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.

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

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

 

2022 2021
GROUP (S$ million)    
CONTINUING OPERATIONS
TURNOVER
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

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 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 tax(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.

 

back to top