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Briefing to Retail
Shareholders
Hosted by SIAS
20 August 2019
Disclaimer
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 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.
22
Note: An agenda decision on a clarification in relation to capitalisation of borrowing costs by property developer under IAS 23 Borrowing Costs was
finalised by the International Financial Reporting Standards Interpretations Committee during the year. As the financial reporting framework
applied by the Group is equivalent to International Financial Reporting Standards, the agenda decision has relevant impact to the Group’s Property
Division. Consequently, 2018 financial figures in this presentation have been restated.
Address by CEO
33
Transforming to Deliver
Asset
ManagementEnergy Environment Urban Living Connectivity
$
We are an eco-system of companies providing solutions for sustainable urbanisation.
Privatised Keppel Land
Began rightsizing
Keppel O&M
Restructured Keppel O&M
into the New Builds and
Conversions & Repairs divisions
Privatised
Keppel T&T
and M1
2015 2016 2017 2018
/19
The key pieces of our transformation are in place and we are focused on executing our growth initiatives.
Restructured asset
managers under
Keppel Capital
4
Creating & Capturing Value
Our Engines Our Business Model Our Target
Offshore & Marine
Property
Infrastructure
Investments
15%
Mid to long
term ROE
target
Smart Cities of the FutureGas Value Chain Floating Data Centres
Collaborating for Growth
Turnkey
Operate &
Maintain
Stabilise &
Monetise
REITs
& Trust
Design &
Build
Recurring income Revaluation &
divestment gains
Recurring income
Project-based
income
Recurring income
Project-based
income
Keppel + Private Funds
5
In 2019, we received Final
Notice to Proceed to convert
Golar’s 2nd FLNG vessel, the
Gimi, expanding our track
record for gas
solutions.
Hilli Episeyo, the
world’s first-of-its-kind
converted FLNG vessel
Offshore & Marine
• Secured quality contracts
worth S$1.9b YTD,
exceeding S$1.7b won
in 2018
• Offshore wind solutions
gaining traction with
~S$720m worth of
contracts won in 2Q 2019
• Net orderbook of S$5.5b
as at end-Jun 2019 is the
highest since 2016
0.9 0.6
0.2
0.5
0.70.6
0.1
2018 YTD 2019
Specialised vessels Renewables
FPSOs/FLNGs Semis/Jackups
New orders
S$b
0
1.7
1.9
7
Keppel Land continues to
deepen its presence in
fast-growing cities across
China and Vietnam, and
turn assets efficiently to
achieve high returns.
Launch of The Infiniti in
Ho Chi Minh City
Seizing opportunities
• Deeping presence in key cities
such as Nanjing and Tianjin
• Acquired a commercial building
in Shanghai with AAMTFi III
and co-investors
• Acquired stakes in three
residential sites in HCMC
• Collaborating with Nam Long
on residential township in
Dong Nai
800
1,140
80
610
130
110
150
50
225
190
1H 2018 1H 2019
China Vietnam Singapore
Indonesia India
2,100
1,385
Property
Home sales
Units
9i Alpha Asia Macro Trends Fund
Keppel Infrastructure
continues to grow recurring
income from operations and
maintenance, with KMEDP
commencing testing and
commissioning
in 3Q 2019.
Keppel Marina East
Desalination Plant
Growing Data Centre Portfolio
23
Data centre developments
across Asia-Pacific & Europe
11
S$3.0b
Combined portfolio value
The US$1 billion Alpha Data Centre
Fund continues to grow its portfolio
of developmental assets.
25%
Compounded annual growth rate
of net lettable area since 2014
2014 2015 2016 2017 2018 YTD
2019
Net Lettable Area (million sq ft)
0.6
0.9
1.4 1.4
1.7 1.7
Bogor
Sydney
Singapore
Frankfurt
Johor
We create value for shareholders
by investing strategically,
developing new growth
engines and harnessing
synergies across
the Group.
Saigon Sports City in
Ho Chi Minh City
✓ Infrastructure assets
▪ 30% stake in Gimi FLNG will be a seed
asset for the new infrastructure fund
✓ Alternative assets
✓ Senior living
✓ Education fund
13
Fuelling Growth through Asset Management
Keppel Capital aims to grow AUM and connect investors with high-quality real assets in
sectors fuelled by urbanisation trends.
