Our Phu My 3 power plant in Vietnam (pictured) began commercial operations in March 2004.



Performance at a Glance

Group Financial Highlights
2005 2004 Change (%)
For The Year (S$ million)
Turnover 7,409 5,944 25%
EBITDA 668 1,112 -40%
Profit before tax 508 982 -48%
Profit attributable to shareholders
of the Company
- before exceptional items 278 228 22%
- after exceptional items 303 391 -23%
Capital expenditure 351 281 25%
At Year End (S$ million)
Shareholders' funds 2,000 1,958 2%
Total assets 7,319 8,018 -9%
Net cash 125 194 -36%
Operating cashflow 828 495 67%
Free cashflow  968 1,974 -51%
Per Share
Earnings (cents)
- before exceptional items 15.74 12.49 26%
- after exceptional items 17.14 21.47 -20%
Net assets ($) 1.14 1.07 7%
Net tangible assets ($) 1.06 0.99 7%
Gross dividends (cents) 6.50 11.25 -42%
Gross dividend yield (%) * 2.4 6.9 -65%
Financial Ratios
Return on equity (%)
- before exceptional items 14.2 12.8 11%
- after exceptional items 15.3 21.1 -27%
Return on total assets (%)
- before exceptional items 5.5 5.9 -7%
- after exceptional items 6.1  13.5 -55%
Interest cover (times) 12 15 -20%
Net gearing (times) Net Cash  Net Cash   NM 
Productivity Data (S$ million)
Economic value added 251 306 -18%
# Based on the closing price of S$2.74 for 2005 and S$1.62 for 2004 respectively.