Keppel Infrastructure Trust · SGX:A7RU

Keppel Infrastructure Trust — FY2013 Earnings Presentation

26 slides from Keppel Infrastructure Trust's earnings presentation, May 3, 2013

  1. Slide 1: Results Briefing for FY13

    Results Briefing for FY13 3 May 2013

  2. 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

  3. Slide 3: Contents

    Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results 4 Our Investment Proposition Private and Confidential 2

  4. Slide 4: Overview

    Overview  Cash Earnings – 4Q FY13 Total cash earnings(1) of S$16.8 million, compared to S$20.5 million in 4Q FY12 – FY13 Total cash earnings(1) of S$99.7 million, 70.1% higher than FY12  Distribution Per Unit (“DPU”) – CitySpring will pay a DPU of 0.82 Singapore cents for 4Q FY13. This is in line

  5. Slide 5: Overview: City Gas Business Highlights

    Overview Business Highlights  City Gas achieved total cash earnings of S$62.7 million for FY13  Its customer base grew by about 2.9% from 651,000 as at the end of FY12 to about 670,000 as at the end of FY13  Town gas volume has improved by about 1.8% compared to a year ago City Gas  Average dail

  6. Slide 6: Overview: SingSpring Business Highlights

    Overview Business Highlights  Achieved total cash earnings of S$18.8 million for FY13  Achieved 99.94% availability for the financial year and met all the terms SingSpring under the Water Purchase Agreement with PUB  Successfully completed HACCP(2) recertification audit on 2 April 2013 (2) HACCP

  7. Slide 7: Overview: Basslink Business Highlights

    Overview Business Highlights  Achieved cash earnings of A$21.9 million for FY13  CRSM(3) was negative A$11.0 million for FY13 Basslink  Achieved cumulative availability of 99.89% for the 12 months ended 31 Dec 2012, and 99.99% for the three months ended 31 Mar 2013 (3) The Commercial Risk Sharing

  8. Slide 8: Contents

    Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results 4 Our Investment Proposition Private and Confidential 7

  9. Slide 9: Revenue and Cash Earnings

    Group Financial Results Cash earnings Revenue 120.0 600.0 523.9 99.7 481.4 100.0 500.0 80.0 S$ millions 400.0 S$ millions 58.6 60.0 300.0 200.0 40.0 127.9 128.7 20.5 16.8 100.0 20.0 0.0 0.0 4Q FY13 4Q FY12 FY 13 FY 12 4Q FY13 4Q FY12 FY 13 FY 12 Private and Confidential 8

  10. Slide 10: FY13 Cash Earnings was higher compared to FY12

    Group Financial Results FY13 Cash Earnings was higher compared to FY12 The higher cash earnings was mainly due to: - Impact of time lag in the adjustment of gas tariffs to reflect actual fuel cost. The tariff adjustments mechanism is designed to ensure that we fully recover our fuel costs over a per

  11. Slide 11: Group Cash Earnings

    Group Financial Results Group Cash Earnings 4Q FY13 4Q FY12 FY13 FY12 S$'000 S$'000 S$'000 S$'000 Cash Earnings 16,830 20,535 99,734 58,642 Applied as follows: Principal Repayment of Subsidiary Entity Loan (2,370) (2,370) (9,479) (9,479) Non-controlling interest (1,108) (1,114) (4,673) (4,383) Distr

  12. Slide 12: Contents

    Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results 4 Our Investment Proposition Private and Confidential 11

  13. Slide 13: Subsidiaries’ Financial Results: City Gas

    Subsidiaries’ Financial Results City Gas 4Q FY13 4Q FY12 FY13 FY12 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 91,353 95,749 (4.6) 384,248 354,910 8.3 Other income 274 259 5.8 1,044 1,004 4.0 Other gains/(losses) - net 89 13 N/M 67 (66) N/M Expenses Fuel and ele

  14. Slide 14: Subsidiaries’ Financial Results: SingSpring

    Subsidiaries’ Financial Results SingSpring 4Q FY13 4Q FY12 FY13 FY12 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 9,438 9,860 (4.3) 42,997 38,471 11.8 Other income 2 2 - 95 6 N/M Expenses Fuel and electricity costs (3,179) (3,374) 5.8 (16,074) (12,507) (28.5) Dep

