Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — 9M FY2015 Earnings Presentation
24 slides from Keppel Infrastructure Trust's earnings presentation, Jan 18, 2016
Slide 1: Keppel Infrastructure Trust 3Q FY15 and 9M FY15 Results Presentation
Not for distribution in the United States Keppel Infrastructure Trust 3Q FY15 and 9M FY15 Results Presentation 18 January 2016
Slide 2: Disclaimer
Disclaimer 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 in Keppel
Slide 3: Financial snapshot
Financial snapshot DPU (S Cents) Distributable Cash Flows (S$’m) 1.05 ^ 1.98 ^ 90.7 41.8 37.2 0.93 0.82 2.64 2.46 10.8 3Q FY15 3Q FY14 9M FY15 9M FY14 3Q FY15 3Q FY14 9M FY15 9M FY14 NAV Per Unit (S Cents) Gearing* 35.3 52% 34% 12.3 31 Dec 15 31 Mar 15 31 Dec 15 31 Mar 15 ^ Pre and post combination
Slide 4: Distributable cash flows
Distributable cash flows S$’m 3Q FY15 3Q FY14 Explanations City Gas 16,384 11,031 • The time lag in the adjustment of gas tariffs to reflect actual fuel cost for City Gas Concessions 17,584 2,020 • Includes full quarter contributions from Crystal assets in 3QFY15 • Proforma 3QFY14 distributable cash
Slide 5: Diversified portfolio of core infrastructure assets
Diversified portfolio of core infrastructure assets 9M FY15 EBITDA (1) Total Assets as at 31 Dec 2015 KMC Corporate 31% 6% Concessions 18% Concessions KMC 17% 43% City Gas Basslink 11% 25% City Gas Basslink 27% 22% (1) Excludes Trust / corporate expenses. Long term, regular and predictable cash flow
Slide 6: Business updates
Business updates Units Business updates City Gas • Customer base grew by 4.8% from about 714,600 as at the end of 3Q FY14 to about 748,800 as at the end of 3Q FY15 • Achieved 100% plant availability Concessions • Consist of Senoko WTE, Tuas WTE, SingSpring and Ulu Pandan NEWater in Singapore • 2 out
Slide 7: Regular and stable distributions
Regular and stable distributions DPU for 3Q FY15 Historical DPU (S cents) S cents/unit • DPU of 0.93 Singapore cents declared for 2.5 3Q FY15 1.98 2 • Book closure date: 26 January 2016 1.5 • Payment date: 19 February 2016 1.05 1 0.93 0.93 0.82 0.82 0.82 0.82 0.78 0.5 0 (1) 1QFY14 2QFY14 3QFY14 4QFY
Slide 8: Larger balance sheet after acquisitions
Larger balance sheet after acquisitions S$’m 31 Dec 15 31 Mar 15 Total assets 4,147 1,770 • Total assets and liabilities increased due to completion of the KMC and Crystal Total liabilities 2,547 1,571 acquisitions Borrowings 1,674 1,144 • Higher borrowings as KMC drew down S$700m in loans as part o
Slide 9: Sustainable gearing
Sustainable gearing As at Dec 2015 Total Excluding • Sustainable gearing backed by S$’m Basslink Cash 244 195 Long term contracts expiring between 2024 and 2046 Borrowings 1,674 960 Credit worthy customers and Net debt 1,430 765 City Gas’ large and stable Total assets 4,147 3,216 customer base A
Slide 10: Prudent capital management
Prudent capital management Debt Overview Debt Breakdown • Blended average interest rate of 4-5% Debt repayment profile − Singapore average: 3-4% > 5 yrs < 1 yr 1.9% 1.9% − Australian average: 6-7% − ~86% of loans are hedged • Weighted average term to expiry of ~4.6 years − ~98% of KIT’s loans are du
Slide 11: Uniquely positioned to deliver long term value and growth
Uniquely positioned to deliver long term value and growth 1 Largest Singapore infrastructure focused business trust 2 Diversified portfolio of core infrastructure assets 3 Long term contracts with credit worthy customers / large and stable customer base 4 Generate long term, regular and predictable
Slide 12: Appendix I: Additional financial information
Appendix I: Additional financial information 11
Slide 13: City Gas' results
