Keppel Corporation's 1H22 Financial Results

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1H22 Financial
Results
28 July 2022

Address by CEO
Financial highlights
Appendices
Content

Address by CEO
3

4
Vision 2030
Keppel continues to accelerate the execution of Vision 2030 and
enhance resilience amidst a challenging envi...

Delivering strong performance in 1H22
Net profit
66% increase from S$300m for 1H21
Net gearing
Unchanged
from 0.68x at
end...

S$141mi
S$202m
1H21 1H22
6
Growing recurring income in line with Vision 2030
REITs & Trust
S$81m
Infrastructure services
S...

7
Strong progress with asset monetisation
S$3.6bi
of asset monetisation announced
since Oct 2020. Includes S$355m
from Kep...

8
Growing Asia’s leading asset management platform
S$3.3b
of acquisitions and divestments
completed in 1H22
S$126m
Asset m...

Growing energy & environment business
9
i On a gross basis and includes projects under development
ii LTMS-PIP stands for ...

10
Scaling up in renewables, clean
energy & decarbonisation solutions
• Keppel Electric is the first entity in Singapore t...

11
Advancing transformation of Keppel Land into an asset-light
urban space solutions provider
• Pivoting towards real esta...

12
Expanding connectivity solutions
• Announced group's 6th project in China, since entering the market in 2020,
expanding...

13
Improving O&M business
Keppel O&M and Op Coi were profitable in 1H22
Outlook for O&M sector continues to improve with t...

Value (S$’m) Value per Sharei
AssetCoii 4,050 S$2.29
Shares in Combined Entity based on Sembcorp Marine shares’ VWAP
as at...

15
In conclusion Keppel is in the right space, at
the right time, to deliver
sustainable urbanisation
solutions amidst glo...

Financial Highlights
16

17
Group Performance
• Net profit grew 66% yoy to S$498m
• Excluding Discontinued Operationsi, net profit grew 26% yoy to ...

141
202
234 139
95
111
20 94
44 3
(190)
(115)
(44)
64
-300
-200
-100
-
100
200
300
400
500
600
1H21 1H22
300
Multiple Inco...

19
Energy & Environment Net Profit
Energy & Environment
• Net profit was S$109m, a sharp reversal from 1H21 net loss of S$...

252
157
12
(3)
15
14
1H21 1H22
Keppel Land SSTEC Others
279
20
Urban Development Net Profit
Urban Development
S$m
0
i Does...

(2) (5)
21
34
20
(8)
(12)
(11)
1H21 1H22
Keppel Data Centres M1 Keppel Logistics Others
27
21
Connectivity Net Profit
Conn...

22
Asset Management
• Net profit rose 32% to S$155m in 1H22
• Higher fee income arising from successful acquisitions by th...

23
Corporate & Others
• Net profit remained stable at S$56m, despite the absence of
distribution income from iGlobe Partne...

24
In conclusion
Sharp 1H22 ROE
improvement yoy
8.4% 0.68x
Healthy net
gearing S$202
million
Improved
recurring
income
Del...

Appendices
25
• Operational updates
• Additional financial information
• Keppel Land’s property portfolio

26
Asset monetisation announced by the Group
No Asset Country
Value Unlocked
(S$m)
1 Taicang Xuchang Property China 104.0
...

• Secured S$255m worth of
bareboat charter contracts for 4
jackups with charter periods of
three to five years
• Keppel O&...

28
Keppel O&M’s Orderbook
S$m
Contract Value
Gross Net Client
For delivery in 2022
1 JU/1 Semi*/3 FPSO Modules Fabrication...

29
Keppel Infrastructure
Environment
• Signed non-binding term sheet with
Keppel Infrastructure Trust for proposed
sale an...

30
Keppel Land
Units
0
1,550
480
440
10
330
40
170
430
160
50
1H21 1H22
China Singapore Vietnam India Indonesia
1,010
2,65...

31
Keppel Land’s Landbank
Commercial Portfolio
Residential Portfolio
Note: As at 30 Jun 2022
Quality landbank across key c...

32
Keppel T&T
• Keppel Data Centre Fund II
embarked on a greenfield data
centre development project in
Greater Beijing, Ch...

