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4Q & FY 2018
Financial Results
24 January 2019
Scope of Briefing
• Address by CEO
• Group Financial Highlights by CFO
Note: 2017 financial figures in this presentation have been restated following the adoption of the new financial reporting framework,
Singapore Financial Reporting Standards (International).
2
3
Address by CEO
4
Transforming for Growth
Connectivity
Urban living
Asset
management
Energy
Offshore & Marine
Property
Investments
 Cleaner energy & renewables
 Senior living
 M1 transformation
 Smart cities & quality real estate
 Floating infrastructure &
data centre parks
Solutions OpportunitiesKeppel
Clean
environments
Infrastructure
5
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%
• EVA was S$252m
• 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$m FY 2017 FY 2018
Offshore & Marine (826) (109)
Property 650 938
Infrastructure 134 169
Investments 238 (54)
Total 196 944 i One-off global resolution & related costs
322
500
307
247
186
197
FY 2017 FY 2018
Project-based Recurring RIDs
944
815
S$m
0
6
Multiple Income Streams
Focused on improving earnings
quality and growing recurring income
as a stable contributor to the Group
Recurring income breakdownNet profit by income type
i Revaluations, major impairments & divestments
ii Excludes one-off global resolution & related costs
i
ii
28%
38%
24%
12%
28% 30%
20% 20%
FY 2017 FY 2018
REITs & trust Asset management
Infrastructure Rental & charter
S$247mS$307m
0
LNG vessels at Keppel Shipyard, Singapore
Offshore
& Marine
8
Offshore & Marine
S$39m
4Q 2018 net profit excluding RIDs
S$6m
FY 2018 net profit excluding RIDs
(205)
(117)
(2)
8
(619)
FY 2017 FY 2018
(109)
(826)
I Includes contributions from Floatel, Seafox and Dyna-Mac, etc.
Key highlights
Net profit
S$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
ii Comparison excludes one-off global resolution & related costs in 2017
9
Offshore & Marine
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$600m secured in 2018
• Received LNTPiii to commence early
conversion works for Gimi FLNG
• Won 65 scrubber retrofitting jobs
Net orderbooki
i Excludes semis for Sete
ii Includes modification, upgrading, fabrication and rig repairs
ii
0.7 0.5
0.2 0.5
2.2 2.1
0.7
0.9
0.1
0.3
End-2017 End-2018
Newbuild jackups Newbuild semis
FPSOs/FLNGs Specialised vessels
Others
4.3
3.9
S$b
0
iii Limited Notice to Proceed
Artist’s impression of Seasons Heights
in Tianjin, China
Property
10
11
Property
FY 2018 net profit up 44% yoy
Supported by en bloc sales and divestment gain
from Beijing project 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 totaling
~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 totaling ~S$1.7b in 2018
• Including residential projects
and a commercial project
in China, and a stake in a
Vietnam company
12
Property
Residential landbank of ~50,000
units
• Sold ~4,440 units in 2018, with total
sales value of ~S$1.8b
• Sold 5 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
Commercial portfolio with total
GFA of 1.5 million sm
• ~60% of commercial GFA under
development
• Acquiring a completed commercial
property in Haidian District, Beijing,
China’s IT hub
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
Capturing Opportunities in China
13
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$1,470b
Acquired sites in markets with
robust supply-demand dynamics
Home supply absorption ratei (end-2018)
Focused on long-term growth
3 regions + 1 city
i Based on home supply with pre-sales permit vs average
monthly demand over the past 5 years
Sources: China Real Estate Index System, REALLYDT & Kaicheng
Real Estate
City
Estimated
absorption rate
(months)
Nanjing 5.2
Chengdu 5.1
Sino-Singapore
Tianjin Eco-City
5.6
Artist’s impression of IndoKeppel Data
Centre 1 in Bogor, Indonesia
Infrastructure
15
Infrastructure
FY 2018 net profit up 26% yoy
109 117
15
76
10
(24)
FY 2017 FY 2018
Keppel Infrastructure Data centres
Logistics & others
169
134
Net profit
S$m
0
• Secured ~S$120m contracts in
2018 for energy & environmental
infrastructure
• KMEDPi 65% 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
Supported by higher contributions from data centre,
environmental infrastructure and infrastructure
service businesses
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
16
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
17
18
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
19
Senior living
LNG solutions
Smart sustainable cities
Pursuing Growth Opportunities
Connectivity
Renewable energy
20
Group Financial
Highlights by CFO
21
4Q 2018 Financial Performance
S$m 4Q 2018 4Q 2017 % Change
Revenue 1,677 1,545 9
EBITDA 55 197 (72)
Operating Profit 5 147 (97)
Profit/(Loss) Before Tax 164 (417)i nm
Net Profit/(Loss) 135 (492)i nm
EPS (cents) 7.4 (27.1)i nm
Key highlights
Net Profit from net loss of
S$492m to net profit
of S$135m
EVA from negative S$886m
to negative S$132m
i Includes one-off financial penalty from global resolution & related costs
22
4Q 2018 Financial Performance
(Excluding one-off global resolution & related costs)
S$m 4Q 2018 4Q 2017 % Change
Revenue 1,677 1,545 9
EBITDA 55 197 (72)
Operating Profit 5 147 (97)
Profit Before Tax 164 202 (19)
Net Profit 135 127 6
EPS (cents) 7.4 6.9 7
Key highlights
Net Profit 6% to S$135m
EVA from negative S$267m
to negative S$132m
S$m 4Q 2018 % 4Q 2017 % % Change
Offshore & Marine 520 31 490 32 6
Property 373 22 432 28 (14)
Infrastructure 744 44 593 38 25
Investments 40 3 30 2 33
Total 1,677 100 1,545 100 9
23
4Q 2018 Revenue by Segments
S$m 4Q 2018 % 4Q 2017 % % Change
Offshore & Marine (97) (59) (256) (127) (62)
Property 215 131 361 179 (40)
Infrastructure 50 30 52 26 (4)
Investments (4) (2) 45 22 nm
Total 164 100 202 100 (19)
24
4Q 2018 Pre-tax Profit by Segments
(Excluding one-off global resolution & related costs)
