Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — SGX-JPM Singapore Corporate Day, Tokyo 2023
31 slides from Keppel Infrastructure Trust's conference presentation, Nov 20, 2023
Slide 1: SGX-JPM Singapore Corporate Day, Tokyo
SGXJPM Singapore Corporate Day, Tokyo 20 November 2023
Slide 2: Outline
Outline Overview 3 9M 2023 Highlights 8 Business and Financial Updates 13 Commitment to Sustainability 20 Additional Information 24 Constituent of: Awards and Accreditations1: MSCI Singapore FTSE ST Large Small Cap Index & MidCap Index 1. Keppel Infrastructure Fund Management Pte Ltd is a signatory
Slide 3: Overview
Overview Aramco Gas Pipelines Company
Slide 4: Largest SGX-listed Diversified Infrastructure Business Trust
Largest SGXlisted Diversified Infrastructure Business Trust Providing exposure to the resilient and growing global infrastructure sector S$7.3b AUM 12 evergreen businesses >10 mature economies Portfolio of scale providing global and concession assets Focused on investment grade jurisdictions access
Slide 5: Driving Portfolio Growth through New Acquisitions
Driving Portfolio Growth through New Acquisitions Expanding presence to AA and AAArated countries in Asia and Europe 2019 2021 2022: AUM of S$7.3b for FY2022 1 2023 Dec 2022 May 2023 Sep 2022 Oct 2022 Jun 2022 Jun 2022 Acquired Announced Jun 2022 Acquired 52% 20.5% interest acquisition of interest
Slide 6: Building the Infrastructural Foundation for a Sustainable Future
Building the Infrastructural Foundation for a Sustainable Future Focus on evergreen, yield accretive businesses and assets that will benefit from secular growth trends 2 WTE plants with combined capacity Capable of processing up to 19% Made headways in the to treat ~40% of Singapore’s of desalinated
Slide 7: Delivering Sustainable Growth
Delivering Sustainable Growth Through recurring distributions and capital growth over the long term DPU growth amid macroeconomic uncertainties .. supported by higher DI with acquisitions and value creation Distribution Per Unit (cents) Distributable Income2 (DI) (S$m) 5.231 266.1 225.7 222.5 3.72 3
Slide 8: 9M 2023 Highlights
9M 2023 Highlights Philippine Coastal
Slide 9: Announced Special Distribution of 2.33 cents
Announced Special Distribution of 2.33 cents DI almost doubled with new acquisitions and successful value creation Total 9M 2023 DPU of Special Distributions 3Q 2023 Distributions 5.23 cents 2.33 cents 0.97 cents 82.5% Supported by successful Supported by continued portfolio performance Higher than
Slide 10: Special Distribution from Successful Value Creation
Special Distribution from Successful Value Creation Crystallised part of value created with $273m capital optimisation arising from EBITDA growth at Ixom and City Energy Driven by higher valuations on strong business and EBITDA growth FY 2023 FY 2022 Feb 2019 2021 Ixom Acquisition EBITDA New strateg
Slide 11: Replicating Value Creation Strategy to Support DPU Growth
Replicating Value Creation Strategy to Support DPU Growth Driving growth of businesses through focused portfolio optimisation plans Improve asset performance Business optimisation Realise greater synergies Dedicated portfolio management and optimisation function focusing on value creation ▪ Position
Slide 12: KIT in a Position of Strength and Resilience
KIT in a Position of Strength and Resilience Supported by a resilient portfolio and strong balance sheet Well capitalised Well insulated Loans significantly for growth from inflation hedged 36.8% 78.8% Healthy net gearing level >90% Inflation protection Fixed and hedged debt ~$825m1 ~65% of portfoli
Slide 13: Business and Financial Updates
Business and Financial Updates City Energy
Slide 14: Energy Transition
Energy Transition ▪ Higher DI mainly due to contributions from AGPC ▪ City Energy and the wind farm assets, as well as the ̶ Expanded product offerings with the acquisition of TSH’s LPG business in Oct favourable fuel over recovery at City Energy 2023, the second largest LPG cylinder distributor in
Slide 15: Environmental Services
Environmental Services ▪ Higher DI supported by the positive ▪ Eco Management Korea Holdings (EMK) contribution from EMK with higher volume ̶ Maintained high availability and full utilisation of incineration business for landfill business ̶ Higher volume for landfill business with new contracts secu
Slide 16: Distribution & Storage
