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$)
|
2.12 | 1.87 |
| Earnings (cents)
|
15.63 | (56.81) |
| Earnings - continuing operations (cents) | 15.63 | 7.84 |
| Dividends (cents)
|
5.0 | 4.0 |
| Financial Ratios
|
||
| Return on equity (%) | 7.9 | 3.0 |
| Interest cover (times)
|
3.0 | 2.4 |
| Total debt-to-capitalisation ratio | 0.65 | 0.69 |
| Total debt-to-capitalisation ratio (less cash and cash equivalents) | 0.53 | 0.60 |
Footnote
1 EBITDA excludes major non-cash items such as the effects of fair value adjustments, re-measurements, impairments and write-offs.
2 Adjusted EBITDA = EBITDA + Share of results: Associates & JVs, net of tax.
3 Following the completion of the distribution in specie of ordinary shares in the capital of Sembcorp Marine Limited to Sembcorp Industries shareholders, the performance of the Marine business for the period from January 1, 2020 to September 11, 2020 was reported as a discontinued operation.
| 2021 | 2020 | |
|---|---|---|
| GROUP (S$ million) | ||
| TURNOVER1 | ||
| 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
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.
| 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 tax1 (NoteG6) | - | (330) |
| Loss on the Distribution2
|
- | (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
1 After elimination of inter-segment finance income of S$nil (2020: S$38 million) with corresponding reduction of inter-segment finance expense in discontinued operation.
2 On September 11, 2020, the Company distributed its holdings of ordinary shares in the capital of a subsidiary, Sembcorp Marine Ltd (SCM) to its shareholders (the Distribution).
3 In computing the 2020 fully diluted earnings per ordinary shares, the weighted average number of shares was not adjusted for the effects of all dilutive potential ordinary shares as at December 31, 2020 as these potential ordinary shares would be antidilutive.
The accompanying notes are referenced to the 2021 financial statements and form an integral part of these financial statements.
| As at December 31 | 2021 | 2020 |
|---|---|---|
| (S$ 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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