S$m 4Q 2018 % 4Q 2017 % % Change
Offshore & Marine (71) (53) (218) (172) (67)
Property 174 129 287 226 (39)
Infrastructure 48 36 37 29 30
Investments (16) (12) 21 17 nm
Total 135 100 127 100 6
25
4Q 2018 Net Profit by Segments
(Excluding one-off global resolution & related costs)
26
FY 2018 Financial Performance
S$m FY 2018 FY 2017 % Change
Revenue 5,965 5,964 -
EBITDA 1,226 1,014 21
Operating Profit 1,043 801 30
Profit Before Tax 1,240 442i 181
Net Profit 944 196i 382
EPS (cents) 52.0 10.8i 381
Key highlights
Net Profit 382% to S$944m
ROE from 1.7% to 8.3%
EVA from negative S$839m
to positive S$252m
Free Cash
Inflow
from S$1,802m to
S$515m
Net Gearing from 0.46x to 0.48x
i Includes one-off financial penalty from global resolution & related costs
27
FY 2018 Financial Performance
(Excluding one-off global resolution & related costs)
S$m FY 2018 FY 2017 % Change
Revenue 5,965 5,964 -
EBITDA 1,226 1,014 21
Operating Profit 1,043 801 30
Profit Before Tax 1,240 1,061 17
Net Profit 944 815 16
EPS (cents) 52.0 44.8 16
Key highlights
Net Profit 16% to S$944m
ROE from 6.9% to 8.3%
EVA from negative S$220m
to positive S$252m
Free Cash
Inflow
from S$1,802m to
S$515m
Net Gearing from 0.46x to 0.48x
S$m FY 2018 % FY 2017 % % Change
Offshore & Marine 1,875 32 1,802 30 4
Property 1,340 22 1,782 30 (25)
Infrastructure 2,629 44 2,207 37 19
Investments 121 2 173 3 (30)
Total 5,965 100 5,964 100 -
28
FY 2018 Revenue by Segments
S$m FY 2018 % FY 2017 % % Change
Offshore & Marine (113) (9) (243) (23) (53)
Property 1,188 96 844 80 41
Infrastructure 184 15 170 16 8
Investments (19) (2) 290 27 nm
Total 1,240 100 1,061 100 17
29
FY 2018 Pre-tax Profit by Segments
(Excluding one-off global resolution & related costs)
S$m FY 2018 % FY 2017 % % Change
Offshore & Marine (109) (11) (207) (25) (47)
Property 938 99 650 80 44
Infrastructure 169 18 134 16 26
Investments (54) (6) 238 29 nm
Total 944 100 815 100 16
30
FY 2018 Net Profit by Segments
(Excluding one-off global resolution & related costs)
31
Net Profit & EPS
357 339 360
211 252 337
347 406 397
205 171
246
457 414 363
225 265
226
685 726
405
143 127
135
Net profit (S$m)
1Q 2Q 3Q 4Q
19.8 18.7 19.8
11.6 13.9 18.6
19.2 22.3 21.9
11.3 9.4
13.6
25.3 22.9 20.0
12.4 14.6
12.4
38.0 39.9
22.3
7.9 6.9
7.4
EPS (Cents)
1Q 2Q 3Q 4Q
1,846 102.31,885 103.8
1,525 84.0
784 43.2815 44.8
944 52.0
i Excludes one-off financial penalty from global resolution & related costs
i i
19.5%
18.8%
14.2%
6.9% 6.9%
8.3%
2013 2014 2015 2016 2017 2018
10 12 12 8 8
15
40
48
34
20 22
30
Interim Dividend Full-Year DividendROE
ROE & Dividend
i Includes dividend in specie of ~9.5cts/share
ii Excludes one-off global resolution & related costs
iii Includes special cash dividend of 5.0cts/share
i
ii
iii
32
33
Free Cash Flow
S$m FY 2018 FY 2017
Operating profit 1,043 801
Depreciation & other non-cash items (495) (282)
548 519
Working capital changes (183) 1,101
Interest & tax paid (240) (417)
Net cash from operating activities 125 1,203
Investments & capex (450) (187)
Divestments & dividend income 1,057 829
Advances to associated companies (217) (43)
Net cash from investing activities 390 599
Cash inflow 515 1,802
Dividend paid (546) (390)
Free cash flow excludes expansionary acquisitions and capex, and major divestments.
34
Questions &
Answers
35
Additional
Information
• 48% of total revenue came from overseas customers
Revenue by Geography
FY 2018
Total
(S$m)
Overseas
Customers
(%)
Singapore
Customers
(%)
Offshore & Marine 1,875 88 12
Property 1,340 66 34
Infrastructure 2,629 11 89
Investments 121 2 98
Total 5,965
36
EBITDA by Segments
S$m FY 2018 % FY 2017 % % Change
Offshore & Marine 26 2 (37) (4) nm
Property 1,065 87 705 70 51
Infrastructure 150 12 169 17 (11)
Investments (15) (1) 177 17 nm
Total 1,226 100 1,014 100 21
37
Capital/Gearing/ROE
i Includes one-off financial penalty from global resolution and related costs
S$m 31 Dec 2018 31 Dec 2017
Shareholders’ Funds 11,278 11,443
Total Equity 11,587 11,973
Net Debt 5,567 5,519
Net Gearing Ratio 0.48x 0.46x
ROE 8.3% 1.7% i
38
Net Profit by Business Units
(Excluding one-off global resolution & related costs)
S$m FY 2018 FY 2017 % Change
Keppel Offshore & Marine (109) (207) (47)
Keppel Landi 940 666 41
Keppel Infrastructure 117 109 7
Keppel Telecommunications & Transportationii 52 45 16
Keppel Capital 62 83 (25)
Share of SSTEC’s profit 48 120 (60)
KCL, Others & Eliminationi (166) (1) >500
Total 944 815 16
39
i Included in Keppel Land is its effective share of SSTEC’s profit, which is eliminated under “KCL, Others & Elimination”
ii Based on Keppel Corporation’s effective shareholdings
40
Offshore & Marine
S$m 4Q 2018 4Q 2017 % Change FY 2018 FY 2017 % Change
Revenue 520 490 6 1,875 1,802 4
EBITDA (68) (186) (63) 26 (37) nm
Operating Loss (93) (216) (57) (73) (167) (56)
Loss Before Tax (97) (875)i (89) (113) (862)i (87)
Net Loss (71) (837)i (92) (109) (826)i (87)
Financial Highlights – Offshore & Marine
i Includes one-off financial penalty from global resolution and related costs
41
 Over S$1.7b in contracts secured in FY 2018:
A semi-submersible, 2 jackups, a production barge, an FPSO module fabrication &
integration, an FPSO modification/upgrade, a dual-fuel bunker tanker, 2 dual-fuel
dredgers, 2 LNG bunkering vessels, 2 LNG carriers, an FSRU conversion, and 65 gas
scrubber retrofits
 Contract completions in FY 2018:
2 jackups, a gas carrier refurbishment, 2 FPSO conversions, a RORO conversion,
and 2 dual-fuel LNG tugs
Operational Review
42
Orderbook
S$m
Contract Value
Gross Net Client
For delivery in 2019
10 JUs/1 FPSO Module Fab. & Integration/1 TLWP
Engineering & Construction Services Support/2 FPSO
Conversions/1 FSRU Conversion*/4 Dredgers/2 LNG Carriers/
1 Production Barge/1 Dual-fuel Bunker Tanker 4,987 213
Grupo R/Clearwater/BOT Lease Co./Ensco/Borr
Drilling/Fecon/TS Offshore/PTSC/Petrobras/
