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Investor Presentation NDR - Singapore / Hong Kong
July 2016
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DISCLAIMER
The materials being shown in this presentation is solely for information and not to be reproduced, retransmitted, further distributed to any other person or published, in whole or
in part, for any other purpose.
These materials have been prepared by GMR Infrastructure Limited (the "Company") solely to be used for this presentation. No representations or warranties, express or
implied, are made by the Company or its subsidiaries (collectively, the “Group”) or any of their respective members, directors, officers or employees or any other person as to,
and no reliance should be placed on, its fairness, accuracy, completeness or correctness of the information or opinions presented or contained in these materials and have not
been independently verified.
It is not the intention to provide a complete or comprehensive analysis of the financial or trading positions or prospects of the Company or the Group. None of the Company or
the Group or any of its directors, officers, employees, agents, affiliates, advisers or representatives accepts any liability whatsoever from any loss howsoever arising from any
information or opinions information or opinions presented or contained in these materials or otherwise arising in connection with these materials. The information and opinions
presented or contained in these materials are provided as on the date of this presentation and are subject to change without notice and the accuracy of the information is not
guaranteed.
This presentation is for information purposes only and is not and does not constitute or form part of any offer, invitation or recommendation to purchase or subscribe for any
securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This presentation
may not be used or relied upon by any other party, or for any other purpose, and may not be reproduced, disseminated or quoted without the prior written consent of the
Company. This presentation should not be relied upon as the basis of an investment decision in securities of the Company or the Group.
The distribution of this presentation in certain jurisdictions may be restricted by law and persons who come into possession of this presentation should observe any such
applicable restrictions. The Company or its Group cannot be held liable for distribution of the presentation by the investors who come into possession of the presentation or for
non compliance with applicable laws or restrictions.
This presentation and the discussion that follows may contain “forward looking statements” relating to the Company or the Group. These forward looking statements, which
may include statements relating to future results of operation, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions,
expectations, estimates, and projections of the directors and management of the Company about the business, industry and markets in which GMR Infrastructure the Group
operates. These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are
beyond the Company’s or the Group’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward
looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of the Group. In particular, such
statements should not be regarded as a projection of future performance of the Company or the Group. It should be noted that the actual performance or achievements of the
Company and the Group may vary significantly from such statements.
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Promoter & Promoter Group
61.6%
FIIs 19.3%
MF & DIIs 7.8%
Others 11.2%
Today, we have a strong portfolio across Airports, Energy and
Highways/Urban Infra
97% 93.5%* 100%
GMR Infrastructure Limited
* Includes both direct & indirect holding
GMR AIRPORTS LTD.
~80 mn Passenger Capacity • 3 Airports
• Delhi Airport
• Hyderabad Airport
• Cebu, Philippines
• Maldives Airport (under
arbitration)
GMR ENERGY LTD.
~4,800 MW Power Generation
Capacity Thermal Projects
• Coal based - 3,000MW
• Gas based - 1,400MW
Hydro Projects
• 180MW – under construction
• 2,025 MW – under development
Renewable
• Solar - 25MW
• Wind - 3.4MW
Transmission
• 2 projects - 350kms
GMR HIGHWAYS LTD.
