Investor Presentaiton
APSEZ: Financial discipline and prudent policy creates value
·
Capital Management
Investment Grade rated since FY16
Improve leverage ratio (from 4.4x to 2.9x)
Incremental earnings deployed for growth (EBIDTA
CAGR of 13% with constant Net Debt)
Forex denominated long term debt
•
Strategy based on underlying FX earnings
FX revenue as a percentage of FX debt
continues to be stable
Exponential increase in FX earnings to FX debt
•
service coverage
221
204
207
186
179
4.4
Net Debt (INR Bn)
3.4
Net Debt/EBITDA
2.9
2.9
2.5
FY16
FY17
FY18
FY19
FY20
2.9x
2.8x
2.7x
2,652
2,163
2,129
1,888
1.5× 1,978
Capital Allocation
0.7x
330
371
410
430
273
•
New projects - Pre-tax project IRR of 16%
•
ROCE to be higher than cost of capital
FY16
FY17
FY18
FY19
FY20
Capital flow mirrors growth vision
adani
Ports and
Logistics
Absolute net debt
and FX debt
obligation
consistent with
net debt to EBITDA
coming down
consistently
FX Revenue
Total FX Debt
FX Maturity Coverage
10View entire presentation