Scope of Briefing Address by Executive Chairman Group Financial - PDF document

1H 2007 Results Announcement 26 July, 2007 1 Scope of Briefing � Address by Executive Chairman � Group Financial Highlights � Business Review & Outlook 2 1

Address By Executive Chairm an 3 1 H’0 7 - Strong Set Of Results 2Q’07 PATMI up 32% to $258m � 1H’07 PATMI increased 39% to $510m � � 1H’07 EVA rose 90% to $365m I ncreased contributions from O&M, Property, I nfrastructure, SPC 4 2

Building Enduring Businesses Expanding Enhancing Capabilities Geographic Reach Offshore & Marine Grow premium suite of solutions to tap deepwater & production demand � � Broadened & grew net orderbook to $11.3b – deliveries into 2010 Property Capitalising on regional demand trends : large-scale townships & integrated lifestyle � communities Expanding township portfolio in Asia > 150m ft 2 GFA � � Entrenching pole position in Vietnam : 6 projects in HCMC, Hanoi & Dong Nai (new) I nfrastructure � Building upon track record : pursuing large projects in Middle East & Europe 5 Harnessing Group Synergies Collective Hum an Resources Netw orks Capital Middle � Ras Laffan JV � Waterfront property � $1.7b Qatar integrated waste yard projects with ALDAR management project East � Rig orders from � Property projects in � Interests in E&P � Infra Vietnam PV Drilling acreages opportunities HCMC, Dong Nai, Hanoi � Launching homes in � Providing WTE � Keppel Nantong China 8 cities packages Shipyard 6 3

Positioned to capture grow th opportunities 7 Group Financial Highlights 8 4

1 H’0 7 Financial Achievem ents 39% to S$510m PATMI 39% to 32.3cts EPS from 19.1% to 20.5% Annualised ROE S$172m to S$365m EVA 9% to S$696m Free cash flow from 0.24x to 0.16x Net gearing 82% to 9cts per share Interim dividend 9 Financial Highlights S$ m 1 H 2 0 0 7 1 H 2 0 0 6 % Change 3 ,1 9 0 Revenue 4 ,4 8 2 4 1 EBI TDA 5 5 2 4 2 4 3 0 Operating Profit 4 9 4 3 6 1 3 7 Profit Before Tax 7 4 1 5 8 7 2 6 PATMI 5 1 0 3 6 6 3 9 EPS ( cents) 3 2 .3 2 3 .2 3 9 10 5

Revenue by Segm ents S$ m % % Change 1 H 2 0 0 7 1 H 2 0 0 6 % Offshore & Marine 3 ,2 5 9 7 2 2 ,4 1 2 7 6 3 5 Property 8 4 7 1 9 4 5 7 1 4 8 5 I nfrastructure 3 4 7 8 2 8 0 9 2 4 ( 2 9 ) I nvestm ents 2 9 1 4 1 1 Total 4 ,4 8 2 1 0 0 3 ,1 9 0 1 0 0 4 1 11 PATMI by Segm ents S$ m % Change 1 H 2 0 0 7 % 1 H 2 0 0 6 % 2 8 3 5 6 Offshore & Marine 1 7 4 4 8 6 3 9 4 1 8 5 5 1 5 Property 7 1 1 4 3 ( 2 5 ) ( 7 ) I nfrastructure NM I nvestm ents ( 2 7 ) 1 1 9 2 3 1 6 2 4 4 Total 5 1 0 1 0 0 3 6 6 1 0 0 3 9 12 6

