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Shaping the Future

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Shaping the Future SHAPING THE FUTURE Report to Shareholders 2012 To be the provider of choice 1 for solutions to the offshore & marine industries, sustainable environment and urban living. We will develop and execute our businesses profitably, with safety and innovation, guided by our three key business thrusts of Sustaining Growth, Empowering Lives and Nurturing Communities. CONTENTS GROUP OVERVIEW GOVERNANCE & SUSTAINABILITY 141 Consolidated Statement 1 Key Figures for 2012 90 Sustainability Report Highlights of Cash Flows 2 Group Financial Highlights Sustaining Growth 143 Notes to the Financial Statements 4 Chairman’s Statement 92 Corporate Governance 191 Significant Subsidiaries & 10 Interview with the CEO 116 Risk Management Associated Companies 16 Group at a Glance 120 Environmental Performance OTHER INFORMATION 18 Keppel Around the World 121 Product Excellence 20 Board of Directors Empowering Lives 203 Interested Person Transactions 26 Keppel Group Boards of Directors 122 Labour Practices & Human Rights 204 Key Executives 28 Keppel Technology Advisory Panel 123 Safety & Health 214 Major Properties 30 Senior Management Nurturing Communities 219 Group Five-Year Performance 32 Investor Relations 124 Our Community 223 Group Value-Added Statements 34 Awards & Accolades 224 Share Performance 36 Shaping the Future FINANCIAL STATEMENTS 225 Shareholding Statistics Directors’ Report & Financial Statements 226 Notice of Annual General Meeting OPERATING & FINANCIAL REVIEW 126 Directors’ Report & Closure of Books 47 Group Structure 133 Statement by Directors 232 Corporate Information 48 Management Discussion & Analysis 134 Independent Auditors’ Report 233 Financial Calendar 50 Offshore & Marine 135 Balance Sheets 235 Proxy Form 62 Infrastructure 136 Consolidated Profit & Loss Account 70 Property 137 Consolidated Statement of 78 Investments Comprehensive Income 80 Financial Review & Outlook 138 Statement of Changes in Equity KEY FIGURES FOR 2012 Net Profit** Return On Equity** Distribution Per Share $1,914m 22.6% 72.4¢ Increased 28% from Increased by 9% from Increased 68% from FY 2011’s $1,491 million FY 2011’s 20.8%* FY 2011’s 43.0 cents per share Our Offshore & Marine and Return On Equity exceeded 20% Total distribution for 2012 comprised Property divisions delivered strong for the sixth consecutive year. a special dividend in specie of one performance, bringing net profit Keppel REIT unit for every five shares before revaluation, major in the Company (approximately impairment and divestments 27.4 cents per share), a final to a new high of $1,914 million. dividend of 27.0 cents and an interim dividend of 18.0 cents that had already been paid. Revenue Earnings Per Share** Economic Value Added** $13,965m 106.8¢ $1,375m Increased 39% from Increased 27% from Increased $351 million from FY 2011’s $10,082 million FY 2011’s 83.8 cents per share FY 2011’s $1,024 million Net Gearing Ratio Net Asset Value Per Share 0.23x $5.14 * Comparative figures have been restated due to retrospective application of Increased from Increased 19% from Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets. FY 2011’s net gearing of 0.16x* FY 2011’s $4.32 per share* ** Figures exclude revaluation, major impairment and divestments. 2 1 Reflections at Keppel Bay in Singapore underpinned strong earnings in the Property Division. 2 The Offshore & Marine Division’s orderbook was replenished with $10 billion worth of new orders won in 2012. Key Figures for 2012 1 GROUP FINANCIAL HIGHLIGHTS Earnings Per Share** (cents) +27% 2012 106.8 from FY 2011 2011 83.8 Return On Equity** (%) +9% 2012 22.6 from FY 2011 2011 20.8* Distribution Per Share (cents) +68% 2012 72.4 from FY 2011 2011 43.0 Economic Value Added** ($ million) +34% 2012 1,375 from FY 2011 2011 1,024 * Comparative figures have been restated due to retrospective application of Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets. ** Figures exclude revaluation, major impairment and divestments. Group Quarterly Results ($ million) 2012 2011 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total Revenue 4,266 3,481 3,219 2,999 13,965 2,288 2,287 2,703 2,804 10,082 EBITDA 996 660 469 482 2,607 455 508 574 569 2,106 Operating profit* 946 610 415 425 2,396 408 460 524 505 1,897 Profit before tax* 994 680 482 539 2,695 450 511 580 636 2,177 Net profit* 751 521 337 305 1,914 312 384 406 389 1,491 Earnings Per Share (cents)* 41.9 29.1 18.8 17.0 106.8 17.6 21.6 22.8 21.8 83.8 * Figures exclude revaluation, major impairment and divestments. 