KEPPEL CORPORATION LIMITED Full Year Financial Statement and Dividend Announcement 1
UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002 The Directors of Keppel Corporation Limited advise the following unaudited results of the Group for the year ended 31 December 2002.
1(a)
GROUP PROFIT AND LOSS ACCOUNTS for the year ended 31 December
2002 $'000
Group 2001 $’000
+/(-)%
5,527,925
5,881,994
-6.0
(4,096,924) (669,337) (186,181) (112,727)
(4,298,672) (602,540) (197,030) (158,645)
-4.7 +11.1 -5.5 -28.9
Operating profit
462,756
625,107
-26.0
Investment income Interest income Interest expenses Share of results of associated companies Profit before tax & exceptional items Exceptional items
5,572 34,778 (66,324)
15,857 48,522 (79,615)
-64.9 -28.3 -16.7
74,318 511,100 (21,022)
55,273 665,144 (198,542)
+34.5 -23.2 -89.4
Profit before taxation
490,078
466,602
+5.0
Taxation
(83,379)
(157,188) #
-47.0
Profit after taxation
406,699
309,414 #
+31.4
Minority interests
(48,441)
69,276 #
NM
Profit attributable to shareholders
358,258
378,690 #
-5.4
355,573 2,685
266,692 # 111,998
+33.3 -97.6
358,258
378,690 #
-5.4
Before exceptional items - basic - diluted
46.3 cts 46.0 cts
34.8 cts 34.8 cts
+33.0 +32.2
After exceptional items - basic - diluted
46.7 cts 46.4 cts
49.5 cts 49.4 cts
-5.7 -6.1
Turnover Materials and subcontract costs Staff costs Depreciation and amortisation Other operating expenses
Comprising: Profit before exceptional items Exceptional items
Group earnings per ordinary shares
NM - Not Meaningful # Figures restated. See Note 5
Keppel Corporation Limited, Page 1 of 18
Notes: (i)
Operating profit is arrived at after charging/(crediting) the following:
2002 $'000
Group 2001 $’000
+/(-)%
186,181
197,030
-5.5
Profit on sale of fixed assets
(6,052)
(7,027)
-13.9
(Profit)/loss on sale of investments
16,301
(141,375)
NM
Provision for doubtful debts & bad debts written off
14,432
15,316
-5.8
8,502
2,781
+205.7
39,187
13,593
+188.3
(45,137)
(44,540)
+1.3
Depreciation and amortisation
Provision for stock obsolescence Provision for impairment in value of investments Foreign exchange gain (ii)
The Group's tax charge in 2002 included a write-back of deferred tax of $20,296,000 resulting from the reduction in Singapore corporate tax rate from 24.5% to 22%. Taxation expenses also included a write-back of $1,335,000 tax provision in respect of prior years’ over provision.
(iii)
The exceptional item in 2002 of $2,685,000 was in respect of the following:
Particulars
Amount $'000
Partial disposal of MobileOne Ltd
187,161
Write-down on e-business investments
(61,469)
Impairment of assets
(73,064)
Impairment of investments Disposal of subsidiaries and assets
(9,342) (64,308) (21,022)
Minority share of exceptional items Net exceptional items (iv)
23,707 2,685
There was no extraordinary item during the year.
