1Q 2008 Results Announcement 24 April, 2008 1 Scope of Briefing � Address by Executive Chairman � Group Financial Highlights � Business Review & Outlook 2 1
Address By Executive Chairm an 3 A Tough Year Ahead 1Q’08 PATMI and EPS up 4% over 1Q’07 � � Subprime mortgage problems – adverse impact on rest of the economy Steadfast in executing grow th strategies 4 2
Sound Platform s For Sustainable Grow th Offshore & Marine Oil & Gas • Robust orderbook – deliveries • Strong global demand for refined into 2011 products • E&P spending remains robust • Search for upstream investments continues Property I nfrastructure • Growing regional footprint • On-going projects on schedule • Demand underpinned by • Healthy demand from regional favourable demographic trends economies 5 Underlying Fundam entals Rem ain I ntact Despite More Challenging Environm ent 6 3
Group Financial Highlights 7 1 Q’0 8 Financial Perform ance 4% to S$262m PATMI 4% to 16.5cts EPS from 21.8% to 19.9% Annualised ROE S$17m to S$177m EVA to -S$143m Free cash flow from 0.09x to 0.11x Net gearing 8 4
Financial Highlights S$ m 1 Q 2 0 0 8 1 Q 2 0 0 7 % Change Revenue 2 ,2 1 1 2 ,0 2 8 9 EBI TDA 2 9 5 2 6 8 1 0 Operating Profit 2 6 2 2 4 2 8 Profit Before Tax 3 6 6 3 6 0 2 PATMI 2 6 2 2 5 2 4 EPS ( cents) 1 5 .9 4 1 6 .5 9 Revenue by Segm ents S$ m % % Change 1 Q 2 0 0 8 1 Q 2 0 0 7 % ( 9 ) Offshore & Marine 1 ,4 0 0 6 3 1 ,5 3 6 7 6 1 6 ( 6 ) Property 3 0 0 1 4 3 1 8 8 2 1 0 I nfrastructure 5 0 5 2 3 1 6 3 ( 4 5 ) I nvestm ents 6 - 1 1 - 9 Total 2 ,2 1 1 1 0 0 2 ,0 2 8 1 0 0 10 5
Pretax Profits by Segm ents S$ m 1 Q 2 0 0 8 % 1 Q 2 0 0 7 % % Change Offshore & Marine 1 7 0 4 6 1 8 6 5 2 ( 9 ) 9 1 2 5 1 5 Property 1 0 5 2 9 I nfrastructure 1 6 4 1 3 4 2 3 1 9 7 I nvestm ents 7 5 2 1 7 0 Total 3 6 6 1 0 0 3 6 0 1 0 0 2 11 PATMI by Segm ents S$ m % Change 1 Q 2 0 0 8 % 1 Q 2 0 0 7 % ( 1 3 ) 1 3 1 5 0 1 5 1 6 0 Offshore & Marine 3 4 5 1 1 9 3 8 1 5 Property 1 2 5 9 4 3 3 I nfrastructure 6 8 2 6 2 6 I nvestm ents 5 4 2 1 Total 4 2 6 2 1 0 0 2 5 2 1 0 0 12 6
Consistent Earnings Grow th PATMI ( S$ m ) EPS ( Cents) 1 ,0 2 6 6 4 .9 4 Q: 4 Q: 2 6 8 1 7 .0 7 5 1 4 7 .7 3 Q: 3 Q: 5 6 4 3 6 .1 2 4 8 1 5 .6 2 4 .5 3 8 5 4 6 5 2 9 .9 3 9 4 2 5 .5 1 8 .4 2 8 7 2 Q: 2 Q: 1 4 .6 2 2 8 2 5 8 1 6 .4 2 6 2 1 6 .5 1 3 .1 2 0 2 1 Q: 3 6 6 2 3 .2 1 Q: 1 Q: 1 Q: 2 7 7 1 7 .7 2 3 7 2 6 2 1 5 .3 1 6 .5 1 9 2 2 5 2 1 2 .4 1 5 .9 '0 3 '0 4 '0 5 '0 6 '0 7 '0 8 '03 '04 '05 '06 '07 '08 1 H 2 H 13 Continued EVA Grow th S$ m ’0 1 ’0 2 ’0 4 ’0 5 ’0 7 1 Q’0 8 ’0 3 ’0 6 6 0 4 + $ 1 8 1 m 530 4 2 3 + $ 2 2 4 m 330 1 9 9 + $ 1 7 m 1 7 7 + $ 1 6 4 m 130 1 Q: 3 5 1 6 0 ( 70) + $ 1 6 0 m ( 1 2 5 ) 270) + $ 1 7 0 m ( 2 9 5 ) 470) + $ 3 7 0 m 670) 14 ( 6 6 5 ) 7
