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Presentation to
Investors
Hong Kong
25-26 March 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.
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
Shaping a Sustainable Future
Keppel is an eco-system of companies working together to deliver solutions for sustainable urbanisation.
Urbanisation
Disruptive technologies
& business models
Digitalisation,
AI & robotics
Ageing
population
Climate
change
Global economic
growth
Solutions for
Sustainable Urbanisation
3
4
Keppel’s Eco-System
InvestmentsOffshore &
Marine
Property Infrastructure
Keppel CapitalEnlarging capital base
Keppel Urban
Solutions
Harnessing operational strengths
New Engines for Growth
Building
New Growth
Engines
Ramping up Current Engines
Smart Cities of the FutureGas Value Chain Data Centres
Capturing value:
Creating & Capturing Sustainable Value
DESIGN
&
BUILD
OWN
&
OPERATE
STABILISE
&
MONETISE
TRUSTS
&
FUNDS
SALE
&
SERVICE
Operation Fee-based
Revaluation
& Divestment
Project-Based
• Midstream assets
• Commercial properties
• Plants & data centres
• Unlocking value
• Recycling & reinvesting
capital for higher returns
• Fund management
• Operating & maintenance services
• Facilities & property management
• Offshore & Marine
• Property
• Infrastructure
• Investments
Development profit
Operating income
Operations fee
Property mgt fee
Facility mgt fee
Repair/service fee
Capital gains
Asset mgt fee
Operations fee
Property mgt fee
Facility mgt fee
• Newbuilds, repair & upgrading
projects
• Residential projects
• WTE technology packages
Earnings streams:
5
6
Operating &
Financial Highlights
7
Group Financial Performance
S$944m
FY 2018 net profit up 382% from S$196m for
FY 2017
15.0 cts/share
Proposed final 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 financial penalty from Keppel O&M’s global
resolution with criminal authorities in the US, Brazil
and Singapore, and related costs
8
Leaner, fitter and more agile,
Keppel O&M is positioned to seize
opportunities.
Offshore & Marine
• Secured ~S$1.7b worth of new contracts in 2018, up 42%
from 2017, and includes LNG and scrubber projects worth
over S$600m
• Received repeat order for a harsh environment semi rig
worth ~US$425m from Awilco in March 2019
• LNG solutions gain traction
• 1st converted FLNG vessel, Hilli Episeyo, exports its 16th LNG cargo
• Received Limited Notice to Proceed for early conversion works on
2nd FLNG vessel, Gimi, on charter to BP’s Greater Tortue Ahmeyim
project for 20 years
• FueLNG, JV with Shell, performed more than 80 bunkering
operations in the Port of Singapore
9
Property
Keppel Land continues to acquire
land and projects selectively in
markets where conditions are
attractive.
• Sale of ~4,440 units and 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
• Focused on generating higher returns through robust
capital recycling
• Acquisition of sites in Chengdu, Nanjing and Sino-Singapore Tianjin
Eco-City, with healthy average home absorption rates below
6 months
• Acquiring completed commercial developments in Beijing and
Shanghai to grow commercial portfolio and recurring income stream
• Completed divestments/en-bloc sales totalling ~S$1.7b in 2018
10
Focused on Returns
• Turning assets efficiently
through home launches and
sale of projects
• About 68% of landbank is
5 years and older
69,170
65,547
63,022
49,992
2015 2016 2017 2018
Units
Less than 5
years old
32%
5-10 years old
13%
Above 10
years old
55%
~50,000
units
Residential landbank - AgeAsset distribution - Segment
Property
Trading
54%Propety
Investments
39%
Hotels &
Resorts
2%
Others
5%
Residential landbank - Units
S$14b
total assets
Keppel Land aims to be a multi-faceted property company with one of the highest returns in Asia.
• Established presence and
portfolio across key Asian cities
i As at 31 December 2018
The Infrastructure Division is
growing as a pillar of stable
recurring income for the Group.
