Results & Reports
| 2022* | 2021* | |
|---|---|---|
| For the Year (S$ million) | ||
| Turnover
|
7,825 | 6,408 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA)1 | 1,308 | 885 |
| Share of results: Associates & JVs, net of tax
|
248 | 206 |
| Adjusted EBITDA2 | 1,556 | 1,091 |
| Net profit before exceptional items | 739 | 323 |
| Exceptional items
|
(35) | (193) |
| Net profit from continuing operations | 704 | 130 |
| Net profit from discontinued operation |
144 | 149 |
| Net profit | 848 | 279 |
| At Year End (S$ million) | ||
| Property, plant and equipment, and investment properties | 5,438 | 7,232 |
| Other non-current assets
|
4,074 | 3,230 |
| Net current assets
|
1,687 | 1,028 |
| Non-current liabilities
|
(6,983) | (7,572) |
| Net assets
|
4,216 | 3,918 |
| Share capital and reserves | 3,977 | 3,767 |
| Non-controlling interests | 239 | 151 |
| Total equity
|
4,216 | 3,918 |
| Per Share
|
||
| Net assets (S$) | 2.24 | 2.12 |
| Earnings (cents)
|
47.59 | 15.64 |
| Earnings - continuing operations (cents) | 39.51 | 7.29 |
| Dividends (cents)
|
12.0 | 5.0 |
| Financial Ratios
|
||
| Return on equity (%) | 18.2 | 3.7 |
| Interest cover (times)
|
4.2 | 3.0 |
| Total debt-to-capitalisation ratio | 0.63 | 0.65 |
| Net debt-to-capitalisation ratio
|
0.52 | 0.53 |
Footnote
* On November 8, 2022, shareholders of the Company approved the sale of SEIL. Consequently, SEIL was classified as a disposal group held for sale and as a discontinued operation, with comparative information of its financial performance re-presented accordingly. The sale of SEIL was completed on January 19, 2023. Group financials shown exclude discontinued operation unless otherwise stated.
1 EBITDA excludes major non-cash items such as the effects of fair value adjustments, re-measurements, impairments and write-offs.
2 Adjusted EBITDA = Reported EBITDA + Share of results: Associates & JVs, net of tax.
| 2022 | 2021 | |
|---|---|---|
| GROUP (S$ million) | ||
| CONTINUING OPERATIONS
|
||
| TURNOVER1 | ||
| Renewables
|
506 | 354 |
| Integrated Urban Solutions
|
444 | 465 |
| Sustainable Solutions
|
950 | 819 |
| Conventional Energy
|
6,547 | 5,292 |
| Other Businesses and Corporate | 328 | 297 |
| TOTAL TURNOVER | 7,825 | 6,408 |
| GROUP EBITDA2 | ||
| Renewables
|
352 | 251 |
| Integrated Urban Solutions
|
130 | 143 |
| Sustainable Solutions
|
482 | 394 |
| Conventional Energy
|
886 | 561 |
| Other Businesses and Corporate
|
(60) | (70) |
| TOTAL EBITDA | 1,308 | 885 |
| ADJUSTED EBITDA3 | ||
| Renewables
|
414 | 278 |
| Integrated Urban Solutions
|
223 | 240 |
| Sustainable Solutions
|
637 | 518 |
| Conventional Energy
|
979 | 642 |
| Other Businesses and Corporate
|
(60) | (69) |
| TOTAL ADJUSTED EBITDA | 1,556 | 1,091 |
| NET PROFIT
|
||
| Renewables
|
140 | 56 |
| Integrated Urban Solutions
|
148 | 155 |
| Sustainable Solutions
|
288 | 211 |
| Conventional Energy
|
622 | 289 |
| Other Businesses
|
23 | 25 |
| Corporate
|
(194) | (202) |
| NET PROFIT before Exceptional Items | 739 | 323 |
| Exceptional Items | (35) | (193) |
| Renewables
|
132 | 56 |
| Integrated Urban Solutions
|
140 | 161 |
| Sustainable Solutions
|
272 | 217 |
| Conventional Energy
|
603 | 90 |
| Other Businesses
|
23 | 25 |
| Corporate
|
(194) | (202) |
| TOTAL NET PROFIT | 704 | 130 |
Footnote
1 Turnover figures are stated before inter-segment eliminations.
2 EBITDA excludes major non-cash items such as the effects of fair value adjustments, re-measurements, impairments and write-offs.