Current vehicles New asset classes
PrivateFundsDataCentres
PropertyInfrastructure
▪ Manages private funds
for real assets
▪ Among SGX’s largest Pan-
Asian commercial REITs
▪ Largest Singapore
infrastructure trust on SGX
▪ Asia’s first data centre
REIT on SGX
▪ Office REITs with properties
in the US i
▪ Manages private funds for
alternative asset classes
i Keppel Capital is a strategic investor in the manager of Prime US REIT
14
Driving M1’s Transformation
FOCUS AREAS BUSINESS UPDATES
Accelerating core consumer growth
Expanding B2B segment
Improving cost efficiencies
Pursuing regional opportunities
Harnessing synergies
>15,000 new customers secured in first
month following launch of simplified plan
and improved customer experience
One Plan
Partnering IMDA and PSA to testbed 5G
technologies for smart port operations,
which can also be applied to other sectors
Working with Keppel O&M to provide
connectivity for autonomous vessels
Collaboration
15
Growing B2C Business
Connectivity
M1
2.2 million
Customer base
Electricity Retail
Keppel Electric’s OEM market share
150,000
Household customers
Gas Retail
City Gas’ customers
800,000
Household customers
Urban Logistics
UrbanFox
Growing omnichannel solution
offerings in Singapore and overseas
Keppel Group
16
Investing in Innovation
We have invested close to S$100m in venture capital, businesses and startups
focused on new technologies and innovations in the year to date.
Property
Technology
Fifth Wall Ventures
Enterprise &
Deep Tech
Wavemaker
Partners
Electric Vehicle
Batteries
Envision AESC
Group
China Tech
Startups
Vertex Ventures
Edge Data
Centre Solutions
Etix Group
FUND INVESTMENTS DIRECT INVESTMENTS
Address by CFO
1717
(40)
10
606
262
66
59
(46)
25
1H 2018 1H 2019
Investments Infrastructure
Property Offshore & Marine
18
Financial Performance
S$356m
1H 2019 net profit down 39% yoy
as 1H 2018 benefitted from
en-bloc sales worth S$416m
8 cts/share
Paid interim dividend for 1H 2019
Net profit
356
• Annualised ROE was 6.3%
• Free cash outflow of
S$614m in 1H 2019 vs
inflow of S$873m in
1H 2018
• Net gearing was 0.82x as
at end-Jun 2019 vs 0.72x
as at end-Mar 2019
Key highlights
S$m
0
586
19
Key highlights Net profit • S$10m net profit recorded
in 1H 2019 due mainly to
higher investment income,
lower net interest expense
and higher contribution
from associates
Offshore & Marine
(34)
(5)
(11)
65
9
1H 2018 1H 2019
Associates
Repairs & Conversions
New Builds
(40)
10
i
i Includes contributions from Floatel, Blue Tern, Dyna-Mac, etc.
S$m
0
S$m 1H 2018 1H 2019 %
Revenue 939 813 (13)
Operating
profit
14 14 -
Net profit
/ (loss)
(40) 10 n.m.
Net profit
537
121
47
129
(9) (10)
31
22
1H 2018 1H 2019
Property trading Property investment
Hotels/Resorts REIT
S$m0
20
• 1H 2019 net profit lower
yoy in the absence of
gains from en-bloc sales
worth S$416m in 1H 2018
• Sale of 8,690 overseas
units worth ~S$2.9b
recognisable from
2H 2019-2022
Property
606
262
S$m 1H 2018 1H 2019 %
Revenue 787 628 (20)
Operating
profit
699 270 (61)
Net profit 606 262 (57)
Key highlights
21
Net Profit • 1H 2019 net profit lower
yoy in the absence of
dilution gain from Keppel
DC REIT’s private placement
• Keppel Infrastructure
delivered strong earnings
growth on improved
performance across all
its businesses
Infrastructure
S$m
0
66
59
48 56
29 14
(11) (11)
1H 2018 1H 2019
Logistics & Others Data Centres
Keppel Infrastructure
S$m 1H 2018 1H 2019 %
Revenue 1,211 1,425 18
Operating
profit
52 39 (25)
Net profit 66 59 (11)
Key highlights
Net Profit
11
37
11
31
(56) (52)
(11) (11)
(1)
39
(19)
1H 2018 1H 2019
Keppel Capital M1
KrisEnergy SSTEC
Others Impairment of an
associated company
S$m
0
ii
22
• 1H 2019 net profit higher
yoy due to improved earnings
from Keppel Capital, higher
contribution from M1 and
re-measurement gain of
previously held interest
in M1
Investments
ii
25
(46)
i Share of associated companies’ results
ii Prior to Mar 2019, M1 relates to the share of associated companies’ results
S$m 1H 2018 1H 2019 %
Revenue 56 449 >500
Operating
profit
1 159 >500
Net profit
/ (loss)
(46) 25 n.m.