SBM/Jan De Nul/Stolt-Nielsen/Mitsui/KrisEnergy/
*Name Withheld/Woodside
For delivery in 2020
7 JUs/1 Semis*/1 Dredger/2 LNG Bunkering Vessels/2 LNG
Containerships/1 FLNG Turret/1 LNG Carrier/
1 Liftboat/2 FPSO Module Fab. & Integration* 3,109 1,524
Borr Drilling/*Name withheld/Jan De Nul/FueLNG/
Pasha Hawaii/SOFEC/Modec/Shturman
Koshelev/Crystal Height / Stolt-Nielsen
For delivery in 2021-2022
1 Semis/1 LNG Carrier/2 Trailing Suction Hopper Dredgers/
2 FLNG Conversions 2,679 2,611 Awilco/Stolt-Nielsen/Van Oord/Golar
Total** 10,775 4,348
** Excludes semis for Sete Brasil and includes gas scrubber retrofits announced in 2018
As of end-2018
43
44
Property
Financial Highlights - Property
S$m 4Q 2018 4Q 2017 % Change FY 2018 FY 2017 % Change
Revenue 373 432 (14) 1,340 1,782 (25)
EBITDA 131 287 (54) 1,065 705 51
Operating Profit 122 279 (56) 1,032 668 54
Profit Before Tax 215 361 (40) 1,188 844 41
Net Profit 174 287 (39) 938 650 44
45
* Based on land area
Sales Achieved - Overseas
Key Projects Location Units Sold in 2018 Sales Value in 2018 Latest Avg. Selling Price
China (RMB’m) (RMB’psm)
Park Avenue Heights
Chengdu
45 195 ~31,800
Serenity Villas 47 196 ~12,500
V City 888 1,329 ~14,500
Seasons Garden, Tianjin Eco-City Ph 2
Tianjin
33 79 ~18,000
Seasons Residences, Tianjin Eco-City Ph 3 337 529 ~16,000
Seasons Heights, Tianjin Eco-City Ph 4 243 333 ~15,000
Waterfront Residences
Wuxi
215 968 ~23,600
Park Avenue Heights 329 564 ~16,800
Total 2,137 4,193
Vietnam (US$’m) (US$’psm)
Estella Heights
HCMC
6 2 ~2,100
Riviera Point
The View 71 15 ~1,700
The Infiniti 345 73 ~2,000
Palm City
Palm Garden 335 75 ~2,300
Empire City
2 3 ~3,400Linden Residences
Tilia Residences 18 15 ~4,100
Cove Residences 129 121 ~5,700
Total 906 304
Indonesia (US$’m) (US$’psm)
West Vista at Puri
Jakarta
80 4 ~1,400
The Riviera at Puri (JV with Metland) 271 68 ~1,900*
Total 351 72
India (US$’m) (US$’psm)
Provident Park Square (formerly Elita Horizon) Bangalore 777 53 ~820
46
* Includes 41 units committed to buyers under a deferred payment scheme
^ Estimated no. of units
As of end-2018
Stake Tenure
Total GFA
(sf)
Total
Units
Units
Launched
Units Sold Remaining Units
Remaining Area
For Sales (sf)
Launched Projects
The Garden Residences 60% 99-yr 462,561 613 156 75 538 424,270
Corals at Keppel Bay 100% 99-yr 509,998 366 366 283 83 162,643
Reflections at Keppel Bay 100% 99-yr 2,081,738 1,129 1,129 1,008 121* 275,609
Upcoming Projects
Nassim Woods 100% 99-yr 99,629 101^ - - 101 94,647
Keppel Bay Plot 4 39% 99-yr 344,448 443 - - 443 316,889
Keppel Bay Plot 6 100% 99-yr 226,044 86^ - - 86 207,959
Total 3,724,418 2,738 1,651 1,366 1,372 1,482,017
Residential Landbank - Singapore
47
^ Keppel Land China won the land tender in Dec 2018, and is working with Vanke to establish a 30:70 JV
As of end-2018
Location Stake
Total GFA
(sm)
Total
Units
Units
Launched
Units
Sold
Remaining Units For
Sale
Remaining Area
For Sale (sm)
8 Park Avenue
Shanghai
99% 131,957 918 918 895 23 6,473
Seasons Residences 100% 128,917 1,102 1,062 1,060 42 4,952
99.4% 83,174 217 53 24 193 58,653Sheshan Riviera
Park Avenue Heights
Chengdu
100% 196,783 1,535 1,535 1,523 12 1,670
Hill Crest Villas 100% 163,147 274 - - 274 149,406
Serenity Villas 100% 289,181 867 84 47 820 259,833
V City 35% 546,422 5,399 5,399 5,393 6 655
Chengdu Tianfu New Area Devt 30%^ 94,522 864 - - 864 94,152
Pidu Devt 100% 66,930 561 - - 561 66,630
Waterfront Residences
Wuxi
100% 292,491 1,403 699 556 847 150,970
Park Avenue Heights 100% 171,485 1,285 532 431 854 97,554
Seasons Residences (Xinwu Devt) 100% 388,892 2,904 - - 2,904 344,393
Serenity Villas
Tianjin
100% 81,391 340 340 256 84 29,989
Mixed-use Devt 100% 1,358,202 11,299 - - 11,299 1,358,202
Tianjin Eco-City 100% 624,605 4,152 3,806 3,801 351 37,997
Tianjin Eco-City new 10.97ha Devt 100% 85,248 572 - - 572 85,248
Waterfront Residences 100% 63,251 341 341 340 1 349
Stamford City Jiangyin 99.4% 305,731 1,470 1,125 1,088 382 75,053
Nanjing Jiangbei New Area Devt Nanjing 40% 190,558 1,597 - - 1,597 187,558
Hill Crest Residences Kunming 68.8% 48,819 263 166 132 131 24,757
Total 5,311,706 37,363 16,060 15,546 21,817 3,034,494
Residential Landbank - China
48
As of end-2018
Location Stake
Total GFA
(sm)
Total
Units
Units
Launched
Units
Sold
Remaining
Units For Sale
Remaining Area
For Sale (sm)
Vietnam
Saigon Sports City
HCMC
100% 793,000 4,284 - - 4,284 462,400
Palm City (South Rach Chiec) 42% 502,330 3,396 1,371 1,285 2,111 185,902
Empire City 40% 408,972 2,909 1,118 1,111 1,798 190,725
Riviera Point 75% 437,763 2,400 1,509 1,365 1,035 123,767
5.6 ha landed site 100% 54,908 310 - - 310 29,680
Dong Nai Waterfront City Dong Nai 50% 2,046,955 7,850 - - 7,850 1,293,500
Sub-Total 4,243,928 21,149 3,998 3,761 17,388 2,285,974
Indonesia
West Vista at Puri
Jakarta
100% 153,464 2,855 541 330 2,525 104,392
Daan Mogot 100% 275,266 4,523 - - 4,523 226,800
The Riviera at Puri (JV with Metland) 50% 70,796 487 487 434 53 12,909
BCA site 100% 61,458 451 - - 451 49,167
Metland Menteng Devt 50% 77,227 496 - - 496 63,889
Sub-Total 638,211 8,812 1,028 764 8,048 457,157
India
Provident Park Square (formerly Elita
Horizon)
Bangalore 51% 167,517 2,082 1,102 777 1,305 110,451
USA
The Residences at 200 East 59 New York 83% 18,170 68 14 6 62 8,320
Total 5,067,826 32,111 6,142 5,308 26,803 2,861,902
Residential Landbank - Other Overseas
49
Project Location
Units Ready to Launch
2019 2020 2021
8 Park Avenue
Shanghai
23 - -
Seasons Residences^ 42 - -
Sheshan Riviera^ 88 - -
Park Avenue Heights
Chengdu
12 - -
Hill Crest Villas^ - 53 45
Serenity Villas^ 37 144 138
V City 6 - -
Chengdu Tianfu New Area Devt 250 614 -
Pidu Devt - 466 95
Waterfront Residences^
Wuxi
424 407 16
Park Avenue Heights^ 245 492 117
Seasons Residences^ 628 794 858
Serenity Villas
Tianjin
84 - -
Tianjin Eco-City^ 351 - -
Tianjin Eco-City, new 10.97 ha Devt 250 322
