Slide 1: 1H2024 Results Announcement
1H2024 Results Announcement August 6, 2024
Slide 2: CEO's Report
CEO’s Report Wong Kim Yin Group President & CEO © Sembcorp Industries
Slide 3: 1H2024 Group Financials
SC-Restricted 1H2024 Group Financials Continuing Operations 1H24 vs 1H23 Turnover Earnings Per Share (before EI) S$3,208 million 12% 29.9 cents (EPS: 30.3 cents) EBITDA1 Group ROE before EI (annualised)3 10% 21.0% (ROE: 21.1%) S$889 million Adjusted EBITDA2 S$1,042 million 09% The Board announ
Slide 4: Gas & Related Services: Robust Earnings Despite Major Maintenance and Lower Wholesale Prices
GAS & RELATED SERVICES Robust Earnings Despite Major Maintenance and Lower Wholesale Prices Group Contracting Profile1 3% 6%3% Resilient earnings testament to proactive long- 11% 29% term contracting strategy 34% By By contract 49% customer 44% • Successfully shortened major maintenance period for t
Slide 5: Renewables: Continued Growth in Capacity; Lower Contribution Due to Weakness in China
RENEWABLES Continued Growth in Capacity; Lower Contribution Due to Weakness in China Gross Renewables Capacity (GW/ GWh)* Lower earnings partially offset by new operational 30 projects 25 • Higher curtailment in China due to weaker economic 25 conditions 20 • Lower average battery earnings in the UK
Slide 6: Integrated Urban Solutions: Higher Urban Land Sales in 1H24
INTEGRATED URBAN SOLUTIONS Higher Urban Land Sales in 1H24 Land sales (ha) Increased Land Sales 129 • Healthy industrial and business land sales achieved in Vietnam and Indonesia • Higher land sales due to recovery in business confidence 85 Expanding Land Bank • Expanded portfolio in Vietnam to 18 i
Slide 7: Financial Review
Financial Review Eugene Cheng Group CFO © Sembcorp Industries
Slide 8: Key Financials Highlights
Key Financials S$ million 1H24 1H23 Δ% Highlights Turnover 3,208 3,658 (12) • Turnover declined mainly due to the EBITDA1 889 993 (10) Gas and Related Services segment Share of Results: Associates & JVs, Net of Tax 153 146 5 in Singapore and the UK Adjusted EBITDA2 1,042 1,139 (9) • Lower net profit
Slide 9: Group Turnover Highlights
Group Turnover S$ million 1H24 1H23 Δ% Highlights Gas and Related Services 2,338 2,858 (18) • Decline in turnover for Gas and Renewables 371 374 (1) Related Services due to lower gas offtake and gas prices, as well as Integrated Urban Solutions 209 206 1 lower power prices in Singapore Decarbonisati
Slide 10: Group Net Profit Highlights
Group Net Profit S$ million 1H24 1H23 Δ% Highlights Gas and Related Services 339 435 (22) • Lower profitability in Gas and Related Renewables 104 119 (13) Services segment largely due to planned maintenance for Singapore Integrated Urban Solutions 70 49 43 cogeneration plant and lower pool Decarboni
Slide 11: Group Net Profit 1H24 vs 1H23
Group Net Profit 1H24 vs 1H23 • Gas and Related Services segment declined largely due to planned major maintenance and lower pool gains in Singapore post implementation of the temporary price cap. This was partially offset by optimisation of contracted position versus the Singapore spot price. Decli
Slide 12: Group Capital Expenditure and Equity Investment Highlights
Group Capital Expenditure and Equity Investment S$ million 1H24 1H23 Highlights Capital Expenditure • Capital expenditure of Gas and Gas and Related Services 200 36 Related Services segment increased Renewables 489 247 due to construction of a new multi- utilities centre and a 600MW Integrated Urban
Slide 13: Group Free Cash Flow Highlights
