sime darby berhad investor presentation_jan 2019_tokyo...looking statements by sime darby berhad...
TRANSCRIPT
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STRICTLY PRIVATE & CONFIDENTIAL
Disclaimer
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This document does not constitute and is not an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of anycompany referred to in this document in any jurisdiction. The companies referred to herein have not registered and do not intend to register any securitiesunder the US Securities Act of 1933, as amended (the “Securities Act”), and any securities may not be offered or sold in the United States absent registrationunder the Securities Act or an exemption from registration under the Securities Act. By attending the presentation you will be deemed to represent, warrantand agree that to the extent that you purchase any securities in any of the companies referred to in the presentation, you either (i) are a “qualifiedinstitutional buyer” within the meaning of Rule 144A under the Securities Act, or (ii) you will do so in an “offshore transaction” within the meaning ofRegulation S under the Securities Act.
By attending this presentation and accepting a copy of this document, you represent and warrant that (i) you have read and agreed to comply with thecontents of this notice; (ii) you will maintain absolute confidentiality regarding the information contained in this document including information presentedorally or otherwise in accordance with your confidentiality obligation; and (iii) you are lawfully able to receive this document and attend this presentationunder the laws of other jurisdiction in which you are subjected and other applicable laws.
This document is for the purposes of information only and is not intended to form the basis of any investment decision. This presentation may contain forward-looking statements by Sime Darby Berhad that reflect management’s current expectations, beliefs, intentions or strategies regarding the future andassumptions in light of currently available information. These statements are based on various assumptions and made subject to a number of risks,uncertainties and contingencies and accordingly, actual results, performance or achievements may differ materially and significantly from those discussed inthe forward-looking statements. Such statements are not and should not be construed as a representation, warranty or undertaking as to the futureperformance or achievements of Sime Darby Berhad and Sime Darby Berhad assumes no obligation or responsibility to update any such statements.
No representation or warranty, express or implied, is given by or on behalf of Sime Darby Berhad or its related corporations (including without limitation, theirrespective shareholders, directors, officers, employees, agents, partners, associates and advisers) (collectively, the “Parties”) as to the quality, accuracy,reliability, fairness or completeness of the information contained in this presentation or its contents or any oral or written communication in connection withthe contents contained in this presentation (collectively, the “Information”), or that reasonable care has been taken in compiling or preparing theInformation. None of the Parties shall be liable or responsible for any budget, forecast or forward-looking statements or other projections of any nature or anyopinion which may have been expressed or otherwise contained or referred to in the Information.
The Information is and shall remain the exclusive property of Sime Darby Berhad and nothing herein shall give, or shall be construed as giving, to anyrecipient(s) or party any right, title, ownership, interest, license or any other right whatsoever in or to the Information herein. The recipient(s) acknowledgesand agrees that this presentation and the Information are confidential and shall be held in complete confidence by the recipient(s).
All the images, pictures and photos including design drawings in relation to the company’s property development projects contained in this document are artistimpression only and are subject to variation, modifications and substitution as may be recommended by the company’s consultants and/or relevant authorities.
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Table of Contents
Section Page
1. Sime Darby Berhad 3
2. Motors Division 18
3. Industrial Division 28
4. Logistics Division 38
5. Healthcare Division 42
6. Others 44
7. Appendices 46
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STRICTLY PRIVATE & CONFIDENTIAL
Sime Darby BerhadA new beginning
LogisticsMotorsIndustrial Healthcare
Before Pure-Play
Shareholders Shareholders
Sime Darby
Plantation
Sime DarbyBerhad
100%
LogisticsMotorsIndustrialPlantation Property Other businesses
100% 100%
Following the pure-play exercise in 2017, Sime Darby is now a trading company
focused on Industrial and Motors with ambitions to grow Healthcare
Shareholders
Sime Darby
Property
100%
Shareholders
After Pure-Play
Sime DarbyBerhad
OtherBusinesses
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Sime Darby BerhadLeading trading company in APAC with strong partnerships with premium brands
China
18 Countries & Territories(1)
Singapore
Indonesia
Christmas Island
Brunei
Thailand
Hong Kong
Macau
Taiwan
MaldivesPapua New Guinea
Solomon Islands
New Caledonia
Vietnam
Motors Industrial Logistics Healthcare
Malaysia
Australia
New Zealand20,096 Employees(2)
South Korea
One of the largest BMW dealers
in the world
One of the largest CAT dealers
globally
6 hospitals in Malaysia & Indonesia
4 ports in China
FY18 Financial Snapshot
RevenueRM33,828m
PBITRM1,074m
EBITDA RM1,738m
PATAMIRM618m
Total AssetsRM24,857m
Shareholders’FundsRM14,370m
(1) Geographical footprint defined as locations in which Sime Darby Berhad has assets or employees, and includes JV’s operations (i.e. Ramsay Sime Darby Health Care operates in Indonesia); (2) As at September 2018. Excludes employees of Ramsay Sime Darby Healthcare
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STRICTLY PRIVATE & CONFIDENTIAL
▪ Comprehensive range of equipment and services, i.e., new and used machine and engine sales, rental and full range of product support services
▪ Network of more than 109 branches throughout APAC
▪ Balanced sectoral exposure in mining, construction, forestry, marine and energy
▪ Also provides comprehensive range of industrial solutions via Allied Brands and Energy Solutions
▪ CAT dealer since 1929 and is the third largest CAT dealer globally
9,242 5,896
Assets Invested Capital
▪ Retail, distribution and assembly businesses
