Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Hyflux Water Trust — Q1 2009 Earnings Presentation
16 slides from Singapore Exchange's earnings presentation, May 6, 2009
Slide 1: Hyflux Water Trust 1st Quarter FY2009 Results Announcement
125895-009 Hyflux Water Trust 1st Quarter FY2009 Results Announcement 6 May 2009 0
Slide 2: Agenda
Agenda 1 Financial Review 2 Distribution Statement 3 Operation Review 4 Business Strategy and Outlook 1
Slide 3: Financial Review
Water Trust 1 Financial Review 2
Slide 4: Financial Review – 1Q 09 vs 1Q 08
Water Trust Financial Review – 1Q 09 vs 1Q 08 Actual Actual Variance 1Q 09 1Q 08 S$ mil S$ mil % Total Revenue 14.1 14.4 -2% Total Operating Expenses (11.1) (13.2) -16% Net Operating Income 3.0 1.2 150% Net Profit After Tax 6.3 1.1 473% 3
Slide 5: Financial Review – 1Q 09 vs 1Q 08 (excluding construction)
Water Trust Financial Review – 1Q 09 vs 1Q 08 (excluding construction revenue & expense) Actual Actual Variance 1Q 09 1Q 08 S$ mil S$ mil % Total O&M and Finance Income 6.0 2.8 114% Total Operating Expenses (3.0) (1.6) 88% Net Operating Income 3.0 1.2 150% Net Profit After Tax 6.3 1.1 473% 4
Slide 6: Balance Sheet – 31 Mar 09 vs 31 Dec 08
Water Trust Balance Sheet – 31 Mar 09 vs 31 Dec 08 31 Mar 09 31 Dec 08 Variance S$ mil S$ mil % Non Current Assets 313 291 8% Current Assets 65 66 -2% Total Assets 379 357 6% Total Liabilities (126) (116) 9% Unitholders’ Funds 252 241 5% NAV per unit (cents) 84.1 80.2 5% 5
Slide 7: Cash Flow Statements – 1Q 09 and 1Q 08
Water Trust Cash Flow Statements – 1Q 09 and 1Q 08 1Q 09 1Q 08 S$ mil S$ mil Cash Flow - Operating Activities 1.1 (15.4) Cash Flow - Investing Activities 0.0 0.1 Cash Flow - Financing Activities (5.8) (5.4) Cash and Cash Equivalents - Variance (4.7) (20.7) Cash and Cash Equivalents - beginning of pe
Slide 8: Distribution Statement
Water Trust 2 Distribution Statement 7
Slide 9: Cash Distribution Statement
Water Trust Cash Distribution Statement 1Q 09 1Q 08 S$ mil S$ mil Profit for the Period 6.3 1.1 Repayment of Financial Receivable 0.8 0.4 Other Non-cash Adjustments (3.7) 0.3 Distributable Cash 3.4 1.8 No of Units (millions) 300 300 DPU (cents)* 1.15 0.60 *Distribution per unit before the subordinat
Slide 10: Operation Review
Water Trust 3 Operation Review 9
Slide 11: Designed Capacity and Utilisation Volume
Water Trust Designed Capacity and Utilisation Volume 600 Average Designed Capacity ('000 m3/day) 500 400 294 57% 300 148 115 112 47% 200 90 41% 43% 41% 226 100 147 163 169 43% 130 57% 59% 53% 59% 0 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 Qtr Ave Utilised Volume ('000m3/day) Qtr Ave Unutilised Volume ('000m3/d
Slide 12: Update on Plant
Water Trust Update on Plant Capacity Status (m3/day) Zunhua WTP 40,000 Commenced water supply in 2Q 09 Full pipeline network estimated to complete by 1H09 Changshu WWTP 30,000 Plant enhancement to improve water discharge quality completed. 11
Slide 13: Business Strategy and Outlook
Water Trust 4 Business Strategy and Outlook 12
Slide 14: Mid to Long Term Strategy
Water Trust Mid to Long Term Strategy Short to Medium Term Expand asset base through organic plant expansions/ upgrading enhancement Maintain prudent capital structure Expand asset base through Hyflux ROFOAR pipeline Medium to Long Term Expand asset base through Hyflux ROFOAR pipeline and source for
Slide 15: Sponsor's commitment to HWT's Distribution
Water Trust Sponsor’s commitment to HWT’s Distribution Distribution Distribution per per Unit Unit (cents) (cents) ROFOAR DPU guaranteed by 5.42 cents Sponsor upon completion of 0.16 ROFOAR acquisition Subordination TM to exchange its TM fees into units if the 2009 projections is not met If this is
Slide 16: Outlook
Water Trust Outlook 1. Existing Plants HWT expects its total water plants’ tariff revenue to continue to increase due to: I. Contributions from newly operational plants II. Ability to secure tariff increases 2. Enhancement and Expansions HWT will focus on organic growth via enhancement and expansion