Key highlights
18.8%
14.2%
6.9% 6.9%
8.3%
6.3%
2014 2015 2016 2017 2018 2019
12 12 8 8
15 8
48
34
20 22
30
Interim Dividend Full-Year DividendROE
ROE & Dividend
i Excludes one-off financial penalty from global resolution & related costs
ii Includes special cash dividend of 5.0cts/share
i
ii
23
Q&As
2424

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Briefing to Retail Shareholders Hosted by SIAS

  • 1. Briefing to Retail Shareholders Hosted by SIAS 20 August 2019
  • 2. Disclaimer 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 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. 22 Note: An agenda decision on a clarification in relation to capitalisation of borrowing costs by property developer under IAS 23 Borrowing Costs was finalised by the International Financial Reporting Standards Interpretations Committee during the year. As the financial reporting framework applied by the Group is equivalent to International Financial Reporting Standards, the agenda decision has relevant impact to the Group’s Property Division. Consequently, 2018 financial figures in this presentation have been restated.
  • 4. Transforming to Deliver Asset ManagementEnergy Environment Urban Living Connectivity $ We are an eco-system of companies providing solutions for sustainable urbanisation. Privatised Keppel Land Began rightsizing Keppel O&M Restructured Keppel O&M into the New Builds and Conversions & Repairs divisions Privatised Keppel T&T and M1 2015 2016 2017 2018 /19 The key pieces of our transformation are in place and we are focused on executing our growth initiatives. Restructured asset managers under Keppel Capital 4
  • 5. Creating & Capturing Value Our Engines Our Business Model Our Target Offshore & Marine Property Infrastructure Investments 15% Mid to long term ROE target Smart Cities of the FutureGas Value Chain Floating Data Centres Collaborating for Growth Turnkey Operate & Maintain Stabilise & Monetise REITs & Trust Design & Build Recurring income Revaluation & divestment gains Recurring income Project-based income Recurring income Project-based income Keppel + Private Funds 5
  • 6. In 2019, we received Final Notice to Proceed to convert Golar’s 2nd FLNG vessel, the Gimi, expanding our track record for gas solutions. Hilli Episeyo, the world’s first-of-its-kind converted FLNG vessel
  • 7. Offshore & Marine • Secured quality contracts worth S$1.9b YTD, exceeding S$1.7b won in 2018 • Offshore wind solutions gaining traction with ~S$720m worth of contracts won in 2Q 2019 • Net orderbook of S$5.5b as at end-Jun 2019 is the highest since 2016 0.9 0.6 0.2 0.5 0.70.6 0.1 2018 YTD 2019 Specialised vessels Renewables FPSOs/FLNGs Semis/Jackups New orders S$b 0 1.7 1.9 7
  • 8. Keppel Land continues to deepen its presence in fast-growing cities across China and Vietnam, and turn assets efficiently to achieve high returns. Launch of The Infiniti in Ho Chi Minh City
  • 9. Seizing opportunities • Deeping presence in key cities such as Nanjing and Tianjin • Acquired a commercial building in Shanghai with AAMTFi III and co-investors • Acquired stakes in three residential sites in HCMC • Collaborating with Nam Long on residential township in Dong Nai 800 1,140 80 610 130 110 150 50 225 190 1H 2018 1H 2019 China Vietnam Singapore Indonesia India 2,100 1,385 Property Home sales Units 9i Alpha Asia Macro Trends Fund
  • 10. Keppel Infrastructure continues to grow recurring income from operations and maintenance, with KMEDP commencing testing and commissioning in 3Q 2019. Keppel Marina East Desalination Plant
  • 11. Growing Data Centre Portfolio 23 Data centre developments across Asia-Pacific & Europe 11 S$3.0b Combined portfolio value The US$1 billion Alpha Data Centre Fund continues to grow its portfolio of developmental assets. 25% Compounded annual growth rate of net lettable area since 2014 2014 2015 2016 2017 2018 YTD 2019 Net Lettable Area (million sq ft) 0.6 0.9 1.4 1.4 1.7 1.7 Bogor Sydney Singapore Frankfurt Johor
  • 12. We create value for shareholders by investing strategically, developing new growth engines and harnessing synergies across the Group. Saigon Sports City in Ho Chi Minh City