▪ Presence in 10 countries & territories across APAC, over 40 years experience
▪ Represents 31 brands, ranging from luxury brands (e.g. BMW, Porsche, Rolls Royce) to mass market brands (e.g. Ford, Hyundai), as well as trucking names (e.g. Hino and Mack)
▪ BMW dealer since 1972 and is the second largest BMW dealer group globally
10,870 7,701
Assets Invested Capital
13,041
612
Revenue PBIT
20,341
543
Revenue PBIT
Business Overview
Diversified trading and logistics company; valuable healthcare component
(1) Invested capital is total assets (excluding tax assets and intercompany balances) less operating liabilities (i.e. all liabilities except borrowings, intercompany balances, leases and tax liabilities) (2) ROAIC is PBIT divided by average invested capital
Motors Industrial
ROAIC7.9%
PBIT Margin2.7%
(FY18; RM m) (FY18; RM m)
ROAIC9.2%
PBIT Margin4.7% Others
▪ 12% stake in Eastern & Oriental
▪ Own c.8,800 acres of land in the Malaysia Vision Valley region and 4 corporate towers in Ara Damansara
▪ 30% stake in Tesco Malaysia
▪ Provision of shared services to all Sime Darby pure plays
▪ Insurance broking services in Malaysia, Singapore, Hong Kong and Thailand
MALAYSIA VISION VALLEY
(1)
(2) (2)
(1)
▪ Ports and logistics in Shandong, Eastern China
▪ Entered Shandong in 2005 and is currently the largest multi-purpose port in Yellow Delta River, Shandong
2,701 2,320
Assets Invested Capital
341
74
Revenue PBIT
Logistics
(FY18; RM m)
ROAIC3.2%
PBIT Margin 21.7%
(2)
(1)
▪ 50:50 JV with Ramsay Healthcare for the management of hospitals and provision of healthcare services
731 731
Assets Invested Capital
Healthcare
(FY18; RM m)
(1)
883
57
Revenue PBIT
PBIT Margin 6.5%
ROAIC7.8%
(2)
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Sime Darby Berhad
Sime Darby is a regional MNC
whereby 85% of revenue
comes from outside Malaysia
Malaysia14%
Australasia2
30%China1
38%
SEA (excl. Msia)18%
Notes:1. China consists of China, Hong Kong, Macau & Taiwan2. Australasia consists of Australia, New Caledonia, New Zealand, Papua New Guinea & Solomon Islands
China is the largest region,
contributing ~40% of our revenue
The second largest region is
Australia, contributing ~30% of
our revenue, largely from the
mining industry
FY2018 Revenue by Geography
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Malaysia26%
Australasia30%
China36%
SEA (excl. Msia)8%
FY2018: Segmental InformationDiversified exposure across segments and geographies, low gearing for expansion
Total Revenue
Total PBIT
(FYE June 2018; RM mm)
By Segment By Geography
Revenue: RM33,828m
Capital Structure
Total Borrowings (By maturity)
Total borrowings: RM 2,889m
Debt/Equity: 19.6%
(1) China consists of China, Hong Kong, Macau & Taiwan; (2) Australasia consists of Australia, New Caledonia, New Zealand, Papua New Guinea & Solomon Islands
By Segment By Geography
PBIT: RM1,074m
Industrial44%
Motors39%
Logistics6%
Others-11%
Industrial39%
Motors60%
Logistics1%
Others0% Malaysia
14%
Australasia30%China
38%
SEA (excl. Msia)18%
2,642
70 16314
< 1 year 1-2 years 2-5 years > 5 years
14,370
389
247 2,642
14,759
2,889 1,672
Equity Debt Cash
Shareholders' Funds NCI LT Borrowings ST Borrowings Cash
(1)
(2)
(2)
(1)
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Sime Darby: Historical dividend yield
Historically, we have dividend payout of >50%, equating to ~3% dividend yield
65
50
83
49 51
55
6567
78
64
88
4.1
2.7
1.3
3.3
3.5 3.5
3.7
2.9
3.2
2.4
3.3
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
0
10
20
30
40
50
60
70
80
90
100
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Payout Ratio on Group Net Earnings Dividend Yield Per Share
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FY2018 Financial ResultsReported Profit: 12 Months ended 30 June 2018
In RM Million FY2018 FY2017 YoY %
Revenue 33,828 31,087 8.8
PBIT 1,074 784 37.0
Finance income(1) 104 512
Finance costs (113) (289)
Profit before tax 1,065 1,007 5.8
Taxation (380) (212)
Profit from continuing operations 685 795 (13.8)
Non-controlling interests & Perpetual (67) (180)
Net profit from continuing operations 618 615 0.5
Net profit from discontinued operations (Plantation & Property)
1,301 1,823
Net profit attributable to owners of the Company 1,919 2,438
(1) Includes finance income from discontinued operations of RM48m (FY2018) and RM465m (FY2017)
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FY2018 Financial ResultsCore Net Profit: 12 Months ended 30 June 2018
In RM Million FY2018 FY2017 YoY %
Reported PBIT 1,074 784 37.0
Adjustments
• Disposal of/compensation from properties (238) (30)
• Bucyrus impairment - 257
• Motors Vietnam 199(1) 66
• Impairment of equity in E&O 103 -
• Disposal of E&O shares/warrants - (35)
• Yayasan Sime Darby – deconsolidated in Q3 85(2) 27
• ONGC Provision 28 -
• Net corporate forex gain (23) (120)
Core PBIT 1,228 949 29.4
Net finance costs (56) (137)
Tax expense (282) (140)
Non controlling interests (55) (59)
Core Net Profit 835 613 36.2
(1) Includes impairment of distribution rights (RM61m) and write-down of inventories (RM89m; (2) Includes writedown of assets (RM61m), expenses (RM37m) and reversal of accruals (RM13m)
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Value Creation Plan
To be the leading Motors & Industrial multi-national in Asia Pacific
Strategic Plans to Deliver Returns and Growth
REVENUEENHANCEMENT
COSTOPTIMISATION
BUSINESSEXPANSION
PORTFOLIORATIONALISATION
EXPAND HEALTHCARE
SYNERGISTICM&A
Enhanced sales from mining &
infrastructure spend andnew model launches
Digitalisationto grow
market share
Focus on after-sales
Operational excellence to strengthen resilience
Turnaroundunder -
performing businesses
Expansion into
adjacencies
Assembly for existing
partners and introduce new
marques to assemble
Disposal of non-core
businesses to streamline portfolio
Expansion of Healthcare via
operational excellence,
asset maximisation
and M&A
Explorenew markets to represent
new or existing marques
REVENUE ENHANCEMENT, COST MANAGEMENT, BUSINESS EXPANSION & PORTFOLIO RATIONALISATION ARE KEY DRIVERS
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Business CharacteristicsHigh volume, low margin business with large footprint across Asia; strong partnerships
Low gearing, room for expansion
Ample debt headroom for strategic expansion and M&As
19.6%Debt to equity ratio
High volume, low margin business
Long-standing partnership with premium brands
Healthcare a hidden gem
Broad footprint across Asia Pacific
Business is characterized by high unitsales and low trading margins(~3%). However, if working capital ismanaged well, cash flows are significantand ROIC can be high.