33
M1
246 254
88 96
11 10
160 175
1H21 1H22
Equipment sales International call services
Fixed services Mobile services
535...

34
Keppel Capital
Asset Management
Asset classi Value of listed REITs/Trustii
(S$m)
Value of private fundsii
(S$m)
Real es...

Appendices
35
• Operational updates
• Additional financial information
• Keppel Land’s property portfolio

36
Financial Highlights
S$m 1H22 1H21 % Change
Revenue 3,356 2,888 16
EBITDA 457 346 32
Operating Profit 355 207 71
Profit...

37
Revenue by Segment
(Continuing Operations)
S$m 1H22 1H21 % Change
Energy & Environment 2,110 1,315 60
Urban Development...

38
Pre-tax Profit by Segment
(Continuing Operations)
S$m 1H22 1H21 % Change
Energy & Environment 59 (128) n.m.f.
Urban Dev...

39
Net Profit by Segment
n.m.f. denotes No Meaningful Figure
S$m 1H22 1H21 % Change
Energy & Environment 45 (135) n.m.f.
U...

40
Net Profit by Business Unit
S$m 1H22 1H21 % Change
Keppel Offshore & Marine 21 107 (80)
Keppel Infrastructure 123 77 60...

41
Net Profit by Business Unit
S$m
Keppel Offshore
& Marine
Keppel
Infrastructure
Keppel Land
Keppel
T&T
M1
Keppel
Capital...

42
Capital/Gearing/ROE
S$m 30 Jun 2022 31 Dec 2021
Shareholders’ Funds 11,822 11,655
Total Equity 12,568 12,441
Net Debt 8...

43
Free Cash Flow
S$m 1H22 1H21
Operating profit 427 188
Depreciation & other non-cash items (125) 5
Provisions made for s...

44
Financial Information
by Segment

45
Energy & Environment
S$m 1H22 1H21 % Change
Revenue 2,110 1,315 60
EBITDA 71 (259) n.m.f.
Operating Profit/(Loss) 55 (2...

46
Urban Development
S$m 1H22 1H21 % Change
Revenue 532 909 (41)
EBITDA 182 411 (56)
Operating Profit 168 395 (57)
Profit ...

47
Connectivity
S$m 1H22 1H21 % Change
Revenue 616 586 5
EBITDA 86 142 (39)
Operating Profit 23 41 (44)
Profit Before Tax ...

48
Asset Management
S$m 1H22 1H21 % Change
Revenue 98 78 26
EBITDA 50 59 (15)
Operating Profit 48 58 (17)
Profit Before Ta...

Appendices
49
• Operational updates
• Additional financial information
• Keppel Land’s property portfolio

50
Sales Achieved - Overseas
Keppel Land
Key Projects Location
Units Sold in
1H 2022
Sales Value in
1H 2022
Latest
Avg. Se...

51
Residential Landbank - Singapore
Keppel Land
Stake Tenure
Total GFA
(sf)
Total
Units
Units
Launched
Units
Sold
Remainin...

52
Residential Landbank - China
Keppel Land
Location Stake
Total GFA
(sm)
Total
Units
Units
Launched
Units
Sold
Remaining
...

53
Residential Landbank - Other Overseas
Keppel Land
Location Stake
Total GFA
(sm)
Total
Units
Units
Launched
Units
Sold
R...

54
Residential Launch Readiness – China
Keppel Land
Project Location
Units Ready to Launch
2H 2022 2023 2024
Waterfront Re...

55
Residential Launch Readiness – Other Overseas
^ Riviera Point is in District 7. Celesta and Celesta Avenue are in Nha B...

56
Expected Completion for Launched Projects
Keppel Land
Projects/Phases Launched Location
Total
Units
Units Launched as
a...

57
Expected Completion for Upcoming Projects
Keppel Land
Projects/Phases to be launched Location
No. of Units Expected to ...

TBC: To be confirmed
^ Excluding land cost
* Investment cost for 40% stake
Commercial Projects - Under Development
58
Kepp...

* AEI completed in Dec 2021. ** Renovation completed in 2018.
As at end-Jun 2022
59
Commercial Projects - Completed
Keppel...

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD ...

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