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Annual General
Meeting
Presentation by CFO
Mr Chan Hon Chew
23 April 2019
2
Transforming for Growth
Connectivity
Urbanliving
Asset
management
Energy
Offshore& Marine
Property
Investments
 Cleanerenergy& renewables
 Seniorliving
 M1 transformation
 Smartcities & qualityreal estate
 Floatinginfrastructure&
datacentreparks
Solutions OpportunitiesKeppel
Clean
environments
Infrastructure
3
Financial Performance
S$944m
FY 2018 net profit up 382% from S$196m for
FY 2017
15.0 cts/share
Proposed final cash dividend will bring total
FY 2018 dividends to 30.0 cts/share
Net profit
196
944619 i
FY 2017 FY 2018
944
815
• ROE was 8.3%
• Free cash inflow of S$515m in
FY 2018 vs S$1,802m in FY 2017
• Net gearing was 0.48x at
end-2018 vs 0.46x at end-2017
Key highlights
S$m
0
S$m FY 2017 FY 2018
Offshore & Marine (826) (109)
Property 650 938
Infrastructure 134 169
Investments 238 (54)
Total 196 944 i One-off global resolution & related costs
Offshore &
Marine
LNG vessels at Keppel
Shipyard, Singapore
5
Offshore & Marine
(205)
(117)
(2)
8
(619)
FY 2017 FY 2018
(109)
(826)
I Includes contributions from Floatel, Seafox, Dyna-
Mac, etc.
S$m
0
• FY 2018 net loss including RIDs
down 47%ii yoy
• Made S$167m additional
provision for losses on semis for
Sete and S$32m impairments on
other assets in 4Q
• Wrote back S$96m of provisions
for claims in 4Q
Key highlights
S$39m
4Q 2018 net profit excluding RIDs
S$6m
FY 2018 net profit excluding RIDs
Net profit
ii Comparison excludes one-off global resolution
& related costs in 2017
6
Offshore & Marine
Net orderbooki
i Excludes semis for Sete
ii Includes modification, upgrading, fabrication and rig repairs
ii
0.7 0.5
0.2 0.5
2.2 2.1
0.7
0.9
0.1
0.3
End-2017 End-2018
Newbuild jackups Newbuild semis
FPSOs/FLNGs Specialised vessels
Others
4.3
3.9
S$b
0
Secured new contracts of
~S$1.7b in 2018
• Net orderbook of S$4.3b as at
end-2018
LNG and scrubber projects
worth over S$600m secured in
2018
• Received LNTPiii to commence
early conversion works for Gimi
FLNG
• Won 65 scrubber retrofitting jobs
iii Limited Notice to Proceed
Estella Place, Ho Chi Minh
City, Vietnam
Property
7
8
Property
Property
FY 2018 net profit up 44% yoy
Supported by en bloc sales and divestment gain
from Beijing project
8
369
611
213
278
1
(18)
67
67
FY 2017 FY 2018
Property trading Property investment
Hotels/Resorts REIT
938
650
Net profit
S$m
0
• Completed 7 acquisitions totalling
~S$0.8b in 2018
• Including residential sites
in China & Indonesia, and
increased stakes in Saigon
Sports City and a Singapore
retail mall
• Completed 10 divestments/en bloc
sales totalling ~S$1.7b in 2018
• Including residential projects
and a commercial project
in China, and a stake in a
Vietnam company
9
Residential landbank of about
50,000 units
Commercial portfolio with total
GFA of 1.5 million sm
Property
Home sales
3,725
2,240
1,110
910
380
160
265
350
-
780
FY 2017 FY 2018
China Vietnam Singapore
Indonesia India
4,440
5,480
Units
0
• Sold 4,440 units in 2018, with total
sales value of ~S$1.8b
• Sold 5 development projects
equivalent to ~11,500 units sold
en bloc in 2018
• Sale of 8,410 overseas units worth
~S$2.7b recognisable from 2019-21
• ~19,000 units launch-ready
from 2019-21
• 60% of commercial GFA under
development
• Acquired a completed commercial
property in Haidian District, Beijing,
China’s IT hub
Capturing Opportunities in China
10
Jing-Jin-Ji
Population: 90 million
GDP: US$1,100b
Yangtze River Delta
Population: 140 million
GDP: US$3,080b
Chengdu
Population: 16 million
GDP: US$210b
Greater Bay Area
Population: 70 million
GDP: US$1,470b
Acquired sites in markets with
robust supply-demand dynamics
Homesupplyabsorption ratei (end-2018)
Focused on long-term growth
3 regions + 1 city
i Based on home supply with pre-sales permit vs average
monthly demand over the past 5 years
Sources: China Real Estate Index System, REALLYDT &
Kaicheng Real Estate
City
Estimated
absorption rate
(months)
Nanjing 5.2
Chengdu 5.1
Sino-Singapore
Tianjin Eco-City
5.6
Artist’s impression of
IndoKeppel Data Centre 1
in Bogor, Indonesia
Infrastructure
12
FY 2018 net profit up 26% yoy
Net Profit
Infrastructure