Keppel Corporation Limited, Page 2 of 18
1(b)(i) BALANCE SHEETS as at 31 December Group 2002 $'000
2001 $’000
Company 2001 2002 $’000 $'000
Share capital Reserves Share capital & reserves Minority interests
384,907 2,332,680 2,717,587 1,154,557
382,869 2,201,683 2,584,552 # 1,437,971 #
384,907 2,369,690 2,754,597 -
382,869 1,967,043 2,349,912 -
Capital employed
3,872,144
4,022,523
2,754,597
2,349,912
2,577,606 1,721,849 187,919 984,693 191,760 57,116 141,434 5,862,377
2,419,979 2,422,404 196,368 1,146,148 # 190,491 84,682 (7,479) 6,452,593
8,493 3,510,300 3,074 1,701 451,502 3,975,070
7,535 2,964,922 112,580 1,701 451,301 3,538,039
2,592,718
2,443,877
-
-
500,443 1,482,717 222,580 814,764 5,613,222
548,093 1,158,784 379,427 736,837 5,267,018
729,662 12,496 19,056 48,974 810,188
1,150,086 146 11,863 48,404 1,210,499
1,947,349 14,158
1,692,120 23,740
32,220 -
44,383 5,000
254,113 2,262,986 125,171 2,849 4,606,626
344,868 2,852,102 75,152 # 6,838 4,994,820
196,120 1,331,457 1,559,797
237,515 1,589,732 6,063 1,882,693
1,006,596
272,198
(749,609)
(672,194)
2,438,772 256,057 -
2,402,415 299,853 # -
450,000 20,864 -
450,000 23,201 42,732
302,000 2,996,829
2,702,268
470,864
515,933
3,872,144
4,022,523
2,754,597
2,349,912
Represented by: Fixed assets Investment properties Development properties Subsidiaries Associated companies Investments Loans receivable Intangibles Current assets Stocks & work-in-progress Amounts due from: - subsidiaries - associated companies Debtors Short term investments Bank balances, deposits & cash Current liabilities Creditors Provisions Amounts due to: - subsidiaries - associated companies Term loans Taxation Bank overdrafts Net current assets / (liabilities) Non-current liabilities Term loans Deferred taxation Deferred liabilities Proceeds from sale of future residential receivables
Net assets # Figures restated. See Note 5
Keppel Corporation Limited, Page 3 of 18
1(b)(ii) GROUP'S BORROWINGS AND DEBT SECURITIES Amount repayable in one year or less, or on demand As at 31 Dec 2002
As at 31 Dec 2001
Secured $'000
Unsecured $'000
Secured $'000
Unsecured $'000
63,998
2,201,837
19,187
2,839,753
Amount repayable after one year
As at 31 Dec 2002
As at 31 Dec 2001
Secured $'000
Unsecured $'000
Secured $'000
Unsecured $'000
643,479
1,795,293
1,030,554
1,371,861
Details of any collateral Certain subsidiaries of the Company pledged their assets in order to obtain loans from financial institutions. The net book value of properties and other assets pledged/mortgaged to financial institutions amounted to $1,220,085,000 (2001: $896,152,000).
Keppel Corporation Limited, Page 4 of 18
1(c)
CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 December
CASHFLOW FROM OPERATING ACTIVITIES Operating profit Adjustments: Depreciation and amortisation Provisions Profit on sale of associated companies Profit on sale of fixed assets Cash flow provided by operations before changes in working capital Working capital changes: Stocks & work-in-progress Debtors Creditors Proceeds from sale of future residential receivables Investments in bonds and shares Advances to associated companies Translation of foreign subsidiaries
Note
Interest received Interest paid Income taxes paid Net cash from/(used in) operating activities CASH FLOW FROM INVESTING ACTIVITIES Acquisition of subsidiaries Acquisition of additional shares in subsidiaries Disposal of subsidiaries Acquisition of associated companies Acquisition of fixed assets Expenditure on development properties Loan to an investee company Proceeds from disposal of associated companies Repayment of loans by an associated company Proceeds from disposal of fixed assets Dividends received from investments Net cash used in investing activities
A A
CASH FLOW FROM FINANCING ACTIVITIES Proceeds from share issues Proceeds from minority shareholders of subsidiaries Proceeds from term loans Capital distribution Redemption of RCCPS Repayment of term loans Dividend paid to shareholders of the Company Dividend paid to minority shareholders of subsidiaries Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents as at 1 January Cash and cash equivalents as at 31 December
B
2002 $'000
2001 $’000
462,756
625,107
186,181 261 (6,052)
197,030 128,570 (3,987) (7,027)
643,146
939,693
(249,411) (162,370) 206,104 302,000 133,910 (103,518) 39,219 809,080 34,450 (70,273) (52,597) 720,660
(231,913) (1,309,750) (2,208,758) (1,757,647) 93,264 (47,679) (4,522,790) 207,526 (231,879) (106,201) (4,653,344)
(244,043) (306,405) 58,192 (4,453) (132,842) (14,301) (40,641) 295,239 60,900 35,695 20,026 (272,633)
(429,555) (1,093,302) (70,699) (196,400) (22,944) 13,681 102,552 29,111 (1,667,556)
11,338 8,592 514,009 (735,921) (143,804) (20,325) (366,111)
929 7,851 1,357,400 (382,867) (774,702) (1,274,422) (82,741) (104,097) (1,252,649)
81,916 729,999
(7,573,549) 8,303,548
811,915
729,999
Keppel Corporation Limited, Page 5 of 18
A.
