| |
KEY FINANCIAL DATA
| S$'000 |
1998 |
1999 |
2000 |
2001 |
2002 |
| |
|
|
|
|
|
|
|
|
|
|
| Turnover
by sector |
1,661,729 |
100% |
1,764,407 |
100% |
2,259,027 |
100% |
2,470,067 |
100% |
2,619,191 |
100% |
| |
______________ |
_____________ |
_____________ |
_____________ |
_____________ |
| Aerospace |
829,890 |
50% |
856,872 |
49% |
956,320 |
42% |
1,031,246 |
42% |
1,042,945 |
40% |
| Electronics |
335,374 |
20% |
354,534 |
20% |
411,781 |
18% |
488,808 |
20% |
571,539 |
22% |
| Land Systems |
296,941 |
18% |
297,022 |
17% |
526,510 |
23% |
603,363 |
24% |
709,834 |
27% |
| Marine |
197,524 |
12% |
255,979 |
14% |
358,433 |
16% |
334,878 |
13% |
279,813 |
11% |
| Others |
-- |
-- |
-- |
-- |
5,963 |
1% |
11,772 |
1% |
15,060 |
-- |
| Profit
before tax by sector |
249,282 |
100% |
300,060 |
100% |
412,509 |
100% |
440,157 |
100% |
412,953 |
100% |
| |
______________ |
_____________ |
_____________ |
_____________ |
_____________ |
| Aerospace |
170,468 |
68% |
169,837 |
63% |
218,991 |
53% |
225,682 |
51% |
212,993 |
52% |
| Electronics |
16,159 |
6% |
28,201 |
10% |
46,591 |
11% |
52,151 |
12% |
56,699 |
14% |
| Land Systems |
16,628 |
7% |
33,092 |
11% |
84,650 |
21% |
97,108 |
22% |
96,877 |
23% |
| Marine |
44,831 |
18% |
46,367 |
15% |
63,935 |
15% |
62,631 |
14% |
41,132 |
10% |
| Others |
1,196 |
1% |
2,563 |
1% |
(1,658) |
-- |
2,585 |
1% |
5,252 |
1% |
Profit
after tax by sector
(before extraordinary items) |
154,678 |
100% |
200,529 |
100% |
288,138 |
100% |
342,252 |
100% |
330,711 |
100% |
| |
______________ |
_____________ |
_____________ |
_____________ |
_____________ |
| Aerospace |
102,813 |
67% |
125,208 |
62% |
151,038 |
52% |
160,338 |
47% |
155,580 |
47% |
| Electronics |
9,188 |
6% |
15,300 |
8% |
30,580 |
11% |
34,499 |
10% |
42,800 |
13% |
| Land Systems |
12,228 |
8% |
27,998 |
14% |
64,948 |
23% |
100,223 |
29% |
100,602 |
30% |
| Marine |
30,138 |
19% |
31,178 |
16% |
43,830 |
15% |
45,671 |
13% |
29,201 |
9% |
| Others |
311 |
-- |
845 |
-- |
(2,258) |
(1%) |
1,521 |
1% |
2,528 |
1% |
Note:
1998 – 1999 Figures for Land Systems sector exclude Founders
Industries Pte Ltd
| S$'000 |
1998 |
1999 |
2000 |
2001 |
2002 |
| |
|
|
|
|
|
| Shareholders' funds |
835,900 |
840,485 |
1,125,317 |
1,370,974 |
1,452,071 |
| Total assets |
3,285,760 |
3,406,852 |
4,383,047 |
4,577,789 |
4,350,526 |
| Net tangible assets |
835,900 |
840,485 |
1,125,317 |
1,369,973 |
1,431,493 |
| Gross divident per share (cents) |
6.80 |
9.30 |
9.50 |
10.80 |
18.50 |
| Divident yield (%) |
4.82 |
4.51 |
3.53 |
4.20 |
9.25 |
| Divident cover |
1.08 |
1.02 |
1.33 |
1.38 |
0.74 |
| Earnings per share (cents) |
5.49 |
7.08 |
10.12 |
11.92 |
11.47 |
| |
|
|
|
|
|
| Return on turnover (%) |
9.5 |
11.7 |