9 Operational Road Projects • 4 Annuity Projects - 284kms
• 5 Toll Projects - 446kms Toll
URBAN INFRA
Industrial Zone
• Krishnagiri - 3,300 acres
• Kakinada - 10,500 acres
Airport Real Estate
• Delhi - 230 acres
• Hyderabad - 1,500 acres
Shareholding
as on Mar 31, 2016
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P M Kumar
Chairman, Institutional Building & Governance
B V N Rao
Chairman, Urban Infra and Highways
Bommidala Srinivas
Chairman, Airports
G B S Raju
Chairman, Energy
Kiran Kumar Grandhi
Corporate Chairman, MD GMR Infra
THE GROUP HOLDING BOARD
GM Rao
Group Chairman
INDEPENDENT DIRECTORS
Visionary Leadership Building an Institution For Perpetuity…
NC Sarabeswaran
S Sandilya
RSSLN
Bhaskaradu
Dr Prakash Apte
S Rajagopal
V. Santhanaraman
C. R. Muralidharan
Vissa Siva
Kameshwari
• Leading practicing CA
• Founding partner of Jagannathan and
Sarabeswaran Chartered Accountants
• Over 48 years of work experience across different
sectors with BHEL and Maruti Udyog
• Professor at the IIIM-Bangalore
• Served on expert committees appointed by NSE,
SEBI and is an expert on regulatory affairs
• Chairman of Eicher
• President of Society of Motorcycle Manufacturers in
India and national council member of CII
• Involved with the group for over 18 years
• Held various positions including the group
• Former Chairman and MD of Bank of India and
Banking Service Recruitment Board
• Former ED of Bank of Baroda and senior banker in
Indian Bank
• Ex senior RBI executive with over ~40 years
experience in financial regulation and banking
• Leading CA with 24 years experience
Jayesh Desai • CA with over 28 years of experience across
corporate finance, investment advisory and
business development
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Our board is also advised by the external Group Performance
Advisory Council (GPAC) comprising business leaders
A highly acclaimed business advisor,
speaker, and author who has coached some
of the world's most successful CEOs. For 35
years, he's worked with companies like GE,
Bank of America, DuPont, 3M,etc.
Retired IAS, with 30+ experience in financial
services and public sector enterprises.
Served leadership positions like Chairman
SEBI (equivalent to SGX in S’pore, SEC in
US), CMD IDBI Bank, Chairman UTI
He has over 4 decades of banking
experience and is a consultant for World
Bank, IFC, etc. He has served as CEO of
Corporation Bank and Chairman of Vysya
Bank
Previously held leadership positions in
Wipro, ABB and HP. Member of several
boards including Idea Cellular and ING
Vysya Bank
Founder / Co-founding member Indocean,
CRISIL and HDFC. He has been in advisory
roles to USAID, The World Bank and The
Asian Development Bank in the past
Former Chairman Ingersoll Rand.
Previously held leadership positions with
Kirloskar group. He serves on the advisory
and statutory Board of various Companies
Dr. Sumantran is Executive Vice-Chairman
of Hinduja Automotive. From 2001-05, he
was chief executive of TATA Motors Car
business. Prior to this he had a 16-year
career stint with GM in Detroit
Sanjeev Aga has experience of over 4
decades and he has been CEO/MD at Blow
Plast / VIP Industries, Aditya Birla Nuvo, and
Idea Cellular. He now engages in
advisory/board roles for corporates and not-
for-profits
Luis Miranda was President & CEO at IDFC
alternatives. He now spends most of his
time working for non-profits and is also
advisor to Morgan Stanley Infrastructure
Dr Ram Charan M Damodaran K R Ramamoorthy
Arun Thiagarajan Pradip P Shah Daljit Mirchandani
Dr V Sumantran Sanjeev Aga Luis Miranda
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Corporate Structure
97% 93.5%*** 100%
GMR Infrastructure Limited
Operational Stake Operational Coal / Diesel based Projects Stake Operational Annuity Projects Stake
Warora Power Plant (600 MW) 100% Tuni Anakapalli 100%
