | ||||||||||||
Land |
9
FY2024 Financial Results
Snapshot of borrowing position as at 30 June 2024
L o n g T e r m v s S h o r t T e r m D e b t
14,826 (10.9)%
13,211
2,192
2,231
4,750
4,702
518
540
7,366
5,738
Mar 2024 | June 2024 | |||||
ST Borrowings | ST Leases | LT Borrowings | LT Leases | |||
RM23.4bn | 0.57x |
Total Equity | Debt/Equity Ratio |
T o t a l D e b t
RM 13.2bn
As at 30 June 2024
0.45x | RM2.7bn | |
Bank balances, | ||
Net Gearing | ||
deposits and cash | ||
10 | ||