Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — CitySpring Infrastructure Trust — FY2012 Earnings Presentation
26 slides from Keppel Infrastructure Trust's earnings presentation, May 3, 2012
Slide 1: Results Briefing for FY12
Results Briefing for FY12 3 May 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 4 Our Investment Proposition Private and Confidential 2
Slide 4: Overview
Overview Cash Earnings – 4Q FY12 Total cash earnings(1) of S$20.5 million, compared to S$16.1 million in 4Q FY11 – FY12 Total cash earnings(1) of S$58.6 million, 21.7% lower than FY11 Distribution Per Unit (“DPU”) – CitySpring will pay a DPU of 0.82 Singapore cents for 4Q FY12. This is in line w
Slide 5: Overview: City Gas Business Highlights
Overview Business Highlights City Gas achieved total cash earnings of $31.7 million for FY12. Its customer base grew by about 2.5% from 637,000 as at the end of 4Q FY11 to about 653,000 as at the end of 4Q FY12. City Gas Town gas volume growth has improved for most segments and in particular,
Slide 6: Overview: SingSpring Business Highlights
Overview Business Highlights • Achieved total cash earnings of S$17.9 million for FY12 • Continues to maintain record of 100% availability and met all the terms under the Water Purchase Agreement with PUB SingSpring • Supplied an average of 35,051 m3 of water per day to PUB, representing 26% of the
Slide 7: Overview: Basslink Business Highlights
Overview Business Highlights • Achieved cash earnings of A$15.2 million for FY12 • CRSM(2) was negative A$15.5 million for FY12 Basslink • Achieved cumulative availability of 98.64% for the 12 months ended 31 Dec 2011, and 100% for the three months ended 31 Mar 2012 • Basslink Telecoms has contribut
Slide 8: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results 4 Our Investment Proposition Private and Confidential 7
Slide 9: Revenue and Cash Earnings
Group Financial Results Revenue Cash earnings (1) 600 80 75 481 500 59 424 60 400 S$ millions S$ millions 300 40 200 21 129 110 16 20 100 0 0 4Q FY12 4Q FY11 FY 12 FY 11 4Q FY12 4Q FY11 FY 12 FY 11 (1) Cash earnings is defined as EBITDA adjusted for cash and non-cash items, less cash interest, cash
Slide 10: Why FY12 Cash Earnings was lower compared to FY11
Group Financial Results Why FY12 Cash Earnings was lower compared to FY11 The lower cash earnings was mainly due to: - Payment of early redemption guarantee fee of A$2.2 million (approximately S$2.8 million) associated with purchase and cancellation of the Basslink bonds and costs of A$1.9 million (
Slide 11: Group Cash Earnings
Group Financial Results Group Cash Earnings 4Q FY12 4Q FY11 FY12 FY11 S$'000 S$'000 S$'000 S$'000 Cash Earnings 20,535 16,119 58,642 74,894 Applied as follows: Principal Repayment of Subsidiary Entity Loan (2,370) (2,370) (9,479) (9,295) Non-controlling interest (1,114) (1,027) (4,383) (4,235) Distr
Slide 12: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results 4 Our Investment Proposition Private and Confidential 11
Slide 13: Subsidiaries’ Financial Results: City Gas
Subsidiaries’ Financial Results City Gas 4Q FY12 4Q FY11 FY12 FY11 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 95,749 77,747 23.2 354,910 308,192 15.2 Other income 259 2,944 (91.2) 1,004 3,463 (71.0) Other gains/(losses) - net 13 (28) N/M (66) (67) 1.5 Expenses
Slide 14: Subsidiaries’ Financial Results: SingSpring
Subsidiaries’ Financial Results SingSpring 4Q FY12 4Q FY11 FY12 FY11 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 9,860 9,200 7.2 38,471 38,700 (0.6) Other income 2 16 (87.5) 6 579 (99.0) Expenses Fuel and electricity costs (3,374) (2,758) (22.3) (12,507) (12,332
