Second Half and Full Year 2022 Financial Results
30 January 2023
Outline
2H and FY 2022 Highlights | 3 |
Business Updates | 8 |
Finance and Capital Management | 13 |
Commitment to Sustainability | 17 |
Additional Information | 21 |
Constituent of:
Awards and Accreditations1:
MSCI Singapore | FTSE ST Large |
Small Cap Index | & Mid-Cap Index |
1. Keppel Infrastructure Fund Management Pte Ltd is a signatory to the United Nations-supported Principles for Responsible Investment, under the membership of Keppel Capital.
2
2H and FY 2022 Highlights
Philippine Coastal
FY 2022 Highlights
Strong performance supported by portfolio growth and transformation
Distributable income | Total Assets | Well-insulated from inflation |
+15.8% | +32% |
$222.5m | $6.0b |
>90%
Supported by higher contributions from Ixom and distributions from Aramco Gas Pipelines Company (AGPC)
Enlarged footprint with investments in AGPC, wind farm assets in Europe and leading waste platform in South Korea
>90% of businesses and assets with cost pass through mechanism and availability-based revenue model
Higher EBITDA | DPU growth | Portfolio Revaluation | Loans hedged |
+26.6% | 3.82 cents | $7.3b in AUM2 | 72.0%3 |
Higher FY 2022 EBITDA | for FY 2022, 1% higher than | Appointed EY for inaugural annual | of floating interest rates hedged |
of $402.0m1 | FY 2021's 3.78 cents | portfolio revaluation | as at 31 Dec 2022 |
- Excludes gain on Ixom's divestment of Fiji business (S$0.5m), one-off acquisition related cost incurred for new investments (S$58.8m), impairment loss on the Lista onshore wind farm in Norway (S$7.7m) and investment in Philippine Coastal ($68.1m), unrealized exchange gain (S$0.4m), and fair value gain on the investment in AGPC (S$20.8m). Group adjusted EBITDA would be S$289.1m without the adjustments.
- Represents KIT's equity stake in the Enterprise Value of its investments plus cash held at the Trust.
3. Excluding the equity bridge loans utilised in 2022 to partially fund the acquisitions of EMK and BKR2, loans hedged would be ~90%. | 4 |
Driving Portfolio Growth through New Acquisitions
Expanding presence to AA and AAA-rated countries in Asia and Europe
2019 | 2021 | 2022: Increased Total Assets by 32% to $6.0b as at end-Dec 2022 |
Jun 2022
Sep 2022 | Oct 2022 | Dec 2022 |
Jun 2022
Jan 2021
Feb 2022
Jun 2022
Acquired a 52% | ||
interest in Eco | ||
Acquired a 13.4% | Management Korea, | |
Bought remaining | interest in a European | an integrated waste |
30% stake in the | Onshore Wind | platform in South |
Acquired a 20.5% interest in BKR2, an offshore wind farm in Germany
Feb 2019
Acquired 50%
interest in
Philippine Coastal
Entered term sheet | |
to acquire 100% | |
Signed MOU with | economic interest |
Jinko Power to | in Keppel Marina |
SingSpring | Platform, with three | Korea |
Desalination Plant | wind farms across | |
Norway and Sweden |
Acquired 100%
stake in IxomAcquired 49% stake in AramcoGas Pipelines
Company as part of a consortium
explore solar farm | East Desalination |
and energy storage | Plant (KMEDP)1 |
investments |
1. Proposed acquisition of 50% stake in Marina East Water, owner of KMEDP. Transaction structure results in KIT becoming beneficiary of 100% | 5 |
economic interest in KMEDP. |
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Keppel Infrastructure Trust published this content on 30 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2023 01:36:03 UTC.