#1SANTA BELINA Se CATAMA Adani Ports and SEZ Limited Investors Presentation RDRIVE 337 adani Ports and Logistics#2adani Ports and Logistics Vision To achieve 400 MMT of throughput by FY 25 For this APSEZ would pursue both organic and inorganic growth opportunities 2#3Contents adani Purta and Logistics 1 Company Profile 2 Key Financials 3 FY 20 Outlook 4 5 ESG Appendix 3#4HA SANTA BELINA CATANA ADANI LOGISTICS LIMITED xa JAI BHOLE NATH TPT.CO.PANIPAT IN 150 1001 200 EESAN LOGISTICS 1. Company Profile#5APSEZ: A Leader In Ports And Logistics Infrastructure Sector Leading Developer of Ports & Related Infrastructure Delivering on Strategic Priorities India's benchmark to global ports in terms of strengths, capacities and operations • 9 ports in operation, 2 under development and 3 ICDS • Diversifying and enhancing cargo across assets • • Market Share 21.2%1 Pan-Indian integrated logistics service provider Long standing customer relationships and strong business partnerships Successful track record of integrating acquisitions Revenue US$ 1,563 mn² Developed and operating 18 terminals with 47 berths and 2 single-point mooring facilities Successfull Track Record of Project Development and Execution Recent highlights . Key Financial Strengths . adani Forts and Logistics Kattupalli 2018 Ennore Container Terminal 2017 CT-4 at Mundra 2016 ($ Murmugao, Vizag, Kandla Terminals 2015 EBITDA US$1,011 mn² Delivered double digit revenue growth over the last three years: 11.5% over FY17 - FY19 with consistently high EBITDA margins Established track record of investment grade ratings Successful in de-levering the company Net Debt/ETBIDA 2.9x3 India's Largest Private Developer and Operator of Ports and Related Infrastructure Note: 1. As a percentage of total imports and exports handled at all ports in India in financial year ended March 31, 2019 2. Revenue for the financial year ended March 31, 2019. Revenue refers to the total revenue from APSEZ operations minus other income. Average USD/INR exchange rate of 69.8889 for Fiscal Year 2019. 3. Net Debt as of March 31, 2019, EBITDA for the financial year ended March 31, 2019; Net Debt = Gross Debt (Excl. Bills Discounted) less Cash and Cash Equivalents, Bank Balances, and Current Investments 5#6Unique and Integrated Business Model + Ports Total installed capacity of 395 mmtpa Concession assets with free pricing Logistics 20 year license to operate rails Enhancing connectivity between ports and origin/destination of cargo SEZ (at Mundra) Land bank of over 8,481 hectares • Integration with port, developing industry cluster Regular revenue stream through annual rentals Marine • 18 dredgers . 24 tugs Quay 14+KM length 47 berths 18 terminals Infrastructure Handling 50 Bulk handling cranes 145 RTGS (1) 24 stakers and reclaimers 101 KM conveyors Storage 4.2 MN sq. mtrs. bulk storage area 0.9 MN KL tankages 51,385 container ground slots Logistics 3 Logistics Parks 30 rakes, 16 locomotives 83 silos storage Delivering synergistic value through its integrated model across ports, logistics and SEZ business lines adani Forts and Logistics Note: 1. Rubber tyred gantry crane 6#7Turning Around Acquisitions Dhamra: Well Positioned to Emerge as Hub for East India Cargo Volumes (MMT) CAGR: +11% 20.7 Cargo Volumes (MMT) Kattupalli: Successful Commissioning CAGR: +107% 8.9 7.5 5.5 11.1 FY13 FY19 • Acquired on 22 June 2014 and turned around in the 1st year of operations Grew at a CAGR of 11.0% from FY13 to FY19 Only port between the ports at Paradip and Haldia, is well located to benefit from the resource