Supported by higher contributions from data centre,
environmental infrastructure and infrastructure
service businesses
12
109 117
15
76
10
(24)
FY 2017 FY 2018
Keppel Infrastructure Data centres
Logistics & others
169
134
S$m
0
• Secured S$180m contracts in
2018 for energy & environmental
infrastructure
• KMEDPi over 80% completed;
HKIWMFii design & engineering
on track
• Keppel Electric growing clientele
across commercial, industrial &
household sectors
• Keppel Logistics expanding
omnichannel logistics business
i Keppel Marina East Desalination Plant
ii Hong Kong Integrated Waste Management Facility
2014 2015 2016 2017 2018
Expanding data centre portfolio
22 data centres
Spanning 14 cities in Asia-Pacific & Europe
~S$2.7b
Combined portfolio valuei of data centres
completed and under development
13
Infrastructure
Floating data centre parks High-rise green data centres
Net lettable area (sq ft)
0.6 mil
1.7 mil
0.9 mil
1.4 mil 1.4 mil
i Includes estimated development costs for 3 projects
currently under development
Maitland Promenade I office
property in Orlando, Florida,
U.S.
Investments
15
Investments
FY 2018 net loss due mainly to share of
losses from KrisEnergy and impairment
of investment in an associated
company
• Keppel Capital announced
acquisitions of over S$2.0b and
closed AAMTFii III at US$1.1b
• Keppel Urban Solutions entered
MOU to develop smart IoT city in
Wuxi, China
• Tianjin Eco-City master developer
sold three land plotsiii for RMB3.4b
73 56
(119)
(80)
21
22
120
48
46
(53)
97
(47)
FY 2017 FY 2018
Asset management KrisEnergy
M1 SSTEC
Others
(54)
238
Net profit
S$m
0
i Share of associated companies’ results
ii Alpha Asia Macro Trends Fund
iii Profit from land plot sold to Keppel Land will be
recognised when units are sold and completed by Keppel
Land
i
ii
Write-back/(impairment) of
an associated company
16
Senior living
LNG solutions
Smart sustainable cities
Pursuing Growth Opportunities
Connectivity
Renewable energy
17
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.

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Keppel Corporation AGM 2019 Presentation Slides

  • 1. Annual General Meeting Presentation by CFO Mr Chan Hon Chew 23 April 2019
  • 2. 2 Transforming for Growth Connectivity Urbanliving Asset management Energy Offshore& Marine Property Investments  Cleanerenergy& renewables  Seniorliving  M1 transformation  Smartcities & qualityreal estate  Floatinginfrastructure& datacentreparks Solutions OpportunitiesKeppel Clean environments Infrastructure
  • 3. 3 Financial Performance S$944m FY 2018 net profit up 382% from S$196m for FY 2017 15.0 cts/share Proposed final cash dividend will bring total FY 2018 dividends to 30.0 cts/share Net profit 196 944619 i FY 2017 FY 2018 944 815 • ROE was 8.3% • Free cash inflow of S$515m in FY 2018 vs S$1,802m in FY 2017 • Net gearing was 0.48x at end-2018 vs 0.46x at end-2017 Key highlights S$m 0 S$m FY 2017 FY 2018 Offshore & Marine (826) (109) Property 650 938 Infrastructure 134 169 Investments 238 (54) Total 196 944 i One-off global resolution & related costs
  • 4. Offshore & Marine LNG vessels at Keppel Shipyard, Singapore
  • 5. 5 Offshore & Marine (205) (117) (2) 8 (619) FY 2017 FY 2018 (109) (826) I Includes contributions from Floatel, Seafox, Dyna- Mac, etc. S$m 0 • FY 2018 net loss including RIDs down 47%ii yoy • Made S$167m additional provision for losses on semis for Sete and S$32m impairments on other assets in 4Q • Wrote back S$96m of provisions for claims in 4Q Key highlights S$39m 4Q 2018 net profit excluding RIDs S$6m FY 2018 net profit excluding RIDs Net profit ii Comparison excludes one-off global resolution & related costs in 2017
  • 6. 6 Offshore & Marine Net orderbooki i Excludes semis for Sete ii Includes modification, upgrading, fabrication and rig repairs ii 0.7 0.5 0.2 0.5 2.2 2.1 0.7 0.9 0.1 0.3 End-2017 End-2018 Newbuild jackups Newbuild semis FPSOs/FLNGs Specialised vessels Others 4.3 3.9 S$b 0 Secured new contracts of ~S$1.7b in 2018 • Net orderbook of S$4.3b as at end-2018 LNG and scrubber projects worth over S$600m secured in 2018 • Received LNTPiii to commence early conversion works for Gimi FLNG • Won 65 scrubber retrofitting jobs iii Limited Notice to Proceed
