Results & Reports

2016 2015
For the Year (S$ million)    
Turnover 7,907 9,545
Earnings before interest, tax, depreciation and amortisation1 1,315 1,720
Profit from operations 909 631
– Earnings before interest and tax 784 625
– Share of results: Associates & JVs, net of tax 125 6
Profit before tax 537 426
Net profit 395 549
At Year End (S$ million)    
Property, plant and equipment and investment properties 11,287 8,706
Other non-current assets 3,379 3,602
Net current assets 1,609 1,661
Non-current liabilities (8,112) (5,926)
Net assets 8,163 8,043
Share capital and reserves (including perpetual securities) 6,702 6,433
Non-controlling interests 1,461 1,610
Total equity 8,163 8,043
Per Share    
Earnings (cents) 19.92 29.17
Net assets (S$) 3.75 3.60
Net ordinary dividends (including bonus dividends) (cents) 8 11
Financial Ratios    
Return on equity (%) 6.2 9.4
Return on total assets (%) 4.0 3.7
Interest cover (times) 3.3 7.2
Total debt-to-capitalisation ratio 0.53 0.46
Total debt-to-capitalisation ratio (less cash and cash equivalents) 0.42 0.35
Footnote
  1. Earnings before interest, tax, depreciation and amortisation excludes major non-cash items such as the effects of fair value adjustments, re-measurements, impairments and write-offs.
2016 2015
GROUP (S$ million)    
TURNOVER
Utilities 4,111 4,227
Marine 3,544 4,968
Urban Development 7 8
Other Businesses 245 342
7,907 9,545
PROFIT FROM OPERATIONS
Utilities 737.2 947.5
Marine 170.7 (342.0)
Urban Development 38.4 38.5
Other Businesses 33.6 40.5
Corporate (70.9) (53.0)
909.0 631.5
NET PROFIT
Utilities 348.0 701.5
Marine 48.3 (176.4)
Urban Development 33.3 33.5
Other Businesses 37.4 45.6
Corporate (72.1) (55.3)
394.9 548.9
UTILITIES (S$ million)    
TURNOVER1
By Geography
Singapore 2,437.5 3,126.9
China 191.2 167.7
India 843.6 453.7
Rest of Asia 231.3 -
Middle East & Africa 97.5 107.8
UK & the Americas 331.4 402.1
Corporate 0.4 0.2
TOTAL 4,132.9 4,258.4
     
By Product Segment
Energy 3,467.9 3,513.3
Water 342.2 388.2
On-site Logistics & Solid Waste Management 322.4 356.7
Corporate 0.4 0.2
TOTAL 4,132.9 4,258.4
     
PROFIT FROM OPERATIONS
By Geography
Singapore 198.3 203.9
China 140.1 110.7
India 239.5 127.3
Rest of Asia 16.7 51.7
Middle East & Africa 64.0 52.7
UK 52.8 51.4
Corporate 12.3 (26.5)
PFO before exceptional items 723.7 571.2
Exceptional items 13.5 376.3
TOTAL 737.2 947.5
     
By Product Segment
Energy 512.3 374.0
Water 123.8 117.4
On-site Logistics & Solid Waste Management 75.3 106.3
Corporate 12.3 (26.5)
PFO before exceptional items 723.7 571.2
Exceptional items 13.5 376.3
TOTAL 737.2 947.5
     
NET PROFIT
By Geography
Singapore 132.1 146.8
China 124.8 95.5
India (16.1) (13.9)
Rest of Asia 16.7 51.7
Middle East & Africa 56.5 48.3
UK & the Americas 40.9 42.3
Corporate (9.4) (39.1)
Net Profit before exceptional items 345.5 331.6
Exceptional items 2.5 369.9
TOTAL 348.0 701.5
     
