MEDIA RELEASE
Keppel Infrastructure Fund Management Pte Ltd(in its capacity as Trustee-Manager of Keppel Infrastructure Trust) (Co Reg No: 20080359H)
1 HarbourFront Avenue
#06-09 Keppel Bay Tower Singapore 098632
Tel: (65) 6499 0599
Fax: (65) 62651953
Website: www.kepinfratrust.com
The Directors of Keppel Infrastructure Fund Management Pte Ltd, as Trustee-Manager of Keppel Infrastructure Trust, advise the following results of Keppel Infrastructure Trust for the year ended 31 December 2015.
These figures have not been audited.
9M FY15 REPORT CARD
Distribution per unit (DPU) of 0.93 Singapore cents was declared for the quarter ended 31 December 2015.
Group revenue for 9M FY15 was S$427.9 million, 12.5% higher than 9M FY14, with full quarter contributions from the Crystal and KMC acquisitions, partially offset by (i) lower revenue from City Gas as town gas tariff decreased with lower fuel prices, and (ii) higher negative CRSM(1) adjustment incurred by Basslink and the impact of the outage of the link since 20 December 2015.
Profit attributable to Unitholders of the Trust of S$15.5 million in 9M FY15 were higher than the last financial year as a result of contributions from the Crystal Trust and KMC acquisitions.
9M FY15 distributable cash flows of S$90.7 million, was S$53.5 million higher than 9M FY14, mainly due to contributions from the Crystal and KMC acquisitions.
Net asset value per unit as at 31 December 2015 increased to 35.3 Singapore cents from
12.3 Singapore cents as at 31 March 2015. This was primarily attributable to the issue of new units in connection with the Crystal and KMC acquisitions and mark-to-market gains of derivative instruments, which were partially reduced by distributions paid.
Gearing(2) as at 31 December 2015 was 34% compared to 52% as at 31 March 2015 as a result of the lower gearing of the Crystal assets and KMC.
Commercial Risk Sharing Mechanism ("CRSM") is a mechanism provided under the Basslink Services Agreement ("BSA") between Basslink and Hydro Tasmania ("HT") for the sharing of the market risk associated with participating in the National Electricity Market of Australia. The CRSM payments are based on the differences between the high and low Victorian electricity pool prices, and are subject to a maximum +25% increase (i.e., a payment to Basslink) and -20% decrease (i.e., a payment from Basslink) of the unadjusted facility fee under the BSA. In accordance with paragraph (b) of schedule 4 of the BSA, the rolling 5-year cumulative CRSM shall be capped at -17% if it exceeds -17%.
Defined as net debt over total assets.
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BREAKDOWN OF TOTAL ANNUAL DISTRIBUTION 17
INTERESTED PERSON TRANSACTIONS 18
REPORT OF PERSONS OCCUPYING MANAGERIAL POSITIONS WHO ARE RELATED 19
TO A DIRECTOR, CEO OR SUBSTANTIAL SHAREHOLDER
CONFIRMATION THAT THE ISSUER HAS PROCURED UNDERTAKINGS FROM ALL OF 19
Media Mr Ang Lai Lee Assistant General Manager Group Corporate Communications Keppel Corporation Limited Tel: (65) 6413 6427 / 8233 9299 Email: lailee.ang@kepcorp.com | Investor Relations Ms Ivana Chua Senior Manager Group Corporate Communications Keppel Corporation Limited Tel: (65) 6413 6436 Email: ivana.chua@kepcorp.com |
This media release is also available at www.kepcorp.com and www.kepinfratrust.com.
1(a) | INTRODUCTION STATEMENT OF INCOME STATEMENT AND OTHER COMPREHENSIVE INCOME | 1-2 |
1(b)(i) | STATEMENTS OF FINANCIAL POSITION | 3-4 |
1(b)(ii) | AGGREGATE AMOUNT OF BORROWINGS AND DEBT SECURITIES | 5 |
1(c) | CONSOLIDATED STATEMENT OF CASH FLOWS | 6-7 |
1(d)(i) | STATEMENTS OF CHANGES IN UNITHOLDERS' FUNDS | 8 |
1(d)(ii) | DETAILS OF ANY CHANGE IN THE UNITS | 9 |
1(d)(iii) | TOTAL NUMBER OF ISSUED UNITS EXCLUDING TREASURY UNITS AS AT THE END OF THE CURRENT FINANCIAL PERIOD, AND AS AT THE END OF THE IMMEDIATELY PRECEDING YEAR | 9 |
1(d)(iv) | STATEMENT OF ALL SALES, TRANSFERS, DISPOSAL, CANCELLATION AND/OR USE OF TREASURY UNITS AS AT THE END OF THE CURRENT FINANCIAL PERIOD REPORTED ON | 9 |
2 | AUDIT | 9 |
3 | AUDITORS' REPORT | 9 |
4 | ACCOUNTING POLICIES | 9 |
5 | CHANGES IN THE ACCOUNTING POLICIES | 9 |
6 | EARNINGS PER UNIT | 9 |
7 | NET ASSET VALUE PER UNIT | 10 |
8 | REVIEW OF PERFORMANCE | 10-12 |
9 | VARIANCE FROM FORECAST STATEMENT | 12 |
10 | PROSPECTS | 13 |
11 | DISTRIBUTIONS | 14 |
12 | SEGMENT ANALYSIS | 15-16 |
13 | REVIEW OF SEGMENT PERFORMANCE | 17 |
14 | BREAKDOWN OF REVENUE | 17 |
ITS DIRECTORS AND EXECUTIVE OFFICERS (IN THE FORMAT SET OUT IN APPENDIX 7.7) UNDER RULE 720 (1)
Keppel Corporation Ltd. issued this content on 2016-01-18 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-18 11:50:04 UTC
Original Document: http://www.kepcorp.com/en/download.ashx?id=9374