  • 7. Estella Place, Ho Chi Minh City, Vietnam Property 7
  • 8. 8 Property Property FY 2018 net profit up 44% yoy Supported by en bloc sales and divestment gain from Beijing project 8 369 611 213 278 1 (18) 67 67 FY 2017 FY 2018 Property trading Property investment Hotels/Resorts REIT 938 650 Net profit S$m 0 • Completed 7 acquisitions totalling ~S$0.8b in 2018 • Including residential sites in China & Indonesia, and increased stakes in Saigon Sports City and a Singapore retail mall • Completed 10 divestments/en bloc sales totalling ~S$1.7b in 2018 • Including residential projects and a commercial project in China, and a stake in a Vietnam company
  • 9. 9 Residential landbank of about 50,000 units Commercial portfolio with total GFA of 1.5 million sm Property Home sales 3,725 2,240 1,110 910 380 160 265 350 - 780 FY 2017 FY 2018 China Vietnam Singapore Indonesia India 4,440 5,480 Units 0 • Sold 4,440 units in 2018, with total sales value of ~S$1.8b • Sold 5 development projects equivalent to ~11,500 units sold en bloc in 2018 • Sale of 8,410 overseas units worth ~S$2.7b recognisable from 2019-21 • ~19,000 units launch-ready from 2019-21 • 60% of commercial GFA under development • Acquired a completed commercial property in Haidian District, Beijing, China’s IT hub
  • 10. Capturing Opportunities in China 10 Jing-Jin-Ji Population: 90 million GDP: US$1,100b Yangtze River Delta Population: 140 million GDP: US$3,080b Chengdu Population: 16 million GDP: US$210b Greater Bay Area Population: 70 million GDP: US$1,470b Acquired sites in markets with robust supply-demand dynamics Homesupplyabsorption ratei (end-2018) Focused on long-term growth 3 regions + 1 city i Based on home supply with pre-sales permit vs average monthly demand over the past 5 years Sources: China Real Estate Index System, REALLYDT & Kaicheng Real Estate City Estimated absorption rate (months) Nanjing 5.2 Chengdu 5.1 Sino-Singapore Tianjin Eco-City 5.6
  • 11. Artist’s impression of IndoKeppel Data Centre 1 in Bogor, Indonesia Infrastructure
  • 12. 12 FY 2018 net profit up 26% yoy Net Profit Infrastructure Supported by higher contributions from data centre, environmental infrastructure and infrastructure service businesses 12 109 117 15 76 10 (24) FY 2017 FY 2018 Keppel Infrastructure Data centres Logistics & others 169 134 S$m 0 • Secured S$180m contracts in 2018 for energy & environmental infrastructure • KMEDPi over 80% completed; HKIWMFii design & engineering on track • Keppel Electric growing clientele across commercial, industrial & household sectors • Keppel Logistics expanding omnichannel logistics business i Keppel Marina East Desalination Plant ii Hong Kong Integrated Waste Management Facility
  • 13. 2014 2015 2016 2017 2018 Expanding data centre portfolio 22 data centres Spanning 14 cities in Asia-Pacific & Europe ~S$2.7b Combined portfolio valuei of data centres completed and under development 13 Infrastructure Floating data centre parks High-rise green data centres Net lettable area (sq ft) 0.6 mil 1.7 mil 0.9 mil 1.4 mil 1.4 mil i Includes estimated development costs for 3 projects currently under development
  • 14. Maitland Promenade I office property in Orlando, Florida, U.S. Investments
  • 15. 15 Investments FY 2018 net loss due mainly to share of losses from KrisEnergy and impairment of investment in an associated company • Keppel Capital announced acquisitions of over S$2.0b and closed AAMTFii III at US$1.1b • Keppel Urban Solutions entered MOU to develop smart IoT city in Wuxi, China • Tianjin Eco-City master developer sold three land plotsiii for RMB3.4b 73 56 (119) (80) 21 22 120 48 46 (53) 97 (47) FY 2017 FY 2018 Asset management KrisEnergy M1 SSTEC Others (54) 238 Net profit S$m 0 i Share of associated companies’ results ii Alpha Asia Macro Trends Fund iii Profit from land plot sold to Keppel Land will be recognised when units are sold and completed by Keppel Land i ii Write-back/(impairment) of an associated company
  • 16. 16 Senior living LNG solutions Smart sustainable cities Pursuing Growth Opportunities Connectivity Renewable energy
  • 17. 17 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.