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Annual Report 2013 Always AHEAD | SINGAPORE Technologies Engineering Ltd Annual Report 2013 ANNUal report 2013 ALWAYS AHEAD | SINGAPORE TECHNOLOGIES ENGINEERING LTD ANNUAL REPORT 2013 VISION Be a global defence and engineering group. MISSION Bring value to our customers and partners by delivering total integrated quality solutions and support. CORE VALUES Integrity, Value Creation, Courage, Commitment and Compassion CONTENTS FINANCIAL HIGHLIGHTS 08 GROUP OVERVIEW 10 LETTER TO SHAREHOLDERS 12 BOARD OF DIRECTORS 18 CORPORATE INFORMATION 23 SENIOR MANAGEMENT 24 ORGANISATION CHART 26 OPERATING & FINANCIAL REVIEW 28 AEROSPACE 30 ELECTRONICS 34 LAND SYSTEMS 38 MARINE 42 FINANCIAL REVIEW 46 SUSTAINABILITY 54 INNOVATION 56 Every decision makes a difference. At ST Engineering, PRODUCTIVITY 58 WORKPLACE SAFETY & HEALTH 60 we realise that what we do has an impact on our people, ENVIRONMENT 62 stakeholders and community. As we power ahead, CUSTOMER EXCELLENCE 63 PeOPLE EXCELLENCE 64 we are taking a holistic approach to pursuing excellence. COMMUNITY RELATIONS 67 INVESTOR RELATIONS 68 CORPORATE GOVERNANCE 70 RISK MANAGEMENT 84 AwARDS & COMMENDATIONS 88 FINANCIAL REPORT 90 SHAREHOLDING STATISTICS 242 CONTACT INFORMATION IBC 1 Ahead of the STRATEGIC ALLIANCES ST Aerospace became a member of UTC Aerospace Systems’ Boeing 787 curve MRO supplier network. ST Kinetics and Australian Munitions The key to our success is our ability to anticipate, cooperating in Australia and innovate and initiate. We are relentless in seeking New Zealand to develop, manufacture fresh opportunities, developing cutting-edge and market ST Kinetics’ world-leading solutions and establishing meaningful partnerships. 40mm low velocity, extended range of air bursting ammunition. ST Aerospace’s new ST Electronics added ST Marine leased ENTERING NEW MARKETS hangars in Changi, two new buildings additional land at Singapore commenced near its current Tuas Yard, Singapore to NEW CAPability operations Ang Mo Kio location to facilitate the development NEW OFFERINGS Destination: consolidate its facilities of our fabrication business VT Halter Marine has added ST Kinetics set up LeeBoy shiprepair capability, following Brazil Equipamentos + + + De Contrução Ltda. to the acquisition of a establish a manufacturing base in Brazil to grow the market presence of Expanded Capacity ST Kinetics’ LeeBoy brand of road construction to serve our customers MT equipment in Brazil and over time, throughout Floating Dry Dock South America. Aheadcompetition of the We constantly find new ways to delight our customers with cost savings, shorter turnaround % Achieved an % Achieved 98 average of 95 times, higher quality products and better service. CUSTOMER TURNAROUND SATISFACTION TIME COMPLIANCE Strict compliance to CUSTOMER WORKPLACE EXCELLENCE SAFE Y SAVINGS APPROACH GENERATED Multiple Listening & STANDARDS through productivity efforts Learning Channels Aerospace, Electronics and Customer Engagement Land Systems operations certified to OHSAS: 18001 $ million Innovative, Value for Money Products Marine to Safety Management System certification Level 8 Exemplary Service SINGAPORE CORPORATE INVESTMENT IN STAFF GOVERNANCE LEARNING & Building AWARD DEVELOPMENT MERIT AWARD a Talent RECIPIENT $ SIAS 14.9million Pipeline Investors’ We award various ST Engineering Choice scholarships to outstanding students from top universities Awards 2013 who demonstrate strong leadership qualities. The Group also sponsors outstanding staff for undergraduate and postgraduate studies. Ahead of the over game $ 8,500 While markets are all about the bottom line, we recognise 250,000 the importance of balancing profit with principles. light fixtures raised for This is demonstrated by our commitment to strong replaced with corporate governance, contributing to the community President’s more energy and developing our people to their fullest potential. CHALLENGE efficient lighting ALWAYS AHEAD | SINGAPORE TECHNOLOGIES ENGINEERING LTD ANNUAL REPORT 2013 Financial Highlights REVENUE Steady performance for FY2013 with REVenue By SECTOR $ billion % a record order book 6.63 +4.0 Aerospace 31% Aerospace 32% of $13.2 billion Electronics 25% Electronics 25% Land Systems 22% Land Systems 24% NET PROFIT Marine 19% Marine 16% ST Engineering delivered a resilient set Others 3% Others 3% of financial results amidst a challenging $ million % global economic environment in 2013. 