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Second Quater Financial Results – Keppel Corporation Limited

Keppel Corporation Limited · Jul 24, 2014 · 52 slides

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Slides

  1. Second Quater Financial Results – Keppel Corporation Limited – slide 1
    Second Quarter and First Half 2014 Financial Results 24 July 2014 1
  2. Second Quater Financial Results – Keppel Corporation Limited – slide 2
    Scope of Briefing Address by CEO Group Financial Highlights by CFO 2
  3. Second Quater Financial Results – Keppel Corporation Limited – slide 3
    Address by CEO 3
  4. Second Quater Financial Results – Keppel Corporation Limited – slide 4
    Global Recovery US economic recovery on track Europes recovery still frail Lingering concerns on Chinas hard landing Risks exist amidst favourable sentiments 4
  5. Second Quater Financial Results – Keppel Corporation Limited – slide 5
    Performance Highlights 2Q 2014 net profit was S406m 1H 2014 net profit was S745m 1H 2014 EVA was S341m Annualised ROE was 14.3% Interim dividend of 12.0 cts per share 5
  6. Second Quater Financial Results – Keppel Corporation Limited – slide 6
    Offshore & Marine Net orderbook of S14.1b as at 30 June 2014 Newbuild jackups Newbuild 37% semis 43% FPSO/ FLNG Others 16% 4% Keppel FELS, Singapore New orders won in 1H14: S3.2b including an FLNG vessel conversion, 5…
  7. Second Quater Financial Results – Keppel Corporation Limited – slide 7
    Offshore & Marine Semis for Sete Brasil on schedule: 1st unit: completed about 70% 2nd unit: achieved over 30% 3rd unit: in initial stages First DSSTM 38E semi under construction at Keppel FELS Brasils yard in Angra dos…
  8. Second Quater Financial Results – Keppel Corporation Limited – slide 8
    Offshore & Marine Breaking new ground Secured first FLNG vessel conversion job from Golar LNG. Building on track record of over 100 FPSO, FSO and FSRU conversions. Innovating midstream solutions for small and mid-scale LNG…
  9. Second Quater Financial Results – Keppel Corporation Limited – slide 9
    Infrastructure EPC project updates: Doha North in testing & commissioning phase, and ready to take in sewage. Commissioning of Greater Manchester EfW Plant Phase 1 on track for completion this year. Doha North Sewage Treatment…
  10. Second Quater Financial Results – Keppel Corporation Limited – slide 10
    Infrastructure Logistics & data centres Keppel Datahub 2 is completed and clients have started moving in. Tampines Logistics Hub in Singapore, Integrated Distribution Centre in Tianjin Eco-City, China and 3PL distribution centre…
  11. Second Quater Financial Results – Keppel Corporation Limited – slide 11
    Property Highline Residences, Singapore Marina Bay Financial Centre, Singapore Providing quality homes and office space 1,300 homes sold in Asia in 1H14. New launch-ready projects include Highline Residences in Singapore and…
  12. Second Quater Financial Results – Keppel Corporation Limited – slide 12
    Property Unlocking value Keppel Land and Alpha sold Equity Plaza, Singapore. Keppel REIT divested Prudential Tower, Singapore. Divested Elita Garden Vista, Kolkata. Recycling capital Acquired 3-ha residential site in West…
  13. Second Quater Financial Results – Keppel Corporation Limited – slide 13
