Results & Reports

2017 2016
For the Year (S$ million)    
Turnover 8,346 7,907
Earnings before interest, tax, depreciation and amortisation1 1,264 1,315
Profit from operations 795 909
– Earnings before interest and tax 631 784
– Share of results: Associates & JVs, net of tax 164 125
Profit before tax 312 537
Net profit 231 395
At Year End (S$ million)    
Property, plant and equipment and investment properties 11,249 11,287
Other non-current assets 3,869 3,379
Net current assets 2,259 1,609
Non-current liabilities (9,161) (8,112)
Net assets 8,216 8,163
Share capital and reserves (including perpetual securities) 6,969 6,702
Non-controlling interests 1,247 1,461
Total equity 8,216 8,163
Per Share    
Earnings (cents) 10.51 19.92
Net assets (S$) 3.90 3.75
Net ordinary dividends (including bonus dividends) (cents) 5 8
Financial Ratios    
Return on equity (%) 3.2 6.2
Return on total assets (%) 3.4 4.0
Interest cover (times) 2.4 3.3
Total debt-to-capitalisation ratio 0.55 0.53
Total debt-to-capitalisation ratio (less cash and cash equivalents) 0.40 0.42
Footnote
  1. Earnings before interest, tax, depreciation and amortisation excludes major non-cash items such as the effects of fair value adjustments, re-measurements, impairments and write-offs.
2017 2016
GROUP (S$ million)    
TURNOVER
Utilities 5,670 4,111
Marine 2,388 3,544
Urban Development 8 7
Other Businesses 280 245
8,346 7,907
PROFIT FROM OPERATIONS
Utilities 649.9 737.2
Marine 64.7 170.7
Urban Development 89.4 38.4
Other Businesses 17.9 33.6
Corporate (26.6) (70.9)
795.3 909.0
NET PROFIT
Utilities 140.0 348.0
Marine 6.8 48.3
Urban Development 83.2 33.3
Other Businesses 24.6 37.4
Corporate (23.8) (72.1)
230.8 394.9
UTILITIES (S$ million)    
TURNOVER1
By Geography
Singapore 3,035.2 2,437.5
China 152.4 191.2
India 1,591.5 843.6
Rest of Asia 453.0 231.3
Middle East & Africa 105.0 97.5
UK & the Americas 362.3 331.4
Corporate 0.2 0.4
TOTAL 5,699.6 4,132.9
     
By Product Segment
Energy 5,004.5 3,467.9
Water 376.4 342.2
On-site Logistics & Solid Waste Management 318.5 322.4
Corporate 0.2 0.4
TOTAL 5,699.6 4,132.9
     
PROFIT FROM OPERATIONS
By Geography
Singapore 217.4 198.3
China 91.0 140.1
India 329.4 239.5
Rest of Asia 47.8 16.7
Middle East & Africa 60.9 64.0
UK & the Americas 34.0 52.8
Corporate (12.9) 12.3
PFO before exceptional items 767.6 723.7
Exceptional items (117.7) 13.5
TOTAL 649.9 737.2
     
By Product Segment
Energy 561.1 512.3
Water 147.8 123.8
On-site Logistics & Solid Waste Management 71.6 75.3
Corporate (12.9) 12.3
PFO before exceptional items 767.6 723.7
Exceptional items (117.7) 13.5
TOTAL 649.9 737.2
     
NET PROFIT
By Geography
Singapore 163.6 132.1
China 78.1 124.8
India (57.8) (16.1)
Rest of Asia 46.5 16.7
Middle East & Africa 54.9 56.5
UK & the Americas 26.9 40.9
Corporate (51.4) (9.4)
Net Profit before exceptional items 260.8 345.5
Exceptional items (120.8) 2.5
TOTAL 140.0 348.0
     
By Product Segment
Energy 132.2 207.7
Water 120.4 88.2
On-site Logistics & Solid Waste Management 59.6 59.0
Corporate (51.4) (9.4)
Net Profit before exceptional items 260.8 345.5
Exceptional items (120.8) 2.5
TOTAL 140.0 348.0
MARINE (S$ million)    
TURNOVER
Rigs & Floaters 1,097.5 1,887.1
Repairs & Upgrades 471.4 459.9
Offshore Platforms 732.1 1,115.7
Other Activities 86.4 82.1
TOTAL 2,387.4 3,544.8
Footnote
  1. Turnover figures are before intercompany elimination.
Year Ended December 31 2017 2016
(S$ million)
Turnover  (Note25) 8,345.6 7,907.0
Cost of sales (7,399.5) (6,801.9)
Gross profit 946.1 1,105.1
General and administrative expenses (420.1) (359.8)
Other operating income  75.6 66.3
Non-operating income 73.6 44.5
Non-operating expenses (43.9) (72.2)
Finance income  (Note26) 42.6 30.4
Finance costs  (Note26) (525.8) (402.0)
Share of results of associates and joint ventures, net of tax 164.1 125.1
Profit before tax 312.1 537.4
Tax (expense) / credit  (Note27) (67.4) (100.3)
Profit for the year  (Note28) 244.7 437.2
     