Kamalanga Power Plant (1,050 MW) 86% Tambaram Tindivanam 100%
Chhattisgarh Power Project (1,370 MW) 100% Pochanpalli 100%
Chennai Power Plant (200 MW) 51% Chennai ORR 90%
Operational Gas based Projects
Kakinada Power Plant (235 MW) 100% Ambala Chandigarh 100%
Vemagiri Power Plant (388 MW) 100% Hyderabad Vijaywada 90%
Rajahmundry Power Project (768 MW) 45% Hungund Hospet * 36%
Operational Renewable Energy Projects Faruknagar Jadcherla 26%
Solar Power Project (25 MW) 100% Tindivanam Ulundurpet ** 26%
Wind Power Projects (3.4 MW) 100%
Operational Transmission Projects #
Aravali Line (96 kms) 100%
Maru Line (269 kms) 100%
Under Construction
Bajoli Holi Power Project (180 MW) 100%
Under Development
4 Hydro Power Projects (2 India, 2 Nepal)
Coal Mining Projects
PT Barasentosa Lestari 100%
PT Golden Energy Mines 30%
Operational BOT (toll) Projects
GMR Airports Ltd GMR Energy Ltd GMR Highways Ltd
Delhi International Airport 64%
GMR Hyderabad International Airport 63%
Mactan-Cebu International Airport 40%
* Share Purchase Agreement signed to divest 51% stake; already transferred 15% in Mar’16 ** Share Purchase Agreement signed to divest remaining 26% stake *** Includes both direct & indirect holding # Signed definitive agreements for sale of 74% in Maru project and 49% in Aravali project
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Airport Sector
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Airport Assets
Project Delhi International Airport (DIAL) Hyderabad International Airport
(GHIAL)
Mactan - Cebu International Airport
(MCIA)
Status Operational Operational Operational and undergoing expansion
Annual Passenger
Capacity 62 mn 12 mn 16 mn #
Concession Terms • 30 + 30 years concession (starting
April 2006)
• 46% revenue sharing
• 30 + 30 years concession (starting
March 2008)
• 4% revenue share
• 25 years (from the O&M start date)
• Upfront fees of USD 320mn + VAT
• Project cost of USD 750mn
Commercial Property
Development
• 230 acres Real Estate parcel
• 1st Phase development of 45 acres has
completed
• Work on 2nd Phase of 23 acres is
underway
• 1,500 acres Real Estate parcel
• 1st Phase : To develop 250 acres
aviation SEZ and 250 acres multi
service SEZ
Revenue Structure • Assured “Target Aero Revenue” every year, based on variables like approved
project cost, WACC, normative operations, etc. • Aero revenue based on pre-determined
PSF
Traffic – FY16 48.4 mn Pax;
365,696 ATMs*
12.5 mn Pax;
106,303 ATMs*
8.0 mn Pax;
64,900 ATMs*
Traffic – FY15 41 mn Pax;
323,455 ATMs*
10.5 mn Pax;
94,562 ATMs* N.A.
*ATM = Air Traffic Movement
# Post 1st phase of expansion
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Airports : Cash Flows to Improve
DIAL’s tariff fixation assumptions (by AERA) under appeal
• Appealed for cost of equity of 24% vis-à-vis currently
approved rate of 16% by AERA
• Appealed for return of 24% on real estate deposits
(utilized to fund capex) vis-à-vis Nil return approved
by AERA
Long awaited regulatory approvals to improve the profitability matrix
Note : Current tariff will continue till the final order of Tribunal
UDF collection started post DGCA notification restoring the
collection of Airport Charges with effect from 05 Nov’15
GHIAL has submitted its tariff proposal for second control
period starting 01 April 2016
Delhi Airport Hyderabad Airport
• DIAL raised ~USD 289mn through a bond issue. The issue
was oversubscribed by ~16 times
• Proceeds from the issue was used to prepay the ECB
• Resulted into a benefit of (a) lower interest cost and (b)
bullet repayment instead of yearly repayments in ECB
Refinancing existing debt to realign cash flows to repayment
• GHIAL refinanced the existing term debt post AERA’s decision to
change the “Till” methodology
• Got moratorium of two years thereby reducing pressure on cash
flows
Delhi Airport Hyderabad Airport
