Malaysia Airports Holdings Bhd Building New Capabilities Managing Global Economic Downturn Challenges

Transcription

1 Malaysia Airports Holdings Bhd Building New Capabilities Managing Global Economic Downturn Challenges Media/Analyst Presentation H Business Performance Update Faizal Mansor Chief Financial Officer, MAHB 27th August 2009

2 Outline Corporate Overview Headline KPIs Group Financial Highlights Airport Operations Review 2

3 Corporate Overview MAHB Share Price Performance vis-à-vis FBMKLCI and Competitors Normalised Share Price Performance 138 KLCI Index MAHB Jul-09 Jun-09 May-09 Apr-09 Mar-09 Feb-09 Jan-09 Dec-08 Nov-08 Oct-08 Sep-08 Aug-08 Jul-08 Jun Company KLCI MAHB JAT AOT Hainan Meilan Guangzhou Beijing Shenzhen Shanghai Airport Avg Share price movement (YTD) 26.4% 45.9% (5.1%) 82.1% 58.4% 25.9% 12.6% 32.3% 25.8% 33.8% Strong defensive nature amidst volatile market conditions 3

4 Corporate Overview Shareholding Analysis 31 December June

5 Outline Corporate Overview Headline KPIs Group Financial Highlights Airport Operations Review 5

6 Corporate Headline KPIs H EBITDA & ROE Performance Measure EBITDA ROE FY2009 (Growth Assumptions) YTD H % pax growth -5% pax growth RM613 million RM591 million RM298 million 10.2% 9.70% 4.80%* Our EBITDA and ROE after represents 49% and 48% of the targeted headline KPIs assuming 0% pax growth * YTD ROE based on half year PAT over Total Shareholder Equity 6

7 Outline Corporate Overview Headline KPIs Financial Highlights Airport Operations 7

8 Group Financial Highlights Business Performance Overview Increase in PBT resulting from higher revenue and cost saving initiatives* 2009 (RM 000) 2008 (RM 000) Revenue 782, , EBITDA 298, , PBT 210, , (688) 17, Nett Earnings 153, , EBITDA Margin 38.07% 37.43% 0.64 PBT Margin % 26.92% 0.01 Gearing 22.22% 6.44% Discontinued Operations (SIC) Net Asset per share (RM) *Cost saving initiatives cross functional budget challenge, Value Management, LEAN Initiatives, and innovative procurement procedures 8

9 Group Financial Highlights ended 30 June 2008 Revenue Overview Revenue (RM 000) 6 months months 2008 Hotel 3% Project R&M Retail 7% 6m 2009 Agri & Horti 3% 18% Airport Operations Airport Services 608, , Retail 162, , Project Repair and Maintenance 50,450 48, Hotel 29,600 33, Airport Services 69% Non Airport Operations Agriculture & Horticulture 25,179 44,981 Consol Adjustment (93,290) (84,113) TOTAL 782, , Project R&M 6% 6m 2008 Hotel 4% Retail 20% Airport Services 70% 9.42 Revenue from Airport Operations continues to grow at a high rate (15.97%) with retail at 9.51% (due to retail optimization plan) 9

10 Group Financial Highlights Revenue Analysis 2009 RM RM 000 Airport operations 721, , Aeronautical 387, , Non Aeronautical 333, , Retail and F&B 162, , Rental and others 171, , ,849 86, ,973 12, Hotel 28,635 31, Agriculture and horticulture 23,241 41, , , % Aero to Non Aero over Total Revenue 46:54 41:59 % Aero to Non Aero in Airport Operations 54:46 51:49 Non Airport operations Project and R&M Total revenue Increase in domestic passengers by 3.5% Lower total crop harvested and average FFB price (2009:55,072MT/RM420 vs. 2008:59,150MT/RM707) 10

11 Group Financial Highlights Cost Analysis 09 (RM 000) 08 (RM 000) Direct Material 102, , Direct Labour 39,677 39, Direct Overhead 19,425 15, Total COS 161, , Staff Costs 146, , Utilities and Supplies 95,362 80, Repairs and Maintenance 52,445 51, Travelling 2,515 3, Advertising and Publicity 2,318 8, Professional Fees 6,935 9, Quit Rent and Assessment 8,894 8, ,198 12, (48,975) 3,650 1, ,770 24, , Total OPEX 363, , Total Costs 525, , Other Administrative Lease Rental Payable to Government Prov for D.Debts/ (write back) / (bad debt recovered) User Fee/ Revenue Share Increase in tandem with higher revenue Mainly due to KLIA 10th anniversary of KLIA and The Routes incurred in 08 whereas no significant expenses incurred in YTD 09 Reversal of lease rental of RM52 million based on Operations Agreement signed with GoM in Feb 09 Provision has been lowered since several debtors made settlement in June 08 11

