Results & Reports

2021 2020
For the Year (S$ million)    
Turnover
7,795 5,447
Earnings before interest, tax, depreciation and amortisation (EBITDA)1 1,288 1,184
Share of results: Associates & JVs, net of tax
206 233
Adjusted EBITDA2 1,494 1,417
Net profit before exceptional items 472 301
Exceptional items
(193) (144)
Net profit from continuing operations 279 157
Discontinued operation3 - (1,154)
Net profit  279 (997)
     
At Year End (S$ million)    
Property, plant and equipment, right-of-use assets and investment properties 7,232 7,339
Other non-current assets
3,230 3,219
Net current assets
1,028 877
Non-current liabilities
(7,572) (7,959)
Net assets
3,918 3,476
     
Share capital and reserves 3,767 3,339
Non-controlling interests 151 137
Total equity
3,918 3,476
Per Share
   
Net assets (S$)
2.12 1.87
Earnings (cents)
15.63 (56.81)
Earnings - continuing operations (cents) 15.63 7.84
Dividends (cents)
5.0 4.0
Financial Ratios
   
Return on equity (%) 7.9 3.0
Interest cover (times)
3.0 2.4
Total debt-to-capitalisation ratio 0.65 0.69
Total debt-to-capitalisation ratio (less cash and cash equivalents) 0.53 0.60
Footnote

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

Adjusted EBITDA = EBITDA + Share of results: Associates & JVs, net of tax.

Following the completion of the distribution in specie of ordinary shares in the capital of Sembcorp Marine Limited to Sembcorp Industries shareholders, the performance of the Marine business for the period from January 1, 2020 to September 11, 2020 was reported as a discontinued operation.

2021 2020
GROUP (S$ million)    
TURNOVER
Renewables
354 281
Integrated Urban Solutions
465 422
Sustainable Solutions
819 703
Conventional Energy 
6,679 4,571
Other Businesses  297 173
TOTAL TURNOVER 7,795 5,447
     
GROUP EBITDA2
Renewables
251 225
Integrated Urban Solutions
143 107
Sustainable Solutions
394 332
Conventional Energy
964 892
Other Businesses and Corporate
(70) (40)
TOTAL EBITDA 1,288 1,184
     
Adjusted EBITDA3 
Renewables
278 252
Integrated Urban Solutions
240 210
Sustainable Solutions
518 462
Conventional Energy
1,045 994
Other Businesses and Corporate 
(69) (39)
TOTAL ADJUSTED EBITDA 1,494 1,417
     
NET PROFIT
Renewables
56 46
Integrated Urban Solutions
155 113
Sustainable Solutions
211 159
Conventional Energy 
373 245
Other Businesses
25 11
Corporate
(137) (114)
NET PROFIT before Exceptional Items 472 301
     
Exceptional Items (193) (144)
     
Renewables 
56 46
Integrated Urban Solutions
161 140
Sustainable Solutions
217 186
Conventional Energy
174 113
Other Businesses 
25 (21)
Corporate
(137) (121)
TOTAL NET PROFIT 279 157
Footnote

Turnover figures are stated before inter-segment eliminations.

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

Adjusted EBITDA = EBITDA + Share of results: Associates & JVs, net of tax.

Sustainable Solutions include Renewables and Integrated Urban Solutions.

 

Year Ended December 31 2021 2020
Continuing operations
(S$ million)
Turnover  (NoteB1,B2)
7,795 5,447
Cost of sales (6,693) (4,660)
Gross profit 1,102 787
General and administrative expenses (432) (344)
Other operating income, net 140 126
Non-operating income 22 49
Non-operating expenses (218) (176)
Finance income  (NoteC6)
26 35
Finance costs  (NoteC6)
(423) (499)
Share of results: Associates & JVs, net of tax 206 233
Profit before tax 423 211
Tax expense  (NoteB3)
(123) (32)
Profit from continuing operations1  (NoteB4)
300 179
     
