Annual Report
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GROWING A SUSTAINABLE LEGACY SMRT CORPORATION LTD ANNUAL REPORT 2012 Mission Vision Core Values To be the customer’s MOVING PEOPLE, Excellence, Respect, Responsibility choice by providing ENHANCING LIVES and Recognition, Commitment a safe, reliable to the public, shareholders and and friendly travel employees experience that is enhanced through convenient and innovative services Corporate Profile SMRT Corporation Ltd (SMRT) is a leading multi-modal public transport operator. In Singapore, SMRT offers a comprehensive suite of rail, bus and taxi services that are designed to interconnect seamlessly to make Singapore’s public transport system one of the best in the world. SMRT has interests in operations and maintenance services, engineering consultancy and project management, as well as the marketing and leasing of commercial and media spaces within our transport network. We have established a strong reputation as a reliable, progressive organisation, distinguished by our sound corporate governance, commitment to sustainable development and corporate social responsibility. SMRT was established in 1987 and was listed on the Singapore Exchange in July 2000. As of 31 March 2012, we had a market capitalisation of approximately $2.64 billion. We have an annual turnover of $1,057.2 million and a net profit after tax of $119.9 million. S200158 Size: W210 x H297mm m.nie 2nd Contents 02 10 02 Milestones 08 Group Financial Highlights 10 At a Glance 12 Chairman’s Message 16 Board of Directors 20 Senior Management 24 Organisational Structure 25 Group Structure 30 54 1.0% 26 Corporate Information 2.5% Grassroots 27 Corporate Directory Arts 0.3% 4.9% Education 30 Corporate Governance National Events 47 Key Dynamics & Risk 56.1% Management Corporate Social Giving in Services 54 Corporate Social Responsibility FY2012 64 Highlights 86 76 25.3% Corporate Sponsorship Operating & Financial Review Fare Revenue ($m) 68 CEO's Message 72 Company Overview & 749.6 800.5 Background 10.1 9.4 76 Group Performance 220.4 213.1 82 Value Added & Economic Value Added Analysis 84 SMRT and Our Shareholders 86 SMRT Trains & SMRT Light Rail 527.1 569.9 92 SMRT Buses 96 SMRT Automotive Services 98 SMRT Taxis FY2011 FY2012 Train Bus LRT 100 SMRT Investments (Properties & Media) 102 SMRT International & SMRT Engineering Financial Report 105 Financial Contents 190 Group Properties & Interested Person Transactions 191 Shareholding Statistics 193 Notice of Annual General Meeting 203 Proxy Form SMRT Corporation Ltd Annual Report 2012 1 S200158 Size: W210 x H297mm m.nie 2nd Milestones 1987 1988 1989 1990 1996 Singapore’s first Train service from Train service from Train service from Train service from Train service Mass Rapid Transit Novena to Outram Tiong Bahru Bugis to Tanah Bukit Batok to from Yishun to system (MRT) opens Park commences to Clementi Merah commences Choa Chu Kang Choa Chu Kang for service commences Train service from commences commences Train service from Train service from Simei to Pasir Ris Boon Lay station Yio Chu Kang Jurong East commences opens for passenger to Toa Payoh to Lakeside service commences commences Train service from Kathib to Yishun commences 2003 2004 2005 Attains Service 950, SMRT Corporate Raffles Xchange, SMRT Courtesy Sembawang Bus ISO 9001:2000 first SMRT Cross- Volunteer first MRT station and Safety Interchange opens. certification for border service for Programme aims to be redeveloped, Programme is a It is an integrated achieving quality commuters travelling to build an inclusive transforming SMRT nationwide public transport hub that standards in the to Johor Bahru, society for all MRT stations into education initiative to provides Sembawang provision of taxi Malaysia through – saving ‘lifestyle hubs’’ encourage courteous residents with easy services lives, enhancing acts and safe access to bus and quality of life of the behaviour amongst train services elderly, and helping commuters travelling disadvantaged with SMRT children, youths and families A word from our business partners BUSES “ST Kinetics is delighted that the “It is our great honour to supply “Our recent collaboration with SMRT SMRT MAN A22 city bus has been SMRT with Daimler’s low-floor and on our Mobility Day 2011 has been very well received by the travelling wheelchair-friendly Citaro buses. a positive one as the staff from public. We fully appreciate SMRT’s The staff in SMRT Buses have given the Community Affairs and other professionalism in ensuring that the us great input and customer-centric relevant departments were very public get the best possible quality perspectives in the configuration helpful in promoting the importance bus from us and look forward to process of buses. We are impressed of Mobility to the