Cyclical business
(1) Source: Wood Mackenzie
• Premium hospitals in Indonesia and Malaysia tap into growing affluence in the region
• Large network andstrong “know how” in the Asia Pacific region
• Diversified operational footprint with exposure to emerging markets and developed economies
Industrial benefiting from pick up in coal prices
22%Coal % of world energy consumption by 2040(¹)
Business dependent on commodity cycle (coal, O&G) for Industrial andmodel cycle for Motors
BMW sales expected to pick up with popular new models BMW X5 2019
SINCE
1929SINCE
1972
Partner of choice for MNCs who wish to expand in Asia
• Proxy to key macro trends i.e. growing Asian affluence (BMW), demographics (Healthcare) and commodity upcycle (Industrial)
• Significant expansion opportunities in other Asian markets by leveraging on brand
• Asian healthcare business supported by strong valuations
Capital requirement not strenuous
Undemanding capex requirements which largely revolve around showroom upgrades and warehouses
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STRICTLY PRIVATE & CONFIDENTIAL
Japanese partnerships
Our Motors and Industrial divisions have existing relationships with Japanese principals
Nissan distributor in New Zealand
since 2004
Largest standalone Nissan dealership
in New Zealand
Dealer and Distributor of Suzuki,
Mitsubishi Motors, and Mitsubishi
Fuso in Hong Kong and Macau
Dealer and Distributor of Hino in
New Zealand
Kubota distributor in Malaysia, Singapore,
Brunei
Exclusive distributor of KUBOTA agricultural
tractors and diesel engines for Malaysia, Singapore
and Brunei
Motors Industrial
Others
Rights to Dunlop brand in Malaysia, Singapore
and Brunei which is owned by Sumitomo Rubber
Mazda Assembly in Kulim, Malaysia
since 2011
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Executive LeadershipQualified & Experienced Management Team
DATO’ JEFFRI SALIM DAVIDSON
Group Chief Executive Officer
MUSTAMIR MOHAMADGroup Chief Financial Officer
DATUK THOMAS LEONGGroup Chief Strategy Officer
ROSELAINI FAIZGroup Chief Human Resources Officer
SCOTT W. CAMERONManaging Director,
Sime Darby Industrial
ANDREW BASHAMManaging Director, Sime Darby Motors
TIMOTHY LEE CHI TIMManaging Director,
Sime Darby Logistics
PETER HONGManaging Director,
Sime Darby Healthcare
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FY18 results
• Sime Darby Berhad reported strong set of numbers for FY2018
• Revenue – RM33.8bn | PBIT – RM1,074m | Net Profit – RM618m | Core net profit – RM835m (36% increase YoY)
• Largely attributed to mining recovery in Australia and increased infrastructure spend in China
• Motors was impacted by the losses from the exit of the BMW business in Vietnam (RM199m)
• Industrial order book up by 94% from RM1.4bn to RM2.7bn due to Australia mining recovery
Monetisation of non-core assets
• Weifang Water: Sale completed in Sept 2018 for RM275m, recording a post-tax gain of RM65m
• Ports: Sale process underway
• Review of non-core and non-strategic businesses within Motors and Industrial completed. Asset rationalization in progress.
BMW Engine Assembly
• May 2018: SDB officiated the opening of new BMW engine assembly facility in Kulim, Kedah
• Plant produces ~10,000 engines a year and increases the local content of our cars, making them more cost competitive
• Plant is the second BMW engine plant in the region after Thailand.
• Assembly is a key component in our strategy as Motors is looking to assemble more marques
Impact of new government following 9 May elections
• Review of infra projects: Expected delay/cancellation of large projects (ECRL, HSR) may lead to lower equipment sales
• Motors: Subsidy on RON95 will benefit sales of mass market brands
• Industrial: RM5bn for Sabah and RM4bn for Sarawak for infra spending to benefit CAT
• Healthcare: Initiatives to encourage medical tourism (RM20m) will benefit RSDH
Good FY18 results, monetization plan on track, changing political landscape provides opportunities
Latest Developments (1/2)
Positive Australia mining outlook
• Adani will self-finance its Carmichael mine that has the production target of 27.5 million tons a year
• Thermal coal prices have more than doubled since 2016
• Exploration has increased in the Queensland coal sector for the first time since 2011-12
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STRICTLY PRIVATE & CONFIDENTIAL
Latest Developments (2/2)
Direct Impact
• Minimal impact as 75% of BMWs sold in China aremanufactured locally
• Bestselling BMW models in China are 3 series, 5series, 7 series and X5 (50% of sales)
• All are locally assembled except for the X5 whichis CBU from the US (11% of sales)
• CAT equipment sold in China are sourced from China,Indonesia, India, Thailand, Brazil, UK
• Minimal impact as ~95% of machine sales arefrom factories in China
• Some parts are imported from the US, but if Chinaimposes tariffs on these, CAT will be able to sourcethese parts from Korea or Japan
Indirect Impact
• Delayed purchases: BMW cars are “nice to have” butnot “must have” products, hence, customers mayhold back purchases if consumer sentiment isweak.
• However, potential reduction in autos import tariffsshould spur demand
• No negative sentiment observed by China teamfor CAT products as they are still preferred bycustomers for being best in class.
• Infra spending: China plans to put more moneyinto infrastructure projects to help soften theblow to the economy from the China-US trade war.This should spur equipment sales.
Motors Industrial
$34bn$16bn
$200bn
$34bn$16bn
$60bn
July August September
US tariff action
China tariff action
Tariffs imposed in the US-China trade war in 2018
Minimal direct impact due to localization
Dec 2018
• Imposition of additional tariffs will be held off for 90 days. Possible trade deal is being negotiated
• China to temporarily remove additional 25% tariffs (40%15%) on US autos and 5% on certain US auto parts for three months, beginning 1 Jan 2019.
