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Sapangar Bay Container Port SURIA CAPITAL HOLDINGS BERHAD 36TH ANNUAL GENERAL MEETING 27TH JUNE 2019, 10:00AM WISMA SABAHPORTS, SAPANGAR Copyright by Suria Capital Holdings Berhad All rights reserved. The information contained herein is strictly for internal reference only. No part of this document may be reproduced or transmitted in any form or by any means, without the prior permission in writing from Suria Capital Holdings Berhad. CONTENTS Corporate Introduction Financial Highlights Port Expansion Projects Diversification Into Property Other Businesses of The Group CORPORATE INTRODUCTION Suria Capital Holdings Berhad ▪ Listed company on Bursa Malaysia since 1996 ▪ Bursa code: 6521 (SURIA) ▪ Share issued: 345.8 million ▪ Market capital: RM475 million ▪ Industry: Transportation and Logistics ▪ Major shareholder: State Government of Sabah (50.73% shareholding) ▪ Principle Business: Port Operations ▪ Shariah-Compliant Suria Corporate Milestones 2001 2004 2013+ 1983 1996 Investment Port Diversified Property Financial Holding Operations (Property) • Property • Acquisition of • Disposal of SDB • Acquisition of • JV with SBC for Development SBB and SDB to State Gov. port operations Jesselton Quay Company (Privatisation project on 21st • • Taman Listed on Main Disposal of SBB Exercise) May 2013 Perusahaan Berat Board, Bursa to Alliance Bank S/B • Set-up of other • JV with AQRS 1 Dec 1995 • Suria under subsidiaries: for 1 Jesselton PN10 status ➢ SP Satria Waterfront TPB Holdings S/B ➢ SPSL project on 16th ➢ SPSB March 2015 15 Dec 1995 ➢ SCES TPB Holdings Suria Capital • Proposed Berhad Holdings Berhad International Cruise Terminal Corporate Structure “Investment Holding and Property Development” 100% 100% “Contract & Engineering, Ferry “Port Operations” Terminal Operation” 100% 100% “Equipment “Bunkering & Supply & Logistics Services” Maintenance” Shareholding Structure Authorized Share Capital = RM800 million Issued =345,820,779 Ordinary Shares at RM 1.00 each ANALYSIS BY SIZE OF HOLDINGS (AS AT 28/03/2019) Size of Holdings No. of Holders % No. of Shares % 1 - 99 57 0.393 2,516 0.000 100 - 1,000 5,853 40.390 3,482,439 1.007 1,001 - 10,000 7,347 50.700 20,354,083 5.885 10,001 - 100,000 1,087 7.501 28,992,683 8.383 100,001 & Above 145 1.000 103,836,054 30.025 *Directors’ Holdings 2 0.013 189,153,004 54.696 Total 14,491 100.00 345,820,779 100.00 Top 10 Shareholders of Suria No TOP 10 SHAREHOLDERS HOLDINGS % 1 WARISAN HARTA SABAH SDN BHD 156,993,004 45.397 2 URUSHARTA JAMAAH SDN BHD 32,160,000 9.299 3 YAYASAN SABAH 12,685,200 3.668 CARTABAN NOMINEES (TEMPATAN) SDN BHD 4 11,093,280 3.207 I CAPITAL.BIZ SDN BHD 5 CHIEF MINISTER, STATE OF SABAH 5,760,000 1.665 6 CITIGROUP NOMINEES (ASING) SDN BHD 5,177,094 1.497 7 HSBC NOMINEES (ASING) SDN BHD 4,107,100 1.187 8 AMANAHRAYA TRUSTEES BERHAD 3,957,240 1.144 9 CIMB GROUP NOMINEES (ASING) SDN BHD 2,976,240 0.86 10 SIAW TECK HWA 2,400,000 0.694 TOTAL 237,309,158 68.618 As at 28.03.2019 State Government of Sabah as Major Shareholder Dividend Payout Policy Year •25% of net profit 2006 Year •35% of net profit 2011 Dividend Payout History Financial Year Rate (sen) Tax Rate 2007 6.0 – Final 26% 2007 6.0 – Special 