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SC FAR Corporate F/A.Indd SembCorp Industries Annual Report 2004 SembCorp Industries Annual Report 2004 SembCorp Delivering sustainable value Delivering Sustainable Value At SembCorp Industries, we have doubled the turnover from our businesses and our PATMI before EI in the past five years. Our goal is to continue to deliver sustainable value to our shareholders, by carrying out our businesses in a profitable manner, aligned with our strong commitment towards corporate social responsibility. Performance at a glance Group Financial Highlights 2004 2003 Change (%) For The Year ($’000) Turnover 5,943,962 4,641,660 28 EBITDA 1,117,111 582,875 92 Profit before Tax 1,015,813 470,634 116 Profit after tax and minority interest – before exceptional items 231,680 183,685 26 – after exceptional items 395,495 285,135 39 Capital Expenditure 280,886 580,841 (52) At Year End (S$’000) Shareholders’ funds 1,958,345 1,715,676 14 Total assets 8,018,215 6,601,774 21 Net (Cash)/Borrowings (194,704) 1,374,277 NM Free cash flow 2,007,446 530,424 278 Per Share Earnings (cents) – before exceptional items 12.71 10.09 26 – after exceptional items 21.69 15.66 39 Net assets ($) 1.07 0.94 14 Net tangible assets ($) 0.99 0.88 13 Gross dividends (cents) 11.25 7.00 61 Gross dividend yield (%) 6.9 5.6 23 Financial Ratios Return on equity (%) – before exceptional items 13.1 11.4 15 – after exceptional items 21.3 17.7 20 Return on total assets (%) – before exceptional items 5.7 5.6 2 – after exceptional items 13.6 7.3 86 Interest cover (times) 14.9 7.4 101 Net gearing (times) Net Cash 0.6 NM Productivity Data ($’000) Economic value added 311,033 91,008 242 1 Contents SembCorp Utilities’ pioneering centralized multi-utility facilities on Jurong Island (pictured) support Singapore’s push to be a world-class hub for the petroleum and petrochemical industries. LEADERSHIP 06 Corporate Mission 08 Chairman’s Statement 14 Board of Directors 18 Key Executives DELIVERY 28 Group Operations Review 30 Group Financial Review 36 Organisational Overview 38 Significant Events in 2004 VALUE 42 Operations Review: – Utilities – Marine Engineering – Logistics – Environmental Engineering – Engineering & Construction 72 Business Spotlight SUSTAINABILITY 101 Corporate Governance 113 Corporate Social Responsibility 124 Enterprise Risk Management 126 Financial Management 132 Investor Relations 138 Human Resources PERFORMANCE 142 Statutory Accounts 252 Supplementary Information 255 EVA Statement 256 Five-Year Performance 262 Quarterly Performance 264 Shareholders’ Information 265 Corporate Information 266 Notice of Annual General Meeting 269 Corporate Directory 271 Proxy Form 3 Corporate success depends greatly on the ability of a company’s leadership to anticipate and adapt to rapidly evolving market conditions. At SembCorp Industries, our leadership is guided by a nuanced understanding of our businesses and their potential, the shared vision to achieve greater market leadership, and a firm commitment to enhance shareholder value. In this section – Corporate Mission – Chairman’s Statement – Board of Directors – Key Executives Leadership Corporate Mission 6 SEMBCORP INDUSTRIES ANNUAL REPORT 2004 We are a leading engineering services group focused on the provision of Integrated Utilities and Energy, Marine Engineering, Environmental Engineering, Logistics, and Engineering and Construction services. We are focused on providing premier solutions to our customers, long-term value to our shareholders, and a rewarding work environment for our employees. Our commitment to sustainable development stems from our belief that our technical and commercial expertise can be used for the common good. SembCorp Marine’s rig building arm, PPL Shipyard (pictured), has to-date built 26 jack-ups and 4 semi-submersibles. These include 2 deepwater jack-up drilling rigs for GlobalSanteFe. LEADERSHIP 7 Chairman’s Statement 8 SEMBCORP INDUSTRIES ANNUAL REPORT 2004 “ We have given Dear Shareholders, During the year, our operations achieved strong growth, led by our Integrated Utilities and Energy, Marine our shareholders Engineering and Logistics businesses. a good return Our full year turnover increased 28% to S$5.9 billion, while our Profit After Tax and Minority Interest (PATMI) on their investment. was 39% higher at S$395.5 million. The year was a strong year for our Integrated Utilities and Energy We shall continue business, which recorded good growth in both revenue and profitability on the back of increased demand for centralised utilities services and energy. During the year, to strive to deliver our Marine Engineering operations also benefitted from value to our a boost in demand for ship conversion and repair services. We have consistently maintained a sound balance sheet. shareholders Our interest cover doubled from 7 to 15 times as we continue to observe strict financial discipline. With the divestment of SembCorp Logistics’ share in Kuehne & going forward.” Nagel International (KNI), we achieved a