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STRICTLY PRIVATE & CONFIDENTIAL
History & Key Milestones
BMW (HK & Macau)Acquired the sole importer and distributor of BMW cars & motorcycles in HK & Macau
19
72
19
79
BMW (Singapore)Obtained dealership rights of BMW cars & motorcycles in Singapore
JV with Fordto distribute Ford vehicles in Malaysia
19
81
19
82
Entered hire & drive businessthrough the Hertz franchise for Malaysia and Brunei
19
87
BMW (Malaysia)Appointed authorised sole importer & distributor of BMW in Malaysia
BMW (Singapore)Won the BMW AG award for achieving the highest BMW sales worldwide
19
97
19
98
New ZealandAcquired 80% of Continental Car Services Ltd i.e. multi-franchise dealership based in Auckland
20
01
Peugeot MotorsAppointed distributor of Peugeot Motors in Australia & New Zealand
Trucks (New Zealand)Investment in the truck business in New Zealand (Mack, Renault & Hino)
20
04
20
05
Hyundai MalaysiaAcquired Hyundai business and Inokomassembly facility in Malaysia
20
10
Malaysia & China▪ Appointed distributor &
retailer of Porsche in Malaysia
▪ Added the Lamborghini marque to its retail business in China
20
12
Rolls Royce Macau, Porsche Sydney▪ Rolls Royce Macau
dealership commenced operations
▪ Acquired Porsche Sydney
Vietnam, Taiwan, Malaysia, Australia▪ Acquired official BMW &
Mini importer & distributor for Vietnam
▪ Appointed sole distributor for Kia in Taiwan
▪ Commenced assembly of Mazda vehicles in Inokomfor export to Thailand
▪ Acquired BMW Brisbane, Australia
20
13
20
14
Jaguar & Land Rover (Malaysia), Ferrari (Brisbane)▪ Obtained sole
distributorship of Jaguar & Land Rover in Malaysia
▪ Added Ferrari to Brisbane, Australia
Fiat & Alfa Romeo (Australia)Addition of Fiat & Alfa Romeo dealerships in Australia
20
17
Solid Track Record Across 9 Markets in the Asia Pacific Region
Malaysia, Australia▪ Launch of BMW
engine assembly facility in Kulim
▪ Acquisition of Volvo dealership in Australia
20
18
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STRICTLY PRIVATE & CONFIDENTIAL
Sime Darby MotorsWe represent strong luxury and mass market brands across APAC
Dealer
Thailand
Rental
Distributor & Dealer
Malaysia
Assembly (Inokom)
Rental
Australia
Dealer Dealer
ChinaChina Taiwan
Distributor & Dealer
Assembly
Distributor & Dealer
Singapore
Rental
Distributor & Dealer
New Zealand
Dealer
Distributor & Dealer
Hong Kong
Distributor & Dealer
Macau
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STRICTLY PRIVATE & CONFIDENTIAL
Dealer
Current Presence
Assembly
Rental
Distributor & Dealer
▪ One of the largest BMW dealer globally
▪ One of Top Rolls Royce dealers in Asia Pacific
▪ A leading Distribution group in Malaysia
▪ A leading Commercial Vehicle Distributor in NZ
Taiwan
Sime Darby MotorsFocused on Expansion in Asia Pacific
Countries & Achievements
▪ BMW (44 years) – Seven markets
▪ Ford (37 years) – Singapore, Thailand and Malaysia
▪ Porsche (30 years) – Malaysia, Australia and New Zealand
▪ Hyundai (14 years) – Malaysia
Key Strategic Partners
Thailand
China
HK & Macau
New Zealand
Australia
Malaysia
Singapore
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STRICTLY PRIVATE & CONFIDENTIAL
▪ Leverage on new model launches
▪ Focus on growth and efficiency of used cars and aftersales to improve margins
▪ Focused plan to turnaroundunderperforming businesses
▪ Assembly for existing partners (Hyundai and BMW) for ASEAN Region
▪ Introduce new marques to assemble for local and export markets
▪ Explore new markets (e.g. Indonesia and Philippines) to represent new or existing marques
▪ Represent new marques in new or existing markets
▪ Develop and implement a Digital transformation strategy across the operations
Turnaround Poor Performers
Operational Excellence
Expand Assembly
Business Expansion
“Future Proofing” Strategy
I
II
III
IV
Objectives
Sime Darby Motors
Levers
V
Focus on new model launches, expand assembly, M&A for new territories and marques
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STRICTLY PRIVATE & CONFIDENTIAL
2,602 2,720 2,743
3,226
3,738 4,033
6,086 6,431
5,755 5,826 5,896
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
164 184
386
633
702 711
635
474 503
669 692
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
ROAIC(4) (%)
Sime Darby Motors
Revenue (RM mm) PBIT (RM m)
Invested Capital(3) (RM mm)
(1) Excludes losses on Vietnam operations (RM66m) and gains on property disposals (RM30m)(2) Excludes impairments of RM199m relating to Vietnam and gains on property disposal of RM50m(3) Invested capital is calculated as total assets (excluding tax assets and intercompany balances) less operating liabilities (i.e. all liabilities except borrowings, intercompany balances, leases and tax liabilities (4) ROAIC is calculated as PBIT divided by average invested capital
Stronger contributionsfrom Malaysia andChina operations
Record sales of the trucking business across all brands inNZ, higher sales volume in China and increased COE quota& timely launches of new BMW models in Singapore
Reduction in working capital - inventories,receivables and cash balances
Increase in working capitaland acquisition of BMWBrisbane and Vietnam
Impacted by GST inMalaysia and governmentpolicy in China
(1)
7,926 7,510
10,098
14,818
16,597 17,266 17,745
18,646 19,155 20,602 20,341
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
Key Financial Highlights
6.6% 6.9%
14.1%
21.2%20.2%
18.3%
12.6%
7.6%8.3%
11.6% 11.7%
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
(2)
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STRICTLY PRIVATE & CONFIDENTIAL
3,334 3,353
4,516 5,026 5,196
34 28192 112 121
2014 2015 2016 2017 2018
Revenue PBIT
Reported Revenue & Core PBIT (RM ‘m)
Units SoldFY18 Sales Contribution
& Units Sold
Sime Darby MotorsM
ala
ysia
SEA
(excl.