Profit attributable to:
Owners of the Company 230.8 394.9
Non-controlling interests 13.9 42.3
Profit for the year 244.7 437.2
     
Earnings per share (cents):  (Note30)
Basic 10.51 19.92
Diluted 10.42 19.75
Footnote

The accompanying notes are referenced to the 2017 financial statements and form an integral part of these financial statements.

As at December 31 2017 2016
(S$ million)
Non-current assets
Property, plant and equipment  (Note3) 11,157.7 11,225.9
Investment properties  (Note4) 90.9 61.3
Interests in associates and joint ventures  (Note6) 1,765.4 1,745.7
Other financial assets  (Note7) 175.4 200.9
Trade and other receivables  (Note8) 1,184.3 734.1
Tax recoverable 7.1 9.5
Assets held for sale  (Note10) 99.7 -
Intangible assets  (Note11) 580.8 637.0
Deferred tax assets  (Note12) 56.0 51.5
15,117.3 14,666.0
     
Current assets
Inventories and work-in-progress  (Note13) 3,214.3 3,466.3
Trade and other receivables  (Note8) 2,031.6 1,958.0
Tax recoverable  21.3 15.7
Assets held for sale  (Note10) - 182.2
Other financial assets  (Note7) 142.1 119.5
Cash and cash equivalents  (Note14) 2,686.7 1,882.5
8,095.9 7,624.2
Total assets 23,213.2 22,290.2
     
Current liabilities 
Trade and other payables  (Note15) 3,818.8 3,398.0
Excess of progress billing over work-in-progress  (Note13) 180.9 223.1
Provisions (Note17) 92.2 42.4
Other financial liabilities  (Note18) 13.1 37.0
Current tax payable 159.0 189.5
Interest-bearing borrowings  (Note20) 1,572.5 2,125.6
5,836.5 6,015.5
Net current assets  2,259.4 1,608.7
     
Non-current liabilities 
Deferred tax liabilities  (Note12) 428.3 402.4
Provisions  (Note17)
105.1 92.5
Other financial liabilities  (Note18) 54.1 256.7
Retirement benefit obligations  (Note19) 3.8 6.6
Interest-bearing borrowings  (Note20) 8,275.2 7,095.7
Other long-term payables  (Note15) 294.5 258.1
9,160.9 8,112.0
Total liabilities  14,997.4 14,127.5
Net assets 8,215.8 8,162.7
     
Equity attributable to owners of the Company:
Share capital  (Note21) 565.6 565.6
Other reserves  (Note22) (82.7) (52.1)
Revenue reserve  5,483.2 5,384.9
5,966.1 5,898.3
Perpetual securities  (Note23) 1,003.2 803.1
6,969.3 6,701.4
Non-controlling interests  (Note29) 1,246.4 1,461.3
Total equity  8,215.8 8,162.7
Footnote

The accompanying notes are referenced to the 2017 financial statements and form an integral part of these financial statements.

Year Ended December 31 2017 2016
(S$ million)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year 244.7 437.2
Adjustments for:
Dividend  (0.4) (0.3)
Finance income  (42.6) (30.4)
Finance costs 525.8 402.0
Depreciation and amortisation 571.3 453.7
Share of results of associates and joint ventures, net of tax (164.1) (125.1)
Gain on disposal of property, plant and equipment and other financial assets (19.9) (2.9)
Loss / (gain) on disposal of intangible assets 0.0 (0.0)
Gain on disposal of investment in joint venture and associate - (34.8)
Gain on disposal of assets / investments held for sale (46.8) (3.8)
Gain on disposal / liquidation of investments in subsidiaries (4.6) -
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 5.4 31.1
Equity settled share-based compensation expenses 17.8 18.8
Allowance made for impairment loss in value of assets and assets written off (net) 31.3 82.9
Negative goodwill (0.2) (2.9)
(Write-back) / allowance of doubtful debts and bad debts (net) (15.6) 4.7
Provision for fines 25.4 -
Assumption of liabilities on behalf of a joint venture 11.0 -
Impairment of goodwill 26.4 -
Impairment of investment in associates 4.2 2.1
Reversal of contracts costs (net) on termination, net of write-down of inventories and foreseeable loss on contract work-in-progress (9.7) 3.1
Tax expense (Note27) 67.4 100.3
Operating profit before working capital changes 1,226.8 1,328.0
     
