DOCSLIB.ORG

Sgspaa Investor Update

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Sgspaa Investor Update SGSPAA INVESTOR UPDATE July 2019 Presenters 2 Frank Tudor David Gillespie Luis Castillo-Melendez Managing Director Chief Financial Officer GM Corporate Finance Agenda 3 SGSPAA Business Overview Investment Strengths Financial Overview Programme Details AA long long AustralianAustralian history History 1837 The company now known as Jemena Limited is incorporated by an Act of the Parliament of New South Wales. Back then it was known as The Australian Gas Light Company. It was formed as a business venture by private citizens, to produce “town gas” from coal gasification. The main use for the gas at that time was in the gas street lamps that were installed on the main streets in the (very small) Sydney CBD. 1918 Establishment of the Victorian Electricity Commissioners by the Victorian State Government State Government. The Commissioners were the forerunner of the State Electricity Commission of Victoria (SECV) and, much later, Jemena Electricity Networks (JEN) and the other four Victorian electricity distribution businesses. The Electricity Commissioners were responsible for generation and distribution of electricity throughout the State of Victoria. 1993-4 Disaggregation of the SECV into generation, transmission and distribution companies, which are then further split and then privatised. SECV’s electricity distribution business was privatised in 1994, with the network divided into five network areas, operated by five separate companies. One of these, is now known as Jemena Electricity Networks (Vic) Limited 2003 2004 2006 2007 2008 2009 2014 2019 Ownership Alinta ASX Listed Singapore Power (SP) 100% Ownership SGCC 60% / SP 40% Ownership Northern Gas Pipeline State Grid of China Aquila-AMP SP acquires (NGP), Darling Downs Duke Energy Corporation (SGCC) Transactions Capital Alinta-AGL merger 100% of the Aquanet Colongra Pipeline System (DDP) , acquisition acquires 60% of acquisition business Atlas and Roma Projects the business with Senex Linking Tennant Creek in the NT to Mt Isa in Jemena Gas Acquired Alignment of long QLD. Acquired Darling Network (NSW) Gas Build up of Jemena 34% UED EGP QGP Alinta-AGL Rosehill Recycled term ownership in Downs Pipeline System Jemena Electricity Transmission & Zinfra VicHub demerged Water Scheme support of a Additional Investments asset portfolio Network (VIC) Storage Facility Portfolio growing portfolio in Pipeline and ActewAGL JV (ACT) processing facilities in Queensland SGSPAA at a Glance 5 Well Diversified Business Established Regulatory Regime Business is well diversified in Transparent and well established geography, fuel and markets. economic regulatory regime. Strong Management & Shareholders State Grid of China Predictable & Stable Corporation (SGCC) is the Cashflows largest utility in the world. 100% of CY18 EBITDA from Singapore Power (SP) is a regulated networks and leading energy utility contracted pipeline revenues. company in the Asia pacific region. Long Life Assets with Strong Track Record Investment Grade Credit Ratings Well maintained long life assets SGSPAA credit ratings of A3 (stable) with a strong performance and / A- (stable) is supported by a continuous reliability track record. strong internal policy frame work. SGSPAA Broad Geographic Footprint 6 With more than $11 billion worth of major utility infrastructure, we supply millions of households and businesses with essential services every day. 1 Regulated, Contracted & Network Services Business in Victoria, New South Wales, Queensland, Northern Territory, South Australia, Tasmania & Australian Capital Territory Predictable and Stable Cash Flows 7 EBITDA Contribution by Type EBITDA Contribution by Segment ZINFRA GAS TRANS & WATER DIST 1% CONTRACTED ELEC DIST 20% 20% 23% ZINFRA 1% INVEST REGULATED 12% 79% GAS DIST 44% Predictable cashflows