Mala
ysia
)
Units sold: 16,611
Units sold: 20,310
Marques
Malaysia
SEA (Excl. M’sia)
7.3% 4.7% 2.6% 6.2%
PBIT Margin
(1) Excludes land compensation of RM9m(2) Excludes a goodwill impairment of RM19m and provision on inventories of RM18m in Vietnam(3) Excludes impairment of distribution rights or RM61m and writedown of inventories amounting RM89m in VietnamSource: Audited accounts, Corporate presentation
PBIT Margin
5.9%
1.0% 0.8% 4.3% 2.2% 2.3%
(3)(2)
(1)
Malaysia, 18%
31,230
26,607
18,571 17,663 16,611
2014 2015 2016 2017 2018
SEA (excl. M'sia), 25%
12,623 12,696
16,396
18,693 20,310
2014 2015 2016 2017 2018
Units Sold, Revenue & PBIT by Region (1/2)
4,563 4,323
3,385 3,573 3,576
333
204
87
223 210
2014 2015 2016 2017 2018
Revenue PBIT
25
STRICTLY PRIVATE & CONFIDENTIAL
Units sold: 9,219
Australia/NZ, 17%
7,227 7,758 7,984
8,549 8,672
250124 134
231 236
-1500
-1300
-1100
-900
-700
-500
-300
-100
100
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
2014 2015 2016 2017 2018
Revenue PBIT
China/HK/Macau, 41%
Reported Revenue & Core PBIT (RM ‘m)
Units SoldFY18 Sales Contribution
& Units Sold
Sime Darby MotorsEast
Asia
Au
str
ali
a /
New
Zeala
nd
Units sold: 35,601
Marques
China / HK / Macau / Taiwan
Australia / New Zealand
Source: Audited accounts, Corporate presentation
PBIT Margin
PBIT Margin
3.5% 1.6% 1.7% 2.7% 2.7%
0.7% 3.7% 2.8% 3.0% 4.3%
(1) Excludes land compensation of RM41mSource: Audited accounts, Corporate presentation
31,596 33,915
31,827 34,293
35,601
2014 2015 2016 2017 2018(1)
16,663 18,060
16,266
13,325
9,219
2014 2015 2016 2017 2018
2,622
3,212 3,270 3,454
2,897
18 118 90 104 125
2014 2015 2016 2017 2018
Revenue PBIT
Units Sold, Revenue & PBIT by Region (2/2)
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STRICTLY PRIVATE & CONFIDENTIAL
Sime Darby MotorsImproved performance in China region
In RM Million FY2017 FY2018
China, HK, Macau & Taiwan 8,550 8,672
Singapore & Thailand 4,548 5,127
Malaysia 3,571 3,576
Australia & NZ 3,454 2,897
Vietnam 478 69
Total Revenue 20,601 20,341
China, HK, Macau & Taiwan 201 236
Singapore & Thailand 141 121
Malaysia 223 210
Australia & NZ 104 125
Total Core PBIT 669 692
VietnamProperty disposal/compensation
(66)30
(199)50
Total PBIT 633 543
PBIT margin 3.1% 2.7%
Core PBIT margin 3.3% 3.4%
ROIC 10.9% 9.2%
20,601 20,341
18,000
18,500
19,000
19,500
20,000
20,500
21,000
Revenue
Jun-17 Jun-18
633543
0
100
200
300
400
500
600
700
PBIT
-1.3%-14%
C h i n a , H K , M a c a u , T a i w a n
• Higher volume from luxury cars in Hong Kong• Financial performance in Taiwan improved due to
new models being launched and growing dealernetwork
S i n g a p o r e , T h a i l a n d
• Includes share of loss from associate (Munich Auto)of RM10m
M a l a y s i a
• Higher corporate costs despite higher sales volumedue to zero-rated GST in June 2018
A u s t r a l i a , N Z
• Higher profit after the divestment of loss-makingoperations and improved light commercial rentalbusiness due to mining recovery
V i e t n a m
• Impairment of distribution rights (RM61m) andwrite-down of inventories (RM89m)
P r o p e r t y D i s p o s a l
• Land/property compensation: China (RM41m) andMalaysia (RM9m)
• FY2017: Disposal of property in Hong Kong
27
STRICTLY PRIVATE & CONFIDENTIAL
Sime Darby MotorsUpcoming Model launches expected to boost sales in 2QFY2019
F o r d R a n g e rO c t o b e r 2 0 1 8
H y u n d a i T u s c o nO c t o b e r 2 0 1 8
B M W 7 S e r i e sO c t o b e r 2 0 1 8
B M W X 5N o v e m b e r 2 0 1 8
29
STRICTLY PRIVATE & CONFIDENTIAL
Tractors Singapore was established in Singapore.
19
64
Sime Darby & Co (Kumpulan Sime Darby Bhd) established in Malacca, Malaysia1
91
0
19
29
CAT (Malaysia)Sime Darby, through Sarawak Trading Company was appointed as a Caterpillar dealer for Sarawak.
Tractors dealerships extended to Peninsular Malaysia, Singapore, Brunei and Christmas Island
19
57
China Engineers Ltdbecame a subsidiary of the group
19
72
Tractors Malaysia began its manufacturing and assembly operations
19
84
19
92
Hastings DeeringAcquired Hastings Deering Group, Caterpillar dealer in Australia (Queensland and Northern Territory), Papua New Guinea and Solomon Islands
CaltracHastings Deering acquired Caltrac, the Caterpillar dealer in New Caledonia2
00
0
20
11
Partnership with ENGIEPartnership agreement with ENGIE to (i) develop solar energy, and (ii) integrated facilities management services in Malaysia.
