Results & Reports

2019 2018
For the Year (S$ million)    
Turnover 9,618 11,689
Earnings before interest, tax, depreciation and amortisation (EBITDA)1 1,535 1,279
Profit from operations 749 841
– Earnings before interest and tax 565 667
– Share of results: Associates & JVs, net of tax 184 174
Profit before tax 295 420
Net profit 247 347
At Year End (S$ million)    
Property, plant and equipment and investment properties 11,867 11,782
Right-of-use assets 464 -
Other non-current assets 4,826 5,325
Net current assets 83 748
Non-current liabilities (9,361) (9,807)
Net assets 7,879 7,938
Share capital and reserves (including perpetual securities) 6,871 6,788
Non-controlling interests 1,008 1,150
Total equity 7,879 7,938
Per Share    
Earnings (cents) 11.81 16.98
Net assets (S$) 3.85 3.80
Net ordinary dividends (cents) 5.0 4.0
Financial Ratios    
Return on equity (%) 3.5 5.1
Return on total assets (%) 3.5 3.6
Interest cover (times) 2.6 2.5
Total debt-to-capitalisation ratio 0.58 0.57
Total debt-to-capitalisation ratio (less cash and cash equivalents) 0.48 0.47
Footnote

1  EBITDA excludes major non-cash items such as the effects of fair value adjustments, re-measurements, impairments and write-offs.

2019 2018
GROUP (S$ million)    
TURNOVER
Energy 6,138 6,536
Marine 2,883 4,888
Urban 280 5
Other Businesses 317 260
9,618 11,689
PROFIT FROM OPERATIONS
Energy 717 820
Marine (143) (60)
Urban 177 94
Other Businesses 30 9
Corporate (32) (22)
749 841
NET PROFIT
Energy 195 312
Marine (85) (48)
Urban  117 86
Other Businesses 45 16
Corporate (25) (19)
247 347
ENERGY (S$ million)    
TURNOVER1
By Geography
Singapore 3,525 3,844
Rest of Southeast Asia 62 45
China 219 219
India 1,614 1,685
UK 496 454
Rest of the World* 254 322
TOTAL 6,170 6,569
     
By Product Segment
Gas & Thermal Power 5,271 5,675
Renewable Power 254 182
Water & Others 645 712
TOTAL 6,170 6,569
     
PROFIT FROM OPERATIONS
By Geography
Singapore 155 224
Rest of Southeast Asia 63 30
China 124 103
India 453 385
UK 43 26
Rest of the World* 102 85
Corporate (46) (31)
PFO before exceptional items 894 822
Exceptional items (177) (2)
TOTAL 717 820
     
By Product Segment
Gas & Thermal Power 582 499
Renewable Power 197 169
Water & Others 161 185
Corporate (46) (31)
PFO before exceptional items 894 822
Exceptional items (177) (2)
TOTAL 717 820
     
NET PROFIT
By Geography
Singapore 102 155
Rest of Southeast Asia 42 17
China 106 87
India 100 47
UK 22 5
Rest of the World* 69 70
Corporate (81) (60)
Net Profit before exceptional items 360 321
Exceptional items (165) (9)
TOTAL 195 312
     
By Product Segment
Gas & Thermal Power 235 182
Renewable Power 80 63
Water & Others 126 136
Corporate (81) (60)
Net Profit before exceptional items 360 321
Exceptional items (165) (9)
TOTAL 195 312
MARINE (S$ million)    
TURNOVER
Rigs & Floaters 2,069 4,148
Repairs & Upgrades 605 476
Offshore Platforms 131 184
Specialised Shipbuilding 35 -
Other Activities 43 80
TOTAL 2,883 4,888
Footnote

* Rest of the World includes the Americas, Australia, Bangladesh, Middle East and South Africa

Gas & Thermal Power product segment includes gas, thermal power, steam and on-site logistics 

Water & Others product segment includes water, waste management and waste-to-resource

