| |
|
| |
| |
|
|
Group |
Company |
|
|
2009 |
2008 |
2009 |
2008 |
|
Note |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Secured term loans |
(a) |
56,554 |
81,750 |
— |
— |
Unsecured term loans |
(b) |
227,565 |
202,613 |
— |
— |
Finance lease liabilities |
(c) |
253 |
1,405 |
83 |
— |
|
|
284,372 |
285,768 |
83 |
— |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Secured term loans |
(a) |
259,523 |
319,740 |
— |
— |
Unsecured term loans |
(b) |
335,388 |
200,000 |
— |
— |
Finance lease liabilities |
(c) |
506 |
2,810 |
339 |
— |
|
|
595,417 |
522,550 |
339 |
— |
|
|
879,789 |
808,318 |
422 |
— |
|
| |
Maturity of liabilities (excluding finance lease liabilities)
|
Group |
Company |
|
2009 |
2008 |
2009 |
2008 |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
Within 1 year |
284,119 |
284,363 |
— |
— |
After 1 year but within 5 years |
542,281 |
432,164 |
— |
— |
After 5 years |
52,630 |
87,576 |
— |
— |
Total borrowings |
879,030 |
804,103 |
— |
— |
|
| |
| a. |
Secured Term Loans
The secured loans are collaterised by the following assets: |
|
| |
|
Group |
|
Net Book Value |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
|
|
|
Property, plant and equipment and investment property |
1,044,423 |
925,180 |
|
| |
| b. |
Unsecured Term Loans
Included in the unsecured term loans are medium term notes of the Group as follows:
| • |
In 2004, a wholly-owned subsidiary of the Company, Sembcorp Financial Services Pte Ltd (“SFS”), established
a S$1.5 billion Multicurrency Multi-Issuer Debt Issuance Programme (the “Programme”). Pursuant to this, the
Company, together with SFS and other certain subsidiaries of the Company (the “Issuing Subsidiaries”), may
from time to time issue debt under the Programme subject to availability of funds from the market. The
obligations of the Issuing Subsidiaries under the notes will be fully guaranteed by the Company.
During the year, SFS issued an inaugural S$200 million 5-year note under the Programme. The principal amount
of the notes bears an interest rate of 5.00% per annum and is due by April, 2014.
|
| • |
In 2004, a subsidiary, Sembcorp Marine Ltd (“SCM”) established a S$500 million Multicurrency Multi-Issuer Debt
Issuance Programme (the “Programme”) pursuant to which SCM with its subsidiaries, Jurong Shipyard Pte Ltd
and Sembawang Shipyard Pte Ltd (“Issuing SCM Subsidiaries”), may from time to time issue the notes subject
to availability of funds from the market. The obligations of Issuing SCM Subsidiaries under the notes will be
fully guaranteed by SCM. Subsequent to the year ended December 31, 2009, SCM increased its current MTN
from S$500 million to S$2 billion with the inclusion of SMOE Pte Ltd as one of the Issuing SCM Subsidiaries.
Under the Programme, SCM or any of the Issuing SCM Subsidiaries may from time to time issue notes in series
or tranches in Singapore Dollars and / or any other currency. Such notes are listed on the Singapore Exchange
Securities Trading Limited and are cleared through the Central Depository (Pte) Ltd.
In 2008, the principal amount of the notes issued by SCM amounted to S$150 million and bore an interest rate
of 3.00% per annum. The medium term notes were repaid by SCM in 2009. |
|
|
| |
| c. |
Finance Lease Liabilities
The Group has obligations under finance leases that are payable as follows: |
|
| |
|
2009
 |
2008
|
|
Payments |
Interest |
Principal |
Payments |
Interest |
Principal |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
|
Group |
|
|
|
|
|
|
Within 1 year |
294 |
41 |
253 |
1,574 |
169 |
1,405 |
After 1 year but within 5 years |
559 |
53 |
506 |
3,178 |
368 |
2,810 |
Total |
853 |
94 |
759 |
4,752 |
537 |
4,215 |
|
| |
Under the terms of the lease agreements, no contingent rents are payable. The interest rates range from 2.50% to
7.42% (2008: 2.50% to 7.42%) per annum.