USD8.8 bn acquisition of Bucyrus by Caterpillar. Hastings Deering became the first Caterpillar dealer in the world to sell, service and support the new range of Caterpillar underground and surface mining equipment
20
17
History & Key MilestonesLong-standing Partnership with Caterpillar Since 1929
30
STRICTLY PRIVATE & CONFIDENTIAL
Malaysia (via JV with
Kubota Corp & Marubeni Corp)
Hong Kong & Macau, China
Asia Pacific region
(JV with TerbergBenschop)
Hong Kong & Macau
Malaysia, Christmas Island (Indian Ocean),
Singapore
China
Malaysia Australia
Malaysia, Hong Kong, Macau, China, South
Korea
Australia, China & Malaysia
Singapore Vietnam
Australia, Malaysia & Singapore
ChristmasIsland (Indian
Ocean), Singapore,
Maldives
Sime Darby Industrial
CAT Dealer Operations Allied Brands Group
Malaysia, Brunei
Singapore, Maldives, Christmas Island
Hong Kong, Macau
Southeast China (Province of Guangdong, Guangxi, Hainan, Fujian, Hunan, Jiangxi) and Xinjiang
Australia (Queensland & Northern Territory), PNG & SI
New Caledonia
Energy Solutions Group
Mecomb Group:Singapore, Malaysia and Thailand
Engineering & Technical Services: Malaysia
Strong brands and comprehensive market reach across APAC
31
STRICTLY PRIVATE & CONFIDENTIAL
LEGEND
China / HK / Macau / South Korea
Malaysia
South East Asia
Australia and Pacific Islands
▪ Principal activities
– Sale, rental and used equipment of Caterpillar equipment and engine
– Sale of parts, service maintenance, equipment monitoring system and technology equipment's
▪ Regional presence: 14 countries & territories(1)
▪ No. of branches: 109(2)
▪ Orderbook: RM2.74 bn (as at 30 June 2018)
▪ Total no. of employees: 8,151 (as at 31 May 2018)
SOLOMON ISLANDS
CHINA/HK
MALAYSIABRUNEI
SINGAPORE
AUSTRALIA
PAPUA NEW GUINEA
NEW CALEDONIA
CHRISTMAS ISLAND
▪ Hunan▪ Jiangxi▪ Fujian▪ Guangdong▪ Guangxi▪ Hainan
MALDIVES
Xinjiang
Queensland
Northern Territory
Macau/HK
VIETNAM
South Korea
Regionalindustry presence
No. of branches(1)
Construc-tion
Forestry Mining QuarryPower
Systems
China &HK, Macau
63 ✓ ✓ ✓ ✓
South East Asia
23
(4 depot & 7CAT rental
stores)
✓ ✓ ✓
Australasia 23 ✓ ✓
Note: (1) Regional presence defined as locations in which Sime Darby Industrial has assets or employees; (2) Refers to Caterpillar branches only
Sime Darby IndustrialRegional Presence Across 17 Countries and Territories, Supported by a Network of Branches
32
STRICTLY PRIVATE & CONFIDENTIAL
▪ Metallurgical coal prices have stabilised around USD200/tonne vs. average FOB cost for Queensland producers of USD100/tonne.
▪ The return to profitability has sparked renewed capital investment by BHP Billiton
Source : EIA International Energy Outlook 2016
▪ Coal will continue to remain relevant as a source of power for the next two decades.
▪ Utilisation is projected to remain constant at 10 trillion kilowatt hours, ~30% of fuel requirements.
0
50
100
150
200
250
300
350
400
Q1 2
010
Q2 2
010
Q3 2
010
Q4 2
010
Q1 2
011
Q2 2
011
Q3 2
011
Q4 2
011
Q1 2
012
Q2 2
012
Q3 2
012
Q4 2
012
Q1 2
013
Q2 2
013
Q3 2
013
Q4 2
013
Q1 2
014
Q2 2
014
Q3 2
014
Q4 2
014
Q1 2
015
Q2 2
015
Q3 2
015
Q4 2
015
Q1 2
016
Q2 2
016
Q3 2
016
Q4 2
016
Q1 2
017
Q2 2
017
Q3 2
017
Q4 2
017
Q1 2
018
Q2 2
018
Q3 2
018
Q4 2
018
Queensland Hard Coking Coal FOB (USD/tonne)
Sime Darby IndustrialKey Industry Highlights
33
STRICTLY PRIVATE & CONFIDENTIAL
▪ Enhanced sales from mining recovery and infra spending
▪ Digital as an Enablerto increase and protect market share
▪ Growth in aftersales, parts and services
▪ Operational excellence to strengthen resilience in downcycles via process standardization, robotic process automation, lean six sigma, procurement controls, etc.
▪ Expansion into adjacent businesses i.e. MES, Haynes, Pakka, asset mgmt. to for counter-cyclicality and to increase recurring income profile
▪ Review of non-core brands and business units for potential restructuring
Revenue Enhancement
Cost Optimization
Organic Business Expansion
Restructuring of Non-Core Businesses
I
II
III
IV
Objectives
Levers
Sime Darby IndustrialLeverage on commodity upswing, digital as key enabler, enhance recurring income profile
34
STRICTLY PRIVATE & CONFIDENTIAL
725
898
793
1,106
1,396 1,331
1,039
552
341 253
434
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
Revenue (RM m) PBIT (RM m)
Invested Capital(1) (RM m) ROAIC(2) (%)
Note:(1) Invested capital is calculated as total assets (excluding tax assets and intercompany balances) less operating liabilities (i.e. all liabilities except borrowings, intercompany balances, leases and tax liabilities (2) ROAIC is calculated as PBIT divided by invested capital(3) Excludes impairments and provisions of RM257m related to Bucyrus(4) Excludes RM178m gain on property disposal
(3)
Acquisition of Bucyrusbusiness for c.RM1.2bn
7,629 8,210
8,645
10,637
13,575 14,429
12,073
10,962
9,946 10,127
13,041
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
3,255
4,251
3,601
5,156
7,908 7,903 7,788 7,670 7,828 8,089
7,701
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
(4)
24.3% 23.9%
20.2%
25.3%
21.4%
16.8%
13.2%
7.1%
4.3%3.2%
5.5%
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018(3) (4)
Sime Darby IndustrialKey Financial Highlights
35
STRICTLY PRIVATE & CONFIDENTIAL
228 188
30-Jun-1830-Jun-17
408
389
30-Jun-1830-Jun-17
150
104
52 48 37
2014 2015 2016 2017 2018
Core PBIT (RM ‘m)Revenue (RM ‘m)FY18 Sales Contribution &
YoY Orderbook
Mala
ysia
Products / Services
Excavators Dozers
CAT New Equipment & Engines
Lift trucks
Energy Solutions
Rental & Used Equipment
Allied Solutions
SEA
(excl.
