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Advancing Partnership & Innovation advancing partnership & innovation ANNUAL REPORT 2016/17 FY2016/17 AT A GLANCE • Incorporation of SIAEC/Airbus heavy maintenance joint venture company • SIAEC formed joint venture with Moog Incorporated • SIAEC and Stratasys signed MOU for Additive Manufacturing Strategic CORPORATE Partnership PROFILE • Safran Aircraft Engines appointed SIAEC as On Site Support provider Listed on the mainboard of the Singapore Exchange in 2000, SIA Engineering Company (SIAEC) is one of the world’s leading maintenance, repair and overhaul (MRO) organisations. DIVIDEND REVENUE NET PROFIT PER SHARE SIAEC’s one-stop maintenance facility in Singapore offers world-class MRO $1,104.1 $332.4 services to a client base of more 18 MILLION MILLION than 80 international airlines and CENTS* aerospace equipment manufacturers. Complementing its full spectrum of MRO services is its growing portfolio of 24 joint ventures in 8 countries, forged with 2 Chairman’s Statement strategic partners and leading original 4 Board of Directors equipment manufacturers. The Company 5 Key Executives holds certifications from 27 national 6 The Year in Review airworthiness authorities worldwide. 7 Business Segments 12 Sustainability 16 Corporate Calendar 17 Statistical Highlights 18 Corporate Governance 62 Financials 178 Shareholding Statistics 180 Share Price and Turnover 181 Notice of Annual General Meeting Proxy Form * includes final ordinary dividend of 9 cents and special dividend of 5 cents per share, which are subject to shareholders’ approval chairman’s STATEMENT Over the year, the Company took “ decisive steps in positioning for the future by investing in several strategic partnerships and advancing innovations. ” Dear Shareholders, The aviation industry continued the divestment, net profit declined Equipment Manufacturer (OEM) to face headwinds in FY2016/17, 2.6% to $172.0 million. Revenue, at expertise with our MRO experience against the backdrop of global $1,104.1 million, was 0.8% lower than to create additional value for airline economic uncertainties and political the preceding year. customers, while at the same time developments in some of the major enabling us to access the global economies. As a result, the operating Over the year, the Company took OEM markets. The Boeing and environment for the maintenance, decisive steps in positioning for Airbus joint ventures are poised to repair and overhaul (MRO) industry the future by investing in several contribute strategically to the Group’s remained challenging. strategic partnerships and advancing competitiveness and strength, even innovations. Over time, these though in the near term they are not Facing intense competition and initiatives will give access to new expected to be accretive. overcapacity, airlines persisted markets and lead to increased value with measures to contain costs, creation for our customers and Apart from accessing the latest leading to pressures on MRO rates. stakeholders. aircraft technology through With advanced technology, new- collaborations with leading OEMs, generation aircraft, engines and we have been making strategic components require significantly ADVANCING STRATEGIC investments in advancing innovations, less frequent maintenance. This has PARTNERSHIPS which will be the springboard to new impacted work volumes across the business opportunities and growth. MRO industry. However, as aviation & INNOVATION These investments are also aimed traffic in Asia continues to grow at developing innovative solutions You would have read that in October ANNUAL REPORT 2016/17 ANNUAL strongly, it will generate demand for to enhance productivity in our the MRO sector. 2015 we formed a fleet management operations and address rising 2 joint venture with Boeing, our costs at our Singapore base. The Company returned a first with a world-leading aircraft One major initiative is the rollout commendable set of financial results manufacturer. A year following of Project ETask, an IT system which for FY2016/17. Share of profits this significant tie-up, another will transform the way we plan, from associated and joint venture world-leading aircraft manufacturer track and execute maintenance companies improved 2.4% to $96.5 was brought into the fold of our operations. This and other innovation million. Overall, net profit for the strategic partnerships – in October initiatives are expected to bring Group increased 88.2% to $332.4 2016, we incorporated a heavy greater efficiencies. million, boosted by divestment maintenance joint venture with gains of $178.0 million. Excluding Airbus. These collaborations leverage In April this year, we signed a on the combined synergy of Original memorandum of understanding SIA ENGINEERING COMPANY with Stratasys Limited to form a joint Component