Waterfront Residences 1 - -
Stamford City Jiangyin 37 - -
Nanjing Jiangbei New Area Devt Nanjing 893 704 -
Hill Crest Residences
Kunming
- - 97
Plot I^ - - 600
Total 3,371 3,996 1,966
Residential Launch Readiness – China
^ Includes new launches
50
Project Location
Units Ready to Launch
2019 2020 2021
Indonesia
West Vista at Puri
Jakarta
400 674 -
The Riviera at Puri 53 - -
BCA site 275 176 -
Metland Menteng Devt 150 194 152
Vietnam
Saigon Sports City
HCMC
- - -
Velona at Saigon Sports City 1,214 - -
Saigon Sports City (Subsequent phases) - 826 845
Riviera Point^ - - -
The View 47 - -
The Infiniti 245 211 -
Riviera Point (Subsequent phases) 82 84 65
Palm City - - -
Palm Heights (Palm City Ph 1) 1 - -
Palm Garden (Palm City Ph 2) 301 - -
Palm City (Subsequent phases) 126 430 189
Empire City - - -
Cove Residences (Empire City Ph 3) 7 - -
Narra Residences (Empire City Ph 4) 410 - -
Empire City (Subsequent phases) - 300 120
India
Provident Park Square (formerly Elita Horizon) Bangalore 905 400 -
Total 4,216 3,295 1,371
Residential Launch Readiness – Other Overseas
^ District 7, the other projects in Vietnam are in District 2
51
Projects/Phases launched Location
Total
Units
Units Launched as at
end-Dec 2018
Units Sold as at
end-Dec 2018
Units Remaining
as at end-Dec 2018
Expected
Completion
China
Waterfront Residences (Ph 4)
Wuxi
168 168 82 86 1H19
Park Avenue Heights (Ph 2) 348 204 104 244 1H19
V City (Ph 4) Chengdu 1,172 1,172 1,166 6 1H19
Seasons Residences
Tianjin
572 572 572 - 2H19
Seasons Garden (Plot 9) 356 356 356 - 2H19
Seasons Garden (Plot 8) 354 354 354 - 2H19
Seasons Heights 372 372 367 5 1H20
Vietnam
The View
HCMC
518 518 471 47 2H19
Palm Heights 816 816 815 1 2H19
Linden Residences 510 510 510 - 1H20
Tilia Residences 472 472 472 - 1H20
Cove Residences 136 136 129 7 2H21
The Infiniti 801 442 345 456 2H21
Palm Garden 636 420 335 301 2H21
Indonesia
West Vista at Puri (Ph 1)
Jakarta
1,404 541 330 1,074 1H19
The Riviera at Puri (Ph1) 164 164 164 - 2H19
The Riviera at Puri (Ph2) 151 151 151 - 2H20
The Riviera at Puri (Ph3) 172 172 119 53 2H21
India
Provident Park Square Bangalore 2,082 1,102 777 1,305 2H21
Total 11,204 8,642 7,619 3,585
Expected Completion for Launched Projects
52
Projects/Phases to be launched Location
No. of Units Expected to be Completed
2019 2020 2021
China
Serenity Villas Chengdu - 144 -
Waterfront Residences
Wuxi
- 648 56
Seasons Residences - 180 1,646
Seasons Residences Tianjin - - 346
Hill Crest Residences
Kunming
- - 97
Plot I - - 600
Total - 972 2,745
Vietnam
Narra Residences HCMC - - 410
Total - - 410
Expected Completion for Upcoming Projects
53
Key Completed Projects Location Stake GFA (sm) Net Lettable Area (sm) Completion
Singapore
Keppel Bay Tower
Singapore
100% 41,800 36,000 2002
Keppel Towers and Keppel Towers 2 100% 52,900 40,000 1991/1993
I12 Katong 100% 26,200 19,600 2011*
China
Trinity Tower (formerly known as SOHO Hongkou)
Shanghai
30% 70,000 48,600 2015
K Plaza 99.4% 40,900 27,000 2016*
Commercial Property in Haidian District Beijing 100% 11,630 10,640 2012
Vietnam
Saigon Centre Ph 1
HCMC
61.3% 17,200 (Office) 11,680 (Office) 1996
Saigon Centre Ph 2 61.3%
55,000 (Retail)
44,000 (Office)
37,600 (Retail)
34,000 (Office)
2016 (Retail)
2017 (Office)
Estella Place 98% 37,000 (Retail) 25,170 (Retail) 2018
Indonesia
IFC Jakarta Tower 2 Jakarta 100% 61,300 50,200 2016
Myanmar
Junction City Tower Yangon 40% 53,100 33,400 2017
Philippines
SM-KL Project Retail (Ph 1 + Ph 2) Manila 27.4% 70,800 50,840 2017*
UK
75 King William Street London 100% 11,900 11,700 1989*
* Renovation completed in 2018
As of end-2018
Commercial Projects - Completed
54
^ Excluding land cost
* Investment cost for 40% stake
Projects under Development Location Stake GFA (sm) Development Cost^ Completion
China
Park Avenue Central Shanghai 99% 115,900 RMB2.9b 2023
Seasons City Tianjin 100% 161,800 RMB2.6b 2020 (Ph 1)
Indonesia
IFC Jakarta Tower 1 Jakarta 100% 92,500 S$270m 2025
Vietnam
Empire City HCMC 40%
86,400 (Office)
106,000 (Retail)
35,000 (Hotel)
25,000 (Serviced Apt)
US$640m 2025
Myanmar
Junction City Ph 2 Yangon 40% 50,000 US$48.6m* 2022
Philippines
SM-KL Project Ph 2 Manila 27.4% 110,100 (Office) S$260m 2019 (Office)
India
KPDL Grade-A Office Tower Bangalore 51% 95,000 S$130m 2023
Commercial Projects - Under Development
55
56
Infrastructure
Financial Highlights - Infrastructure
S$m 4Q 2018 4Q 2017 % Change FY 2018 FY 2017 % Change
Revenue 744 593 25 2,629 2,207 19
EBITDA 21 51 (59) 150 169 (11)
Operating Profit 9 40 (78) 105 125 (16)
Profit Before Tax 50 52 (4) 184 170 8
Net Profit 48 37 30 169 134 26
57
58
Investments
Financial Highlights - Investments
S$m 4Q 2018 4Q 2017 % Change FY 2018 FY 2017 % Change
Revenue 40 30 33 121 173 (30)
EBITDA (29) 45 nm (15) 177 nm
Operating (Loss)/Profit (33) 44 nm (21) 175 nm
(Loss)/Profit Before Tax (4) 45 nm (19) 290 nm
Net (Loss)/Profit (16) 21 nm (54) 238 nm
59
Plot Date
Sales Value
(RMB’m)
Land Area
(Hectare)
Plot Ratio
GFA
(sm)
Selling Price
Based on
Land Area
(RMB’m/hectare)
Based on GFA
(RMB/sm)
Plot 20b Dec 2018 1,070 10.97 0.8 87,800 98 12,200
Plot 31 Sep 2018 1,460 8.77 2.5 219,100 166 6,700
Plot 26 Aug 2018 835 7.94 1.1 79,500 105 10,500
Plot 57b
Jan 2017
1,317 8.73
1.1
96,000 151 13,700
Plot 57c (1) 1,761 11.63 127,900 151 13,800
Plot 57c (2) 1,906 12.47 137,100 153 13,900
Plot 32
Jul 2016
380 3.71 1.3 46,000 102 8,300
Plot 41 1,222 8.52 1.8 153,400 143 8,000
Plot 25 Jan 2016 257 9.61 1.1 99,900 27 2,600
Plot 57a Jul 2015 413 15.28 1.1 168,100 27 2,500
Plot 2b Feb 2015 84 3.80 1.7 63,800 22 1,300
Plot 10b Dec 2014 316 15.03 1.3 183,000 21 1,700
* Includes residential land transactions since 2014
Source: Tianjin Municipal Bureau of Land Resources and Housing Administration http://gtzyfwgl.tj.gov.cn/
Residential Land Sales at Tianjin Eco-City
60
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.