Mala
ysia
)
Parts & Services
CAT New Equipment & Engines
Rental & Used Equipment
Parts & Services
Excavators Wheel loaders
Marine engines
Orderbook
PBIT Margin
FY18 Sales Contribution
Orderbook
FY18 Sales Contribution
Forest machine
20.7% 12.0% 11.2% 4.6% 3.6%
PBIT Margin
10.5% 8.5% 5.2% 4.4% 3.9%
(1)
Note:(1) Excludes gain on property disposal of RM9m
Malaysia9%
SEA (excl. M'sia), 6%
1,423
1,230
993 1,099
1,184
2014 2015 2016 2017 2018
237
144
114
34 27
2014 2015 2016 2017 2018
1,146 1,205
1,020
737 747
2014 2015 2016 2017 2018
Sime Darby IndustrialRevenue & PBIT by Region (1/2)
36
STRICTLY PRIVATE & CONFIDENTIAL
510
192
73 78
209
2014 2015 2016 2017 2018
East
Asia
Au
str
ali
a &
Pacif
ic I
sla
nd
s
Large mining trucks
CAT New Equipment & Engines
Rental & Used Equipment
Parts & Services
CAT New Equipment & Engines
Rental & Used Equipment
Parts & Services
Hydraulic mining shovels
Note:(1) Excludes impairments and provisions of RM257m related to Bucyrus(2) Excludes gain on property disposal of RM169m
PBIT Margin
Core PBIT (RM ‘m)Revenue (RM ‘m)FY18 Sales Contribution &
YoY OrderbookProducts / Services
Orderbook
FY18 Sales Contribution
Orderbook
FY18 Sales Contribution
Excavators Dozers
Marine enginesWheel loaders
Dozers
Underground mining loaders
5.4% 4.7% 3.9% 3.5% 4.1%
PBIT Margin
(1)
7.4% 3.1% 1.4% 1.4% 2.9%
(2)
Australia & New
Zealand, 55%
China / HK /
Macau30%
309 408
30-Jun-1830-Jun-17
2,610 2,401
2,605 2,691
3,944
2014 2015 2016 2017 2018
142
112 102
93
161
2014 2015 2016 2017 2018
1,802
430
30-Jun-1830-Jun-17
6,894
6,126
5,328 5,600
7,166
2014 2015 2016 2017 2018
Sime Darby IndustrialRevenue & PBIT by Region (2/2)
37
STRICTLY PRIVATE & CONFIDENTIAL
10,127
13,041
RevenueJun-17 Jun-18
In RM Million FY2017 FY2018
Australasia 5,600 7,166
China 2,691 3,944
Malaysia 1,120 1,184
Southeast Asia 715 747
Total Revenue 10,127 13,041
Australasia 78 209
China 93 161
Malaysia 48 37
South East Asia 34 27
Total Core PBIT 253 434
Disposal of Properties - 178
Bucyrus Impairment (257) -
Total PBIT (4) 612
PBIT margin - 4.7%
Core PBIT margin 2.5% 3.3%
ROIC - 7.9%
(4)
612
(10)
90
190
290
390
490
590
PBIT
+29%
+15,400%
A u s t r a l a s i a
• Improved contribution from equipmentdeliveries to both mining and constructionsectors
• Product support business segment (mainlyparts) attributed to higher sales from increasedmining activities
C h i n a
• Higher deliveries of new equipment andimproved contribution from product support ingrowing construction sector and initiatives ininfrastructure developments
M a l a y s i a
• Weaker results mainly from lower productsupport sales and low milestone billings fromongoing projects
S o u t h E a s t A s i a
• RM20m share of losses from associate (APAC Energy Rental) (FY2017: RM14m)
P r o p e r t y D i s p o s a l
• Gains from disposal of properties amounting to RM169m in Australia and RM9m in Malaysia
Sime Darby IndustrialStrong demand from Australia mining and China infrastructure spending
39
STRICTLY PRIVATE & CONFIDENTIAL
▪ Sime Darby Logistics is the primary operator of Weifang Port, of which operations cover dry bulk, break bulk, liquid bulk,general cargo and container handling services.
▪ The Division also operates three river ports located in Jining, Shandong Province. The Jining Ports provide basic portrelated services such as stevedoring and storage services primarily for coal and coal-related products
▪ In September 2018, successfully disposed of Weifang Water for RM270m, locking in an RM70m profit.
Location of Assets Annual Throughput & Capacity
FY2018
Throughput 10.9 mm MT
Capacity 16.4 mm MT
Target Capacity (FY2020) 18.7 mm MT
FY2018
Throughput - bulk 21.7 mm MT
Throughput - container 240.5 k TEU
Capacity - bulk 20.0 mm MT
Capacity - container 463.2 k TEU
Target Capacity - bulk (FY2020)
40.6 mm MT
1 Weifang Port (Sea Port)
2 Jining Ports (River Port)
WeihaiYantai
Qingdao
Rizhao
Linyi
Dongying
Binzhou
Zibo
Jinan
Laiwu
Taian
Dezhou
Liaocheng
Heze
Zaozhuang
Jining
Weifang
1
2
Business OverviewWell-connected major multipurpose port in the Yellow Delta River
40
STRICTLY PRIVATE & CONFIDENTIAL
Key Financial and Operational Highlights
Revenue (RM ‘m) PBIT (RM ‘m)
Invested Capital(1) (RM ‘m) ROAIC(2) (%)
Lower Jining Port tariffs asa result of intensecompetition & tighterenvironmental controls byJining authority
Ports Water Ports Water
Notes: (1) Invested capital is calculated as total assets (excluding tax assets and intercompany balances) less operating liabilities (i.e. all liabilities except borrowings, intercompany balances, leases and
tax liabilities (2) ROAIC is calculated as PBIT divided by average invested capital
213 250 241 243
275
37
44 53 60
66
250
294 294 303
341
2014 2015 2016 2017 2018
64 65 75
41 44
6 12
28
23 30
70 77
103
64
74
2014 2015 2016 2017 2018
1,561
1,898
2,101
2,294 2,320
2014 2015 2016 2017 2018
4.7%4.4%
5.2%
2.9%3.2%
2014 2015 2016 2017 2018
41
STRICTLY PRIVATE & CONFIDENTIAL
303
341
80
130
180
230
280
330
380
Revenue
Jun-17 Jun-18
64
74
PBIT
P o r t s
• Higher general cargo and container throughput• FY17 includes RM10m gain on disposal of 50%
equity interest in Weifang Sime Darby West Port
W a t e r
• Higher profit from Weifang Water mainly due tocessation of depreciation and amortisation of itsoperations following its classification as a disposalgroup
F o r e x
• Mainly from translation of RMB loans given to JVs toHKDIn RM Million FY2017 FY2018
Ports 243 275
Water 60 66
Total Revenue 303 341
Ports 46 44
Water 22 28
