Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — Q1 FY2013 Earnings Presentation
20 slides from Keppel Infrastructure Trust's earnings presentation, Aug 2, 2012
Slide 1: Results Briefing for 1Q FY13
Results Briefing for 1Q FY13 2 August 2012
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
Co te ts Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 2
Slide 4: Overview
Overview Cash Earnings – 1Q FY13 Total cash earnings(1) of S$22.3 million, compared to S$3.6 million in 1Q FY12 Distribution Per Unit (“DPU”) – CitySpring Cit Spring will ill pay pa a DPU of 0.82 0 82 Singapore cents for 1Q FY13. FY13 This is in line with ith the target annual DPU of 3.28 Singap
Slide 5: Overview: City Gas Business Highlights
Overview Business Highlights g g City Gas achieved total cash earnings of S$16.8 million for the quarter. Its customer base grew by about 3% from 636,890 as at the end of 1Q FY12 to about 655,980 as at the end of 1Q FY13. City Gas Town gas volume has improved for most segments of the market se
Slide 6: Overview: SingSpring Business Highlights
Overview Business Highlights g g • Achieved total cash earnings of S$4.7 S$4 7 million for the quarter SingSpring • Continues 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 g g • Achieved cash earnings of A$2.3 million for the quarter Basslink • CRSM((2)) was negative A$3.5 A$3 5 million for the quarter • Achieved cumulative availability of 100% for the 6 months ended 30 June 2012. (2) The Commercial Risk Sharing Mechanism (“CRSM”) is a mec
Slide 8: Contents
Co te ts Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 7
Slide 9: Group Financial Results: Revenue and Cash Earnings
Group p Financial Results Revenue Cash Earnings (1) 140.0 132.6 25.0 22.3 120.0 110.7 20.0 100.0 S$ millions S$ millions 15.0 80.0 60.0 10.0 40.0 5.0 3.6 20.0 0.0 0.0 1Q FY13 1Q FY12 1Q FY13 1Q FY12 (1) Cash earnings is defined as EBITDA adjusted for cash and non-cash items, less cash interest, cash
Slide 10: Group Financial Results
Group p Financial Results 1Q FY13 cash earnings of S$22.3 million was S$18.7 million higher compared to 1Q FY12 cash earnings of S$3.6 million due mainly to: • City Gas’ profit margin in 1Q FY13 was more favourable compared to that in 1Q FY12. Its short-term profit margins are affected by movements
Slide 11: Group Cash Earnings
Group Financial Results Group p Cash Earnings g 1Q FY13 1Q FY12 S$'000 S$'000 Cash Earnings 22,282 3,626 Applied as follows: Principal Repayment of Subsidiary Entity Loan (2,370) (2,370) Non-controlling interest (1,181) (1,065) Distribution to Unitholders (12,455) (10,289) Group cash earnings for 1Q
Slide 12: Contents
Co te ts Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 11
Slide 13: Subsidiaries' Financial Results: City Gas
Subsidiaries’ Financial Results City y Gas 1Q FY13 1Q FY12 Actual Actual Change S$'000 S$ 000 S$'000 S$ 000 % Revenue 98,492 81,292 21.2 Other income 260 231 12.6 Other gains - net 120 72 66.7 Expenses Fuel and electricity costs (48,793) (43,280) (12.7) Gas transportation costs (20,224) (20,136) (0.
Slide 14: Subsidiaries' Financial Results: SingSpring
Subsidiaries’ Financial Results SingSpring g p g 1Q FY13 1Q FY12 Actual Actual Change S$'000 S$'000 % Revenue 11,935 9,421 26.7 Other income 2 1 100.0 Expenses Fuel and electricity costs (4,748) (3,019) (57.3) Depreciation and amortisation (912) (912) - Operation and maintenance costs (2,318) (1,720
Slide 15: Subsidiaries' Financial Results: Basslink
Subsidiaries’ Financial Results Basslink 1Q FY13 1Q FY12 Actual Actual Change A$'000 A$'000 % R Revenue 16 938 16,938 15 149 15,149 11 8 11.8 Other income 370 359 3.1 Other (losses)/gains - net (193) 7 N/M Expenses Fuel and electricity costs (62) (73) 15.1 15 1 Depreciation and amortisation (7,140)
Slide 16: Appendix
Appendix Private and Confidential 15
Slide 17: Group Consolidated Income Statement
Group Financial Results Group p Consolidated Income Statement 1Q FY13 1Q FY12 Actual Actual Change S$’000 S$ 000 S$’000 S$ 000 % Revenue 132,578 110,664 19.8 Other income 896 994 (9.9) Other (losses)/gains - net (200) 269 N/M T t l expenses Total (127 698) (127,698) (123 872) (123,872) (3 1) (3.1) P
Slide 18: Group Consolidated Balance Sheet
Group Financial Results Group p Consolidated Balance Sheet As at 30 Jun 12 As at 31 Mar 12 S$'000 S$'000 ASSETS Cash and bank deposits 164,848 160,533 Derivative financial instruments - 8,736 Trade and other receivables 62,452 64,477 Inventories 15,975 15,208 Intangibles 413 324 413,324 416 462 416,
Slide 19: Group Consolidated Cash Flow Statement
Group Financial Results Group p Consolidated Cash Flow Statement 1Q FY13 1Q FY12 Actual Actual S$'000 S$ 000 S$'000 S$ 000 Operating activities Loss before income tax (1,184) (13,433) Non-cash adjustments 35,851 37,071 Operating cash flow before working capital changes 34 667 34,667 23 638 23,638 Ch
Slide 20: Group Cash Earnings
Group Financial Results Group p Cash Earnings g 1Q FY13 1Q FY12 Actual Actual S$'000 S$'000 EBITDA 27,865 22,188 Add/(less): Other cash receipts 1,600 1,520 Net finance costs (13,917) (17,120) Payment of loan upfront fees - (3,799) Fair value loss on DFI 6,760 1,488 Other non-cash flow expenses 174
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