By Product Segment
Energy 207.7 187.6
Water 88.2 89.4
On-site Logistics & Solid Waste Management 59.0 93.7
Corporate (9.4) (39.1)
Net Profit before exceptional items 345.5 331.6
Exceptional items 2.5 369.9
TOTAL 348.0 701.5
MARINE (S$ million)    
TURNOVER
Rigs & Floaters 1,887.1 3,318.5
Repairs & Upgrades 459.9 557.3
Offshore Platforms 1,115.7 1,016.5
Other Activities 82.1 75.8
TOTAL 3,544.8 4,968.1
Footnote
  1. Turnover figures are before intercompany elimination.
Year Ended December 31 2016 2015
(S$ million)
Turnover  (Note25) 7,907.0 9,544.6
Cost of sales (6,801.9) (8,813.0)
Gross profit 1,105.1 731.7
General and administrative expenses (360.8) (524.4)
Other income  145.1 532.0
Other expense (net) (105.5) (114.0)
Finance income  (Note26) 30.4 32.9
Finance costs  (Note26) (402.0) (238.0)
Share of results of associates and joint ventures, net of tax 125.1 6.2
Profit before tax 537.4 426.4
Tax (expense) / credit  (Note27) (100.3) 28.1
Profit for the year  (Note28) 437.2 454.4
     
Profit attributable to:
Owners of the Company 394.9 548.9
Non-controlling interests 42.3 (94.5)
Profit for the year 437.2 454.4
     
Earnings per share (cents):  (Note30)
Basic 19.92 29.17
Diluted 19.75 28.95
Footnote

The accompanying notes are referenced to the 2016 financial statements and form an integral part of these financial statements.

As at December 31 2016 2015
(S$ million)
Non-current assets
Property, plant and equipment  (Note3) 11,225.9 8,685.2
Investment properties  (Note4) 61.3 21.1
Interests in associates and joint ventures  (Note6) 1,745.7 2,349.3
Other financial assets  (Note7) 200.9 283.6
Trade and other receivables  (Note8) 734.1 450.5
Tax recoverable 9.5 6.9
Intangible assets  (Note10) 637.0 443.0
Deferred tax assets  (Note11) 51.5 68.3
14,666.0 12,307.8
     
Current assets
Inventories and work-in-progress  (Note12) 3,466.3 4,232.5
Trade and other receivables  (Note8) 1,958.0 1,567.6
Tax recoverable  15.7 9.7
Assets held for sale  (Note13) 182.2 41.8
Other financial assets  (Note7) 119.5 149.6
Cash and cash equivalents  (Note14) 1,882.5 1,606.5
7,624.2 7,607.7
Total assets 22,290.2 19,915.5
     
Current liabilities 
Trade and other payables  (Note15) 3,398.0 3,387.9
Excess of progress billing over work-in-progress  (Note12) 223.1 320.2
Provisions  (Note17) 42.4 58.7
Liabilities held for sale  (Note13) - 5.4
Other financial liabilities  (Note18) 37.0 181.5
Current tax payable  189.5 191.8
Interest-bearing borrowings  (Note20) 2,125.6 1,800.6
6,015.5 5,946.0
Net current assets  1,608.7 1,661.7
     
Non-current liabilities 
Deferred tax liabilities  (Note11) 402.4 319.6
Provisions  (Note17) 92.5 58.7
Other financial liabilities  (Note18) 256.7 258.9
Retirement benefit obligations  (Note19) 6.6 8.9
Interest-bearing borrowings  (Note20) 7,095.7 5,032.3
Other long-term liabilities  (Note15) 258.1 247.5
8,112.0 5,926.0
Total liabilities  14,127.5 11,872.0
Net assets 8,162.7 8,043.5
     
Equity attributable to owners of the Company:
Share capital  (Note21) 565.6 565.6
Other reserves  (Note22) (52.1) (142.9)
Revenue reserve  5,384.9 5,207.7
5,898.3 5,630.4
Perpetual securities  (Note23) 803.1 802.7
6,701.4 6,433.1
Non-controlling interests  (Note29) 1,461.3 1,610.4
Total equity  8,162.7 8,043.5
Footnote

The accompanying notes are referenced to the 2016 financial statements and form an integral part of these financial statements.

Year Ended December 31 2016 2015
(S$ million)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year 437.2 454.4
Adjustments for:
Dividend  (0.3) (1.0)
Finance income  (30.4) (32.9)
Finance costs 402.0 238.0
Depreciation and amortisation 453.7 405.0
Share of results of associates and joint ventures, net of tax (125.1) (6.2)
Gain on disposal of property, plant and equipment and other financial assets (2.9) (3.1)
(Gain) / Loss on disposal of intangible assets (0.0) 0.0
Gain on disposal of investment properties - (3.0)
Gain on disposal of investment in joint venture and associate (34.8) (353.2)
Gain on disposal of assets held for sale (3.8) -
Gain on disposal of investments in subsidiary  - (72.4)
Fair value gain on re-measurement of pre-existing equity investments in joint venture and available-for-sale financial asset, which became subsidiaries (7.7) -
Changes in fair value of financial instruments 31.1 43.8
Equity settled share-based compensation expenses 18.8 22.9
Allowance made for impairment loss in value of assets and assets written off (net) 85.0 123.7
Negative goodwill (2.9) -
Allowance for doubtful debts 1.7 198.2
Bad debts written off 2.9 3.2
Work-in-progress written-down - 85.5
Provision for foreseeable losses on construction work-in-progress - 278.0
Tax expense / (credit)  (Note27) 100.3 (28.1)
Operating profit before working capital changes 1,324.9 1,352.9
     
