1Q17 MPM Company Highlights and Financial Results (Ticker: MPMX) May 2017
MPM: FROM “PIPELINE” TO “PLATFORM” BUSINESS OUR VISION To positively impact lives through smart mobility and social integration OUR MISSION To create ecosystems of the best ideas (game changing innovation) delivered through the most relevant products and services (understanding people better) in the most effective ways (optimized business models & cross selling) , by the most talented people (high performance culture) in our industry OUR CREDO Progressive Thinking Active Ownership Collaboration 2
TABLE OF CONTENT MPM: Company Highlights 01 02 Consolidated Financial Results: FY 16 and 1Q 17 Updates 03 Business Segment Performance 3
MPM IN A SNAPSHOT: LEADING SMART MOBILITY COMPANY IN INDONESIA Market expertise Strong Corporate Significant Growth With 30 year of experience Governance & Financials Potentials Est. in 1987 by W. Soeryadjaya as BOC & BOD has over 100 years of 4 main business segments, each with • • • 2W distribution business for Honda management and governance with growth potential industry experts, independent Expertise and leading market Network and presence across • • commissioners, and professionals positions in consumer automotive archipelago serving 10MM+ individual in place (2W & 4W) supply chain and value customers, 1,000+ corporate clients, chain Listed in IDX (Ticker: MPMX) in and 10,000+ 3 rd party channels • 2013, raising Rp 1.5T from public Recognized by industry as 2016 8,000+ employees with high • • (22% enlarged TSO) Top 50 Best Company in Indonesia performance culture (Forbes) and other various awards Total Equity @ Rp 5.6T with cash • balance @ Rp 1.3T ( Dec ’16) Resource: MPMX, as of 31 Mar 2017 4
MPM BUSINESS: COLLECTIVE POWER Distribution & Retail Auto Consumer Parts 77% 10% 6% 2W Honda distribution in E. Java + NTT 2W & 4W engine lubricant principal & • • with 290 dealer relationships, serving parts distribution company 7% ~3.6MM active customers 3,300+ Federal Oil Centers & 10,000+ 3 rd • Rp 17.7T 2W Honda 3S dealerships with 40 party workshops nationwide, serving • outlets across Indonesia 10MM+ customers per year FY16 Revenue Auto Services 4W Nissan & Datsun 3S dealerships • with 10 outlets across Indonesia Independent 4W rental/lease company • with 14K fleet, serving 1,000+ corporates Financial Services Fleet & logistic management services • Independent 2W, 4W, lease financing Non-life general insurance including • • business with 83 outlets nationwide, 2W, 4W, cargo, & property with 16 serving 139K+ customers offices & 6 service points nationwide Resource: MPMX, as of 31 Mar 2017 5
GOVERNANCE AND MANAGEMENT Board of Commissioners Board of Directors Strong mix of operational, strategy, M&A, and Over 100 years of combined professional experience governance expertise Rudy Halim Edwin Soeryadjaya Group CEO Chairman Agung Kusumo Troy Parwata Titien Supeno Andi Esfandiari Tossin Himawan Lee Chul Joo Danny Walla Managing Director Group CFO HR Director Director Commissioner Commissioner Commissioner Shareholding Morninglight Investment S.a.r.l 15.3% Istama Siddharta Simon Halim 48.6% Claris Investment Pte. Ltd. 6.8% Independent Independent PT Saratoga Commissioner Commissioner Investama Sedaya Public & Others 29.3% Tbk & Affiliates Resource: MPMX, as of 31 Mar 2017 6
MPM GROUP NETWORK: PRESENCE ACROSS INDONESIA 16 MPM Insurance Offices & Outlets 47 FKT Distributors for Federal Oil & Federal Mobil 33 MPM Rent Offices & Service Points 10 MPM Auto Dealers 83 MPM Finance Offices & Outlets 40 MP Motor Retail Outlets 290 MP Mulia Dealers Resource: MPMX, as of 31 Mar 2017 7
TABLE OF CONTENT MPM: Company Highlights 01 02 Consolidated Financial Results: FY 16 and 1Q 17 Updates 03 Business Segment Performance 8
1Q17 REVENUES: SEGMENT CONTRIBUTION & MOVEMENT Revenues 1Q17 Revenues Growth % YOY, in Rp billion 10% 75% Rp 4.0T 31 26 (21) 32 (252) 7% 4,143 -12.6% QoQ, -4.5% YoY -4.5% 3,959 8% 1Q17 1Q16 YoY revenue growth %YOY -7% -5% +12% +11% Distribution & Retail Consumer Parts Elimination Auto Services Financial Services Summary Lower sales from Distribution & Retail is due to limited product availability of 4W and unfavourable weather affecting 2W sales Lubricant sales decrease slightly on the back of year-end promotion and slow traffic to outlets Higher revenue from Auto Services due to achieving better disposal value Financial Services booked higher new bookings during the period 1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 9 2) Financial Services : MPMFinance & MPMInsurance