    Group Financial Highlights by CFO 13
  14. Second Quater Financial Results – Keppel Corporation Limited – slide 14
    2Q 2014 Financial Performance Net Profit 17% to S406m EPS 16% to 22.3cts EVA from S187m to S190m Cash Outflow from S501m to S390m 14
  15. Second Quater Financial Results – Keppel Corporation Limited – slide 15
    2Q 2014 Financial Highlights Sm 2Q 2014 2Q 2013 % Change Revenue 3,177 3,076 3 EBITDA 533 482 11 Operating Profit 467 423 10 Profit Before Tax 593 519 14 Net Profit 406 347 17 EPS (cents) 22.3 19.2 16 15
  16. Second Quater Financial Results – Keppel Corporation Limited – slide 16
    2Q 2014 Revenue by Segments Sm 2Q 2014 % 2Q 2013 % % Change Offshore & Marine 2,062 65 1,818 59 13 Infrastructure 761 24 850 28 (10) Property 348 11 400 13 (13) Investments 6 - 8 - (25) Total 3,177 100 3,076 100 3 16
  17. Second Quater Financial Results – Keppel Corporation Limited – slide 17
    2Q 2014 Pre-tax Profit by Segments Sm 2Q 2014 % 2Q 2013 % % Change Offshore & Marine 345 58 300 58 15 Infrastructure 49 8 54 10 (9) Property 160 27 154 30 4 Investments 39 7 11 2 255 Total 593 100 519 100 14 17
  18. Second Quater Financial Results – Keppel Corporation Limited – slide 18
    2Q 2014 Net Profit by Segments Sm 2Q 2014 % 2Q 2013 % % Change Offshore & Marine 270 67 237 68 14 Infrastructure 35 9 37 11 (5) Property 67 16 66 19 2 Investments 34 8 7 2 386 Total 406 100 347 100 17 18
  19. Second Quater Financial Results – Keppel Corporation Limited – slide 19
    1H 2014 Financial Performance Net Profit 6% to S745m EPS 5% to 41.0cts Annualised ROE from 14.7% to 14.3% EVA from S404m to S341m Cash Outflow from S939m to S785m Net Gearing from net gearing of 0.11x to 0.22x Interim Cash…
  20. Second Quater Financial Results – Keppel Corporation Limited – slide 20
    1H 2014 Financial Highlights Sm 1H 2014 1H 2013 % Change Revenue 6,173 5,835 6 EBITDA 1,011 933 8 Operating Profit 882 820 8 Profit Before Tax 1,085 1,015 7 Net Profit 745 704 6 EPS (cents) 41.0 39.0 5 20
  21. Second Quater Financial Results – Keppel Corporation Limited – slide 21
    1H 2014 Revenue by Segments Sm 1H 2014 % 1H 2013 % % Change Offshore & Marine 3,981 65 3,520 60 13 Infrastructure 1,497 24 1,607 28 (7) Property 677 11 698 12 (3) Investments 18 - 10 - 80 Total 6,173 100 5,835 100 6 21
  22. Second Quater Financial Results – Keppel Corporation Limited – slide 22
    1H 2014 Pre-tax Profit by Segments Sm 1H 2014 % 1H 2013 % % Change Offshore & Marine 649 60 572 56 13 Infrastructure 95 9 121 12 (21) Property 291 27 287 28 1 Investments 50 4 35 4 43 Total 1,085 100 1,015 100 7 22
  23. Second Quater Financial Results – Keppel Corporation Limited – slide 23
    1H 2014 Net Profit by Segments Sm 1H 2014 % 1H 2013 % % Change Offshore & Marine 501 67 445 63 13 Infrastructure 67 9 90 13 (26) Property 129 17 147 21 (12) Investments 48 7 22 3 118 Total 745 100 704 100 6 23
  24. Second Quater Financial Results – Keppel Corporation Limited – slide 24
    Net Profit & EPS Net Profit (Sm) EPS (Cents) 2,237 124.8 1,946 619 1,846 109.4 34.5 102.3 1,540 1,591 90.4 844 4Q: 87.9 4Q: 246 346 47.4 685 14.0 19.3 38.0 636 36.1 296 16.9 521 3Q: 29.1 3Q: 406 457 22.8 305 745 17.3 25.3…
  25. Second Quater Financial Results – Keppel Corporation Limited – slide 25