The Company has obligations under finance leases that are payable as follows: |
| |
|
2009
|
2008
|
|
Payments |
Interest |
Principal |
Payments |
Interest |
Principal |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
|
Company |
|
|
|
|
|
|
Within 1 year |
107 |
24 |
83 |
— |
— |
— |
After 1 year but within 5 years |
377 |
38 |
339 |
— |
— |
— |
Total |
484 |
62 |
422 |
— |
— |
— |
|
| |
| Under the terms of the lease agreements, no contingent rents are payable. The effective interest rate is 6.09%
(2008: nil) per annum. |
| |
| |
|
|
Group |
Company |
|
|
2009 |
2008 |
2009 |
2008 |
|
Note |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
Deferred income |
(a) |
103,508 |
91,342 |
10,809 |
3,728 |
Deferred grants |
(b) |
2,171 |
17,815 |
— |
— |
Other long-term payables |
(c) |
3,988 |
6,171 |
— |
— |
Other financial liabilities |
24 |
30,448 |
65,088 |
— |
— |
Amount due to related parties |
25 |
89,018 |
7,651 |
646,700 |
458,734 |
|
|
229,133 |
188,067 |
657,509 |
462,462 |
|
| |
| a. |
Deferred income relates mainly to advance payments received from customers in respect of connection and
capacity charges for the supply and delivery of gas and utilities, the difference between the fair value of the
construction services provided and the fair value of the financial asset receivable. |
| b. |
Deferred grants relate to government grants for capital assets. |
| c. |
Other long-term payables relate primarily to retention monies of subsidiaries. |
|
| |
| |
| Tax effects relating to each component of other comprehensive income |
| |
|
2009
|
2008
|
|
Before
tax |
Tax
expense |
Net
of tax |
Before
tax |
Tax
benefit |
Net
of tax |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
|
Foreign currency translation differences for foreign operations |
(10,562) |
— |
(10,652) |
(84,439) |
— |
(84,439) |
Exchange differences on hedge of net investment in a foreign operation |
(1,744) |
— |
(1,744) |
— |
— |
— |
Exchange differences on monetary items forming part of net investment in a foreign operation |
(2,145) |
— |
(2,145) |
— |
— |
— |
Share of other comprehensive income / (loss) of associates and joint ventures |
68,699 |
— |
68,699 |
(76,585) |
— |
(76,585) |
Cash flow hedges: |
|
|
|
|
|
|
net movement in hedging reserves |
175,620 |
(26,622) |
148,998 |
(212,849) |
35,060 |
(177,789) |
Available-for-sale financial assets: |
|
|
|
|
|
|
net movement in fair value reserve |
38,993 |
(5,249) |
33,744 |
(551,643) |
97,953 |
(453,690) |
Other comprehensive income / (loss) |
268,861 |
(31,871) |
236,990 |
(925,516) |
133,013 |
(792,503) |
|
| |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
|
|
|
Cash flow hedges: |
|
|
Net change in fair value of hedging instruments |
149,743 |
(192,342) |
Less: amount transferred to initial carrying amount of hedged items |
(26) |
— |
Less: amount transferred to profit or loss |
25,903 |
(20,507) |
Income tax |
(26,622) |
35,060 |
Net movement in the hedging reserve during the year recognised in other comprehensive income |
148,998 |
(177,789) |
|
|
|
Available-for-sale financial assets: |
|
|
Changes in fair value |
25,783 |
(550,918) |
Less: amount transferred to profit or loss |
13,210 |
(725) |
Income tax |
(5,249) |
97,953 |
Net change in fair value during the year recognised in other comprehensive income |
33,744 |
(453,690) |
|
| |
| |
|
Group |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
|
|
|
Sale of gas, water, electricity and related services |
3,265,774 |
4,197,760 |
Ship and rig repair, building, conversion and related services |
5,683,941 |
4,989,922 |
Construction and engineering related activities |
131,240 |
131,957 |
Environment management and related services |
185,044 |
213,685 |
Service concession revenue |
184,295 |
129,964 |
Others |
122,114 |
265,125 |
|
9,572,408 |
9,928,413 |
|
| |
| |
|
Group |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
|
|
|
Interest paid and payable to: |
|
|
– banks and others |
39,925 |
43,764 |
Amortisation of capitalised transaction costs and transactions costs written off |
1,467 |
1,099 |
Interest rate swap |
|
|
– fair value through profit or loss |
(206) |
(456) |
|
41,186 |
44,407 |
|
| |
| |
|
Group |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
|
|
|
Current tax expense |
|
|
Current year |
190,410 |
125,311 |
Under / (over) provided in prior years |
228 |
(43,161) |
|
190,638 |
82,150 |
Deferred tax expense |
|
|
Movements in temporary differences |
19,168 |
29,040 |
Under provided in prior years |
1,856 |
19,761 |
Change in tax rate |
(8,681) |
— |
|
12,343 |
48,801 |
Income tax expense |
202,981 |
130,951 |
|
| |
Reconciliation of effective tax rate
