Keppel Infrastructure Trust · SGX:A7RU

Keppel Infrastructure Trust — CitySpring Infrastructure Trust — H1 FY2014 Earnings Presentation

22 slides from Keppel Infrastructure Trust's earnings presentation, Nov 4, 2013

  1. Slide 1: Results Briefing for 2Q FY14 and 1H FY14

    Results Briefing for 2Q FY14 and 1H FY14 4 November 2013

  2. Slide 2: Disclaimer

    Disclaimer This presentation is not and does not constitute or form part of, and is not made in connection with, any offer, invitation or recommendation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any units of CitySpring Infrastructure Trust (“CitySpring”) and ne

  3. Slide 3: Contents

    Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 2

  4. Slide 4: Overview

    Overview  Cash Earnings – 1H FY14 Total cash earnings(1) of S$30.0 million, compared to S$55.6 million in 1H FY13 – 2Q FY14 Total cash earnings(1) of S$14.0 million, compared to S$34.5 million in 2Q FY13  Distribution Per Unit (“DPU”) – CitySpring will pay a DPU of 0.82 Singapore cents for 2Q FY14

  5. Slide 5: Overview: City Gas

    Overview Business Highlights  City Gas achieved total cash earnings(3) of S$11.6 million for the quarter compared to S$20.0 million in 2Q FY13  Its customer base grew by about 2.6% from 660,340 as at the end of 2Q FY13 to about 677,900 as at the end of 2Q FY14  The average monthly town gas sales

  6. Slide 6: Overview: SingSpring

    Overview Business Highlights  Achieved total cash earnings(3) of S$3.6 million for the quarter compared to S$3.7 million in 2Q FY13 Overview SingSpring Business Highlights  Continued to maintain record of 100% availability and met all the terms under the Water Purchase Agreement with PUB (3) Attri

  7. Slide 7: Overview: Basslink

    Overview Business Highlights  Achieved cash earnings of A$1.3 million for the quarter compared to A$10.4 million in 2Q FY13  CRSM(4) was negative A$3.7 million for the quarter compared to negative A$2.2 million in 2Q FY13  Achieved cumulative availability of 96.95% for the 9 months ended 30 Bassl

  8. Slide 8: Overview: CityNet and OpenNet acquisition

    Overview Business Highlights  CityNet, a wholly-owned subsidiary of CitySpring, has, on 22 August 2013, in its capacity as trustee-manager of NetLink Trust, entered into conditional sale and purchase agreements to acquire 100% of OpenNet Pte. Ltd. ("OpenNet") (the “Acquisition”). This transaction i

  9. Slide 9: Overview: Refinancing Plans

    Overview Refinancing Plans  The Group is in discussion with banks to re-finance the corporate loan and the City Gas loan totalling S$270.3 million which will expire within the next 12 months.  In preparation for the refinancing of the Basslink bonds of A$486 million due in August 2015, Basslink ha

  10. Slide 10: Contents

    Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 9

  11. Slide 11: Group Financial Results

    Group Financial Results Revenue (S$ millions) Cash Earnings (S$ millions) 129.6 132.7 34.5 14.0 2Q FY14 2Q FY13 2Q FY14 2Q FY13 Private and Confidential 10

  12. Slide 12: 2Q FY14 versus 2Q FY13 Cash Earnings

    Group Financial Results 2Q FY14 versus 2Q FY13 Cash Earnings Factors contributing to lower cash earnings are: - The time lag in the adjustment of gas tariffs to reflect actual fuel cost for City Gas - Lower contributions from Basslink Private and Confidential 11

  13. Slide 13: Group Cash Earnings

    Group Financial Results Group Cash Earnings 2Q FY14 2Q FY13 S$'000 S$'000 Cash Earnings 14,013 34,546 Applied as follows: Principal Repayment of Subsidiary Entity Loan (2,610) (2,369) Distribution to Unitholders (12,455) (12,455) Net Balance (1,052) 19,722 Group cash and bank balances as at 30 Septe

  14. Slide 14: Contents

    Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 13

  15. Slide 15: Subsidiaries' Financial Results: City Gas

    Subsidiaries’ Financial Results City Gas 2Q FY14 2Q FY13 1H FY14 1H FY13 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 98,702 98,314 0.4 195,533 196,806 (0.6) Other income 276 241 14.5 517 501 3.2 Other gain/(losses) - net 98 (55) N/M 180 65 176.9 Expenses Fuel an

  16. Slide 16: Subsidiaries' Financial Results: SingSpring

    Subsidiaries’ Financial Results SingSpring 2Q FY14 2Q FY13 1H FY14 1H FY13 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 10,521 11,020 (4.5) 20,073 22,955 (12.6) Other income 3 89 (96.6) 5 91 (94.5) Expenses Fuel and electricity costs (3,731) (4,175) 10.6 (6,830)

  17. Slide 17: Subsidiaries' Financial Results: Basslink

    Subsidiaries’ Financial Results Basslink 2Q FY14 2Q FY13 1H FY14 1H FY13 Actual Actual Change Actual Actual Change A$'000 A$'000 % A$'000 A$'000 % Revenue 17,107 17,631 (3.0) 33,362 34,569 (3.5) Other income 255 330 (22.7) 533 700 (23.9) Other losses - net (584) (2,162) 73.0 N/M (252) (7,652) 96.7 E

  18. Slide 18: Appendix

    Appendix Private and Confidential 17

  19. Slide 19: Group Consolidated Income Statement

    Group Financial Results Group Consolidated Income Statement 2Q FY14 2Q FY13 1H FY14 1H FY13 Actual Actual Change Actual Actual Change S$’000 S$’000 % S$’000 S$’000 % Revenue 129,646 132,710 (2.3) 256,696 265,288 (3.2) Other income 687 886 (22.5) 1,378 1,782 (22.7) Other losses - net (495) (2,970) 83

  20. Slide 20: Group Consolidated Balance Sheet

    Group Financial Results Group Consolidated Balance Sheet As at 30 Sept 13 As at 31 Mar 13 S$'000 S$'000 ASSETS Cash and bank deposits 243,381 202,364 Derivative financial instruments 2,008 - Trade and other receivables 64,456 64,924 Inventories 20,469 18,096 Intangibles 394,454 404,463 Finance lease

  21. Slide 21: Group Consolidated Cash Flow Statement

    Group Financial Results Group Consolidated Cash Flow Statement 2Q FY14 2Q FY13 1H FY14 1H FY13 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 Operating activities (Loss)/profit before income tax (203) 11,306 (963) 10,122 Non-cash adjustments 28,060 31,847 57,289 67,698 Operating cash flow b

  22. Slide 22: Group Cash Earnings

    Group Financial Results Group Cash Earnings 2Q FY14 2Q FY13 1H FY14 1H FY13 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 EBITDA 27,771 40,847 57,236 68,712 Add/(less): Other cash receipts 1,564 7,866 3,249 9,466 Net finance costs (13,172) (14,467) (26,809) (28,384) Fair value loss/(gain)

CitySpring Infrastructure Trust — H1 FY2014 Earnings Presentation on 6ix