Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — CitySpring Infrastructure Trust — Q1 FY2009 Earnings Presentation
20 slides from Keppel Infrastructure Trust's earnings presentation, Aug 14, 2008
Slide 1: Results Briefing for 1Q FY09 (Apr – Jun 08)
Results Briefing for 1Q FY09 (Apr – Jun 08) 14 Aug 2008
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 Financial Results 2 Business Highlights 3 Outlook Private and Confidential 2
Slide 4: Group Consolidated Income Statement
Financial Results Group Consolidated Income Statement Consolidated Income Statement 1Q FY09 1Q FY08 (1) Actual Projection Actual S$’000 S$’000 S$’000 Revenue 99,371 94,317 64,485 Other income 8,004 697 (2,310) Total expenses (106,947) (104,151) (60,794) Profit/(loss) before income tax 428 (9,137) 1,
Slide 5: Group Cash Earnings
Financial Results Group Cash Earnings Group Cash Earnings 22,500 20,5151 20,350 2 20,000 17,745 3 17,500 14,089 15,000 (S$'000) 12,500 11,402 10,000 7,500 5,000 2,808 2,500 - 12 Feb 07 to 1Q FY08 2Q FY08 3Q FY08 4Q FY08 1Q FY09 31 Mar 07 Note: 1 Includes positive CRSM of S$5.3m, which is expected to
Slide 6: What is Cash Earnings?
Financial Results What is Cash Earnings? • Companies usually measure their performance using accounting profits, which are affected by non-cash items such as depreciation and amortisation, accounting, taxes, etc. Business trusts also have to report their accounting profit for compliance with statuto
Slide 7: 1Q FY09 Group Cash Earnings
Financial Results 1Q FY09 Group Cash Earnings Other Income, Operating Expenses, including Total interest expense for third Revenue party debt $99,371 ($84,874) Non-Cash Income / Capital Expenses Expenditure Cash Earnings Depreciation & Depreciation & $3,474 ($226) Amortisation Amortisation $17,745 A
Slide 8: Group Cash Earnings
Financial Results Group Cash Earnings Group Cash Earnings 1Q FY09 1Q FY08 (1) Actual Projection Actual S$'000 S$'000 S$'000 EBITDA 34,676 26,883 8,798 (Less)/ add: Lease receivable repayment 1,660 1,657 1,601 Net finance cost (20,179) (22,163) (2,526) Non-cash interest indexation expense 4,582 4,101
Slide 9: Group Cash Earnings and Distributions
Financial Results Group Cash Earnings 12 Feb to 31 S$'000 Mar 07 1Q FY08 2Q FY08 3Q FY08 4Q FY08 1Q FY09 Cash Earnings 2,808 11,402 14,089 20,515 20,350 17,745 Principal Repayment of SingSpring Loan (450) (783) (783) (783) (699) (699) Distribution to Unitholders (3,510) (7,349) (7,839) (7,839) (7,83
Slide 10: Contents
Contents 1 Financial Results 2 Business Highlights 3 Outlook Private and Confidential 9
Slide 11: Business Highlights: City Gas
Business Highlights City Gas City Gas Financial Results 1Q FY09 1Q FY08 • City Gas has performed well in Actual Projection Actual 1Q FY09, achieving a cash S$'000 S$'000 S$'000 earnings of S$8.1m, which is 12% higher than projection. The Revenue 72,655 64,938 58,121 higher volume of gas sold Other i
Slide 12: Fuel Cost Impact on City Gas
Business Highlights Fuel Cost Impact on City Gas • On a long term basis, changes in fuel costs have no impact on City Gas as fuel costs are passed through. However, at any point in time, the actual tariff may not exactly match fuel costs as tariff changes are subject to a periodic regulatory process
Slide 13: Business Highlights: SingSpring
Business Highlights SingSpring SingSpring Financial Results 1Q FY09 1Q FY08 Actual Projection Actual • SingSpring’s cash earnings for S$'000 S$'000 S$'000 1Q FY09 is S$4.6m, which is Revenue 6,454 7,248 6,363 63% higher than projection. The improved cash earnings is due to Other income 1,621 - (2,47
Slide 14: Business Highlights: Basslink
Business Highlights Basslink Basslink Financial Results 1Q FY09 Actual Projection • Basslink’s cash earnings for 1Q A$'000 A$'000 FY09 is A$5.6m, which is 64% Revenue higher than projection. Higher Facility fee 16,733 16,737 cash earnings were due to CRSM (1,786) - savings achieved in operating Ince
Slide 15: Contents
Contents 1 Financial Results 2 Business Highlights 3 Outlook Private and Confidential 14
Slide 16: Investment Outlook
Investment Outlook • CitySpring continues to actively review investment opportunities • The present environment has created many such potential opportunities • We believe that the present environment could persist for some time • We remain disciplined in pursuing yield and value accretive acquisitio
Slide 17: Outlook
Outlook • All of our businesses are fully funded with no immediate refinancing needs. • We are also well hedged from interest rate movements • SingSpring and Basslink have revenues which are backed by long-term contracts with no market/tariff risks • City Gas manages its fuel cost impact through reg
Slide 18: Appendix
Appendix Private and Confidential 17
Slide 19: Group Consolidated Balance Sheet
Financial Results Group Consolidated Balance Sheet Consolidated Balance Sheet As at 30 Jun 08 As at 31 Mar 08 S$'000 S$'000 ASSETS Cash and cash equivalents 112,307 105,982 Derivative financial instruments 187,591 147,266 Trade and other receivables 53,138 57,004 Inventories 12,448 13,036 Intangible
Slide 20: Group Consolidated Cash Flow Statement
Financial Results Group Consolidated Cash Flow Statement Consolidated Cash Flow Statement 1Q FY09 1Q FY08 (1) Actual Actual S$'000 S$'000 Cash flows from operating activities Net profit 8,354 1,235 Non-cash adjustments 22,857 10,567 Operating cash flow before working capital changes 31,211 11,802 Ch
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