0% 2008 3.0 25% 2009 5.0 Tax Exempt 2010 5.0 Tax Exempt 2011 6.0 Tax Exempt 2012 6.15 Tax Exempt 2013 7.00 Tax Exempt 2014 7.00 Tax Exempt 2015 7.00 Tax Exempt 2016 7.00 Tax Exempt 2017 6.00 Tax Exempt 2018 3.50 - Interim Tax Exempt 2018 2.50 - Proposed Tax Exempt EXCLUSIVE PORT CONCESSIONAIRE IN SABAH THROUGH PRIVATISATION EXERCISE IN 2004 Take-over of Sabah Ports on 1st Sep 2004 Mowtas Oil Karamunting Oil Jetty Jetty Kudat Port Sandakan Port Sapangar Bay Oil Terminal Lahad Datu Port Sapangar Bay Container Port Lahad Datu Oil Jetty Kota Kinabalu Port Tanjung Batu Oil Tawau Port Kunak Port Jetty CAPEX Spent To-Date (as at May 2019) Infrastructure Equipment Total RM RM RM Commitment 780,200,000 582,748,000 1,362,948,000 Incurred Sapangar Bay Container Port (327,617,531) (242,134,310) (569,751,840) Sapangar Bay Oil Terminal (44,923,927) (6,300) (44,930,227) Sandakan (234,703,021) (37,431,329) (272,134,350) Lahad Datu (13,037,282) (5,148,113) (18,185,395) Kunak (57,397,475) (96,726) (57,494,201) Tawau (77,330) (26,595,421) (26,672,751) Kota Kinabalu - (26,064,713) (26,064,713) Port Management System - (20,531,920) (20,531,920) Total (677,756,566) (358,008,830) (1,035,765,396) BALANCE 102,443,434 224,739,170 327,182,604 FINANCIAL HIGHLIGHTS Group’s Performance (Income Statement) Year 2018 vs Year 2017 Audited Audited 31.12.2018 31.12.2017 Inc/(Dec) RM'000 RM'000 RM'000 % Revenue 400,666 332,658 68,008 20 Cost of sales (304,972) (238,457) 66,515 28 Gross profit 95,694 94,201 1,493 2 Gross profit margin 24% 28% Other items of income Interest income 1,863 1,888 (25) (1) Other income 27,591 31,108 (3,517) (11) Other items of expense Administrative expenses (27,152) (27,164) (12) (0) Finance costs (2,965) (4,075) (1,110) (27) Other expenses (19,926) (28,243) (8,317) (29) Profit before tax 75,105 67,715 7,390 11 Income tax expense (22,162) (18,796) 3,366 18 Profit net of tax 52,943 48,919 4,024 8 Profit margin 13% 15% Profit net of tax attributable to: Owners of the Company 52,957 48,919 Non-controlling interests (14) - 52,943 48,919 Basic earnings per share (sen) 15.31 14.15 PBT Margin 19% 20% Revenue from Construction Services for Concession Infrastructure • In 2018, port operations registered construction services revenue of RM136.8 million accounted for in accordance with IC Interpretation 12: Service Concession Arrangements, whereby the subsidiary as a concession holder is obliged to construct and upgrade port’s infrastructure and facilities during the concession period. • The construction services revenue equals the fair value of port-related infrastructure and facilities under construction based on the stage of completion or purchased during the year. • The fair value is calculated as the estimated total construction cost or purchase consideration with no profit margin as all the construction works or purchases are subcontracted out. • The capital expenditure spent for ports infrastructure and facilities is registered as revenue and the same amount is charged as cost of sales. Hence, there is zero impact to the absolute amount of the gross profit but the gross profit margin is distorted as a result. Group’s Performance (Income Statement) Without Construction Services Revenue & Cost of