Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — Q1 2019 Earnings Presentation
22 slides from Keppel Infrastructure Trust's earnings presentation, Apr 15, 2019
Slide 1: First Quarter 2019 Financial Results
First Quarter 2019 Financial Results 15 April 2019
Slide 2: Important Notice
Important Notice Not for distribution in the United States 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
Slide 3: Outline
Outline Key Highlights Business Updates Finance and Capital Management Looking Ahead 3
Slide 4: Key Highlights
Key Highlights Ixom (Laverton)
Slide 5: Key Highlights for 1Q FY2019
Key Highlights for 1Q FY2019 Distribution per Unit Distributable Cash Flows Completed the Acquisition 0.93 cents(1) S$48.4 million of Ixom Holdco Pty Ltd Stable total DPU of 0.93 cents Increased 33.7% from 1Q 2018 Enhancing KIT’s long term for 1Q 2019 value proposition Distribution Yield Hedged Loan
Slide 6: Business Updates
Business Updates Keppel Merlimau Cogen
Slide 7: Business Sectors
Business Sectors A Diversified Business Trust with a Strategic Portfolio of Infrastructure Assets Distribution & Network Energy Waste & Water 7
Slide 8: Distribution and Network
Distribution and Network % Total(1) 68% Assets City Gas, Basslink, DataCentre One, Ixom Business City Gas Updates • Customer base grew by 3.2% YoY from 823,000 to 849,000 as of 1Q 2019 • Achieved 100% availability in 1Q 2019 Basslink • Basslink continues to vigorously defend itself in the arbitratio
Slide 9: Energy Waste & Water
Energy Waste & Water % Total(1) 20% 12% Asset Keppel Merlimau Cogen Senoko and Tuas WTE Plants, Ulu Pandan and SingSpring Water Plants Business • Fulfilled contractual • Fulfilled contractual obligations in 1Q Updates obligations in 1Q 2019 2019 SingSpring • KIT has increased its monitoring of opera
Slide 10: Finance and Capital Management
Finance and Capital Management City Gas
Slide 11: Distributable Cash Flows
Distributable Cash Flows +/(-) (S$’000) 1Q 2019 1Q 2018 % Distribution & Network • City Gas(1) 15,841 10,256 54.5 • DC One(2) 1,342 1,177 14.0 • Ixom(3) 5,878 - > 100.0 Energy • KMC 11,716 11,451 2.3 Waste & Water 17,860 17,672 1.1 Others (4,207) (4,336) 3.0 Total Distributable Cash Flows 48,430 36,
Slide 12: Regular and Stable Returns
Regular and Stable Returns Comparative Yields(1) 10.0% 8.0% 8.0% 6.0% 4.6% 4.2% 4.0% 1.9% 2.1% 2.0% 0.0% 5 Yr SG 10 Yr SG STI FTSE ST KIT Govt Govt REIT bond bond Index DPU (S cents) Stub(2) DPU: 0.0723 Singapore cents Book closure date: 24 April 2019 Payment date: 17 May 2019 1. Sources: Bloomb
Slide 13: Balance Sheet
Balance Sheet Sustainable gearing supported by: (S$’m) As at 31 March 2019 Long term contracts expiring between Total Excl. Basslink 2024 and 2036 309 255 Cash Creditworthy customers backed by Borrowings 2,592 1,926 government and government-linked corporations Net debt 2,282 1,670 Total assets
Slide 14: Capital Management
Capital Management Hedged ~59%(1) of total loans Debt Repayment Debt Breakdown by All loans non-recourse except KIT corporate loan Profile Currency Stable interest rate of 4-5%. > 5 yrs < 1 yr 0.2% 39.5% − Singapore average: 3-4% A$ − Australian average: 5-7% 45% KIT corporate loan and City
Slide 15: Three-Pronged Growth Strategy
Three-Pronged Growth Strategy Organic Growth from Keppel Acquisition Existing Portfolio Synergy Strategy Solid Stable Base Keppel Capital KIT New Investments • Stable cash flows • Bridge financing • Businesses/assets that generate • Scale and liquidity • Co-investment and incubation long-term, stabl
Slide 16: Additional Information
Additional Information Ixom
Slide 17: 1Q 2019: Distributable Cash Flows
1Q 2019: Distributable Cash Flows S$'000 KMC City Gas Basslink Ixom Waste & Water Others Group (4) Profit/(loss) after income tax (18,863) 7,745 (3,307) (10,736) 557 (155) (24,759) Add/(less): Reduction in concession / lease receivables - - - - 14,097 - 14,097 Non-cash finance cost 163 59 1,184 - (9
Slide 18: 1Q 2018: Distributable Cash Flows
1Q 2018: Distributable Cash Flows S$'000 KMC City Gas Basslink Waste & Water Others Group Profit/(loss) after income tax (18,876) 3,743 (4,968) 407 18,626 (1,068) Add/(less): Reduction in concession / lease receiables - - - 13,684 - 13,684 Non-cash finance cost 160 97 1,665 6 27 1,955 Other non-cash
Slide 19: Keppel Infrastructure Trust Structure
Keppel Infrastructure Trust Structure Keppel Capital Keppel Infrastructure Institutional and Public Investors The Trustee-Manager can leverage the The Trustee-Manager can leverage scale and resources of a larger asset the Sponsor‘s expertise and track management platform record in this industry ~82%
Slide 20: Portfolio Overview
Portfolio Overview Tuas WTE Plant
Slide 21: Distribution & Network
Description Customer and Contract Terms Primary Source of Cash Flows Industrial infrastructure business in Australia Payments from customers for delivery and New Zealand, supplying and distributing Over 8,000 customers comprising municipals Distribution & Network of products and provision of service
Slide 22: Thank You
Thank You www.kepinfratrust.com Ulu Pandan Newater Plant
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