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KCL169 Fpr Pdf.Indd REPORT TO SHAREHOLDERS 2010 Building Strengths Defi ning Distinction Powering Excellence Harnessing Synergy Maximising Value To be the Provider of Choice for Solutions to the Offshore & Marine Industries, Sustainable Environment and Urban Living. We will develop and execute our business profitably, with Safety and Innovation, guided by our three key business thrusts of Sustaining Growth, Empowering Lives and Nurturing Communities. Contents 1 Key Figures 2010 Empowering Lives 2 Group Financial Highlights 2010 128 – People Matters 3 Our Growth Record from 2001 to 2010 132 – Safety and Health 4 Chairman’s Statement Nurturing Communities 10 Interview with the CEO 136 – Community and Society 16 Key Messages Directors’ Report & Financial Statements 22 Group Strategic Directions 142 – Directors’ Report 24 Keppel Around the World 148 – Statement by Directors 26 Board of Directors 149 – Independent Auditors’ Report 32 Keppel Group Boards of Directors 150 – Balance Sheets 34 Keppel Technology Advisory Panel 151 – Consolidated Profi t and Loss Account 36 Senior Management 152 – Consolidated Statement of 38 Investor Relations Comprehensive Income 40 Awards and Accolades 153 – Statement of Changes in Equity 42 Special Feature 156 – Consolidated Statement of Cash Flows – Creating Value Through Innovation 158 – Notes to the Financial Statements 50 Operating & Financial Review 208 – Signifi cant Subsidiaries and 51 – Group Structure Associated Companies 52 – Management Discussion and Analysis 219 Interested Person Transactions 54 – Offshore & Marine 220 Directors and Key Executives 66 – Infrastructure 233 Major Properties 74 – Property 237 Group Five-Year Performance 82 – Investments 241 Group Value-Added Statements 84 – Financial Review and Outlook 242 Share Performance 94 Sustainability Report Highlights 243 Shareholding Statistics Sustaining Growth 244 Notice of Annual General Meeting and 96 – Corporate Governance Closure of Books 116 – Risk Management 251 Corporate Information 120 – Environmental Protection 252 Financial Calendar 124 – Product Excellence Key Figures 2010 Revenue Net Profi t Return On Equity $9.8b $1,419m 22.3% Decreased 20% from Increased 12% from Decreased by 1.6% from FY 2009’s $12.2 billion. FY 2009’s $1,265 million. FY 2009’s 23.9%. Economic Value Added Earnings Per Share Cash Dividend Per Share $1,035m 88.7¢ 42.0¢ Increased $9 million from Increased 12% from Increased 11% from FY 2009’s $1,026 million. FY 2009’s 79.4 cents FY 2009’s 38.0 cents per share. per share. Free Cash Flow Net Cash Ratio Net Profi t g Focusing on sustaining growth -$193m 0.02x amidst an uncertain economic Decreased from Decreased from environment, we achieved a record FY 2009’s free cash flow FY 2009’s net cash net profit of $1.4 billion, 12% higher of $1,097 million. of 0.14x. than in 2009. EVA g Committed to enhancing shareholder value, EVA rose to $1,035 million, the highest ever attained by the Group. Distribution g Total cash dividend of 42 cents per share and the proposed bonus issue of one bonus share for every 10 shares serve to reward shareholders. Key Figures 2010 1 Group Financial Highlights 2010 % Earnings Per Share 2010 2009 Change (cents) For the year ($ million) Revenue 9,783 12,247 -20% Profi t 2010 88.7 EBITDA 1,945 1,679 +16% Operating 1,756 1,505 +17% 2009 79.4 Before tax & exceptional items 2,026 1,856 +9% Net profi t before exceptional items 1,419 1,265 +12% Attributable after exceptional items 1,623 1,625 -0.1% Operating cash fl ow 450 670 -33% Return On Equity Free cash fl ow (193) 1,097 n.m. (%) Economic Value Added (EVA) Before exceptional items 1,035 1,026 +1% After exceptional items 768 1,379 -44% 2010 22.3 2009 23.9 Per share Earnings (cents) Before tax & exceptional items 110.8 98.9 +12% After tax & before exceptional items 88.7 79.4 +12% After tax & exceptional items 101.5 102.0 -0.5% Cash Dividend Per Share (cents) Net assets ($) 4.20 3.75 +12% Net tangible assets ($) 4.13 3.70 +12% 2010 42.0 At year-end ($ million) Shareholders’ funds 6,740 5,985 +13% 2009 38.0 Non-controlling interests 2,984 2,728 +9% Capital employed 9,724 8,713 +12% Net cash 178 1,177 -85% Net cash ratio (times) 0.02 0.14 -86% Economic Value Added ($ million) Return on shareholders’ funds (%) Profi t before tax & exceptional items 27.9 29.8 -6% Net profi t before exceptional items 22.3 23.9 -7% 2010 1,035 Shareholders’ value 2009 1,026 Distribution (cents per share) Interim dividend 16.0 15.0 +7% Final dividend 26.0 23.0 +13% Special dividend in specie – 23.0 n.m. Total distribution 42.0 