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DIAL Land Monetisation to Unlock Higher Potential Returns
• Awarded development rights for 14 asset areas through
competitive bidding
− Developable area of 6.12 msf
• Operations commenced for JW Marriott, Lemon Tree, Red Fox,
Holiday Inn, Ibis Hotel, Novotel and Pullman
− ~2,400 rooms are operational with an occupancy of 70-75%
Aerotropolis Development Plan
Majority of
Land Bank Core Airport
infrastructure
NH 8
Gurga
on *LP = Land Parcel
Flexibility in land usage – allows all commercial activities except residential
230 acres of Aerotropolis Development Aerotropolis Phase - I : 45 Acres of Hospitality District
• Commercial development at airport envisages
development of an alternate commercial hub, right in the
heart of the city
• Location lends dual advantage of central location with
effective connectivity & proximity to demand
• First phase of 45 acres of development constitutes of
hospitality and commercial assets
• Next phase of 23 acres land development as a Retail
district is underway
• Monetisation of 23 acres in Phase II
− RFQ completed and RFP issued to qualified bidders
− Targeting to create a retail focused district
− Developable area of ~2.5 msf
• Monetization to be done through a transparent bidding process
− Expected to complete the process & award the project by
H1FY17
Aerotropolis Phase - II : 23 Acres of Retail District
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Energy Sector
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GMR Infrastructure
Ltd
GMR Energy Ltd
Kamalanga Power
Plant- 1,050MW
Warora Power Plant-
600MW
Vemagiri Power
Plant- 388MW
Gujarat Solar Plant-
25MW Bajoli Holi Hydro
Project- 180MW
Upper Karnali Hydro
Project- 900MW
Upper Marsyagadi
Hydro Project-
600MW
Alaknanda Hydro
Project- 300MW
Thermal
(Coal & Gas)
Renewable
(Hydro & Solar)
Chhattisgarh Power
Plant – 1,370MW Other Power Assets
Indonesia coal mines
Other Assets
Maru & Aravalli
Transmission
Private Equity
Investors
Operational Under Construction Under Development
93.5%*
6.5%
Rajahmundhry
Power Plant- 768MW
* Includes both direct & indirect holding
Kamalanga Power Plant excludes 350MW of Unit 4 which is under development
Current Structure of GMR Energy
Barge Plant- 235MW
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Investment of USD 300 mn by
Tenaga Nasional Berhad, Malaysia
for 30% equity interest in a select portfolio of
GMR Energy Ltd. (GEL)
GEL Valuation ascribed at USD 1 bn (~INR 67bn)
USD 1 = INR 67
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Revised Structure of GMR Energy
GMR Infrastructure
Ltd
GMR Energy Ltd
Kamalanga Power
Plant- 1,400MW
Warora Power Plant-
600MW
Barge Plant- 235MW
Gujarat Solar
Plant- 25MW
Bajoli Holi Hydro
Project- 180MW
Upper Karnali Hydro
Project- 900MW
Upper Marsyagadi
Hydro Project- 600MW
Alaknanda Hydro
Project- 300MW
Thermal
(Coal & Gas)
Renewable
(Hydro & Solar)
Chhattisgarh Power
Plant – 1370MW
Rajahmundry Power
Plant – 768MW
Other Assets
Other Power
Assets
Indonesia coal
mines
Excluded Assets
Maru & Aravalli
Transmission
Portfolio A – Tenaga is investing in this portfolio Portfolio B – Right to invest within 5 years
Tenaga Private Equity
Investors
52%*
18% 30%
* Includes both direct & indirect holding
Kamalanga Power Plant includes 350MW of Unit 4 which is under development
Operational Under Construction Under Development
Vemagiri Power
Plant- 388MW
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Bajoli Holi
(180 MW / Hydro)
Alaknanda
(300 MW / Hydro)
Upper Marsyangdi
(600 MW / Hydro)
Upper Karnali
(900 MW / Hydro)
Warora
(600 MW / Coal)
Kakinada
(235 MW / Gas)
Kamalanga
(1,050 MW / Coal)
Vemagiri
(388 MW / Gas)
Solar Plant
(25 MW)
Operational Assets
Projects Under Construction
Projects Under Development
Legends:
Portfolio A – Balanced Mix of Operational & Pipeline Projects
