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Leveraging the Collective Strengths and Global Network of Its Key Businesses, Keppel Corporation Is Poised for Robust Growth and Delivering More to Stakeholders

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Leveraging the Collective Strengths and Global Network of Its Key Businesses, Keppel Corporation Is Poised for Robust Growth and Delivering More to Stakeholders Report to Shareholders 2007 Delivering Scale & More Spread Leveraging the collective strengths and global network of its key businesses, Keppel Corporation is poised for robust growth and delivering more to stakeholders. PATMI ● 2005 ● 2006 OFFSHORE PROPERTY ● 2007 & MARINE $209 million $522 million CONTENTS 1 Group Financial Highlights 2 Chairman’s Statement 10 Key Messages: Delivering More 18 Key Figures 19 Group Strategic Directions 20 Group at a Glance OFFSHORE 22 Keppel Around the World & MARINE PROPERTY INFRASTRUCTURE $96 million 24 Board of Directors $448 million $27 million 28 Keppel Group Boards of Directors 30 Keppel Technology Advisory Panel 32 Senior Management 34 Corporate Governance 56 Investor Relations 58 Awards and Accolades 60 Promoting a Green Culture 66 Sino-Singapore Tianjin Eco-City 74 Operating & Financial Review OFFSHORE INFRASTRUCTURE 75 Group Structure & MARINE PROPERTY –$35 million 76 Management Discussion and Analysis $239 million $118 million 78 Offshore & Marine 90 Property 98 Infrastructure 106 Investments 114 Financial Review and Outlook 122 Operations Sustainability INFRASTRUCTURE –$24 million 132 Nurturing People 138 Corporate Social Responsibility 145 Directors’ Report & Financial Statements 146 Directors’ Report INVESTMENTS 150 Balance Sheets $268 million 151 Consolidated Profi t and Loss Account INVESTMENTS 152 Statements of Changes in Equity $242 million 155 Consolidated Cashfl ow Statement INVESTMENTS 156 Notes to Consolidated Cashfl ow Statement $231 million 157 Notes to the Financial Statements KEPPEL 200 Signifi cant Subsidiaries and Associated Companies CORPORATION 210 Statement by Directors LIMITED 211 Independent Auditors’ Report 212 Interested Person Transactions 213 Directors and Key Executives 221 Major Properties 224 Group Five-Year Performance 227 Group Value-Added Statements 228 Share Performance 229 Shareholding Statistics 230 Notice of Annual General Meeting and Closure of Books 234 Financial Calendar 235 Corporate Information GROUP FINANCIAL HIGHLIGHTS 2007 2006 % change Earnings per share (cents) For the year ($ million) Revenue 10,431 7,601 +37 Profi t 2006 47.7 EBITDA 1,176 931 +26 2007 64.9 Operating 1,051 804 +31 Before tax & exceptional items 1,556 1,139 +37 Attributable before exceptional items 1,026 751 +37 Attributable after exceptional items 1,131 751 +51 Operating cashfl ow 1,697 1,854 -8 Return on Equity (%) Free cashfl ow 1,151 1,480 -22 Economic Value Added (EVA) 604 423 +43 2006 19.1 Per share* Earnings (cents) 2007 21.8 Before tax & exceptional items 81.4 61.5 +32 Attributable before exceptional items 64.9 47.7 +36 Attributable after exceptional items 71.5 47.7 +50 Net assets ($) 3.28 2.67 +23 Net tangible assets ($) 3.24 2.58 +26 Distribution per share (cents) At year-end ($ million) Shareholders’ funds 5,205 4,205 +24 2006 28.0 Minority interests 1,830 1,393 +31 Capital employed 7,035 5,598 +26 2007 64.0 Net borrowings 634 1,339 -53 Net gearing (times) 0.09 0.24 -63 Return on shareholders’ funds (%) Profi t before tax & exceptional items 27.4 24.7 +11 Economic Value Added (EVA) ($ million) Attributable profi t before exceptional items 21.8 19.1 +14 Shareholders’ value* 2006 423 Distribution (cents per share) Interim dividend 9.0 6.0 +50 2007 604 Final dividend 10.0 8.0 +25 Special dividend 45.0 – n.m. Capital distribution – 14.0 n.m. Total distribution 64.0 28.0 +129 Share price ($) 13.00 8.80 +48 Total Shareholder Return (%) 51.7 65.3 -21 2007 2006 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total Group quarterly results ($ million) Revenue 2,028 2,454 2,591 3,358 10,431 1,544 1,646 1,969 2,442 7,601 EBITDA 268 284 322 302 1,176 207 217 249 258 931 Operating profi t 242 252 289 268 1,051 176 185 218 225 804 Profi t before tax & exceptional items 360 381 394 421 1,556 255 332 277 275 1,139 Attributable profi t before exceptional items 252 258 248 268 1,026 170 196 201 184 751 Earnings Per Share (cents)* 15.9 16.4 15.6 17.0 64.9 10.8 12.4 12.8 11.7 47.7 *Compar at i ves have been ad ust ed f or sub- di vi si on of shar es i n 2 0 0 7 n. m. not meani ngful Keppel Corporation Limited Group Financial Highlights Report to Shareholders 2007 1 CHAIRMAN’S STATEMENT Return on Equity 21.8% With prudent management and sound policies, the Group is on-track to deliver sustained growth and enhance shareholder value. DEAR SHAREHOLDERS, I am pleased to report that we have achieved another record year for Keppel. Group Profi t After Tax And Minority