Acquisition/(Disposal) of Subsidiaries 2002 $'000
2001 $’000
The fair values of net assets and liabilities of subsidiaries acquired were as follows: Fixed assets and investment properties Associated companies Investments Stocks Debtors Bank balances and cash Creditors Loans Minority interests Amount previously accounted for as associated companies Goodwill on consolidation Purchase consideration Less: Bank balances and cash acquired Cash flow on acquisition net of cash acquired
261,357 202 854 33,378 125,662 4,564 (141,197) (40,729) (2,731) 241,360
-
(7,796) 15,043 248,607 (4,564)
-
244,043
-
The fair values of net assets and liabilities of subsidiaries disposed were as follows: Fixed assets and investment properties Associated companies Investments Stocks Debtors Bank balances and cash Creditors Loans Minority interests Net (profit)/loss on disposal Sale proceeds Add: Bank balances and cash disposed Cash flow on disposal net of cash disposed
B.
(496,159) (12) (2,636) (5,246) (10,325) 47,534 371,576 25,364 (69,904) 1,387 (68,517) 10,325
(697,185) (48,944) (5,043,067) (1,298) (15,102,671) (2,949,557) 20,363,571 329,762 2,038,844 (1,110,545) (745,710) (1,856,255) 2,949,557
(58,192)
1,093,302
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand and balances with banks. Cash and cash equivalents in the consolidated cash flow statements comprise the following balance sheet amounts: Bank balances, deposits and cash Bank overdrafts
814,764 (2,849)
736,837 (6,838)
811,915
729,999
Keppel Corporation Limited, Page 6 of 18
1(d)(i) STATEMENTS OF CHANGES IN EQUITY for the year ended 31 December
Revenue Reserves $'000
Foreign Exchange Translation Account $’000
Total $'000
422,538 422,538
918,678 (73,745) 844,933
(20,388) (20,388)
2,658,297 (73,745) 2,584,552
-
(87,961) -
-
(29,038)
(87,961) (29,038)
-
-
(87,961) -
358,258 (143,804)
(29,038) -
(116,999) 358,258 (143,804)
-
-
6,010
(4,968)
(1,042)
-
Share Capital $'000
Share Premium Account $'000
Capital Reserves $'000
382,869 382,869
954,600 954,600
-
Group 2002 As at 1 January 2002 As previously reported Effect of adopting SAS 12 As restated Deficit on revaluation of investment properties Currency translation loss Losses not recognised in profit & loss account Net profit for the year Dividend paid Transfer of statutory, capital and other reserves to revenue reserves on disposal of subsidiaries Revaluation deficit realised and transferred to profit & loss account upon disposal of investment property Currency translation loss realised and transferred to profit & loss account upon disposal of subsidiaries Other adjustments Shares issued
-
-
24,404
-
-
24,404
2,038
9,300
(266) -
876 -
(772) -
(772) 610 11,338
As at 31 December 2002
384,907
963,900
364,725
1,055,295
(51,240)
2,717,587
Keppel Corporation Limited, Page 7 of 18
STATEMENTS OF CHANGES IN EQUITY for the year ended 31 December
(Cont’d)
Revenue Reserves $'000
Foreign Exchange Translation Account $’000
Total $'000
667,898 5,551 -
376,303 (67,843) (2,089) (14,354)
(62,870) -
3,475,440 (67,843) (710,503) (14,354)
1,015,040
673,449
(3,807) 288,210
102 (62,768)
(3,705) 2,679,035
-
-
-
2,189
-
2,189
765,104
1,015,040
673,449
75,095 365,494
(62,768)
75,095 2,756,319
-
-
(108,515) -
-
25,074
(108,515) 25,074
-
-
(108,515) -
378,690
25,074 -
(83,441) 378,690
-
-
-
(75,123)
-
(75,123)
-
-
(116,849)
111,465
5,384
-
Share Capital $'000
Share Premium Account $'000
Capital Reserves $'000
765,618 (514) -
1,728,491 (713,451) -
765,104
