Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — CitySpring Infrastructure Trust — 1Q FY15 Earnings Presentation
21 slides from Keppel Infrastructure Trust's earnings presentation, Aug 13, 2014
Slide 1: Results Briefing for 1Q FY15
Results Briefing for 1Q FY15 13 August 2014
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 – 1Q FY15 Total cash earnings(1) of S$22.6 million, compared to S$16.0 million in 1Q FY14 Distribution Per Unit (“DPU”) – CitySpring will pay a DPU of 0.82 Singapore cents for 1Q FY15. This is in line with the target annual DPU of 3.28(2) Singapore cents for FY15 (1) Cash
Slide 5: Overview: City Gas business highlights
Overview Business Highlights City Gas achieved total cash earnings of S$12.7 million for the quarter Its customer base grew by about 3.6% from 673,320 as at the end of 1Q FY14 to about 697,450 as at the end of 1Q FY15 Achieved 100% plant availability City Gas City-OG Gas achieved total cash
Slide 6: Overview: SingSpring business highlights
Overview Business Highlights Achieved total cash earnings of S$4.0 million for the quarter Overview Business Highlights SingSpring Achieved 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$6.7 million for the quarter Achieved cumulative availability of 97.96% for the 6 months ended 30 June 2014 (6 months ended 30 June 2013: 95.45%) Basslink CRSM(4) of A$1.0 million due mainly to a positive adjustment(5) for the quarter (4)
Slide 8: Overview: Data Centre One joint venture
Overview Business Highlights CitySpring had announced on 30 June 2014 and 3 July 2014 that it had entered into a joint venture with Shimizu Corporation (“Shimizu”) to develop and lease a data centre in Singapore. The joint venture, Data Centre One Pte Ltd, is 51% owned by CitySpring and 49% owned
Slide 9: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 8
Slide 10: Revenue and Cash Earnings
Group Financial Results Revenue (S$ millions) Cash Earnings (S$ millions) 22.6 133.4 127.1 16.0 1Q FY15 1Q FY14 1Q FY15 1Q FY14 Private and Confidential 9
Slide 11: 1Q FY15 versus 1Q FY14 Cash Earnings
Group Financial Results 1Q FY15 versus 1Q FY14 Cash Earnings Main factors contributing to higher cash earnings are: - The time lag in the adjustment of gas tariffs to reflect actual fuel cost for City Gas - Higher contributions from Basslink due mainly to positive adjustment for CRSM and absence of
Slide 12: Group Cash Earnings
Group Financial Results Group Cash Earnings 1Q FY15 1Q FY14 S$'000 S$'000 Cash Earnings 22,600 15,987 Applied as follows: Principal Repayment of Subsidiary Entity Loan (2,611) (2,611) Distribution to Unitholders (12,455) (12,455) Net Balance 7,534 921 Unrestricted group cash and bank balances as at
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 1Q FY15 1Q FY14 Actual Actual Change S$'000 S$'000 % RevenueIncome Finance 98,575 96,831 1.8 #REF! Other income 325 241 34.9 Other (losses)/gains - net (52) 82 N/M Expenses Fuel and electricity costs (48,989) (48,089) (1.9) Gas transportation costs (21,042) (
Slide 15: Subsidiaries' Financial Results: SingSpring
Subsidiaries’ Financial Results SingSpring 1Q FY15 1Q FY14 Actual Actual Change S$'000 S$'000 % Revenue 8,879 9,552 (7.0) Other income 14 2 N/M Expenses Fuel and electricity costs (2,730) (3,099) 11.9 Depreciation and amortisation (913) (912) (0.1) Operation and maintenance costs (1,735) (1,876) 7.5
Slide 16: Subsidiaries' Financial Results: Basslink
Subsidiaries’ Financial Results Basslink 1Q FY15 1Q FY14 Actual Actual Change A$'000 A$'000 % Revenue 21,278 16,255 30.9 Other income 293 278 5.4 Other (losses)/gains - net (2,449) 332 N/M Expenses Fuel and electricity costs (87) (95) 8.4 Depreciation and amortisation (7,229) (7,233) 0.1 Staff costs
Slide 17: Appendix
Appendix Private and Confidential 16
Slide 18: Group Consolidated Income Statement
Group Financial Results Group Consolidated Income Statement 1Q FY15 1Q FY14 Actual Actual Change S$’000 S$’000 % Revenue 133,361 127,050 5.0 Other income 823 691 19.1 Other losses - net (2,829) (631) N/M Total expenses (125,755) (127,870) 1.7 Profit/(loss) before tax 5,600 (760) N/M #DIV/0! #DIV/0!
Slide 19: Group Consolidated Balance Sheet
Group Financial Results Group Consolidated Balance Sheet As at 30 Jun 14 As at 31 Mar 14 S$'000 S$'000 ASSETS Cash and bank deposits 309,049 304,327 Derivative financial instruments - 3,859 Trade and other receivables 67,165 68,554 Inventories 20,287 20,040 Intangibles 385,981 388,486 Finance lease
Slide 20: Group Consolidated Cash Flow Statement
Group Financial Results Group Consolidated Cash Flow Statement 1Q FY15 1Q FY14 Actual Actual S$'000 S$'000 Operating activities Profit/(loss) before tax 5,600 (760) Non-cash adjustments 31,791 29,229 Operating cash flow before working capital changes 37,391 28,469 Changes in working capital (16,101)
Slide 21: Group Cash Earnings
Group Financial Results Group Cash Earnings 1Q FY15 1Q FY14 Actual Actual S$'000 S$'000 EBITDA 35,186 29,465 Add/(less): Other cash receipts 1,783 1,685 Net finance costs (12,736) (13,637) Fair value loss/(gain) on DFI 2,155 (1,069) Other non-cash flow expenses (443) 768 Maintenance capital expendit
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