construction CostAudited Audited 31.12.2018 31.12.2017 Inc/(Dec) RM'000 RM'000 RM'000 % Revenue 263,843 232,447 31,396 14 Cost of sales (168,149) (138,246) 29,903 22 Gross profit 95,694 94,201 1,493 2 Gross profit margin 36% 41% Other items of income Interest income 1,863 1,888 (25) (1) Other income 27,591 31,108 (3,517) (11) Other items of expense Administrative expenses (27,152) (27,164) (12) (0) Finance costs (2,965) (4,075) (1,110) (27) Other expenses (19,926) (28,243) (8,317) (29) Profit before tax 75,105 67,715 7,390 11 Income tax expense (22,162) (18,796) 3,366 18 Profit net of tax 52,943 48,919 4,024 8 Profit margin 20% 21% Profit net of tax attributable to: Owners of the Company 52,957 48,919 Non-controlling interests (14) - 52,943 48,919 Basic earnings per share (sen) 15.31 14.15 PBT Margin 28% 29% Summary YTD YTD 31.12.2018 31.12.2017 RM'000 RM'000 Revenue 400,666 332,658 Profit for the year 52,943 48,919 Add back: Interest 2,965 4,075 Taxation 22,162 18,796 Depreciation 2,357 2,606 Amortisation 46,624 38,646 74,108 64,123 EBITDA 127,051 113,042 Past 5-Year Financial Highlights Year ended 31 December 2018 2017 2016 2015 2014 Results (RM'000) Revenue 400,666 332,658 258,512 496,652 273,138 Gross profit 95,694 94,201 99,798 194,039 107,847 Profit before tax 75,105 67,715 83,533 148,248 72,810 Profit net of tax 52,943 48,919 66,663 125,717 52,119 Selected Balance Sheet Items (RM'000) Cash and bank balances 56,322 71,395 60,958 114,313 122,465 Property, plant and equipment 60,668 60,680 62,229 63,412 64,008 Concession assets 860,128 780,381 728,614 734,853 773,811 Total assets 1,417,119 1,346,204 1,348,761 1,332,319 1,248,687 Shareholders' equity 1,078,467 1,052,896 1,015,504 971,003 850,297 Financial Ratios Current ratio (x) 1.2 2.2 2.9 3.9 3.2 Long term debt to equity (%) 16.2 19.8 23.9 28.0 36.3 Pre-tax return on average equity (%) 7.0 6.5 8.4 16.3 8.7 Return on average equity (%) 5.0 4.7 6.7 13.8 6.2 Share Information Earnings per share (sen) 15.3 14.1 23.1 44.6 18.4 Net dividend per share (sen) 6.0 6.0 7.0 7.0 7.0 Net assets per share (sen) 311.9 304.5 352.4 336.9 300.1 Market price per share (sen) 165.0 185.0 199.0 234.0 236.0 Past 5-Year Financial Highlights Revenue - 5-Year Trend Revenue - 5-Year Trend Without Revenue From Disposal of Land for Property Development RM million RM million 600 450 400 500 350 400 300 250 300 200 200 150 100 100 50 - - 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Revenue 273 497 259 333 401 Revenue 273 267 259 333 401 Group’s Performance 5-Year Financial Highlights SEGMENTAL PERFORMANCE The Group’s Segmental Revenue Year 2018 vs Year 2017 12 months 12 months 31.12.2018 31.12.2017 Inc/(Dec) RM'000 RM'000 RM'000 % Port operations 238,914 223,449 15,465 7 Construction services 136,823 100,211 36,612 100 Logistics & Bunkering 1,872 3,693 (1,821) (49) Contract and engineering & ferry terminal operations 23,057 5,305 17,752 335 400,666 332,658 68,008 20 The Group’s Segmental Revenue Year 2018 vs Year 2017 Logistic & Contract & Engineering and Ferry Logistic & Contract & Engineering and Bunkering, Terminal Operations, Bunkering, Ferry Terminal Operations, 1,872, 22,935, 3,693, 5,305, 1% 9% 2%
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