Gamuda BerhadScaling New Heights

Q4 2012 INVESTORS’ BRIEFING27 September 2012

INCOME STATEMENT SUMMARY(RMmil) FYE July 2012 FYE July 2011 Change

(%)Revenue 3,087.0 2,673.2 +15Profit from operations (EBIT) 584.5 380.9 +53Finance Costs (62.4) (58.8) +6Share of associates (net of tax) 206.1 222.4 -7Profit before tax 728.2 544.5 +34Tax (162.2) (111.6) +45Minority Interests (18.7) (7.5) +148Net profit attributable to equity holders 547.3 425.4 +29Fully diluted EPS (sen) 25.6 19.8Dividend per share (sen) 12.0 12.0

EBIT margins (%) 18.9 14.2PBT margins (%) 23.6 20.4

BALANCE SHEET SUMMARY(RMmil) As at 31 July ’12 As at 31 July ’11Current Assets 5,218.2 4,545.6Current Liabilities 3,095.6 2,166.4Current Ratio 1.7x 2.1x

Total borrowings 2,182.3 1,949.7Cash and marketable securities 1,616.5 1,385.6Net cash (565.8) (564.1)

Share capital 2,079.4 2,064.8Reserves 1,968.6 1,621.7Equity attributable to equity holders 4,048.0 3,686.6

Net gearing (overall) 14% 15%Net assets per share (RM) 1.95 1.79

QUARTERLY SEGMENTAL PROFITS(RMmil) Q411 Q112 Q212 Q312 Q4 `12 Q4 `11 +/-Construction & Eng 41.3 43.5 58.5 58.8 61.2 41.3 +48Properties 38.9 58.8 71.8 79.6 76.0 38.9 +95Concessions 70.9 64.8 58.0 57.6 39.5 70.9 -44

Group Pretax Profit 151.1 167.1 188.3 196.0 176.7 151.1 +17Group Net Profit 126.2 132.3 136.5 138.0 140.5 126.2 +11

% FY `12 FY `11Construction 11.7 7.8Properties 26.8 21.3Concessions n.m. n.m.Group PBT 23.6 20.4

Pretax Margins (YTD)(RMmil) FY `12 FY `11 +/-Construction 222.0 143.3 +55Properties 286.2 149.9 +91Concessions 220.0 251.3 -12Group PBT 728.2 544.5 +34

YTD Segmentals

KEY HIGHLIGHTS• Second consecutive record-breaking year – revenues broke

the RM3bn mark (+15%); net profit just shy of RM550m (+29%); driven by construction and properties

• KVMRT 90% awarded – civil works fully awarded, non-civil works almost 65% awarded, works momentum fast gaining traction

• Focusing on new projects for 2013 – potential for >RM10bn new order book

• Property sales achieve new record – RM1.5bn (+16%) new sales in FY12, targeting 10% growth in FY13

• Strong prospects for another record-breaking FY13 – underpinned by strong construction activity, sizeable unbilled property sales

KEY CORPORATE UPDATES

• KVMRT – another 14 packages worth RM5.2bn awarded in last 3 months; to date, total of 45 packages worth RM19.0bn (90%) awarded; 13 tenders in progress; 27 packages yet to be called, expect to achieve 98% award level by year end

• All 8 Viaduct packages awarded; For civil works, only 3 more Station packages outstanding; awards expected by October

• RM1.5bn new property sales achieved in FY12 (+16%) - comprising RM1150m (Malaysia) and RM380m (Vietnam); targets for FY13 revised down for Vietnam

• Recently purchased a 4.86 acre piece of freehold commercial land in Kelana Jaya for RM95m cash; GDV of RM630m

CONSTRUCTION ORDER BOOK

Major Projects

Balance works

(RMbn)

Completion Status

Comments% now

completion date

Major OngoingDouble Tracking (50% share)

0.9 86 2014 Mainly systems works ongoing

Recently SecuredKVMRT Tunneling (50% share)

3.9 4 2017 TBMs procured, work ongoing at all seven underground stations simultaneously

