Commitments not provided for in the financial statements are as follows:
|
Group |
|
2008 |
2007 |
|
S$’000 |
S$’000 |
|
|
|
Capital expenditure for: |
|
|
– Commitments in respect of contracts placed |
56,502 |
56,961 |
– Amounts approved by directors but not contracted |
121,988 |
122,720 |
– Uncalled capital and commitments to subscribe for additional shares in investments |
137,870 |
123,220 |
|
316,360 |
302,901 |
At the balance sheet date, commitments in respect of payments for non-cancellable operating leases with a term of more than one year are as follows:
|
Group |
Company |
|
2008 |
2007 |
2008 |
2007 |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
Lease payments due: |
|
|
|
|
Within 1 year |
24,447 |
25,774 |
6,213 |
808 |
Between 1 and 5 years |
40,696 |
49,462 |
18,019 |
— |
After 5 years |
79,629 |
84,430 |
36,260 |
— |
|
144,772 |
159,666 |
60,492 |
808 |
| i. |
On January 15, 1999, Sembcorp Gas Pte Ltd (“SembGas”) entered into a long-term Gas Sales Agreement to purchase natural gas over a period of 22 years. SembGas also entered into agreements with certain customers for the on-sale of this gas, which agreements incorporated provisions, which specifically deal with, inter-alia, SembGas’ liability for shortfalls in deliveries of gas and relief from such liability in certain circumstances. |
| ii. |
On April 15, 2008, SembGas entered into another agreement (which agreement became unconditional and effective as of October 31, 2008) to import natural gas over a period of 15 years, with first delivery of gas targeted to take place between 2010 and 2011. |
The Group leases out its investment properties. Non-cancellable operating lease rentals are receivable as follows:
|
Group |
|
2008 |
2007 |
|
S$’000 |
S$’000 |
Lease receivable: |
|
|
Within 1 year |
3,097 |
2,484 |
Between 1 and 5 years |
4,848 |
3,952 |
|
7,945 |
6,436 |
Segment information is presented in respect of the Group’s business and geographical segments. The business segments are based on the Group’s management and internal reporting structure.
Inter-segment pricing is determined on mutually agreed terms.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
| a. |
Business Segments
The Group comprises the following main business segments:
The Utilities segment’s principal activities are in provision of centralised utilities, energy and water. It offers industrial utilities and services such as energy, steam, industrial water and wastewater treatment to energy intensive users. It operates in Singapore, the United Kingdom, China, Vietnam and the United Arab Emirates.
The Marine segment focuses on repair, building and conversion of ships and rigs, and on offshore engineering.
The Environment segment provides integrated waste management services and undertakes waste-to-resource businesses in the Asia Pacific region.
The Industrial Parks segment owns, develops, markets and manages industrial parks and townships in Asia.
Others / Corporate segment comprises businesses relating to minting, design and construction activities, offshore engineering and the corporate companies. |
| |
|
| b. |
Geographical Segments
The Group operates in three principal geographical areas, Singapore, Europe and the Rest of Asia. In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the assets. |
| |
|
| |
a. Business Segments
|
Utilities |
Marine |
Environment |
Industrial Parks |
Others / Corporate |
Elimination |
Total |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
|
|
2008 |
|
|
|
|
|
|
|
Turnover |
|
|
|
|
|
|
|
External sales |
4,477,509 |
5,061,032 |
213,762 |
16,233 |
159,877 |
— |
9,928,413 |
Inter-segment sales |
38,912 |
2,916 |
3,038 |
2,618 |
26,177 |
(73,661) |
— |
Total |
4,516,421 |
5,063,948 |
216,800 |
18,851 |
186,054 |
(73,661) |
9,928,413 |
|
|
|
|
|
|
|
|
Results |
|
|
|
|
|
|
|
Segment results |
289,866 |
467,031 |
(9,819) |
7,575 |
(10,169) |
— |
744,484 |
Interest income |
10,263 |
25,130 |
221 |
1,329 |
28,670 |
(29,841) |
35,772 |
Interest expense |
(40,725) |
(11,370) |
(2,366) |
609 |
(20,396) |
29,841 |
(44,407) |
|
259,404 |
480,791 |
(11,964) |
9,513 |
(1,895) |
— |
735,849 |
Share of results of associates |
568 |
55,304 |
16,590 |
8,410 |
— |
— |
80,872 |
Share of results of joint ventures |
15,920 |
8,174 |
— |
18,753 |
2,377 |
— |
45,224 |
|
275,892 |
544,269 |
4,626 |
36,676 |
482 |
— |
861,945 |
Income tax (expense) / credit |
(46,655) |
(91,937) |
(877) |
(460) |
8,978 |
— |
(130,951) |
Minority interests |