11
Infrastructure
• Energy & environmental infrastructure and infrastructure
services
• Secured ~S$180m worth of contracts across Singapore,
Australia and Europe in 2018
• Keppel Marina East Desalination Plant 65% completed;
Hong Kong Integrated Waste Management Facility design &
engineering on track
• Became the largest electricity retailer in the commercial and
industrial sector, and a leader in initial phases of Singapore’s
Open Electricity Market
• Connectivity solutions
• Embarking on data centre projects in Indonesia and Malaysia with
Alpha Data Centre Fund
• UrbanFox doubled its volume of last-mile deliveries in 2018
2014 2015 2016 2017 2018
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
Data centre
innovations
12
Growing Data Centre Portfolio
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
13
Investments
The Investments Division is
focused on growing our asset
management business and
incubating future growth engines.
Keppel Capital
• Announced acquisitions of over S$2.0b by the REITs, Trust
and private funds under management in 2018
• Closed Alpha Asia Macro Trends Fund III at ~US$1.1b,
10% above target
• Expanding into new asset classes and markets
• Growth initiatives pursued in senior living, education real estate
and Australian retail properties
• Established new arm to pursue opportunities in alternative assets
• Subscribing for 30% stake in Gimi FLNG project, which can be
seeded into a potential infrastructure fund
14
Keppel Urban Solutions collaborates with Keppel Land to develop the 64-ha Saigon Sports City in Ho Chi Minh City, Vietnam
Urban Development
Sino-Singapore Tianjin Eco-City
• Progressing well with sale of 3 residential land plots for RMB 3.4b in 2018
Keppel Urban Solutions
• Entered MOUs with Envision and Wuxi Government to develop smart IoT city in Wuxi, China
• Partnering Envision, Microsoft and ST Engineering to expand technology offerings for smart cities
15
Growing B2C Businesses
Telecommunications
• Driving business transformation at M1
• Creating synergies through collaboration with Keppel’s
businesses and tapping M1’s 2.2 million customer base
Electricity/Gas Retail
• Secured over 50,000 household customers in initial
phases of Singapore’s Open Electricity Market
• City Gas supplying town gas to over 800,000 households
Urban Logistics
• Serving over 200 channel management customers
• UrbanFox Marketplace hosts over 300 brands
• UrbanFox exploring online-to-offline retail concepts
with Keppel Land
16
Strengthening Key Verticals
Seizing New Opportunities
Unleashing Synergies
The building blocks of our transformation as a provider of solutions for sustainable urbanisation are in
place. We will focus on executing and delivering on our growth initiatives to create value for all stakeholders.
Transforming to Deliver
17
Appendix
Financial Highlights
18
Key Figures
S$m FY 2018 FY 2017 % Change FY 2017i % Changei
Revenue 5,965 5,964 - 5,964 -
Operating Profit 1,043 801 30 801 30
Net Profit 944 196 382 815 16
EPS (cents) 52.0 10.8 381 44.8 16
EVA 252 (839) nm (220) nm
Free Cash Flow 515 1,802 (71) 1,802 (71)
ROE 8.3% 1.7%
Increase of
660 bps
6.9%
Increase of
140 bps
Net Gearing 0.48x 0.46x
Increase of
0.02x
0.46x
Increase of
0.02x
i Excludes one-off financial penalty from Keppel O&M’s global resolution with criminal authorities in the US, Brazil and Singapore, and related costs
S$m FY 2018 % FY 2017 % % Change
Offshore & Marine 1,875 32 1,802 30 4
Property 1,340 22 1,782 30 (25)
Infrastructure 2,629 44 2,207 37 19
Investments 121 2 173 3 (30)
Total 5,965 100 5,964 100 -
19
Revenue by Segments
S$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
20
Net Profit by Segments
(Excluding one-off global resolution & related costs)
21
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 Keppel O&M’s global resolution with criminal authorities in the US, Brazil and Singapore, and 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 & Dividends
i Includes dividend in specie of ~9.5cts/share
ii Excludes one-off financial penalty from Keppel O&M’s global resolution with criminal authorities in the US, Brazil and Singapore, and related costs