12.9 |
14.0 |
12.7 |
| Return on equity (%) |
18.5 |
23.9 |
25.6 |
25.0 |
22.8 |
| Return on total assets (%) |
4.7 |
5.9 |
6.6 |
7.6 |
7.7 |
| Net tangible assets per share (cents) |
29.6 |
29.6 |
39.4 |
47.6 |
49.6 |
PRODUCTIVITY DATA
| |
1998 |
1999 |
2000 |
2001 |
2002 |
| |
|
|
|
|
|
| Average staff strength |
7,790 |
8,129 |
10,128 |
10,780 |
11,413 |
| Employment costs (S$'000) |
496,861 |
533,357 |
658,511 |
742,014 |
759,102 |
| Sales per employee (S$) |
213,316 |
217,051 |
223,048 |
229,134 |
229,492 |
| Profit after tax per employee (S$) |
19,856 |
24,668 |
28,450 |
31,749 |
28,977 |
| |
|
|
|
|
|
| Economic value added (S$'000) |
75,280 |
135,640 |
189,350 |
159,456 |
190,184 |
| Economic value added spreed (%) |
6.2 |
10.5 |
13.3 |
10.1 |
11.3 |
| Economic value added per employee (S$) |
9,564 |
16,686 |
18,696 |
14,792 |
16,664 |
| |
|
|
|
|
|
| Value added (S$'000) |
847,945 |
900,107 |
1,155,845 |
1,254,506 |
1,274,215 |
| Value added per employee (S$) |
108,850 |
110,728 |
114,124 |
116,373 |
111,646 |
| Value added per $ of employee costs (S$) |
1.71 |
1.69 |
1.76 |
1.69 |
1.68 |
| Value added per $ of gross fixed assets (S$) |
1.12 |
1.12 |
1.12 |
1.14 |
1.03 |
| Value added per $ of turnover (S$) |
0.51 |
0.51 |
0.51 |
0.51 |
0.49 |
ECONOMIC
VALUE ADDED STATEMENTS
| (S$ million) |
1998 |
1999 |
2000 |
2001 |
2002 |
| |
|
|
|
(restated) |
|
|
Net profit before tax
|
224.9 |
267.2 |
369.4 |
404.3 |
370.7 |
| Adjust for: |
|
|
|
|
|
|
Share of associated companies' profits
|
24.3 |
32.9 |
43.1 |
35.8 |
42.3 |
|
Interest expense
|
12.6 |
9.7 |
12.7 |
5.5 |
5.0 |
|
Others
|
46.8
|
50.5
|
34.6
|
(43.3)
|
5.3
|
| Adjusted profit before interest and tax |
308.6 |
360.3 |
459.8 |
402.3 |
423.3 |
| Cash operating taxes (Note 1) |
(95.9)
|
(97.1)
|
(130.3)
|
(92.9)
|
(76.3)
|
| Net operating profit
after tax (NOPAT) |
212.7
|
263.2
|
329.5
|
309.4
|
347.0
|
| Average capital emloyed (Note 2) |
1,205.8 |
1,288.1 |
1,422.2 |
1,571.7 |
1,685.8 |
| Weighted average cost of capital (Note 3) (%) |
11.4 |
9.9 |
9.9 |
9.4 |
9.3 |
| Capital charge |
(137.4)
|
(127.6)
|
(140.2)
|
(147.7)
|
(156.8)
|
| Group Economic Value
Added (EVA) |
75.3
|
135.6
|
189.3
|
161.7 |
190.2 |
| Minority share of EVA |
|
|
|
(2.2)
|
—
|
| Group EVA attributable
to ordinary shareholders |
|
|
|
159.5
|
190.2
|
| Unusal Items (UI) losses / (gain) (Note 4) |
|
|
|
(1.6) |
7.9 |
| Group EVA attributableto
shareholders (exclude UI) |
|
|
|
157.9
|
196.1
|
| |
|
|
|
(Note 5) |
|
Note 1:
The reported current tax is adjusted for the statutory tax impact
of interest expense.
Note 2:
Monthly average share capital plus interest bearing liabilities, timing
provision, goodwill amortised, and present value of operating leases.
