Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — CitySpring Infrastructure Trust — H1 FY2012 Earnings Presentation
22 slides from Keppel Infrastructure Trust's earnings presentation, Nov 3, 2011
Slide 1: Results Briefing for 2Q FY12 and 1H FY12
Results Briefing for 2Q FY12 and 1H FY12 3 November 2011
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: 1H FY12 and 2Q FY12 highlights
Overview • 1H FY12 g (1) of S$ 19.2 million, 53.1% lower than 1H FY11 – Total cash earnings • 2Q FY12 – Total cash earnings(1) of S$ 15.6 million, compared to S$ 23.1 million in 2Q FY11 • CitySpring will pay a distribution per unit (“DPU”) of 0.82 Singapore cents for 2Q FY12, which is equivalent to
Slide 5: Overview: City Gas business highlights
Overview Business Highlights • City Gas recorded lower cash earnings of $6.2 million for the quarter compared to $13.1 million in 2Q FY11 due mainly to under recovery of fuel costs. • Its customer base grew by 2.4% from 626,000 as at the end of 2Q FY11 to about 641,000 as at the end of 2Q FY12. • Ci
Slide 6: Overview: SingSpring business highlights
Overview Business Highlights • SingSpring achieved total cash earnings of S$4.5 million for the quarter, compared to S$ 4.7 million in 2Q FY11. • SingSpring continues to maintain record of 100% availability and met all SingSpring the terms under the Water Purchase Agreement with the PUB. PUB • For 2
Slide 7: Overview: Basslink business highlights
Overview Business Highlights • Basslink achieved cash earnings of A$ 5.9 million for the quarter, compared to A$ 6.3 million in 2Q FY11. • Lower cash earnings g was due mainly y to p payment y of earlyy redemption p guarantee fee of A$2.2 million in relation to the purchase and cancellation of A$170
Slide 8: Overview: Rights Issue
Overview Rights Issue • Completed an 11-for-20 11 for 20 Rights Issue on 12 September 2011 • Net proceeds of S$205.1 million was raised • Subscription rate was 130.05% • Number of units in issue increased from 979.9 million to 1,518.9 million • Following the Rights Issue, Temasek’s unitholding in Ci
Slide 9: Overview: Basslink Bonds' Credit Rating Update
Overview Basslink Bonds’ Bonds Credit Rating Update • On 11 October 2011, S&P affirmed the Basslink bonds’ rating at BBB- and revised the bonds’ outlook to stable from negative. The A$20 million escrow amount for the benefit of Basslink has also been released from the escrow account. Background • As
Slide 10: Contents
Co te ts Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 9
Slide 11: Group Consolidated Income Statement
Group Financial Results Group p Consolidated Income Statement 2Q FY12 2Q FY11 1H FY12 1H FY11 Actual Actual Change Actual Actual Change S$ 000 S$’000 S$ 000 S$’000 % S$ 000 S$’000 S$ 000 S$’000 % Revenue 116,546 103,794 12.3 227,210 207,664 9.4 Other income 1,259 1,528 (17.6) 2,253 2,228 1.1 Other g
Slide 12: Group Cash Earnings
Group Financial Results Group p Cash Earnings g 2Q FY12 2Q FY11 1H FY12 1H FY11 S$'000 S$'000 S$'000 S$'000 Cash Earnings 15,553 23,111 19,179 40,911 Applied as follows: Principal Repayment of Subsidiary Entity Loan (2,369) (2,325) (4,739) (4,575) Non-controlling interest (1,102) (1,159) (2,167) (2,
Slide 13: Why 2Q FY12 Cash Earnings was lower compared to 2Q FY11?
Group Financial Results Why y 2Q FY12 Cash Earnings g was lower compared p to 2Q FY11? The lower cash earnings was mainly due to: Time lag in reflecting the cost pass-through in tariffs. The sharp increase in fuel cost for City Gas in 2Q FY12 is not fully reflected in the tariffs. The tariff adjustm
Slide 14: City Gas – Fuel Cost Recovery
Group Financial Results City y Gas – Fuel Cost Recovery y Cash earnings at City Gas can be affected by movements in fuel costs. This is because City Gas can only change the tariffs at which it charges its customers once every three months, whereas fuel costs fluctuate on the open market more frequen
Slide 15: Contents
Co te ts Contents 1 Overview 2 Group Financial Results 3 Subsidiaries’ Financial Results Private and Confidential 14
Slide 16: Subsidiaries' Financial Results: City Gas
Subsidiaries’ Financial Results City y Gas 2Q FY12 2Q FY11 1H FY12 1H FY11 Actual Actual Change Actual Actual Change S$'000 S$ 000 S$'000 S$ 000 % S$'000 S$ 000 S$'000 S$ 000 % Revenue 85,016 77,088 10.3 166,308 152,301 9.2 Other income 195 252 (22.6) 426 338 26.0 Other (losses)/gains - net (594) 18
Slide 17: Subsidiaries' Financial Results: SingSpring
Subsidiaries’ Financial Results SingSpring g p g 2Q FY12 2Q FY11 1H FY12 1H FY11 Actual Actual Change Actual Actual Change S$'000 S$'000 % S$'000 S$'000 % Revenue 9,459 9,312 1.6 18,880 19,943 (5.3) Other income 2 560 (99.6) 3 562 (99.5) Expenses Fuel and electricity costs (2,962) (2,829) (4.7) (5,9
Slide 18: Subsidiaries' Financial Results: Basslink
Subsidiaries’ Financial Results Basslink 2Q FY12 2Q FY11 1H FY12 1H FY11 Actual Actual Change Actual Actual Change A$'000 A$'000 % A$'000 A$'000 % Revenue 16,820 14,187 18.6 31,969 28,860 10.8 Other income 409 433 (5.5) 768 871 (11.8) Other gains - net 15,012 15 N/M 15,019 15 N/M Expenses Fuel and e
Slide 19: Appendix
Appendix Private and Confidential 18
Slide 20: Group Consolidated Balance Sheet
Group Financial Results Group p Consolidated Balance Sheet As at 30 Sept 11 As at 31 Mar 11 $'000 $'000 ASSETS Cash and bank deposits 151,593 159,094 Derivative financial instruments 3,861 87,687 Trade and other receivables 57,459 49,802 Inventories 12,738 13,184 I t Intangibles ibl 420 842 420,842
Slide 21: Group Consolidated Cash Flow Statement
Group Financial Results Group p Consolidated Cash Flow Statement 2Q FY12 2Q FY11 1H FY12 1H FY11 Actual Actual Actual Actual S$'000 S$ 000 S$'000 S$ 000 S$'000 S$ 000 S$'000 S$ 000 Cash flows from operating activities Net loss after income tax (24,821) (3,624) (39,116) (25,480) Non-cash adjustments
Slide 22: Group Cash Earnings reconciliation
Group Financial Results Group p Cash Earnings g 2Q FY12 2Q FY11 1H FY12 1H FY11 Actual Actual Actual Actual S$'000 S$'000 S$'000 S$'000 EBITDA 37,445 31,829 59,633 56,550 Add/(less): Other cash receipts 8,382 8 382 8,401 8 401 9,902 9 902 10,193 10 193 Net finance costs (19,519) (16,187) (36,639) (3
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