iii Includes special cash dividend of 5.0cts/share
i
ii
iii
22

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Presentation slides for investor meetings in Hong Kong

  • 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. 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. Shaping a Sustainable Future Keppel is an eco-system of companies working together to deliver solutions for sustainable urbanisation. Urbanisation Disruptive technologies & business models Digitalisation, AI & robotics Ageing population Climate change Global economic growth Solutions for Sustainable Urbanisation 3
  • 4. 4 Keppel’s Eco-System InvestmentsOffshore & Marine Property Infrastructure Keppel CapitalEnlarging capital base Keppel Urban Solutions Harnessing operational strengths New Engines for Growth Building New Growth Engines Ramping up Current Engines Smart Cities of the FutureGas Value Chain Data Centres
  • 5. Capturing value: Creating & Capturing Sustainable Value DESIGN & BUILD OWN & OPERATE STABILISE & MONETISE TRUSTS & FUNDS SALE & SERVICE Operation Fee-based Revaluation & Divestment Project-Based • Midstream assets • Commercial properties • Plants & data centres • Unlocking value • Recycling & reinvesting capital for higher returns • Fund management • Operating & maintenance services • Facilities & property management • Offshore & Marine • Property • Infrastructure • Investments Development profit Operating income Operations fee Property mgt fee Facility mgt fee Repair/service fee Capital gains Asset mgt fee Operations fee Property mgt fee Facility mgt fee • Newbuilds, repair & upgrading projects • Residential projects • WTE technology packages Earnings streams: 5
  • 7. 7 Group Financial Performance S$944m FY 2018 net profit up 382% from S$196m for FY 2017 15.0 cts/share Proposed final 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 financial penalty from Keppel O&M’s global resolution with criminal authorities in the US, Brazil and Singapore, and related costs
  • 8. 8 Leaner, fitter and more agile, Keppel O&M is positioned to seize opportunities. Offshore & Marine • Secured ~S$1.7b worth of new contracts in 2018, up 42% from 2017, and includes LNG and scrubber projects worth over S$600m • Received repeat order for a harsh environment semi rig worth ~US$425m from Awilco in March 2019 • LNG solutions gain traction • 1st converted FLNG vessel, Hilli Episeyo, exports its 16th LNG cargo • Received Limited Notice to Proceed for early conversion works on 2nd FLNG vessel, Gimi, on charter to BP’s Greater Tortue Ahmeyim project for 20 years • FueLNG, JV with Shell, performed more than 80 bunkering operations in the Port of Singapore
  • 9. 9 Property Keppel Land continues to acquire land and projects selectively in markets where conditions are attractive. • Sale of ~4,440 units and 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 • Focused on generating higher returns through robust capital recycling • Acquisition of sites in Chengdu, Nanjing and Sino-Singapore Tianjin Eco-City, with healthy average home absorption rates below 6 months • Acquiring completed commercial developments in Beijing and Shanghai to grow commercial portfolio and recurring income stream • Completed divestments/en-bloc sales totalling ~S$1.7b in 2018
  • 10. 10 Focused on Returns • Turning assets efficiently through home launches and sale of projects • About 68% of landbank is 5 years and older 69,170 65,547 63,022 49,992 2015 2016 2017 2018 Units Less than 5 years old 32% 5-10 years old 13% Above 10 years old 55% ~50,000 units Residential landbank - AgeAsset distribution - Segment Property Trading 54%Propety Investments 39% Hotels & Resorts 2% Others 5% Residential landbank - Units S$14b total assets Keppel Land aims to be a multi-faceted property company with one of the highest returns in Asia. • Established presence and portfolio across key Asian cities i As at 31 December 2018