Group Free Cash Flow S$ million 1H24 1H23 Highlights Cash Flow From Operating Activities • Lower cash flow from operating - Before Changes in Working Capital 761 900 activities before changes in working capital mainly due to lower EBITDA - Changes in Working Capital (98) (41) • Increase in Free Cash
Slide 14: Group Borrowings Highlights
Group Borrowings S$ million Jun 30, 2024 Dec 31, 2023 Highlights Gross Debt 8,356 7,254 Total Equity 5,335 4,872 • Gross debt increased mainly due to: Total Capital 13,691 12,126 - Borrowings incurred for the acquisitions of renewables Corporate Debt 6,553 5,939 - Consolidation of underlying borrowi
Slide 15: Debt Profile
Group Debt Profile Debt Maturity Profile as at Jun 30, 2024 S$ million 3,254 1,402 Green and Sustainability- 1,980 Linked Borrowings 1,507 551 Other Corporate Borrowings 1,170 657 920 Project Finance Loans 451 507 1,086 48 295 92 430 283 210 682 314 149 66 343 157 158 Within 1 year 1 - 2 years 2 - 3
Slide 16: Group Liquidity Highlights
Group Liquidity S$ million Jun 30, 2024 Dec 31, 2023 Highlights Cash and Cash Equivalents 1,097 767 • Borrowings increased due to loans drawn for the acquisitions of Borrowing Facilities renewables Committed Facilities 11,115 9,662 Less: Amount Drawn Down (8,286) (7,205) Unutilised Committed Facilit
Slide 17: Outlook
Outlook The Group showed resilient performance in the first half of 2024. Contribution from the Gas and Related Services segment was lower mainly due to the planned major maintenance in Singapore. The Renewables segment saw higher curtailment in China. This was offset by an increase in earnings from
Slide 18: Development to Note
Development to Note • Cessation of the Public Cleaning Contract for the Central-North region from end-September 2024 for the Integrated Urban Solutions segment 18 © Sembcorp Industries
Slide 19: Disclaimer
Disclaimer This presentation contains certain statements that are not statements of historical fact, i.e. forward-looking statements. These forward-looking statements are based on current expectations, estimates, projections and assumptions about future events. Although Sembcorp Industries believes
Slide 20: Appendix
Appendix © Sembcorp Industries
Slide 21: EBITDA and Adjusted EBITDA Highlights
Group EBITDA and Adjusted EBITDA Highlights S$ million 1H24 1H23 Δ% Gas and Related Services 428 581 (26) • Lower EBITDA in 1H24 mainly due to Renewables 278 263 6 lower contribution in the Gas and Integrated Urban Solutions 62 55 13 Related Services segment in Singapore due to the planned major mai
Slide 22: Group Borrowings
Group Borrowings S$ million Amount Drawn Fixed / Floating Rate* Year of Maturity Corporate Debt 6,553 Medium Term Notes (issued 2010) 100 4.250% 2025 Medium Term Notes (issued 2014) 150 3.593% 2026 Medium Term Notes (Green bond issued 2021) 400 2.450% 2031 Medium Term Notes (Green bond issued 2023)
Slide 23: Renewables Capacity
Group Renewables Capacity Gross capacity, MW / MWh Attributable capacity, MW/ MWh As at Jun 30, 2024 Installed Under Construction Installed Under Construction Solar 3,149 3,020 2,118 2,395 - Singapore 390 210 390 210 - Vietnam 262 8 172 4 - Indonesia 11 42 6 22 - China 1,810 770 912 273 - India 676
Slide 24: Renewables Capacity Under Construction
Group Renewables Capacity Under Construction Gross renewables capacity (MW/ MWh)* Gross renewables capacity (MW/ MWh)* Expected completion schedule by country, as at June 30, 2024 Expected completion schedule by technology, as at June 30, 2024 2,294 2,294 14 500 797 147 310 1,310 1,310 300 827 827 1