27 Jan 2021
Keppel Infrastructure Trust Unaudited Results for the Second Half and Full Year ended 31 December 2020

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 second half and full year ended 31 December 2020.

 

Keppel Infrastructure Trust delivered a 16.9% YoY increase in Group EBITDA and a 19.6% YoY increase in free cash flow to equity for FY 2020

 

Results Highlights

• Recorded FY 2020 Group EBITDA of $376.0 million¹, up 16.9% year-on-year (YoY) compared to FY 2019.
• Free cash flow to equity (FCFE)² for the second half of 2020 (2H 2020) was $112.4 million³, bringing FCFE² for the full year of 2020 (FY 2020) to $225.7 million³, a 18.9% and 19.6% YoY increase over the corresponding periods in 2019 respectively.
• The resilient performance was driven by robust operations and growth across Keppel Infrastructure Trust’s (KIT) portfolio of essential businesses and assets through the COVID-19 pandemic.
• Declared distribution per Unit (DPU) of 1.86 cents for 2H 2020, bringing total DPU for FY 2020 to 3.72 cents, which translated to an annualised distribution yield of 6.8%⁴.
• Delivered total Unitholder return of 7.8%⁵ in FY 2020.
• Announced the proposed acquisition of Philippine Tank Storage International (Holdings) Inc., increasing KIT’s exposure to evergreen essential businesses with long-term growth potential.

 

¹ _{Excludes one-off acquisition related cost incurred for Ixom’s acquisition of Medora (S$0.8m), Ixom’s divestment of Latin America and China Life Science businesses (S$16.7m) and Basslink’s arbitration provision (S$76.2m). Group EBITDA is S$282.3m without the adjustments}

² _{Free cash flow to equity (FCFE) is equivalent to distributable cash flow. FCFE is net of trust expenses, distribution paid/payable to perpetual securities holders, management fees and financing costs}

³ _{Excludes Basslink as KIT does not depend on Basslink’s cash flows for distribution}

⁴ _{Based on the market closing price per Unit of $0.545 as at 31 December 2020}

⁵ _{TUR takes into consideration share price performance from 31 December 2019 to 31 December 2020 and DPU declared for FY 2020}