Results & Reports

2020 2019
For the Year (S$ million)    
Continuing Operations
Turnover 5,447 6,735
Earnings before interest, tax, depreciation and amortisation (EBITDA)1 1,184 1,427
Earnings before interest and tax
442 706
Share of results: Associates & JVs, net of tax
233 186
Profit before tax 211 448
Net profit before exceptional items 301 456
Net profit from continuing operations 157 305
     
Discontinued Operation
Loss from discontinued operation, net of tax (184) (58)
Loss on the Distribution (970) -
Loss from discontinued operation
(1,154) (58)
Group net (loss) / profit
(997) 247
At Year End (S$ million)    
Property, plant and equipment, right-of-use assets and investment properties 7,339 12,331
Other non-current assets
3,219 4,826
Net current assets
887 83
Non-current liabilities
(7,959) (9,361)
Net assets
3,476 7,879
     
Share capital and reserves (including perpetual securities) 3,339 6,871
Non-controlling interests 137 1,008
Total equity
3,476 7,879
Per Share
   
Earnings (cents)
(56.81) 11.81
Net assets (S$)
1.87 3.85
Dividends (cents)
4.0 5.0
Financial Ratios
   
Return on equity (%) 3.0 3.5
Return on total assets (%) 3.7 3.5
Interest cover (times)
2.4 2.6
Total debt-to-capitalisation ratio 0.69 0.58
Total debt-to-capitalisation ratio (less cash and cash equivalents) 0.60 0.48
Footnote

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

2020 2019
GROUP (S$ million)    
TURNOVER
Energy 5,266 6,138
Marine1 - 2,883
Urban 9 280
Other Businesses 172 317
TOTAL
5,447 9,618
     
NET PROFIT
Energy 160 195
Marine1 - (85)
Urban 92 117
Other Businesses (62) 18
Corporate (33) (25)
TOTAL
157 247
Energy
   
TURNOVER2
By Geography
Singapore 2,764 3,525
Rest of Southeast Asia
66 62
China
187 219
India
1,573 1,614
UK
460 496
Rest of the World*
228 254
TOTAL 5,278 6,170
     
By Product Segment
Gas & Thermal Power
4,472 5,271
Renewable Power
272 254
Water & Others
534 645
TOTAL
5,278 6,170
     
NET PROFIT
By Geography
Singapore 76 102
Rest of Southeast Asia 18 42
China 100 106
India 50 100
UK 7 22
Rest of the World* 94 69
Corporate (48) (81)
Net Profit before exceptional items 297 360
Exceptional items (137) (165)
TOTAL 160 195
     
By Product Segment
Gas & Thermal Power 192 235
Renewable Power 52 80
Water & Others 101 126
Corporate (48) (81)
Net Profit before exceptional items 297 360
Exceptional items (137) (165)
TOTAL 160 195
Footnote

1 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 is reported under discontinued operation.

Turnover figures are before intercompany elimination.

* Rest of the World includes the Americas, Australia, Bangladesh, Middle East and South Africa. The subsidiary in Australia was divested in September 2019.

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.

 

Year Ended December 31 2020 2019
Continuing operations
(S$ million)
Turnover  (NoteB1,B2)
5,447 6,735
Cost of sales (4,660) (5,735)
Gross profit 787 982
General and administrative expenses (344) (356)
Other operating income  126 189
Non-operating income 49 26
Non-operating expenses (176) (135)
Finance income  (NoteC7)
35 39
Finance costs  (NoteC7)
(499) (483)
Share of results of associates and joint ventures, net of tax 233 186
Profit before tax 211 448
Tax expense  (NoteB3)
(32) (115)
Profit from continuing operations1  (NoteB4)
179 333
     
Discontinued operation
Loss from discontinued operation, net of tax(NoteG3) (330) (116)
Loss on the Distribution (970) -
Loss from discontinued operation (1,300) (116)
(Loss) / Profit for the year (1,121) 217
     