Kamalanga
(350 MW / Coal)
• Operating capacity of ~2,300 MW comprising 5 assets
o Warora – 600 MW coal based plant strategically located in
the high growth oriented western region of Maharashtra
o Kamalanga – 1,050 MW coal based plant strategically
located close to the coal belt of Odisha
o Vemagiri – 388 MW gas based plant
o Barge – 235 MW barge mounted gas based plant
o Gujarat Solar – 25 MW solar power plant located at Patan
• Additional pipeline capacity of ~2,330 MW comprising 5
under construction / development assets
o Kamalanga Unit 4 – 350MW extension of Kamalanga
o Bajoli Holi – 180 MW hydro facility on the River Ravi
o Upper Karnali – 900 MW hydro project on the river Karnali
o Upper Marsyangdi – 600 MW hydro project on the river
Marsyangdi
o Alaknanda – 300 MW hydro project on the Alaknanda River
Balanced mix of Coal (2,000 MW), Gas (623 MW) and
Renewable Energy - Hydro (1,980 MW) & Solar (25 MW)
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Project Location Fuel Capacity (MW) COD
Chhattisgarh Raipur Coal 1,370 Unit 1 – Nov 2015
Unit 2 – Mar 2016
Rajahmundry Rajahmundry Gas 768 Unit 1 – Oct 2015
Unit 2 – Oct 2015
Total 2,138
• Tenaga would have a right to invest in these assets anytime within the next five years
• Adds further strategic value to the portfolio by adding ~2,000 MW of operating capacity and increase its total portfolio
to over 6,700 MW
Portfolio B – Right to Invest in Additional ~2,000 MW of Capacity
• Considering the absence of long term Fuel Supply Agreement and long term Power Purchase Agreements, the
consortium of lenders have adopted the Strategic Debt Restructuring Plan (SDR)
o Accordingly, the company has issued equity shares proportionately to all the lenders
• As per the SDR scheme, out of the total outstanding debt (including overdue interest) of INR 38bn, debt to the extent
of INR 14bn has got converted into equity
o Consortium lenders now have 55% shareholding and balance 45% is held by GMR
• Balance debt of ~INR 24bn would have repayment period of 20.5 years including moratorium of 1.75 years and
interest rate of 10.75% p.a.
o Lower debt coupled with reduction in interest cost improves the long term viability of the project
Adoption of Strategic Debt Restructuring by GMR Rajahmundhry
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Partnership with Tenaga provides renewed impetus to Energy Business
• Partnership between one of the largest integrated utilities and an established player in the Indian Power sector will be a force multiplier to create one of the most valuable companies
Strong synergies from the strategic partnership with Tenaga
• GEL has more than 80% of its capacity contracted under long-term PPAs ensuring high visibility of cash flows
Strong Visibility on Cash Flows from Operational Portfolio
• Primary capital infusion strengthens GEL’s balance sheet through reduction of corporate debt
• Convertible preference shares issued to Private Equity Investors would be converted into Equity
Strengthening of the Balance Sheet
• Given the attractiveness of GMR Energy post the investment, it will have an opportunity to unlock value at an appropriate time
Attractiveness of GMR Energy from a value unlocking perspective
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Highway Sector
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Key Highlights
• Signed a Share Purchase Agreement to divest 51% equity stake in the Hungund Hospet project
o 15% stake has been transferred to Joint Venture partner; balance stake to be transferred post receiving all approvals
o Divestment to reduce INR 10.8bn of debt and create INR 850mn of liquidity
• Signed a Share Purchase Agreement with India Infrastructure Fund to divest 26% equity stake in Ulundurpet project
o Stake would be transferred post receipt of all approvals
o Divestment will create a liquidity of INR 325mn