rich hinterland of Odisha, Jharkhand and West Bengal. • Key factors driving efficiency - Rationalizing of operating cost per tonne Reducing dredging cost Reorganizing and reducing corporate expenses 1.0 FY16 FY17 FY18 FY19 Started as O&M operator for L&T in Nov 16 - Acquisition completed in June 2018 Strategically located - to cater to the regional container cargo demand for southern India Recently developed another liquid tank farm of 224,500 kiloliters to capture potential of liquid cargo market Diverse cargo now being handled. Handles RORO, TMT Bars and Cement for the first time adani Forts and Logistics Cargo Type Dry Bulk Draft 17.5 Meters Vessel size Berths Capesize 4 Berths, 1,548 Meters Length Unloaders 8 Cranes, 9 Stacker and Reclaimer Cargo Type Draft Vessel size Berths Unloaders Mult-cargo 18 Meters > 10,000 TEU Vessel 2 Beths, 710 Meters Length 6 RMQC, 15 RTG Integrating Acquisitions: Testimony to Operational Skills 7#8Robust Growth In Diversified Cargo Volumes Our Reach Dahej 14 MMT Kandla 14 MMT Mundra 252 MMT Mundra is India's Largest Commercial Port by Volume Hazira 30 MMT Kishangarh Mormugao 5 MMT Vizhinjam1 MMT: million metric tonnes Kilaraipur Patli 395 MMT Total Installed Capacity Vizag 6 MMT Dhamra 45 MMT Fast Growing Market Share in India² 21.2% 19.3% 19.3% FY17 FY18 In Total Cargo FY19 Robust Growth in Volumes (MMT) 168.7 FY17 CAGR: +11% 207.7 180.0 FY18 Maintaining a Diverse Mix of Cargo FY19 15% 15% 14% Kattupalli 18 36% 33% 33% 168.7 MMT MMT 180.0 MMT 207.7 MMT Coal ■Crude ■Container Inland Container Depots (ICDs) 37% 41% 41% 11% Other bulk Ennore Bulk Terminals 13% 12% 12 MMT Multipurpose Ports Container Terminals FY17 FY18 FY19 APSEZ has been successful in increasing market share sustainably, owing to its unparalleled pan-India reach covering Note: adani 1. Under development 2. Percentage of the total export and import cargo handled at all ports in India Forts and Logistics entire Indian hinterland 8#9Port Assets At Optimal Utilization Of Existing Capacity Port(1) Installed Capacity Utilization (2) Cargo Mix Key Highlights Mundra 252 MMT 137 MMT (55.2%) Hazira 30 MMT 20 MMT (65.3%) 9 Dahej 14 MMT MMT (67.4%) 21 Dhamra 45 MMT • MMT (46.0%) • Kattu- palli 18 MMT 9 MMT (50.8%) Reaching New Heights Mundra Port was ranked first in terms of total cargo handled across all Non-Major Ports and Major Ports in India for FY19 All Cargo Segment Grows Continues to register robust growth and complement nearby Dahej port by handling liquid bulk cargo and container cargo Continues to Register Double Digit Growth Close to a cluster of chemical, textile, industrial and agricultural manufacturing facilities and power plants Well Located to Benefit from Resource Rich Hinterland Acquired on 22 June 2014 and turned around in the 1st year of operations - Grew at a CAGR of 11.0% from FY13 to FY19 Driving efficiency through rationalizing of operating cost, reducing dredging cost and corporate expenses Gaining market share due to congestion at Chennai port • Started as O&M operator for L&T in Nov 16 - Acquisition completed in June 2018 Strategy in place to convert it from container handling to becoming multi commodity port The Company has achieved its capex cycle and is ideally positioned to exploit its capacity for accelerated growth adani Forts and Logistics Note: (1) Does not include Ennore, Tuna, Goa, Kandla and Vizag ports / terminals (2) Actual cargo volumes in FY19, and percentage utilization: calculated as actual volumes in FY19/ installed capacity 9 Container Liquid Coal Bulk#10Segmen Logistics