Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — CitySpring Infrastructure Trust — Q3 FY2013 Earnings Presentation
21 slides from Keppel Infrastructure Trust's earnings presentation, Feb 8, 2013
Slide 1: Results Briefing for 3Q FY13
Results Briefing for 3Q FY13 8 February 2013
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
Slide 3: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 2
Slide 4: Overview
Overview Cash Earnings – 9M FY13 Total cash earnings(1) of S$82.9 million, compared to S$38.1 million in 9M FY12 – 3Q FY13 Total cash earnings(1) of S$24.9 million, compared to S$18.9 million in 3Q FY12 Distribution Per Unit (“DPU”) – CitySpring will pay a DPU of 0.82 Singapore cents for 3Q FY13
Slide 5: Overview: City Gas Business Highlights
Overview Business Highlights City Gas recorded higher cash earnings of S$16.6 million for the quarter compared to S$9.7 million in the previous corresponding quarter due mainly to tariff adjustment that compensated for higher fuel costs in prior period. Customer base grew by about 3% from 646,51
Slide 6: Overview: SingSpring Business Highlights
Overview Business Highlights • Achieved total cash earnings of S$4.7 million for the quarter compared to S$4.5 million in 3Q FY12. SingSpring • Continued to maintain record of 100% availability and met all the terms under the Water Purchase Agreement with PUB. Private and Confidential 5
Slide 7: Overview: Basslink Business Highlights
Overview Business Highlights • Achieved cash earnings of A$5.0 million for the quarter compared to A$5.1 million in 3Q FY12. • Lower negative CRSM(2),(3) payment of A$1.7 million (approximately S$2.1 Basslink million) compared to negative A$3.6 million (approximately S$4.7 million) in 3Q FY12. • Ach
Slide 8: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 7
Slide 9: 3Q FY13 vs 3Q FY12
Group Financial Results 3Q FY13 vs 3Q FY12 Revenue Cash Earnings (1) 140.0 130.7 30.0 125.5 24.9 120.0 25.0 100.0 20.0 18.9 S$ millions S$ millions 80.0 15.0 60.0 10.0 40.0 20.0 5.0 0.0 0.0 3Q FY13 3Q FY12 3Q FY13 3Q FY12 (1) Cash earnings is defined as EBITDA adjusted for cash and non-cash items, l
Slide 10: 9M FY13 vs 9M FY12
Group Financial Results 9M FY13 vs 9M FY12 (1) Cash Earnings Revenue 90 82.9 450.0 80 396.0 400.0 352.7 70 350.0 60 S$ millions 300.0 S$ millions 50 250.0 38.1 40 200.0 30 150.0 100.0 20 50.0 10 0.0 0 9M FY13 9M FY12 9M FY13 9M FY12 (1) Cash earnings is defined as EBITDA adjusted for cash and non-ca
Slide 11: Group Financial Results
Group Financial Results 3Q FY13 cash earnings of S$24.9 million was S$5.9 million higher compared to 3Q FY12 cash earnings due mainly to: • City Gas’ profit margin in 3Q FY13 was more favourable compared to that in 3Q FY12. Short-term profit margins are affected by movements in fuel costs. City Gas
Slide 12: Group Financial Results: Cash Earnings
Group Financial Results Group Cash Earnings 3Q FY13 3Q FY12 9M FY13 9M FY12 S$'000 S$'000 S$'000 S$'000 Cash Earnings 24,863 18,928 82,904 38,107 Applied as follows: Principal Repayment of Subsidiary Entity Loan (2,370) (2,370) (7,109) (7,109) Non-controlling interest (1,171) (1,102) (3,565) (3,269)
Slide 13: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 12
Slide 14: Subsidiaries' Financial Results: City Gas
Subsidiaries’ Financial Results City Gas 3Q FY13 3Q FY12 9M FY13 9M FY12 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 96,089 92,853 3.5 292,895 259,161 13.0 Other income 269 319 (15.7) 770 745 3.4 Other (losses)/gains - net (87) 443 N/M (22) (79) 72.2 Expenses Fu
Slide 15: Subsidiaries' Financial Results: SingSpring
Subsidiaries’ Financial Results SingSpring 3Q FY13 3Q FY12 9M FY13 9M FY12 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 10,604 9,731 9.0 33,559 28,611 17.3 Other income 2 1 100.0 93 4 N/M Expenses Fuel and electricity costs (3,972) (3,152) (26.0) (12,895) (9,133)
Slide 16: Subsidiaries' Financial Results: Basslink
Subsidiaries’ Financial Results Basslink 3Q FY13 3Q FY12 9M FY13 9M FY12 Actual Actual Change Actual Actual Change A$'000 A$'000 % A$'000 A$'000 % Revenue 18,454 17,162 7.5 53,023 49,131 7.9 Other income 317 619 (48.8) 1,017 1,387 (26.7) Other (losses)/gains - net (492) (27) N/M (1,099) 14,992 N/M E
Slide 17: Appendix
Appendix Private and Confidential 16
Slide 18: Consolidated Income Statement
Group Financial Results Group Consolidated Income Statement 3Q FY13 3Q FY12 9M FY13 9M FY12 Actual Actual Change Actual Actual Change S$’000 S$’000 % S$’000 S$’000 % Revenue 130,670 125,483 4.1 395,958 352,693 12.3 Other income 831 1,244 (33.2) 2,613 3,497 (25.3) Other (losses)/gains - net (828) 1,7
Slide 19: Consolidated Balance Sheet
Group Financial Results Group Consolidated Balance Sheet As at 31 Dec 12 As at 31 Mar 12 S$'000 S$'000 ASSETS Cash and bank deposits 194,642 160,533 Derivative financial instruments - 8,736 Trade and other receivables 60,087 64,477 Inventories 16,908 15,208 Intangibles 406,481 416,462 Finance lease
Slide 20: Consolidated Cash Flow Statement
Group Financial Results Group Consolidated Cash Flow Statement 3Q FY13 3Q FY12 9M FY13 9M FY12 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 Operating activities Profit/(loss) before income tax 8,199 9 18,321 (16,408) Non-cash adjustments 29,819 34,023 97,517 98,621 Operating cash flow bef
Slide 21: Cash Earnings
Group Financial Results Group Cash Earnings 3Q FY13 3Q FY12 9M FY13 9M FY12 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 EBITDA 38,980 32,983 107,692 92,616 Add/(less): Other cash receipts 1,413 1,548 10,879 11,450 Net finance costs (14,615) (14,995) (42,999) (51,634) Payment of loan upfr
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