Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — CitySpring Infrastructure Trust — FY2010 Earnings Presentation
20 slides from Keppel Infrastructure Trust's earnings presentation, May 22, 2010
Slide 1: Results Briefing for FY10
Results Briefing for FY10 22 May 2010
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
Co te ts Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 2
Slide 4: Overview
Overview • FY10 ( Apr 2009 to Mar 2010) − Total cash earnings(1) for the year ended 31 Mar 2010 (“FY10”) amounted to S$ 57.9 million illi versus S$60.9 S$60 9 million illi for f the th previous i fi financial i l year • 4Q FY10 − For 4Q FY10,, CitySpring y p g will p pay y a distribution p per unit
Slide 5: Overview: Stable Cash Earnings and Distribution
Overview Stable Cash Earnings g and Distribution (S$ million) FY09 FY10 p Cash Earnings Group g 60.9 57.9 Distribution to Unitholders 34.3 39.4 • CitySpring has delivered steady performance across all businesses for FY10 • CitySpring has delivered total distributions of S$39.4 million for FY10 • Cit
Slide 6: Overview: Stability of Cashflow
Overview Stability of Cashflow • CitySpring, as a business trust, is structured to make distributions based on cash earnings. Our underlying businesses provide essential utility services to communities: – City Gas is the sole producer and retailer of town gas – SingSpring is the only water desalinat
Slide 7: Business Highlights: City Gas
Overview Business Highlights g g • Achieved higher sales volume of 1.8 1 8 billion kWh despite the challenging economic environment • Customer base increased by 2% to about 620,000 from FY09 • Recorded $25.5 million in cash earnings g for FY10 • 3 upward tariff adjustments were granted by the Energy
Slide 8: Business Highlights: SingSpring
Overview Business Highlights g g • Achieved total cash earnings of S$18.5 million • Continues to maintain record of 100% availability and met all the terms under the Water Purchase Agreement with PUB SingSpring • Supplied an average of 57,226 m3 of water per day to PUB, representing 42% of the SingS
Slide 9: Business Highlights: Basslink
Overview Business Highlights g g • Achieved cash earnings of A$22.2 million • Achieved cumulative availability of 98.8% for the 12 months ended 31 Dec 2009 • Cumulative availability for the three months ended 31 Mar 2010 was 99.9% B Basslink li k • Basslink Telecoms was officially launched on 16 Jul
Slide 10: Contents
Co te ts Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 9
Slide 11: Group Consolidated Income Statement
Group Financial Results Group p Consolidated Income Statement 4Q FY10 4Q FY09 FY10 FY09 Actual Actual Change Actual Actual Change S$’000 $ S$’000 $ % S$’000 $ S$’000 $ % Revenue 117,969 97,270 21.3 388,147 398,739 (2.7) Other income 1,123 728 54.3 3,345 5,469 (38.8) Other (losses)/gains - net (9) (8
Slide 12: Group Cash Earnings
Group Financial Results Group p Cash Earnings g FY09 FY10 S$'000 S$'000 Cash Earnings 60,940 57,853 Applied as follows: Principal Repayment of SingSpring Loan (4,100) (9,463) Minority Interests (4 237) (4,237) (4 588) (4,588) Distribution to Unitholders (34,300) (39,442) We measure our performance u
Slide 13: Contents
Co te ts 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 y Gas 4Q FY10 4Q FY09 FY10 FY09 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 73,608 65,620 12.2 258,788 294,259 (12.1) Other income 579 331 74.9 1,551 1,876 (17.3) Other ((losses)/gains )g - net (24) (134) 82.1 559 (842) N/M E
Slide 15: Subsidiaries' Financial Results: SingSpring
Subsidiaries’ Financial Results SingSpring g p g 4Q FY10 4Q FY09 FY10 FY09 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$’000 S$’000 % R Revenue 15 024 15,024 11 195 11,195 34 2 34.2 41 981 41,981 31 220 31,220 34 5 34.5 Other income 4 5 (20.0) 16 65 (75.4) Other gains - net - - - - 2,
Slide 16: Subsidiaries' Financial Results: Basslink
Subsidiaries’ Financial Results Basslink 4Q FY10 4Q FY09 FY10 FY09 Actual Actual Change Actual Actual Change A$'000 A$'000 % A$’000 A$’000 % Revenue 23 460 23,460 19 697 19,697 19 1 19.1 72 009 72,009 64 614 64,614 11 4 11.4 Other income 411 414 (0.7) 1,406 2,676 (47.5) Other gains - net 5 924 (99.5
Slide 17: Appendix
Appendix Private and Confidential 16
Slide 18: Group Consolidated Balance Sheet
Group Financial Results Group p Consolidated Balance Sheet As at 31 Mar 10 As at 31 Mar 09 S$'000 S$'000 ASSETS Cash and bank deposits 132,975 125,934 Derivative financial instruments 108,139 19,733 Trade and other receivables 52,795 43,956 Inventories 13,552 12,379 Intangibles 438 807 438,807 441 1
Slide 19: Group Consolidated Cash Flow Statement
Group Financial Results Group p Consolidated Cash Flow Statement 4Q FY10 4Q FY09 FY10 FY09 Actual Actual Actual Actual S$'000 S$ 000 S$'000 S$ 000 S$'000 S$ 000 S$'000 S$ 000 Cash flows from operating activities Net profit/(loss) after income tax 2,049 (157) 9,227 (49,751) Non-cash adjustments 36,28
Slide 20: Group Cash Earnings
Group Financial Results Group p Cash Earnings g 4Q FY10 4Q FY09 FY10 FY09 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 EBITDA 36,550 29,546 120,770 84,557 Add/(less): Lease receivable repayment 1,706 1,641 6,918 6,657 Net finance cost (16 467) (16,467) (16 272) (16,272) (65 827) (65,827)
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