61

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Keppel Corporation's 4Q & FY 2018 Financial Results Presentation

  • 1. 4Q & FY 2018 Financial Results 24 January 2019
  • 2. Scope of Briefing • Address by CEO • Group Financial Highlights by CFO Note: 2017 financial figures in this presentation have been restated following the adoption of the new financial reporting framework, Singapore Financial Reporting Standards (International). 2
  • 4. 4 Transforming for Growth Connectivity Urban living Asset management Energy Offshore & Marine Property Investments  Cleaner energy & renewables  Senior living  M1 transformation  Smart cities & quality real estate  Floating infrastructure & data centre parks Solutions OpportunitiesKeppel Clean environments Infrastructure
  • 5. 5 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% • EVA was S$252m • 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$m FY 2017 FY 2018 Offshore & Marine (826) (109) Property 650 938 Infrastructure 134 169 Investments 238 (54) Total 196 944 i One-off global resolution & related costs
  • 6. 322 500 307 247 186 197 FY 2017 FY 2018 Project-based Recurring RIDs 944 815 S$m 0 6 Multiple Income Streams Focused on improving earnings quality and growing recurring income as a stable contributor to the Group Recurring income breakdownNet profit by income type i Revaluations, major impairments & divestments ii Excludes one-off global resolution & related costs i ii 28% 38% 24% 12% 28% 30% 20% 20% FY 2017 FY 2018 REITs & trust Asset management Infrastructure Rental & charter S$247mS$307m 0
  • 7. LNG vessels at Keppel Shipyard, Singapore Offshore & Marine
  • 8. 8 Offshore & Marine S$39m 4Q 2018 net profit excluding RIDs S$6m FY 2018 net profit excluding RIDs (205) (117) (2) 8 (619) FY 2017 FY 2018 (109) (826) I Includes contributions from Floatel, Seafox and Dyna-Mac, etc. Key highlights Net profit S$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 ii Comparison excludes one-off global resolution & related costs in 2017
  • 9. 9 Offshore & Marine 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$600m secured in 2018 • Received LNTPiii to commence early conversion works for Gimi FLNG • Won 65 scrubber retrofitting jobs Net orderbooki i Excludes semis for Sete ii Includes modification, upgrading, fabrication and rig repairs ii 0.7 0.5 0.2 0.5 2.2 2.1 0.7 0.9 0.1 0.3 End-2017 End-2018 Newbuild jackups Newbuild semis FPSOs/FLNGs Specialised vessels Others 4.3 3.9 S$b 0 iii Limited Notice to Proceed
  • 10. Artist’s impression of Seasons Heights in Tianjin, China Property 10
  • 11. 11 Property FY 2018 net profit up 44% yoy Supported by en bloc sales and divestment gain from Beijing project 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 totaling ~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 totaling ~S$1.7b in 2018 • Including residential projects and a commercial project in China, and a stake in a Vietnam company
  • 12. 12 Property Residential landbank of ~50,000 units • Sold ~4,440 units in 2018, with total sales value of ~S$1.8b • Sold 5 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 Commercial portfolio with total GFA of 1.5 million sm • ~60% of commercial GFA under development • Acquiring a completed commercial property in Haidian District, Beijing, China’s IT hub 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
  • 13. Capturing Opportunities in China 13 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$1,470b Acquired sites in markets with robust supply-demand dynamics Home supply absorption ratei (end-2018) Focused on long-term growth 3 regions + 1 city i Based on home supply with pre-sales permit vs average monthly demand over the past 5 years Sources: China Real Estate Index System, REALLYDT & Kaicheng Real Estate City Estimated absorption rate (months) Nanjing 5.2 Chengdu 5.1 Sino-Singapore Tianjin Eco-City 5.6
  • 14. Artist’s impression of IndoKeppel Data Centre 1 in Bogor, Indonesia Infrastructure
  • 15. 15 Infrastructure FY 2018 net profit up 26% yoy 109 117 15 76 10 (24) FY 2017 FY 2018 Keppel Infrastructure Data centres Logistics & others 169 134 Net profit S$m 0 • Secured ~S$120m contracts in 2018 for energy & environmental infrastructure • KMEDPi 65% 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 Supported by higher contributions from data centre, environmental infrastructure and infrastructure service businesses
  • 16. 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 16 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
  • 17. Maitland Promenade I office property in Orlando, Florida, U.S. Investments 17
  • 18. 18 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
  • 19. 19 Senior living LNG solutions Smart sustainable cities Pursuing Growth Opportunities Connectivity Renewable energy
  • 21. 21 4Q 2018 Financial Performance S$m 4Q 2018 4Q 2017 % Change Revenue 1,677 1,545 9 EBITDA 55 197 (72) Operating Profit 5 147 (97) Profit/(Loss) Before Tax 164 (417)i nm Net Profit/(Loss) 135 (492)i nm EPS (cents) 7.4 (27.1)i nm Key highlights Net Profit from net loss of S$492m to net profit of S$135m EVA from negative S$886m to negative S$132m i Includes one-off financial penalty from global resolution & related costs
  • 22. 22 4Q 2018 Financial Performance (Excluding one-off global resolution & related costs) S$m 4Q 2018 4Q 2017 % Change Revenue 1,677 1,545 9 EBITDA 55 197 (72) Operating Profit 5 147 (97) Profit Before Tax 164 202 (19) Net Profit 135 127 6 EPS (cents) 7.4 6.9 7 Key highlights Net Profit 6% to S$135m EVA from negative S$267m to negative S$132m
  • 23. S$m 4Q 2018 % 4Q 2017 % % Change Offshore & Marine 520 31 490 32 6 Property 373 22 432 28 (14) Infrastructure 744 44 593 38 25 Investments 40 3 30 2 33 Total 1,677 100 1,545 100 9 23 4Q 2018 Revenue by Segments
