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3Q & 9M 2020
Business Updates
29 October 2020
Executing Vision 2030
• Identified ~S$17.5b of assets that can
potentially be monetised and channeled
towards growth initiatives
• Plan to unlock S$3-5b from asset
monetisation in next 3 years
• Announced 2 divestments with total
proceeds of S$140m in Oct 2020
• Put O&M business under strategic review,
exploring both organic and inorganic options
• Established Vision 2030 transformation
office including a 100-day programme to
drive results
We are committed to drive Vision 2030 and realise Keppel’s full potential as an integrated business,
providing solutions for sustainable urbanisation.
i Based on the Group’s balance sheet as at 30 Jun 2020
ii Includes assets under development 2
40%
28%
22%
10%
S$17.5bi
Assets for REITs/Trust or saleii
• Commercial buildings
• Infrastructure assets
• Data centres
Landbank & development projects
Non-core assets
• Logistics & hospitality assets
• Certain associates
• Keppel O&M's rigs
Funds/Investments that can
be liquidated over time
• Stakes in private funds
• Partial stakes in REITs
• Other investments
3
Financial Highlights
Revenue by Segment
3,480
2,831
1,014
1,008
785
883
102
95
9M 2019 9M 2020
Asset Management Connectivity
Urban Development Energy & Environment
5,382*
4,818*
S$m
0
As COVID-19 situation stabilises, staff progressively returning
to workplace with safe management measures in place
Keppel Corporation was profitable in 3Q 2020, though net profit
was significantly lower year-on-year; but remained loss-making
for 9M 2020 due to impairments recorded in 2Q 2020
All key business units were profitable in 3Q 2020, except for
Keppel O&M
Revenue
S$4.8b
Down 10% from S$5.4b
for 9M 2019
Net gearing
0.96x
Down from 1.00x
as at end-Jun 2020
Credit lines
>S$3.0b
Loans & committed bank
facilities secured YTD
* Includes S$1m from Corporate & Others segment for both 9M 2020 and 9M 2019
4
Offshore & Marine Net Orderbooki
Energy & Environment
• Keppel O&M remained loss-making in 3Q 2020 mainly due to
reduced top line from COVID-19 related disruptions; will
continue to face challenges in profitability for rest of the year
amidst challenges faced by the industry
• Keppel O&M’s revenue was S$1.1b for 9M 2020, compared to
S$1.4b ​for 9M 2019
• Work resuming at Singapore yards with workforce of 15,000
back at work as at end-Sep 2020 while ensuring safe
management
• Keppel O&M continues to seek opportunities in gas and
renewables, while rightsizing to reduce overheads
• Offshore wind and LNG projects make up 72% of S$900m new
contracts secured YTD, including a S$600m offshore
renewables contract
• Delivered 4 newbuild projects and an FPSO project YTD and
held virtual naming of Singapore's first LNG bunkering vessel
slated for delivery by end-2020
0.6 0.6
0.2 0.2
0.2
2.1 1.9
0.6
1.2
End-Jun 2020 End-Sep 2020
Oil rigs FPSOs
Specialised vessels Gas solutions
Renewables
i Excludes semis for Sete
S$b
0
4.1
3.5
Energy & Environment
• Keppel Infrastructure delivered resilient performance:
• Revenue was S$1.7b for 9M 2020, compared to S$2.0b
for 9M 2019
• EBITDA was S$119m for 9M 2020, compared to
S$115m for 9M 2019
• Secured S$2.1bi worth of WTE and district cooling contracts
YTD across Singapore, India and Thailand
• O&Mii at Keppel Marina East Desalination Plant progressing
smoothly since commencement in end-Jun 2020
• Design and engineering work on-going for Singapore’s Tuas
Nexus Integrated Waste Management Facility
5
i Based on gross contract values
ii Operations & Maintenance
6
Home Salesi
Urban DevelopmentUnits
0
• Singapore home sales picked up, mainly at The Garden
Residences
• Home sales were slower in China due to economic headwinds
and fewer new projects launched
• Lower home sales in Vietnam due to slower approval for new
launches
• Sale of 8,750 overseas units worth ~S$4.2b recognisable
from 4Q 2020-2024
• Keppel Land & TVS Emerald jointly embarked on a residential
project in South Chennai, India
• Announced divestment of project in Taicang in Oct 2020
• Sale of a residential plot in Tianjin Eco-City in Oct 2020, with
about S$18m gain to Keppeli Refers to Keppel Land’s home sales
Sales value:
S$2.1b Sales value:
S$1.5b
2,330
1,580
660
40
190
240
110
120
230
50
9M 2019 9M 2020
China Vietnam Singapore Indonesia India
2,030
3,520
7
Urban Development
7%
31%
24%
9%
10%
12%
6% 1%
Singapore China Vietnam
Indonesia India Philippines
Myanmar UK
Commercial GFA
2%
40%
38%
18%
2%
Singapore China Vietnam
Indonesia India
Residential Landbank
~44,000
units
~1.7 million
sm
Note: All figures are as at 30 Sep 2020. 53% of the commercial portfolio is under development
The Garden Residences in Singapore was 74% sold as
at end-Sep 2020
8
Connectivity
• Work-from-home driving
further demand for data
centres
• Government approval secured
