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Driving Value Creation Report to Shareholders 2016 Contents GROUP OVERVIEW PERFORMANCE REVIEW FINANCIAL REPORT 02 34 101 02 Group Financial Highlights Operating & Financial Review Directors’ Statement & 04 Group at a Glance 34 Management Discussion & Analysis Financial Statements 06 Our Global Presence 36 Offshore & Marine 102 Directors’ Statement 08 Chairman’s Statement 41 Property 108 Independent Auditor’s Report 14 Interview with the CEO 44 Infrastructure 114 Balance Sheets 20 Board of Directors 49 Investments 115 Consolidated Profit and Loss Account 24 Keppel Group Boards of Directors 53 Financial Review & Outlook 116 Consolidated Statement of 26 Keppel Technology Advisory Panel 61 Group Structure Comprehensive Income 28 Senior Management 117 Statements of Changes in Equity 30 Investor Relations GOVERNANCE & SUSTAINABILITY 120 Consolidated Statement of Cash Flows 32 Significant Milestones in 2016 62 123 Notes to the Financial Statements 62 Sustainability Highlights 173 Significant Subsidiaries & Sustaining Growth Associated Companies 64 Corporate Governance 92 Risk Management OTHER INFORMATION 95 Regulatory Compliance 182 96 Environmental Performance 182 Interested Person Transactions 97 Product Excellence 183 Key Executives Empowering Lives 191 Major Properties 98 Labour Practices & Human Rights 196 Group Five-Year Performance 99 Safety & Health 200 Group Value-Added Statements Nurturing Communities 201 Share Performance 100 Our Community 202 Shareholding Statistics 203 Notice of Annual General Meeting & Closure of Books 208 Corporate Information 209 Financial Calendar 211 Proxy Form Driving Value Creation Keppel is a multi-business company committed to providing robust solutions for sustainable urbanisation. We are driving value creation by enhancing collaboration and harnessing synergies within the Group. Focused on being at the forefront of our chosen industries, we are sharpening our competitive edge and developing new platforms for growth. Vision A global company at the forefront of our chosen industries, shaping the future for the benefit of all our stakeholders – Sustaining Growth, Empowering Lives and Nurturing Communities. Mission Guided by our operating principles and core values, we will execute our businesses in Offshore & Marine, Property, Infrastructure and Investments profitably, safely and responsibly. Operating Principles 1 Best value propositions to customers. 2 Tapping and developing best talents from our global workforce. 3 Cultivating a spirit of innovation and enterprise. 4 Executing our projects well. 5 Being financially disciplined to earn best risk-adjusted returns. 6 Clarity of focus and operating within our core competence. 7 Being prepared for the future. View our report online: www.kepcorp.com 01 Group Overview Group Financial Highlights Revenue Decreased by 34% from $10.3 billion in FY 2015. $6.8b Revenue decreased mainly due to lower revenue from the Offshore & Marine and Infrastructure divisions, partially offset by higher revenue from the Property Division. Net Profit Decreased by 49% from $1.5 billion in FY 2015. $784m Net profit was lower mainly due to lower contribution from the Offshore & Marine Division. Return on Equity Decreased by 7.3 percentage points from 14.2% 6.9% in FY 2015. Return on Equity decreased mainly due to lower net profit and higher equity. Economic Value Added Decreased by $788 million from $648 million ($140m) in FY 2015. Economic Value Added was lower mainly due to lower net operating profit after tax. Earnings Per Share Decreased by 49% from $0.84 per share in FY 2015. $0.43 There was no significant dilution in Earnings Per Share as no major capital call has been made since 1997. Cash Dividend Per Share Down from FY 2015 cash dividend of 34.0 cents 20.0¢ per share. Total distribution for FY 2016 comprises a proposed final cash dividend of 12.0 cents per share and the interim cash dividend of 8.0 cents per share paid out in 3Q 2016. Net Asset Value Per Share $6.42 Increased by 5% from $6.13 per share in FY 2015. Net Gearing Ratio 0.56x Increased slightly from 0.53x in FY 2015. Free Cash Flow* Improved from cash outflow of $694 million $576m in FY 2015. * Free cash flow excludes expansionary acquisitions and capex, and major divestments. 