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.
2 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 tax1 (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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