City Gas’ results 3Q FY15 3Q FY14 Change 9M FY15 9M FY14 Change S$'000 S$'000 % S$'000 S$'000 % Revenue 80,526 92,395 (12.8) 241,469 289,919 (16.7) Other income 289 254 13.8 937 844 11.0 Other gains/(losses) - net - (9) N/M (109) (104) 4.8 Expenses Fuel and electricity costs (24,245) (44,651) (45.7)
Slide 14: Concessions' results
Concessions’ results 3Q FY15 3Q FY14 Proforma^ Change 9M FY15 9M FY14 Proforma^ Change 3Q FY14 9M FY14 S$'000 S$'000 S$'000 % S$'000 S$'000 S$'000 % Revenue 34,233 9,174 25,454 34.5 74,459 27,205 65,271 14.1 Other income 167 4 217 (23.1) 481 23 531 (9.3) Expenses Fuel and electricity costs (4,211) (
Slide 15: KMC's results
KMC’s results 3Q FY15 9M FY15 S$'000 S$'000 Revenue 32,563 65,128 Other income 804 1,176 Other losses - net - (37) Expenses Depreciation and amortisation (18,887) (37,766) Operation and maintenance costs (4,998) (10,065) Finance costs (1) (27,089) (53,097) Other operating expenses (1,377) (2,830) To
Slide 16: Basslink's results
Basslink’s results 3Q FY15 3Q FY14 Change 9M FY15 9M FY14 Change A$'000 A$'000 % A$'000 A$'000 % Revenue 12,085 15,753 (23.3) 42,703 52,595 (18.8) Other income 221 323 (31.6) 706 949 (25.6) Other gains/(losses) - net 1,617 380 >100% 2,642 (2,513) N/M Expenses Fuel and electricity costs (80) (76) 5.3
Slide 17: 3Q FY15 distributable cash flows reconciliation
S$'000 City Gas Concessions Basslink KMC Others Group Profit/(loss) after tax 5,231 2,032 (6,590) (19,148) 18,402 (73) Add/(less): Reduction in concession / lease receivables - 12,450 - - - 12,450 Non-cash Finance Cost 96 7 1,289 117 710 2,219 Other non-cash items 10 (226) (2,104) 86 378 (1,856) Adj
Slide 18: 3Q FY14 distributable cash flows reconciliation
S$'000 City Gas Concessions Basslink Others Group Profit/(loss) after tax 1,079 1,284 (17,016) 4,558 (10,095) Add/(less): Reduction in concession / lease receivables - 2,113 - - 2,113 Non-cash Finance Cost 94 8 2,941 92 3,135 Other non-cash items 55 - 1,985 105 2,145 Adjustment for cash tax paid / d
Slide 19: 9M FY15 distributable cash flows reconciliation
S$'000 City Gas Concessions Basslink KMC Others Group Profit/(loss) after tax 4,477 3,709 (14,262) (37,655) 42,128 (1,603) Add/(less): Reduction in concession / lease receivables - 30,070 - - - 30,070 Non-cash Finance Cost 285 23 3,894 233 895 5,330 Other non-cash items 50 - (4,261) 833 544 (2,834)
Slide 20: 9M FY14 distributable cash flows reconciliation
S$'000 City Gas Concessions Basslink Others Group Profit/(loss) after tax 5,590 3,864 (30,800) 13,969 (7,377) Add/(less): Reduction in concession / lease receivables - 6,315 - - 6,315 Non-cash Finance Cost 281 25 12,576 432 13,314 Other non-cash items 203 - (427) 275 51 Adjustment for cash tax paid
Slide 21: Outstanding loans
Outstanding loans Entity Outstanding Maturity Repayment amounts (S$’m) City Gas 178.0 Feb 2019 Bullet* SingSpring 81.5 Oct 2024 Amortising Basslink 724.6 (A$710.3) Nov 2019 Amortising* Senoko WTE 4.5 May 2016 Bullet* KMC 700 Jun 2020 Bullet* * To be refinanced upon maturity 20
Slide 22: Appendix II: Overview of KIT
Appendix II: Overview of KIT 21
Slide 23: Asset, Business, Customer, Contract Expiry, Revenues
Asset Business Customer Contract Expiry Revenues Senoko Plant 2,100 tonnes/day NEA 2024 Principally availability waste incineration concession in payment Singapore Tuas DBOO Plant 800 tonnes/day NEA 2034 Principally availability waste incineration concession in payment Singapore Ulu Pandan Plant 148
Slide 24: KIT's shareholding structure
KIT’s shareholding structure Keppel Temasek Public 18.2% 15.9% 65.9% 100% Trust Deed KIFM KIT 100% 51% 100% 100% 100% 100% City Gas Senoko WTE KMC(3) CityDC CityNet Basslink 51% 51% 100% 100% Tuas WTE Basslink City OG(1) DC One(4) Telecoms 100% Ulu Pandan NEWater 70% SingSpring(2) (1) Osaka Gas Sing
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