  • 11. The Infrastructure Division is growing as a pillar of stable recurring income for the Group. 11 Infrastructure • Energy & environmental infrastructure and infrastructure services • Secured ~S$180m worth of contracts across Singapore, Australia and Europe in 2018 • Keppel Marina East Desalination Plant 65% completed; Hong Kong Integrated Waste Management Facility design & engineering on track • Became the largest electricity retailer in the commercial and industrial sector, and a leader in initial phases of Singapore’s Open Electricity Market • Connectivity solutions • Embarking on data centre projects in Indonesia and Malaysia with Alpha Data Centre Fund • UrbanFox doubled its volume of last-mile deliveries in 2018
  • 12. 2014 2015 2016 2017 2018 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 Data centre innovations 12 Growing Data Centre Portfolio 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
  • 13. 13 Investments The Investments Division is focused on growing our asset management business and incubating future growth engines. Keppel Capital • Announced acquisitions of over S$2.0b by the REITs, Trust and private funds under management in 2018 • Closed Alpha Asia Macro Trends Fund III at ~US$1.1b, 10% above target • Expanding into new asset classes and markets • Growth initiatives pursued in senior living, education real estate and Australian retail properties • Established new arm to pursue opportunities in alternative assets • Subscribing for 30% stake in Gimi FLNG project, which can be seeded into a potential infrastructure fund
  • 14. 14 Keppel Urban Solutions collaborates with Keppel Land to develop the 64-ha Saigon Sports City in Ho Chi Minh City, Vietnam Urban Development Sino-Singapore Tianjin Eco-City • Progressing well with sale of 3 residential land plots for RMB 3.4b in 2018 Keppel Urban Solutions • Entered MOUs with Envision and Wuxi Government to develop smart IoT city in Wuxi, China • Partnering Envision, Microsoft and ST Engineering to expand technology offerings for smart cities
  • 15. 15 Growing B2C Businesses Telecommunications • Driving business transformation at M1 • Creating synergies through collaboration with Keppel’s businesses and tapping M1’s 2.2 million customer base Electricity/Gas Retail • Secured over 50,000 household customers in initial phases of Singapore’s Open Electricity Market • City Gas supplying town gas to over 800,000 households Urban Logistics • Serving over 200 channel management customers • UrbanFox Marketplace hosts over 300 brands • UrbanFox exploring online-to-offline retail concepts with Keppel Land
  • 16. 16 Strengthening Key Verticals Seizing New Opportunities Unleashing Synergies The building blocks of our transformation as a provider of solutions for sustainable urbanisation are in place. We will focus on executing and delivering on our growth initiatives to create value for all stakeholders. Transforming to Deliver
  • 18. 18 Key Figures S$m FY 2018 FY 2017 % Change FY 2017i % Changei Revenue 5,965 5,964 - 5,964 - Operating Profit 1,043 801 30 801 30 Net Profit 944 196 382 815 16 EPS (cents) 52.0 10.8 381 44.8 16 EVA 252 (839) nm (220) nm Free Cash Flow 515 1,802 (71) 1,802 (71) ROE 8.3% 1.7% Increase of 660 bps 6.9% Increase of 140 bps Net Gearing 0.48x 0.46x Increase of 0.02x 0.46x Increase of 0.02x i Excludes one-off financial penalty from Keppel O&M’s global resolution with criminal authorities in the US, Brazil and Singapore, and related costs
  • 19. S$m FY 2018 % FY 2017 % % Change Offshore & Marine 1,875 32 1,802 30 4 Property 1,340 22 1,782 30 (25) Infrastructure 2,629 44 2,207 37 19 Investments 121 2 173 3 (30) Total 5,965 100 5,964 100 - 19 Revenue by Segments
  • 20. S$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 20 Net Profit by Segments (Excluding one-off global resolution & related costs)
  • 21. 21 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 Keppel O&M’s global resolution with criminal authorities in the US, Brazil and Singapore, and related costs i i
  • 22. 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 & Dividends i Includes dividend in specie of ~9.5cts/share ii Excludes one-off financial penalty from Keppel O&M’s global resolution with criminal authorities in the US, Brazil and Singapore, and related costs iii Includes special cash dividend of 5.0cts/share i ii iii 22