Group 2001 As at 1 January 2001 As previously reported Effect of adopting SAS 12 Effect of adopting SAS 32 Effect of adopting SAS 34 Change in accounting policy for revenue recognition from completion method to percentage of completion method As restated Effect of adopting SAS 31 Dividend accrued for financial year 2000 Deficit on revaluation of investment properties Currency translation gain Gains/(losses) not recognised in profit & loss account Net profit for the year Dividend paid for financial year 2000 Transfer of statutory, capital and other reserves to revenue reserves on disposal of subsidiaries Revaluation surplus realised and transferred to profit & loss account upon disposal of investment property Currency translation loss realised and transferred to profit & loss account upon disposal of subsidiaries Other adjustments Shares issued Capital distribution Redemption of RCCPS
-
-
(24,855)
-
-
(24,855)
632 (382,867) -
297 (60,737)
(1,206) 514
4,184 60,223
10,847 1,075 -
10,847 4,053 929 (382,867) -
As at 31 December 2001
382,869
954,600
422,538
844,933
(20,388)
2,584,552
Keppel Corporation Limited, Page 8 of 18
STATEMENTS OF CHANGES IN EQUITY for the year ended 31 December
(Cont’d)
Share Capital $'000
Share Premium Account $'000
Capital Reserves $'000
Revenue Reserves $'000
Total $'000
As at 1 January 2002 Net profit for the year Dividend paid Shares issued
382,869 2,038
954,600 9,300
240,782 -
771,661 537,151 (143,804) -
2,349,912 537,151 (143,804) 11,338
As at 31 December 2002
384,907
963,900
240,782
1,165,008
2,754,597
765,618 (514) 765,104
1,728,491 (713,451) 1,015,040
240,268 240,268
374,701 374,701
3,109,078 (713,965) 2,395,113
765,104
1,015,040
240,268
75,095 449,796
75,095 2,470,208
-
-
-
336,765
336,765
632 (382,867) -
297 (60,737)
514
(75,123) 60,223
(75,123) 929 (382,867) -
382,869
954,600
240,782
771,661
2,349,912
Company
As at 1 January 2001 As previously reported Effect of adopting SAS 32 As restated Dividend accrued for financial year 2000 Net profit for the year Dividend paid for financial year 2000 Shares issued Capital distribution Redemption of RCCPS As at 31 December 2001
1(d)(ii) SHARE CAPITAL During the financial year, the Company issued 4,077,000 ordinary shares of $0.50 each upon the exercise of options granted under the KCL Share Options Scheme to employees. The share capital of the Company as at the end of the financial year was 769,814,091 ordinary shares of $0.50 each. As at 31 December 2002, there were unexercised options for 14,698,000 of unissued ordinary shares of $0.50 each under the KCL Share Options Scheme.
Keppel Corporation Limited, Page 9 of 18
2.
AUDIT The figures have not been audited nor reviewed by our auditors.
3.
AUDITORS' REPORT N.A.
4.
ACCOUNTING POLICIES Except as disclosed in paragraph 5 below, the Group has applied the same accounting policies and methods of computation in the financial statements for the current financial year compared with those of the audited financial statements as at 31 December 2001.
5.
CHANGES IN THE ACCOUNTING POLICIES With effect from 1 January 2002, the Group changed its accounting policy with respect to the treatment of deferred taxation in order to conform with the new requirements of SAS 12 on Income Taxes, which is effective for financial periods beginning on or after 1 April 2001. In the previous year, taxation expense excluded the tax effects of certain timing differences when there is reasonable evidence that these timing differences will not reverse for some considerable period ahead. Under the revised SAS 12, taxation expense is provided in full, using the liability method on temporary differences arising between the two bases of assets and liabilities and their carrying amounts. The change in accounting policy resulted in a prior year adjustment to retained earnings as at 31 December 2001 amounting to $73,745,000. Taxation expenses for the year increased by $6,647,000 (2001: $10,542,000). As a consequence of this change in accounting policy, the write back of deferred taxation, attributable to the Group due to the reduction of Singapore corporate tax rate from 24.5% to 22% amounted to $20 million instead of the earlier reported $14 million in the first half.