from predominately regulated and contracted business Ownership 8 State Grid Corp. of China Singapore Power (SGCC) (SP) A1 (Stable) / A+(Stable) Aa2 (Stable) / AA (Stable) 100% 100% State Grid International Development Australia Investment Singapore Power International Company Ltd (SGID) (SPI) A2 (Stable) / A (Stable) 60% 40% SGSPAA A3 (Stable) / A- (Stable) SGCC is the largest utility in the World and the SP Group is a leading energy utilities company in Asia Pacific and one of Singapore’s largest corporations. SGCC International Presence 9 AusNet Services Singapore Power Group 10 AA / Aa2 Singapore Australia China Issuer 40% SGSPAA SP PowerAssets Shirui Energy A3 / A- SP Services Jemena PowerGas Zinfra Singapore District AusNet Services Cooling 31.1% Notes: Companies where shareholding interest is not indicated, Singapore Power Limited has 100% shareholding. SGSPAA Strategic Vision 11 Grow our portfolio: Be a world-class energy asset Adapt and influence the evolving • Diversified portfolio across five owner, operator and service energy industry: Competitive- Adaptability Growth markets ness provider: • Adapt to play a key role in a lower • Develop and execute a portfolio • Optimise and continually carbon future of opportunity / initiatives improve operations • Bring best practice to Australia • Continue to be a trusted partner Electricity Markets Gas Markets Services & Projects Electricity Gas Distribution Distribution • Progress in selected • Enhance transmission • Win in services with • Drive competitiveness B2B, renewables, network coverage to • innovation • Drive competitiveness through ongoing storage and support key • efficiency through continuous continuous microgrids customers and unlock • digital and improvements improvements serviceable markets • safety • Prepare for the grid of • Innovate to prepare the future for a low carbon future Digital Corporate Affairs Finance People, Safety & Legal Health & Safety Customer Focus Teamwork Accountability Excellence Regulated Assets 12 Jemena Gas Network (JGN) 13 Operational Review Financial Highlights (A$M) • Asset type: Regulated CY14 CY15 CY16 CY17 CY18 • Approx. RAB: A$3.3B as at 31 Dec 18 620 645 586 583 576 450 471 409 • Length of mains: approx. 25,000kms 394 385 221 210 196 155 • Stable customer growth 201 • Over 1.4 million customer connections as at 31 Dec 18 REVENUE EBITDA CAPEX • Access arrangement from Jul 15 to Jun 20 EBITDA Contribution – Forecast RAB growth of 3.7% p.a. JGN EBITDA MARGIN REST OF 44% 67% GROUP 56% Volumes & Customer Connections 1450 92 94 92 88 95 100 1,232 1,273 1,317 1,369 1,426 950 70 CY14 CY15 CY16 CY17 CY18 Customer Connections ('000s) Volume (Pj) Jemena Electricity Network (JEN) 14 Operational Review Financial Highlights (A$M) • Asset type: Regulated CY14 CY15 CY16 CY17 CY18 1 • Approx. RAB: A$1.5B as at 31 Dec 18 448 422 418 417 398 268 238 237 • Circuit length: approx. 6,300kms 232 206 167 167 162 142 • 1 of 5 licensed electricity distribution networks 136 in VIC • Over 344,000 customers as at 31 Dec 18 REVENUE EBITDA CAPEX • Regulatory period from Jan 16 to Dec 20 EBITDA Contribution – Forecast RAB growth of 6.6% p.a. JEN EBITDA MARGIN REST OF 23% 52% GROUP 77% Volumes & Customer Connections 350 4136 4,206 4,186 4,265 4,219 4500 319 325 334 335 344 300 3500 CY14 CY15 CY16 CY17 CY18 Customer Connections ('000s) Volume (GWh) Notes: 1. RAB includes AMI RAB of circa A$0.1B as at 31 Dec 18. Jemena Gas Pipelines 15 Jemena Gas Pipelines 16 Operational Review Financial Highlights (A$M) • Asset type: Contracted CY14 CY15 CY16 CY17 CY18 • Eastern Gas Pipeline (EGP) – 797 kilometres, 130 PJ pipeline into Sydney 338 272 260 253 232 213 211 206 188 169 165 • Queensland Gas Pipeline (QGP) – 627 kilometres, 55 161 117 103 PJ pipeline into growing industrial hub in Queensland 63 • VicHub connects pipelines that feed into Sydney, Melbourne and Tasmania REVENUE EBITDA CAPEX • Colongra (Col) Pipeline – 9 kilometres, delivers gas to Snowy Hydro’s gas turbine facility on the Central Coast EBITDA Contribution of NSW GAS • Northern Gas Pipeline (NGP) – 623 kilometres. The EBITDA PIPELINES pipeline links Northern Australia’s gas fields to the east MARGIN coast gas market. REST OF 19% GROUP • Darling Downs Pipeline Network (DDPN) – 65% Acquired by the Group in Jun 17. 