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QUARTERLY IR UPDATES
4th Quarter 2019 Financial Results & Updates
12th February 2020
QUARTERLY IR UPDATES 4 th Quarter 2019 Financial Results & - - PowerPoint PPT Presentation
QUARTERLY IR UPDATES 4 th Quarter 2019 Financial Results & Updates 12 th February 2020 1 Disclaimer This Presentation is not intended to form the basis of any investment decision with respect to Malaysia Marine and Heavy Engineering Holdings
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12th February 2020
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This Presentation is not intended to form the basis of any investment decision with respect to Malaysia Marine and Heavy Engineering Holdings Berhad (MHB). Neither this presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. No representation or warranty, express or implied, is or will be made by MHB in relation to, and no responsibility or liability is or will be accepted by MHB as to the accuracy and completeness of, the Information made available, and any liability therefore is expressly disclaimed. This Presentation may contain “forward-looking statements”. Forward-looking statements by their nature involve known and unknown risks, uncertainties and other factors that are in many cases beyond MHB’s control. Although MHB believes that the expectations of its management as reflected by such forward-looking statements are reasonable based on information currently available to it, no assurances can be given that such expectations will prove to have been correct. Accordingly, you are cautioned not to place undue reliance on such forward-looking statements. In any event, these statements speak only as of their dates, and MHB undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise. This Presentation and its contents are strictly confidential and must not be copied, reproduced, distributed, summarized, disclosed referred or passed on to others at any time without the prior written consent of MHB. Except for the yard facilities in the photographs, none of the vessels/structures belong to MHB.
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FINANCIALS
MARINE BUSINESS UNIT (MBU) MILESTONES:
HEAVY ENGINEERING UNIT (HEU) MILESTONES:
Kasawari Gas Development project
Processing Platform (CPP)-MRU Integration Project
Project
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Progress is at 73.31% as of December 2019
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Progress is at 87.25% as of December 2019
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Progress is at 62.94% as of December 2019
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Progress is at 4.61% as of December 2019
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Progress is at 13.87% as of December 2019
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Vessel owner: KSS Lines Ltd Deadweight: 54,684 tonnage Job scope: Drydocking & Repairs and Scrubber Retrofitting Delivery date: 16th November 2019
LPG Gas Summit LNG Shen Hai
Vessel owner: China LNG Shipping (International) Co. Ltd. Deadweight: 86,625 tonnage Job scope: Drydocking and Repairs Delivery date: 28th October 2019
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Vessel owner: MISC Berhad Deadweight: 71,814 tonnage Job scope: Manifold Modification Delivery date: 12th December 2019
LNG FSU Tenaga Satu
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Vessel owner: MTC Engineering Sdn.Bhd Deadweight: 27,031 tonnage Job scope: FPSO Conversion Delivery date: 27th November 2019
FPSO Ledang
Vessel owner: SK Shipping Co. Ltd. Deadweight: 75,154 tonnage Job scope: Drydocking & Repairs and Cargo Tank Repair Delivery date: 28th October 2019
SK Splendor
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Docking Essential Defect (DED) for KD GEMPITA
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Progress is at 86.11% as of December 2019
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revenue and improved performance in the Marine segment
performance in the Marine segment 17
Financial Updates
Income Statement (RM 'm) 4Q 2019 3Q 2019 Revenue Heavy Engineering Marine 275.6 148.5 127.1 254.3 152.8 101.5 Operating Profit/(Loss) Heavy Engineering Marine Others 1.6 (10.3) 5.2 6.8 (4.9) (6.8) 2.5 (0.5) Finance Cost
Share of Results of JV 1.3
3.0 (4.5) Taxation 6.4 (0.3) Net Loss 9.4 (4.7) EPS/(LPS) 0.6 sen (0.3) sen
Note : Due to rounding, numbers may not tally with the total
Income Statement (RM 'm) 12M 2019 12M 2018 Revenue Heavy Engineering Marine 1,009.5 578.6 430.9 974.4 651.5 322.9 Operating Profit/(Loss) Heavy Engineering Marine Others (41.1) (60.8) 8.5 11.5 (126.2) (39.0) (81.7) (5.4) Finance Cost
Share of Results of JV 1.3 3.0 Pretax Loss (39.8) (124.1) Taxation 5.5 (0.1) Net Loss (34.2) (124.2) LPS (2.1) sen (7.7) sen
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most have reached their tail end in the prior year.
docking services on LNG carriers and conversion work
and higher unabsorbed overheads
revenue growth and lower unabsorbed overheads
settlement of projects in the joint ventures
Marine segment
Note:
Financial Updates
Balance Sheet (RM 'm) Dec 2019 Dec 2018 Non-Current Assets 2,034.9 1,905.5 Inventories 4.4 5.6 Receivables 502.3 648.0 Cash 671.9 601.5 Others 2.6 20.6 Total Assets 3,216.1 3,181.2 Shareholders' Funds 2,372.3 2,407.1 Non-Controlling Interests 9.2 (0.3) Long Term Loan 178.9 48.4 Long Term Lease Liabilities 8.6
643.5 726.0 Short Term Lease Liabilities Derivatives 2.0 1.6
3,216.1 3,181.2 NTA per share RM1.49 RM1.50
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disbursement of loan for the construction of Dry Dock No. 3
Note : Due to rounding, numbers may not tally with the total Financial Updates
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652 182 1,145 144 2,644 500 1,000 1,500 2,000 2,500 Dec15 Dec16 Dec17 Dec18 Dec19 1,023 629 1,273 785 2,958 500 1,000 1,500 2,000 2,500 3,000 3,500 Dec15 Dec16 Dec17 Dec18 Dec19
RM (‘000) RM (‘000)
Note: New Order Intake excludes Marine Business segment
Backlog New Order Intake
Marine Business Unit 3.1% Heavy Engineering Unit 96.9%
MHB Backlog as of 31 December 2019
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66.50% 2.35% 6.60% 8.50% 10.72% 5.33% MISC Foreign Investors Urusharta Jamaah Technip Other Malaysian Shareholders Others
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Lembaga Tabung Angkatan Tentera 2.23% 2.23% Amanah Trustees 1.50% 1.50% EPF 1.60% 1.60% Note: Others include the following: Sep-19 Dec-19 66.50% 3.26% 6.60% 8.50% 9.81% 5.33% Corporate Updates
As of 30 Sep 2019 As of 31 Dec 2019 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 1/Oct/19 1/Nov/19 1/Dec/19
Share Price (RM)
14/10/2019
0.92
31/Dec/19
0.82
07/10/2019
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MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD (178821-X)
INVESTOR RELATIONS Level 31, Menara Dayabumi, Jalan Sultan Hishamuddin, 50050 Kuala Lumpur, Malaysia T : +603 2275 3792 F : +603 2273 8916 W : www.mhb.com.my
MALAYSIA MARINE AND HEAVY ENGINEERING SDN BHD (14558-P)
(a wholly owned subsidiary of MHB) MMHE West, PLO 3, Jalan Pekeliling, P.O.Box 77, 81700 Pasir Gudang, Johor, Malaysia T : +607 268 2111 F : +607 278 4162