Connecting and Simplifying the Supply Chain AG AF Rail Operations Warehousing Logistics Parks, EXIM Yards and CFS Trucking#11Logistics Snapshot Logistics Parks at key demand centers Warehousing - CFS, FTWZ. Bonded, & Domestic 47 Trains - container, bulk, grain Grain Silos for Grain storage Domestic containers and Tanktainers 00000 First-Mile & Last-Mile Road Bridging Multi-modal Transport Technology Platform adani Forts and Logistics Inland & Coastal Waterways 9 Sea Ports, with Dry. Container & Liquid Cargo capability Future ready to take advantage of next stage of connectivity boom 11#12adani Forts and Logistics Logistics: End to End Connectivity Transportation Facilities Other Services Rail Logistics Parks Stuffing / De- stuffing End-to-end Road Warehousing Integrated Cargo Aggregation Logistics Inland Waterway Inland Waterway Terminals Services Air Air Cargo Complex Coastal Shipping Customs Clearance Other Value added services Sea Ports Technology Platform Inland Container Depots EXIM Yard ICD Partner Facilities and Acceptance Points ⚫ Network • Adani Agri Creating Value Example of Customer Centric End to End Logistics Offerings Ensuring Maximum Synergies MARUTI SUZUKI Manesar Plant 22 KM adani Patli, ICD 易 adani Mundra Port Developing fully integrated logistics model for servicing diverse range of cargo 12 22#13adani Forts and Logistics Adani Logistics - by 2023 15+ Multi-modal Logistics Parks 5 Mn SqFt+ AN Warehouse Space ro Corp Ltd FLANT 1.5 MMT+ Silo Capacity AM A GUR WARE 2 Mn Sqft Cold Storage 25+ Barges (Inland Waterway) 100+ Rakes 50K MT Air Cargo 13 13#14SANTA BELINA HA CATAMA ADANI LOGISTICS LIMITED xa JAI BHOLE NATH TPT.CO.PANIPAT IN 150 1001 200 EESAN LOGISTICS 2. Key Financials#15Robust Earnings and Return Metrics Revenue from Operations (INR Cr) CAGR of 18% Consolidated EBITDA 11323 (INR Cr) 10925 CAGR of 19% 7145 7067 2919 3902 4574 5692 الاس FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Return on Capital Employed (1) 14.4 12.1 8439 7109 6152 4830 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 (%) 4006 CAGR of 18% Profit for the Year ال الاس 11 11.9 10.7 (INR Cr) FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 adani Forts and Logistics Note: (1) Return on Capital Employed EBIT / Capital Employed; Capital Employed Net Debt + Shareholders Equity; EBIT = EBITDA - Depreciation and amortization expenses; Net Debt = Gross Debt (Excl. Bills Discounted) less Cash and Cash Equivalents, Bank Balances, and Current Investments 15#16Strong Balance Sheet and Improved Leverage Debt/ Net Worth (1) (x) 1.5 1.6 1.6 1.2 1.1 1.0 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Borrowings Profile (years) adani Forts and Logistics 30% FY19 total borrowings INR 27,188 cr Net Debt/EBITDA (2) (x) 4.4 4.3 4.2 3.4 Within Desired Level of 3-3.5x 2.5 2.9 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 EBITDA / Finance Cost (x) Elongated Maturity 27% 20% 23% < 1 Year 1-2 Years 3-5 Years > 5 Years 5.1 4.8 3.9 Continuously Improving الس. 3.4 3.0 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Note: Average Exchange Rate INR/USD of 67.0896, 64.4474 and 69.8889 for FY17, FY18 and FY19 respectively for P/L items and period end exchange rate INR/USD 64.8386, 65.0441 and 69.1713 for FY17, FY18 and FY19 respectively for Balance sheet items (1) Net worth = Equity Share Capital + Other Equity + Non Controlling interest (2) Net Debt Total Debt Cash and Cash Equivalents; Total Debt = Long Term Borrowings + Short Term Borrowings + Current Maturities of Long Term Debt; Cash and Cash Equivalents includes Current Investments (3) Short Term Debt = Short Term (Current) Borrowings + Current Maturities of Long Term Borrowings. 