Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — 3Q FY15 Earnings Presentation
21 slides from Keppel Infrastructure Trust's earnings presentation, Jan 27, 2015
Slide 1: Results Briefing for 3Q FY15
Results Briefing for 3Q FY15 27 January 2015
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
Slide 3: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 2
Slide 4: Overview
Overview • Cash Earnings – 9M FY15 Total cash earnings(1) was S$49.6 million before taking into account two major non-recurring items which are the upfront costs related to the refinancing of Basslink bonds and the Hydro Tasmania (“HT”) dispute settlement amount (2) After taking into account these t
Slide 5: Overview: City Gas
Overview Business Highlights • City Gas achieved total cash earnings of S$11.1 million for the quarter compared to S$11.9 million in 3Q FY14 • Its customer base grew by about 4.6% from 683,500 as at the end of 3Q FY14 to about 714,600 as at the end of 3Q FY15 City Gas • Achieved 100% plant availabil
Slide 6: Overview: SingSpring
Overview Business Highlights • Achieved total cash earnings of S$4.1 million for the quarter compared to S$3.5 million in 3Q FY14 Overview SingSpring Business Highlights • Achieved 100% availability and met all the terms under the Water Purchase Agreement with PUB Private and Confidential 5
Slide 7: Overview: Basslink
Overview Business Highlights • Basslink had on 28 November 2014 completed the refinancing of Basslink bonds via an A$717 million five-year senior secured loan facility provided by a group of nine banks. As part of the refinancing, CitySpring injected A$50 million equity into the Basslink Group • Bas
Slide 8: No Near-Term Refinancing Needs
Overview No Near-Term Refinancing Needs • Refinancing of the Basslink bonds was completed in November 2014. Total Basslink debt was reduced from A$767 million to A$717 million • Refinancing of City Gas and CitySpring’s loans was completed in February 2014 and August 2014 respectively • There are no
Slide 9: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 8
Slide 10: Group Financial Results: Revenue and Cash Earnings
Group Financial Results Revenue (S$ millions) Cash Earnings (S$ millions) 14.7 12.1 ** 129.4 120.0 -13.5 3Q FY15 3Q FY14 3Q FY15 3Q FY15 3Q FY14 ** Before taking into two major non-recurring items which are the upfront costs related to the refinancing of Basslink bonds and the HT dispute settlement
Slide 11: 3Q FY15 versus 3Q FY14 Cash Earnings
Group Financial Results 3Q FY15 versus 3Q FY14 Cash Earnings Main factors contributing to lower cash earnings are: - Non-recurring upfront costs related to the refinancing of Basslink bonds of A$16 million - Non-recurring HT dispute settlement amount of A$6 million - Higher negative CRSM and lower c
Slide 12: Group Cash Earnings
Group Financial Results Group Cash Earnings 3Q FY15 3Q FY14 S$'000 S$'000 Cash Earnings (13,503) 14,729 Applied as follows: Principal Repayment of Subsidiary Entity Loan (2,611) (2,611) Distribution to Unitholders (12,455) * (12,455) Net Balance (28,569) (337) * Distrib utions will b e paid out of a
Slide 13: Contents
Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 12
Slide 14: Subsidiaries' Financial Results: City Gas
Subsidiaries’ Financial Results City Gas 3Q FY15 3Q FY14 9M FY15 9M FY14 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 92,395 99,549 (7.2) 289,919 295,082 (1.7) Other income 254 296 (14.2) 844 813 3.8 Other (losses)/gains - net (9) (134) 93.3 (104) 46 N/M Expenses
Slide 15: Subsidiaries' Financial Results: SingSpring
Subsidiaries’ Financial Results SingSpring 3Q FY15 3Q FY14 9M FY15 9M FY14 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 9,174 9,397 (2.4) 27,205 29,470 (7.7) Other income 4 2 100.0 23 7 N/M Expenses Fuel and electricity costs (2,853) (3,067) 7.0 (8,466) (9,897) 1
Slide 16: Subsidiaries' Financial Results: Basslink
Subsidiaries’ Financial Results Basslink 3Q FY15 3Q FY14 9M FY15 9M FY14 Actual Actual Change Actual Actual Change A$'000 A$'000 % A$'000 A$'000 % Revenue 15,753 16,987 (7.3) 52,595 50,349 4.5 Other income 323 256 26.2 949 789 20.3 Other gains/(losses) - net 380 373 1.9 (2,513) 121 N/M Expenses Fuel
Slide 17: Appendix
Appendix Private and Confidential 16
Slide 18: Group Consolidated Income Statement
Group Financial Results Group Consolidated Income Statement 3Q FY15 3Q FY14 9M FY15 9M FY14 Actual Actual Change Actual Actual Change S$’000 S$’000 % S$’000 S$’000 % Revenue 119,963 129,375 (7.3) 380,439 386,071 (1.5) Other income 815 726 12.3 2,473 2,104 17.5 Other gains/(losses) - net 298 (59) N/M
Slide 19: Group Consolidated Balance Sheet
Group Financial Results Group Consolidated Balance Sheet As at 31 Dec 14 As at 31 Mar 14 S$'000 S$'000 ASSETS Cash and bank deposits 226,904 304,327 Derivative financial instruments 1,568 3,859 Trade and other receivables 63,367 68,554 Inventories 21,241 20,040 Intangibles 377,169 388,486 Finance le
Slide 20: Group Consolidated Cash Flow Statement
Group Financial Results Group Consolidated Cash Flow Statement 3Q FY15 3Q FY14 9M FY15 9M FY14 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 Operating activities (Loss)/profit before tax (9,322) 1,559 (3,770) 596 Non-cash adjustments 28,294 27,333 88,273 84,622 Operating cash flow before w
Slide 21: Group Cash Earnings
Group Financial Results Group Cash Earnings 3Q FY15 3Q FY14 9M FY15 9M FY14 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 EBITDA 19,749 30,276 83,433 87,512 Add/(less): Other cash receipts 1,394 1,531 4,547 4,780 Net finance costs (16,476) (13,233) (41,819) (40,042) Upfront costs related t
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