Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — CitySpring Infrastructure Trust — FY2008 Earnings Presentation
25 slides from Keppel Infrastructure Trust's earnings presentation, May 28, 2008
Slide 1: Results Briefing for the Financial Period Ended 31 Mar 2008
Results Briefing for the Financial Period Ended 31 Mar 2008 28 May 2008
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
Slide 3: Contents
Contents 1 Overview 2 Financial Results 3 Distribution 4 Business Highlights 5 Delivering on Our Promises Private and Confidential 2
Slide 4: Overview
Overview • Since CitySpring’s listing on 12 February 2007, the Trustee-Manager has successfully executed CitySpring’s business plan, and accomplished many of the goals set at the time of the listing. • For the Financial Period, both CitySpring’s initial assets, City Gas and SingSpring, performed bet
Slide 5: Overview: Maximising the Value of our Existing Assets
Overview Maximising the Value of our Existing Assets Cash earnings of our underlying assets has increased to support higher distribution to unitholder than that projected at IPO Cash Earnings (S$’million) 60 113% 69.2 47.5 Basslink 9Strong cash generation capabilities of underlying assets 40 32.5 46
Slide 6: Overview: Seek Value and Yield Accretive Acquisitions
Overview Seek Value and Yield Accretive Acquisitions CitySpring’s portfolio of assets has expanded through the value and yield accretive acquisition of Basslink in Australia Water 9% Water 17% Gas 42% Electricity 49% Gas 83% Singapore 100% Australia 49% Singapore 51% * Based on equity interest Priva
Slide 7: Contents
Contents 1 Overview 2 Financial Results 3 Distribution 4 Business Highlights 5 Delivering on Our Promises Private and Confidential 6
Slide 8: Financial Results
Financial Results • Distribution of 1.6 Singapore cents per unit for the quarter ended 31 March 2008 (4Q FY 08). This is 0.1 cent or 6.7% higher than IPO projection Increased Distribution • For the period 1 Apr 07 to 31 Mar 08, the distribution of 6.3 Singapore cents per unit is 5% or 0.3 Singapore
Slide 9: Consolidated Income Statement
Financial Results CitySpring Infrastructure Trust Consolidated Income Statement Quarter ended 5 Jan 2007 to 12 Feb 2007 to 31 Mar 2008 31 Mar 2008 31 Mar 2008 31 Mar 2008 Actual (1) Actual (1) Projection Projection S$’000 S$’000 S$’000 S$’000 Revenue 95,833 98,642 369,387 373,036 Other income 714 (2
Slide 10: Cash earnings
Financial Results CitySpring Infrastructure Trust Quarter ended 5 Jan 2007 to 12 Feb 2007 to Cash earnings (1) 31 Mar 2008 31 Mar 2008 31 Mar 2008 Actual (2) Actual (2) Projection Projection S$'000 S$'000 S$'000 S$'000 EBITDA 28,619 19,782 46,016 25,205 (Less)/ add: Lease receivable repayment 1,601
Slide 11: Consolidated Cash Flow Statement
Financial Results CitySpring Infrastructure Trust Consolidated Cash Flow Statement Quarter ended 5 Jan 2007 to 31 31 Mar 2008 Mar 2008 S$'000 S$'000 Cash flows from operating activities Net loss (11,720) (52,022) Non-cash adjustments 43,870 (1) 144,529 (2) Operating cash flow before working capital
Slide 12: Consolidated Balance Sheet
Financial Results CitySpring Infrastructure Trust Consolidated Balance Sheet As at 31 March 2008 S$'000 ASSETS (1) Cash and cash equivalent 105,982 Derivative financial instruments 147,266 Trade and other receivables 57,004 Inventories 13,036 Finance lease (current) 6,657 Intangibles 473,897 Propert
Slide 13: City Gas Financial Results
Financial Results City Gas City Gas Financial Results Quarter ended 5 Jan 2007 to 31 Mar 2008 31 Mar 2008 Actual Projection Actual Projection S$'000 S$'000 S$'000 S$'000 Total revenue 67,576 64,811 282,278 279,950 Total operating expenses (59,278) (58,975) (241,290) (242,742) Profit/(loss) after tax
Slide 14: SingSpring Financial Results
Financial Results SingSpring SingSpring Financial Results Quarter ended 5 Jan 2007 to 31 Mar 2008 31 Mar 2008 Actual (1) Projection (2) Actual Projection S$'000 S$'000 S$'000 S$'000 Total revenue 6,491 6,543 29,112 29,257 Total operating expenses (4,243) (4,675) (17,560) (18,927) (Loss)/profit after
Slide 15: Basslink Financial Results
Financial Results Basslink Basslink Financial Results Quarter ended 7 months ended 31 Mar 2008 31 Mar 2008 Actual Projection Actual Projection A$'000 A$'000 A$'000 A$'000 (1), (2) Total revenue 17,063 21,462 45,141 48,904 Total operating expenses (4,033) (4,224) (10,314) (10,690) Loss after tax (14,
Slide 16: Contents
Contents 1 Overview 2 Financial Results 3 Distribution 4 Business Highlights 5 Delivering on Our Promises Private and Confidential 15
Slide 17: Distribution
Distribution Period Actual Projection (cents per unit) (cents per unit) 12 February 2007 to 31 March 2007 0.78 0.78 Quarter ended 30 June 2007 1.50 1.50 Quarter ended 30 September 2007 1.60 1.50 Quarter ended 31 December 2007 1.60 1.50 Quarter ended 31 March 2008 1.60 1.50 Total 7.08 6.78 Distributi
Slide 18: Contents
Contents 1 Overview 2 Financial Results 3 Distribution 4 Business Highlights 5 Delivering on Our Promises Private and Confidential 17
Slide 19: Business Highlights: City Gas and SingSpring
Business Highlights • City Gas performed well in the Financial Period, achieving a total cash earnings of S$23.6 m • During the Financial Period, City Gas was granted three tariff adjustments by EMA in Aug 07, Nov 07 and Feb 08 to cover increases in fuel costs. • The number of consumers grew from ab
Slide 20: Business Highlights: Basslink
Business Highlights • Total cash earning from Basslink from 1 Sep 2007 to 31 Mar 2008 was A$16.9 m (S$21.7m) (1) • Basslink achieved a cumulative availability of 98.8% during calendar year 2007, well above the 97% minimum threshold to earn 100% of the facility fee • An outage on the Basslink cable o
Slide 21: Acquisition Pipeline
Business Highlights Acquisition Pipeline Opportunities Reviewed by Region Opportunities Reviewed by Sector 10% 16% 6% 28% 49% 32% 35% 18% 6% China / Hong Kong Southeast Asia Utilities (Power) Utilities (Water) Ports Australia Other parts of the world Toll Roads / Tunnel Logistics / Others CitySpring
Slide 22: Acquisition Pipeline: Opportunities Reviewed by Size
Business Highlights Acquisition Pipeline Opportunities Reviewed by Size 32% 68% > S$1 billion < S$1 billion Private and Confidential 21
Slide 23: Contents
Contents 1 Overview 2 Financial Results 3 Distribution 4 Business Highlights 5 Delivering on Our Promises Private and Confidential 22
Slide 24: Delivering on Our Promises
Delivering on Our Promises • Announced Basslink acquisition within 6 months of IPO • CitySpring’s geographical footprint has been extended to Australia, following the Asset growth acquisition of Basslink • We have an active pipeline of potential deals, and are continually sourcing, evaluating and ne
Slide 25: Thank you
Thank you Private and Confidential 24
CitySpring Infrastructure Trust — FY2008 Earnings Presentation on 6ix