Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — H1 2024 Earnings Presentation
28 slides from Keppel Infrastructure Trust's earnings presentation, Jul 26, 2024
Slide 1: 1H 2024 Financial Results
1H 2024 Financial Results 26 July 2024
Slide 2: Outline
Outline 1H 2024 Highlights 3 Business Updates 7 Financial and Capital Management 13 Commitment to Sustainability 18 Additional Information 22 Constituent of: Awards and Accreditations1: MSCI Singapore FTSE ST Large Small Cap Index & Mid-Cap Index 1. Keppel Infrastructure Fund Management Pte. Ltd. is
Slide 3: 1H 2024 Highlights
1H 2024 Highlights Ventura
Slide 4: 1H 2024 Highlights
1H 2024 Highlights Contributions from new acquisitions and KMC, steady operational performance Defensive cash flows supported by a portfolio of critical assets and businesses Higher underlying 1H 2024 distributable income 1H 2024 Distributable Income (DI) of $91.0m due to one-offs and 1H 2024 DPU
Slide 5: 2023-2024 milestones
Driving Portfolio Growth through Acquisitions and Value Creation Well-positioned for growth Expand into transportation infrastructure 2023-2024 milestones Acquisition of Ventura Made 1st solar investment German Solar Portfolio Jun 2024 Jan 2024 Concession and CTA extensions Dec 2023 Dec 2022 Senoko
Slide 6: Ventura: The Largest Bus Operator in Victoria
Ventura: The Largest Bus Operator in Victoria An Essential Infrastructure and Public Service that supports Melbourne’s population growth KIT completed the acquisition of 97.7%1 interest in Ventura Motors Pty Ltd (Ventura) on 3 Jun 2024 Defensive cash flows as >80% of revenue derived from long-te
Slide 7: Business Updates
Business Updates Ixom
Slide 8: Business Updates: Energy Transition
Business Updates: Energy Transition Supports the transition to a low-carbon economy and furthers KIT’s decarbonisation roadmap City Energy: Building new growth engines Continued performance of investments Renewables German German Solar Portfolio European Offshore Wind Portfolio Onshore Wind Platform
Slide 9: Business Updates: Environmental Services
Business Updates: Environmental Services Provides the essential services that protect human health and safeguard the environment EMK: Seeking growth opportunities Stable contributions from concession assets Singapore waste and water assets Senoko Waste- Keppel Seghers to-Energy (WTE) Tuas WTE Plant
Slide 10: Business Updates: Distribution & Storage
Business Updates: Distribution & Storage Supporting and driving economic growth Ixom: Sharpen business for growth Philippine Coastal: Capacity expansion to meet demand Continued solid performance in core products across the Australian and New Zealand Water segments High tank utilisation rate of
Slide 11: Business Updates: Distribution & Storage
Business Updates: Distribution & Storage Supporting and driving economic growth Ventura: Platform of scale to capture growth Continues to deliver on strong performance metrics in punctuality and reliability Availability-based revenue that does not fluctuate with passenger volume nor fares collec
Slide 12: Voluntary Independent Portfolio Valuation
Voluntary Independent Portfolio Valuation Portfolio AUM of $8.8b with new acquisitions and value creation initiatives Improve transparency and better reflect asset values which are largely recognised at cost in statutory reports Higher AUM of $8.8b driven by new acquisitions and growth in existi
Slide 13: Financial and Capital Management
Financial and Capital Management City Energy
Slide 14: 1H 2024 Distribution Details
1H 2024 Distribution Details Steady DPU growth of 1% y-o-y underpinned by contribution from new acquisitions Distribution Per Unit (cents) Distribution Period 1 January 2024 to 30 June 2024 +1% 1.95 Distribution for the Period 1.95 cents 1.931 Distribution Timetable Ex-Date 2 August 2024 Record Date
Slide 15: Distributable Income (DI)