general public. more successful collaborations to by the extra miles shown by your We are also grateful to SMRT for once again enhance the experience staff to provide safe, comfortable looking into expanding the fleet of bus rides in Singapore.” and delightful travelling experience of Wheelchair Accessible Buses so Sew Chee Jhuen for commuters.” as to provide safe and affordable PRESIDENT Seah Han Seng transportation for our members.” ST Kinetics SENIOR MANAGER Jason Rodrigo Cycle & Carriage MANAGER Handicapped Welfare Association 2 SMRT Corporation Ltd Annual Report 2012 S200158 Size: W210 x H297mm m.nie 2nd Legend: Train Taxi Bus CSR Corporate Retail/ Media International & F&B Engineering 1996 1999 2000 2001 2002 BP Bukit Panjang SMRT Corporation SMRT Corporation SMRT Learning Expo station Changi Airport Light Rapid Ltd lists on and TIBS Holdings Journeys opens for passenger station opens for Transit, Singapore’s Singapore merger creates Programme is a service passenger service first light rail system, Exchange Singapore’s structured education Dover station opens for passenger first multi- programme to opens for passenger service modal transport share insights of service company SMRT operations with students. This is in collaboration with the Ministry of Education 2005 2006 2007 Dhoby Xchange Citibank-SMRT SMRT invests Boon Lay Xchange Collaborates with SMRT invests opens Visa Credit $142 million on opens Land Transport $26 million to and Debit Card mid-life upgrade Authority to provide upgrade 700 comes with ez-Link of 66 first Bus Arrival Timing Mercedes buses functionality, giving generation trains so commuters can Launch of SMRT customers the better plan for SPACE, a multi- convenience of auto their journey on purpose vehicle that top-up from their SMRT bus services offers customers the card accounts for luxury of space and the ez-Link function comfort when they and allowing them travel in a group to accrue rebates with the first-of-its- kind travel rewards programme COrpOratE SOCIal REspONSIBILIty (CSR) Green Community Outreach “SMRT has spared no effort to “The Gift of Mobility@ Central has “Esplanade is grateful for the generosity convey the green message to the improved the quality of living for our of SMRT Corporation Ltd whose support public and even to its own staff. low-income residents with chronic and commitment for A Date With Friends Apart from actively engaging mobility issues. To date, 200 beneficiaries since 2009 has enabled us to bring from the Central Singapore District quality performances to the seniors in our commuters with its own “Go Green” have received taxi subsidies that allow community. Believing in the social value campaigns, SMRT has also been them to defray the transport costs of arts sponsorship, our role is to facilitate supportive of SEC’s green transport of their medical appointments, and Corporate Social Responsibility (CSR) related events. SEC is honoured social assistance consultations. SMRT’s initiatives by connecting corporations to have such a committed partner generous contribution is a great example and Voluntary Welfare Organisation and we look forward to a long-term of the community self-help, which for social benefits through the arts. We collaboration with SMRT.” helps to bond and connect the Central are pleased to work with the team of Singapore community.” dedicated SMRT staff who, through their Jose Raymond Mark Tan efforts, have demonstrated SMRT’s firm EXECUTIVE DIRECTOR belief in enhancing lives.” Singapore Environment Council (SEC) GENERAL MANAGER Central Singapore Community Lim Ewe Leong Development Council DIRECTOR, PARTNERSHIP DEVELOPMENT The Esplanade Co Ltd SMRT Corporation Ltd Annual Report 2012 3 S200158 Size: W210 x H297mm m.nie 2nd Milestones 2008 SMRT opens first SMRT Media SMRT puts SMRT acquires SMRT All-in-one SMRT Gift heartland Xchange, secures Dubai Southeast Asia’s 49% equity SPACE is Singapore’s of Mobility Choa Chu Kang Metro Media first Euro V bus on interest in first taxi equipped Programme assists Xchange Contract under the Road Shenzhen Zona with an automatic financially needy and the consortium Transportation Group hydraulic ramp, the less mobile with comprising SMRT Co Ltd offering wheelchair their transport needs Media, Dubai-based users safe and for their medical Chrysler 300C Kaasab Media SMRT adds comfortable point-to- appointments or added to SMRT Taxis and Wellmark compressed point travel interim employment premium service fleet Communications natural gas vehicles to its taxi fleet 2009 2010 Introduces Esplanade Adds Euro V SMRT was included SMRT Media expands Train service from Wheelchair Xchange, first Mercedez-Benz in the FTSE4Good media offerings with Bartley to Dhoby Accessible Bus Xchange in a Circle Citaro 0530 to the Index, an index digitalMRT & LRT