61.0 -31% Share price ($) 11.32 8.23 +38% Total Shareholder Return (%) 47.0 100.8 -53% n.m. not meaningful 2010 2009 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total Group quarterly results ($ million) Revenue 2,473 2,416 2,450 2,444 9,783 2,978 3,202 3,038 3,029 12,247 EBITDA 451 487 472 535 1,945 356 400 455 468 1,679 Operating profi t 407 445 427 477 1,756 315 357 420 413 1,505 Profi t before tax & exceptional items 465 497 482 582 2,026 400 466 487 503 1,856 Net profi t before exceptional items 322 347 347 403 1,419 285 318 319 343 1,265 Earnings per share (cents) 20.2 21.7 21.6 25.2 88.7 17.9 19.9 20.1 21.5 79.4 Keppel Corporation Limited 2 Report to Shareholders 2010 Our Growth Record from 2001 to 2010 Decade of Growth Revenue ($ million) Keppel’s unwavering drive for excellence has delivered 2010 9,783 a decade of healthy growth ó66% 2001 5,882 in net profit, with the Group’s 10-year compound annual growth rate (CAGR) at over Net Profit Before Exceptional Items 20%. As we move into the ($ million) next decade, we remain 2010 1,419 committed to building on our ó431% strengths and defining our 2001 267 distinction to create more value for our stakeholders. Earnings Per Share (cents) 2010 88.7 ó410% 2001 17.4 Cash Distribution Per Share (cents) 2010 42.0 ó27% 20011 33.0 Return On Equity (%) 2010 22.3 ó121% 2001 10.1 Net Cash/(Gearing) Ratio (times) Growing Returns 2010 0.02 g Return on equity rose by 121% over the last decade, from 10.1% ó102% to 22.3%, while net profit and earnings 2001 (1.12) per share increased by over 400%. Robust Financial Strength g From a net gearing of 1.12x Shareholders’ Funds in 2001 to a net cash of 0.02x in ($ million) 2010, reflecting our prudent and disciplined financial management over 2010 6,740 the years. ó161% 2001 2,587 1 Include 1.5 cents equivalent of special dividend and 25 cents equivalent of capital distribution. Our Growth Record from 2001 to 2010 3 Chairman’s Statement Net Profi t “Our robust business strategy, $1,419m diversified businesses and core Increased 12% competencies put us in a strong from FY 2009’s position to seize opportunities $1,265 million. and capture value wherever there is economic growth and pickup in demand. We will continue to strengthen our capabilities and build up our resources to further improve execution excellence.” DEAR SHAREHOLDERS, fourth successive year, rising 12% to a Earnings Per Share (cents) We emerged from the uncertainties new high of $1,419 million. Earnings in and volatility of 2009 with expectation the last quarter of 2010 alone reached of recovery albeit subdued growth for $400 million, setting yet another record 69.0 79.4 88.7 2010. As it turned out, Asia rebounded for the Group. Earnings per share rose 100 rapidly with property and commodity in tandem to 88.7 cents from 79.4 cents markets in particular showing strong in FY 2009. Return on equity remained 75 growth. On the other hand, the above 20% for the fourth successive developed economies in Europe year. The Company’s Economic Value and the US were weighed down by Added (EVA) increased by $9 million to 50 entrenched problems such as high a record $1,035 million, exceeding unemployment and public debt. On $1 billion for the second year running. 25 balance, the year closed on a mixed but more optimistic note. As shareholders, you will benefi t from the good performance. The Board has 0 Amidst the uneven global recovery, recommended a full year total cash 2008 2009 2010 I am particularly delighted to report distribution of 42 cents per share, and that Keppel has turned in yet another a bonus issue of one share for every stellar set of results in 2010, surpassing 10 existing shares. We look forward to our previous record results achieved your continued support and confi dence in 2009. This year’s results came as a in Keppel. pleasant surprise, given the tentative recovery at the start of 2010 as well as The external environment for 2011 the unexpected events in our industries will be more complex. Although and markets in the course of the year recovery in the advanced economies such as the massive oil spill in the Gulf seems to be gaining momentum, of Mexico and the property market the outlook remains challenging and cooling measures introduced by the somewhat clouded over the next few governments in Singapore and China. years. The US economy is recovering in fi ts and starts on the back of Excluding exceptional gains, net profi t returning business investments and exceeded the $1 billion threshold for a strengthening manufacturing activity.
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