  • 24. S$m 4Q 2018 % 4Q 2017 % % Change Offshore & Marine (97) (59) (256) (127) (62) Property 215 131 361 179 (40) Infrastructure 50 30 52 26 (4) Investments (4) (2) 45 22 nm Total 164 100 202 100 (19) 24 4Q 2018 Pre-tax Profit by Segments (Excluding one-off global resolution & related costs)
  • 25. S$m 4Q 2018 % 4Q 2017 % % Change Offshore & Marine (71) (53) (218) (172) (67) Property 174 129 287 226 (39) Infrastructure 48 36 37 29 30 Investments (16) (12) 21 17 nm Total 135 100 127 100 6 25 4Q 2018 Net Profit by Segments (Excluding one-off global resolution & related costs)
  • 26. 26 FY 2018 Financial Performance S$m FY 2018 FY 2017 % Change Revenue 5,965 5,964 - EBITDA 1,226 1,014 21 Operating Profit 1,043 801 30 Profit Before Tax 1,240 442i 181 Net Profit 944 196i 382 EPS (cents) 52.0 10.8i 381 Key highlights Net Profit 382% to S$944m ROE from 1.7% to 8.3% EVA from negative S$839m to positive S$252m Free Cash Inflow from S$1,802m to S$515m Net Gearing from 0.46x to 0.48x i Includes one-off financial penalty from global resolution & related costs
  • 27. 27 FY 2018 Financial Performance (Excluding one-off global resolution & related costs) S$m FY 2018 FY 2017 % Change Revenue 5,965 5,964 - EBITDA 1,226 1,014 21 Operating Profit 1,043 801 30 Profit Before Tax 1,240 1,061 17 Net Profit 944 815 16 EPS (cents) 52.0 44.8 16 Key highlights Net Profit 16% to S$944m ROE from 6.9% to 8.3% EVA from negative S$220m to positive S$252m Free Cash Inflow from S$1,802m to S$515m Net Gearing from 0.46x to 0.48x
  • 28. S$m FY 2018 % FY 2017 % % Change Offshore & Marine 1,875 32 1,802 30 4 Property 1,340 22 1,782 30 (25) Infrastructure 2,629 44 2,207 37 19 Investments 121 2 173 3 (30) Total 5,965 100 5,964 100 - 28 FY 2018 Revenue by Segments
  • 29. S$m FY 2018 % FY 2017 % % Change Offshore & Marine (113) (9) (243) (23) (53) Property 1,188 96 844 80 41 Infrastructure 184 15 170 16 8 Investments (19) (2) 290 27 nm Total 1,240 100 1,061 100 17 29 FY 2018 Pre-tax Profit by Segments (Excluding one-off global resolution & related costs)
  • 30. S$m FY 2018 % FY 2017 % % Change Offshore & Marine (109) (11) (207) (25) (47) Property 938 99 650 80 44 Infrastructure 169 18 134 16 26 Investments (54) (6) 238 29 nm Total 944 100 815 100 16 30 FY 2018 Net Profit by Segments (Excluding one-off global resolution & related costs)
  • 31. 31 Net Profit & EPS 357 339 360 211 252 337 347 406 397 205 171 246 457 414 363 225 265 226 685 726 405 143 127 135 Net profit (S$m) 1Q 2Q 3Q 4Q 19.8 18.7 19.8 11.6 13.9 18.6 19.2 22.3 21.9 11.3 9.4 13.6 25.3 22.9 20.0 12.4 14.6 12.4 38.0 39.9 22.3 7.9 6.9 7.4 EPS (Cents) 1Q 2Q 3Q 4Q 1,846 102.31,885 103.8 1,525 84.0 784 43.2815 44.8 944 52.0 i Excludes one-off financial penalty from global resolution & related costs i i
  • 32. 19.5% 18.8% 14.2% 6.9% 6.9% 8.3% 2013 2014 2015 2016 2017 2018 10 12 12 8 8 15 40 48 34 20 22 30 Interim Dividend Full-Year DividendROE ROE & Dividend i Includes dividend in specie of ~9.5cts/share ii Excludes one-off global resolution & related costs iii Includes special cash dividend of 5.0cts/share i ii iii 32
  • 33. 33 Free Cash Flow S$m FY 2018 FY 2017 Operating profit 1,043 801 Depreciation & other non-cash items (495) (282) 548 519 Working capital changes (183) 1,101 Interest & tax paid (240) (417) Net cash from operating activities 125 1,203 Investments & capex (450) (187) Divestments & dividend income 1,057 829 Advances to associated companies (217) (43) Net cash from investing activities 390 599 Cash inflow 515 1,802 Dividend paid (546) (390) Free cash flow excludes expansionary acquisitions and capex, and major divestments.
  • 36. • 48% of total revenue came from overseas customers Revenue by Geography FY 2018 Total (S$m) Overseas Customers (%) Singapore Customers (%) Offshore & Marine 1,875 88 12 Property 1,340 66 34 Infrastructure 2,629 11 89 Investments 121 2 98 Total 5,965 36
  • 37. EBITDA by Segments S$m FY 2018 % FY 2017 % % Change Offshore & Marine 26 2 (37) (4) nm Property 1,065 87 705 70 51 Infrastructure 150 12 169 17 (11) Investments (15) (1) 177 17 nm Total 1,226 100 1,014 100 21 37
  • 38. Capital/Gearing/ROE i Includes one-off financial penalty from global resolution and related costs S$m 31 Dec 2018 31 Dec 2017 Shareholders’ Funds 11,278 11,443 Total Equity 11,587 11,973 Net Debt 5,567 5,519 Net Gearing Ratio 0.48x 0.46x ROE 8.3% 1.7% i 38
  • 39. Net Profit by Business Units (Excluding one-off global resolution & related costs) S$m FY 2018 FY 2017 % Change Keppel Offshore & Marine (109) (207) (47) Keppel Landi 940 666 41 Keppel Infrastructure 117 109 7 Keppel Telecommunications & Transportationii 52 45 16 Keppel Capital 62 83 (25) Share of SSTEC’s profit 48 120 (60) KCL, Others & Eliminationi (166) (1) >500 Total 944 815 16 39 i Included in Keppel Land is its effective share of SSTEC’s profit, which is eliminated under “KCL, Others & Elimination” ii Based on Keppel Corporation’s effective shareholdings
  • 41. S$m 4Q 2018 4Q 2017 % Change FY 2018 FY 2017 % Change Revenue 520 490 6 1,875 1,802 4 EBITDA (68) (186) (63) 26 (37) nm Operating Loss (93) (216) (57) (73) (167) (56) Loss Before Tax (97) (875)i (89) (113) (862)i (87) Net Loss (71) (837)i (92) (109) (826)i (87) Financial Highlights – Offshore & Marine i Includes one-off financial penalty from global resolution and related costs 41
  • 42.  Over S$1.7b in contracts secured in FY 2018: A semi-submersible, 2 jackups, a production barge, an FPSO module fabrication & integration, an FPSO modification/upgrade, a dual-fuel bunker tanker, 2 dual-fuel dredgers, 2 LNG bunkering vessels, 2 LNG carriers, an FSRU conversion, and 65 gas scrubber retrofits  Contract completions in FY 2018: 2 jackups, a gas carrier refurbishment, 2 FPSO conversions, a RORO conversion, and 2 dual-fuel LNG tugs Operational Review 42