292 kilometres gas 81% transmission pipelines in South East Queensland EBITDA Margin 82% 79% 77% 72% 65% CY14 CY15 CY16 CY17 CY18 Northern Gas Pipeline (NGP) 17 Overview “The essential nature of the pipeline underpins SGSPAA’s ability to contract NGP’s capacity, a factor that • The 623km pipeline links the Northern will support the stability of the company’s cash flow and its financial metrics in the coming years, as well Territory’s Amadeus pipeline to Queensland’s as improve its asset-level diversity.” Carpentaria pipeline between Tennant Creek Moody’s –Sep 18 and Mount Isa. • Commercial operation of the pipeline was successfully achieved on the 3rd of January 2019. • The total contracted volume on the NGP as at commencement of operations was above 80% of its total available capacity in year one of its operations. Asset Investments 18 ActewAGL Distribution Partnership (AAD) (50%) 19 Operational Review EBITDA Contribution • Asset type: Regulated ActewAGL • AAD regulated business now operates under the brand Evoenergy due to recent ring- 6% fencing guidelines that came into effect in 2018 • Electricity and gas distributor: Delivers electricity and gas to a total of approx. 346,000 REST OF customers in ACT & NSW GROUP • Partnership with Icon Water Limited, an ACT 94% government owned company with assets and investments in water, wastewater, electricity, Historical EBITDA (A$M) gas and telecommunications 75 • Regulatory reset periods from Jul 19 to Jun
Load more

Recommended publications
  • Sgspaa Investor Update
    SGSPAA INVESTOR UPDATE AUG 2020 OUR TEAM 2 David Gillespie Luis Castillo-Melendez Chief Financial Officer GM Corporate Finance AGENDA 3 01 SGSPAA BUSINESS OVERVIEW 02 INVESTMENT STRENGTH 03 FINANCIAL OVERVIEW 04 PROGRAMME DETAILS A LONG AUSTRALIAN HISTORY 4 The company now known as Jemena Limited is incorporated by an Act of the Parliament of Establishment of the Victorian Electricity New South Wales. Back then it was known as Commissioners by the Victorian State The Australian Gas Light Company. It was Government State Government. The Disaggregation of the SECV into generation, formed as a business venture by private Commissioners were the forerunner of the transmission and distribution companies, citizens, to produce “town gas” from coal State Electricity Commission of Victoria which are then further split and then gasification. The main use for the gas at that (SECV) and, much later, Jemena Electricity privatised. SECV’s electricity distribution time was in the gas street lamps that were Networks (JEN) and the other four Victorian business was privatised in 1994, with the installed on the main streets in the (very small) electricity distribution businesses. The network divided into five network areas, Sydney CBD. Electricity Commissioners were responsible for operated by five separate companies. One of generation and distribution of electricity these, is now known as Jemena Electricity throughout the State of Victoria. Networks (Vic) Limited. 1837 1918 1993- 1994 RECENT TIMELINE 5 2004 2007 2014 2003 2006 2009 2019 ALINTA ASX LISTED SP 100% SGCC 60% / SP 40% OWNERSHIP Singapore Northern Gas Pipeline (NGP), Aquila-AMP Power (SP) State Grid of China Duke Energy Alinta-AGL Darling Downs Pipeline System Capital acquires Colongra (SGCC) acquires 60% acquisition merger (DDP), Atlas and Roma Projects acquisition 100% of the of the business with Senex business TRANSACTION Jemena Gas Linking Tenent Creek in the NT to EGP Network Acquired Gas Alignment of long Mt Isa in QLD.