3 Adjusted EBITDA = EBITDA + Share of results: Associates & JVs, net of tax.
Sustainable Solutions include Renewables and Integrated Urban Solutions segments
| Year Ended December 31 | 2022* | 2021* |
|---|---|---|
| (S$ million) | ||
| Continuing operations | ||
| Turnover (NoteB1,B2)
|
7,825 | 6,408 |
| Cost of sales | (6,598) | (5,589) |
| Gross profit | 1,227 | 819 |
| General and administrative expenses | (499) | (393) |
| Other operating income, net | 169 | 114 |
| Non-operating income | 9 | 21 |
| Non-operating expenses | (16) | (218) |
| Finance income (NoteC6)
|
37 | 21 |
| Finance costs (NoteC6)
|
(310) | (296) |
| Share of results: Associates & JVs, net of tax | 248 | 206 |
| Profit before tax | 865 | 274 |
| Tax expense (NoteB3)
|
(138) | (123) |
| Profit from continuing operations1 (NoteB4)
|
727 | 151 |
| Discontinued operation | ||
| Profit from discontinued operation, net of tax1 (NoteG6) | 144 | 149 |
| Profit for the year
|
871 | 300 |
| Profit attributable to: | ||
| Owners of the Company | 848 | 279 |
| Non-controlling interests | 23 | 21 |
| Profit for the year | 871 | 300 |
| Earnings per share (cents): (NoteB5)
|
||
| Basic | 47.59 | 15.64 |
| Diluted |
46.57 | 15.45 |
| Earnings per share (cents) - Continuing operations: (NoteB5) | ||
| Basic | 39.51 | 7.29 |
| Diluted | 38.66 | 7.20 |
Footnote
* Post November 8, 2022, the results of SEIL, the Coal-fired thermal power business in India under the Conventional segment, was classified as discontinued operation. Comparative information is re-presented accordingly.
1 After elimination of inter-segment finance income of S$nil (2021: S$65 million) with corresponding reduction of inter-segment finance expense in discontinued operation.
The accompanying notes are referenced to the 2022 financial statements and form an integral part of these financial statements.
| As at December 31 | 2022 | 2021 |
|---|---|---|
| (S$ million) | ||
| Non-current assets | ||
| Property, plant and equipment (NoteD1)
|
5,305 | 7,094 |
| Investment properties (NoteD2)
|
133 | 138 |
| Associates and joint ventures (NoteG3)
|
2,287 | 1,600 |
| Other financial assets (NoteH1)
|
183 | 219 |
| Trade and other receivables (NoteE1)
|
855 | 982 |
| Contract costs (NoteB2(c))
|
- | 1 |
| Intangible assets (NoteD3)
|
697 | 390 |
| Deferred tax assets (NoteB3(b))
|
52 | 38 |
| Non-current assets |
9,512 | 10,462 |
| Current assets | ||
| Inventories (NoteE2)
|
137 | 222 |
| Trade and other receivables (NoteE1)
|
1,564 | 1,986 |
| Contract assets (NoteB2(c))
|
29 | 28 |
| Contract costs (NoteB2(c))
|
3 | 1 |
| Other financial assets (NoteH1)
|
89 | 352 |
| Cash and cash equivalents (NoteE4)
|
1,254 | 1,344 |
| 3,076 | 3,933 | |
| Assets held for sale (NoteG6)
|
3,432 | - |
| Total assets | 16,020 | 14,395 |
| Current liabilities | ||
| Trade and other payables (NoteE3)
|
1,715 | 1,708 |
| Lease liabilities (NoteD1.1)
|
17 | 14 |
| Contract liabilities (NoteB2(c))
|
139 | 121 |
| Provisions (NoteH2)
|
42 | 40 |
| Other financial liabilities (NoteH1)
|
99 | 87 |
| Current tax payable | 219 | 181 |
| Interest-bearing borrowings (NoteC5)
|
1,096 | 754 |
| Current liabilities | 3,327 | 2,905 |
| Liabilities held for sale (NoteG6) | 1,494 | - |
| Net current assets | 1,687 | 1,028 |
| Non-current liabilities | ||
| Deferred tax liabilities (NoteB3(b))
|
492 | 392 |
| Other long-term payables (NoteE3)
|
93 | 105 |
| Lease liabilities (NoteD1.1)
|
270 | 244 |
| Provisions (NoteH2) |
62 | 64 |
| Other financial liabilities (NoteH1)
|
23 | 56 |
| Interest-bearing borrowings (NoteC5)
|
5,974 | 6,637 |
| Contract liabilities (NoteB2(c))
|
69 | 74 |
| 6,983 | 7,572 | |
| Total liabilities | 11,804 | 10,477 |
| Net assets | 4,216 | 3,918 |
| Equity attributable to owners of the Company: | ||
| Share capital (NoteC2)
|
566 | 566 |
| Reserve for own shares (NoteC3)
|
(31) | (15) |
| Other reserves (NoteC3)
|
(608) | (133) |
| Revenue reserve | 4,050 | 3,349 |
| 3,977 | 3,767 | |
| Non-controlling interests (NoteG2)
|
239 | 151 |
| Total equity | 4,216 | 3,918 |
Footnote
The accompanying notes are referenced to the 2022 financial statements and form an integral part of these financial statements.
