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BUILDING for the FUTURE COSCO Corporation (Singapore) Limited Annual Report 2010 WE BEHOLD OUR PAST with PRIDE the PATH WE TOOK the FOUNDATION WE LAID

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BUILDING for the FUTURE COSCO Corporation (Singapore) Limited Annual Report 2010 WE BEHOLD OUR PAST with PRIDE the PATH WE TOOK the FOUNDATION WE LAID BUILDING FOR THE FUTURE COSCO Corporation (Singapore) Limited Annual Report 2010 WE BEHOLD OUR PAST WITH PRIDE THE PATH WE TOOK THE FOUNDATION WE LAID TO CREATE A PLATFORM FOR SUSTAINABLE GROWTH THUS BRINGING US CLOSER TO THE FUTURE WE ENVISION WITH CONFIDENCE AND PASSION CONTENTS COSCO OVERVIEW 01 Corporate Profile 02 Corporate Structure 04 Financial Highlights 08 Major Developments 10 Major Deliveries in 2010 11 Our Major Shipyards KEY MESSAGES 14 Chairman’s Statement 18 Interview with Vice Chairman and President OPERATIONS AND FINANCIAL REVIEW 23 Ship Repair, Ship Building and Offshore Marine Engineering 26 Dry Bulk Shipping & Others 28 Group Financial Review CORPORATE GOVERNANCE AND TRANSPARENCY 32 Corporate Governance 49 Corporate Information 50 Board of Directors 56 Key Management 60 Investor Relations 64 Risk Management INSIDE COSCO AND CORPORATE CITIZENSHIP 68 Research and Development 70 Human Resources and Workplace Safety 72 Corporate Social Responsibility FINANCIAL STATEMENTS 74 Directors’ Report 80 Statement by Directors 81 Independent Auditor’s Report 82 Consolidated Income Statement 83 Consolidated Statement of Comprehensive Income 84 Balance Sheets 85 Consolidated Statement of Changes in Equity INVESTOR RELATIONS CONTACTS 86 Consolidated Cash Flow Statement COSCO Corporation (Singapore) Limited 88 Notes to the Financial Statements Mr Li Jian Xiong, Vice President 153 Five-Year Summary Mr Wang Hui, General Manager, Investor Relations Tel: (65) 6885 0888 154 Shareholding Statistics Fax: (65) 6336 9006 Email: [email protected] 156 Notice of Annual General Meeting Proxy Form for Annual General Meeting SPIN Capital Asia (Investor Relations Consultant) Notes for Proxy Form Mr Michael Tan Tel: (65) 6227 7790 Email: [email protected] 01 Annual Report 2010 CORPORATE PROFILE “A diversified marine conglomerate providing Ship Repair and Conversion, Ship Building and Offshore Marine Engineering solutions.” COSCO Corporation (Singapore) Limited COSCO Corporation is committed to long- (“COSCO Corporation” or the “Group”) has term growth through its core businesses and one of the largest Ship Repair, Ship Building global coverage. In October 2006, COSCO and Offshore Marine Engineering operations Corporation was rated as a component in China. A diversified group with activities stock of Prime Partners China Index - the also in Dry Bulk Shipping, Shipping Agency first index that tracks the performance of and other sectors, it is the SGX Mainboard- China enterprises listed on the SGX. Since listed subsidiary of China Ocean Shipping January 2009, we have been part of the (Group) Company (“COSCO Group”), China’s FTSE ST China Index, and from July 2009, largest shipping group and one of the top we were also included in the FTSE ST China shipping