Aerospace Singapore. the Company. That much has been venture in additive manufacturing. These restructuring initiatives are accomplished during the year is a Sited in Singapore, the venture will aimed at generating higher operating testament of the commitment and focus on the design, engineering, efficiencies, economies of scale and diligence of our people. certification and production of synergies from improved allocation aerospace parts, leveraging on of resources and streamlining of I wish to express my heartfelt thanks the cutting-edge technology of business processes. to all staff, management and unions additive manufacturing. This will for your dedication and cohesive expand the service offerings of our We will stay the course on forming teamwork. To our customers and total MRO solutions. strategic partnerships with leading business associates, I am grateful for players in the MRO space. During your confidence and valued support. Another strategic move was made in gestation, these joint ventures are not I also thank my fellow Directors for December 2016 when we signed an expected to contribute to the Group’s your commitment and contributions agreement with Moog Incorporated to financial performance. However, to the Company through the course establish a joint venture for the repair these partnerships will strengthen of the year. and overhaul of Moog’s products. our core competencies and enable The Singapore-based joint venture us to forge ahead for sustained As part of the Board renewal process, will be the Centre of Excellence in competitiveness and growth in the the Board regularly reviews its Asia Pacific for Moog’s flight control long term. composition and skills to enhance the components on the Boeing 787 and collective strength and expertise of Airbus A350 aircraft. the Board as a whole. We are pleased AWARD to welcome three new independent In April 2016, we were appointed non-executive Directors, namely, by Safran Aircraft Engines as an The Company was awarded with Mr Tang Kin Fei, who takes on the authorised CFM LEAP On Site the “Most Transparent Company role of Deputy Chairman, Dr Raj Support service provider. In this (Industrials category)” by the Security Thampuran and Mr Wee Siew Kim. capacity, we are able to offer on-wing Investors Association of Singapore Chief Executive Officer Png Kim maintenance services to operators of at its Investors’ Choice Awards 2016 Chiang also joined the Board, as the LEAP-1A and LEAP-1B engines in ceremony. We are encouraged by Executive Director. Asia Pacific. This collaboration adds the recognition from the investor to our appointment in February 2016 community and will continue to strive I extend my gratitude to our as a Rolls-Royce on-wing services for scrupulous adherence to best shareholders for your unwavering provider for its Trent Service Network. practices in corporate governance. trust and steadfast support. The These strategic partnerships will investments and initiatives we are enable us to enhance our service making in strategic partnerships and offerings to customers in the region DIVIDENDS innovation are part of the long-term by leveraging on our international line strategy to bring the Company to the maintenance network, which covers next level. Your support has enabled The Board of Directors is 36 airports in seven countries. us to be in a strong position to invest recommending a final ordinary in the future of the Company. Our dividend of 9 cents and a special Efforts to optimise the performance commitment is firm – we will strive to REPORT 2016/17 ANNUAL dividend of 5 cents per share. of our existing joint ventures and their create sustainable, long-term value Together with the interim dividend of contributions to shareholder returns for our shareholders. Thank you. 4 cents per share paid at mid-year, the 3 continue to receive close attention. total payout for FY2016/17 will be 18 During the year, the Group undertook cents per share. the divestment of a joint venture, Hong Kong Aero Engine Services, and the integration of two others – International Engine Component APPRECIATION Stephen Lee Ching Yen Overhaul into Singapore Aero Chairman Engine Services, and International Strategies are in place and work is in Aerospace Tubes-Asia into progress for the transformation of SIA ENGINEERING COMPANY BOARD OF DIRECTORS Stephen Lee Ching Yen Tang Kin Fei Chairman Deputy Chairman Chairman Compensation & HR Committee From 8 May 2017 Chew Teck Soon Christina Ong Tong Chong Heong Chairman Audit Committee Chairman Nominating Committee Chairman Board Safety & Risk Committee Goh Choon Phong Ng Chin Hwee Manohar Khiatani Dr Raj Thampuran Director Director Director Director From 1 September 2016 ANNUAL REPORT 2016/17 ANNUAL 4 Png Kim Chiang Wee Siew Kim Ron Foo Siang Guan Oo Soon
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