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Definitively Keppel DEFINITIVELY KEPPEL REPORT TO SHAREHOLDERS 2011 REPORT TO TO BE THE PROVIDER OF CHOICE FOR SOLUTIONS TO THE OFFSHORE & MARINE INDUSTRIES, SUSTAINABLE ENVIRONMENT AND 1 URBAN LIVING. We will develop and execute our businesses profi tably, with safety and innovation, guided by our three key business thrusts of Sustaining Growth, Empowering Lives and Nurturing Communities. CONTENTS 1 Key Figures for 2011 Sustaining Growth 139 – Notes to the Financial Statements 2 Group Financial Highlights 92 – Corporate Governance 192 – Signifi cant Subsidiaries and 4 Chairman’s Statement 112 – Risk Management Associated Companies 10 Interview with the CEO 116 – Environmental Protection 204 Interested Person Transactions 16 Group at a Glance 117 – Product Excellence 205 Key Executives 18 Keppel Around the World Empowering Lives 214 Major Properties 20 Board of Directors 118 – People Matter 219 Group Five-Year Performance 26 Keppel Group Boards of Directors 119 – Safety and Health 223 Group Value-Added Statements 28 Keppel Technology Advisory Panel Nurturing Communities 224 Share Performance 30 Senior Management 120 – Community and Society 225 Shareholding Statistics 32 Investor Relations Directors’ Report & 226 Notice of Annual General Meeting 34 Awards and Accolades Financial Statements and Closure of Books 36 Defi nitively Keppel 122 – Directors’ Report 232 Corporate Information 46 Operating & Financial Review 129 – Statement by Directors 233 Financial Calendar 47 – Group Structure 130 – Independent Auditors’ Report 235 Proxy Form 48 – Management Discussion 131 – Balance Sheets and Analysis 132 – Consolidated Profi t and 50 – Offshore & Marine Loss Account 62 – Infrastructure 133 – Consolidated Statement of 70 – Property Comprehensive Income 78 – Investments 134 – Statement of Changes in Equity 80 – Financial Review and Outlook 137 – Consolidated Statement 90 Sustainability Report Highlights of Cash Flows KEY FIGURES FOR 2011 NET PROFIT Exceeding the $1 billion mark for $10.1b $1,491m the fourth year running, we achieved record net profi t of $1.5 billion, REVENUE INCREASED 10% NET PROFIT INCREASED 14% a 14% increase on 2010. FROM FY 2010’S $9.1 BILLION* FROM FY 2010’S $1,307 MILLION* EVA Since 2006, our EVA has grown steadily to surpass the $1 billion mark this year. CASH DIVIDEND Our track record on dividends over the years has been consistent, having paid around 50% of Group net profi t annually. For 2011, we have proposed 21.6% $1,024m a total cash dividend of 43 cents per share, which represents a dividend ROE INCREASED BY 0.1% EVA INCREASED $60 MILLION payout ratio of 51%. FROM FY 2010’S 21.5%* FROM FY 2010’S $964 MILLION* * Comparative fi gures are restated due to retrospective application of INT FRS 115. EPS, Cash Dividend per Share and Net Asset Value per Share have also been adjusted for the bonus issue of shares in 2011. 83.8¢ 43.0¢ 2 EPS INCREASED 13% FROM FY 2010’S CASH DIVIDEND PER SHARE 74.3 CENTS PER SHARE* INCREASED 13% FROM FY 2010’S 38.2 CENTS PER SHARE* $4.14 0.17x NET ASSET VALUE PER SHARE NET GEARING RATIO INCREASED INCREASED 14% FROM FY 2010’S FROM FY 2010’S NET CASH OF 0.02X $3.63 PER SHARE* 1. P-56 is a shining example of the expertise and execution capabilities of BrasFELS and Brazil’s offshore and marine industry . 2. Ocean Financial Centre is part of Keppel’s sterling offi ce portfolio in Singapore’s Central Business District. Key Figures for 2011 1 GROUP FINANCIAL HIGHLIGHTS 11 83.8 11 21.6 10 74.3* 10 21.5* 09 09 08 08 07 07 Ï12.8% Ï0.5% from FY 2010 from FY 2010 E ar ts) nin en Ret %) gs Per Share (c urn On Equity ( 11 43.0 11 1,024 10 38.2* 10 964* 09 09 08 08 07 07 Ï12.6% Ï6.2% from FY 2010 from FY 2010 C ) Ec ) as ts on ion h D en o ill ivi e (c mic m dend Per Shar Value Added ($ 2011 2010 (Restated)* 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total Group quarterly results ($ million) Revenue 2,288 2,287 2,703 2,804 10,082 2,334 2,376 2,287 2,143 9,140 EBITDA 455 508 574 569 2,106 407 470 414 454 1,745 Operating profi t 408 460 524 505 1,897 363 428 368 397 1,556 Profi t before tax & exceptional items 450 511 580 636 2,177 431 550 420 488 1,889 Net profi t before exceptional items 312 384 406 389 1,491 298 353 304 352 1,307 Earnings per share (cents) 17.6 21.6 22.8 21.8 83.8 17.0 20.0 17.3 20.0 74.3 * 2010 comparative fi gures are restated due to retrospective application of INT FRS 115. Earnings per Share and Cash Dividend per Share have also been adjusted for bonus issue of shares in 2011. Keppel Corporation Limited 2 Report to Shareholders 2011 2011 2010 % Restated* Change