conglomerates in the world. Top Index, both of which were created to reflect the increasing representation of China- COSCO Corporation has achieved significant based companies in the Singapore stock progress in growing its Ship Repair, Ship market. Among other indexes, we are also Building and Offshore Marine Engineering a component stock of the Morgan Stanley capacity and capabilities. The completion of Capital International World Index as well as its acquisition of a 51% stake in one of the the SGX Morgan Stanley Capital International largest shipyards in China, COSCO Shipyard Asia Apex 50 Index Futures which feature Group (“COSCO Shipyard”), on 1 January some of the most promising, widely-traded 2005 propelled COSCO Corporation into the and investible Asian companies outside premier league in the ship repair industry. Japan. 02 COSCO OVERVIEW CORPORATE STRUCTURE Dry Bulk Shipping 100% COSCO (Singapore) Pte Ltd Shipping Agency & Others 70% COSTAR Shipping Pte Ltd 100% • Costar Agencies (M) Sdn Bhd 60% • CNF Shipping (M) Sdn Bhd 18% 70% COSLINK (M) Sdn Bhd 100% Harington Property Pte Ltd 03 Annual Report 2010 Ship Repair, Ship Building & Offshore Marine Engineering 90% COSCO Marine Engineering 100% • COSCO Engineering Pte Ltd (Singapore) Pte Ltd 50% COSCO (Nantong) Shipyard Co., Ltd 39% COSCO (Dalian) Shipyard Co., Ltd 51% COSCO Shipyard Group Co., Ltd 50% • COSCO (Nantong) Shipyard Co., Ltd 60% • COSCO (Qidong) Offshore Co., Ltd 59% • COSCO (Dalian) Shipyard Co., Ltd 75% • COSCO (Guangdong) Shipyard Co., Ltd 60% • COSCO (Lianyungang) Shipyard Co., Ltd 51% • COSCO (Xiamen) Shipyard Co., Ltd 95% • COSCO (Shanghai) Shipyard Co., Ltd 90% • COSCO (Tianjin) Shipyard Co., Ltd 100% 100% • COSCO (Zhoushan) Shipyard Co., Ltd • Cos Fair Shipping Pte Ltd 60% • COSCO (Nantong) Ocean Shipyard Co., Ltd • Cos Glory Shipping Inc 75% • COSCO Dalian Rikky Ocean Engineering Co., Ltd • Hanbo Shipping Limited 51% • Zhongyuan Sea-Land Engineering Co., Ltd • Sanbo Shipping Limited 60% • COSCO Shipyard Total Automation Co., Ltd • Cos Knight Shipping Maritime Inc. 30% • Diesel Marine Dalian Ltd • Cos Lucky Shipping Maritime Inc. 30% • Diesel Marine International (Nantong) Co., Ltd • Cos Orchid Shipping Pte Ltd 30% • DMI (Guangzhou) Ltd • Cos Prosperity Shipping Pte Ltd 40% • Tru-Marine Cosco (Tianjin) Engineering Co., Ltd 100% • CNF Shipping Agencies Pte Ltd 04 COSCO OVERVIEW FINANCIAL HIGHLIGHTS Turnover Net Profit Net Assets (S$’m) Attributable to (S$’m) Equity Holders (S$’m) 1,794 337 3,861 1,800 4,000 1,611 350 1,609 303 3,476 3,500 300 1,500 1,303 2,899 3,000 249 250 205 1,200 920 2,500 2,262 200 2,000 900 150 1,500 1,215 600 110 100 1,000 300 50 500 0 0 0 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Revenue by Activities (%) 96.3% 0.4% SHIP REPAIR, SHIPPING SHIP BUILDING & AGENCY AND OFFSHORE MARINE OTHERS ENGINEERING 3.3% DRY BULK SHIPPING 05 Annual Report 2010 Dividends per Share (cents) and Basic Earnings per Share (cents) 15.1 15 13.5 11.1 12 9.3 9 7.0 7.0 6 4.0 4.9 4.0 3.0 3 Basic Earnings per Share (cents) Dividends per Share (cents) 0 2006 2007 2008 2009 2010 5-YEAR PROFIT AND LOSS ACCOUNTS (S$’m) 2006 2007 2008 2009 2010 Turnover 1,215 2,262 3,476 2,899 