Consistent Earnings Grow th PATMI ( S$ m ) EPS* ( Cents) 4 7 .7 7 5 1 4 Q: 4 Q: 1 1 .7 1 8 4 3 6 .1 5 6 4 3 2 .3 5 1 0 2 9 .9 3 Q: 4 6 5 3 Q: 1 2 .8 2 5 .5 2 0 1 1 8 .4 2 Q: 3 9 4 2 8 7 2 3 .2 2 Q: 3 5 6 1 6 .4 1 4 .6 2 5 8 2 2 8 1 3 .1 2 Q: 2 0 2 2 Q: 1 1 .3 1 7 4 1 2 .4 1 9 6 1 Q: 1 Q: 1 7 .7 2 7 7 1 5 .3 2 3 7 2 5 2 1 5 .9 1 Q: 1 Q: 1 9 2 1 2 .4 1 8 2 1 1 .9 1 7 0 1 0 .8 '0 2 '0 3 '0 4 '0 5 '0 6 '0 7 '0 2 '0 3 '0 4 '0 5 '0 6 '0 7 1 H 13 2 H * Adjusted for the sub-division of shares Continued EVA Grow th S$ m ’0 1 ’0 2 ’0 4 ’0 5 1 H’0 7 ’0 3 ’0 6 4 2 3 3 6 5 + $ 1 7 2 m + $ 2 2 4 m 3 30 2 H:2 3 0 1 9 9 + $ 1 6 4 m 1 30 1 H:1 9 3 3 5 ( 70) + $ 1 6 0 m ( 1 2 5 ) + $ 1 7 0 m ( 2 70) ( 2 9 5 ) ( 4 70) + $ 3 7 0 m ( 6 70) 14 ( 6 6 5 ) 7

I ncreasing ROE & Dividend Capital Capital Capital Capital Capital distribution distribution distribution distribution distribution 6 .0 cts/ share 9 .0 cts/ share 1 0 .0 cts/ share 1 1 .5 cts/ share 1 4 .0 cts/ share Plus Plus Plus Plus Plus 1 4 .0 cts 1 1 .5 cts 1 0 .0 cts 20.5% 9 .5 cts 9 .0 cts 19.1% 16.4% 15.5% 9 .0 cts 14.1% 13.4% 6 .0 cts I nterim Dividend 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 1 H'0 7 * ROE Dividend 15 * Annualised ROE Dividend and capital distribution have been adjusted for the sub-division of shares Healthy Free Cash Flow 1H 2007 S$m Operating profit 494 Depreciation & other non-cash items 49 543 Working capital changes 618 Interest & tax paid (83) Net cash from operating activities 1 ,0 7 8 Investments & capex (566) Divestments & dividend income 184 Net cash used in investing activities ( 3 8 2 ) Free Cash Flow 6 9 6 Dividends paid ( 3 5 4 ) 16 8

Business Review & Outlook 17 Offshore & Marine 18 9

A Healthy First Half S$ b Contracts Secured 7 .3 6 .5 3 .3 3 .1 2 .2 19 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 1 H'0 7 Net Orderbook Continues To Grow S$ b 1 1 .3 1 0 .5 7 .2 3 .4 1 .9 20 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 1 H'0 7 10

Delivering Leading-Edge Solutions I ce-Class Jackups N Class JUs Conversions � World’s 1 st LNG FSRU � KFELS B Class � Concurrent drilling � Ice-Class FSO & production � KFELS Super B � One of world’s largest � Ice-Class AHTS gas FPSOs Class � North Sea compliant � Icebreaking vessels Sem is FPUs Floatel Drillship � Co-designed � Production semis � 1 st for North Sea � Enhancing range of deepwater solutions proprietary DSS TM in > 20yrs � FPSO conversions suite � Co-developed � TLPs & SPARs � Proprietary design proprietary design (through FloaTEC) semi-drilling tender Global Track Proprietary Hum an Com petencies : Record Netw ork Technology Capital 21 Penetrating Deepw ater & Production Markets 1H’07: S$3.3b contracts 4 % 1 4 % 1 0 % Deepw ater Floatel FPSO Conversions � Leadership position � North Sea accommodation semis Deepw ater Sem is N Class Jackups 3 6 % 2 6 % � 4 th ENSCO ultra-deepwater � 2 orders in 1H’07 order in 21 mths 1 0 % � Proprietary design semi-drilling Jackups Ot hers tender P5 1 & P5 2 FPUs under construction 22 11