2 Keppel Corporation Limited Report to Shareholders 2012 2011 2012 Restated* % Change For the year ($ million) Revenue 13,965 10,082 +39% Profit (before revaluation, major impairment and divestments) EBITDA 2,607 2,106 +24% Operating 2,396 1,897 +26% Before tax 2,695 2,177 +24% Net profit 1,914 1,491 +28% Net profit after revaluation, major impairment and divestments 2,237 1,946 +15% Operating cash flow 1,006 (224) n.m. Free cash flow (63) (1,482) n.m. Economic Value Added (EVA) Before revaluation, major impairment and divestments 1,375 1,024 +34% After revaluation, major impairment and divestments 1,430 838 +71% Per share Earnings (cents) Before tax & revaluation, major impairment and divestments 130.4 105.4 +24% After tax & before revaluation, major impairment and divestments 106.8 83.8 +27% After tax & revaluation, major impairment and divestments 124.8 109.4 +14% Net assets ($) 5.14 4.32 +19% Net tangible assets ($) 5.08 4.26 +19% At year-end ($ million) Shareholders’ funds 9,246 7,699 +20% Non-controlling interests 4,332 4,062 +7% Capital employed 13,578 11,761 +15% Net debt 3,153 1,857 +70% Net gearing ratio (times) 0.23 0.16 +44% Return on shareholders’ funds (%) Profit before tax & revaluation, major impairment and divestments 27.6 26.2 +5% Net profit before revaluation, major impairment and divestments 22.6 20.8 +9% Shareholders’ value Distribution (cents per share) Interim dividend 18.0 17.0 +6% Final dividend 27.0 26.0 +4% Special dividend in specie 27.4 – n.m. Total distribution 72.4 43.0 +68% Share price ($) 11.00 9.30 +18% Total Shareholder Return (%) 22.9 (6.4) n.m. n.m. not meaningful * Comparative figures have been restated due to retrospective application of Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets. Group Financial Highlights 3 CHAIRMAN’S STATEMENT “In shaping Keppel’s future, we have to stay the course of our multi-business strategy, focusing our collective strengths on achieving sustainable growth in our businesses and delivering value to our stakeholders.” Net Profit* $1.9 billion. Our Return On Equity continued to be healthy at 22.6% while Economic Value Added increased $1,914m to about $1.4 billion for the year. With the record performance, the Increased 28% from Board of Directors has recommended FY 2011’s $1,491 million a final dividend of 27.0 cents per share. To commemorate Keppel Corporation’s 45th anniversary and reward our shareholders for their continued support, we have proposed a DEAR SHAREHOLDERS, distribution in specie of one Keppel REIT The global economy in 2012 was unit for every five shares held by marked by the spillover effects entitled shareholders equivalent to of an anaemic US economy and a approximately 27.4 cents. Together Eurozone hobbled by a continuing with the interim dividend of 18.0 cents, debt crisis. Asia, while resilient, was total distribution for 2012 will be not impervious to external shocks. 72.4 cents per share. China’s growth slowed to 7.8% while Singapore narrowly avoided OFFSHORE & MARINE With 40 units operating worldwide and counting, a recession in the fourth quarter, In 2012, Keppel Offshore & Marine the KFELS B class jackup rig has become an managing a modest 1.2% GDP growth (Keppel O&M) was able to secure about industry benchmark. for the whole of 2012. $10 billion in new contracts from customers across Brazil, the Caspian 2013 is expected to be another Sea and Mexico. This almost matched challenging year as the issues facing the record new orders achieved in 2011. Earnings Per Share* (cents) the US and the Eurozone have yet Our net orderbook was $12.8 billion to be fully resolved. We must be as at end December 2012, with 120 prepared for an extension of the projects stretching into 2019. recent tumultuous years. There will 90 be uncertainties and potential risks Notably, in August 2012, Keppel FELS which must be factored into our Brasil secured another five repeat 60 business strategy. semisubmersible orders amounting to about US$4.1 billion from Sete Brasil, CREDITABLE PERFORMANCE following the award of the first unit 30 Despite the uncertainties and volatile at end-2011. The semisubmersibles, environment, Keppel was able to which are based on Keppel’s proprietary 0 2010 2011 2012 deliver another set of creditable results. DSSTM 38E design, are well-suited to meet the stringent requirements 74.3 83.8 106.8 For 2012, excluding revaluations, of the deepwater “Golden Triangle” major impairment and divestments, region of Brazil, West Africa and the * Figures exclude revaluation, major our net profit grew by 28% to Gulf of Mexico. impairment and divestments. 4 Keppel Corporation Limited Report to Shareholders 2012 Chairman’s Statement 5 CHAIRMAN’S STATEMENT With record deliveries of 20 rigs by for power generation, environmental Keppel FELS expected in 2013, we engineering and business connectivity. 1 will further improve our execution, Our Infrastructure Division is still in its engineering and design capabilities early growth phase and its immediate to sustain our market leadership in focus will be on honing expertise, the light of growing competition.
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