6.
EARNINGS PER ORDINARY SHARE GROUP 2002
2001
+/(-)%
46.7 cents
49.5 cents
-5.7
767,805,000 shares
765,410,000 shares
+0.3
46.4 cents
49.4 cents
-6.1
772,216,000 shares
766,844,000 shares
+0.7
Earnings per Ordinary Share of the Group for the financial year based on net profit attributable to shareholders:(i)
Based on the weighted average number of shares - Weighted average number of shares
(ii)
On a fully diluted basis - Adjusted weighted average number of shares
Keppel Corporation Limited, Page 10 of 18
7.
NET ASSET VALUE GROUP
Net asset value per Ordinary Share based on issued share capital at the end of the financial year
C O M PA N Y
2002
2001
+/(-)%
2002
2001
+/(-)%
$3.53
$3.38 #
+4.4
$3.58
$3.07
+16.6
# Figures restated. See Note 5
8.
REVIEW OF GROUP PERFORMANCE For the year, Group turnover of $5.5 billion was $354 million or 6% lower than that of the previous year which included revenue of Keppel Capital Holdings (KCH) up to August before it was divested. Excluding KCH, Group revenue would have increased by $470 million as all core activities, particularly Offshore & Marine, reported higher revenue. Group pre-tax profit of $511 million before exceptional items was $154 million lower, mainly due to the exclusion of contributions from KCH, partially offset by higher earnings from remaining businesses. Excluding KCH, Group pre-tax profit would have exceeded that in 2001 by $166 million. However, at the attributable level before exceptional items, Group profit of $356 million, which included $20 million from the write-back of deferred taxation due to reduction in Singapore tax rate, was $89 million or 33.3% above that of 2001. The improved performance was achieved without KCH as Offshore & Marine doubled its earnings, representing 51% of the Group's earnings. Property also reported increased earnings and Singapore Petroleum Company and Keppel T&T returned to profitability. Exceptional items of $3 million comprised gain from partial divestment of MobileOne, less provision for impairment in value of assets and loss on disposal of Capital Square.
9.
VARIANCE FROM PROSPECT STATEMENT When the Company issued its results for the nine months ended 30 September 2002, it stated that "Barring unforeseen circumstances, the Group earnings before exceptional items for the full year are expected to be higher than those in 2001". The profit before exceptional items for the current year of $356 million is higher than the adjusted profit achieved in 2001 of $267 million (previously reported as $273 million).
Keppel Corporation Limited, Page 11 of 18
10.
PROSPECTS For the Group, 2003 will be a challenging year in the face of economic and other uncertainties. However, barring unforeseen circumstances, the Group expects to report increased profitability. Despite uncertainty in some segments of its market, outlook for Offshore & Marine continues to be positive as prospects for new contracts remain at healthy levels. Property is expected to report higher earnings from sale of residential developments locally and overseas, particularly in China. Earnings from Infrastructure are also expected to improve with a full year's contribution from the power generation contract in Brazil and Network Engineering is expected to return to profitability. The Group's efforts on divesting of non-core assets had resulted in the listing of MobileOne on The Singapore Exchange and the sale of Capital Square in the 4th Quarter of 2002. For 2003, the Group will continue to pursue opportunities to divest other non-core assets which will further free resources to be directed to the growth of core businesses and strengthening its financial position.
11.
DIVIDEND/CAPITAL DISTRIBUTION (a)
Current Financial Period Reported On Any dividend recommended for the current financial period reported on? Yes Dividend Directors are pleased to recommend a final dividend of 20% or 10 cents per share less tax (2001: final dividend of 26% or 13 cents and special dividend of 6% or 3 cents per share less tax) in respect of the financial year ended 31 December 2002 for approval by shareholders at the next Annual General Meeting to be convened. Together with the interim dividend of 16% or 8 cents per share less tax, total dividend for the current financial year will be 36% or 18 cents per share less tax (2001: 32% or 16 cents less tax). Name of Dividend Dividend Type Dividend Rate Par value of Shares Tax Rate
Final Cash 20% $0.50 22% or applicable rate
Capital Distribution With the successful divestment of certain non-core assets recently, the Directors are also proposing a capital distribution of 12 cents per share without deduction for tax out of the Company's share premium account. The capital distribution is subject to the approvals of shareholders, The Singapore Exchange, the Court and any other regulatory authorities.