16#17adani Forts and Logistics APSEZ: Compelling Investment Thesis Proven credentials as proxy to India's infrastructure growth Well positioned to leverage strong macro fundamentals of India Pan India Presence allows to capture addressable growth market and De-risks the portfolio. Integrated business model which includes SEZ, logistics and capacity of delivering end-to-end solutions to marquee clients Ability to developing and operate infrastructure assets with focus on sustained improvement in ESG. Robust financial performance and investment grade track record will ensure Continuous enhanced return to shareholders. 14 17#18Increased focus on return to shareholders Changes in Shareholder Return Policy • APSEZ's recently revised its dividend and shareholder return policy to be consistent with the long term strategic growth objectives of the company: 1. APSEZ has a consistent growth in its cash flow and thus endeavors to reward shareholders, APSEZ can declare bonus dividend or capital return or combination of both in addition to the set annual dividend policy. 2. APSEZ's policy is of a stable dividend set at 20% to 25% of Profit After Tax ("PAT") to be paid out as dividend or capital return (share buyback) or a combination. The selection of the form of distribution is to optimize return to Shareholder. adani Forts and Logistics Source: Company Filings, Bombay Stock Exchange 18#193. Outlook FRONTIER AMBITION 2000#20Well Positioned To Leverage India's Macro Tailwinds India GDP Growth expected to be 7.7% over 2018-2023 (1) India Total Import - Export Value expected to grow at 8.2% CAGR over 2018-2020 (2) India Cargo Growth Expected to be 8.6% - 10.9% over the FY18 to FY25 period (3) Government Focus on Ports Stable Regulatory Environment 7.7% 7.7% 2015-2018 CAGR: +8.2% $1,355 $1,157 2018-2023 2018 Real GDP growth (%) 2,500 2,160 1,209 2020 FY18 FY25 Base FY25 Case Optimistic Case India's total Import and Export ($ bn) India's total Cargo volumes (MMT) • . Stable regulatory history of 25 years Long concession periods (25-30 years) providing stability New Model Concession Agreement (MCA) to further increase private sector participation Key Government initiatives: SAGARMALA PORT-LED 90OPERITY MAKE IN IND The Company well-placed to capture significant portion of the large and growing addressable market adani Forts and Logistics 1. Source: World Bank, International Monetary Fund 2. Source: OECD (2019), Trade in goods and services (indicator). doi: 10.1787/0fe445d9-en (Accessed on 18 June 2019) 3. Source: Sagarmala, Ministry of Shipping 20 20#21Financial Outlook - FY20 Revenue/EBIDTA Revenue growth of 12%-14%. ⚫EBIDTA growth of 14% -16% • Expected ROCE to be in the range of 14%-15% Port Revenue & EBIDTA Port Revenue expected to grow by 1.5%-2% on per MT Port EBIDTA growth of 16%-18%. SEZ & Port Development adani Forts and Logistics • SEZ Port development income in the range of Rs.800 cr. · · SEZ lease income to be in the range of Rs 150-200 cr. SEZ Port development EBIDTA margin to be in range of 60%-65%. Capex • Existing Portfolio of Ports Rs.2,500 cr • Myanmar Rs.1,000 cr •Logistics Rs. 500 Cr 21 21#22CO EVERGR SCRIZIA CRONDS SADZIS TRANSA 4. Environment Social Governance#23Governance and strategic oversight adani Forts and Logistics Sustainability issues are overseen by the Sustainability and CSR Committee of the Board, working in cooperation with the Risk and the Audit Committees, and