 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Net Operating Profit Before
Income Tax Expense |
|
1,031,631 |
429,345 |
|
|
|
|
| |
|
|
|
|
|
|
|
| Adjust for: |
|
|
|
|
|
|
|
| Share of associates and joint ventures profits |
|
140,399 |
100,942 |
|
|
|
|
| Interest expense |
1 |
54,819 |
68,626 |
|
|
|
|
| Others |
2 |
(9,147) |
28,059 |
|
|
|
|
 |
|
 |
|
| Adjusted Profit before Interest and Tax |
|
1,217,702 |
626,972 |
|
|
|
|
| Cash Operating Taxes |
3 |
4,300 |
(82,451) |
|
|
|
|
|
|
|
|
| Net Operating Profit after Tax (NOPAT) |
|
1,222,002 |
544,521 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Average Capital Employed |
4 |
4,819,462 |
5,275,539 |
|
|
|
|
| Weighted Average Cost of Capital |
5 |
6.2% |
5.6% |
|
|
|
|
|
|
|
|
| Capital Charge |
|
297,303 |
293,511 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Economic Value Added (EVA) |
|
924,699 |
251,010 |
|
|
|
|
| Minority share of EVA |
|
(85,529) |
(60,805) |
|
|
|
|
|
|
|
|
| EVA attributable to shareholders |
|
839,170 |
190,205 |
|
|
|
|
| Less: Unusual items (UI) Gains |
6 |
457,381 |
74,379 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| EVA attributable to shareholders (exclude UI) |
|
381,789 |
115,826 |
|
|
|
|
|
|
|
|
|
| |
| Notes: |
1 |
Interest expense includes imputed interest on present value of operating leases and capitalised interest charged to profit and loss
upon disposal of the assets. |
2 |
Other adjustments include recovery of investment costs, timing difference of allowances made for/(writeback) of doubtful debts,
inventory obsolescence and goodwill written off/amortised/impaired and construction-in-progress. |
3 |
The reported current tax is adjusted for the statutory tax impact of interest expense. |
4 |
Monthly average total assets less non interest-bearing liabilities plus timing provision, goodwill written off/amortised/impaired
and present value of operating leases. |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Major Capital Components: |
|
|
|
|
|
|
|
| Fixed assets |
|
2,600,009 |
2,767,608 |
|
|
|
|
| Investments |
|
1,020,765 |
1,294,420 |
|
|
|
|
| Other long term assets |
|
128,344 |
166,709 |
|
|
|
|
| Net working capital and long term liabilities |
|
1,070,344 |
1,046,802 |
|
|
|
|
|
|
|
|
| Average Capital Employed |
|
4,819,462 |
5,275,539 |
|
|
|
|
|
|
|
|
|
| |
5 |
|
The Weighted Average Cost of Capital is calculated in accordance with SembCorp Industries Ltd Group EVA Policy as follows: |
i |
Cost of Equity using Capital Asset Pricing Model with market risk premium at 6.0% (2005: 6.0%); |
ii |
Risk-free rate of 3.31% (2005: 2.62%) based on yield-to-maturity of Singapore Government 10 years Bonds; |
iii |
Ungeared beta ranging from 0.5 to 1.0 (2005: 0.5 to 1.0) based on SembCorp Industries risk categorisation; and |
iv |
Cost of Debt rate at 4.04% (2005: 3.03%) using 5-year Singapore Dollar Swap Offered Rate plus 75 basis points (2005: 5-year Singapore Dollar Swap Offered Rate plus 75 basis points). |
|
6 |
Unusual items (UI) refer to divestment of subsidiaries, associates, joint ventures, long-term investments and disposal of major fixed assets. |
|
| |
| |