1Q17 NPATMI: SEGMENT CONTRIBUTION & MOVEMENT NPATMI Growth % YOY, in Rp billion NPATMI 1Q17 Rp 129B 38 (17) 81.0% QoQ, 80.2% YoY 41 129 (11) (1) 7 Distribution & Retail 38% 1Q17 72 Auto Consumer Parts +80% 44% YoY NPATMI growth 1Q16 Auto Services 8% Financial Services 10% %YOY -23% -2% +137% +781% +74% -901% Distribution & Retail Consumer Parts 0% 10% 20% 30% 40% 50% Auto Services Financial Services Head Office Minority Interest Summary One-off gain of Rp36B from the sale of fixed asset attributed from Head Office Lower COF and higher asset quality drive the significant rise in NPATMI from Financial Services NPATMI in Distribution & Retail fell due to the low 4W sales as a result of limited product availability 1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 10 2) Financial Services : MPMFinance & MPMInsurance
1Q17 CONSOLIDATED P&L RESULTS Financial Highlights (in Rp billion) Consolidated Non Financial Services Financial Services %Rev %Rev 1Q17 QoQ% YoY% 1Q17 QoQ% YoY% QoQ% YoY% %Rev 1Q17 - Net Revenues 3,959 -12.6% -4.5% - 3,650 -13.0% -5.5% -7.5% 10.7% - 322 15.8% 11.3% Gross Profit 627 -16.9% 4.3% 413 4.8% -3.3% -39.1% 23.0% 69.9% 225 3.3% 2.8% NPATMI 129 81.0% 80.2% 102 422.7% 46.2% -47.3% 1105.9% 14.2% 46* EBITDA 366 3.4% 36.3% 9.3% 307 27.9% 14.8% 8.4% -48.1% 5899.5% 18.3% 59 3.1% 3.3% CAPEX 124 -30.5% -24.4% 122 -30.6% -25.0% -20.9% 37.6% 0.6% 2 Summary Strong growth in earnings recorded (+80% YoY), due to overall improvement in operations across all business Excluding one-off gain on sale of fixed assets (Rp 36B), earnings during the period grew by 30% YoY Slight decline in revenue (-4.5% YoY), lower sales especially in 4W business due to limited product availability 1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 2) Financial Services : MPMFinance & MPMInsurance 11 * NPAT
FY16 CONSOLIDATED P&L RESULTS Financial Highlights (in Rp billion) Consolidated Non Financial Services Financial Services %Rev %Rev FY16 FY15 YoY% FY16 FY15 YoY% FY15 YoY% %Rev FY16 - Net Revenues 17,723 16,640 6.5% - 16,509 15,471 6.7% 1,209 4.1% - 1,259 14.8% 10.5% Gross Profit 2,631 2,299 14.5% 1,728 1,581 9.3% 745 25.9% 74.5% 938 2.0% 1.8% NPATMI 361 285 26.6% 290 254 14.0% 54 124.7% 9.6% 121* EBITDA 1,289 1,160 11.1% 7.3% 1,144 1,093 4.7% 6.9% 67 117.5% 11.5% 145 4.5% 4.8% CAPEX 792 876 -9.6% 785 851 -7.8% 25 -73.9% 0.5% 7 Summary FY16 earnings grew by 27% YoY, driven by successful implementation of key strategic initiatives by the management Revenue grew by 7% YoY, highlighted by robust sales in 2W despite the downward trend nationwide in 2016 1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 12 2) Financial Services : MPMFinance & MPMInsurance * NPAT
1Q17 Balance Sheet & Key Ratios (in Rp billion) Consolidated Non Financial Services Financial Services 1Q17 QoQ% YoY% 1Q17 QoQ% YoY% 1Q17 QoQ% YoY% 272 812 -36.8% -46.2% 540 -45.4% -45.0% -7.7% 48.6% Cash and Cash Equivalents 14,802 -0.8% 1.8% 9,177 -3.7% -5.8% 6,562 3.8% 14.6% Total Asset 3,726 4,061 -5.4% 1.9% 335 -55.1% -54.4% 5.1% 14.7% Bank Funding - 2,631 -2.4% 0.9% 2,631 -2.4% 0.9% - - Bonds 300 - - - - - 300 - - MTN 1,937 5,828 3.2% 6.0% 4,806 3.2% 5.5% 1.7% 4.1% BV of Equity 1Q17 4Q16 1Q16 1Q17 4Q16 1Q16 1Q17 4Q16 1Q16 15.8x Net Debt/EBITDA* 4.6x 4.2x 4.9x 2.2x 2.6x 2.2x 7.8x 724.1x 1.9x Net Debt/Equity 1.1x 1.1x 0.9x 0.5x 0.5x 0.5x 1.9x 1.5x 9.5% ROE* 8.3% 7.5% 5.3% 6.2% 1.7% 6.1% 18.2% 0.8% 2.8% ROA* 3.3% 2.8% 2.0% 3.3% 0.8% 2.9% 5.5% 0.3% - FCCR 4.7x 4.2x 3.6x 3.8x 2.8x 3.6x - - Cash and NFS Bank Funding level decreased driven by positive effect of centralized treasury center ROE & ROA improvement significantly due to increased in net profit Improved FCCR due to lower interest expenses 1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK *Annualize figure 13 2) Financial Services : MPMFinance & MPMInsurance
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