Keppel Infrastructure Trust · SGX:A7RU

Keppel Infrastructure Trust — CitySpring Infrastructure Trust — Q1 FY2014 Earnings Presentation

20 slides from Keppel Infrastructure Trust's earnings presentation, Aug 13, 2013

  1. Slide 1: Results Briefing for 1Q FY14

    Results Briefing for 1Q FY14 13 August 2013

  2. 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

  3. Slide 3: Contents

    Co te ts Contents 1 Overview 2 Group p Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 2

  4. Slide 4: Overview

    Overview  Cash Earnings – 1Q FY14 Total cash earnings(1) of S$16.0 million, compared to S$21.1 million in 1Q FY13  Distribution Per Unit (“DPU”) – CitySpring y p g will ppayy a DPU of 0.82 Singapore g p cents for 1Q FY14. This is in line with (2) the target annual DPU of 3.28 Singapore cents for F

  5. Slide 5: Overview: City Gas

    Overview Business Highlights g g  City Gas achieved total cash earnings of S$13.1 million for the quarter  Its customer base grew by about 2.6% from 655,980 as at the end of 1Q FY13 to about 673,320 as at the end of 1Q FY14  The average monthly town gas sales volume has increased by 2.5% to 138,7

  6. Slide 6: Overview: SingSpring

    Overview Business Highlights g g  Achieved total cash earnings(3) of S$3.5 S$3 5 million for the quarter Overview Business Highlights SingSpring  Achieved 100% availability and met all the terms under the Water Purchase Agreement with PUB (3) Att ib t bl to Attributable t CitySpring Cit S i IInfra

  7. Slide 7: Overview: Basslink

    Overview Business Highlights g g  Achieved cash earnings of A$1.4 million for the quarter  CRSM(4) was negative A$3.6 million for the quarter Basslink  Achieved cumulative availability of 95.45% for the 6 months ended 30 June 2013 (6 months ended 30 June 2012: 100%) (4) The Commercial Risk Sharin

  8. Slide 8: Contents

    Co te ts Contents 1 Overview 2 Group p Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 7

  9. Slide 9: Group Financial Results

    Group Financial Results Revenue (S$ millions) Cash Earnings (S$ millions) 127.1 132.6 21.1 16.0 1QFY14 1QFY13 1QFY14 1QFY13 Private and Confidential 8

  10. Slide 10: 1Q FY14 Cash Earnings lower than 1Q FY13

    Group Financial Results 1Q FY14 Cash Earnings g lower than 1Q FY13 Factors contributing to lower cash earnings are: - The time lag in the adjustment of gas tariffs to reflect actual fuel cost - Lower contributions from Basslink Private and Confidential 9

  11. Slide 11: Application of Cash Earnings

    Group Financial Results Group p Cash Earnings g Application of Cash Earnings 1Q FY14 1Q FY13 S$'000 S$'000 Cash Earnings 15,987 , 21,101 , Applied as follows: Principal Repayment of Subsidiary Entity Loan (2,611) (2,370) Distribution to Unitholders (12,455) (12,455) We measure our performance using

  12. Slide 12: Contents

    Co te ts Contents 1 Overview 2 Group p Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 11

  13. Slide 13: Subsidiaries' Financial Results: City Gas

    Subsidiaries’ Financial Results City y Gas 1Q FY14 1Q FY13 Actual Actual Change S$'000 S$ 000 S$'000 S$ 000 % Revenue 96,831 98,492 (1.7) Other income 241 260 (7.3) Other gains - net 82 120 ((31.7)) Expenses Fuel and electricity costs (48,089) (48,793) 1.4 Gas transportation costs (21,075) (20,224)

  14. Slide 14: Subsidiaries' Financial Results: SingSpring

    Subsidiaries’ Financial Results SingSpring g p g 1Q FY14 1Q FY13 Actual Actual Change S$'000 S$'000 % Revenue 9,552 11,935 (20.0) Other income 2 2 - pe ses Expenses Fuel and electricity costs (3,099) (4,748) 34.7 Depreciation and amortisation (912) (912) - Operation and maintenance costs (1,876) (2,

  15. Slide 15: Subsidiaries' Financial Results: Basslink

    Subsidiaries’ Financial Results Basslink 1Q FY14 1Q FY13 Actual Actual Change A$'000 A$'000 % Revenue 16,255 16,938 (4.0) Other income 278 370 (24.9) Other gain/(losses) - net 332 (5 490) (5,490) N/M Expenses Fuel and electricity costs (95) (62) (53.2) Depreciation and amortisation (7,233) (7,140) (

  16. Slide 16: Appendix

    Appendix Private and Confidential 15

  17. Slide 17: Consolidated Income Statement

    Group Financial Results Group p Consolidated Income Statement 1Q FY14 1Q FY13 Actual A t l Actual A t l Change Ch S$’000 S$’000 % Revenue 127,050 132,578 (4.2) Oth income Other i 691 896 (22 9) (22.9) Other losses - net (631) (6,960) 90.9 Total expenses (127,870) (127,698) (0.1) Loss before income t

  18. Slide 18: Consolidated Balance Sheet

    Group Financial Results Group p Consolidated Balance Sheet As at 30 June 13 As at 31 March 13 S$'000 S$'000 ASSETS Cash and bank deposits 197,866 202,364 Trade and other receivables 63,200 64,924 Inventories 17,821 18,096 Intangibles 396,813 404,463 Fi Finance lease l receivables i bl 154 096 154,09

  19. Slide 19: Consolidated Cash Flow Statement

    Group Financial Results Group p Consolidated Cash Flow Statement 1Q FY14 1Q FY13 Actual Actual S$'000 S$ 000 S$'000 S$ 000 Operating activities Loss before income tax (760) (1,184) Non-cash adjustments 29,229 35,851 O Operating ti cash h flow fl before b f working ki capital it l changes h 28 469 28

  20. Slide 20: Cash Earnings

    Group Financial Results Group p Cash Earnings g 1Q FY14 1Q FY13 Actual Actual S$'000 S$'000 EBITDA 29 465 29,465 27 865 27,865 Add/(less): Other cash receipts 1,685 1,600 Net finance costs ((13,637) , ) ((13,917) , ) Fair value (gain)/loss on DFI (1,069) 6,760 Other non-cash flow expenses 768 174 Ma

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