Forex (4) 2
Total PBIT 64 74
PBIT margin 21.1% 21.7%
ROIC 2.8% 3.2%
240,536 TEUContainer throughput(FY2017: 219,778 TEU)
32.6 million MTGeneral cargo throughput(FY2017: 31.1 million MT)
+13%
+16%
Sime Darby LogisticsHigher port throughput; Gain on Weifang Water disposal
43
STRICTLY PRIVATE & CONFIDENTIAL
Subang Jaya Medical Centre
Ara DamansaraMedical Centre
ParkCityMedical Centre
MEDIPLEX Wellness Centre
RSDH College
RS Premier Jatinegara
RS Premier Bintaro
RS Premier Surabaya
Asia-focused Portfolio
Demographic Trends
Organic Growth
Availability of Opportunities
▪ Fast growing sector in Asian emerging markets due topopulation growth & increasing life expectancy
▪ Rising affluence in Asia
▪ Driving cost reduction and attaining operationalexcellence will also drive profit growth
▪ Strategic partnerships in Asia
Positive Prospects
China
Myanmar
ThailandVietnam
Indonesia
Malaysia
Singapore
Existing presence
Target markets
Philippines
HK Macau
In RM Million FY2017 FY2018
Healthcare PBIT 36 57
Healthcare ROIC 5.3% 7.8%
Higher profit from Malaysian operations and additional tax
expense adjustment taken
up in FY2018
36
57
Healthcare PBIT
Jun-17 Jun-18
+58%
Ramsay Sime Darby Health Care Premium hospitals in Malaysia and Indonesia with good earnings growth
50%
50%
Assets in Malaysia
Assets in Indonesia
Bed Capacity: 1,541
Active Beds: 1,152
45
STRICTLY PRIVATE & CONFIDENTIAL
▪ Sime Darby Berhad holds c.8,800 acres of landin MVV area, acquired for RM2.5 bn in FY17
▪ Signed 29 option agreements with SDProperty for the potential sale of 29 parcels
▪ The options are valid for a 5-year period (plus3 years extension option)
▪ The timing of exercise of the option by Propertywill be dependent on the MVV development planwhich is currently being developed
▪ Transfer value will be based on market price atthe point of exercise
Tenure of development30-year project
Total development area379,000 acres
Coverage areaSeremban and Port Dickson in NegeriSembilan
The area is intended to focus on 4 key development drivers:
▪ High-technology manufacturing
▪ Tourism
▪ Skill-based education and research
▪ Specialised services
MVV development is expected to:
✓ Attract investments of RM290bn by 2045
✓ Create 1.38 million new job opportunities
MVV is a large scale project announced by the MalaysianPrime Minister during his 2016 Budget speech, and is acomponent of the Government's 11th Malaysia Plan and theNational Transformation Plan.
Highlights of MVV Option to sell ~8,800 acres
Malaysia Vision Valley Land ~8,800 acres of land – Option to sell to SD Property
47
STRICTLY PRIVATE & CONFIDENTIAL
Sime Darby Motors Sdn Bhd
Sime Darby Industrial Holdings
Sdn Bhd
HealthcareMotors Industrial Others
Ramsay Sime Darby Health Care Sdn
Bhd
100% 100% 50%Eastern & Oriental
Berhad(1)
Kumpulan Sime Darby Bhd(2)
Insurance Broking business(4)
Sime Darby Global Services Centre Sdn
Bhd(3)
Sime Darby Malaysia Berhad(5)
12%
100%
100%
60% or 100%
100%
Notes:(1) Principal activities – hotel ownership & management, property development and property investment(2) Existing owner of 8,793 acres of land located at Labu, Negeri Sembilan, which are earmarked for the Malaysia Vision Valley Project. Sime Darby
Property Bhd (“SD Property”) is granted call options to purchase these lands at any time during the option period (5 years with an option to extend for another 3 years)
(3) Principal activities – Provision of support services to group companies, including Sime Darby Plantation Bhd (“SD Plantation”) and SD Property. Entered into master services agreements with SD Plantation and SD Property to continue to provide shared services for a period of 3 years
(4) Principal activities – insurance and reinsurance brokers, insurance advisory and consultancy services. Malaysia – 60% owned Sime Darby Lockton, Singapore and Hong Kong – 100% owned
(5) Principal activities – holding of trademarks (SIME DARBY mark, logo and tagline). Entered into trademark and brand license agreement with SD Plantation and SD Property for the licence of the trademarks for a period of 4 years
(RM million)
30-Jun-18 Motors Industrial Logistics Others Group
External Debt 1,048 1,483 316 42 2,889
Cash 605 480 227 360 1,672
Revenue 20,341 13,041 341 105 33,828
PBIT 543 612 74 (155) 1,074
Logistics
Sime Darby Utilities Sdn Bhd
100%
Sime Darby BerhadGroup Corporate Structure
48
STRICTLY PRIVATE & CONFIDENTIAL
Notes: (1) Invested capital is total assets (excluding tax assets and intercompany balances) less operating liabilities (i.e. all liabilities except borrowings, intercompany balances, leases and tax liabilities
(FYE June 2018; RM million) Motors Industrial LogisticsHealthcare
Total& Others
Fixed Assets 3,291 2,735 1,715 23 7,764
Assocs, JVs & Investments 336 100 424 979 1,839
Inventories 3,762 3,447 1 - 7,210
Receivables 2,627 2,319 300 467 5,713
Tax Assets 249 161 34 215 659
Cash 605 480 227 360 1,672
Total Assets 10,870 9,242 2,701 2,044 24,857
Shareholders' Equity 4,462 3,179 708 6,021 14,370
Non Controlling Interests 18 266 103 2 389
Total Equity 4,480 3,445 811 6,023 14,759
Payables 2,924 3,182 347 381 6,834
IG balances 2,178 1,008 1,222 (4,408) -
Borrowings & Leases 1,048 1,483 316 42 2,889
Tax Liabilities 240 124 5 6 375
Total Liabilities 6,390 5,797 1,890 (3,979) 10,098
Total Equity & Liabilities 10,870 9,242 2,701 2,044 24,857
Invested Capital1 7,700 5,896 2,320 1,448 17,364
Debt/Equity (%) 23.4% 43.0% 39.0% 0.7% 19.6%
Sime Darby BerhadFY2018 Balance Sheet