3,861 Operating Profit before Tax 301 497 451 179 402 Share of Profit/(Loss) of Associated Companies 1 1 1 0 0 Taxation 23 19 32 41 43 Profit from Ordinary Activities 279 479 420 138 359 Non-Controlling Interests 74 142 117 28 110 Net Profit Attributable to Equity Holders of the Company 205 337 303 110 249 OTHER KEY STATISTICS 2006 2007 2008 2009 2010 Number of Shares (m) 2,214.0 2,237.7 2,239.2 2,239.2 2,239.2 Basic Earnings per Share (cents)* 9.3 15.1 13.5 4.9 11.1 Dividend per Share (cents) 4.0 7.0 7.0 3.0 4.0 Dividend Cover (times) 2.3 2.1 1.9 1.6 2.8 Net Tangible Assets per Share (cents)* 29.8 41.6 50.7 48.0 53.1 Net Assets Value per Share (cents)* 30.3 42.0 51.1 48.4 53.5 Gearing Ratio (net of cash)(times) 0.2 cash cash cash 0.1 Return on Equity (%) 34.5 41.8 29.0 9.9 21.8 Return on Assets (%) 12.5 11.5 5.6 1.7 4.0 * Basic earnings per share, net tangible assets per share and net assets value per share have been adjusted to account for the sub-division of one ordinary share of $0.20 each into two ordinary shares of $0.10 each in 2006 The GM4000 is a semi submersible vessel designed for well intervention services including a wide range of capabilities like through tubing rotatory drilling and coiled tubing drilling. It is a purpose-built well intervention unit capable of operating on the Norwegian Continental Shelf all year round. the foundation VITAL MARINE SOLUTIONS FOR ALL Our diversified repertoire of marine engineering, ship building, ship repair and conversion services enables the Group to support an increasingly demanding and varied international clientele. 08 COSCO OVERVIEW MAJOR DEVELOPMENTS Deliveries in 2010 1 Super M2 Jack-up rig 2 M.V. Parandowski New build 30,000 dwt multi-purpose heavy lift vessel 3 M.V. Magda P New build 57,000 dwt bulk carrier 4 M.V. Mairini New build 80,000 dwt bulk carrier 5 M.V. Scandinavian Express New build 92,500 dwt bulk carrier 1 Current Developments 1 4 5 09 Annual Report 2010 2 4 3 5 2 3 6 1 Sevan Driller II (Sevan Brasil) 2 Octabuoy 3 Car Carrier 4 Wind Turbine Installation Vessel 5 Drillship 6 GM4000 10 COSCO OVERVIEW MAJOR DELIVERIES IN 2010 Name of Vessel Project Details Delivered In COSCO Dalian Shipyard M.V. Ocean Garnet New build 92,500 dwt bulk carrier January 2010 M.V. Vlazakis 1 New build 57,000 dwt bulk carrier January 2010 M.V. Scandinavian Express New build 92,500 dwt bulk carrier February 2010 M.V. Pu Lan Hai New build 57,000 dwt bulk carrier March 2010 M.V. Banos A New build 57,000 dwt bulk carrier May 2010 M.V. RBD Ocean of Joy New build 92,500 dwt bulk carrier June 2010 M.V. Chang Shan Hai New build 57,000 dwt bulk carrier June 2010 FPSO Cidade De Angra Dos Reis MV22 Conversion from VLCC to FPSO August 2010 M.V. Mairini New build 80,000 dwt bulk carrier September 2010 M.V. Georgios P New build 57,000 dwt bulk carrier September 2010 M.V. Magda P New build 57,000 dwt bulk carrier October 2010 M.V. Chipolbrok Star New build 30,000 dwt multi-purpose heavy lift carrier October 2010 M.V. Parandowski New build 30,000 dwt multi-purpose heavy lift carrier November 2010 M.V. Newlead Tomi New build 80,000 dwt bulk carrier December 2010 M.V.
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