12 Group Financial Highlights PBT Analysis PBT (RM 000) , , ,069 13, Project Repair and Maintenance 5,695 5, Hotel 1,036 2, Agriculture & Horticulture 8,020 23, Consol Adjustment 591 (4,219) 210, ,719 Airport Operations Airport Services Retail Non Airport Operations TOTAL 9.40 Our Airport Services prove to be the most profitable revenue stream 12

13 Group Financial Highlights Balance Sheet Overview 09 (RM 000) 08 (RM 000) PPE 1,798 1, Concession Right 1, Cash and Bank Balance Trade Receivables Trade Payables Other Payables ~ Borrowings , Gearing (%) 22.22% 6.44% Concession Right Payable Additional Concession Rights of RM603m being capitalisation of accrued lease rental due to GoM Payment made for final dividend RM120m. Payment made to creditor mainly for LCCT extension, new corporate office, LHDN, construction cost for MIAC Payment of User Fee RM78 million. Borrowings made for the purpose of cash payment to GoM 13

14 Outline Corporate Overview Headline KPIs Group Financial Highlights Airport Operations Review 14

15 Airport Operations Business Performance Overview Revenue 09 (RM 000) 08 (RM 000) 770, , ,652 37, , , (528,326) (484,891) 8.96 EBITDA 280, , Depreciation and Amortisation (72,173) (66,337) , PBT 208, , EBITDA margin 36.35% 33.49% PBT margin 27.02% 23.92% Other Operating Income Total Income Operating Cost Share of profits of Associate MAHB has maintained a strong standing despite the economic uncertainty and global health issues 15

16 Airport Operations Revenue Overview 09 (RM 000) 08 (RM 000) Aeronautical - PSC & PSSC 207, , Landing & Parking 91,081 93, MARCS ERL & PSC 73, Others 15,099 13, , , , , Car Park 12,919 12, Others 10,756 15, Retail 162, , Total Non-Aeronautical 383, , Airport Operations Revenue 770, , Total Aeronautical Non-Aeronautical - Rental & Commercial 16

17 Airport Operations Revenue Analysis (by Revenue Type)

18 Airport Operations Revenue Analysis (by Passenger and Aircraft Movement) 09 RM RM 000 Total income per passenger movements Aeronautical revenue per passenger movements Non-Aeronautical revenue per passenger movements , , , , ,618 5, % 45.36% 2.55 Aeronautical revenue per aircraft movements Total income per employee Number of Staff Aeronautical revenue % of total income Revenue per passenger and aircraft movement has increased significantly 18

19 Airport Operations Operating Cost Analysis 09 RM RM , , ,116 80, (48,975) 3, ,806 77, ,827 50, ,635 22, , Other Operations Costs 129, , Total 528, , Staff Cost Utilities Lease Rental Retail - Direct Materials - Direct Overheads Provision/(write back) for doubtful debts Revenue Share/ User Fee Increase due to salary revision and annual increment Increase in operating cost (8.96% ) is lower than increase in revenue (14.55%) 19

20 Airport Operations Cost Analysis (by Passenger & Aircraft Movements) 09 RM RM , , Total cost per aircraft movements 2, , Staff costs as % of operating cost 24.01% 24.21% 0.20 Total operating cost per Passenger movements Total operating cost per aircraft movements Total cost per passenger movements Marginal staff cost increase (as % of operating cost) due to operational excellence initiatives 20

21 Airport Operations Passenger Movement Analysis YoY 1.96% passenger growth led by domestic increase with International numbers holding steady 2009 ( 000) 2008 ( 000) KLIA International 8, , Domestic 4, , Total KLIA 13, , International 1, , Domestic 8, , , , International 10, , Domestic 13, , Grand Total 23, , Other Airports Total Other Total 21

22 Airport Operations Aircraft Movement Analysis YoY 5.12% aircraft movement growth, with Int l movements at 8.95% and domestic 3.22% 2009 ( 000) 2008 ( 000) KLIA International Domestic Total KLIA Domestic Total Others Domestic Grand Total Other Airports International Total International 22

23 Airport Operations Cargo Movement Analysis Drop in cargo movement is in tandem with the global economic downturn and is expected to move in line with trade figures going forward 2009 (Million) 2008 (Million) KLIA International Domestic Total KLIA International Domestic Other Airports Total Others Total International Domestic Grand Total 23

24 Summary MAHB is doing well despite global challenges Passenger and aircraft numbers are growing Our revenue efficiency per passenger and aircraft continues to improve We are managing uncertainties through internal initiatives (e.g. LEAN, Value Management, Continuous Improvement Programme and Business Process Improvements) Going forward, we are confident of riding out the uncertainties and delivering the Headline KPIs 24

25 Thank You