Free Cash Flow 1Q 2008 S$m Operating profit 262 39 Depreciation & other non-cash items 301 Working capital changes (382) Interest & tax paid (48) Net cash used in operating activities ( 1 2 9 ) Investments & capex (108) Divestments & dividend income 94 Net cash used in investing activities ( 1 4 ) Free Cash Flow ( 1 4 3 ) 15 Business Review & Outlook 16 8
Offshore & Marine 17 A Modest Start � S$664m worth of contracts secured in 1Q’08 (1Q’07: S$621m) � S$11.8b net orderbook at end-Mar’08 – deliveries into 2011 Healthy enquiries across all segm ents 18 9
Sustaining Our Delivery Focus � Deliveries in 1Q’08 � 3 jackups � 1 jackup upgrade � 2 FPSO/ FSO conversions � 3 AHTS � 1 tug Expect to deliver projects as per contract � 19 Orderbook I s Robust New build JU and Sem i Contracts Secured ( 2 0 0 7 - 1 Q’0 8 ) - S$ 6 b 2 0 % 3 8 % 1 3 % 3 % 5 % 2 1 % U.S. Drillers NOCs Skeie Floatel Seadrill Perforadora Central 20 10
Outlook Rem ains Favourable � Healthy demand for rigs with dayrates and utilisation at high levels � Deepwater market remains strong � > 130 production floater orders forecasted for 2008-13* � Semi newbuilds secure long-term contracts at attractive rates � Demand for shiprepair and conversions continues to be strong 21 * Source: IMA Oil & Gas 22 11
Tight Capacity Expected To Sustain Margins Singapore GRM ( Com plex) * US$/ bbl 12 10 8 6 4 2 0 1Q'05 1Q'06 1Q'07 1Q'08 23 * Source: Merrill Lynch Property 24 12
Continuing To Grow Our Regional Footprint � Long-term housing demand underpinned by favourable demographics and rising incomes � Two core pillars of our regional thrust � Townships targeted at large growing middle-income population � Luxury integrated developments offer unique lifestyle propositions � Secured 8 projects in Vietnam in 2007 � Launched The Estella in March 2008 – 165 units sold Regional launches in 2008 – China, Vietnam, India, Middle East � 25 Creating Lifestyle Propositions KEPPEL BAY ( 3 2 KEPPEL BAY ( 3 2 - - ha) ha) Reflections Reflections Caribbean ( Ph.1 ( Ph.1 – – 6 2 0 units sold) 6 2 0 units sold) Caribbean ( Sold 1 0 0 % launched units) ( Sold 1 0 0 % launched units) 1 7 0 - 1 7 0 - berth berth w orld- - class m arina class m arina w orld Landm ark cable Landm ark cable- - stayed bridge stayed bridge Developing w aterfront projects and m arinas regionally 26 13
Office Market Rem ains Firm Financial institutions continue to seek space expansion � Tight prime office supply into 2010 � � 1Q’08 Grade A rentals up 8.7% q-o-q � Our premium office pipeline � Marina Bay Financial Centre • > 50% pre-committed with healthy enquiries � Ocean Financial Centre • 850,000 sf NLA 27 I nfrastructure 28 14
Making Progress I n I nfrastructure � Secured S$3b long-term natural gas supply contract to ExxonMobil commencing 2009 Awarded S$75m turnkey contract for WTE plant in � Sweden; 22% stake provides recurring income 29 Outlook Continuing to Target Grow th Opportunities Am idst Challenging Global Conditions 30 15