    [Show full text]
  • Jemena Electricity Networks (Vic) Ltd
    Jemena Electricity Networks (Vic) Ltd 2016-20 Electricity Distribution Price Review Regulatory Proposal Attachment 7-5 Asset Management Plan 2016-2020 ELE PL 0004 Public 30 April 2015 Jemena Electricity Networks (Vic) Ltd Asset Management Plan 2016-2020 ELE PL 0004 Public 21 April 2015 An appropriate citation for this paper is: Asset Management Plan 2016-2020 Our Ref: ELE PL 0004 Copyright statement © Jemena Limited. All rights reserved. Copyright in the whole or every part of this document belongs to Jemena Limited, and cannot be used, transferred, copied or reproduced in whole or in part in any manner or form or in any media to any person other than with the prior written consent of Jemena. Printed or downloaded copies of this document are deemed uncontrolled. Authorisation Name Job Title Date Signature Reviewed by: General Manager, Asset Investment and Sean Ward 21/04/2015 Major Projects Approved by: Executive General Manager, Asset Alf Rapisarda 21/04/2015 Management History Rev Date Description of changes Author No 1 21/04/2015 First Issue. David Speairs and Stephen Henry Contributors: Ashley Lloyd Kieran Coughlan Catherine Lee Peter Wong Dalibor Balicevic Ranjan Vaidya Graeme Wirges Owning Functional Area Business Function Owner: Asset Investment and Major Projects Review Details Review Period: Last Review Date + 1 year NEXT Review Due: 21/04/2016 ii Public—21 April 2015 © Jemena Electricity Networks (Vic) Ltd LIABILITY DISCLAIMER This Asset Management Plan has been prepared to inform relevant stakeholders of the asset management approach, processes and strategies applied to the Jemena Electricity Network. Some of the information and statements contained in the Plan are comprised of, or are based on, assumptions, estimates, forecasts, predictions and projections made by Jemena.
    [Show full text]
  • Jemena Electricity Networks (Vic) Ltd
    Jemena Electricity Networks (Vic) Ltd 2016-20 Electricity Distribution Price Review Regulatory Proposal Attachment 9-2 Rate of return proposal Public 30 April 2015 TABLE OF CONTENTS TABLE OF CONTENTS Glossary............................................................................................................................................................................ v 1. Summary................................................................................................................................................................ 1 1.1 Applying a new framework for setting the allowed rate of return ................................................................. 1 1.2 Our concerns with Recent AER decisions ................................................................................................... 2 1.3 Our views on the guideline .......................................................................................................................... 5 1.4 The rest of the Attachment .......................................................................................................................... 9 2. The changing risk profile for electricity distribution businesses ................................................................... 10 2.1 Overview.................................................................................................................................................... 10 2.2 Evolving operating risk profile...................................................................................................................
    [Show full text]
  • Euro Medium Term Note Programme Documentation
    Australian Pipeline Ltd ACN 091 344 704 | Australian Pipeline Trust ARSN 091 678 778 | APT Investment Trust ARSN 115 585 441 Level 25, 580 George Street Sydney NSW 2000 | PO Box R41 Royal Exchange NSW 1225 Phone +61 2 9693 0000 | Fax +61 2 9693 0093 APA Group | apa.com.au 8 March 2021 ASX ANNOUNCEMENT APA Group (ASX: APA) THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION WHERE SUCH OFFER OR SALE WOULD BE UNLAWFUL. EURO MEDIUM TERM NOTE PROGRAMME DOCUMENTATION APA Group (ASX: APA) has updated the Offering Circular in respect of APT Pipelines Limited’s US$10 billion Euro Medium Term Note Programme, and filed this with the Singapore Exchange. A copy of the update is attached. Authorised for release to ASX by Nevenka Codevelle Company Secretary Australian Pipeline Limited For further information, please contact: Investor enquiries: Media enquiries: Yoko Kosugi Ben Pratt General Manager, Investor Relations & General Manager, External Affairs & Telephone: +61 2 9693 0073 Telephone: +61 2 9228 8300 Mob: +61 438 010 332 Mob: +61 419 968 734 About APA Group (APA) APA is a leading Australian energy infrastructure business. Its gas transmission pipelines span every state and territory on mainland Australia, delivering approximately half of the nation’s gas usage. APA has direct management and operational control over its assets and the majority of its investments. APA holds ownership interests in a number of energy infrastructure enterprises including SEA Gas Pipeline, SEA Gas (Mortlake) Partnership, Energy Infrastructure Investments and GDI Allgas Gas Networks.