Divestment of Road Projects in line with Asset Light, Asset Right Strategy
Highways Projects
Project Name Annuity Based Road Projects (285 kms) Toll Based Road Projects (446 kms)
GTAEPL TTTEPL GPEPL GCORRPL GACEPL GHVEPL GOHHPL GUEL GJEPL
Location Tuni-
Anakapalli
Tambaram-
Tindivanam Pochampalli Chennai ORR
Ambala-
Chandigarh
Hyderabad-
Vijayawada
Hungund-
Hospet
Tindivanam
Ulundurpet
Faruknagar
Jadcherla
Shareholding 100% 100% 100% 90% 100% 90% 36% 26% 26%
Road Length (kms) 59 93 103 30 35 181 99 73 58
CoD Dec-04 Oct-04 Mar-09 Jun-13 Nov-08 Dec-12 Nov-12*/May
-14 Jul-09 Feb-09
Concession Period 17.5 yrs from
May-02
17.5 yrs from
May-02
20 Yrs from
Sep-06
20 Yrs from
Jun-10
20 Yrs from
May-06
25 Yrs from
Apr-10
19 Yrs from
Sep-10
20 Yrs & 98
days from
Oct-06
20 Yrs from
Aug-06
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Summing Up
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Key Highlights - Past 24 Months
Particulars Update
‘Asset Light
Asset Right’
Approach
• Adopted the principle of “Develop, Build, Create Value and Divest”
• Focus moved from Asset Growth to Cash Growth
• Delivered on ‘Asset Light, Asset Right’ strategy
Divestments
• Divested 6 large projects
‒ 1 Airport: Sabiha Gocken International Airport (SGIA), Turkey
‒ 1 Power project: Island Power Project, Singapore
‒ 3 Road projects: Jadcherla Expressway, Ulunderpet Expressway and Hungund Hospet Expressway
‒ 1 Coal Mine: Eloff & Kendall Mines by Homeland Energy Group
• Released INR 39bn [USD 582mn] equity and reduced liabilities by INR 73bn [USD 1.1bn] through
divestments
Capital
Raising
• Total Capital Raised since FY12 - INR 65bn [USD 970mn] (excluding divestments)
• Raised INR 48.8bn [USD 728mn] in the last 24 months
o QIP of INR 14.8bn [~USD 220mn]
o Rights Issue of INR 14.0bn [~USD 209mn]
o FCCB of INR 20.0bn [USD 300mn]
• Investment of USD 300mn by Tenaga for a 30% in a select portfolio of GMR Energy Ltd
USD 1 = INR 67
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Key Highlights - Past 24 Months (cont.)
Business
Verticals Update
Energy
• GMR Energy - Renegotiation completed with Private Equity Investors; to be issued 18% stake in company
• Warora & Kamalanga - Both plants successfully operationalised & FSA signed for 100% capacity
o Orissa PPA (Kamalanga) - Awarded a tariff increase of INR 0.65/unit to INR 3.4/unit
o Haryana PPA (Kamalanga) – Awarded favourable order w.r.t. ‘change in law’ and ‘coal cost pass-through’
o Tamil Nadu PPA (Warora) - Commenced full supply of 150MW from Dec’15 onwards
• Chhattisgarh project - Achieved CoD for Unit I in Nov’15 and for Unit II in Mar’16
o Talabira Coal Mines - Coal production started from Aug’15 & getting dispatch to Chhattisgarh project
• Gas Auctions (RLNG scheme) - GMR has won right to receive imported R-LNG for two of it’s power projects
(Vemagiri & Rajahmundhry) for upto 30% PLF (Phase 3) during H1FY17
o Both Vemagiri & Rajahmundhry started operations during FY16 post winning gas supply in the e-bid
RLNG scheme and operated at ~20% PLF during the year
• Strategic Debt Restructuring of Rajahmundhry project – Converted INR 14.1bn of debt into equity & issued
shares to consortium lenders representing 55% stake in the project
• Refinancing of Operational projects - Group is refinancing the project debt to align the cash flows with
repayment schedule. Already debt of Warora, Kamalanga & Rajahmundhry projects has been refinanced
• Divestment of Transmission projects - Signed definitive agreements with Adani Transmission (ATL) for sale
of 74% in Maru & 49% in Aravali project. ATL has an option to acquire balance stakes in both the projects
o Equity consideration ascribed for the transaction is INR 1,000mn
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102
179
226
0
26
247
168
0
33
158
207
Key Highlights - Past 24 Months (cont.)