  • 43. Orderbook S$m Contract Value Gross Net Client For delivery in 2019 10 JUs/1 FPSO Module Fab. & Integration/1 TLWP Engineering & Construction Services Support/2 FPSO Conversions/1 FSRU Conversion*/4 Dredgers/2 LNG Carriers/ 1 Production Barge/1 Dual-fuel Bunker Tanker 4,987 213 Grupo R/Clearwater/BOT Lease Co./Ensco/Borr Drilling/Fecon/TS Offshore/PTSC/Petrobras/ SBM/Jan De Nul/Stolt-Nielsen/Mitsui/KrisEnergy/ *Name Withheld/Woodside For delivery in 2020 7 JUs/1 Semis*/1 Dredger/2 LNG Bunkering Vessels/2 LNG Containerships/1 FLNG Turret/1 LNG Carrier/ 1 Liftboat/2 FPSO Module Fab. & Integration* 3,109 1,524 Borr Drilling/*Name withheld/Jan De Nul/FueLNG/ Pasha Hawaii/SOFEC/Modec/Shturman Koshelev/Crystal Height / Stolt-Nielsen For delivery in 2021-2022 1 Semis/1 LNG Carrier/2 Trailing Suction Hopper Dredgers/ 2 FLNG Conversions 2,679 2,611 Awilco/Stolt-Nielsen/Van Oord/Golar Total** 10,775 4,348 ** Excludes semis for Sete Brasil and includes gas scrubber retrofits announced in 2018 As of end-2018 43
  • 45. Financial Highlights - Property S$m 4Q 2018 4Q 2017 % Change FY 2018 FY 2017 % Change Revenue 373 432 (14) 1,340 1,782 (25) EBITDA 131 287 (54) 1,065 705 51 Operating Profit 122 279 (56) 1,032 668 54 Profit Before Tax 215 361 (40) 1,188 844 41 Net Profit 174 287 (39) 938 650 44 45
  • 46. * Based on land area Sales Achieved - Overseas Key Projects Location Units Sold in 2018 Sales Value in 2018 Latest Avg. Selling Price China (RMB’m) (RMB’psm) Park Avenue Heights Chengdu 45 195 ~31,800 Serenity Villas 47 196 ~12,500 V City 888 1,329 ~14,500 Seasons Garden, Tianjin Eco-City Ph 2 Tianjin 33 79 ~18,000 Seasons Residences, Tianjin Eco-City Ph 3 337 529 ~16,000 Seasons Heights, Tianjin Eco-City Ph 4 243 333 ~15,000 Waterfront Residences Wuxi 215 968 ~23,600 Park Avenue Heights 329 564 ~16,800 Total 2,137 4,193 Vietnam (US$’m) (US$’psm) Estella Heights HCMC 6 2 ~2,100 Riviera Point The View 71 15 ~1,700 The Infiniti 345 73 ~2,000 Palm City Palm Garden 335 75 ~2,300 Empire City 2 3 ~3,400Linden Residences Tilia Residences 18 15 ~4,100 Cove Residences 129 121 ~5,700 Total 906 304 Indonesia (US$’m) (US$’psm) West Vista at Puri Jakarta 80 4 ~1,400 The Riviera at Puri (JV with Metland) 271 68 ~1,900* Total 351 72 India (US$’m) (US$’psm) Provident Park Square (formerly Elita Horizon) Bangalore 777 53 ~820 46
  • 47. * Includes 41 units committed to buyers under a deferred payment scheme ^ Estimated no. of units As of end-2018 Stake Tenure Total GFA (sf) Total Units Units Launched Units Sold Remaining Units Remaining Area For Sales (sf) Launched Projects The Garden Residences 60% 99-yr 462,561 613 156 75 538 424,270 Corals at Keppel Bay 100% 99-yr 509,998 366 366 283 83 162,643 Reflections at Keppel Bay 100% 99-yr 2,081,738 1,129 1,129 1,008 121* 275,609 Upcoming Projects Nassim Woods 100% 99-yr 99,629 101^ - - 101 94,647 Keppel Bay Plot 4 39% 99-yr 344,448 443 - - 443 316,889 Keppel Bay Plot 6 100% 99-yr 226,044 86^ - - 86 207,959 Total 3,724,418 2,738 1,651 1,366 1,372 1,482,017 Residential Landbank - Singapore 47
  • 48. ^ Keppel Land China won the land tender in Dec 2018, and is working with Vanke to establish a 30:70 JV As of end-2018 Location Stake Total GFA (sm) Total Units Units Launched Units Sold Remaining Units For Sale Remaining Area For Sale (sm) 8 Park Avenue Shanghai 99% 131,957 918 918 895 23 6,473 Seasons Residences 100% 128,917 1,102 1,062 1,060 42 4,952 99.4% 83,174 217 53 24 193 58,653Sheshan Riviera Park Avenue Heights Chengdu 100% 196,783 1,535 1,535 1,523 12 1,670 Hill Crest Villas 100% 163,147 274 - - 274 149,406 Serenity Villas 100% 289,181 867 84 47 820 259,833 V City 35% 546,422 5,399 5,399 5,393 6 655 Chengdu Tianfu New Area Devt 30%^ 94,522 864 - - 864 94,152 Pidu Devt 100% 66,930 561 - - 561 66,630 Waterfront Residences Wuxi 100% 292,491 1,403 699 556 847 150,970 Park Avenue Heights 100% 171,485 1,285 532 431 854 97,554 Seasons Residences (Xinwu Devt) 100% 388,892 2,904 - - 2,904 344,393 Serenity Villas Tianjin 100% 81,391 340 340 256 84 29,989 Mixed-use Devt 100% 1,358,202 11,299 - - 11,299 1,358,202 Tianjin Eco-City 100% 624,605 4,152 3,806 3,801 351 37,997 Tianjin Eco-City new 10.97ha Devt 100% 85,248 572 - - 572 85,248 Waterfront Residences 100% 63,251 341 341 340 1 349 Stamford City Jiangyin 99.4% 305,731 1,470 1,125 1,088 382 75,053 Nanjing Jiangbei New Area Devt Nanjing 40% 190,558 1,597 - - 1,597 187,558 Hill Crest Residences Kunming 68.8% 48,819 263 166 132 131 24,757 Total 5,311,706 37,363 16,060 15,546 21,817 3,034,494 Residential Landbank - China 48
  • 49. As of end-2018 Location Stake Total GFA (sm) Total Units Units Launched Units Sold Remaining Units For Sale Remaining Area For Sale (sm) Vietnam Saigon Sports City HCMC 100% 793,000 4,284 - - 4,284 462,400 Palm City (South Rach Chiec) 42% 502,330 3,396 1,371 1,285 2,111 185,902 Empire City 40% 408,972 2,909 1,118 1,111 1,798 190,725 Riviera Point 75% 437,763 2,400 1,509 1,365 1,035 123,767 5.6 ha landed site 100% 54,908 310 - - 310 29,680 Dong Nai Waterfront City Dong Nai 50% 2,046,955 7,850 - - 7,850 1,293,500 Sub-Total 4,243,928 21,149 3,998 3,761 17,388 2,285,974 Indonesia West Vista at Puri Jakarta 100% 153,464 2,855 541 330 2,525 104,392 Daan Mogot 100% 275,266 4,523 - - 4,523 226,800 The Riviera at Puri (JV with Metland) 50% 70,796 487 487 434 53 12,909 BCA site 100% 61,458 451 - - 451 49,167 Metland Menteng Devt 50% 77,227 496 - - 496 63,889 Sub-Total 638,211 8,812 1,028 764 8,048 457,157 India Provident Park Square (formerly Elita Horizon) Bangalore 51% 167,517 2,082 1,102 777 1,305 110,451 USA The Residences at 200 East 59 New York 83% 18,170 68 14 6 62 8,320 Total 5,067,826 32,111 6,142 5,308 26,803 2,861,902 Residential Landbank - Other Overseas 49
  • 50. Project Location Units Ready to Launch 2019 2020 2021 8 Park Avenue Shanghai 23 - - Seasons Residences^ 42 - - Sheshan Riviera^ 88 - - Park Avenue Heights Chengdu 12 - - Hill Crest Villas^ - 53 45 Serenity Villas^ 37 144 138 V City 6 - - Chengdu Tianfu New Area Devt 250 614 - Pidu Devt - 466 95 Waterfront Residences^ Wuxi 424 407 16 Park Avenue Heights^ 245 492 117 Seasons Residences^ 628 794 858 Serenity Villas Tianjin 84 - - Tianjin Eco-City^ 351 - - Tianjin Eco-City, new 10.97 ha Devt 250 322 Waterfront Residences 1 - - Stamford City Jiangyin 37 - - Nanjing Jiangbei New Area Devt Nanjing 893 704 - Hill Crest Residences Kunming - - 97 Plot I^ - - 600 Total 3,371 3,996 1,966 Residential Launch Readiness – China ^ Includes new launches 50
