FY00 PERFORMANCE REVIEW March 1, 2001
HIGHLIGHTS • SembCorp Industries’ PATMI grew 2% to $131m – slightly better than our mid-year estimate • Our strategy is to attain sustainable growth through: (i) strategic alliances and overseas M&As: » Logs completed its Europe link; now building the US link » E&C in advanced stage of negotiation with target companies » Marine in the process of acquiring yards in China, Brazil and Middle East (ii) upcoming investments in Utilities, Power and Environmental Engineering facilities • We are making a global documented offering of up to 185m new ordinary shares via bookbuilding in March 2
REPORTING STRUCTURE SembCorp Industries In SembCorp SembCorp Development SembCorp SembCorp SembCorp Waste Engineers & Utilities Logistics Marine Management Constructors (100%) (64.98%) (63.71%) Pacific Internet (100%) (100%) SembCorp Park Holdings Key Businesses Singapore Food Industries Singapore Mint Others 3
SCOPE • Financial Review • Key Business Review & Outlook • Moving SembCorp Industries Ahead • Share Placement • Management Priorities 4
FINANCIAL REVIEW FINANCIAL REVIEW 5
PROFIT & LOSS PROFIT & LOSS $M FY00 FY99 % Turnover 2,894.9 3,653.1 (21) PBT (before Assocs & JVs) 225.4 229.0 (2) Contribution from Assocs/JVs 39.6 31.9 24 PBT (after Assocs & JVs) 265.0 260.9 2 PATMI 131.0 128.2 2 EI 0.3 269.1 (100) Profit Attributable to Shareholders 131.3 397.3 (67) 6
BALANCE SHEET ITEMS BALANCE SHEET ITEMS $M FY00 FY99 % Share Capital 401.3 400.4 0 Reserves 435.6 768.0 (43) Share Capital & Reserves 836.9 1,168.4 (28) Minority Interests 508.2 659.7 (23) Interest of Preference Shareholders in a Subsidiary - 397.6 NM 1,345.1 2,225.7 (40) 7
CONTRIBUTION TO TURNOVER $M FY00 FY99 % Key Businesses Utilities 302.8 234.7 29 Engineering & Construction 632.9 885.6 (29) Environmental Engineering 71.6 0.5 NM Logistics 444.7 432.3 3 Marine Engineering 757.7 917.3 (17) 2,209.7 2,470.4 (11) In Development Industrial Parks 43.3 8.3 NM Food Processing & Distribution 350.2 315.4 11 Minting 34.3 32.4 6 Internet Service Provider - 28.7 NM 8
CONTRIBUTION TO TURNOVER $M FY00 FY99 % In Development (con’t) IT Services 93.4 418.7 (78) Building Materials 108.6 135.5 (20) Heavy Infrastructure - - - Properties, Financial Services, Hotels & Resorts 43.0 82.0 (48) Food Retailing - 112.8 NM Travel & Retail 3.1 46.6 (93) 675.9 1,180.4 (43) Corporate & Others 9.3 2.3 NM TOTAL 2,894.9 3,653.1 (21) 9
CONTRIBUTION TO TURNOVER (%) - by businesses Corp & Corp & Others Others Marine Marine In Devt Engrg Engrg 0.3 0.06 0.06 In Devt 23 26 25 32 Enviro 0.01 Enviro Engrg 3 Engrg 22 12 Logistics 15 6 E&C 24 10 Logistics Utilities E&C Utilities FY00 FY99 FY00 FY99 10
CONTRIBUTION TO TURNOVER - by country of incorporation FY00 ($M) % FY99 ($M) % in % Singapore 2,508.4 87 3,251.0 89 (2) Outside Singapore 386.5 13 402.1 11 2 TOTAL 2,894.9 100 3,653.1 100 11
CONTRIBUTION TO TURNOVER - by geographical areas FY00 ($M) % FY99 ($M) % in % Singapore 1,644.8 57 2,229.7 61 (4) Overseas 1,250.1 43 1,423.4 39 4 TOTAL 2,894.9 100 3,653.1 100 12
CONTRIBUTION TO PATMI $M FY00 FY99 % Key Businesses Utilities 11.1 8.8 26 Engineering & Construction 31.0 25.1 24 Environmental Engineering 1.2 (0.1) NM Logistics 34.0 25.5 33 Marine Engineering 44.4 46.1 (4) 121.7 105.4 15 In Development Industrial Parks 8.4 4.8 75 Food Processing & Distribution 17.1 18.4 (7) Minting 5.0 3.4 47 Internet Service Provider (6.4) 4.0 NM 13
CONTRIBUTION TO PATMI $M FY00 FY99 % In Development (con’t) IT Services 4.8 9.7 (51) Building Materials (3.3) 2.3 NM Heavy Infrastructure 4.0 7.4 (46) Properties, Financial Services, Hotels & Resorts (0.2) 3.2 NM Food Retailing - 4.6 - Travel & Retail 0.7 3.2 (78) 30.1 61.0 (51) Corporate & Others (20.8) (38.2) 46 TOTAL 131.0 128.2 2 14
CONTRIBUTION TO PATMI (%) - by businesses % FY00 FY99 Utilities 8 7 Engineering & Construction 24 20 Environmental Engineering 1 - Logistics 26 20 Marine Engineering 34 36 In Development 23 48 Corporate & Others (16) (31) 100 100 15