1 Turnover figures are before intercompany elimination.

Year Ended December 31 2019 2018
(S$ million)
Turnover  (NoteB1,B2) 9,618 11,689
Cost of sales (8,726) (10,769)
Gross profit 892 920
General and administrative expenses (447) (408)
Other operating income  222 107
Non-operating income 32 50
Non-operating expenses (134) (2)
Finance income  (NoteC7) 132 87
Finance costs  (NoteC7) (586) (508)
Share of results of associates and joint ventures, net of tax 184 174
Profit before tax 295 420
Tax expense  (NoteB3) (78) (88)
Profit for the year  (NoteB4) 217 332
     
Profit attributable to:
Owners of the Company 247 347
Non-controlling interests (30) (15)
Profit for the year 217 332
     
Earnings per share (cents):  (NoteB5)
Basic 11.81 16.98
Diluted 11.74 16.87
Footnote

The accompanying notes are referenced to the 2019 financial statements and form an integral part of these financial statements.

 

As at December 31 2019 2018
(S$ million)
Non-current assets
Property, plant and equipment  (NoteD1) 11,739 11,672
Right-of-use assets  (NoteD2) 464 -
Investment properties  (NoteD3) 128 110
Associates and joint ventures  (NoteG4) 1,696 1,741
Other financial assets  (NoteH3) 266 262
Trade and other receivables  (NoteE1) 2,170 2,366
Contract costs  (NoteB2(c)) 2 *
Intangible assets  (NoteD4) 630 779
Deferred tax assets  (NoteB3(b)) 62 67
17,157 16,997
     
Current assets
Inventories  (NoteE2) 386 513
Trade and other receivables  (NoteE1) 2,048 2,311
Contract assets (NoteB2(c)) 1,501 1,022
Contract costs  (NoteB2(c)) 90 329
Assets held for sale  (NoteB6) 75 129
Other financial assets  (NoteH3) 228 95
Cash and cash equivalents  (NoteE4) 1,767 1,925
6,095 6,324
Total assets 23,252 23,321
     
Current liabilities 
Trade and other payables  (NoteE3) 2,844 2,968
Lease liabilities  (NoteD2) 34 -
Contract liabilities  (NoteB2(c)) 172 445
Provisions (NoteH4) 34 86
Liabilities held for sale  (NoteB6) 31 -
Other financial liabilities  (NoteH3) 50 62
Current tax payable 204 153
Interest-bearing borrowings  (NoteC6) 2,643 1,862
6,012 5,576
Net current assets  83 748
     
Non-current liabilities 
Deferred tax liabilities  (NoteB3(b)) 348 425
Other long-term payables  (NoteE3) 131 242
Lease liabilities  (NoteD2) 470 -
Provisions  (NoteH4)
142 163
Other financial liabilities  (NoteH3) 44 43
Interest-bearing borrowings  (NoteC6) 8,157 8,870
Contract liabilities  (NoteB2(c)) 69 64
9,361 9,807
Total liabilities  15,373 15,383
Net assets 7,879 7,938
     
Equity attributable to owners of the Company:
Share capital  (NoteC2) 566 566
Reserve for own shares  (NoteC2) (4) (9)
Other reserves  (NoteC3) (319) (239)
Revenue reserve  5,827 5,669
6,070 5,987
Perpetual securities  (NoteC4) 801 801
6,871 6,788
Non-controlling interests  (NoteG3) 1,008 1,150
Total equity  7,879 7,938
Footnote

The accompanying notes are referenced to the 2019 financial statements and form an integral part of these financial statements.

* Less than S$1 million.

 

Year Ended December 31 2019 2018
(S$ million)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year 217 332
Adjustments for:
Dividend  * *
Finance income  (132) (87)
Finance costs 586 508
Depreciation and amortisation 682 595
Share of results of associates and joint ventures, net of tax (184) (174)
(Gain) / Loss on disposal of:
-  property, plant and equipment and other financial assets (19) (8)
-  intangible assets (2) *
-  joint venture and associate * (18)
-  disposal of business * (15)
-  assets held for sale (70) -
Gain on disposal and liquidation of investments in subsidiaries (16) (11)
Changes in fair value of financial instruments 8 (15)
Equity settled share-based compensation expenses 10 11
Allowance for:
-  impairment loss in value of assets and assets written off, net 96 16
-  impairment of goodwill 65 1
-  expected credit loss 7 3
-  intangible assets 64 -
-  impairment on assets reclassified to held for sale 64 -
Negative goodwill (6) *
Provision for fines 7 25
Inventories (written back) / written down and allowance for stock obsolescence, net * (1)
Tax expense  (NoteB3(a)) 78 88
Operating profit before working capital changes 1,455 1,250
     