Keppel Corporation 1 Q 2 0 0 8 Results Thank You Q&A 31 Additional I nfo 32 16
Keppel Corporation 33 Revenue by Custom ers 1 Q 2 0 0 8 Total Overseas Singapore S$ m % % 9 0 1 0 Offshore & Marine 1 ,4 0 0 2 7 7 3 Property 3 0 0 2 6 7 4 I nfrastructure 5 0 5 1 9 I nvestm ents 6 8 1 3 3 6 7 Total 2 ,2 1 1 6 7 % of total revenue cam e from overseas custom ers 34 17
EBI TDA by Segm ents S$ m 1 Q 2 0 0 8 % 1 Q 2 0 0 7 % % Change Offshore & Marine 1 6 0 5 4 1 7 6 6 6 ( 9 ) 3 5 4 6 Property 1 0 2 7 0 2 6 1 3 3 I nfrastructure 2 1 7 9 3 ( 8 ) I nvestm ents 1 2 4 1 3 5 Total 2 9 5 1 0 0 1 0 2 6 8 1 0 0 35 Capital/ Gearing/ ROE S$ m 3 1 Mar 2 0 0 8 3 1 Dec 2 0 0 7 5 ,4 2 4 5 ,2 0 5 Shareholders' Funds 7 ,2 6 2 7 ,0 3 5 Capital Em ployed Net Debt 7 7 2 6 3 4 Net Gearing 0 .1 1 x 0 .0 9 x ROE 2 1 .8 % 1 9 .9 % * 36 * Annualised ROE 18
Offshore & Marine 37 Financial Highlights – Offshore & Marine S$ m 1 Q 2 0 0 8 1 Q 2 0 0 7 % Change 1 ,5 3 6 ( 9 ) Revenue 1 ,4 0 0 1 6 0 1 7 6 ( 9 ) EBI TDA 1 3 7 1 5 8 ( 1 3 ) Operating Profit 1 8 6 ( 9 ) Profit Before Tax 1 7 0 1 3 1 1 5 1 ( 1 3 ) PATMI 38 19
Offshore & Marine Review S$664m contracts secured in 1Q 2008: � 1 JU, 1 Drillship Outfitting, 2 FPSO conversions, 2 Barges Major contract completions in 1Q 2008: � 3 JUs, 1 JU upgrade/ repair, 1 FPSO conversion, 1 FSO conversion, 3 AHTS, 1 Tug 39 Offshore & Marine Orderbook Balance Clients Order S$ m For delivery in 2 0 0 8 3 Semis / 4 Semi Upgrades / 11 Jack Ups / 6 FPSO Petrobras / Maersk / Ensco / Diamond / Transocean / Conversions / 1 FPSO Outfitting / 1 FSRU Conversion / Fred. Olsen / Sinvest / Scorpion / Jindal / Atwood / 8 AHTS / 2 Ice Breakers / 2 Tugs / 1 Derrick Barge Seadrill / SBM / Prosafe / Emas Offshore / Sevan / Upgrade / 1 Sludge Vessel / 2 CALM Buoys / 1 Semi Golar / Hadi Hammam / Gulfmark / Whitesea / Lukoil / Heavy Lift Upgrade / 1 Tanker Barge / Barges & Pipe Keppel Smit / City of New York / Saipem / Batangas Racks / 2 Barges Bay Carriers / Agip KCO / BUE Marine 1,514 For delivery in 2 0 0 9 Maersk / Ensco / GSF / QGP / Seadrill / Sinvest / 6 Semis / 9 Jack Ups / 2 FPSO Conversions / 1 FSO / 4 Awilco / Mercator / Great Eastern / Petrovietnam / AHTS / 3 PSVs / 1 Heavy Lift Vessel / 2 Ice Class Perforadora Central / BW Offshore / Lukoil / Whitesea / Standby / Rescue Vessels / 1 Drillship Outfitting / 2 Seaways / Hadi Hammam / Greatship / MPU Offshore / Tugs 3,989 Frontier Drilling / Keppel Smit For delivery in 2 0 1 0 Maersk / Ensco / Floatel / Petrobras / Skeie / 5 Semis / 6 Jack Ups / 1 Derrick Pipelay Vessel / Rowan / Global Offshore / Hadi Hammam / Smit 3 AHTS / 1 PSV / 1 Drillship Outfitting / 1 Tug 6,120 Int’l / Greatship / Frontier Drilling / Keppel Smit For delivery in 2 0 1 1 1 Jack Up / 6 Tugs 210 Rowan / Keppel Smit TOTAL as at 3 1 Mar 2 0 0 8 1 1 ,8 3 3 40 20
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