For the year ($ million) Revenue 10,082 9,140 +10% Profi t EBITDA 2,106 1,745 +21% Operating 1,897 1,556 +22% Before tax & exceptional items 2,177 1,889 +15% Net profi t before exceptional items 1,491 1,307 +14% Attributable after exceptional items 1,841 1,511 +22% Operating cash fl ow (242) 450 n.m. Free cash fl ow (1,500) (193) n.m. Economic Value Added (EVA) Before exceptional items 1,024 964 +6% After exceptional items 838 697 +20% Per share** Earnings (cents) Before tax & exceptional items 105.4 93.4 +13% After tax & before exceptional items 83.8 74.3 +13% After tax & exceptional items 103.5 85.9 +20% Net assets ($) 4.14 3.63 +14% Net tangible assets ($) 4.09 3.57 +15% At year-end ($ million) Shareholders’ funds 7,390 6,415 +15% Non-controlling interests 3,801 2,867 +33% Capital employed 11,191 9,282 +21% Net (debt)/cash (1,857) 178 n.m. Net (gearing)/cash ratio (times) (0.17) 0.02 n.m. Return on shareholders’ funds (%) Profi t before tax & exceptional items 27.2 27.0 +0.7% Net profi t before exceptional items 21.6 21.5 +0.5% Shareholders’ value Distribution (cents per share) ** Interim dividend 17.0 14.5 +17% Final dividend 26.0 23.7 +10% Total distribution 43.0 38.2 +13% Share price ($) ** 9.30 10.29 -10% Total Shareholder Return (%) (6.4) 47.0 n.m. n.m. not meaningful * 2010 comparative fi gures are restated due to retrospective application of INT FRS 115. ** Comparatives for Earnings per Share, net assets per share, net tangible assets per share, distribution per share and share price have also been adjusted for the bonus issue of shares in 2011. Group Financial Highlights 3 CHAIRMAN’S STATEMENT “KEPPEL’S EXCEPTIONAL PERFORMANCE IS TESTAMENT TO THE GROUP’S SOUND BUSINESS STRATEGIES AND COMMITMENT TO EXECUTION EXCELLENCE. OUR ROBUST BUSINESS STRATEGY, DIVERSIFIED BUSINESSES AND EMPHASIS ON CORE COMPETENCIES HAVE POSITIONED US STRONGLY TO SEIZE OPPORTUNITIES AND CREATE VALUE.” $1,491m NET PROFIT Increased 14% from FY 2010’s $1,307 million*. Our Keppel FELS B class jackup has become the benchmark in the industry. DEAR SHAREHOLDERS, well. I am very pleased to report that Earnings Per Share (cents) The world went through a tumultuous the effort had paid off handsomely. year in 2011. It will be remembered as Keppel had delivered yet another a year marked by rapid and at times, sterling set of results for 2011 which 100 unexpected political, economic and exceeded expectations. even unprecedented natural disasters. In particular, the European sovereign For 2011, net profi t grew by 14% to a 75 debt crisis has cast a long shadow over new high of nearly $1.5 billion. This is global economic performance. While the fourth consecutive year that net the European governments had acted profi t has surpassed the $1 billion mark. 50 decisively to tackle the crisis, recovery Also for the fi fth year running, is likely to be slow and painful for the Return on Equity has remained above 25 affected countries. The Eurozone crisis 20%. Earnings per Share also rose to will weigh down on what is already a 83.8 cents from 74.3 cents (restated) pessimistic global economic outlook. in FY 2010. Economic Value Added 0 2009 2010 2011 In the US, while there were some increased to $1,024 million for the year. positive indicators such as job creation, overall, caution still rules the day. To reward shareholders for your 67.9* 74.3* 83.8 continued support and confi dence * restated Even in Asia, which was expected in Keppel, the board of directors has to lead global recovery, growth is recommended a full-year total cash slowing. China’s growth is expected distribution of 43 cents per share. to moderate further while in Singapore, the economy is forecast to grow by FOCUS ON EXECUTION 1% to 3% in 2012, down from 2011’s Our dedicated and experienced GDP growth of 4.9%. management team has steered the Group skillfully through a diffi cult year STRONG PERFORMANCE to achieve another record performance. DESPITE VOLATILITY Amid the volatility and uncertainty, Keppel’s exceptional performance Keppel had to muster all our collective is testament to the Group’s sound experience and strengths to ensure that business strategies and commitment our businesses continued to perform to execution excellence. Our robust Chairman’s Statement 5 CHAIRMAN’S STATEMENT business strategy, diversifi ed more value. Our current stake of 47% in businesses and emphasis on core Floatel International refl ects our interest competencies have positioned us to play an active role in the company strongly to seize opportunities and as well as our confi dence in Floatel’s create value.
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