Fundam entals Rem ain Favourable � Oil prices sustained above E&P capex levels Tight supply-demand & need to replenish reserves drive E&P � Dayrates remain at high levels � > 90% global offshore rig fleet utilisation � Search for hydrocarbons moves into deep, ultra-deepwater & � challenging environments, with follow-on production needs Healthy prospects for continued orderbook grow th 23 Oil & Gas 24 12

Refining Margins Rem ain Healthy Significant new refinery project delays/ cancellations as � construction costs escalate More cost-effective to upgrade/ expand existing � refineries � Increasing demand for refined products 25 Building Oil & Gas Value Chain Asia-Pacific Portfolio I ndonesia - Kakap PSC I ndonesia - Sam pang PSC SPC seeking opportunities to Vietnam – Block 1 0 2 & 1 0 6 acquire m ore E&P assets Vietnam – Block 1 0 1 - 1 0 0 / 0 4 Cam bodia – Block B Australia– Bass Basin Block T0 6 -3 26 13

Property 27 Strengthening Our Regional Thrust Strengthening Our Regional Thrusts � Scaling-up township developments across Asia � Establishing greater presence in China � Extending leading position in Vietnam � Beachhead into the Middle East 28 14

Expanding Foothold I n Tianjin Villas Tow nships I ntegrated Lifestyle Gegu Evergro in Tianjin The Arcadia � MOU � Mega waterfront precinct � Spearheading master planning & infrastructural development Xin Li Zhen � MOU � Proximity to economic & � Integrated golf courses & � Along new Tianjin-Binhai mass science development zones residential projects transit line � 168 luxury villas � > 10,000 homes � > 50,000 homes � Launch: 2H’07 29 Rolling Out Quality Hom es I n Vietnam Prim e Condos Tow nships Saigon Sports City Hanoi Ho Chi Minh City The Estella Sai Dong � Prime An Phu Ward � MOU � 1,600 homes � 3,000 homes � 6km from CBD � Launch: 2008 � Launch: 2H’07 Condos – Saigon River Dong Nai North Thang Long � 500 luxury waterfront homes � MOU � Launch: 2008 � Strategic location between CBD & int’l Condos - Ca Cam River airport � 2,400 waterfront homes � 14,000 waterfront homes � Launch: 2008 � Launch: 2009 30 15

Substantive Tow nship Pipeline City Project No. of Units GFA (m sf) Launch Date Johor Taman Sutera 12,000 30.0 ongoing Chengdu Botanica 5,800 7.7 ongoing HCMC Saigon Sports City 3,000 8.5 2H’07 Jakarta Jakarta Garden City 7,000 11.3 2H’07 Wuxi Wuxi township 4,700 7.2 2H’07 Tianjin Gegu (Ph. 1) 15,000 32.1 2008 Tianjin Xin Li Zhen (Ph. 1) 8,300 14.0 2009 Dong Nai Dong Nai township 14,000 28.0 2009 Manila Metro North (Ph. 1) 8,700 12.0 2009 Grand Total 78,500 150.8 Earnings contribution to increase as rollout accelerates 31 Singapore Office Outlook Rem ains Firm Average Prim e Office Rents – Asia Pacific US$ psf 13.5 � Office market remains tight 12.0 11.5 � ~ 0.75m sf average new 9.7 supply p.a. till 2010 8.1 � 1.5-1.7m sf average net 7.5 demand p.a. over last 10- 6.4 6.1 5.7 15yrs 4.3 4.1 3.9 � Transitional office space released – non-prime Mumbai Shanghai Pudong Shanghai Puxi HCMC Tokyo Inner Tokyo Outer New Delhi Hong Kong Abu Dhabi Singapore Dubai Seoul 32 Source: CBRE Global Market Rents May 07 16