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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