the Board as a whole. The Committee considers and oversees the management of key sustainability issues, seeking to perpetuate the long-term success of the business. The Committee mandates an annual process of assessing the materiality of sustainability issues key to the long-term success of the business. . Using analysis of key inputs from various stakeholders the Committee has concluded that the three key sustainability issues for the business are: Health and safety Climate change and energy Water and effluents Please refer to Appendix for details of above initiatives 23#24Corporate Social Responsibility - Major Initiatives adani Purta and Logistics 1) SAKSHAM: Aims to make 3 lakh Indian youth skilled by 2022. ASDC has more than 30 centres across the nation for facilitating skill development through various courses. 5027 aspirants enrolled under various ASDC courses, new projects 2) Udaan: Inspiration based plant visit for schools and college students at 3 port locations (Mundra, Dhamra and Hazira). 3) Swachhagraha: Inculcating Culture of Cleanliness in 3 port locations and covering 48 town/ cities across 17 states programme as whole. 4) SuPoshan: Curbing Malnutrition & Anaemia with Community based approach at 5 port locations. Activities includes Anthropometric measurement process of children of age group 0-5 years, H.B. screening process undertaken by Sangini for the adolescents, pregnant and lactating mothers. 24#25Corporate Social Responsibility - Adani Foundation 11566 students and teachers from 194 schools and institutes visited the Ports under the Udaan Project. Udaan is a project that involves exposure visits for school and college students to Business units (Ports, Power Plants & Wilmar) to inspire them to dream big in life. Adani Vidya Mandir, Ahmedabad • On March 8, the Women's Day was celebrated by felicitating the housekeeping female staff and appreciating their work and contribution to the school. SAKSHAM • • adani Forts and Logistics Adani Foundation and Adani Skill Development Centre supported the DRDA (District Rural Development Authority) to complete its mission of empowering 18 widow women by providing General Duty Assistant training. Adani Foundation organised a capacity building programme for women from Self-Help Groups with support of Mission Mangalam Team. Three self-help groups were identified for financial support by the Mission Mangalam. 25#26Corporate Social Responsibility - Adani Foundation અદાણી ફાઉન્ડેશનની કૃષિ વિષયક વિવિધ પ્ર Adani Foundation, Mundra received an award recognizing the efforts towards sustainable measures to cultivate and increase the quality and yield of fodder, at the Agricultural Expo in Bhuj. Adani Foundation showcased agricultural initiatives like Maize growing, Fodder Development (NB-21), Drip Irrigation, Bio Gas, Bags made by women from Self-Help Groups, Mangrove Plantation details among other activities. Adani employees adopt education of 704 children of migrant labourers in Mundra: Adani Group employees adopted 704 children of migrant labourers to ensure quality education for the children. The children are now studying in Hindi medium school. They are getting nutritious meals, uniforms and school books under the support program. Special smart e-learning classes have also been introduced for the children. The infrastructure of the school is getting upgraded in order to provide an ideal learning environment. In addition, school buses provided by Adani Ports & Special Economic Zone Ltd. will ferry the children between their homes and the school. adana adar To +BE 84 20 -1-5 10:18 Order of 100 Jute Bags was completed by the women of Self-Help Groups in Jageshwar, with support from Adani Skill Development Centre at Dahej. adani Forts and Logistics Children of migrant labourers in Mundra. 