Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — Q1 2020 Earnings Presentation
22 slides from Keppel Infrastructure Trust's earnings presentation, Apr 20, 2020
Slide 1: 1Q 2020 Financial Results
1Q 2020 Financial Results 20 April 2020
Slide 2: 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
Slide 3: Outline
Outline 1 Results Highlights 4 2 Business Updates 6 3 Finance and Capital Management 11 4 Additional Information 15 3
Slide 4: Results Highlights
Results Highlights Keppel Merlimau Cogen
Slide 5: 1Q 2020 Key Results Highlights
1Q 2020 Key Results Highlights Stable Resilient Distribution per Unit Distributable Cash Flows Annualised Yield Low Gearing 0.93 cents $51.1m 8.8% 33.7% Supported by resilient 5.6% YoY increase Based on the market price Comfortable debt cash flows from a over 1Q 2019 per Unit of $0.425 headroom to p
Slide 6: Business Updates
KEPPE INFRASTRUCTURE TRUST
Slide 7: Portfolio Breakdown
Portfolio Breakdown By Businesses and Assets (%) By Geography (%) As at 31 March 2020 As at 31 March 2020 12.1 20.5 16.8 9.7 $4.9 $4.9 41.8 billion billion 58.2 15.9 25.0 City Gas Basslink Singapore Australia, New Zealand and other countries Ixom KMC Waste & Water Trust assets and non-controlling in
Slide 8: Business Updates
Business Updates City Gas • Customer base grew 1.6% YoY to 863,000 in 1Q 2020 • Achieved 100% availability • Continue to ensure town gas supply is maintained to support essential requirements in Singapore in the current pandemic Ixom • Continued to deliver resilient performance despite the challengi
Slide 9: Business Updates
Business Updates Energy ▪ Keppel • Achieved 100% of contracted availability Merlimau Cogen (KMC) • Advanced discussions with lenders for the refinancing of the KMC loan Waste & Water ▪ Senoko WTE Plant ▪ Tuas WTE Plant • Fulfilled all contractual obligations and operations remained stable ▪ Ulu Pand
Slide 10: Portfolio Performance
Portfolio Performance 1Q 2020 1Q 2019 +/(-) S$’000 S$’000 % Distribution & Network 28,207 23,061 22.3 City Gas 11,857 15,841 (25.1) Ixom 16,350 5,878 >100.0 DC One1 - 1,342 n.m. Energy 11,202 11,716 (4.4) Waste & Water 18,138 17,860 1.6 Others2 (6,404) (4,207) (52.2) Distributable Cash Flows 51,143
Slide 11: Finance and Capital Management
Finance and Capital Management City Gas
Slide 12: Regular and Stable Distributions
Regular and Stable Distributions Comparative Yields1 10.0% 8.8% 8.0% 5.9% 6.0% 5.4% 4.0% 2.0% 1.0% 1.3% 0.0% 5 Yr SG Govt 10 Yr SG Govt STI FTSE ST REIT KIT bond bond Index DPU for 1Q 2020 DPU: 0.93 Singapore cents ▪ Record date: 28 April 2020 ▪ Payment date: 15 May 2020 1. Sources: Bloomberg and Mo
Slide 13: Balance Sheet
Balance Sheet Sustainable gearing supported by: As at 31 March 2020 (S$’m) Total Excl. Basslink ◼ Long term concession contracts expiring between 2024 and 2036 Cash 443 411 ◼ Creditworthy off-takers backed by government and government-linked Borrowings 2,101 1,505 corporations Net debt 1,658 1,094 ◼
Slide 14: Capital Management
Capital Management Overview: Debt Repayment Debt Breakdown by ◼ Hedged ~89% of total loans Currency Profile ◼ All loans are non-recourse except KIT corporate loan ◼ Stable interest rate of 4-5% < 1 yr − Singapore average: 2-4% 61.9% A$51.9% − Australia average: 3-7% 1-5 yrs ◼ Weighted average term t
Slide 15: Additional Information
Additional Information Senoko WTE Plant
Slide 16: Driving Sustainable Growth
Driving Sustainable Growth KIT’s strategic goal is to deliver sustainable returns to its Unitholders, through a combination of recurring distributions and capital growth over the long term Anchored By a growing portfolio of strategic businesses and assets across a broad range of highly defensive ind
Slide 17: 1Q 2020: Distributable Cash Flows
1Q 2020: Distributable Cash Flows Waste & S$'000 City Gas Basslink Ixom KMC Others Group Water Profit/(loss) attributable to unitholders 4,169 3,605 5,740 (9,917) (355) 15,699 18,941 Adjustments for non-cash items: Depreciation and amortisation 977 4,058 18,066 9,852 1,563 - 34,516 Income tax expens
Slide 18: 1Q 2019: Distributable Cash Flows
1Q 2019: Distributable Cash Flows Waste & S$'000 City Gas Basslink Ixom KMC Others Group Water Profit/(loss) attributable to unitholders 7,676 (3,307) (10,976)1 (9,650) 201 (155) (16,211) Adjustments for non-cash items: Depreciation and amortisation 978 4,328 4,548 10,071 1,489 - 21,414 Income tax e
Slide 19: Portfolio Overview
Portfolio Overview Description Customer and contract terms Primary source of cash flows Fixed margin per unit of gas sold, Distribution & Network Sole producer and retailer of piped town Over 860,000 commercial and residential with fuel and electricity costs passed gas customers through to consumer
Slide 20: Geographical Locations
Geographical Locations 1 8 SingSpring City Gas SINGAPORE AUSTRALIA & NEW ZEALAND Desalination Plant ▪ Sole supplier of town gas in ▪ 1 of 3 Desalination plants in Singapore 5 1 3 Singapore ▪ Customer base of more than 860,000 ▪ Responsible for meeting the water residential, commercial and industrial
Slide 21: Three-pronged Growth Strategy
Three-pronged Growth Strategy Value Operational Focused Creation Excellence Acquisition • Generate sustainable cash flows • Achieve operational excellence • Seek leading businesses and from the Trust’s well-diversified and asset optimisation to extract assets with the following portfolio of business
Slide 22: Thank You
Thank You www.kepinfratrust.com Ulu Pandan NEWater Plant
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