for new data centre to be
jointly developed with SPH at
Genting Lane in Singapore
• Keppel Data Centres partners
City Gas and City-OG Gas
Energy Services to explore use
of LNG and hydrogen to power
floating data centre park
8
Pipeline of data centres under development
or completed with potential to monetise
19
Established data centres held by Keppel DC
REIT across Asia Pacific and Europe
2.76 million sq ft
Total net lettable area of combined data
centre portfolio
Developing first green field data centre
in China worth RMB1.5b through Alpha
Data Centre Fund
Data Centre Portfolio
9
Connectivity
M1’s CustomersM1’s Revenue
408
383
123
140
26 21
281
235
9M 2019 9M 2020
Equipment sales International call services
Fixed services Mobile services
779
838
S$m
0
1,496 1,588
565
255
219
228
End-Sep 2019 End-Sep 2020
Postpaid Prepaid Fibre broadband
2,071
2,280
‘000
0
• M1’s EBITDA remained resilient
at S$202m for 9M 2020, vs
S$211m for 9M 2019
• Transformation plans remain
on track despite pandemic
• Launched 5G non-standalone
network, first operator in
Singapore to open up 5G
access to all customers
• Extended new MVNO
partnership with MyRepublic
• Inked partnership with DBS to
leverage M1’s 5G network to
enhance customer experience
and unlock new opportunities
for retail customers
Pinnacle Office Park in Sydney 10
Asset Management
• Asset management feesi were S$123m for 9M 2020, vs
S$105m for 9M 2019
• Keppel Capital-managed funds received total commitments
of over US$2b YTD from investors, including first closing of
US$295m for Alpha Asia Macro Trends Fund IV
• Strategic cooperation with the National Pension Service of
Korea to explore opportunities for private infrastructure in Asia
• Launched Keppel Education Asset Fund to tap the
fast-growing private education sector
• Keppel REIT is acquiring Pinnacle Office Park in Sydney
10
i Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees
based on shareholding stake in associate with which Keppel has strategic alliance.
This presentation may contain forward-looking statements which are subject to
risks and uncertainties that could cause actual results to differ materially from such
statements. Such risks and uncertainties include those arising from
COVID-19, industry and economic conditions, competition, and legal, governmental
and regulatory changes. The forward-looking statements reflect the current views of
Management on future trends and developments.
11

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3Q & 9M 2020 Business Updates Presentation Slides

  • 1. 3Q & 9M 2020 Business Updates 29 October 2020
  • 2. Executing Vision 2030 • Identified ~S$17.5b of assets that can potentially be monetised and channeled towards growth initiatives • Plan to unlock S$3-5b from asset monetisation in next 3 years • Announced 2 divestments with total proceeds of S$140m in Oct 2020 • Put O&M business under strategic review, exploring both organic and inorganic options • Established Vision 2030 transformation office including a 100-day programme to drive results We are committed to drive Vision 2030 and realise Keppel’s full potential as an integrated business, providing solutions for sustainable urbanisation. i Based on the Group’s balance sheet as at 30 Jun 2020 ii Includes assets under development 2 40% 28% 22% 10% S$17.5bi Assets for REITs/Trust or saleii • Commercial buildings • Infrastructure assets • Data centres Landbank & development projects Non-core assets • Logistics & hospitality assets • Certain associates • Keppel O&M's rigs Funds/Investments that can be liquidated over time • Stakes in private funds • Partial stakes in REITs • Other investments
  • 3. 3 Financial Highlights Revenue by Segment 3,480 2,831 1,014 1,008 785 883 102 95 9M 2019 9M 2020 Asset Management Connectivity Urban Development Energy & Environment 5,382* 4,818* S$m 0 As COVID-19 situation stabilises, staff progressively returning to workplace with safe management measures in place Keppel Corporation was profitable in 3Q 2020, though net profit was significantly lower year-on-year; but remained loss-making for 9M 2020 due to impairments recorded in 2Q 2020 All key business units were profitable in 3Q 2020, except for Keppel O&M Revenue S$4.8b Down 10% from S$5.4b for 9M 2019 Net gearing 0.96x Down from 1.00x as at end-Jun 2020 Credit lines >S$3.0b Loans & committed bank facilities secured YTD * Includes S$1m from Corporate & Others segment for both 9M 2020 and 9M 2019