Slide 15: Subsidiaries’ Financial Results: Basslink
Subsidiaries’ Financial Results Basslink 4Q FY12 4Q FY11 FY12 FY11 Actual Actual Change Actual Actual Change A$'000 A$'000 % A$'000 A$'000 % Revenue 16,938 17,887 (5.3) 66,069 61,758 7.0 Other income 405 402 0.7 1,792 1,732 3.5 Other (losses)/gains - net (143) (7) N/M 14,849 (3) N/M Expenses Fuel an
Slide 16: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results 4 Our Investment Proposition Private and Confidential 15
Slide 17: Our Investment Proposition
Our Investment Proposition • Businesses providing essential services • Sustainable distribution • Strategy for growth Private and Confidential 16
Slide 18: Businesses Providing Essential Services: City Gas and SingSpring
Businesses Providing Essential Services City Gas 2,066 1,944 • Total gas volume has grown steadily over the years 2,000 1,767 1,699 • Total customers at end Mar 2012 - 653,000 • Stable cash earnings driven by broad and diversified millions of kWh 1,500 customer base 1,000 500 0 (1) FY09 FY10 FY11 FY
Slide 19: Businesses Providing Essential Services: Basslink
Businesses Providing Essential Services Basslink 94.64% 98.80% 97.12% 98.64% 100.00% • Exceeded target annual availability of 97%, except 97.00% for CY08 80.00% 60.00% • Availability based earnings underpinned by high reliability 40.00% 20.00% 0.00% (1) CY08 CY09 CY10 CY11 Availability (1) CY stands
Slide 20: Sustainable Distributions
Sustainable Distributions (S$ million) FY08* FY09 FY10 FY11 FY12 Group Cash Earnings 69.2 60.9 57.9 74.9 58.6 Distribution to Unitholders 34.4 34.3 39.4 41.2 47.7 *FY08 covered the period from 5 Jan 2007 to 31 Mar 2008 • CitySpring distributes to unitholders out of Group Cash Earnings • The Group ha
Slide 21: Strategy for Growth
Strategy for Growth Since IPO in Feb 2007 • Acquired Basslink in August 2007 • Launched Basslink Telecoms as a new business in July 2009 • Awarded a mandate by SingTel to manage NetLink Trust in July 2011 Going Forward • We have made significant progress in strengthening CitySpring’s financial posit
Slide 22: Appendix
Appendix Private and Confidential 21
Slide 23: Group Consolidated Income Statement
Group Financial Results Group Consolidated Income Statement 4Q FY12 4Q FY11 FY12 FY11 Actual Actual C Change Actual Actual Change S$’000 S$'000 S$’000 S$'000 h S % S$’000 S$'000 S$’000 S$'000 % Revenue 128,714 109,810 17.2 481,407 424,479 13.4 Other income 974 3,760 (74.1) 4,471 6,907 (35.3) Other g
Slide 24: Group Consolidated Balance Sheet
Group Financial Results Group Consolidated Balance Sheet As at 31 Mar 12 As at 31 Mar 11 S$'000 S$'000 ASSETS Cash and bank deposits 160,533 159,094 Derivative financial instruments 8,736 87,687 Trade and other receivables 64,477 49,802 Inventories 15,208 13,184 Intangibles 416,462 428,063 Finance l
Slide 25: Group Consolidated Cash Flow Statement
Group Financial Results Group Consolidated Cash Flow Statement 4Q FY12 4Q FY11 FY12 FY11 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 Cash flows from operating activities Net profit/(loss) after income tax 7,601 (6,703) (34,986) (21,929) Non-cash adjustments 27,474 38,114 152,274 150,680
Slide 26: Group Cash Earnings
Group Financial Results Group Cash Earnings 4Q FY12 4Q FY11 FY12 FY11 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 EBITDA 35,962 30,037 128,578 120,977 Add/(less): Other cash receipts 1,557 1,459 13,007 13,228 Net finance costs (15,216) (16,500) (66,850) (65,713) Payment of loan upfront f
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