(28,925) |
(188,641) |
(1,618) |
(4,667) |
(82) |
— |
(223,933) |
Profit for the year |
200,312 |
263,691 |
2,131 |
31,549 |
9,378 |
— |
507,061 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Segment assets |
2,865,194 |
4,331,584 |
162,884 |
195,780 |
941,664 |
(1,170,313) |
7,326,793 |
Interests in associates |
5 |
249,086 |
43,139 |
272,158 |
— |
— |
564,388 |
Interests in joint ventures |
110,387 |
36,409 |
1,097 |
74,854 |
58,069 |
— |
280,816 |
Tax assets |
24,504 |
14,129 |
4,730 |
14,809 |
236,941 |
— |
295,113 |
Total assets |
3,000,090 |
4,631,208 |
211,850 |
557,601 |
1,236,674 |
(1,170,313) |
8,467,110 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Segment liabilities |
1,824,956 |
3,018,813 |
80,586 |
33,641 |
892,728 |
(1,170,313) |
4,680,411 |
Tax liabilities |
218,466 |
232,510 |
6,880 |
14,537 |
49,449 |
— |
521,842 |
Total liabilities |
2,043,422 |
3,251,323 |
87,466 |
48,178 |
942,177 |
(1,170,313) |
5,202,253 |
|
|
|
|
|
|
|
|
Capital expenditure |
251,870 |
104,097 |
7,345 |
849 |
3,982 |
— |
368,143 |
|
|
|
|
|
|
|
|
Significant non-cash items |
|
|
|
|
|
|
|
Depreciation and amortisation |
106,742 |
71,578 |
9,554 |
1,962 |
5,233 |
— |
195,069 |
Other non-cash items (including provisions, loss on disposal and exchange differences) |
8,158 |
97,531 |
462 |
4,681 |
793 |
— |
111,625 |
|
|
|
|
|
|
|
|
2007 |
|
|
|
|
|
|
|
Turnover |
|
|
|
|
|
|
|
External sales |
3,736,082 |
4,511,582 |
205,074 |
23,335 |
142,705 |
— |
8,618,778 |
Inter-segment sales |
29,506 |
1,541 |
2,415 |
2,502 |
4,522 |
(40,486) |
— |
Total |
3,765,588 |
4,513,123 |
207,489 |
25,837 |
147,227 |
(40,486) |
8,618,778 |
|
|
|
|
|
|
|
|
Results |
|
|
|
|
|
|
|
Segment results |
302,056 |
277,002 |
1,680 |
55,418 |
4,970 |
— |
641,126 |
Interest income |
16,901 |
21,486 |
725 |
3,349 |
28,134 |
(23,886) |
46,709 |
Interest expense |
(40,940) |
(13,692) |
(2,275) |
— |
(20,904) |
23,886 |
(53,925) |
|
278,017 |
284,796 |
130 |
58,767 |
12,200 |
— |
633,910 |
Share of results of associates |
2,289 |
68,133 |
16,946 |
9,485 |
— |
— |
96,853 |
Share of results of joint ventures |
23,980 |
5,515 |
(1,868) |
19,631 |
9,085 |
— |
56,343 |
|
304,286 |
358,444 |
15,208 |
87,883 |
21,285 |
— |
787,106 |
Income tax (expense) / credit |
(59,160) |
(103,929) |
(1,199) |
(10,124) |
38,648 |
— |
(135,764) |
Minority interests |
(14,899) |
(104,152) |
(364) |
(5,055) |
(655) |
— |
(125,125) |
Profit for the year |
230,227 |
150,363 |
13,645 |
72,704 |
59,278 |
— |
526,217 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Segment assets |
2,952,750 |
4,250,332 |
211,662 |
201,623 |
695,349 |
(641,074) |
7,670,642 |
Interests in associates |
5 |
193,368 |
54,929 |
267,185 |
— |
— |
515,487 |
Interests in joint ventures |
119,817 |
28,020 |
1,097 |
69,528 |
51,927 |
— |
270,389 |
Tax assets |
36,544 |
5,086 |
3,468 |
13,453 |
194,263 |
— |
252,814 |
Total assets |
3,109,116 |
4,476,806 |
271,156 |
551,789 |
941,539 |
(641,074) |
8,709,332 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Segment liabilities |
1,714,207 |
2,469,233 |
124,765 |
36,521 |
620,979 |
(641,074) |
4,324,631 |
Tax liabilities |
243,449 |
287,809 |
4,910 |
17,802 |
702 |
— |
554,672 |
Total liabilities |
1,957,656 |
2,757,042 |
129,675 |
54,323 |
621,681 |
(641,074) |
4,879,303 |
|
|
|
|
|
|
|
|
Capital expenditure |
324,125 |
106,764 |
25,434 |
185 |
3,142 |
— |
459,650 |
|
|
|
|
|
|
|
|
Significant non-cash items |
|
|
|
|
|
|
|
Depreciation and amortisation |
102,672 |
64,441 |
7,291 |
2,800 |
5,655 |
— |
182,859 |
Other non-cash items (including provisions, loss on disposal and exchange differences) |
5,591 |
10,293 |
1,052 |
8,380 |
3,037 |
— |
28,353 |
|
| |
|
| |
b. Geographical Segments
|
Singapore |
Rest of Asia |
Europe |
Others |
Consolidated |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
2008 |
|
|
|
|
|
Revenue from external customers |
5,415,489 |
1,691,070 |
2,194,717 |
627,137 |
9,928,413 |
Total assets |
6,843,700 |
959,358 |
633,638 |
30,414 |
8,467,110 |
Segment assets |
6,335,017 |
338,649 |
622,713 |
30,414 |
7,326,793 |
Capital expenditure |
187,166 |
118,328 |
62,465 |
184 |
368,143 |
|
|
|
|
|
|
2007 |
|
|
|
|
|
Revenue from external customers |
4,176,229 |
1,139,538 |
3,019,328 |
283,683 |
8,618,778 |
Total assets |
6,878,175 |
849,204 |
928,626 |
53,327 |
8,709,332 |
Segment assets |
6,411,462 |
297,798 |
910,273 |
51,109 |
7,670,642 |
Capital expenditure |
245,588 |
63,698 |
149,937 |
427 |
459,650 |
|
|
|
|
|
|