Changes in working capital:
Inventories 124 (9)
Receivables  (Note(b)) 239 (1,216)
Payables (206) (215)
Contract costs 188 2,160
Contract assets (479) (361)
Contract liabilities (245) (748)
1,076 861
Tax paid (99) (122)
Net cash from operating activities 977 739
     
CASH FLOWS FROM INVESTING ACTIVITIES
Dividend received 229 167
Interest received 104 74
Proceeds from:
-  disposal of interests in subsidiaries, net of cash disposed
(10) 73
-  divestment of asset held for sale 197 -
-  sale of property, plant and equipment 27 11
-  sale of intangible assets 7 *
-  disposal of other financial assets and business 503 315
-  disposal of joint ventures / associates - 66
Loan repayment from related parties 10 25
Non-trade balances with related corporations, net of repayment (2) -
Acquisition of subsidiaries, net of cash acquired - (426)
Acquisition of additional investments in joint ventures and associates (11) (85)
Acquisition of other financial assets (567) (310)
Purchase of property, plant and equipment and investment properties  (Note(a)) (925) (1,107)
Purchase of intangible assets  (Note(b)) (9) (20)
Cash balances transferred to held for sale, net of advance received (4) -
Net cash used in investing activities (451) (1,217)
     
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issued to non-controlling interests of subsidiaries 19 25
Proceeds from share options exercised with issue of treasury shares - *
Proceeds from share options exercised with issue of treasury shares of a subsidiary - 1
Purchase of treasury shares (4) (17)
Purchase of treasury shares by a subsidiary - (1)
Repayment of lease liability (35) -
Proceeds from borrowings 4,007 3,011
Repayment of borrowings (3,886) (2,156)
Acquisition of non-controlling interests (91) (292)
Dividends paid to owners of the Company (71) (71)
Dividends paid to non-controlling interests of subsidiaries (20) (29)
(Payment) / receipt in restricted cash held as collateral (27) 4
Perpetual securities distribution paid (36) (245)
Unclaimed dividends - *
Capital reduction paid to non-controlling interests (4) -
Interest paid (544) (486)
Net cash used in financing activities (692) (256)
     
Net decrease in cash and cash equivalents (166) (734)
Cash and cash equivalents at beginning of the year 1,923 2,682
Effect of exchange rate changes on balances held in foreign currency (17) (25)
Cash and cash equivalents at end of the year  (NoteE4) 1,740 1,923
Footnote

* Less than S$1 million.

a. During the year, the Group acquired property, plant and equipment with an aggregate cost of S$1,068 million (2018: S$1,146 million) of which S$48 million (2018: S$nil) was settled via offset of payables and dividend receivable from a joint venture (Note D1(xi)). S$24 million was advance paid to supplier in prior year and S$3 million (2018: S$4 million) relates to provision for restoration costs as disclosed in Note H4. Included in the Group’s trade and other payables is an amount of S$256 million (2018: S$167 million) relating to accrued capital expenditure.

b. During the year, the Group acquired intangible assets with an aggregate cost of S$18 million (2018: S$20 million) of which S$9 million (2018: S$nil) was acquired by means of a swap of shares in Note B6(b).

c. Changes in receivables included an amount of S$58 million (2018: S$191 million) of service concession receivables from the Sirajganj Unit 4 power projects (2018: Myingyan and Sirajganj Unit 4 power projects) which was recognised in accordance with SFRS(I) INT 12 Service Concession Arrangements accounting guidelines. The receivables will be collected over the period of the concession contracts from the time the power plants commence commercial operations.

The accompanying notes are referenced to the 2019 financial statements and form an integral part of these financial statements.

 

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