  • 4. 4 Offshore & Marine Net Orderbooki Energy & Environment • Keppel O&M remained loss-making in 3Q 2020 mainly due to reduced top line from COVID-19 related disruptions; will continue to face challenges in profitability for rest of the year amidst challenges faced by the industry • Keppel O&M’s revenue was S$1.1b for 9M 2020, compared to S$1.4b ​for 9M 2019 • Work resuming at Singapore yards with workforce of 15,000 back at work as at end-Sep 2020 while ensuring safe management • Keppel O&M continues to seek opportunities in gas and renewables, while rightsizing to reduce overheads • Offshore wind and LNG projects make up 72% of S$900m new contracts secured YTD, including a S$600m offshore renewables contract • Delivered 4 newbuild projects and an FPSO project YTD and held virtual naming of Singapore's first LNG bunkering vessel slated for delivery by end-2020 0.6 0.6 0.2 0.2 0.2 2.1 1.9 0.6 1.2 End-Jun 2020 End-Sep 2020 Oil rigs FPSOs Specialised vessels Gas solutions Renewables i Excludes semis for Sete S$b 0 4.1 3.5
  • 5. Energy & Environment • Keppel Infrastructure delivered resilient performance: • Revenue was S$1.7b for 9M 2020, compared to S$2.0b for 9M 2019 • EBITDA was S$119m for 9M 2020, compared to S$115m for 9M 2019 • Secured S$2.1bi worth of WTE and district cooling contracts YTD across Singapore, India and Thailand • O&Mii at Keppel Marina East Desalination Plant progressing smoothly since commencement in end-Jun 2020 • Design and engineering work on-going for Singapore’s Tuas Nexus Integrated Waste Management Facility 5 i Based on gross contract values ii Operations & Maintenance
  • 6. 6 Home Salesi Urban DevelopmentUnits 0 • Singapore home sales picked up, mainly at The Garden Residences • Home sales were slower in China due to economic headwinds and fewer new projects launched • Lower home sales in Vietnam due to slower approval for new launches • Sale of 8,750 overseas units worth ~S$4.2b recognisable from 4Q 2020-2024 • Keppel Land & TVS Emerald jointly embarked on a residential project in South Chennai, India • Announced divestment of project in Taicang in Oct 2020 • Sale of a residential plot in Tianjin Eco-City in Oct 2020, with about S$18m gain to Keppeli Refers to Keppel Land’s home sales Sales value: S$2.1b Sales value: S$1.5b 2,330 1,580 660 40 190 240 110 120 230 50 9M 2019 9M 2020 China Vietnam Singapore Indonesia India 2,030 3,520
  • 7. 7 Urban Development 7% 31% 24% 9% 10% 12% 6% 1% Singapore China Vietnam Indonesia India Philippines Myanmar UK Commercial GFA 2% 40% 38% 18% 2% Singapore China Vietnam Indonesia India Residential Landbank ~44,000 units ~1.7 million sm Note: All figures are as at 30 Sep 2020. 53% of the commercial portfolio is under development The Garden Residences in Singapore was 74% sold as at end-Sep 2020
  • 8. 8 Connectivity • Work-from-home driving further demand for data centres • Government approval secured for new data centre to be jointly developed with SPH at Genting Lane in Singapore • Keppel Data Centres partners City Gas and City-OG Gas Energy Services to explore use of LNG and hydrogen to power floating data centre park 8 Pipeline of data centres under development or completed with potential to monetise 19 Established data centres held by Keppel DC REIT across Asia Pacific and Europe 2.76 million sq ft Total net lettable area of combined data centre portfolio Developing first green field data centre in China worth RMB1.5b through Alpha Data Centre Fund Data Centre Portfolio
  • 9. 9 Connectivity M1’s CustomersM1’s Revenue 408 383 123 140 26 21 281 235 9M 2019 9M 2020 Equipment sales International call services Fixed services Mobile services 779 838 S$m 0 1,496 1,588 565 255 219 228 End-Sep 2019 End-Sep 2020 Postpaid Prepaid Fibre broadband 2,071 2,280 ‘000 0 • M1’s EBITDA remained resilient at S$202m for 9M 2020, vs S$211m for 9M 2019 • Transformation plans remain on track despite pandemic • Launched 5G non-standalone network, first operator in Singapore to open up 5G access to all customers • Extended new MVNO partnership with MyRepublic • Inked partnership with DBS to leverage M1’s 5G network to enhance customer experience and unlock new opportunities for retail customers
  • 10. Pinnacle Office Park in Sydney 10 Asset Management • Asset management feesi were S$123m for 9M 2020, vs S$105m for 9M 2019 • Keppel Capital-managed funds received total commitments of over US$2b YTD from investors, including first closing of US$295m for Alpha Asia Macro Trends Fund IV • Strategic cooperation with the National Pension Service of Korea to explore opportunities for private infrastructure in Asia • Launched Keppel Education Asset Fund to tap the fast-growing private education sector • Keppel REIT is acquiring Pinnacle Office Park in Sydney 10 i Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance.
  • 11. This presentation may contain forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially from such statements. Such risks and uncertainties include those arising from COVID-19, industry and economic conditions, competition, and legal, governmental and regulatory changes. The forward-looking statements reflect the current views of Management on future trends and developments. 11