Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — CitySpring Infrastructure Trust — 1H FY2010 Earnings Presentation
20 slides from Keppel Infrastructure Trust's earnings presentation, Nov 12, 2009
Slide 1: Second Quarter and First Half FY2010 Results Briefing
Second Quarter and First Half FY2010 Results Briefing 12 November 2009
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 Highlights 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 2
Slide 4: Highlights
Highlights • 1H FY10 – Total cash earnings (1) of S$23.5 m, 24.8% higher than 1H FY09 • 2Q FY10 – Total cash earnings of S$9.6 m, compared to S$1.1m in 2Q FY09 – CitySpring will pay a distribution per unit (“DPU”) of 1.05 Singapore cents for 2Q FY10, which is equivalent to 4.2 Singapore cents on an
Slide 5: Highlights: The fundamentals of our business remain strong
Highlights The fundamentals of our business remain strong • The fundamentals of our three businesses remain strong – Basslink and SingSpring, which have long-term contracted revenue based on availability, have met all their operational targets – City Gas’ sales volume has grown compared to the corre
Slide 6: Highlights: Rights Issue
Highlights Rights Issue • Completed a 1-for-1 rights issue on 24 September 2009 • Subscription rate was 139% • Strong support from existing institutional and retail investors • Investor base has increased from 17,000 to 21,000 Private and Confidential 5
Slide 7: Contents
Contents 1 Highlights 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 6
Slide 8: Group Consolidated Income Statement
Group Financial Results Group Consolidated Income Statement 2Q FY10 2Q FY09 1H FY10 1H FY09 Actual Actual Change Actual Actual Change S$’000 S$’000 % S$’000 S$’000 % Revenue 92,106 100,945 (8.8) 174,939 200,316 (12.7) Other income 725 1,743 (58.4) 1,348 3,286 (59.0) Other (losses)/gains - net (517)
Slide 9: Application of Cash Earnings
Group Financial Results Application of Cash Earnings FY08* FY09 1H FY10 S$'000 S$'000 S$'000 Cash Earnings 69,164 60,940 23,496 Principal Repayment of SingSpring Loan (3,498) (4,100) (4,732) Minority Interests (4,073) (4,237) (2,345) Distribution to Unitholders (34,376) (34,300) (18,864) Net Balance
Slide 10: Contents
Contents 1 Highlights 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 9
Slide 11: City Gas
Subsidiaries’ Financial Results City Gas • During the quarter City Gas commenced town gas supply to a number of new commercial and industrial customers. For example: - Orchard Central and ION Orchard shopping malls - The Foodxchange, the latest food processing hub, in Senoko • 18 Hotels & Hostels wi
Slide 12: City Gas Income Statement
Subsidiaries’ Financial Results City Gas 2Q FY10 2Q FY09 1H FY10 1H FY09 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 61,228 77,361 (20.9) 117,738 150,016 (21.5) Other income 327 491 (33.4) 575 810 (29.0) Other gains/(losses) - net 156 (328) N/M 374 (225) N/M Exp
Slide 13: SingSpring
Subsidiaries’ Financial Results SingSpring • SingSpring achieved cash earnings of S$4.7 million for the current quarter and S$9.4 million for 1H FY10 • Dispatch was 42% for the current quarter and 33% for the half year • SingSpring continues to achieve 100% availability Private and Confidential 12
Slide 14: SingSpring Income Statement
Subsidiaries’ Financial Results SingSpring 2Q FY10 2Q FY09 1H FY10 1H FY09 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$’000 S$’000 % Revenue 9,841 6,498 51.4 18,015 12,952 39.1 Other income 3 21 (85.7) 7 41 (82.9) Other gains - net - 1,458 N/M - 2,682 N/M Expenses Fuel and electricit
Slide 15: Basslink
Subsidiaries’ Financial Results Basslink • Basslink achieved cash earnings of A$4.8 million for the current quarter and A$9.7 million for the half year • Cumulative availability for the current calendar year up to 30 September 2009 was 99.8% • Basslink Telecoms has started carrying customer’s traffi
Slide 16: Basslink Income Statement
Subsidiaries’ Financial Results Basslink 2Q FY10 2Q FY09 1H FY10 1H FY09 Actual Actual Change Actual Actual Change A$'000 A$'000 % A$’000 A$’000 % Revenue 17,593 13,827 27.2 33,799 29,542 14.4 Other income 321 845 (62.0) 638 1,677 (62.0) Other gains - net 7 990 (99.3) 17 2,019 (99.2) Expenses Fuel a
Slide 17: Appendix
Appendix Private and Confidential 16
Slide 18: Group Consolidated Balance Sheet
Group Financial Results Group Consolidated Balance Sheet As at 30 Sep 09 As at 31 Mar 09 S$'000 S$'000 ASSETS Cash and bank deposits 131,805 125,934 Derivative financial instruments 96,816 19,733 Trade and other receivables 46,871 43,956 Inventories 11,750 12,379 Intangibles 442,980 441,187 Finance
Slide 19: Group Consolidated Cash Flow Statement
Group Financial Results Group Consolidated Cash Flow Statement 2Q FY10 2Q FY09 1H FY10 1H FY09 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 Cash flows from operating activities Net (loss)/profit after income tax (16,213) (36,712) 8,145 (28,358) Non-cash adjustments 36,055 55,940 46,206 79
Slide 20: Group Cash Earnings
Group Financial Results Group Cash Earnings 2Q FY10 2Q FY09 1H FY10 1H FY09 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 EBITDA 22,361 7,324 57,763 42,000 Add/(less): Lease receivable repayment 1,743 1,678 3,468 3,338 Cash interest (16,801) (15,254) (32,499) (30,558) Upfront fee for corpo
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