QUARTERLY IR UPDATES
1st Quarter 2020 Financial Results & Updates
29th April 2020
QUARTERLY IR UPDATES 1st Quarter 2020 Financial Results & - - PowerPoint PPT Presentation
QUARTERLY IR UPDATES 1st Quarter 2020 Financial Results & Updates 29th April 2020 Disclaimer This Presentation is not intended to form the basis of any investment decision with respect to Malaysia Marine and Heavy Engineering Holdings
29th April 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 MILESTONES:
HEAVY ENGINEERING BUSINESS MILESTONES:
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Completed in March 2020
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Progress is at 76.93% as of March 2020
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Progress is at 98.65% as of March 2020
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Progress is at 10.49% as of March 2020
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Progress is at 45.95% as of March 2020
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Progress is at 25.84% as of March 2020
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Vessel owner: Frontline Management AS Deadweight: 53,854 tonnage Job scope: 1st Special Survey Drydocking & Repairs and Scrubber Installation Delivery date: 22nd February 2020
VLGC Mistral
Vessel owner: MISC Berhad Deadweight: 89,902 tonnage Job scope: Drydocking & Repairs and Ballast Water Treatment System Installation Delivery date: 16th January 2020
LNG Seri Begawan
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Vessel owner: Frontline Management AS Deadweight: 53,752 tonnage Job scope: 1st Special Survey Drydocking & Repairs and Scrubber Installation Delivery date: 3rd March 2020
VLGC Monsoon
Vessel owner: Frontline Management AS Deadweight: 53,659 tonnage Job scope: 1st Special Survey Drydocking & Repairs and Scrubber Installation Delivery date: 20th March 2020
VLGC Levant
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Docking Essential Defect (DED) for KD GEMPITA
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Progress is at 91.88% as of March 2020
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Financial Updates
the Heavy Engineering segment
revenue and improved performance in the Heavy Engineering segment
revenue and improved performance in the Heavy Engineering segment
Income Statement (RM 'm) 1Q 2020 4Q 2019 Revenue Heavy Engineering Marine 346.4 226.8 119.7 275.6 148.5 127.1 Operating Profit/(Loss) Heavy Engineering Marine Others 5.6 1.2 (1.5) 5.8 1.6 (10.3) 5.2 6.8 Finance Cost
Pretax Profit/(Loss) 5.6 3.0 Taxation (0.1) 6.4 Net Profit/(Loss) 5.5 9.4 EPS/(LPS) 0.4 sen 0.6 sen
Note : Due to rounding, numbers may not tally with the total
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Financial Updates
contributed by higher revenue from on-going projects
increase in revenue from LPG vessels and conversion work
due to reversal of cost provision in the current quarter
revenue
as all have become dormant
improved performance in both segments
Income Statement (RM 'm) 1Q 2020 1Q 2019 Revenue Heavy Engineering Marine 346.4 226.8 119.7 203.1 125.4 77.7 Operating Profit/(Loss) Heavy Engineering Marine Others 5.6 1.2 (1.5) 5.8 (29.3) (23.9) (7.5) 2.1 Finance Cost
Share of Results of JV
5.6 (29.5) Taxation (0.1) (0.3) Net Profit/(Loss) 5.5 (29.8) EPS/(LPS) 0.4 sen (1.8) sen
Note:
Shareholders' Funds 2,387.7 2,372.3 Non-Controlling Interests 8.6 9.2 Long Term Loan 208.6 178.9 Long Term Lease Liabilities 9.6 8.6 Payables 739.3 645.5 Short Term Lease Liabilities Derivatives 0.5
1.6 Total Equity & Liabilities 3,354.3 3,218.0
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Financial Updates
Balance Sheet (RM 'm) Mar 2020 Dec 2019 Non-Current Assets 2,076.4 2,034.9 Inventories 3.3 4.4 Receivables 615.1 504.1 Derivatives 7.8
651.0 673.9 Others 0.8 0.8 Total Assets 3,354.3 3,218.0
▪ Higher Non-Current Assets – Increase in Receivables and PPE ▪ Higher Non-Current Liabilities – Higher payables and borrowings from additional disbursement of loan for the construction of Dry Dock No. 3 ▪ Lower Cash – Outflow on the remaining capital spending for the construction of Dry Dock No. 3
Note : Due to rounding, numbers may not tally with the total
NTA per share RM1.50 RM1.49
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182 1,145 144 2,644
1,000 1,500 2,000 2,500 Dec16 Dec17 Dec18 Dec19 Mar20 629 1,273 785 2,958 2,735 500 1,000 1,500 2,000 2,500 3,000 3,500 Dec16 Dec17 Dec18 Dec19 Mar20
RM (‘000) RM (‘000)
Note:
Backlog New Order Intake
Marine Business Unit 3.2% Heavy Engineering Unit 96.8%
MHB Backlog as of 31 March 2020
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Corporate Updates
66.50% 3.26% 6.60% 8.50% 9.81% 5.33% MISC Foreign Investors Urusharta Jamaah Technip Other Malaysian Shareholders Others Lembaga Tabung Angkatan Tentera (LTAT) 2.23% 2.23% EPF 1.60% 2.29% Amanah Trustees 1.50% 2.10% Note: Others include the following: Dec-19 Mar-20 66.50% 2.91% 6.60% 8.50% 8.87% 6.62%
As of 31 Dec 2019 As of 31 Mar 2020 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 1/Jan/20 1/Feb/20 1/Mar/20
Share Price (RM)
0.96
07/01/2020 31/Mar/20
0.29
19/03/2020
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25 Quarterly IR Updates