Interests (PATMI) exceeded the billion- dollar mark for the fi rst time, an increase of 37% compared to the previous year. Earnings per share (EPS) grew 36% to $0.65. This brings our CAGR for both PATMI and EPS to about 23% over the last seven years (2001– 2007). We sustained consistent improvements in Return on Equity (ROE) and Economic Value Added (EVA), with ROE reaching 21.8%, from 19.1% in 2006; EVA increased $181m to $604m. With a robust balance sheet and healthy free cashfl ows, net gearing declined to only 0.09x. All our businesses performed better in 2007. Offshore & Marine again contributed more than half of our earnings with $522m, up from $448m the previous year. Property division posted a 118% earnings increase to $209m, while Infrastructure regained its footing to fi nish the year profi tably with $27m, reversing its previous $35m loss. Our Investments division recorded an 11% increase in earnings, as Singapore Petroleum Company hit a record PATMI exceeding half-billion dollars. Keppel Corporation Limited Chairman’s Statement 2 Report to Shareholders 2007 In view of the sterling results, and with their rig deliveries are in good time to this year being the 40th anniversary fulfi ll their own business commitments. of Keppel Corporation, the Board has recommended a fi nal dividend of Equally signifi cant, Keppel O&M’s 10 cents per share and a special spread of orders secured during the dividend of 45 cents per share. This year underscore its broad competencies brings the total payout for 2007 to beyond just drilling jackups and 64 cents per share, representing a payout semisubmersible rigs. In particular, Keppel ratio of almost 100%. Total Shareholder O&M is well-positioned to exploit the Return (TSR) for the year was 52%, more development and production phases of the than twice the benchmark Straits Times global E&P cycle with its comprehensive Index’s TSR of 21%. suite of solutions. More than 30% of orders secured by Keppel O&M in 2007 were DELIVERING MORE WITH production rigs and FPSO conversions, MULTIPLE GROWTH PLATFORMS with another 18% from rigs capable Offshore & Marine of undertaking drilling and production Keppel Offshore & Marine (Keppel concurrently, comprising its proprietary O&M) continued to grow its market KFELS N Class, as well as the world’s reach, leveraging its extensive network fi rst FDPSO (fl oating-drilling-production- of yards worldwide to deliver more to storage-offl oading) conversion. Keppel its customers. Global yard capacity O&M also secured two accommodation remained tight, with worldwide fl oatels, one of which is the fi rst for the Exploration & Production (E&P) harsh North Sea environment in over expenditures exceeding planned budgets 20 years. These fl oatels, together with on the back of sustained high oil prices. several specialised vessels, accounted for Riding on this strong market, Keppel 20% of contracts secured. O&M’s net orderbook in 2007 grew by 16% to $12.2b, bolstered by another Keppel O&M also added another record $7.4b of new contracts secured strategic footprint with a shipyard now during the year. With 43 rigs under jointly under construction in Qatar’s Ras construction as at year-end, Keppel Laffan port with Qatar Gas Transport O&M has already commenced accepting Company (NAKILAT). NAKILAT owns orders for delivery as far ahead as 2011. and operates one of the largest LNG PATMI ($ million) fl eets in the world. This strategic initiative We cultivated new customers whilst will further entrench our participation 2006 751 existing customers continued to entrust in the growing LNG carrier market, in 2007 1,026 us with repeat orders. Keppel O&M which Keppel O&M is a leading LNG was awarded by Petrobras a US$1.2b shiprepairer in Asia-Pacifi c outside Japan. contract to build the P-56 production Qatar holds the third largest gas reserves semisubmersible, a repeat of the P-51 in the world and this facility, when ready currently being built at its Brazil yard. in 2010, will become a hub for the repair $1,026m Rowan also selected Keppel O&M to and maintenance of LNG carriers. The build four jackups for the fi rst time, facility complements our existing fi ve- even though their rigs are historically year drydocking arrangements for repair built in-house. As ENSCO’s preferred and maintenance of a fl eet of ten LNG +36.6% yard, Keppel O&M secured its fourth carriers on charter to Qatar Liquefi ed ultra-deepwater semisubmersible Gas Company. It also lays yet another rig contract worth US$427m while important pivot for Keppel O&M’s PATMI improved 36.6% to $1,026 million crossing the $1 billion delivering their ninth premium jackup offshore and specialised shipbuilding mark for the fi rst time. early last year. In an operating activities in the heart of the key Middle environment characterised by tight East oil and gas production region.
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