    ROE & Dividend Dividend in specie Dividend in specie Dividend in specie 20.9cts/share 28.6cts/share 9.5cts/share Plus Plus Plus 45.0 43.0 29.1% 40.0 38.2 34.6 27.2% 26.4% 25.3% 19.5% 17.0 18.0 14.3% 13.6 14.5 12.0 10.0…
  26. Second Quater Financial Results – Keppel Corporation Limited – slide 26
    Free Cash Flow 1H 2014 1H 2013 Sm Sm Operating profit 882 820 Depreciation & other non-cash items 131 100 1,013 920 Working capital changes (1,452) (1,461) Interest & tax paid (203) (354) Net cash used in operating activities…
  27. Second Quater Financial Results – Keppel Corporation Limited – slide 27
    Configured for growth and value creation through innovation and discipline. 27
  28. Second Quater Financial Results – Keppel Corporation Limited – slide 28
    2Q & 1H 2014 Results Q&A 28
  29. Second Quater Financial Results – Keppel Corporation Limited – slide 29
    Additional Information 29
  30. Second Quater Financial Results – Keppel Corporation Limited – slide 30
    Revenue by Geography 1H 2014 Total Overseas Singapore Sm Customers Customers % % Offshore & Marine 3,981 91 9 Infrastructure 1,497 12 88 Property 677 47 53 Investments 18 25 75 Total 6,173 67 33 67% of total revenue came from…
  31. Second Quater Financial Results – Keppel Corporation Limited – slide 31
    EBITDA by Segments Sm 1H 2014 % 1H 2013 % % Change Offshore & Marine 651 64 565 61 15 Infrastructure 155 15 145 15 7 Property 177 18 208 22 (15) Investments 28 3 15 2 87 Total 1,011 100 933 100 8 31 31
  32. Second Quater Financial Results – Keppel Corporation Limited – slide 32
    Capital/Gearing/ROE Sm 30 Jun 2014 31 Dec 2013 Shareholders Funds 9,966 9,701 Capital Employed 13,912 13,689 Net Debt 3,053 1,535 Net Gearing Ratio 0.22x 0.11x ROE 14.3% 19.5% 32 32
  33. Second Quater Financial Results – Keppel Corporation Limited – slide 33
    OFFSHORE & MARINE 33
  34. Second Quater Financial Results – Keppel Corporation Limited – slide 34
    Financial Highlights Offshore & Marine Sm 2Q 2014 2Q 2013 % Change Revenue 2,062 1,818 13 EBITDA 337 292 15 Operating Profit 302 258 17 Profit Before Tax 345 300 15 Net Profit 270 237 14 34 34
  35. Second Quater Financial Results – Keppel Corporation Limited – slide 35
    Financial Highlights Offshore & Marine Sm 1H 2014 1H 2013 % Change Revenue 3,981 3,520 13 EBITDA 651 565 15 Operating Profit 582 497 17 Profit Before Tax 649 572 14 Net Profit 501 445 13 35 35
  36. Second Quater Financial Results – Keppel Corporation Limited – slide 36
    Offshore & Marine Review S1.3 billion contracts secured in 2Q 2014: 1 FLNG conversion, 1 FPSO conversion, 1 Subsea Construction Vessel and 1 Jackup Repair Major contract completions in 2Q 2014: 1 Jackup, 1 Semi Upgrade, 1 FPSO…
  37. Second Quater Financial Results – Keppel Corporation Limited – slide 37
    Offshore & Marine Orderbook Order Balance Client Sm For delivery in 2014 5 JUs/2 Semi Upgrades/1 Semi Repair/1 JU Integration/ Maersk/Ensco/GDI/Star Drilling/ 1 JU Repair/2 FPSO Conversions/1 FPSO Upgrade/ Perforadora Central/JDC/ 1…
  38. Second Quater Financial Results – Keppel Corporation Limited – slide 38
    INFRASTRUCTURE 38
  39. Second Quater Financial Results – Keppel Corporation Limited – slide 39
    Financial Highlights - Infrastructure Sm 2Q 2014 2Q 2013 % Change Revenue 761 850 (10) EBITDA 82 67 22 Operating Profit 56 48 17 Profit Before Tax 49 54 (9) Net Profit 35 37 (5) 39 39