Changes in working capital:
Inventories and work-in-progress 235.0 659.1
Receivables (Note(c)) (821.4) (618.6)
Payables 79.9 (410.6)
720.3 957.9
Tax paid (69.9) (85.8)
Net cash from operating activities 650.3 872.1
     
CASH FLOWS FROM INVESTING ACTIVITIES
Dividend received 265.5 94.2
Interest received 41.2 27.9
Proceeds from disposal of interests in subsidiaries, net of cash disposed of 
0.1 -
Proceeds from sale of assets held for sale, net of cash disposed of 205.7 22.9
Proceeds from disposal of interests in joint ventures and associate - 0.6
Proceeds from sale of property, plant and equipment 17.9 11.6
Proceeds from sale of intangible assets 0.3 0.1
Proceeds from disposal of other financial assets 194.7 223.1
Proceeds from call option premium - 4.3
Proceeds from prior year's disposal of joint ventures 53.1 -
Loan repayment from related parties 75.7 15.8
Loan to related parties (0.2) (4.5)
Non-trade balances with related corporations, net of repayment (15.2) (1.6)
Acquisition of subsidiaries, net of cash acquired (Note34) (3.3) (71.5)
Acquisition of additional investments in joint ventures and associates (15.3) (60.9)
Acquisition of other financial assets (166.0) (226.6)
Purchase of property, plant and equipment and investment property  (Note(a)) (736.0) (821.9)
Purchase of intangible assets  (Note(b)) (10.6) (14.1)
Net cash used in investing activities (92.2) (800.6)
     
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issued to non-controlling interests of subsidiaries 0.3 4.4
Proceeds from share options exercised with issue of treasury shares - 0.4
Proceeds from share options exercised with issue of treasury shares of a subsidiary 0.7 -
Purchase of treasury shares (4.1) (7.1)
Purchase of treasury shares by a subsidiary (5.9) (3.0)
Proceeds from issue of perpetual securities, net of transaction costs 199.5 -
Proceeds from borrowings 3,206.1 3,689.2
Repayment of borrowings (2,427.0) (2,582.0)
Payment on finance leases (1.0) (0.4)
Acquisition of non-controlling interests (9.7) (218.5)
Dividends paid to owners of the Company (125.1) (178.7)
Dividends paid to non-controlling interests of subsidiaries (37.1) (46.1)
Receipt in restricted cash held as collateral 6.1 -
Perpetual securities distribution paid (42.2) (38.6)
Unclaimed dividends 0.0 0.1
Interest paid (484.2) (406.0)
Net cash from financing activities 276.2 213.8
     
Net increase in cash and cash equivalents 834.3 285.2
Cash and cash equivalents at beginning of the year 1,854.7 1,604.5
Effect of exchange rate changes on balances held in foreign currency (7.6) (35.0)
Cash and cash equivalents at end of the year  (Note14) 2,681.5 1,854.7
Footnote

a. During the year, the Group acquired property, plant and equipment with an aggregate cost of S$676,194,000 (2016: S$1,008,230,000) of which S$83,000 (2016: S$856,000) was acquired by means of finance lease, S$594,000 (2016: S$1,016,000) relates to non-cash expenditures which have been capitalised during the year and S$21,423,000 (2016: S$13,568,000) 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$248,488,000 (2016: S$302,461,000) relating to accrued capital expenditure.


b. During the year, the Group acquired intangible assets with an aggregate cost of S$12,892,000 (2016: S$15,519,000) of which S$2,328,000 (2016: S$1,424,000) was acquired by means of finance lease.


c. The increase in receivables included an amount of S$430.8 million (2016: S$239.4 million) of service concession receivables from the Myingyan and Sirajganj Unit 4 power projects which was recognised in accordance with INT FRS 112 accounting guidelines. The receivables will be collected over the period of the concession contracts from the time the power plants commence commercial operations.

 

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