Discontinued operation
Loss from discontinued operation, net of tax(NoteG6) - (330)
Loss on the Distribution
- (970)
Loss from discontinued operation - (1,300)
     
Profit / (Loss) for the year
300 (1,121)
     
Profit / (Loss) attributable to:
Owners of the Company:
Profit from continuing operations 
279 157
Loss from discontinued operation - (1,154)
Profit / (Loss) attributable to owners of the Company 279 (997)
Non-controlling interests: 
Profit from continuing operations
21 22
Loss from discontinued operation - (146)
Profit / (Loss) attributable to non-controlling interests 21 (124)
Profit / (Loss) for the year
300 (1,121)
     
Earnings per share (cents):  (NoteB5)
Basic 15.63 (56.81)
Diluted3 15.44 (56.81)
     
Earnings per share (cents) - Continuing operations: (NoteB5)
Basic 15.63 7.84
Diluted 15.44 7.78
Footnote

After elimination of inter-segment finance income of S$nil (2020: S$38 million) with corresponding reduction of inter-segment finance expense in discontinued operation.
On September 11, 2020, the Company distributed its holdings of ordinary shares in the capital of a subsidiary, Sembcorp Marine Ltd (SCM) to its shareholders (the Distribution).
In computing the 2020 fully diluted earnings per ordinary shares, the weighted average number of shares was not adjusted for the effects of all dilutive potential ordinary shares as at December 31, 2020 as these potential ordinary shares would be antidilutive.

The accompanying notes are referenced to the 2021 financial statements and form an integral part of these financial statements.

 

As at December 31 2021 2020
(S$ million)
Non-current assets
Property, plant and equipment  (NoteD1)
7,094 7,204
Investment properties  (NoteD2)
138 135
Associates and joint ventures  (NoteG4)
1,600 1,588
Other financial assets  (NoteH1)
219 250
Trade and other receivables  (NoteE1)
982 995
Contract costs  (NoteB2(c))
1 1
Intangible assets  (NoteD3)
390 348
Deferred tax assets  (NoteB3(b))
38 37
 
10,462 10,588
     
Current assets
Inventories  (NoteE2)
222 196
Trade and other receivables  (NoteE1)
1,986 1,571
Contract assets (NoteB2(c))
28 15
Contract costs  (NoteB2(c))
1 1
Assets held for sale  (NoteB7)
- 30
Other financial assets  (NoteH1)
352 159
Cash and cash equivalents  (NoteE4)
1,344 1,032
3,933 3,004
Total assets 14,395 13,562
     
Current liabilities 
Trade and other payables  (NoteE3)
1,708 1,159
Lease liabilities  (NoteD1.1)
14 11
Contract liabilities  (NoteB2(c))
121 141
Provisions (NoteH2)
40 26
Other financial liabilities  (NoteH1)
87 40
Current tax payable 181 157
Interest-bearing borrowings  (NoteC5)
754 593
2,905 2,127
Net current assets  1,028 877
     
Non-current liabilities 
Deferred tax liabilities  (NoteB3(b))
392 294
Other long-term payables  (NoteE3)
105 108
Lease liabilities  (NoteD1.1)
244 215
Provisions  (NoteH2)
64 38
Other financial liabilities  (NoteH1)
56 98
Interest-bearing borrowings  (NoteC5)
6,637 7,135
Contract liabilities  (NoteB2(c))
74 71
7,572 7,959
Total liabilities  10,477 10,086
Net assets 3,918 3,476
     
Equity attributable to owners of the Company:
Share capital  (NoteC2)
566 566
Reserve for own shares  (NoteC3)
(15) (11)
Other reserves  (NoteC3)
(133) (369)
Revenue reserve  3,349 3,153
3,767 3,339
Non-controlling interests  (NoteG2)
151 137
Total equity  3,918 3,476
Footnote

The accompanying notes are referenced to the 2021 financial statements and form an integral part of these financial statements.