Keppel Corporation Limited, Page 12 of 18
(b)
Corresponding Period of the Immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding financial year? Yes
(c)
Name of Dividend
Final
Special
Total
Dividend Type
Cash
Cash
Cash
Dividend Rate
26%
6%
32%
Par value of Shares
$0.50
$0.50
$0.50
Tax Rate
22%
22%
22%
DATE PAYABLE To be announced later
(d)
BOOKS CLOSURE DATE To be announced later
12.
N.A.
Keppel Corporation Limited, Page 13 of 18
13.
SEGMENT ANALYSIS
2002 BUSINESS SEGMENT
Revenue External sales Inter-segment sales Total
Offshore & Marine $'000
Infrastructure $'000
Property $'000
Investments $'000
Elimination $'000
Total $'000
1,910,792 8,614 1,919,406
649,443 30,799 680,242
353,027 5,414 358,441
2,614,663 48,150 2662,813
(92,977) (92,977)
5,527,925 5,527,925
217,066
20,522
166,464
56,156
2,548
462,756
4,419
(5,598)
(8,980)
(13,267)
(2,548)
(25,974)
5,679
12,940
9,377
46,322
-
74,318
227,164 227,164
27,864 (16,667) 11,197
166,861 (72,479) 94,382
89,211 68,124 157,335
-
511,100 (21,022) 490,078
2,419,000
836,018
5,714,815
4,493,960
(2,972,887)
10,490,906
48,340 2,467,340
66,629 902,647
445,679 6,160,494
424,045 4,918,005
(2,972,887)
984,693 11,475,599
1,644,156
481,782
4,576,224
3,874,180
(2,972,887)
7,603,455
823,184
420,865
1,584,270
1,043,825
-
3,872,144
36,368
63,830
2,998
29,646
-
132,842
58,666
41,580
17,846
68,089
-
186,181
-
-
4,780
68,284
-
73,064
-
-
-
63,231
-
63,231
Results Operating profit Net investment income & interest income Share of results of associated companies Profit before tax & exceptional items Exceptional items Profit before tax Other Information Segment assets Investment in associated companies Total Segment liabilities Net assets Capital expenditure Depreciation and amortisation Impairment of assets Impairment of investments
GEOGRAPHICAL SEGMENT
External sales Segment assets Capital expenditure
Singapore $'000
Far East & Other ASEAN Countries $'000
Other Countries $'000
Elimination $'000
Total $'000
4,446,916 9,053,433 30,139
408,951 1,615,816 22,298
672,058 1,262,545 80,405
(456,195) -
5,527,925 11,475,599 132,842
Keppel Corporation Limited, Page 14 of 18
2001 BUSINESS SEGMENT
Offshore & Marine $'000
Infrastructure $'000
Property $'000
Investments $'000
Financial Services (Keppel Capital Holdings) $'000
1,517,258 8,719 1,525,977
467,930 467,930
309,362 9,072 318,434
2,763,008 77,469 2,840,477
824,436 12,466 836,902
(107,726) (107,726)
5,881,994 5,881,994
89,650
80,182
141,564
(8,739)
311,504
10,946
625,107
17,243
(3,356)
(24,433)
(1,921)
8,177
(10,946)
(15,236)
1,874
16,713
8,655
27,982
49
-
55,273
108,767 (7,874) 100,893
93,539 (23,568) 69,971
125,786 (494,422) (368,636)
17,322 327,322 344,644
319,730 319,730
-
665,144 (198,542) 466,602
3,068,121
1,287,037
6,513,622
3,629,666
-
(3,924,983)
10,573,463
58,724 3,126,845
57,969 1,345,006
466,072 6,979,694
563,383 4,193,049
-
(3,924,983)
1,146,148 11,719,611
Segment liabilities
1,867,842
939,605
4,951,469
3,863,155
-
(3,924,983)
7,697,088
Net assets
1,259,003
405,401
2,028,225
329,894
-
-
4,022,523
37,365
12,014
96,688
88,852
-
-
234,919
58,465
20,165
21,111
78,277
19,012
-
197,030
-
29,695
4,999
27,248
-
-
61,942
-
-
-
112,888
-
-
112,888
Revenue External sales Inter-segment sales Total Results Operating profit Net investment income & interest income Share of results of associated companies Profit before tax & exceptional items Exceptional items Profit before tax Other Information Segment assets Investment in associated companies Total
