INVESTOR RELATIONS Company Presentation As of 1H 2016
DISCLAIMER This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Megawide Construction Corporation (the “Company”) . This presentation, as well as discussions arising therefrom, may contain statements relating to future expectations and/or projections of the Company by its management team, with respect to the Company and its portfolio companies. These statements are generally identified by forward-looking words such as “believe”, “plan”, “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, or other similar words. These statements are: (i) presented on the basis of current assumptions which the company’s management team believes to be reasonable and presumed correct based on available data at the time these were made, (ii) based on assumptions regarding the Company’s present and future business strategies, and the environment in which it will operate in the future, (iii) a reflection o our current views with respect to future events and not a guarantee of future performance, and (iv) subject to certain factors which may cause some or all of the assumptions not to occur or cause actual results to diverge significantly from those projected. Any and all forward looking statements made by the Company or any persons acting on its behalf are deemed qualified in their entirety by these cautionary statements. This presentation is solely for informational purposes and should in no way be construed as a solicitation or an offer to buy or sell securities or related financial instruments of the Company and/or any of its subsidiaries and/or affiliates. 2
COMPANY BACKGROUND Property Power* Construction Airport * Expected to be folded in Q3 of 2016 4
COMPANY BACKGROUND Megawide (PSE: MWIDE) is a publicly listed diversified engineering conglomerate focused in Construction and Infrastructure Development. The Largest Building Construction Company in the Country Largest Private Airport Operator in the Philippines Progressive Property Developer in the Country ENGINEERING EXCELLENCE Fast growing Pure Renewable Energy Power Generator in the Philippines 5
FINANCIAL POSITION – BALANCE SHEET As of June 30, 2016 As of Dec 31, 2015 Increase (decrease) Consolidated Parent Consolidated Parent Consolidated Parent ASSETS Cash & Financial Assets P 10,932.74 P 9,246.10 P 9,262.98 P 9,067.63 18% 2% Trade Receivables 7,474.03 7,606.15 7,805.46 7,963.46 (4%) (4%) Construction Materials 475.73 475.73 292.79 292.79 62% 62% Cost in Excess of Billings 2,814.27 2,814.27 3,553.70 3,553.70 (21%) (21%) Other Current Assets 1,897.67 1,768.40 1,580.54 1,463.95 20% 21% Total Current Assets 23,594.44 21,910.65 22,495.46 22,341.53 5% (2%) Concession Assets 17,795.88 - 16,369.90 - 9% 0% Property, Plant &Equipment 4,945.10 4,918.98 4,948.12 4,928.22 0% 0% Investments in Subs and JVs 872.91 4,054.06 818.79 4,023.45 7% 1% Other Non Current Assets 2,780.06 268.76 3,882.56 245.01 (28%) 10% Total Non Current Assets 26,393.94 9,241.80 26,019.38 9,196.68 1% 0% TOTAL ASSETS P 49,988.39 P 31,152.45 P 48,514.83 P 31,538.21 3% (1%) LIABILITIES Current Loans P 2,949.46 P 2,949.46 P 3,591.60 P 3,591.60 (18%) (18%) Trade Payables 6,549.29 6,236.88 6,664.24 6,384.94 (2%) (2%) Advances from customers 1,302.42 1,302.42 1,692.22 1,692.22 (23%) (23%) Billings in Excess of Costs 819.32 819.32 590.42 590.42 39% 39% Other Current Liabilities 84.13 54.86 108.75 46.76 (23%) 17% Total Current Liabilities 11,704.62 11,362.94 12,647.22 12,305.94 (7%) (8%) Non Current Loans 20,310.08 4,982.50 18,950.80 5,003.53 7% 0% Other Non Current Liabilities 332.39 75.70 312.61 70.81 6% 7% Total Non Current Liabilities 20,642.47 5,058.19 19,263.41 5,074.34 7% 0% TOTAL LIABILITIES 32,347.09 16,421.13 31,910.63 17,380.28 1% (6%) EQUITY 17,641.30 14,731.32 16,604.20 14,157.93 6% 4% 6