  40. Second Quater Financial Results – Keppel Corporation Limited – slide 40
    Financial Highlights - Infrastructure Sm 1H 2014 1H 2013 % Change Revenue 1,497 1,607 (7) EBITDA 155 145 7 Operating Profit 104 113 (8) Profit Before Tax 95 121 (21) Net Profit 67 90 (26) 40 40
  41. Second Quater Financial Results – Keppel Corporation Limited – slide 41
    PROPERTY 41
  42. Second Quater Financial Results – Keppel Corporation Limited – slide 42
    Financial Highlights - Property Sm 2Q 2014 2Q 2013 % Change Revenue 348 400 (13) EBITDA 85 124 (31) Operating Profit 81 118 (31) Profit Before Tax 160 154 4 Net Profit 67 66 2 42 42
  43. Second Quater Financial Results – Keppel Corporation Limited – slide 43
    Financial Highlights - Property Sm 1H 2014 1H 2013 % Change Revenue 677 698 (3) EBITDA 177 208 (15) Operating Profit 169 195 (13) Profit Before Tax 291 287 1 Net Profit 129 147 (12) 43 43
  44. Second Quater Financial Results – Keppel Corporation Limited – slide 44
    INVESTMENTS 44
  45. Second Quater Financial Results – Keppel Corporation Limited – slide 45
    Financial Highlights - Investments Sm 2Q 2014 2Q 2013 % Change Revenue 6 8 (25) EBITDA 29 (1) NM Operating Profit 28 (1) NM Profit Before Tax 39 11 255 Net Profit 34 7 386 45 45
  46. Second Quater Financial Results – Keppel Corporation Limited – slide 46
    Financial Highlights - Investments Sm 1H 2014 1H 2013 % Change Revenue 18 10 80 EBITDA 28 15 87 Operating Profit 27 15 80 Profit Before Tax 50 35 43 Net Profit 48 22 118 46 46
  47. Second Quater Financial Results – Keppel Corporation Limited – slide 47
    This release 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…
  48. Second Quater Financial Results – Keppel Corporation Limited – slide 48
    ADDRESS BY KEPPEL CORPORATION LIMITEDS CHIEF FINANCIAL OFFICER, CHAN HON CHEW AT THE HALF YEAR 2014 RESULTS PRESENTATION THURSDAY, 24 JULY 2014 1. Group Financial Highlights (Slide 13) 1.1 2Q 2014 Financial Performance (Slide…
  49. Second Quater Financial Results – Keppel Corporation Limited – slide 49
    1.3 2Q 2014 Revenue by Segments (Slide 16) Overall revenue rose by 3%, driven by revenue growth in the Offshore & Marine division, which registered a 13% increase in revenue and remained the main contributor to Group revenue at 65%…
  50. Second Quater Financial Results – Keppel Corporation Limited – slide 50
    1.6 1H 2014 Financial Performance (Slide 19) For the first six months of the year, the Group posted a 6% increase in net profit to 745 million from 704 million in the previous year, mainly driven by higher revenue, better operating…
  51. Second Quater Financial Results – Keppel Corporation Limited – slide 51
    1.9 1H 2014 Pre-tax Profit by Segments (Slide 22) Higher revenue and better operating margin resulted in Offshore & Marine reporting a 13% jump in pre-tax profit for the first half of the year. The Division also recorded higher net…
  52. Second Quater Financial Results – Keppel Corporation Limited – slide 52
    1.13 Free Cash Flow (Slide 26) Cash flow generated from operations continues to be strong. In the first half of 2014, the Group generated 1 billion of cash from operations, 93 million or 10% higher than 2013. However, the working…

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