Changes in working capital:
Inventories and work-in-progress 662.2 (2,101.1)
Receivables (618.6) (455.3)
Payables (410.6) 649.5
957.9 (554.1)
Tax paid (85.8) (149.8)
Net cash from / (used in) operating activities 872.1 (703.8)
     
CASH FLOWS FROM INVESTING ACTIVITIES
Dividend received 94.2 59.5
Interest received 27.9 29.7
Proceeds from disposal of interests in subsidiaries, net of cash disposed of  (Note33) - 204.2
Proceeds from sale of assets held for sale, net of cash disposed of 22.9 -
Proceeds from disposal of interests in joint ventures and associate 0.6 487.9
Proceeds from sale of property, plant and equipment 11.6 2.6
Proceeds from sale of investment properties - 10.0
Proceeds from sale of intangible assets 0.1 0.0
Proceeds from disposal of other financial assets 223.1 169.8
Proceeds from call option premium 4.3 -
Loan repayment from related parties 15.8 14.7
Loan to related parties (4.5) (26.4)
Non-trade balances with related corporations, net of repayment (1.6) 15.5
Acquisition of subsidiaries, net of cash acquired  (Note34) (71.5) (213.6)
Acquisition of / additional investments in joint ventures and associates (60.9) (427.0)
Acquisition of other financial assets (226.6) (166.0)
Purchase of property, plant and equipment and investment property  (Note(a)) (821.9) (1,423.3)
Purchase for intangible assets  (Note(b)) (14.1) (8.9)
Cash balances transferred to assets held for sale - (6.2)
Net cash used in investing activities (800.6) (1,277.4)
     
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issued to non-controlling interests of subsidiaries 4.4 4.5
Proceeds from share options exercised with issue of treasury shares 0.4 0.5
Proceeds from share options exercised with issue of treasury shares of a subsidiary - 0.9
Purchase of treasury shares (7.1) (6.8)
Purchase of treasury shares by a subsidiary (3.0) (12.3)
Proceeds from issue of perpetual securities, net of transaction costs - 596.6
Proceeds from borrowings 3,689.2 2,773.3
Repayment of borrowings (2,582.0) (779.9)
Payment on finance leases (0.4) (4.1)
Acquisition of non-controlling interests (218.5) (0.0)
Dividends paid to owners of the Company (178.7) (285.9)
Dividends paid to non-controlling interests of subsidiaries (46.1) (129.3)
Perpetual securities distribution paid (38.6) (24.4)
Unclaimed dividends 0.1 0.5
Interest paid (406.0) (222.2)
Net cash from financing activities 213.8 1,911.6
     
Net increase / (decrease) in cash and cash equivalents 285.2 (69.6)
Cash and cash equivalents at beginning of the year 1,604.5 1,659.4
Effect of exchange rate changes on balances held in foreign currency (35.0) 14.7
Cash and cash equivalents at end of the year  (Note14)   1,854.7 1,604.5
Footnote

a. During the year, the Group acquired property, plant and equipment with an aggregate cost of S$1,008,230,000 (2015: S$1,439,405,000) of which S$856,000 (2015: S$392,000) was acquired by means of finance lease, S$1,016,000 (2015: S$1,262,000) relates to non-cash expenditures which have been capitalised during the year and S$13,568,000 (2015: S$2,752,000) relates to provision for restoration costs as disclosed in Note 17. Included in the Group’s trade and other payables is an amount of S$295,618,000 (2015: S$82,063,000) relating to accrued capital expenditure.

b. During the year, the Group acquired intangible assets with an aggregate cost of S$15,519,000 (2015: $8,872,000) of which S$1,424,000 (2015: S$nil) was acquired by means of finance lease.

 

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