Recently CompletedYenso Park STPNDIA – Ph 1, 2}

--

100100

20122012

Preparing for handoverAirport opening in Dec 2012

• Current unbilled order book about RM4.8 billion

CONSTRUCTION - OUTLOOK

• Strong performance in FY12 despite dip in Q4 margin; Significant margin expansion with full year margin averaging 11.7% vs 7.8% previously; Q4 margin dips to 9.1% as Double Track moves into Systems phase and PDP revenues kick in

• All 10 TBMs procured, manufacturing progressing on track for first deliveries in late Q1 `13; preparatory station works ongoing at all 7 underground stations simultaneously; launch shafts works making good progress at North, South portals

• Visible activity at several elevated packages – piling works (V4, V5, V6), utility relocations (SB depot, V1, V6), batching plants, casting yards construction for SBG supply

• Focused on securing new projects for execution in 2013/4

PJU 5

9

Kajang Depot

DEPOT 1Trans Resources

V1Syarikat Muhibbah Perniagaan & Pembinaan

Start construction: June 2012

V2Gadang Engineering

Start construction: July 2012

V3Mudajaya

Start construction: August 2012

V4Sunway Construction

Start construction: June 2012

UNDERGROUNDMMC GAMUDA (T) KVMRT

Start construction: March 2012

V5IJM Construction

Start construction: March 2012

V6Ahmad Zaki

Start construction: March 2012

V7MTD Construction

Start construction: August 2012

V8UEM Construction

SBK Line – Summary of Civil PackagesSUNGAI BULOH

KG BARUSUNGAI BULOH

KOTADAMANSARATAMAN

INDUSTRI SG. BULOH

THE CURVE

ONE UTAMATTDI

PBD

SEMANTAN

KL SENTRAL

PASARSENI

MERDEKA

BUKITBINTANGCENTRAL

PASAR RAKYAT

COCHRANE

MALURI

TMN BUKIT MEWAH

LEISURE MALL

PLAZA PHOENIX

TAMAN SUNTEX

TAMAN CUEPACS

TAMAN KOPERASI

BDR TUN HUSSIEN ONN

SAUJANAIMPIAN

BANDARKAJANG

KAJANG

DATARANSUNWAY SECTION

16

TMN BUKIT RIA

BALAKONG

RRI

TEKNOLOGI

BUKIT KIARA

DEPOT 2TSR Bina S/B

Start construction: August 2012

Sg Buloh Depot

PP

P

P P P

P

P

PP

P

P

P

P

P

 DESCRIPTION Total Elev. U/G

Length (km) 51.0 41.5 9.5

Station (nos) 31 24 7

Provisional Station (nos) 3 3 0

Park & Ride 16 16P

PROPERTIES - OUTLOOK• Extremely strong performance with revenues breaking RM1bn

(+51%), PBT near doubling to RM286m (+91%), margins expanding to 26.8% from 21.3%

• Achieved new sales of RM1.5bn (+16%), unbilled sales at RM1.2bn; Domestic sales totalled RM1.15bn (-13%) as sector slows; Vietnam sales totalled RM380m or 25% of group sales

• FY13 sales projections revised down to RM1.7bn (+10%) on back of slower domestic activity, persistent weakness in Vietnam

• Top selling projects are Bandar Botanic (30%), followed closely by Horizon Hills (28%) and Gamuda City (17%); Horizon Hills continues to buck the general slowdown seen in Klang Valley

• City-centre `The Robertson’ to be launched in late FY13; priced at average RM1200 psf; targeting the urban, Gen Y yuppies

Gamuda City, Vietnam (200ha, RM9bn, 2012-2022)

SALES LAUNCHING PLAN

14

Celadon City, Vietnam (80ha, RM5bn, 2011-2018)

13

CONCESSIONS - OUTLOOK

• Weak Q4 due to one-off increase in amortisation costs at Litrak following major review of concession traffic projections

• PBT for Concessions division (water & highway) declined 12% to RM220m

• Water consolidation exercise still deadlocked; unclear when or how impasse can be resolved; indications of a fresh offer from State Govt imminent

THANK YOUFor any clarification, please email

clarence@gamuda.com.my