net cash position at the end of the financial year. The group’s total assets have now surpassed S$8 billion for the first time. Our acquisitions in the last few years have helped to build the Group’s stable earning base in areas with good growth potential, paving the way to deliver sustainable growth for shareholders in the future. Delivering value to shareholders A review of our performance over the last five years since 2000 shows that our turnover has more than doubled and PATMI before EI has increased by 98%. During this period, we have also consistently achieved a Return on Equity higher than our target of 12%. We are committed to delivering shareholder value, and our actions in 2004 have continued to reflect this. Last October, SembCorp Logistics (SembLog) sold its 20% stake in global logistics player KNI for S$1.3 billion as synergies from the collaboration did not meet our expectations. LEADERSHIP 9 Chairman’s Statement The divestment provided the opportunity for us to unlock of various housing estates. At the same time, SembLog significant value both for SembLog, and for SembCorp offered space from two warehouses, packing materials Industries shareholders. and other resources to local relief agencies, to sort and pack donations in kind. Of the approximately S$604 million in distribution to be received in total by SembCorp Industries as a result of the Enterprise Risk Management divestment, we are looking to distribute more than half to At SembCorp Industries, we believe in adopting a our shareholders. This amounts to approximately S$306 proactive approach to managing risks, and view a good million. Of this, S$114.2 million was paid by way of a risk management strategy as integral to our businesses. special gross dividend (net dividend of S$91.3 million) in We maintain high-level oversight of the Group’s entire January 2005, translating to gross 6.25 cents per ordinary portfolio of risks, whilst regularly evaluating individual share. A further capital reduction of about S$215 million risks at our different business operations. This provides is being proposed to our shareholders, and is subject to an objective basis for allocating the Group’s resources. their approval at the upcoming EGM. The total value to Risk management alone does not guarantee that business be distributed to our shareholders through the capital undertakings will not fail. However, by identifying, reduction exercise is approximately S$117.00 for every measuring and controlling risks that may arise, we can 1,000 shares held. make more informed decisions and benefit from a better balance between risk and reward. This will help protect In tandem with our improved performance, the Board of and also create shareholder value. Directors is proposing a final gross dividend of 5 cents per ordinary share. Together with the special gross dividend Corporate Governance of 6.25 cents per ordinary share, our total gross dividend We are committed to the highest standards of corporate stands at 11.25 cents per share. conduct and governance, and continually aim to improve the effectiveness of our Board oversight and our Along with the 29% appreciation in our share price during Board committees. the year, we have given our shareholders a good return on their investment. We shall continue to strive to deliver In 2004, we continued to review and enhance our Group’s value to our shareholders going forward. best practices in the areas of Board practices, shareholder communication and financial and internal controls. Corporate Social Responsibility At SembCorp Industries, we believe in being a responsible Solitaire corporate citizen and giving back to the community. The arbitration proceedings on Solitaire, which relate to a dispute arising in 1995 between Sembawang Corporation, We responded to the tsunami disaster by mounting a and Netherlands-based Allseas, are ongoing. Group-wide effort to raise funds from our companies, staff and business associates towards the relief efforts. To this In May 2004, the Tribunal ruled that Allseas had not end, we succeeded in raising more than S$700,000. breached its contractual obligation to mitigate costs, in its choice of a UK-based shipyard to complete the conversion Our environmental management arm mobilized more work on the ship. Sembawang appealed to the High Court than 100 karang guni1 men, who collected more than 13 against the standard of mitigation of costs applied by the tonnes of old clothing and 2 tonnes of rice from residents Tribunal; this appeal was dismissed in November. 1 Malay colloquialism for tradesmen involved in the collection of materials from households for recycling. 10 SEMBCORP INDUSTRIES ANNUAL REPORT 2004 After re-evaluating the case, the merits of the owners’ On behalf of the Board and management, I would like to claims and our counter-claims, as well as the advice of express my appreciation to our staff, who have made our our UK lawyers, the Board decided to make an additional achievements today possible.
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