26#27Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking statements," including those relating to general business plans and strategy of Adani Ports and Special Economic Zone Limited ("APSEZL"), the future outlook and growth prospects, and future developments of the business and the competitive and regulatory environment, and statements which contain words or phrases such as 'will', 'expected to', etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of APSEZL's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of APSEZL. APSEZL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. APSEZL assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. APSEZL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of APSEZL. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of its should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. Investor Relations Team : Mr. D. Balasubramanyam Head - Investor Relations: [email protected] (+91 79 2555 9332) Mr. Satya Prakash Mishra: - Senior Manager - Investor Relations: Satyaprakash. [email protected] (+91 79 2555 6016) adani Ports and Logistics 27 22#28CO EVERGR SCRIZIA CRONDS 5. Appendix SADZIS TRANSA#29SANTA BELINA HA CATAMA ADANI LOGISTICS LIMITED xa JAI BHOLE NATH TPT.CO.PANIPAT IN 150 1001 200 EESAN LOGISTICS FY 19 Performance#30APSEZ - Operational Performance Highlights FY 19 adani Ports and Logistics . • . • • • Operational Highlights Record cargo throughput - Volume of 208 MMT -15% Growth Growth across eight ports in India - Mundra 13%, Hazira 16%, Kattupalli 18%, and Dahej 30% Our terminals at major ports handles 12 MMT (127% growth) All segments of cargo register double digit growth Balanced Cargo Mix - Coal 33%, Container 41% Crude plus Other Cargo 26% Acquisitions Completion of Kattupalli acquisition Adani Logistics Ltd. acquires Adani Agri Logistics Ltd. Definitive agreement signed to acquire Innovative B2B Logistics ESG Initiatives An additional Independent Director Ms. Nirupama Rao, IFS, appointed on the Board New Policy on "Related Party Transactions for Acquiring and Sale of Assets" 2nd Sustainability Report released - Qtrly. ESG Report introduced Awards Mundra bags "Port of the Year - Containerized Cargo" - The Gujarat Junction Award 2019" - 30#31APSEZ - Financial Performance Highlights FY 19 P & L Highlights • • Port Revenue is at Rs.8,897 cr against Rs.7,393 cr up Rs.1,504 cr. 20% growth over FY18 Port EBITDA is at Rs. 6,053 cr against Rs.5,144 cr up Rs. 909 cr. 18% growth over FY18 Logistics EBITDA grows by 20% from Rs.76 cr to Rs.90 cr in FY 19, EBIDTA margin @ 16% over 9% in FY 18 adani Ports and Logistics • Record PAT of Rs.4,006 cr EPS of Rs.19.27 (9% growth over FY18) Balance Sheet Highlights Total receivables decrease by Rs.1,106 cr. Adani Power receivable decreased by Rs.200 cr • • Capex Rs.2,522 cr as per FY 19 guided range Cash flow from operations after change in working capital and investing activities Rs.1,570 cr Net Debt to EBITDA at 2.9x, which is within desired level of <3x 31#32- FY '19 (Rs. in Cr.) Consolidated Financial Performance Revenue EBIDTA* ** 7145 adani Ports and Logistics 11323 FY 18 5234 PBT 10925 FY 19 FY 18 5126 3683 7067 FY 19 PAT 4,006 FY 18 FY 19 FY 18 FY 19 Revenue* has grown by 15% (Excluding SEZ income of Rs. 769 cr. in FY19 vs. Rs 2481 cr in FY 18) EBITDA** has grown by 17% (Excluding SEZ EBITDA of Rs. 665 cr. in FY9 vs. Rs. 1679 cr. in FY 18) PAT has grown by 9% to Rs.4,006 cr, highest in APSEZ history. *Core Operating Revenue **EBIDTA excludes Forex Gain / Loss, FY 18 reported EBIDTA was including 63 cr of Ind As treatment for Kattupalli. 