Distributable Income (DI) S$’000 1H 2024 1H 2023 +/(-) % Remarks Energy Transition 83,653 97,672 (14.4) Fuel cost under-recovery due to timing of fuel cost pass through ($9.7m impact) and higher - City Energy 20,987 32,185 (34.8) maintenance capex ($2.1m) for 1H 2024 - Transition Assets Resumption o
Slide 16: Balance Sheet
Balance Sheet Building a strong balance sheet to support growth Undrawn committed credit facilities Balance Sheet (S$’m) 30 Jun 2024 31 Dec 2023 $670m Cash 498.8 482.6 Interest Coverage Ratio Borrowings 3,299.1 2,717.0 14.1x Net debt 2,800.3 2,234.4 Weighted average interest rate 4.43% Total assets
Slide 17: Capital Management
Capital Management Well-diversified debt maturity profile with healthy capital management metrics Completed KMC capital restructuring with a 15-year sustainability linked loan, allowing the plant to resume Distributable Income contributions Partially funded Ventura acquisition with a $392m term
Slide 18: Commitment to Sustainability
Commitment to Sustainability Borkum Riffgrund 2
Slide 19: Deepen Renewables Exposure with First Solar Portfolio Investment
Deepen Renewables Exposure with First Solar Portfolio Investment Attractive de-risked portfolio backed by 20-year lease contracts with German households Acquisition of 45% stake in a German solar portfolio projected to comprise >60,000 bundled solar photovoltaic (PV) systems, including battery sto
Slide 20: Sustainability at the Core
Sustainability at the Core 1H 2024 ESG highlights Environmental Stewardship Responsible Business People and Community Progressing on decarbonisation MSCI ESG upgrade to ‘A’ rating Dedicated more than 600 hours roadmap with latest acquisition of to support community outreach the German Solar Po
Slide 21: Thank You
Thank You www.kepinfratrust.com Connect with us on:
Slide 22: Additional Information
ICEPPEL INFRASTRUCTURE TRUST Additional Information
Slide 23: Energy Transition
Portfolio Overview as at 30 June 2024 Total Assets1 Description Customer Revenue model (S$’m) Sole producer and retailer of piped town gas; expanded Fixed margin per unit of gas sold, > 900,000 commercial and residential City Energy into LPG business, as well as with fuel and electricity costs custo
Slide 24: Environmental Services
Portfolio Overview as at 30 June 2024 Total Assets1 Description Customer Revenue model (S$’m) NEA, Singapore government agency - Waste-to-energy plant with 2,310 Senoko WTE concession until 2027 with option for Fixed payments for availability of tonnes/day waste incineration Plant up to 1-year exten
Slide 25: Distribution & Storage
Portfolio Overview as at 30 June 2024 Total Assets1 Description Customer Revenue model (S$’m) Manufacturer and distributor of Over 17,000 business and municipal Payments from customers for Distribution & Storage water treatment chemicals, Ixom customers, and over 35,000 retail delivery of products a
Slide 26: 1H 2024: Distributable Income
1H 2024: Distributable Income S$'000 Energy Environmental Distribution & Corporate1 Group Transition Services Storage Note: 1. Comprises Trust expenses and distribution Profit after tax (18,445) (20,888) 28,392 (17,064) (28,005) paid/payable to perpetual securities holders, management fees and finan
Slide 27: 1H 2023: Distributable Income
1H 2023: Distributable Income S$'000 Energy Environmental Distribution & Corporate1 Group Transition Services Storage Note: 1. Comprises Trust expenses and distribution Profit/(loss) after tax 4,289 (23,873) 36,763 14,712 31,891 paid/payable to perpetual securities holders, management fees and finan
Slide 28: Important Notice
Important Notice The information contained in this presentation is for information purposes only and does not constitute or form part of, and should not be construed as, any offer or invitation to sell or issue or any solicitation of any offer or invitation to purchase or subscribe for any units (“U
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