Distribution & Storage ▪ Ixom achieved 9% EBITDA growth in AUD terms; ▪ Ixom lower DI due mainly to oneoff refinancing related fees, higher capex and taxes, as well as ̶ Strong volumes and pricing across coagulants, caustic and sodium hypochlorite translation effects from weaker AUD in Australia, a
Slide 17: Distributable Income
Distributable Income S$’000 9M 2023 9M 2022 +/() % Energy Transition 106,998 65,245 64.0 Distribution Per Unit (cents) City Energy 44,245 24,264 82.3 5.23 Aramco Gas Pipelines Company 36,503 8,025 >100.0 +82.5% 2.33 Special KMC1 32,956 NM Distribution 2.87 European Onshore Wind Platform 1
Slide 18: Balance Sheet
Balance Sheet Building a strong balance sheet to support growth plans ▪ Comfortable debt headroom for growth: Approx. $825m to 45% net gearing level ▪ Mitigating impact of currency fluctuations: 78.3% foreign currency distributions hedged ▪ Approx. 78.8% of debt are fixed and hedged as at 30 Sep 202
Slide 19: Capital Management
Capital Management Welldiversified debt maturity profile ▪ Repaid / completed refinancing of all loans due in 2023: ̶ Fully repaid the acquisition bridge loan ̶ Completed Ixom refinancing exercise: Received strong demand with facility amount upsized to ~A$1.0b ̶ City Energy converted its $400m faci
Slide 20: Commitment to Sustainability
Commitment to Sustainability European Onshore Wind Platform
Slide 21: Advancing Sustainability, Driving Performance
Advancing Sustainability, Driving Performance Committed to achieving operational excellence that is led by our environmental, social and governance strategy and sustainability initiatives 2 WTE plants with a Capable of processing up combined capacity to treat to 19% of desalinated approx. 40% of Sin
Slide 22: On track to achieve ESG targets
On track to achieve ESG targets Championing Innovative Green Energy solutions ▪ City Energy announced joint feasibility Progressing towards ESG targets study with Gentari to explore developing a green hydrogen pipeline from Johor to ▪ 30% carbon emissions intensity1 Singapore; launched solar solutio
Slide 23: Thank You
Thank You www.kepinfratrust.com Connect with us on:
Slide 24: Additional Information
KT | ICEPPEL INFRASTRUCTURE TRUST Additional Information
Slide 25: Global Solutions, 30 years' Keppel capabilities
Drawing on Keppel’s deep engineering and operating capabilities Energy Infrastructure Environmental Infrastructure Global ▪ Developer of Singapore’s 1st independent power project, Keppel Merlimau Cogen (1.3GW) ▪ Keppel's Infrastructure Division is a pioneer retailer of gas and electricity in Singapo
Slide 26: Inaugural Portfolio Valuation
Inaugural Portfolio Valuation AUM of S$7.3b for FY 2022 By Business and Assets ▪ Improves portfolio transparency and better reflect asset values Others, 1% Energy Transition, 60% ▪ Conducted by independent thirdparty valuer, Ernst & Young1 S$7.3b ▪ Reflects enlarged portfolio AUM of $7.3b for FY 20
Slide 27: Energy Transition Portfolio Overview
Portfolio Overview as at 30 Sep 2023 Description Customer and contract terms Primary source of cash flows Total Assets 1 (S$’m) Fixed margin per unit of gas sold, Sole producer and retailer of piped Over 897,000 commercial and City Energy with fuel and electricity costs passed town gas residential c
Slide 28: Environmental Services Portfolio Overview
Portfolio Overview as at 30 Sep 2023 Total Assets1 Description Customer and contract terms Primary source of cash flows (S$’m) Wastetoenergy plant with 2,310 NEA, Singapore government agency Senoko WTE Fixed payments for availability of tonnes/day waste incineration concession until 2024 (Singap
Slide 29: 9M 2023: Distributable Income
9M 2023: Distributable Income S$'000 Energy Environmental 1 Distribution & Corporate1 Group Note: Transition Services Storage 1. Comprises Trust expenses and distribution paid/payable to perpetual securities holders, management fees Profit/(loss) after tax 35,716 (35,998) 48,452 16,971 65,141 and fi
Slide 30: 9M 2022: Distributable Income
9M 2022: Distributable Income S$'000 Energy Environmental Distribution & Corporate1 Group Note: 1.Comprises Trust expenses and Transition Services1 Storage distribution paid/payable to perpetual securities holders, Profit/(loss) after tax (35,610) (3,122) 43,650 15,280 20,198 management fees and fin
Slide 31: 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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