Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — CitySpring Infrastructure Trust — H1 2013 Earnings Presentation
21 slides from Keppel Infrastructure Trust's earnings presentation, Nov 1, 2012
Slide 1: Results Briefing for 2Q FY13 and 1H FY13
Results Briefing for 2Q FY13 and 1H FY13 1 November 2012
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 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 2
Slide 4: Overview
Overview Cash Earnings – 1H FY13 Total cash earnings(1) of S$58.0 million, compared to S$19.2 million in 1H FY12 – 2Q FY13 Total cash earnings(1) of S$35.8 million, compared to S$15.6 million in 2Q FY12 Distribution Per Unit (“DPU”) – CitySpring will pay a DPU of 0.82 Singapore cents for 2Q FY13
Slide 5: Overview: City Gas Business Highlights
Overview Business Highlights City Gas recorded higher cash earnings of S$20.0 million for the quarter compared to S$6.2 million in the previous corresponding quarter due mainly to tariff adjustment that compensated for higher fuel costs in prior period. Customer base grew by about 3% from 641,11
Slide 6: Overview: SingSpring Business Highlights
Overview Business Highlights • Achieved total cash earnings of S$4.9 million for the quarter compared to S$4.5 million in 2Q FY12. SingSpring • Continued to maintain record of 100% availability and met all the terms under the Water Purchase Agreement with PUB. Private and Confidential 5
Slide 7: Overview: Basslink Business Highlights
Overview Business Highlights • Achieved cash earnings of A$10.4 million for the quarter compared to A$5.9 million in 2Q FY12. Basslink • Lower negative CRSM payment of A$2.2 million (approximately S$2.8 million) compared to negative A$3.5 million (approximately S$4.5 million) in 2Q FY12. • Achieved
Slide 8: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 7
Slide 9: 2Q FY13 vs 2Q FY12
Group Financial Results 2Q FY13 vs 2Q FY12 Revenue Cash Earnings (1) 140.0 132.7 40.0 35.8 116.5 35.0 120.0 30.0 100.0 S$ millions S$ millions 25.0 80.0 20.0 60.0 15.6 15.0 40.0 10.0 20.0 5.0 0.0 0.0 2Q FY13 2Q FY12 2Q FY13 2Q FY12 (1) Cash earnings is defined as EBITDA adjusted for cash and non-cas
Slide 10: 1H FY13 vs 1H FY12
Group Financial Results 1H FY13 vs 1H FY12 Revenue Cash Earnings(1) 300 265.3 70 58.0 250 227.2 60 200 50 S$ millions S$ millions 40 150 30 100 19.2 20 50 10 0 0 1H FY13 1H FY12 1H FY13 1H FY12 (1) Cash earnings is defined as EBITDA adjusted for cash and non-cash items, less cash interest, cash tax,
Slide 11: Group Financial Results
Group Financial Results 2Q FY13 cash earnings of S$35.8 million was S$20.2 million higher compared to 2Q FY12 cash earnings due mainly to: • City Gas’ profit margin in 2Q FY13 was more favourable compared to that in 2Q FY12. Short-term profit margins are affected by movements in fuel costs. City Gas
Slide 12: Group Financial Results: Cash Earnings
Group Financial Results Group Cash Earnings 2Q FY13 2Q FY12 1H FY13 1H FY12 S$'000 S$'000 S$'000 S$'000 Cash Earnings 35,759 15,553 58,041 19,179 Applied as follows: Principal Repayment of Subsidiary Entity Loan (2,369) (2,369) (4,739) (4,739) Non-controlling interest (1,213) (1,102) (2,394) (2,167)
Slide 13: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 12
Slide 14: Subsidiaries' Financial Results: City Gas
Subsidiaries’ Financial Results City Gas 2Q FY13 2Q FY12 1H FY13 1H FY12 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 98,314 85,016 15.6 196,806 166,308 18.3 Other income 241 195 23.6 501 426 17.6 Other (losses)/gains - net (55) (594) 90.7 65 (522) N/M Expenses F
Slide 15: Subsidiaries' Financial Results: SingSpring
Subsidiaries’ Financial Results SingSpring 2Q FY13 2Q FY12 1H FY13 1H FY12 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 11,020 9,459 16.5 22,955 18,880 21.6 Other income 89 2 N/M 91 3 N/M Expenses Fuel and electricity costs (4,175) (2,962) (41.0) (8,923) (5,981)
Slide 16: Subsidiaries' Financial Results: Basslink
Subsidiaries’ Financial Results Basslink 2Q FY13 2Q FY12 1H FY13 1H FY12 Actual Actual Change Actual Actual Change A$'000 A$'000 % A$'000 A$'000 % Revenue 17,631 16,820 4.8 34,569 31,969 8.1 Other income 330 409 (19.3) 700 768 (8.9) Other (losses)/gains - net (414) 15,012 N/M N/M (607) 15,019 N/M Ex
Slide 17: Appendix
Appendix Private and Confidential 16
Slide 18: Consolidated Income Statement
Group Financial Results Group Consolidated Income Statement 2Q FY13 2Q FY12 1H FY13 1H FY12 Actual Actual Change Actual Actual Change S$’000 S$’000 % S$’000 S$’000 % Revenue 132,710 116,546 13.9 265,288 227,210 16.8 Other income 886 1,259 (29.6) 1,782 2,253 (20.9) Other (losses)/gains - net (669) 17
Slide 19: Consolidated Balance Sheet
Group Financial Results Group Consolidated Balance Sheet As at 30 Sept 12 As at 31 Mar 12 S$'000 S$'000 ASSETS Cash and bank deposits 183,116 160,533 Derivative financial instruments - 8,736 Trade and other receivables 66,624 64,477 Inventories 16,788 15,208 Intangibles 409,549 416,462 Finance lease
Slide 20: Consolidated Cash Flow Statement
Group Financial Results Group Consolidated Cash Flow Statement 2Q FY13 2Q FY12 1H FY13 1H FY12 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 Operating activities Profit/(loss) before income tax 11,306 (2,984) 10,122 (16,417) Non-cash adjustments 31,847 27,527 67,698 64,598 Operating cash f
Slide 21: Group Financial Results: Cash Earnings
Group Financial Results Group Cash Earnings 2Q FY13 2Q FY12 1H FY13 1H FY12 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 EBITDA 40,847 37,445 68,712 59,633 Add/(less): Other cash receipts 7,866 8,382 9,466 9,902 Net finance costs (14,467) (19,519) (28,384) (36,639) Payment of loan upfront
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