EXTRAORDINARY ITEMS Gain/(Loss) on Disposals: $M - SCS 179.3 - Premium on SembLog’s share issue 147.2 - Safe & Mansfield Travel 3.2 - Far East Biscuit (5.6) - SembLog’s divestment (7.4) - Others (5.6) Sub-total 311.1 Write-backs: - Sun Cruise 4.7 - Bungalow at La Salle Street 1.1 - Other provisions 8.7 Sub-total 14.5 16
EXTRAORDINARY ITEMS Provisions: $M - Cathay International (101.9) - Wuxi Garden City Mall (68.6) - WSIP Loan (48.3) - Suzhou Township (23.4) - Permasteelisa (21.0) - Bintan Lagoon – Club loan (16.9) - PT AIB & Norfolk Mansion (14.6) - Hotels in China (13.8) - Theme Parks (6.0) - Others (10.8) Sub-total (325.3) TOTAL 0.3 17
CASH FLOW STATEMENT $M FY00 FY99 *Cash & Cash equivalents at beginning of the year 609 541 Net increase in Cash 48 68 *Cash & Cash equivalents at end of the year 657 609 * Cash & cash equivalents comprise cash on hand, bank deposits, net of bank overdrafts. 18
FINANCIAL INDICATORS FY00 FY99 % ROE (%) 13.07 14.05 (7) ROTA (%) 4.66 4.56 2 EPS - before EI (cents) 8.09 7.91 2 EPS - after EI (cents) 8.10 24.85 (67) Interest Cover 4.01 4.09 (2) Net Gearing (times) 1.11 0.54 106 EVA ($m) (10.9) (51.0) 79 EVA ($m) 40.1 120.0 NM NTA per share ($) 0.51 0.71 (28) CAPEX ($m) 1,229.7 225.2 NM WACC (%) 9.0 9.3 (3) 19
ROE OF KEY BUSINESSES FY00 (%) Utilities 10.6 Engineering & Construction 50.7 Logistics 24.8 Environmental Engineering 3.6 Marine Engineering 9.5 20
CAPEX - FY00 $M Key investment items • Kuehne & Nagel 644 • SembSITA Pacific (PWM) 149 • Semac 101 • SembCorp Marine 39 • SUT Sakra 28 • Kwinana 24 Key fixed asset items • Marine Vessels 45 • SUT Sakra 44 • SUT Seraya 21 21
EXTERNAL BORROWINGS (excluding SembCap) Currencies Amount ($M) Total S$M As a % ST LT Equivalent of total S$ 983 856 1,839 84 US$ 243 40 283 13 Others (RM, A$, £) 34 22 56 3 Total 2,178 100 (Average interest rates for S$ and US$ were 5.50% and 5.59% p.a. respectively). 22
NET BORROWINGS (excluding SembCap) $M As at As at Dec 31, 2000 Jun 30, 2000 % Short-term 1,260.4 654.8 92 Long-term 917.9 938.1 (2) Gross 2,178.3 1,592.9 37 Less Cash (742.7) (622.2) 19 Net 1,435.6 970.7 48 23
DIVIDEND • The Board recommends a first and final dividend of 10% (less tax of 24.5%) • For FY99, the dividend declared was 10% 24
KEY BUSINESS REVIEW KEY BUSINESS REVIEW & OUTLOOK & OUTLOOK 25
UTILITIES $M • FY00 FY99 % Turnover 302.8 234.7 29 PATMI 11.1 8.8 26 • SembUtilities’ turnover improved due to full-year consolidation of SUT Sakra’s revenue 26
UTILITIES • Key turnover contributors: $M FY00 FY99 % SUT Sakra 131.5 9.1 NM Oil & Gas 167.0 214.7 (22) • Key PATMI contributors: $M FY00 FY99 % SUT Sakra 10.0 6.5 54 Oil & Gas 10.2 4.4 132 27
UTILITIES SUT Sakra • Became an 80%-owned subsidiary since Oct 00 • No. of customers rose from 17 to 24 in FY00. Existing customers’ demand for utilities has also risen Oil & Gas • Largest projects realized in FY00: - ANOA platform: $61m (completion: 83%) - Malampaya platform: $52m (completion: 97%) - Sincor downstream: $24m (fully completed) 28
UTILITIES • Contributions from SUT Seraya, SembCorp Gas and SembCorp Cogen will start across FY01 as they begin operations this year • Bidding for local genco is likely to commence in 2H01 • Oil & Gas current order book stands at $232m • Other projects under development / feasibility study: – 10 mgd desalination plant on Jurong Island (estimated investment $100m) – SUT Tembusu (estimated investment: $100m) – natural gas liquid plant (estimated expenditure: $150m) 29
ENGINEERING AND CONSTRUCTION • Breakdown of SembE&C’s turnover and PATMI:- $M Turnover FY00 FY99 % Construction 442.0 687.7 (36) EPC 190.9 197.9 (4) TOTAL 632.9 885.6 (29) PATMI Construction 23.0 21.3 8 EPC 8.0 3.8 111 TOTAL 31.0 25.1 24 • Gross margin: 10% 30
ENGINEERING AND CONSTRUCTION • Largest projects realized in FY00: - NUS hostel: $70m (completion: 96%) - Sengkang LRT: $63m (completion: 66%) - Changi MRT: $36m (completion: 61%) - Specialty plasticizer plant: $41m (fully completed) - Odour treatment for Bedok Sewage Treatment Works: $21m (completion: 60%) • Turnover mix: 90% local 10% overseas 31
Recommend
More recommend