Profit attributable to:
Owners of the Company:
Profit for the year from continuing operations 157 305
Loss for the year from discontinued operation (1,154) (58)
(Loss) / Profit for the year attributable to owners of the Company (997) 247
Non-controlling interests:
Profit for the year from continuing operations 22 28
Loss for the year from discontinued operation (146) (58)
Loss for the year attributable to non-controlling interests (124) (30)
(Loss) / Profit for the year (1,121) 217
Earnings per share (cents):  (NoteB5)
Basic (56.81) 11.81
Diluted (56.81) 11.74
     
Earnings per share (cents) - Continuing operations:   (NoteB5)
Basic 7.84 15.06
Diluted 7.78 14.96
Footnote

1 After elimination of inter-segment finance income of S$38 million (2019: S$27 million) with corresponding reduction of inter-segment finance expense in discontinued operation. 

The accompanying notes are referenced to the 2020 financial statements and form an integral part of these financial statements.

 

As at December 31 2020 2019
(S$ million)
Non-current assets
Property, plant and equipment  (NoteD1)
7,204 12,203
Investment properties  (NoteD2)
135 128
Associates and joint ventures  (NoteG5)
1,588 1,696
Other financial assets  (NoteH2)
250 266
Trade and other receivables  (NoteE1)
995 2,170
Contract costs  (NoteB2(c))
1 2
Intangible assets  (NoteD3)
348 630
Deferred tax assets  (NoteB3(b))
37 62
 
10,588 17,157
     
Current assets
Inventories  (NoteE2)
196 386
Trade and other receivables  (NoteE1)
1,571 2,048
Contract assets (NoteB2(c))
15 1,501
Contract costs  (NoteB2(c))
1 90
Assets held for sale  (NoteB6)
30 75
Other financial assets  (NoteH2)
159 228
Cash and cash equivalents  (NoteE4)
1,032 1,767
3,004 6,095
Total assets 13,562 23,252
     
Current liabilities 
Trade and other payables  (NoteE3)
1,159 2,844
Lease liabilities  (NoteD1.1)
11 34
Contract liabilities  (NoteB2(c))
141 172
Provisions (NoteH3)
26 34
Liabilities held for sale  (NoteB6)
- 31
Other financial liabilities  (NoteH2)
40 50
Current tax payable 157 204
Interest-bearing borrowings  (NoteC6)
593 2,643
2,127 6,012
Net current assets  877 83
     
Non-current liabilities 
Deferred tax liabilities  (NoteB3(b))
294 348
Other long-term payables  (NoteE3)
108 131
Lease liabilities  (NoteD1.1)
215 470
Provisions  (NoteH3)
38 142
Other financial liabilities  (NoteH2)
98 44
Interest-bearing borrowings  (NoteC6)
7,135 8,157
Contract liabilities  (NoteB2(c))
71 69
7,959 9,361
Total liabilities  10,086 15,373
Net assets 3,476 7,879
     
Equity attributable to owners of the Company:
Share capital  (NoteC2)
566 566
Reserve for own shares  (NoteC3)
(11) (4)
Other reserves  (NoteC3)
(369) (319)
Revenue reserve  3,153 5,827
3,339 6,070
Perpetual securities  (NoteC4)
- 801
3,339 6,871
Non-controlling interests  (NoteG4)
137 1,008
Total equity  3,476 7,879
Footnote

The accompanying notes are referenced to the 2020 financial statements and form an integral part of these financial statements.

