Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — CitySpring Infrastructure Trust — FY2009 Earnings Presentation
25 slides from Keppel Infrastructure Trust's earnings presentation, May 25, 2009
Slide 1: Results Briefing for FY2009
Results Briefing for FY2009 25 May 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 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results 4 Outlook Private and Confidential 2
Slide 4: Overview
Overview • Total cash earnings(1) for the year ended 31 Mar 2009 (“FY2009”) amounted to S$60.9 million versus S$69.2 million for the period from 5 Jan 2007 to 31 Mar 2008 (“FY2008”) • For 4Q FY09, CitySpring will pay a distribution per unit (“DPU”) of 1.75 Singapore cents. This is in line with the p
Slide 5: Stable Cash Earnings and Distribution
Overview Stable Cash Earnings and Distribution Group Cash Earnings (S$’million) 70 69.2 - FY2008 covers the period from 5 Jan 2007 to 31 65 60.9 Mar 2008 and hence is not strictly comparable to 60 55 FY2009 50 45 - CitySpring has delivered steady performance 40 across all businesses for FY2009 FY200
Slide 6: Stability of Cashflow
Overview Stability of Cashflow • CitySpring, as a business trust, is structured to make distribution based on cash earnings. Our underlying businesses provide essential utility services to communities: – City Gas is the sole producer and retailer of town gas; – SingSpring is the only water desalinat
Slide 7: Changes in NAV Due to Hedging
Overview Changes in NAV Due to Hedging • Accounting standards however require the movements in the fair value of these hedge contracts to be recorded in the profit and loss statements and balance sheets which may have the resultant effect of reducing or increasing profit or Net Asset Values (NAV). D
Slide 8: Existing Financing
Overview Existing Financing • Majority of debt of the Group were taken for the acquisition of Basslink. S&P’s and Moody’s reaffirmed investment grade rating for Basslink in Sep/Oct 2008 • No refinancing till Aug 2011 • Interest rate hedging in place. No significant interest rate exposure Debt Struct
Slide 9: Business Highlights: City Gas
Overview Business Highlights • City Gas achieved total cash earnings of S$48.8 million • Total sales volume at 1,699 million kWh was 8.5% higher than the corresponding prior 12 months period. The number of customers grew to be over 600,000 during FY2009 • During the financial year, City Gas was gran
Slide 10: Business Highlights: SingSpring
Overview Business Highlights - SingSpring achieved total cash earnings of S$17.4 million - SingSpring continues to maintain record of 100% availability and met all the terms under the WPA with PUB SingSpring - SingSpring supplied an average of 43,532 m3 of water per day to PUB, representing 32% of t
Slide 11: Business Highlights: Basslink
Overview Business Highlights • Basslink achieved cash earnings of A$18.3 million • Despite unscheduled outages, Basslink achieved cumulative availability of 94.64% for the 12 months ended 31 Dec 2008. Cumulative availability for the Basslink three months ended 31 Mar 2009 was 99.32% • Basslink Telec
Slide 12: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results 4 Outlook Private and Confidential 11
Slide 13: Group Consolidated Income Statement
Group Financial Results Group Consolidated Income Statement Consolidated Income Statement (1) 4Q FY09 4Q FY08 FY09 FY08 Actual Projection Actual Actual Projection Actual S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 Revenue 97,270 94,317 95,833 398,739 377,268 369,387 Other income 728 697 1,770 5,469 2,
Slide 14: Group Cash Earnings
Group Financial Results Group Cash Earnings 12 Feb to S$'000 31 Mar 07 1Q FY08 2Q FY08 3Q FY08 4Q FY08 1Q FY09 2Q FY09 3Q FY09 4Q FY09 Cash Earnings 2,808 11,402 14,089 20,515 20,350 17,745 1,076 20,286 21,833 Principal Repayment of SingSpring Loan (450) (783) (783) (783) (699) (699) (701) (700) (2,
Slide 15: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results 4 Outlook Private and Confidential 14
Slide 16: Subsidiaries' Financial Results: City Gas
Subsidiaries’ Financial Results City Gas City Gas Financial Results 4Q FY09 FY09 (1) 4Q FY08 FY08 Actual Projection Actual Actual Projection Actual S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 Revenue 65,620 64,938 67,576 294,259 259,752 282,278 Other income 331 273 580 1,876 1,092 2,006 Other (losses)
Slide 17: Subsidiaries' Financial Results: SingSpring
Subsidiaries’ Financial Results SingSpring SingSpring Financial Results 4Q FY09 4Q FY08 FY09 FY08 (1) Actual Projection Actual Actual Projection Actual S$'000 S$'000 S$'000 S$’000 S$’000 S$’000 Revenue 11,195 7,248 6,491 31,220 28,992 29,112 Other income 5 - 22 65 - 134 Other gains/(losses) - net -
Slide 18: Subsidiaries' Financial Results: Basslink
Subsidiaries’ Financial Results Basslink Basslink Financial Results 4Q FY09 4Q FY08 FY09 FY08 (1) Actual Projection Actual Actual Projection Actual A$'000 A$'000 A$'000 A$’000 A$’000 A$’000 Revenue 19,697 17,730 17,063 64,614 70,920 45,141 Other income 414 325 815 2,676 1,300 1,987 Other gain/(losse
Slide 19: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results 4 Outlook Private and Confidential 18
Slide 20: Outlook
Outlook Overall - The Trustee-Manager will continue to optimise the cashflow generating capacity of its underlying assets in FY2010 City Gas - With the current slowdown in the Singapore economy, City Gas could face a more challenging environment for FY2010. However, as the sole supplier of town gas
Slide 21: Outlook
Outlook Basslink - Basslink also has a long-term availability-based contract with a state-owned entity. With the majority of the investment in Basslink funded with long-term Australia dollar bonds, distribution from Basslink has a significant hedge against foreign currency exposure - Basslink Teleco
Slide 22: Appendix
Appendix Private and Confidential 21
Slide 23: Group Consolidated Balance Sheet
Group Financial Results Group Consolidated Balance Sheet Consolidated Balance Sheet As at 31 Mar 09 As at 31 Mar 08 S$'000 S$'000 ASSETS Cash and cash equivalents 125,934 105,982 Derivative financial instruments 19,733 147,266 Trade and other receivables 43,956 57,004 Inventories 12,379 13,036 Intan
Slide 24: Group Consolidated Cash Flow Statement
Group Financial Results Group Consolidated Cash Flow Statement Consolidated Cash Flow Statement (1) 4Q FY09 4Q FY08 FY09 FY08 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 Cash flows from operating activities Net loss (157) (11,720) (49,751) (52,022) Non-cash adjustments 33,984 43,870 169,
Slide 25: Group Cash Earnings
Group Financial Results Group Cash Earnings (1) Group Cash Earnings 4Q FY09 4Q FY08 FY09 FY08 Actual Projection Actual Actual Projection Actual S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 EBITDA 29,546 26,883 28,619 84,557 107,532 46,015 (Less)/ add: Lease receivable repayment 1,641 1,657 1,601 6,657
CitySpring Infrastructure Trust — FY2009 Earnings Presentation on 6ix