 

 

Year Ended December 31 2021 2020
(S$ million)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year:
Continuing operations
300 179
Discontinued operation - (1,300)
Adjustments for:
Dividend  (2) (2)
Finance income  (26) (73)
Finance costs 423 569
Depreciation and amortisation 457 579
Amortisation of deferred income and capital grants (4) (4)
Share of results of associates and joint ventures, net of tax (206) (233)
(Gain) / Loss on disposal of:
-  property, plant and equipment, intangible assets and other financial assets (21) (9)
-  assets held for sale
(3) 30
Loss / (Gain) on disposal and liquidation of subsidiaries 3 (20)
Changes in fair value of financial instruments
(29) 25
Loss on the Distribution
- 970
Equity settled share-based compensation expenses 14 8
Allowance for:
- impairment of investment in an associate and a joint venture
212 113
- impairment loss in value of assets and assets written off, net 11 70
- impairment of goodwill - 27
- expected credit loss 19 11
- intangible assets
* 6
- impairment on assets held for sale 1 4
Negative goodwill
- (17)
Provision for remediation of legacy sites
30 4
Inventories written down and allowance for stock obsolescence (net) 2 134
Tax expense / (credit) (NoteB3(a)) 123 (25)
Operating profit before working capital changes
1,304 1,046
     
Changes in working capital:
Inventories (28) (50)
Receivables  (Note(i)) (489) (51)
Payables 498 (301)
Contract costs * (5)
Contract assets (13) (163)
Contract liabilities (17) 118
1,255 594
Tax paid (36) (103)
Net cash from operating activities 1,219 491
     
CASH FLOWS FROM INVESTING ACTIVITIES
Dividend received 95 198
Interest received 30 68
Proceeds from:
-  disposal of interests in subsidiaries, net of cash disposed
- 54
-  divestment of asset held for sale 30 47
-  sale of property, plant and equipment 17 14
-  sale of intangible assets * *
-  disposal of other financial assets and business 311 150
Loan repayment from related parties
- 1
Non-trade balances with related corporations, net of repayment
- 5
Acquisition of subsidiaries, net of cash acquired
- (9)
Acquisition of additional investments in joint ventures and associates * (2)
Acquisition of other financial assets (293) (165)
Purchase of property, plant and equipment and investment properties
(282) (318)
Purchase of intangible assets (8) (15)
Distribution in specie, net of cash in SCM - (1,309)
Net cash used in investing activities (100) (1,281)
     
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issued to non-controlling interests of subsidiaries - 599
Proceeds from share options exercised with issue of treasury shares - (1)
Purchase of treasury shares (13) (15)
Repayment of lease liabilities (15) (28)
Proceeds from borrowings
3,403 5,241
Repayment of borrowings
(3,752) (4,351)
Dividends paid to owners of the Company
(107) (54)
Dividends paid to non-controlling interests of subsidiaries (17) (8)
(Payment) / Receipt in restricted cash held as collateral (24) 5
Perpetual securities distribution paid - (818)
Capital reduction paid to non-controlling interests - *
Interest paid
(330) (515)
Net cash (used in) / from financing activities (855) 55
     
Net increase / (decrease) in cash and cash equivalents 264 (735)
Cash and cash equivalents at beginning of the year
1,009 1,740
Effect of exchange rate changes on balances held in foreign currency 24 4
Cash and cash equivalents at end of the year  (NoteE4) 1,297 1,009
Footnote

* Less than S$1 million.

i. In 2020, the Group has received strategic spares of S$16 million as settlement with a vendor recognised in 2019 under other receivables.

ii. In September 2020, the Company subscribed to SCM’s S$1.5 billion equity rights issue through the conversion of a loan receivable from SCM. The Company subsequently distributed all its shares in SCM to its ordinary shareholders through a distribution in specie (Note C4).

The accompanying notes are referenced to the 2021 financial statements and form an integral part of these financial statements.

 

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