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QUARTERLY IR UPDATES
3rd Quarter 2019 Financial Results & Updates
24th October 2019
QUARTERLY IR UPDATES 3 rd Quarter 2019 Financial Results & - - PowerPoint PPT Presentation
QUARTERLY IR UPDATES 3 rd Quarter 2019 Financial Results & Updates 24 th October 2019 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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24th October 2019
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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
HEAVY ENGINEERING UNIT (HEU) MILESTONES: Offshore
Kasawari Gas Development project MARINE BUSINESS UNIT (MBU) MILESTONES:
9M 2019
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Sail away in July 2019
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Progress is at 69.0% as of September 2019
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Progress is at 62.6% as of September 2019
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Vessel owner: BW Fleet Management AS Deadweight: 91,515 tonnage Job scope: Drydocking and Repairs Delivery date: 7 September 2019
LNG BW Pavilion Vanda LNG Alliance
Vessel owner: Gazocean SA Deadweight: 97,741 tonnage Job scope: Drydocking and Repairs Delivery date: 16 August 2019
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Vessel owner: Teekay Shipping (Glasgow) Ltd. Deadweight: 77,213 tonnage Job scope: Drydocking and Repairs Delivery date: 14 September 2019
LNG Madrid Spirit
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Docking Essential Defect (DED) for KD GEMPITA
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Progress is at 77.0% as of September 2019
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Heavy Engineering segment 16
Financial Updates
Income Statement (RM 'm) 3Q 2019 2Q 2019 Revenue Heavy Engineering Marine 254.3 152.8 101.5 276.4 151.9 124.5 Operating (Loss)/Profit Heavy Engineering Marine Others (4.9) (6.8) 2.5 (0.5) (8.6) (19.8) 8.6 2.6 Finance Cost 0.4 (0.2) Pretax Loss (4.4) (8.8) Taxation (0.3) (0.4) Net Loss (4.7) (9.2) LPS (0.3) sen (0.6) sen
Note : Due to rounding, numbers may not tally with the total
Income Statement (RM 'm) 9M 2019 9M 2018 Revenue Heavy Engineering Marine 733.9 430.1 303.8 701.1 427.4 273.7 Operating (Loss)/Profit Heavy Engineering Marine Others (42.7) (50.4) 3.2 4.5 (97.0) (40.6) (48.8) (7.7) Finance Cost Share of Loss of JV
Pretax Loss (42.7) (97.8) Taxation (0.9) (0.5) Net Loss (43.6) (98.3) LPS (2.7) sen (6.1) sen
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from ongoing projects and new order intake
from dry docking services on LNG carriers
contribution from post sail away projects
contribution from conversion work and dry docking services on LNG carriers
period under review
in the Marine segment
Note:
Financial Updates
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disbursement of loan for the construction of Dry Dock No. 3
during the period
Note : Due to rounding, numbers may not tally with the total
Balance Sheet (RM 'm) Sep 2019 Dec 2018 Non-Current Assets 2,023.4 1,905.6 Inventories 4.4 5.6 Receivables 508.8 648.0 Cash 661.3 601.5 Others 9.6 20.5 Total Assets 3,207.6 3,181.2 Shareholders' Funds 2,364.6 2,407.1 Non-Controlling Interests 0.0 (0.3) Long Term Loan 142.3 48.4 Long Term Lease Liabilities 7.3
692.8 726.0 Short Term Lease Liabilities 0.5
3,207.6 3,181.2 NTA per share RM1.48 RM1.50
Financial Updates
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652 182 1,145 144 2,224 500 1,000 1,500 2,000 2,500 Dec15 Dec16 Dec17 Dec18 Sep 19 1,023 629 1,273 785 2,740 500 1,000 1,500 2,000 2,500 3,000 3,500 Dec15 Dec16 Dec17 Dec18 Sep 19
RM (‘000) RM (‘000)
Note: New Order Intake excludes Marine Business segment
Backlog New Order Intake MHB Backlog as of 30 September 2019
Marine Business Unit 5.3% Heavy Engineering Unit 94.7%
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66.50% 2.40% 6.60% 8.50% 10.19% 5.81% MISC Foreign Investors Urusharta Jamaah Technip Other Malaysian Shareholders Others Lembaga Tabung Angkatan Tentera 2.25% 2.23% Amanah Trustees 1.90% 1.50% EPF 1.66% 1.60% Note: Others include the following: Jun-19 Sep-19 66.50% 2.35% 6.60% 8.50% 10.72% 5.33% Corporate Updates
As of 30 Jun 2019 As of 30 Sep 2019 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 1/Jul/19 1/Aug/19 1/Sep/19
Share Price (RM)
24/07/2019
0.95
30-Sep-19
0.73
04/07/2019
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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