2013 2012 + Group’s revenue grew 4% to $6.63b, 580.8 1.0 while Profit Before Tax (PBT) and Net Profit increased slightly to $729.7m 2013 2012 and $580.8m respectively. In line with $ billion $ billion OPERATING CASH FLOW PBT growth, the Group’s Earnings 6.63 6.38 Before Interest, Taxes, Depreciation and $ billion % Amortisation (EBITDA) increased to 0.93 -11.0 $815.2m, $20.2m higher than FY2012. The Group continued to generate strong EBITDa By SECTOR DIVIDEND PER SHARE operating cash flow, ending the year with cash and cash equivalent balance (including funds under management) of Aerospace 42% Aerospace 41% ¢ % $2.2b, an increase of $0.1b as compared Electronics 24% Electronics 23% 15.0 -11.0 to the year before. In addition, the Group Land Systems 16% Land Systems 18% continued to deliver positive Economic Marine 19% Marine 17% Others (1%) Others 1% Value Added of $413.8m. RETURN ON SALES 2013 2012 % % 8.9 -0.3 PTS 2013 2012 $815.2 million $795.0 million EARNINGS PER SHARE ¢ % 18.73 -0.2 net profit By SECTOR ORDER BOOK Aerospace 45% Aerospace 44% Electronics 23% Electronics 21% Land Systems 16% Land Systems 15% $ billion % Marine 19% Marine 16% 13.2 +10.0 Others (3%) Others 4% 2013 2012 RETURN ON EQUITY 2013 2012 % % $580.8 million $576.2 million 27.4 -3.0 PTS 8 9 ALWAYS AHEAD | SINGAPORE TECHNOLOGIES ENGINEERING LTD ANNUAL REPORT 2013 Group Overview ST Engineering is an integrated A leader in each of our core businesses, integration of advanced electronics, engineering group that provides ST Engineering leverages multi-sector ICT and communications systems for REVENUE $6.63 BILLION innovative solutions and services in the capabilities to develop advanced government, defence, commercial and by business sector by customer tyPE aerospace, electronics, land systems and solutions for commercial and defence industrial customers worldwide. marine sectors. customers across industries. Our land systems arm delivers integrated 31% Aerospace 62% Commercial Incorporated in 1997 and headquartered Our aerospace arm offers a wide land systems, specialty vehicles and their 25% Electronics 38% Defence in Singapore, we rank among the largest spectrum of aircraft maintenance, related through-life support for defence, 22% Land Systems 19% Marine companies listed on the Singapore engineering and training services for homeland security and commercial 3% Others Exchange, and are one of Asia’s leading both military and commercial aircraft applications. engineering groups. operators. These services include airframe, component and engine Our marine arm provides customised by location OF customers by location OF BUsiness entity Our global network of over 100 maintenance, repair and overhaul, shipbuilding, repair and conversion subsidiaries and associated companies, engineering design and development, services to both naval and commercial 58% Asia 72% Asia supported by a workforce of about materials support, asset management vessels, at our yards in Singapore 26% USA 25% USA 23,000, allows us to serve customers and pilot training. and US. We also provide a host of 6% Europe 2% Europe in the US, Europe, Asia and Oceania. environmental solutions through our 10% Others 1% Others Our electronics arm specialises environmental engineering subsidiary. in the design, development and Oslo, Norway Stockholm, Sweden Berkshire, UK Copenhagen, Denmark County Meath, Ireland London, UK Dresden, Germany Langley, Canada Oxfordshire, UK Burlington, Washington, USA Argenteuil, France Ottawa, Canada Montgomery, Wethersfield, Connecticut, USA Independence, Kansas, USA Cazaux, France Pennsylvania, USA Alexandria, Virginia, USA Kidron, Ohio, USA Herndon, Virginia, USA Madrid, Spain Lincolnton, North Carolina, USA Cambridge, Massachusetts, USA Jiangsu, China Washington, North Carolina, USA Tianjin, China Tokyo, Japan Pascagoula, Mississippi, USA Wuxi, China Mobile, Alabama, USA Wuhan, China Shanghai, China San Antonio, Texas, USA Hope Hull, Alabama, USA Guiyang, China Xiamen, China Monterrey, Mexico Abu Dhabi, UAE Dubai, UAE Dhaka, Bangladesh Guangzhou, Taipei, ROC China Hong Kong Yangon, Myanmar Bangalore, India SINGAPORE TECHNOLOGIES ENGINEERING LTD Bangkok, Thailand 100% Singapore Technologies Aerospace Ltd Kuala Lumpur, Malaysia Johor, Malaysia Singapore 100% Singapore Technologies Electronics Limited 100% Singapore Technologies Kinetics Ltd Brasilia, Brazil 100% Singapore Technologies Marine Ltd Canoas, Brazil Gaborone, Botswana 100% Singapore Technologies Dynamics Pte Ltd Sao Paulo, Brazil 100% ST Synthesis Pte Ltd Sydney, Australia Ballarat, Australia 100% ST Engineering Financial I Ltd. 100% ST Engineering Financial II Pte. Ltd. ST ENGINEERING’S MAIN FACILITIES AND OFFICES 100% Vision Technologies Systems, Inc. LEGEND (For complete group structure, please refer Aerospace Marine Others to www.stengg.com) Electronics Land Systems 10 11 ALWAYS AHEAD | SINGAPORE TECHNOLOGIES ENGINEERING LTD ANNUAL REPORT 2013 Letter to Shareholders to, where the opportunities for expansion are and then working to make it happen. We cannot afford to take a myopic view ST Engineering is today GROUP REVENUE on near term developments and lose sight of the longer term and will need to a global company with billion continue
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