Keppel Corporation reported lower net profits in the first half of 2019 compared to the same period in 2018. Net profit was S$356 million in 1H 2019, down 39% year-on-year, as 2018 results benefited from en-bloc sales of S$416 million. The company continues to transform its business with strategic investments and growing new growth engines across its business divisions, including offshore and marine, property, infrastructure, and investments. Keppel is focused on executing growth initiatives to create long-term shareholder value through its vision of providing solutions for sustainable urbanization.
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There is fad and hype around a virtual world being created by technology companies including consumer internet, SaaS, IoT, Big Data, Social/Mobile commerce and billions have been invested into it and more lined up.
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A silent (so far) revolution has been pioneered for Indian renewable companies (RC) which is no less than the fad and hype of the technology sector. RCs need to explore sustainable renewable energy finance with IPOs, innovative structures like Yield Cos (Utility and commercial scale plants) as also investment plans (for residential solar - My power loans)
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India Renewables : Ready for a multi year, recurring, Capital Markets (IPO) activity.
There is fad and hype around a virtual world being created by technology companies including consumer internet, SaaS, IoT, Big Data, Social/Mobile commerce and billions have been invested into it and more lined up.
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Chief Executive Officer Alessandro Profumo presented on March 14th the FY2018 Results along with:
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Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
๐๐ ๐๐จ๐ฆ๐ฌ provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
โญ ๐ ๐๐๐ญ๐ฎ๐ซ๐๐ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐ฌ:
โข 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
โข SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
โขFreenBecky 1st Fan Meeting in Vietnam
โขCHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
โข WOW K-Music Festival 2023
โข Winner [CROSS] Tour in HCM
โข Super Show 9 in HCM with Super Junior
โข HCMC - Gyeongsangbuk-do Culture and Tourism Festival
โข Korean Vietnam Partnership - Fair with LG
โข Korean President visits Samsung Electronics R&D Center
โข Vietnam Food Expo with Lotte Wellfood
"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
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 Groupโs 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
Golarโs 2nd FLNG vessel, the
Gimi, expanding our track
record for gas
solutions.
Hilli Episeyo, the
worldโs first-of-its-kind
converted FLNG vessel
7. Offshore & Marine
โข Secured quality contracts
worth S$1.9b YTD,
exceeding S$1.7b won
in 2018
โข Offshore wind solutions
gaining traction with
~S$720m worth of
contracts won in 2Q 2019
โข 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
โข Deeping presence in key cities
such as Nanjing and Tianjin
โข Acquired a commercial building
in Shanghai with AAMTFi III
and co-investors
โข Acquired stakes in three
residential sites in HCMC
โข 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. โ Infrastructure assets
โช 30% stake in Gimi FLNG will be a seed
asset for the new infrastructure fund
โ Alternative assets
โ Senior living
โ 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
โช Manages private funds
for real assets
โช Among SGXโs largest Pan-
Asian commercial REITs
โช Largest Singapore
infrastructure trust on SGX
โช Asiaโs first data centre
REIT on SGX
โช Office REITs with properties
in the US i
โช Manages private funds for
alternative asset classes
i Keppel Capital is a strategic investor in the manager of Prime US REIT
14. 14
Driving M1โs 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 Electricโs OEM market share
150,000
Household customers
Gas Retail
City Gasโ 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
โข Annualised ROE was 6.3%
โข Free cash outflow of
S$614m in 1H 2019 vs
inflow of S$873m in
1H 2018
โข Net gearing was 0.82x as
at end-Jun 2019 vs 0.72x
as at end-Mar 2019
Key highlights
S$m
0
586
19. 19
Key highlights Net profit โข 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
โข 1H 2019 net profit lower
yoy in the absence of
gains from en-bloc sales
worth S$416m in 1H 2018
โข 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 โข 1H 2019 net profit lower
yoy in the absence of
dilution gain from Keppel
DC REITโs private placement
โข 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$m
0
ii
22
โข 1H 2019 net profit higher
yoy due to improved earnings
from Keppel Capital, higher
contribution from M1 and
re-measurement gain of
previously held interest
in M1
Investments
ii
25
(46)
i Share of associated companiesโ results
ii Prior to Mar 2019, M1 relates to the share of associated companiesโ results
S$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