Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — SGX-NH Virtual Corporate Day for Korean Investors (May 2020)
23 slides from Keppel Infrastructure Trust's conference presentation, May 26, 2020
Slide 1: SGX-NH Virtual Corporate Day for Korean Investors
SGX-NH Virtual Corporate Day for Korean Investors 26 May 2020
Slide 2: Outline
Outline 1 Overview 3 2 1Q 2020 Business and Operational Updates 8 3 Additional Information 17 2
Slide 3: Overview
KEPPEL IKKIT INFRASTRUCTURE
Slide 4: Overview of KIT
Overview of KIT • The largest diversified Business Trust listed in Singapore with a portfolio of strategic businesses and assets that provide essential products and services • Assets under Management of $4.9b as at 31 March 2020 • Long-term sustainable cash flows supported by AAA Singapore Governmen
Slide 5: Overview of KIT (cont'd)
Overview of KIT (cont’d) 1 8 SingSpring City Gas SINGAPORE AUSTRALIA & NEW ZEALAND Desalination Plant ▪ Sole supplier of town gas in ▪ 1 of 3 Desalination plants in Singapore 5 1 3 Singapore ▪ Customer base of more than 860,000 ▪ Responsible for meeting the water residential, commercial and industri
Slide 6: Large and Diversified Customer Base and Reputable Off-takers
Large and Diversified Customer Base and Reputable Off-takers Customers & Off-takers Highlights More than 860,000 residential, City Gas ✓ Sole producer and retailer of town gas in Singapore commercial and industrial customers ✓ Sole manufacturer and provider of liquefied chlorine in Australia, as wel
Slide 7: Portfolio Breakdown
Portfolio Breakdown By Businesses and Assets (%) By Geography (%) As at 31 March 2020 As at 31 March 2020 12.1 20.5 16.8 9.7 $4.9 $4.9 41.8 billion billion 58.2 15.9 25.0 City Gas Basslink Singapore Australia, New Zealand and other countries Ixom KMC Waste & Water Trust assets and non-controlling in
Slide 8: 1Q 2020 Key Business and Operational Updates
1Q 2020 Key Business and Operational Updates Keppel Merlimau Cogen
Slide 9: 1Q 2020 Key Results Highlights
1Q 2020 Key Results Highlights Stable Resilient Distribution per Unit Distributable Cash Flows Annualised Yield Low Gearing 0.93 cents $51.1m 8.8%1 33.7% Supported by resilient 5.6% YoY increase Based on the market closing Comfortable debt cash flows from a over 1Q 2019 price per Unit of $0.425 head
Slide 10: 1Q 2020 Business Updates
1Q 2020 Business Updates City Gas • Customer base grew 1.6% YoY to 863,000 in 1Q 2020 • Achieved 100% availability • Continue to ensure town gas supply is maintained to support essential requirements in Singapore in the current pandemic Ixom • Continued to deliver resilient performance despite the c
Slide 11: 1Q 2020 Business Updates
1Q 2020 Business Updates Energy ▪ Keppel • Achieved 100% of contracted availability Merlimau Cogen (KMC) • Advanced discussions with lenders for the refinancing of the KMC loan Waste & Water ▪ Senoko WTE Plant ▪ Tuas WTE Plant • Fulfilled all contractual obligations and operations remained stable ▪
Slide 12: 1Q 2020 Portfolio Performance
1Q 2020 Portfolio Performance 1Q 2020 1Q 2019 +/(-) S$’000 S$’000 % Distribution & Network 28,207 23,061 22.3 City Gas 11,857 15,841 (25.1) Ixom 16,350 5,878 >100.0 DC One1 - 1,342 n.m. Energy 11,202 11,716 (4.4) Waste & Water 18,138 17,860 1.6 Others2 (6,404) (4,207) (52.2) Distributable Cash Flows
Slide 13: Regular and Stable Distributions
Regular and Stable Distributions Distribution History (cents) 3.72 3.72 3.72 3.72 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 1Q 2Q 3Q 4Q Comparative Yields1 8.8% 5.4% 5.9% 1.0% 1.3% 5 Yr SG Govt bond 10 Yr SG Govt STI
Slide 14: Balance Sheet
Balance Sheet Sustainable gearing supported by: As at 31 March 2020 (S$’m) Total Excl. Basslink ◼ Long term concession contracts expiring between 2024 and 2036 Cash 443 411 ◼ Creditworthy off-takers backed by government and government-linked Borrowings 2,101 1,505 corporations Net debt 1,658 1,094 ◼
Slide 15: Capital Management
Capital Management Overview: Debt Repayment Debt Breakdown by ◼ Hedged ~89% of total loans Currency Profile ◼ All loans are non-recourse except KIT corporate loan ◼ Stable interest rate of 4-5% < 1 yr − Singapore average: 2-4% 61.9% A$51.9% − Australia average: 3-7% 1-5 yrs ◼ Weighted average term t
Slide 16: Three-pronged Growth Strategy
Three-pronged Growth Strategy Value Operational Focused Creation Excellence Acquisition • Generate sustainable cash • Achieve operational excellence • Seek leading businesses and flows from the Trust’s well- and asset optimisation to extract assets with the following diversified portfolio of further
Slide 17: Additional Information
Additional Information Senoko WTE Plant
Slide 18: 1Q 2020: Distributable Cash Flows
1Q 2020: Distributable Cash Flows Waste & S$'000 City Gas Basslink Ixom KMC Others Group Water Profit/(loss) attributable to unitholders 4,169 3,605 5,740 (9,917) (355) 15,699 18,941 Adjustments for non-cash items: Depreciation and amortisation 977 4,058 18,066 9,852 1,563 - 34,516 Income tax expens
Slide 19: 1Q 2019: Distributable Cash Flows
1Q 2019: Distributable Cash Flows Waste & S$'000 City Gas Basslink Ixom KMC Others Group Water Profit/(loss) attributable to unitholders 7,676 (3,307) (10,976)1 (9,650) 201 (155) (16,211) Adjustments for non-cash items: Depreciation and amortisation 978 4,328 4,548 10,071 1,489 - 21,414 Income tax e
Slide 20: Driving Sustainable Growth
Driving Sustainable Growth KIT’s strategic goal is to deliver sustainable returns to its Unitholders, through a combination of recurring distributions and capital growth over the long term Anchored By a growing portfolio of strategic businesses and assets across a broad range of highly defensive ind
Slide 21: Portfolio Overview
Portfolio Overview Description Customer and contract terms Primary source of cash flows Fixed margin per unit of gas sold, Distribution & Network Sole producer and retailer of piped town Over 860,000 commercial and residential with fuel and electricity costs passed gas customers through to consumer
Slide 22: Important Notice
Important Notice 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 to purchase or subscribe for any units (“U
Slide 23: Thank You
Thank You www.kepinfratrust.com Ulu Pandan NEWater Plant
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