32 22#33Revenue - Segment Wise Break up FY '19 adani Ports and Logistics 2,481 827 411. FY 18 210 7,393 769 FY 19 (Rs. In Cr.) 452 225 583 8,897 Ports SEZ Logistics Australia Other revenue Ports SEZ Logistics Australia Other revenue Total Revenue - Rs.11,323 cr. Port Revenue - Rs.7,393 cr. Total Revenue - Rs.10,925 cr. Total Revenue Ports Revenue - 4% up 20% Port Revenue - Rs.8,897 cr. 33#34EBIDTA* - Segment Wise Break up FY 19 1679 FY 18 36 210 76 5144 (Rs. In Cr.) FY 19 90 35 225 665 6053 Ports SEZ Logistics Australia Other revenue Ports SEZ Logistics Australia Other revenue Total EBIDTA - Rs.7,145 cr. Port EBIDTA - Rs.5,144 cr. Total EBIDTA - 1% Ports EBIDTA up 18% adani Ports and Logistics **EBIDTA excludes Forex Gain / Loss, FY 18 reported EBIDTA was including 63 cr of Ind As treatment for Kattupalli. Total EBIDTA - Rs.7,067 cr. Port EBIDTA - Rs.6,053 cr. 44 34#35Key Ports & Logistic Vertical Performance FY '19 (Rs. In Cr.) Particulars Cargo (MMT) Operating Revenue Expenses EBIDTA EBIDTA % Mundra Hazira Dahej Dhamra Kattupalli / MIDPL 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 137 122 20 17 9 7 21 21 9 8 5,336 6,534 1,106 962 421 335 1,106 931 211 165 1,552 2,025 301 268 152 115 451 395 89 123 3,784 4,509 804 694 269 220 655 536 122 42 71% 69% 73% 72% 64% 66% 59% 58% 58% 25% Harbour Logistics Others Elimination Consol Particulars 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 Cargo (MMT) 12 5 208 180 Operating Revenue 1,263 1,039 583 827 1,397 938 -498 -408 10,925 11,323 Expenses 136 107 492 751 1,110 752 -426 -359 3,858 4,178 EBIDTA 1,127 932 90 76 287 186 -72 -49 7,067 7,145 EBIDTA % 89% 90% 16% 9% 21% 20% 14% 12% 65% 63% Mundra - Includes SEZ income of Rs769 cr in FY 19 vs. Rs.2,481 cr. in FY 18 and SEZ EBITDA Rs. 665 cr in FY 19 vs. Rs. 1679 cr in FY 18. To have fair comparison of Mundra EBIDTA margin Rs.65 cr of one time incentive to be eliminated. Kattupalli - Operating cost reported last year includes the Ind AS treatment of finance cost of Rs.63 cr which has been removed in current year. Kattupalli EBITDA not comparable as it was acquired in June 2018 Others includes Goa, Tuna, Vizag, Shanti Sagar International Dredging, Australia Ops, Ennore, Aviation and Utilities adani Ports and Logistics Above financials are based on standalone. Consolidated financials eliminates inter company transactions. 35#36Debt Profile & Key Rating Ratios - FY 19 Net Debt (Rs. In Cr.) Maturity profile of Long Term Debt 54% Description Mar'2018 Mar'2019 Variance Long Term Borrowings 20,629 19,883 (746) Short Term Borrowings 1 6,188 6,187 34% Current Portion of Long Term Borrowings 802 1,116 314 Gross Debt 21,432 27,188 5,756 Less Cash and Bank Balances 2,968 5,967 3,000 Less Current Investments 520 514 (6) 6% 5% Total Cash & Cash equivalent 3,487 6,481 2,994 Net Debt 17,945 20,707 2,762 < 1 Year 1-3 Years 3-5 Years > 5 Years FFO / Gross Debt (18% -25%) FFO / Net Debt (13% to 15%) 22.4% 25.1% 18.7% 22.7% *Net Debt to EBIDTA at 2.9x. Debt maturity at 4.08 years. Key ratios within rating agencies norms.. FFO Interest coverage (3x - 4.5x) 5.4x 4.5x adani i) Ports and Logistics ii) FFO (Funds from operations): EBIDTA - Interest and Tax paid in cash + Interest received in cash. *calculated on an EBIDTA of 7067 cr 36#37Key Return Ratios & Cash Flow adani Ports and Logistics Ratios ROCE ROE Net Debt/EBIDTA (Rs. in cr.) FY 17 FY 18 FY 19 12.1% 15.8% 13.5% 24.9% 19.0% 17.6% 3.4x 2.5x 2.9x Continue to maintain net debt to EBITDA within our desired level of 3 to 3.5x Investment in new assets viz. Kattupalli, Dhamra and Terminals at Major Ports are yet to achieve their full potential, thereby impacting profitability ratios in the interim 42 37#38SANTA BELINA HA CATAMA ADANI LOGISTICS LIMITED xa JAI BHOLE NATH TPT.CO.PANIPAT IN 150 1001 200 EESAN LOGISTICS ESG Performance#39Health and Safety adani Forts and Logistics Safety Performance 0.22 0.18 0.21 0.26 0.29 0.18 iti ih 0.06 0.03 0.02 5 14 18 13 16 23 14 FY 17 FY18 FY 19 FY 17 FY18 FY 19 FY 17 FY18 FY 19 Work Related Injury (Fatality) High Consequence Work Related Injuries (LTI) (On Roll + Contractual + Third Party Associates) Number Rate Recordable Work Related Injuries (Fatality + LTI) Our clearly stated goal is 'No Fatality, No Injuries and No Excuses and are working towards it 39#40Climate Change and Energy adani Forts and Logistics Energy - Performance 9906 9071 6246 3296 0 1743 14356 18851 15503 44610 1748 52851 9738 IIIf 7043 15806 782276 681000 464162 2565281 2342188 2295625 1850402 305201 FY 16 FY 17 FY 18 FY 19 FY 16 FY 17 FY 18 FY 19 Standalone Consolidated Non-Renewable Energy (GJ) Renewable Energy (GJ) ...... Intensity (GJ/MMT) Energy consumption per MMT of cargo. handled 47% from previous year FY 18 & ↓ 67% than the base year FY 16 Renewable Energy share is 5% in FY 19 Energy consumption per MMT of cargo handled ↓32% from previous year FY 18 & ↓ 48% than the base year FY 16 Renewable Energy share is 3% in FY 19 40#41Climate change and energy GHG Emissions - Reduction 2136 2060 2090 1218 74438 66794 65279 94 78 88 45 92 83 67577 51 64 138 44 12 70 2232 1977 1781 1382 }}}] 165051 175568 176616 193817 113 68 76 53 FY 16 FY 17 FY 18 FY 19 FY 16 FY 17 FY 18 FY 19 Standalone Consolidated Scope 1 Scope 2 Intensity (tCO2/MMT) adani Forts and Logistics GHG Emission per MMT of cargo handled 42% from previous year FY 18 & √43% than the base year FY 16 3600 tCO2 GHG emission saved due to renewable energy initiative in FY 19. GHG Emission per MMT of cargo handled 22% from previous year FY 18 & 138% than the base year FY 16 12038 tCO2 GHG emission saved due to renewable energy initiative in FY 19 44 41#42Water Reduction of Water Withdrawal 21% 9% 16% 32% 18% 35% 4% 15% Third-party withdrawal to total water withdrawal (%) 2% 27% 9% 6% 16% 54% 67% 44% 40% ■Surface Water Ground Water ■ Sea Water ■Third Party ■Public Utility ■Private Utility ■ Wastewater from other Industries 422 ML Wastewater treated in our treatment facilities and reused for gardening in FY 19. Hazira Port has laid 14 km long pipeline to channelize treated water effluent of KRIBHCO to our port facility, which has reduced 52% of fresh water withdrawal in FY 19. adani Forts and Logistics Reduced our fresh water withdrawal by increasing the share of wastewater from other industries from 2% in FY 16 to 16% in FY 19. Reduce 72% freshwater withdrawal from shared resources in FY 19 42#43adani Forts and Logistics 2464 Water Water Consumption 31 804 992 13. 896⚫ 6 .37 24 18 20 Im 5008 3648 3254 3508 FY 16 FY 17 FY 18 FY 19 FY 16 FY 17 FY 18 FY 19 Standalone Consolidated Consumption (ML) Intensity (ML/MMT) Water intensity improved by 131% from previous year FY 18, & ↑ 71% from base year FY 16 Water intensity improved by ↑ 10% from previous FY18 & ↑ 51% from base year FY 16 43#44adani Growth with Goodness adani Forts and Logistics 3 44 44