Major Capital Components:
Long-term debt
Short-term debt
Equity
Others |
S$ million
50.9
19.6
949.6
665.7
1,685.8
|
Note 3:
The Weighted Average Cost of Capital is calculated in accordance to
Singapore Technologies (ST) Group EVA Policy as follows:
i) Cost of Equity using Capital Asset Pricing Model with market risk
premium at 7.0%;
ii) Risk-free rate of 3.94% (2001 @ 4.12%) based on yield-to-maturity
of Singapore Government 10 years Bonds;
iii) Ungeared beta at 0.85 based on ST risk categorisation; and
iv) Cost of Debt rate at 4.30% (2001 @ 4.58%) using 5-year Singapore
Dollar Swap Offered rate plus 75 basis point.
Note 4:
Unusual Items (UI) refer to divestment of investment properties, subsidiary
and associates, long term investments and disposal of major fixed
assets.
Note 5:
In 2001, EVA reported of $160.9 million was based on EVA of the Group
excluding UI but before Minority Interests. The capital employed was
adjusted for the capital gains/losses from Unusual Items. With effect
from 2002, the statement is refined to reflect the EVA attributable
to shareholders (excluding minority share of EVA). All capital gains/losses
from UI also formed part of the capital employed to be accounted.
The restated 2001 Group EVA Attributable to Shareholders (exclude
UI) of $157.9 million reflects the above changes.
VALUE
ADDED STATEMENTS
| (S$ '000) |
1998 |
1999 |
2000 |
2001 |
2002 |
| Value added from: |
|
|
|
|
|
| Revenue earned |
1,661,729 |
1,764,407 |
2,259,027 |
2,470,067 |
2,619,191 |
|
Bought in material and services
|
(943,341)
|
(952,921)
|
(1,243,541)
|
(1,360,803)
|
(1,462,076)
|
|
Gross Value added
|
718,388 |
811,486 |
1,015,486 |
1,109,264 |
1,167,115 |
|
Income from investment and interest
|
99,152 |
58,048 |
85,349 |
93,870 |
49,651 |
| Extraordinary items |
(2,798) |
(8,205) |
— |
— |
— |
| Exchange (loss) / gain |
(1,080) |
336 |
222 |
9,430 |
(4,234) |
| Other non-operating income |
6,138 |
5,548 |
11,722 |
6,110 |
19,373 |
Share of results of associated
companies
and joint ventures |
28,145 |
32,894 |
43,068 |
35,859 |
43,822 |
Amortisation of goodwill
on acquisition of
associated companies |
— |
— |
— |
(27) |
(1,512) |
| Total value added |
847,945
|
900,107
|
1,155,845
|
1,254,506
|
1,274,215
|
| Distribution of value added |
|
|
|
|
|
| To employes in wages, salaries and benefits |
496,861 |
533,357 |
658,830 |
741,258 |
758,513 |
| To government in income and other taxes |
94,148 |
95,666 |
125,447 |
90,627 |
83,761 |
| To provider of capital on: |
|
|
|
|
|
|
• Interest paid of borrowings
|
5,339 |
3,961 |
3,983 |
3,205 |
2,897 |
| • Dividens to shareholders |
142,210 |
195,359 |
213,037 |
-- |
247,807 |
| |
738,558
|
828,343
|
1,001,297
|
835,090
|
1,092,978
|
| Balance retained in / (applied from)
business |
|
|
|
|
|
| Depreciation |
63,026 |
58,787 |
76,143 |
74,922 |
78,614 |
| Impairment of fixed assets |
— |
— |
— |
2,105 |
1,882 |
| Retained profits |
(54,624) |
(47,274) |
(7,112) |
251,144 |
44,263 |
| |
8,402
|
11,513
|
69,031
|
328,171
|
124,759
|
| Non-production cost and income |
|
|
|
|
|
| Bad debts |
5,807 |
10,072 |
(54) |
(12,055) |
11,061 |
| Income in investments and interest |
99,056 |
58,058 |
85,349 |
93,870 |
49,651 |
| Extraordinary items |
(2,798) |
(8,205) |
— |
— |
— |
| Exchange (loss) / gain |
(1,080) |
336 |
222 |
9,430 |
(4,234) |
| |
100,985
|
60,251
|
85,517
|
91,245
|
56,478
|
Total distribution |
847,945
|
900,107
|
1,155,845
|
1,254,506
|
1,274,215
|
|
|
1.
Key Financial Data
2. Productivity Data
3. Economic Value Added Statements
4. Value Added Statements
|
|
