Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — 1Q FY2016 Earnings Presentation
22 slides from Keppel Infrastructure Trust's earnings presentation, Apr 13, 2016
Slide 1: Keppel Infrastructure Trust 1Q FY16 Results Presentation
Not for distribution in the United States Keppel Infrastructure Trust 1Q FY16 Results Presentation 13 April 2016
Slide 2: Disclaimer
Disclaimer 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 in Keppel
Slide 3: Financial snapshot
Financial snapshot DPU (S Cents) Distributable Cash Flows (S$’m) ^ 0.93 0.78 40.7 16.0 1Q FY16 1Q FY15 1Q FY16 1Q FY15 NAV Per Unit (S Cents) Gearing* 33.7 35.3 36% 34% 31 Mar 16 31 Dec 15 31 Mar 16 31 Dec 15 * Net debt over total assets 2
Slide 4: Distributable cash flows
Distributable cash flows S$’m 1Q FY16 1Q FY15 Explanations City Gas 14,132 11,051 • The time lag in the adjustment of gas tariffs to reflect actual fuel cost for City Gas Concessions 17,427 7,170 • Includes full quarter contributions from Crystal assets in 1QFY16 • Proforma 1QFY15 distributable cash
Slide 5: Diversified portfolio of core infrastructure assets
Diversified portfolio of core infrastructure assets 1Q FY16 EBITDA (1) (2) Total Assets as at 31 Mar 2016 Corporate 6% KMC Concessions 46% KMC 18% 42% Concessions 19% City Gas 12% Basslink City Gas 22% 35% (1) Excludes Trust / corporate expenses. (2) Excludes Basslink which did not receive facility
Slide 6: Business updates
Business updates Units Business updates City Gas • Customer base grew by 3.7% from about 732,000 as at the end of 1Q FY15 to about 759,000 as at the end of 1Q FY16 • Achieved 100% plant availability Concessions • Consist of Senoko WTE, Tuas WTE, SingSpring and Ulu Pandan NEWater in Singapore • 3 out
Slide 7: Regular and stable distributions
Regular and stable distributions DPU for 1Q FY16 Historical DPU (S cents) S cents/unit • DPU of 0.93 Singapore cents declared for 2.5 1Q FY16 1.98 2 • Book closure date: 21 April 2016 1.5 • Payment date: 20 May 2016 1.05 1 0.93 0.93 0.93 0.82 0.82 0.82 0.82 0.78 0.5 0 (1) 1QFY14 2QFY14 3QFY14 4QFY14
Slide 8: Balance sheet
Balance sheet S$’m 31 Mar 16 31 Dec 15 Total assets 4,094 4,147 • Total assets as at 31 March 2016 includes S$21.4 million investment in joint venture Total liabilities 2,570 2,547 which relates to investment and advances for the data centre project Borrowings 1,708 1,674 • Borrowings increased as t
Slide 9: Sustainable gearing
Sustainable gearing As at Mar 2016 Total Excluding • Sustainable gearing backed by S$’m Basslink Cash 221 189 Long term contracts expiring between 2024 and 2046 Borrowings 1,708 983 Credit worthy customers and Net debt 1,487 794 City Gas’ large and stable Total assets 4,094 3,171 customer base Annua
Slide 10: Prudent capital management
Prudent capital management Debt Overview Debt Breakdown • Blended average interest rate of 4-5% Debt repayment profile − Singapore average: 3-4% > 5 yrs < 1 yr 1.9% 2.1% − Australian average: 6-7% − ~86% of loans are hedged • Weighted average term to expiry of ~3.6 years − ~100% of KIT’s loans are d
Slide 11: Uniquely positioned to deliver long term value and growth
Uniquely positioned to deliver long term value and growth 1 Largest Singapore infrastructure focused business trust 2 Diversified portfolio of core infrastructure assets 3 Long term contracts with credit worthy customers / large and stable customer base 4 Generate long term, regular and predictable
