Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — H1 2020 Earnings Presentation
23 slides from Keppel Infrastructure Trust's earnings presentation, Jul 22, 2020
Slide 1: 2Q 2020 and 1H 2020 Financial Results
2Q 2020 and 1H 2020 Financial Results 22 July 2020
Slide 2: Outline
Outline 1 Results Highlights 3 2 Business Updates 5 3 Finance and Capital Management 9 4 Additional Information 15 2
Slide 3: Results Highlights
Results Highlights Ixom
Slide 4: Key Results Highlights
Key Results Highlights All businesses and assets are classified as essential services No operational disruption throughout lockdowns; business continuity measures were implemented to ensure health & safety of staff Resilient Distributable Cash Flows $62.2m 2Q 2020 DCF of $62.2m, bringing 1H 2020 DCF
Slide 5: Business Updates
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Slide 6: Portfolio Breakdown
Portfolio Breakdown By Businesses and Assets (%) By Geography (%) As at 30 June 2020 As at 30 June 2020 19.8 12.0 9.3 $5.0 43.3 $5.0 17.4 56.7 billion billion 15.6 25.9 City Gas Basslink Singapore Australia, New Zealand and other countries Ixom KMC Waste & Water Trust assets and non-controlling inte
Slide 7: 2Q 2020 Business Updates
2Q 2020 Business Updates City Gas • Customer base grew 1.2% YoY to 862,000 as at end-June 2020 • Achieved 100% availability • Town gas demand from Commercial & Industrial customers was lower in 2Q 2020 during the circuit breaker, partially offset by higher usage from residential customers • Higher D
Slide 8: 2Q 2020 Business Updates (cont’d)
2Q 2020 Business Updates (cont’d) • Contractual availability of 97.9%, due to unplanned maintenance that Energy was promptly rectified ▪ Keppel • Secured a $700 million sustainability-linked loan, one of the largest such Merlimau loans in Singapore and the first in the energy sector to-date Cogen (K
Slide 9: Finance and Capital Management
Finance and Capital Management SingSpring Desalination Plant
Slide 10: Resilient Distributable Cash Flows
Resilient Distributable Cash Flows 2Q 2020 2Q 2019 +/(-) 1H 2020 1H 2019 +/(-) S$’000 S$’000 % S$’000 S$’000 % Distribution & 40,230 21,889 83.8 68,437 44,950 52.3 Network City Gas 17,154 10,421 64.6 29,011 26,262 10.5 Ixom 23,076 10,156 >100.0 39,426 16,034 >100.0 DC One1 - 1,312 n.m. - 2,654 n.m.
Slide 11: Regular and Stable Distributions
Regular and Stable Distributions Distribution History (cents) 3.72 3.72 3.72 3.72 0.93 0.93 0.93 0.93 1.86 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 1Q 2Q 3Q 4Q DPU for 2Q 2020 Comparative Yields1 DPU: 0.93 Singapore cents 6.9%2 4.7
Slide 12: Balance Sheet
Balance Sheet Sustainable gearing supported by: As at 30 June 2020 (S$’m) Total ◼ Long term concession contracts expiring between 2024 and 2034 Cash 499 ◼ Creditworthy off-takers backed by government and Borrowings 2,169 government-linked corporations Net debt 1,670 ◼ City Gas’ and Ixom’s large and
Slide 13: Capital Management
Capital Management Overview: Debt Repayment Debt Breakdown by ◼ Hedged ~81% of total loans (excludes the sustainability-linked Currency loan for KMC, which is in the process of being fully hedged) Profile > 5 yr < 1 yr ◼ Stable interest rate of 4-5% 20.0% 30.9% − Singapore average: 1-4% − Australia
Slide 14: 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 15: Thank You
Thank You www.kepinfratrust.com Ulu Pandan NEWater Plant
Slide 16: Additional Information
Additional Information Tuas WTE Plant
Slide 17: 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 18: 2Q 2020: Distributable Cash Flows
2Q 2020: Distributable Cash Flows Waste & S$'000 City Gas Basslink Ixom KMC Others Group Water Profit/(loss) attributable to unitholders 9,566 711 9,603 (9,634) (553) 16,546 26,239 Adjustments for non-cash items: Depreciation and amortisation 911 3,918 17,386 9,852 1,564 - 33,631 Income tax expense
Slide 19: 2Q 2019: Distributable Cash Flows
2Q 2019: Distributable Cash Flows Waste & S$'000 City Gas Basslink Ixom KMC Others Group Water Profit/(loss) attributable to unitholders 3,428 (112) 5,570 (9,853) (42) 16,969 15,960 Adjustments for non-cash items: Depreciation and amortisation 989 4,289 9,926 9,603 1,489 - 26,296 Income tax expense
Slide 20: 1H 2020: Distributable Cash Flows
1H 2020: Distributable Cash Flows Waste & S$'000 City Gas Basslink Ixom KMC Others Group Water Profit/(loss) attributable to unitholders 13,735 4,316 15,343 (19,551) (908) 32,245 45,180 Adjustments for non-cash items: Depreciation and amortisation 1,888 7,976 35,452 19,704 3,127 - 68,147 Income tax
Slide 21: 1H 2019: Distributable Cash Flows
1H 2019: Distributable Cash Flows Waste & S$'000 City Gas Basslink Ixom KMC Others Group Water Profit/(loss) attributable to unitholders 11,104 (3,419) (5,406) 1 (19,503) 159 16,814 (251) Adjustments for non-cash items: Depreciation and amortisation 1,967 8,617 14,474 19,674 2,978 - 47,710 Income ta
Slide 22: Portfolio Overview
Portfolio Overview Description Customer and contract terms Primary source of cash flows City Gas 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 Singapore gas customers t
Slide 23: 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
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