02 Keppel Corporation Limited Report to Shareholders 2016 Group Quarterly Results ($m) 2016 2015 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total Revenue 1,743 1,625 1,459 1,940 6,767 2,814 2,563 2,440 2,479 10,296 EBITDA 334 292 238 168 1,032 464 479 425 366 1,734 Operating profit 278 234 185 98 795 398 414 371 331 1,514 Profit before tax 278 285 286 206 1,055 455 498 470 574 1,997 Attributable profit 211 205 225 143 784 360 397 363 405 1,525 Earnings per share (cents) 11.6 11.3 12.4 7.9 43.2 19.8 21.9 20.0 22.3 84.0 2016 2015 % Change For the year ($m) Revenue 6,767 10,296 -34% Profit EBITDA 1,032 1,734 -40% Operating 795 1,514 -47% Before tax 1,055 1,997 -47% Net profit 784 1,525 -49% Operating cash flow 330 (785) n.m. Free cash flow* 576 (694) n.m. Economic value added (140) 648 n.m. Per share Earnings ($) 0.43 0.84 -49% Net assets ($) 6.42 6.13 +5% Net tangible assets ($) 6.34 6.07 +4% At year-end ($m) Shareholders’ funds 11,659 11,096 +5% Non-controlling interests 675 830 -19% Total equity 12,334 11,926 +3% Net debt 6,966 6,366 +9% Net gearing ratio (times) 0.56 0.53 +6% Return on shareholders’ funds (%) Profit before tax 8.8 17.7 -50% Net profit 6.9 14.2 -51% Shareholders’ value Distribution (cents per share) Interim dividend 8.0 12.0 -33% Final dividend 12.0 22.0 -45% Total distribution 20.0 34.0 -41% Share price ($) 5.79 6.51 -11% Total shareholder return (%) (6.3) (22.3) n.m. n.m. = not meaningful * Free cash flow excludes expansionary acquisitions and capex, and major divestments. 03 Group Overview Group at a Glance Creating value through our multi-business strategy. Keppel Corporation Offshore & Marine Property Infrastructure Investments How We Performed in 2016 Delivered 21 Offshore & Marine (O&M) Group Revenue ($m) Revenue ($m) Revenue ($m) Revenue ($m) Revenue ($m) projects, and secured about $500 million worth of non-drilling contracts. $6,767m $2,854m $2,035m $1,744m $134m Formed a joint venture with Shell through Keppel O&M to supply LNG 13,965 8,556 2,979 3,452 192 195 bunker to vessels in Singapore. 13,283 7,963 184 12,380 7,126 2,831 2,914 10,296 6,241 Attained full ownership of the 2,035 134 1,823 property business with the completion 1,711 2,037 1,629 1,744 of Keppel Land’s Selective Capital 6,767 91 Reduction exercise. 2,854 Sold 5,720 homes, up 25% from 2015. Proactive capital recycling strategy: 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 announced investments of $460 million and divestments of $680 million in the Property Division. Group Net Profit ($m) Net Profit ($m) Net Profit ($m) Net Profit ($m) Net Profit ($m) Named preferred bidder for Singapore’s fourth desalination plant. Expanded data centre portfolio by $784m $29m $620m $99m $36m over 45% in net lettable area to over 1.4 million square feet. 2,237 1,040 1,055 307 217 949 945 Completed the restructuring of the 1,846 1,885 185 Group’s asset management businesses 800 1,525 197 under Keppel Capital, and launched two 661 620 new data centre and property funds. 482 469 88 784 99 69 Our Strategic Focus for 2017/18 36 29 16 13 Drive collaboration across business 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 verticals, unleashing synergies from Keppel’s multi-business model to achieve our financial, people, stakeholder and process goals. Group Net Profit by Division ($m) Net Profit by Segment ($m) Net Profit by Segment ($m) Net Profit by Segment ($m) Net Profit by Segment ($m) Invest in R&D and innovation to develop new capabilities and markets. 1,525 482 661 197 185 185 63 153 620 10 127 112 39 Sharpen project execution through 197 419 continuous improvements in safety, 661 167 56 1 147 215 productivity and efficiency. 784 99 36 346 20 99 36 21 64 Enhance people development and 620 58 237 63 bolster bench strength through talent 482 management and succession planning. 29 34 -28 29 -5 -5 -5 Maintain strong financial discipline, 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 seize opportunities to recycle assets, Offshore & Marine Property Operations Associates Property Trading Property Investment Energy & Environmental Infrastructure and Others Asset Management Others and deploy capital astutely for the best Infrastructure Investments Hotels/Resorts REIT Logistics Data Centres REIT & Trust risk-adjusted returns. For more details on Offshore & Marine, see For more details on Property, see For more details on Infrastructure, see For more details on Investments, see pages 36–40 pages 41–43 pages 44–48 pages 49–52 04 Keppel Corporation Limited Report to Shareholders 2016 05 Group Overview Our Global Presence Serving international customers spanning more than 20 countries. 3 6 1 4 5 9 8 2 7 Total FY 2016 Revenue $6,767m Markets outside of Singapore contributed to about 58% of the Group’s revenue for FY 2016. 1. North America 3. Europe 4. Middle East 5. China & Hong Kong 7. Australia 9. Rest of Asia $361m $813m $186m $1,364m $81m $461m United States Belgium Azerbaijan India Bulgaria Qatar Indonesia Italy United Arab Emirates Malaysia 2.
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