    [Show full text]
  • Jemena Gas Networks (NSW) Ltd
    Jemena Gas Networks (NSW) Ltd 2015-20 Access Arrangement Response to the AER's draft decision and revised proposal Appendix 5.2 - Updated productivity assessment for JGN Public 27 February 2015 APPENDIX M M–2 Public—30 June 2014 © Jemena Gas Networks (NSW) Ltd Relative Opex Efficiency and Forecast Opex Productivity Growth of Jemena Gas Networks Report prepared for Jemena Gas Networks 25 February 2015 Michael Cunningham Economic Insights Pty Ltd 10 By Street, Eden, NSW 2551, Australia, AUSTRALIA Ph +61 02 6496 4005 WEB www.economicinsights.com.au ABN 52 060 723 631 JGN Opex Efficiency and Future Productivity Growth CONTENTS Executive Summary ............................................................................................................... ii 1 Introduction ...................................................................................................................... 4 1.1 Terms of reference .................................................................................................... 4 1.2 Discussion ................................................................................................................. 5 1.3 Outline of the Report ................................................................................................ 6 1.4 Economic Insights’ experience and consultants’ qualifications ............................... 7 2 Productivity Measurement and Benchmarking ................................................................ 8 PART B: PRODUCTIVITY INDEX ANALYSIS .............................................................
    [Show full text]
  • Gas Distribution Licence Application Jemena East a Division of Alinta
    Gas Distribution Licence Application Jemena East A division of Alinta Asset Management Pty Ltd ABN 52 104 352 650 30 January 2009 Registered, business and postal address: 321 Ferntree Gully Road Mount Waverley, VIC. 3149 Phone: 03 8544 9000 Gas Distribution Licence Application Jemena East A division of Alinta Asset Management Pty Ltd ABN 52 104 352 650 TABLE OF CONTENTS 1 INTRODUCTION......................................................................................................................... 2 2 APPLICANT DETAILS ................................................................................................................ 5 2.1 Corporate Structure .......................................................................................................... 5 2.2 AAM Board Structure ........................................................................................................ 6 2.3 Management Structure ..................................................................................................... 7 2.4 Jemena East Leadership Team........................................................................................ 9 3 SCOPE OF OPERATIONS FOR WHICH THE LICENCE IS SOUGHT ................................... 12 4 INDUSTRY EXPERIENCE AND KNOWLEDGE ...................................................................... 13 4.1 Technical Capacity.......................................................................................................... 13 Construction and maintenance capability ......................................................................
    [Show full text]
  • Infrastructure Capability Assessment Energy
    Infrastructure Capability Assessment Energy Infrastructure Victoria Infrastructure Capability Assessment Energy What this assessment is about This infrastructure capability assessment is one of a series of supporting documents that Infrastructure Victoria (IV) has used to assist them in developing their paper - Laying the Foundations, Setting objectives and identifying needs for Victoria’s 30-year infrastructure strategy. This assessment sets out to: • Identify the major assets in the sector and provide the wider context in which assets operate, including the interconnections between assets, identification of key stakeholders and current industry trends in the sector • Provide a base of quantitative data as a foundation from which IV can start developing the strategy in relation to asset value, historical and forecast investment, infrastructure performance and current/future capacity in each sector • Identify the future challenges and opportunities associated with the sector, specifically related to how existing infrastructure can be used to accommodate future demand. This assessment represents an initial view on infrastructure in the sector and has been prepared based on publicly available information and in consultation with the stakeholders with whom we have engaged to date. Data collection has been based on consolidation of existing and available information as opposed to undertaking new primary research. This assessment is intended to set the scene for broader discussion and is complemented by a range of other technical documents available at www.infrastructurevictoria.com.au. It is IV’s intention that this work serves as one of the platforms for further engagement and refinement of Victoria’s infrastructure needs as IV progresses its 30 year infrastructure strategy development further.
    [Show full text]