| Year Ended December 31 | 2022 | 2021 |
|---|---|---|
| (S$ million) | ||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Profit for the year:
|
||
| Continuing operations
|
727 | 151 |
| Discontinued operation | 144 | 149 |
| Adjustments for:
|
||
| Dividend | (2) | (2) |
| Finance income | (54) | (26) |
| Finance costs | 444 | 423 |
| Depreciation and amortisation | 461 | 457 |
| Amortisation of deferred income and capital grants | (4) | (4) |
| Share of results of associates and joint ventures, net of tax | (248) | (206) |
| Gain on disposal of: | ||
| - property, plant and equipment, intangible assets and other financial assets | (4) | (21) |
| - assets held for sale
|
- | (3) |
| Loss on disposal and liquidation of subsidiaries | * | 3 |
| Changes in fair value of financial instruments
|
4 | (29) |
| Equity settled share-based compensation expenses | 27 | 14 |
| Allowance for: | ||
| – impairment of investment in an associate and a joint venture
|
- | 212 |
| – impairment loss in value of assets and assets written off, net | 31 | 11 |
| – intangible assets | - | * |
| – impairment on assets held for sale | - | 1 |
| Provision for remediation of legacy sites
|
- | 30 |
| Inventories written down and allowance for stock obsolescence (net) | - | 2 |
| Tax expense | 166 | 123 |
| Operating profit before working capital changes
|
1,692 | 1,285 |
| Changes in:
|
||
| Inventories | (51) | (28) |
| Receivables | 277 | (470) |
| Payables | (212) | 498 |
| Contract costs | (2) | * |
| Contract assets | (1) | (13) |
| Contract liabilities | 13 | (17) |
| 1,716 | 1,255 | |
| Tax paid | (64) | (36) |
| Net cash from operating activities | 1,652 | 1,219 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Dividend received | 95 | 95 |
| Interest received | 51 | 30 |
| Proceeds from: | ||
| - disposal of investments in joint ventures and associates | 12 | - |
| - divestment of asset held for sale | - | 30 |
| - sale of property, plant and equipment | 2 | 17 |
| - sale of intangible assets | - | * |
| - disposal of other financial assets and business | 617 | 311 |
| Acquisition of subsidiaries, net of cash acquired | (350) | - |
| Acquisition of additional investments in joint ventures and associates | (630) | * |
| Acquisition of other financial assets | (567) | (293) |
| Purchase of property, plant and equipment and investment properties | (608) | (282) |
| Purchase of intangible assets | (7) | (8) |
| Net cash used in investing activities |
(1,385) | (100) |
| CASH FLOWS FROM FINANCING ACTIVITIES
|
||
| Proceeds from share issued to non-controlling interests of subsidiaries | 21 | - |
| Purchase of treasury shares | (27) | (13) |
| Repayment of lease liabilities | (23) | (15) |
| Proceeds from borrowings | 3,854 | 3,403 |
| Repayment of borrowings | (3,544) | (3,752) |
| Dividends paid to owners of the Company | (125) | (107) |
| Dividends paid to non-controlling interests of subsidiaries | (12) | (17) |
| Receipts / (Payment) in restricted cash held as collateral | 39 | (24) |
| Interest paid | (386) | (330) |
| Net cash used in financing activities | (203) | (855) |
| Net increase in cash and cash equivalents
|
64 | 264 |
| Cash and cash equivalents at beginning of the year | 1,297 | 1,009 |
| Effect of exchange rate changes on balances held in foreign currency | (79) | 24 |
| Cash and cash equivalents at end of the year (including held for sale) | 1,282 | 1,297 |
| Cash and cash equivalents classified as held for sale(NoteG6) | (36) | - |
| Cash and cash equivalents at end of the year (NoteE4) | 1,246 | 1,297 |
Footnote
* Less than S$1 million.
The accompanying notes are referenced to the 2022 financial statements and form an integral part of these financial statements.
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