| |
|
| |
| |
|
Group |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
|
|
|
Commitments not provided for in the financial statements are as follows: |
|
|
Capital expenditure for: |
|
|
– Commitments in respect of contracts placed |
1,348,777 |
56,502 |
– Amounts approved by directors but not contracted |
168,882 |
121,988 |
– Uncalled capital and commitments to subscribe for additional shares in investments |
146,348 |
137,870 |
|
1,664,007 |
316,360 |
|
| |
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 |
|
2009 |
2008 |
2009 |
2008 |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
Lease payments due: |
|
|
|
|
Within 1 year |
21,538 |
24,447 |
6,092 |
6,213 |
Between 1 and 5 years |
48,089 |
40,696 |
14,118 |
18,019 |
After 5 years |
289,410 |
79,629 |
31,947 |
36,260 |
|
359,037 |
144,772 |
52,157 |
60,492 |
|
| |
| i. |
On January 15, 1999, 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 to import natural gas over a period of 15 years, with
first delivery of gas targeted to take place in 2011.
The Group leases out its investment properties. Non-cancellable operating lease rentals are receivable as follows: |
|
| |
|
Group |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
Lease receivable: |
|
|
Within 1 year |
2,625 |
3,097 |
Between 1 and 5 years |
3,375 |
4,848 |
|
6,000 |
7,945 |
|
| |
| |
| a. |
Operating Segments
For management purposes, the Group is organised into business units based on their products and services, and has
five reportable operating segments as follows:
| i. |
The Utilities segment’s principal activities are in the provision of energy, water and on-site logistics and services to customers including companies in energy intensive industry clusters. It operates in Singapore, the United Kingdom, China, Vietnam, the United Arab Emirates and Oman. |
| |
|
| ii. |
The Marine segment focuses on repair, building and conversion of ships and rigs, and on offshore engineering. |
| |
|
| iii. |
The Environment segment provides integrated waste management services and undertakes waste-to-resource
businesses in the Asia Pacific region. |
| |
|
| iv. |
The Industrial Parks segment owns, develops, markets and manages integrated industrial parks and townships
in Asia. |
| |
|
| v. |
Others / Corporate segment comprises businesses relating to minting, design and construction activities,
offshore engineering and the corporate companies. |
Management monitors the operating results of its business units separately for the purpose of making decisions
about resource allocation and performance assessment.
Information regarding the results of each reportable segment is included in the table below. Segment performance
is evaluated based on segment profit before income tax, as included in the internal management reports that are
reviewed by the Group President & CEO.
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. |
| |
|
| 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 and total assets are based on the geographical location of the assets. |
| |
|
| |
a. Operating Segments
|
Utilities |
Marine |
Environment |
Industrial Parks |
Others / Corporate |
Elimination |
Total |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
Turnover |
|
|
|
|
|
|
|
External sales |
3,495,412 |
5,723,061 |
185,044 |
14,971 |
153,920 |
— |
9,572,408 |
Inter-segment sales |
31,701 |
1,681 |
2,615 |
3,504 |
37,977 |
(77,478) |
— |
Total |
3,527,113 |
5,724,742 |
187,659 |
18,475 |
191,897 |
(77,478) |
9,572,408 |
|
|
|
|
|
|
|
|
Results |
|
|
|
|
|
|
|
Segment results |
247,405 |
858,331 |
(739) |
11,383 |
(426) |
— |
1,115,954 |
Interest income |
4,602 |
28,806 |
220 |
777 |
27,499 |
(27,930) |
33,974 |
Interest expense |
(36,800) |
(5,329) |
(1,067) |
— |
(25,920) |
27,930 |
(41,186) |
|
215,207 |
881,808 |
(1,586) |
12,160 |
1,153 |
— |
1,108,742 |
Share of results of associates |
10,601 |
12,078 |
15,937 |
5,013 |
— |
— |
43,629 |
Share of results of joint ventures |
34,170 |
7,218 |
— |
17,658 |
6,867 |
— |
65,913 |
|
259,978 |
901,104 |
14,351 |
34,831 |
8,020 |
— |
1,218,284 |
Income tax (expense) / credit |
(46,798) |
(144,276) |
1,217 |
(2,477) |
(10,647) |
— |
(202,981) |
Minority interests |
(1,899) |
(326,654) |
(113) |
(4,022) |
49 |
— |
(332,639) |
Profit for the year |
211,281 |
430,174 |
15,455 |
28,332 |
(2,578) |
— |
682,664 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Segment assets |
3,567,887 |
4,421,099 |
141,154 |
187,587 |
1,219,278 |
(1,394,458) |
8,142,547 |
Interests in associates |
— |
240,033 |
80,523 |
298,273 |
— |
— |
618,829 |
Interests in joint ventures |
119,919 |
43,627 |
— |
86,661 |
61,514 |
— |
311,721 |
Tax assets |
25,670 |
1,752 |
8,703 |
1,560 |
219,596 |
— |
257,281 |
Total assets |
3,713,476 |
4,706,511 |
230,380 |
574,081 |
1,500,388 |
(1,394,458) |
9,330,378 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Segment liabilities |
2,183,293 |
2,402,539 |
72,464 |
31,092 |
1,103,810 |
(1,394,458) |
4,398,740 |
Tax liabilities |
267,753 |
323,575 |
9,148 |
13,127 |
82,500 |
— |
696,103 |
Total liabilities |
2,451,046 |
2,726,114 |
81,612 |
44,219 |
1,186,310 |
(1,394,458) |
5,094,843 |
|
|
|
|
|
|
|
|
Capital expenditure |
330,036 |
66,994 |
7,173 |
362 |
2,876 |
— |
407,441 |
|
|
|
|
|
|
|
|
Significant non-cash items |
|
|
|
|
|
|
|
Depreciation and amortisation |
105,888 |
75,621 |
10,432 |
2,166 |
5,596 |
— |
199,703 |
Other non-cash items (including provisions, loss on disposal and exchange differences) |
21,741 |
63,584 |
740 |
2,388 |
276 |
— |
88,729 |
|
|
|
|
|
|
|
|
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 |
|
| |
|
| |
b. Geographical Segments
|
Singapore |
Rest of Asia |
Europe |
Others |
Consolidated |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
2009 |
|
|
|
|
|
Revenue from external customers |
3,915,779 |
1,353,896 |
2,553,376 |
1,749,357 |
9,572,408 |
Total assets |
7,059,045 |
1,020,742 |
686,999 |
563,592 |
9,330,378 |
Segment assets |
6,550,654 |
368,937 |
674,908 |
548,048 |
8,142,547 |
Capital expenditure |
92,002 |
38,453 |
23,046 |
253,940 |
407,441 |
|
|
|
|
|
|
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 |
|
|
|
| |
|
| |
|
|
|
|
|