RESULTS OF OPERATIONS – INCOME STATEMENT June 30, 2016 % June 30, 2015 % Movement % REVENUES Contract Revenues P 9,173.29 P 4,977.54 P 4,195.75 84% Airport Operations Revenues 895.98 723.53 172.45 24% 10,069.27 100% 5,701.07 100% 4,368.20 77% DIRECT COSTS Contract cost 7,626.75 4,145.23 3,481.52 84% Cost of airport operations 174.44 125.42 49.02 39% 7,801.19 77% 4,270.65 75% 3,530.54 83% GROSS PROFIT 2,268.08 23% 1,430.42 25% 837.66 59% OTHER OPERATING EXPENSES 523.82 5% 362.27 6% 161.55 45% OPERATING PROFIT 1,744.26 17% 1,068.15 19% 676.11 63% OTHER INCOME (CHARGES) Finance Costs (321.58) 3% (263.10) 5% 58.48 22% Finance income 85.74 1% 55.12 1% 30.62 56% Others – net 30.57 0% 97.54 2% (66.97) (69%) (205.27) 2% (110.44) 2% 94.83 86% PROFIT BEFORE TAX 1,538.99 15% 957.71 17% 581.28 61% TAX EXPENSE 361.39 4% 167.62 3% 193.77 116% NET PROFIT P 1,177.60 12% P 790.09 14% P 387.51 49% Net Profit Attributable to: Parent Company P 985.36 P 688.00 P 297.36 43% Non-controlling Interest 192.24 102.09 90.15 88% P 1,177.60 P 790. 09 P 387.51 49% EPS P 0.35 P 0.23 7
RESULTS OF OPERATIONS – INCOME STATEMENT RESULTS OF OPERATIONS – 1H 2016 Actual Actual % 1H 1H % Revenue 2015 2014 Change 2016 2015 Change Airport 9% Consolidated Revenues Const Construction 13,958 9,842 42% 9,173 4,978 84% 91% Airport 1,484 200 642% 896 723 24% Total 15,442 10,042 54% 10,069 5,701 77% EBITDA Airport Consolidated EBITDA 28% Construction 2,059 1,769 16% 1,548 1,006 54% Const Airport 971 90 979% 614 422 45% 72% Total 3,030 1,859 63% 2,162 1,428 51% Net Income Consolidated Net Income Construction 973 838 16% 697 535 30% Airport 41% Airport 501 49 922% 481 255 89% Const 59% Total 1,474 887 66% 1,178 790 49% 8
RESULTS OF OPERATIONS – KEY METRICS 1H 2016 Profitability Ratios 0.35 25% 23% 0.23 14% 12% 7% 5% Gross Profit Net Profit Margin Return on Equity Earnings per Margin Share June 2016 June 2015 Solvency Ratios Liquidity Ratios 2.36 5.52 4.67 2.02 1.80 1.57 0.70 0.71 Net Debt-to-Equity Interest Debt-to-Equity Ratio Coverage Ratio Ratio Current Ratio Quick Ratio June 2016 June 2015 9 June 2016 June 2015
RESULTS OF OPERATIONS – KEY METRICS 1H 2016 As of 1H 2016 As of Dec 31, 2015 Consolidated Parent Consolidated Parent Gross Profit Margin Construction Segment 17% 17% 15% 15% Airport Segment 81% 77% Consolidated 23% 21% EBITDA Margin Construction Segment 17% 17% 15% 15% Airport Segment 69% 65% Consolidated 21% 20% Net Profit Margin Construction Segment 8% 8% 7% 7% Airport Segment 54% 34% Consolidated 12% 10% 10
CONSTRUCTION OPERATIONS 1 1 The Megawide Engineering Excellence Most advanced pre-cast construction facility in Asia Largest fully computerized and automated Batching Plants in the Philippines Innovative formworks system from Germany Young and modern fleet of equipment Taytay Precast Facility Profile Location Taytay, Rizal Operation Since September 2012 200,000 sq meters Land Area 15,000 sq meters Production Area 66,000 cubic Max Production Capacity meters / year 11
1 THE LEADING CONSTRUCTION COMPANY BUSINESS IN THE COUNTRY Megawide is a Triple-AAA PCAB Licensed general contractor primarily engaged in civil, structural and architectural works, MEPF, and other specialty engineering services. Megawide has constructed over 6.5 million square meters of gross floor area for most of the top companies and developers in the country. 12
1 THE LEADING CONSTRUCTION COMPANY BUSINESS IN THE COUNTRY 1 PPP Projects won during the Aquino Administration Mactan-Cebu International Southwest Integrated PPP for School Airport Transport System Infrastructure Project 1, 2 Developer MWM Terminals Citicore-Megawide Phase 1 GMR-Megawide Cebu Developer Developer Consortium, Inc. Airport Corporation Cavite Expressway, Location Airport Road, Paranaque City Location Region III and IVA Location Lapu-Lapu City Agreement Build-Transfer-Operate Agreement Build-Lease-Transfer Agreement Build-Operate- Transfer Duration 35 Years Duration 10 Years Duration 25 Years Project Cost Php 3.5 B Megawide Construction Phase 2 Developer Corporation Project Cost Php 34 B Location Regions I, II, III, CAR Upward integration from construction revenue as project proponent to Agreement Build-Transfer generate recurring revenues post-construction completion of operation Contract Cost Php 15.06 B (combined) asset. 13
1 THE LEADING CONSTRUCTION COMPANY BUSINESS IN THE COUNTRY 1 Megawide is the preferred contractor of choice for leading property developers with its consistent track record and engineering excellence. Net Construction Income Construction Revenues Income Margin 13% 15,745.18 12.8% 12.3% 6.4% 6.97% 13,958.49 1,092.36 1,012.57 972.99 1,007.13 8.52% 4% 9.7% 10,880.44 838.15 9,842.33 750.21 7,742.13 8,204.81 Y2011 Y2012 Y2013 Y2014 Y2015 E2016 Y2011 Y2012 Y2013 Y2014 Y2015 E2016 Notes: 14 Y2015 Expiration of ITH
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