 

 

Year Ended December 31 2020 2019
(S$ million)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year:
Continuing operations 179 333
Discontinued operation (1,300) (116)
Adjustments for:
Dividend  (2) *
Finance income  (73) (132)
Finance costs 569 586
Depreciation and amortisation 579 682
Amortisation of deferred income and capital grants (4) -
Share of results of associates and joint ventures, net of tax (233) (184)
(Gain) / Loss on disposal of:
-  property, plant and equipment, intangible assets and other financial assets (9) (21)
-  assets held for sale
30 (70)
Gain on disposal and liquidation of investments in subsidiaries (20) (16)
Changes in fair value of financial instruments
25 8
Loss on the Distribution
970 -
Equity settled share-based compensation expenses 8 10
Allowance for:
- impairment of investment in an associate and a joint venture
113 -
- impairment loss in value of assets and assets written off, net 70 96
- impairment of goodwill 27 65
- expected credit loss
12 7
- intangible assets
6 64
- impairment on assets reclassified to held for sale 4 64
Negative goodwill
(17) (6)
Provision for fines
- 7
Provision for site restoration 4 -
Inventories written down and allowance for stock obsolescence (net) 134 *
Tax expense  (NoteB3(a))
(25) 78
Operating profit before working capital changes
1,047 1,455
     
Changes in working capital:
Inventories (50) 124
Receivables  (Note(b))
(51) 239
Payables (302) (206)
Contract costs (5) 188
Contract assets (163) (479)
Contract liabilities 118 (245)
594 1,076
Tax paid (103) (99)
Net cash from operating activities 491 977
     
CASH FLOWS FROM INVESTING ACTIVITIES
Dividend received 198 229
Interest received 68 104
Proceeds from:
-  disposal of interests in subsidiaries, net of cash disposed
54 (10)
-  divestment of asset held for sale 47 197
-  sale of property, plant and equipment 14 27
-  sale of intangible assets * 7
-  disposal of other financial assets and business 150 503
Loan repayment from related parties
1 10
Non-trade balances with related corporations, net of repayment
5 (2)
Acquisition of subsidiaries, net of cash acquired
(9) -
Acquisition of additional investments in joint ventures and associates (2) (11)
Acquisition of other financial assets (165) (567)
Purchase of property, plant and equipment and investment properties  (Note(c)) (318) (925)
Purchase of intangible assets (15) (9)
Cash balances transferred to held for sale, net of advance received - (4)
Distribution in specie, net of cash in SCM (1,309) -
Net cash used in investing activities (1,281) (451)
     
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issued to non-controlling interests of subsidiaries 599 19
Proceeds from share options exercised with issue of treasury shares (1) -
Purchase of treasury shares (15) (4)
Repayment of lease liability
(28) (35)
Proceeds from borrowings
5,241 4,007
Repayment of borrowings
(4,351) (3,886)
Acquisition of non-controlling interests
- (91)
Dividends paid to owners of the Company
(54) (71)
Dividends paid to non-controlling interests of subsidiaries (8) (20)
(Payment) / receipt in restricted cash held as collateral
5 (27)
Perpetual securities distribution paid (818) (36)
Capital reduction paid to non-controlling interests * (4)
Interest paid
(515) (544)
Net cash from / (used in) financing activities
55 (692)
     
Net decrease in cash and cash equivalents
(735) (166)
Cash and cash equivalents at beginning of the year
1,740 1,923
Effect of exchange rate changes on balances held in foreign currency 4 (17)
Cash and cash equivalents at end of the year  (NoteE4) 1,009 1,740
Footnote

* Less than S$1 million.

a. 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.

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

c. In 2019, SCM acquired property, plant and equipment with an aggregate cost of S$1,068 million of which S$48 million was settled via offset of payables and dividend receivable from a joint venture (Note D1(xiii)).

d. In 2019, S$24 million was advance paid to a supplier in prior year and S$3 million relates to provision for restoration costs as disclosed in Note H3. Included in the Group’s trade and other payables is an amount of S$256 million relating to accrued capital expenditure.

e. In 2019, the Group acquired intangible assets with an aggregate cost of S$18 million of which S$9 million was acquired by means of a swap of shares in Note D3(c).

f. In 2019, changes in receivables included an amount of S$58 million of service concession receivables from the 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. In 2020, all power plants have commenced commercial operations.

The accompanying notes are referenced to the 2020 financial statements and form an integral part of these financial statements.

 

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