  15. Slide 15: Subsidiaries’ Financial Results: Basslink

    Subsidiaries’ Financial Results Basslink 4Q FY13 4Q FY12 FY13 FY12 Actual Actual Change Actual Actual Change A$'000 A$'000 % A$'000 A$'000 % Revenue 20,707 16,938 22.3 73,730 66,069 11.6 Other income 251 405 (38.0) 1,268 1,792 (29.2) Other (losses)/gains - net (554) (143) N/M (1,653) 14,849 N/M Expe

  16. Slide 16: Contents

    Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results 4 Our Investment Proposition Private and Confidential 15

  17. Slide 17: Our Investment Proposition

    Our Investment Proposition • Businesses providing essential services • Sustainable distribution • Strategy for growth Private and Confidential 16

  18. Slide 18: Businesses Providing Essential Services

    Businesses Providing Essential Services City Gas Total gas volume sold • Total gas volume has grown steadily over the years 2,066 2,082 • Total customers at end FY13 – ~ 670,000 2100 • Stable cash earnings driven by broad and diversified millions of kWh 1,944 1900 customer base 1767 1,699 1700 1500

  19. Slide 19: Businesses Providing Essential Services: Basslink

    Businesses Providing Essential Services Basslink 98.80% 94.64% 98.80% 97.12% 98.64% 99.89% 100.00% • Exceeded target annual availability of 97%, except 97.00% 80.00% for CY08 60.00% • Availability based earnings underpinned by high reliability 40.00% 20.00% 0.00% CY07 (1) CY08 CY09 CY10 CY11 CY12 Av

  20. Slide 20: Sustainable Distributions

    Sustainable Distributions (S$ million) FY08* FY09 FY10 FY11 FY12 FY13 Group Cash Earnings 69.2 60.9 57.9 74.9 58.6 99.7 Distribution to 34.4 34.3 39.4 41.2 47.7 49.8 Unitholders *FY08 covered the period from 5 Jan 2007 to 31 Mar 2008 • CitySpring distributes to unitholders out of Group Cash Earnings

  21. Slide 21: Strategy for Growth

    Strategy for Growth Since IPO in Feb 2007 • Acquired Basslink in August 2007 • Launched Basslink Telecoms as a new business in July 2009 • Awarded a mandate by SingTel to manage NetLink Trust in July 2011 Going Forward • We have made significant progress in strengthening CitySpring’s financial posit

  22. Slide 22: Appendix

    Appendix Private and Confidential 21

  23. Slide 23: Group Consolidated Income Statement

    Group Financial Results Group Consolidated Income Statement 4Q FY13 4Q FY12 FY13 FY12 Actual Actual Change Actual Actual Change S$’000 S$’000 % S$’000 S$’000 % Revenue 127,930 128,714 (0.6) 523,888 481,407 8.8 Other income 739 974 (24.1) 3,352 4,471 (25.0) Other (losses)/gains - net (214) 297 N/M (1

  24. Slide 24: Group Consolidated Balance Sheet

    Group Financial Results Group Consolidated Balance Sheet As at 31 Mar 13 As at 31 Mar 12 S$'000 S$'000 ASSETS Cash and bank deposits 202,364 160,533 Derivative financial instruments - 8,736 Trade and other receivables 64,924 64,477 Inventories 18,096 15,208 Intangibles 404,463 416,462 Finance lease

  25. Slide 25: Group Consolidated Cash Flow Statement

    Group Financial Results Group Consolidated Cash Flow Statement 4Q FY13 4Q FY12 FY13 FY12 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 Operating activities Profit/(loss) before income tax 7,329 4,037 25,650 (12,371) Non-cash adjustments 29,241 31,038 126,758 129,659 Operating cash flow bef

  26. Slide 26: Group Cash Earnings

    Group Financial Results Group Cash Earnings 4Q FY13 4Q FY12 FY13 FY12 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 EBITDA 39,355 35,962 147,047 128,578 Add/(less): Other cash receipts 1,576 1,557 12,455 13,007 Net finance costs (14,481) (15,216) (57,480) (66,850) Payment of loan upfront f

Keppel Infrastructure Trust — FY2013 Earnings Presentation on 6ix