|
Group |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
|
|
|
Profit for the year |
1,015,303 |
730,994 |
Total income tax expense |
202,981 |
130,951 |
Share of results of associates and joint ventures |
(109,542) |
(126,096) |
|
|
|
Profit before share of results of associates and joint ventures, and income tax expense |
1,108,742 |
735,849 |
|
|
|
Income tax using Singapore tax rate of 17% (2008: 18%) |
188,486 |
132,453 |
Effect of reduction in tax rates |
(8,681) |
— |
Effect of different tax rates in foreign jurisdictions |
8,363 |
13,013 |
Tax incentives and income not subject to tax |
(11,504) |
(27,924) |
Expenses not deductible for tax purposes |
21,318 |
38,433 |
Utilisation of deferred tax benefits not previously recognised |
(3,239) |
(6,118) |
Under / (over) provided in prior years |
2,084 |
(23,400) |
Deferred tax benefits not recognised |
4,081 |
8,241 |
Others |
2,073 |
(3,747) |
Income tax expense |
202,981 |
130,951 |
|
| |
| On January 22, 2009, the Minister for Finance announced in his Budget speech that the corporate income tax rate will
be reduced from 18% to 17% from the year of assessment 2010. The financial effect of the reduction in tax rate is reflected in the current financial year. |
| |
| |
The following items have been included in arriving at profit for the year:
|
|
|
Group |
|
|
|
2009 |
2008 |
|
|
Note |
S$’000 |
S$’000 |
|
|
|
|
|
a. |
Staff costs |
|
|
|
|
Staff costs |
|
723,880 |
698,409 |
|
|
|
|
|
|
Included in staff costs are: |
|
|
|
|
Share-based payments |
|
27,996 |
31,253 |
|
Contributions to: |
|
|
|
|
– defined benefit plan |
|
2,483 |
3,302 |
|
– defined contribution plan |
|
31,608 |
28,593 |
|
Jobs Credit Scheme, offset against staff costs |
|
(17,987) |
— |
|
|
|
|
|
b. |
Other expenses |
|
|
|
|
Allowance made / (written back) for impairment losses |
|
|
|
|
– property, plant and equipment |
6 |
13,900 |
7,807 |
|
– interests in other investments |
|
13,206 |
486 |
|
– receivables |
|
(53) |
1,291 |
|
– investment properties |
7 |
— |
69 |
|
– inventory obsolescence |
|
393 |
2,465 |
|
– foreseeable losses on construction contracts |
|
(1,034) |
2,957 |
|
Amortisation of intangible assets |
16 |
199 |
102 |
|
Audit fees paid / payable |
|
|
|
|
– auditors of the Company |
|
1,367 |
1,421 |
|
– other auditors |
|
572 |
614 |
|
Non-audit fees paid / payable |
|
|
|
|
– auditors of the Company |
|
143 |
119 |
|
– other auditors |
|
207 |
307 |
|
Depreciation |
|
|
|
|
– property, plant and equipment |
6 |
198,504 |
193,856 |
|
– investment properties |
7 |
1,009 |
1,007 |
|
Professional fee paid to directors or a firm in which a director is a member |
|
127 |
97 |
|
Operating lease expenses |
|
21,094 |
18,623 |
|
Property, plant and equipment written off |
|
6,091 |
3,203 |
|
Inventory written off |
|
37 |
— |
|
Intangible assets written off |
16 |
42 |
100 |
|
Bad debts written off |
|
503 |
237 |
|
|
|
|
|
c. |
Non-operating income / (expenses) (net) |
|
|
|
|
Net exchange loss |
|
(2,494) |
(19,564) |
|
Net change in fair value of derivative instruments |
|
2,475 |
(37,935) |
|
Grants received |
|
|
|
|
– income related |
|
830 |
83 |
|
Gross dividend income |
|
8,379 |
9,771 |
|
Gain / (Loss) from disposal of |
|
|
|
|
– property, plant and equipment (net) |
|
1,794 |
18,393 |
|
– subsidiaries |
|
(14) |
— |
|
– associates |
|
637 |
— |
|
– joint ventures |
|
(145) |
35 |
|
– other financial assets |
|
3,375 |
(38,135) |
|
Interest income |
|
|
|
|
– associates and joint ventures |
|
2,456 |
94 |
|
– banks and others |
|
31,518 |
35,678 |
|
|
|
|
|
d. |
Material and unusual items included in: |
|
|
|
|
Non-operating income (net) |
|
|
|
|
Foreign exchange losses arising from Unauthorised Transactions in a wholly-owned subsidiary of Sembcorp Marine Ltd |
(i) |
— |
(43,749) |
|
Less: Minority interests |
|
— |
16,821 |
|
|
|
— |
(26,928) |
|
| |
| i. |
Arising from the various unauthorised foreign exchange transactions entered into previously by an employee
of a subsidiary of the Company, Sembcorp Marine Ltd (“SCM”), for the account of a subsidiary, Jurong Shipyard
Pte Ltd (“JSPL”), S$43.7 million had been charged to the income statement following the full and final amicable
settlement of BNP Paribas’s claim of S$73.1 million in 2008, strictly on a commercial basis.
Going forward, JSPL intends to recover the S$289.9 million paid to Societe Generale (SG) in 2007 as JSPL’s
position is that the underlying transactions with SG are not valid and binding. If JSPL succeeds in doing so,
there will be an inflow of funds to be recognised in the financial statements at that relevant point in time. |
|
|
| |
|
| |
|
|
|
|
|