  • 51. Project Location Units Ready to Launch 2019 2020 2021 Indonesia West Vista at Puri Jakarta 400 674 - The Riviera at Puri 53 - - BCA site 275 176 - Metland Menteng Devt 150 194 152 Vietnam Saigon Sports City HCMC - - - Velona at Saigon Sports City 1,214 - - Saigon Sports City (Subsequent phases) - 826 845 Riviera Point^ - - - The View 47 - - The Infiniti 245 211 - Riviera Point (Subsequent phases) 82 84 65 Palm City - - - Palm Heights (Palm City Ph 1) 1 - - Palm Garden (Palm City Ph 2) 301 - - Palm City (Subsequent phases) 126 430 189 Empire City - - - Cove Residences (Empire City Ph 3) 7 - - Narra Residences (Empire City Ph 4) 410 - - Empire City (Subsequent phases) - 300 120 India Provident Park Square (formerly Elita Horizon) Bangalore 905 400 - Total 4,216 3,295 1,371 Residential Launch Readiness – Other Overseas ^ District 7, the other projects in Vietnam are in District 2 51
  • 52. Projects/Phases launched Location Total Units Units Launched as at end-Dec 2018 Units Sold as at end-Dec 2018 Units Remaining as at end-Dec 2018 Expected Completion China Waterfront Residences (Ph 4) Wuxi 168 168 82 86 1H19 Park Avenue Heights (Ph 2) 348 204 104 244 1H19 V City (Ph 4) Chengdu 1,172 1,172 1,166 6 1H19 Seasons Residences Tianjin 572 572 572 - 2H19 Seasons Garden (Plot 9) 356 356 356 - 2H19 Seasons Garden (Plot 8) 354 354 354 - 2H19 Seasons Heights 372 372 367 5 1H20 Vietnam The View HCMC 518 518 471 47 2H19 Palm Heights 816 816 815 1 2H19 Linden Residences 510 510 510 - 1H20 Tilia Residences 472 472 472 - 1H20 Cove Residences 136 136 129 7 2H21 The Infiniti 801 442 345 456 2H21 Palm Garden 636 420 335 301 2H21 Indonesia West Vista at Puri (Ph 1) Jakarta 1,404 541 330 1,074 1H19 The Riviera at Puri (Ph1) 164 164 164 - 2H19 The Riviera at Puri (Ph2) 151 151 151 - 2H20 The Riviera at Puri (Ph3) 172 172 119 53 2H21 India Provident Park Square Bangalore 2,082 1,102 777 1,305 2H21 Total 11,204 8,642 7,619 3,585 Expected Completion for Launched Projects 52
  • 53. Projects/Phases to be launched Location No. of Units Expected to be Completed 2019 2020 2021 China Serenity Villas Chengdu - 144 - Waterfront Residences Wuxi - 648 56 Seasons Residences - 180 1,646 Seasons Residences Tianjin - - 346 Hill Crest Residences Kunming - - 97 Plot I - - 600 Total - 972 2,745 Vietnam Narra Residences HCMC - - 410 Total - - 410 Expected Completion for Upcoming Projects 53
  • 54. Key Completed Projects Location Stake GFA (sm) Net Lettable Area (sm) Completion Singapore Keppel Bay Tower Singapore 100% 41,800 36,000 2002 Keppel Towers and Keppel Towers 2 100% 52,900 40,000 1991/1993 I12 Katong 100% 26,200 19,600 2011* China Trinity Tower (formerly known as SOHO Hongkou) Shanghai 30% 70,000 48,600 2015 K Plaza 99.4% 40,900 27,000 2016* Commercial Property in Haidian District Beijing 100% 11,630 10,640 2012 Vietnam Saigon Centre Ph 1 HCMC 61.3% 17,200 (Office) 11,680 (Office) 1996 Saigon Centre Ph 2 61.3% 55,000 (Retail) 44,000 (Office) 37,600 (Retail) 34,000 (Office) 2016 (Retail) 2017 (Office) Estella Place 98% 37,000 (Retail) 25,170 (Retail) 2018 Indonesia IFC Jakarta Tower 2 Jakarta 100% 61,300 50,200 2016 Myanmar Junction City Tower Yangon 40% 53,100 33,400 2017 Philippines SM-KL Project Retail (Ph 1 + Ph 2) Manila 27.4% 70,800 50,840 2017* UK 75 King William Street London 100% 11,900 11,700 1989* * Renovation completed in 2018 As of end-2018 Commercial Projects - Completed 54
  • 55. ^ Excluding land cost * Investment cost for 40% stake Projects under Development Location Stake GFA (sm) Development Cost^ Completion China Park Avenue Central Shanghai 99% 115,900 RMB2.9b 2023 Seasons City Tianjin 100% 161,800 RMB2.6b 2020 (Ph 1) Indonesia IFC Jakarta Tower 1 Jakarta 100% 92,500 S$270m 2025 Vietnam Empire City HCMC 40% 86,400 (Office) 106,000 (Retail) 35,000 (Hotel) 25,000 (Serviced Apt) US$640m 2025 Myanmar Junction City Ph 2 Yangon 40% 50,000 US$48.6m* 2022 Philippines SM-KL Project Ph 2 Manila 27.4% 110,100 (Office) S$260m 2019 (Office) India KPDL Grade-A Office Tower Bangalore 51% 95,000 S$130m 2023 Commercial Projects - Under Development 55
  • 57. Financial Highlights - Infrastructure S$m 4Q 2018 4Q 2017 % Change FY 2018 FY 2017 % Change Revenue 744 593 25 2,629 2,207 19 EBITDA 21 51 (59) 150 169 (11) Operating Profit 9 40 (78) 105 125 (16) Profit Before Tax 50 52 (4) 184 170 8 Net Profit 48 37 30 169 134 26 57
  • 59. Financial Highlights - Investments S$m 4Q 2018 4Q 2017 % Change FY 2018 FY 2017 % Change Revenue 40 30 33 121 173 (30) EBITDA (29) 45 nm (15) 177 nm Operating (Loss)/Profit (33) 44 nm (21) 175 nm (Loss)/Profit Before Tax (4) 45 nm (19) 290 nm Net (Loss)/Profit (16) 21 nm (54) 238 nm 59
  • 60. Plot Date Sales Value (RMB’m) Land Area (Hectare) Plot Ratio GFA (sm) Selling Price Based on Land Area (RMB’m/hectare) Based on GFA (RMB/sm) Plot 20b Dec 2018 1,070 10.97 0.8 87,800 98 12,200 Plot 31 Sep 2018 1,460 8.77 2.5 219,100 166 6,700 Plot 26 Aug 2018 835 7.94 1.1 79,500 105 10,500 Plot 57b Jan 2017 1,317 8.73 1.1 96,000 151 13,700 Plot 57c (1) 1,761 11.63 127,900 151 13,800 Plot 57c (2) 1,906 12.47 137,100 153 13,900 Plot 32 Jul 2016 380 3.71 1.3 46,000 102 8,300 Plot 41 1,222 8.52 1.8 153,400 143 8,000 Plot 25 Jan 2016 257 9.61 1.1 99,900 27 2,600 Plot 57a Jul 2015 413 15.28 1.1 168,100 27 2,500 Plot 2b Feb 2015 84 3.80 1.7 63,800 22 1,300 Plot 10b Dec 2014 316 15.03 1.3 183,000 21 1,700 * Includes residential land transactions since 2014 Source: Tianjin Municipal Bureau of Land Resources and Housing Administration http://gtzyfwgl.tj.gov.cn/ Residential Land Sales at Tianjin Eco-City 60
  • 61. 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. 61