Slide 12: Appendix I: Additional financial information
Appendix I: Additional financial information 11
Slide 13: City Gas' results
City Gas’ results 1Q FY16 1Q FY15 Change S$'000 S$'000 % Revenue 70,542 82,612 (14.6) Other income 386 257 49.8 Other gains/(losses) - net 204 (27) >100.0 Expenses Fuel and electricity costs (18,837) (32,412) (41.9) Gas transportation costs (21,674) (21,837) (0.7) Depreciation and amortisation (3,47
Slide 14: Concessions' results
Concessions’ results 1Q FY16 1Q FY15 Change S$'000 S$'000 % Revenue 27,914 14,169 97.0 Other income 188 85 >100% Expenses Fuel and electricity costs (2,560) (2,953) (13.3) Depreciation and amortisation (1,763) (926) 90.4 Operation and maintenance costs (15,064) (4,917) >100% Finance costs (1) (5,892
Slide 15: KMC's results
KMC’s results 1Q FY16 S$'000 Revenue 30,596 Other income 1,666 Other losses - net (243) Expenses Depreciation and amortisation (18,927) Operation and maintenance costs (5,044) Finance costs (1) (26,833) Other operating expenses (1,457) Total expenses (52,261) Loss before tax (20,242) Tax expense - N
Slide 16: Basslink's results
Basslink’s results 1Q FY16 1Q FY15 Change A$'000 A$'000 % Revenue 1,157 15,828 (92.7) Other income 194 246 (20.9) Other gains/(losses) - net (1,327) 431 N/M Expenses Fuel and electricity costs (38) (76) (49.6) Depreciation and amortisation (4,492) (4,579) (1.9) Staff costs (669) (676) (1.2) Operatio
Slide 17: FFO and distributable cash flows reconciliation 1Q FY16
S$'000 City Gas Concessions Basslink KMC Others Group Profit/(loss) after tax 4,548 1,110 (15,490) (20,242) 20,557 (9,517) Add/(less): Reduction in concession / lease receivables - 12,523 - - - 12,523 Non-cash Finance Cost 95 7 1,223 155 - 1,480 Other non-cash items (221) - 791 (117) 463 916 Adjustm
Slide 18: FFO and distributable cash flows reconciliation 1Q FY15
S$'000 City Gas Concessions Basslink Others Group Profit/(loss) after tax 969 1,457 (3,386) 4,160 3,200 Add/(less): Reduction in concession / lease receivables - 5,479 - (1) 5,478 Non-cash Finance Cost 94 11 1,319 88 1,512 Other non-cash items 18 - (1,021) 9 (994) Transaction costs in relation to ac
Slide 19: Outstanding loans
Outstanding loans Entity Outstanding Maturity Repayment amounts (S$’m) City Gas 178.0 Feb 2019 Bullet* SingSpring 81.5 Oct 2024 Amortising Basslink 735.4 (A$710.3) Nov 2019 Amortising* Senoko WTE 4.5 May 2016 Bullet* KMC 700.0 Jun 2020 Bullet* KIT 25.1 Feb 2019 Bullet* * To be refinanced upon maturi
Slide 20: Appendix II: Overview of KIT
Appendix II: Overview of KIT 19
Slide 21: Assets, businesses, customers and contract expiry
Asset Business Customer Contract Expiry Revenues Senoko Plant 2,205 tonnes/day NEA 2024 Principally availability waste incineration concession in payment Singapore(1) Tuas DBOO Plant 800 tonnes/day NEA 2034 Principally availability waste incineration concession in payment Singapore Ulu Pandan Plant
Slide 22: KIT's shareholding structure
KIT’s shareholding structure Keppel Temasek Public 18.2% 15.9% 65.9% 100% Trust Deed KIFM KIT 100% 51% 100% 100% 100% 100% City Gas Senoko WTE KMC(3) CityDC CityNet Basslink 51% 51% 100% 100% Tuas WTE Basslink City OG(1) DC One(4) Telecoms 100% Ulu Pandan NEWater 70% SingSpring(2) (1) Osaka Gas Sing
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