Business
Verticals Update
Airport
• Delhi Airport - Raised USD 289mn through an international bond issue
• DIAL Real Estate - RFP issued for monetising additional 23 acres for retail district
• Hyderabad Airport – Restarted collection of User Development Fee (UDF) under ‘Hybrid Till’ methodology of
tariff determination; Submitted tariff proposal for second control period with AERA
• Mactan Cebu Airport, Philippines – Construction ongoing for expanding capacity to 16 mn pax; current
throughput at 8 mn pax in CY15 compared to a capacity of 5 mn pax
• Maldives Airport - Arbitration Tribunal has ruled that unilateral termination of the concession agreement by
Govt. of Maldives (GoM) was illegal & repudiatory. In Feb’16, Tribunal further ruled that the damages
payable by GoM and MACL will also include all the sums owed to the project lenders
Highways
• Hungud Hospet project – Signed Share Purchase Agreement to divest our 51% stake at a Price/book value
of 1.1x; already transferred 15% stake in Mar’16
• Tindivanam Ulundurpet project – Signed Share Purchase Agreement to divest to the balance 26% stake to
India Infrastructure Fund
Urban Infra &
EPC
• Krishnagiri SEZ - First Electronic Manufacturing Cluster (EMC) in the country approved in principle by Govt.
of India, monetizing 527 acres of land with govt. grant of INR 2.6bn [USD 39mn]
• In Nov’14, GIL led consortium has won two packages of Eastern Dedicated Freight Corridor (DFCC) project
worth INR 51bn [~USD 758mn]
• In Jun’16, GIL led consortium won two more packages on the Eastern DFCC worth INR 23bn [USD 340mn]
USD 1 = INR 67
23 Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise | Learning | Social Responsibility | Respect for Individual
0
56
113
0
102
179
226
0
26
247
168
0
33
158
207
Net Debt-to-EBITDA Ratio (x)
24.8 25.9 25.5
42.6
FY13 FY14 FY15 FY16
82.6 86.4 88.9
109.5
FY13 FY14 FY15 FY16
Net Revenue (INR bn) Gross & Net Debt (INR bn) *
Key Financial Indicators (Consolidated)
EBITDA (INR bn) Interest Coverage Ratio (x) Sector wise Debt breakup *
468.9
67.7
401.2
Gross Debt Cash &equivalents
Net Debt
Airport 22%
Energy 52%
Roads 7%
Others 5%
Corporate 14%
13.6
14.6 15.5
9.4
FY13 FY14 FY15 FY16
1.2
0.9
0.7
1.1
FY13 FY14 FY15 FY16
* As on 31 March 2016
24 Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise | Learning | Social Responsibility | Respect for Individual
0
56
113
0
102
179
226
0
26
247
168
0
33
158
207
• Consolidate existing Energy & Highways projects
• Capex holiday in Energy & Highway projects
• Explore select profitable opportunities in the Airport sector
• Focus on consolidation and strengthening of balance sheet through deleveraging
• Continuous reduction of Corporate Debt
• Refinancing of project debt through capital market / bank refinancing route to result into
• Reduction of interest rate,
• Projects getting longer moratorium and
• Extending maturity of debt primarily to align the repayment schedule with the Cash Flows of the project
• Capital raising through IPO GMR Airports Ltd
• Induction of strategic / financial partner in Airport holding company
• Divestment of certain operational Energy / Highway projects
• Recovery of receivables from Maldives arbitration, Energy Distribution companies, etc
Focus for next 12- 18 Months
Focus on strengthening of Balance Sheet through reduction of debt
Group Strategy
Financial Initiatives to Strengthen the Balance Sheet
Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise | Learning | Social Responsibility | Respect for Individual
Thank You
For further information, please visit
Website: www.gmrgroup.in or
Contact: [email protected]