  • 13. ✓ Infrastructure assets ▪ 30% stake in Gimi FLNG will be a seed asset for the new infrastructure fund ✓ Alternative assets ✓ Senior living ✓ Education fund 13 Fuelling Growth through Asset Management Keppel Capital aims to grow AUM and connect investors with high-quality real assets in sectors fuelled by urbanisation trends. Current vehicles New asset classes PrivateFundsDataCentres PropertyInfrastructure ▪ Manages private funds for real assets ▪ Among SGX’s largest Pan- Asian commercial REITs ▪ Largest Singapore infrastructure trust on SGX ▪ Asia’s first data centre REIT on SGX ▪ Office REITs with properties in the US i ▪ Manages private funds for alternative asset classes i Keppel Capital is a strategic investor in the manager of Prime US REIT
  • 14. 14 Driving M1’s Transformation FOCUS AREAS BUSINESS UPDATES Accelerating core consumer growth Expanding B2B segment Improving cost efficiencies Pursuing regional opportunities Harnessing synergies >15,000 new customers secured in first month following launch of simplified plan and improved customer experience One Plan Partnering IMDA and PSA to testbed 5G technologies for smart port operations, which can also be applied to other sectors Working with Keppel O&M to provide connectivity for autonomous vessels Collaboration
  • 15. 15 Growing B2C Business Connectivity M1 2.2 million Customer base Electricity Retail Keppel Electric’s OEM market share 150,000 Household customers Gas Retail City Gas’ customers 800,000 Household customers Urban Logistics UrbanFox Growing omnichannel solution offerings in Singapore and overseas Keppel Group
  • 16. 16 Investing in Innovation We have invested close to S$100m in venture capital, businesses and startups focused on new technologies and innovations in the year to date. Property Technology Fifth Wall Ventures Enterprise & Deep Tech Wavemaker Partners Electric Vehicle Batteries Envision AESC Group China Tech Startups Vertex Ventures Edge Data Centre Solutions Etix Group FUND INVESTMENTS DIRECT INVESTMENTS
  • 18. (40) 10 606 262 66 59 (46) 25 1H 2018 1H 2019 Investments Infrastructure Property Offshore & Marine 18 Financial Performance S$356m 1H 2019 net profit down 39% yoy as 1H 2018 benefitted from en-bloc sales worth S$416m 8 cts/share Paid interim dividend for 1H 2019 Net profit 356 • Annualised ROE was 6.3% • Free cash outflow of S$614m in 1H 2019 vs inflow of S$873m in 1H 2018 • Net gearing was 0.82x as at end-Jun 2019 vs 0.72x as at end-Mar 2019 Key highlights S$m 0 586
  • 19. 19 Key highlights Net profit • S$10m net profit recorded in 1H 2019 due mainly to higher investment income, lower net interest expense and higher contribution from associates Offshore & Marine (34) (5) (11) 65 9 1H 2018 1H 2019 Associates Repairs & Conversions New Builds (40) 10 i i Includes contributions from Floatel, Blue Tern, Dyna-Mac, etc. S$m 0 S$m 1H 2018 1H 2019 % Revenue 939 813 (13) Operating profit 14 14 - Net profit / (loss) (40) 10 n.m.
  • 20. Net profit 537 121 47 129 (9) (10) 31 22 1H 2018 1H 2019 Property trading Property investment Hotels/Resorts REIT S$m0 20 • 1H 2019 net profit lower yoy in the absence of gains from en-bloc sales worth S$416m in 1H 2018 • Sale of 8,690 overseas units worth ~S$2.9b recognisable from 2H 2019-2022 Property 606 262 S$m 1H 2018 1H 2019 % Revenue 787 628 (20) Operating profit 699 270 (61) Net profit 606 262 (57) Key highlights
  • 21. 21 Net Profit • 1H 2019 net profit lower yoy in the absence of dilution gain from Keppel DC REIT’s private placement • Keppel Infrastructure delivered strong earnings growth on improved performance across all its businesses Infrastructure S$m 0 66 59 48 56 29 14 (11) (11) 1H 2018 1H 2019 Logistics & Others Data Centres Keppel Infrastructure S$m 1H 2018 1H 2019 % Revenue 1,211 1,425 18 Operating profit 52 39 (25) Net profit 66 59 (11) Key highlights
  • 22. Net Profit 11 37 11 31 (56) (52) (11) (11) (1) 39 (19) 1H 2018 1H 2019 Keppel Capital M1 KrisEnergy SSTEC Others Impairment of an associated company S$m 0 ii 22 • 1H 2019 net profit higher yoy due to improved earnings from Keppel Capital, higher contribution from M1 and re-measurement gain of previously held interest in M1 Investments ii 25 (46) i Share of associated companies’ results ii Prior to Mar 2019, M1 relates to the share of associated companies’ results S$m 1H 2018 1H 2019 % Revenue 56 449 >500 Operating profit 1 159 >500 Net profit / (loss) (46) 25 n.m. Key highlights
  • 23. 18.8% 14.2% 6.9% 6.9% 8.3% 6.3% 2014 2015 2016 2017 2018 2019 12 12 8 8 15 8 48 34 20 22 30 Interim Dividend Full-Year DividendROE ROE & Dividend i Excludes one-off financial penalty from global resolution & related costs ii Includes special cash dividend of 5.0cts/share i ii 23