Capital expenditure Depreciation and amortisation Impairment of assets Impairment of investments
Elimination $'000
Total $'000
GEOGRAPHICAL SEGMENT
External sales Segment assets Capital expenditure
Singapore $'000
Far East & Other ASEAN Countries $'000
Other Countries $'000
Elimination $'000
Total $'000
4,696,561 9,967,728 191,398
378,511 1,773,914 32,569
806,922 857,704 10,952
(879,735) -
5,881,994 11,719,611 234,919
Keppel Corporation Limited, Page 15 of 18
Notes : (a)
Business Segment The Group is focused on three key business divisions: Offshore & Marine, Infrastructure and Property. The Investments division consists of the Group's investments in SPC, Logistics, Shipping and MobileOne Ltd which the Company will continue to build value for timely divestment. These four divisions are the basis on which the Group reports its primary segment information. Pricing of inter-segment goods and services is at fair market value. Segment assets and liabilities are those used in the operation of each division.
(b)
Geographical Segment The Group operates in about 20 countries. Secondary segment information is provided by geographical segment in accordance to the above table.
14.
REVIEW OF SEGMENT PERFORMANCE N.A.
15.
BREAKDOWN OF SALES (a)
Breakdown of Sales
Sales reported for first half year Operating profit after tax and exceptional items before deducting minority interests reported for first half year Sales reported for second half year Operating profit after tax and exceptional items before deducting minority interests reported for second half year
2002 $'000
GROUP 2001 $'000
+/(-)%
2,512,623
3,174,667
-20.9
225,913
291,130 #
-22.4
3,015,302
2,707,327
+11.4
180,786
18,284 #
+888.8
# Figures restated. See Note 5
Keppel Corporation Limited, Page 16 of 18
(b)
Interested Person Transactions
Name of Interested Person
Aggregate value of all interested person transactions during the financial year under review (excluding transactions less than $100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920).
Aggregate value of all interested person transactions conducted under shareholders' mandate pursuant to Rule 920 of the SGX Listing Manual.(IPT mandate of listed subsidiaries)
2002 $'000
2001 $'000
2002 $'000
2001 $'000
25,128 720 11,844 2,797
975 2,595
797 5,722 11,117 207,472
1,002 6,171 19,373 213,431
-
-
367
2,195
2,974 5,072 812 1,097
130 375 -
771 51,365 -
182,487 55,839 -
100
103
4,812 161 -
4,991 143 -
1,413
2,042
-
-
195
171
-
-
52,152
6,391
282,584
485,632
Transaction for the Sale of Goods and Services PSA Corporation Group SembCorp Marine Group Neptune Orient Lines Group Capital Land Group Singapore Airlines Group Singapore Telecommunications Group (Singtel) Singapore Power/Power Seraya/ Senoko Power/Tuas Power Group SembCorp Industries Group ST Engineering Group SMRT Corporation Group Transaction for the Purchase of Goods and Services PSA Corporation Group SembCorp Marine Group Singapore Telecoms Group Singapore Power/Power Seraya/ Senoko Power/Tuas Power Group Temasek Holdings Group (other than the above) Total Interested Person Transactions
Keppel Corporation Limited, Page 17 of 18
16.
TOTAL ANNUAL DIVIDEND Total Annual Dividend amounted to
Ordinary Preference Total
2002 $'000
2001 $'000
108,001
95,848
-
-
108,001
95,848
BY ORDER OF THE BOARD
CAROLINE CHANG Company Secretary 28 January 2003
Keppel Corporation Limited, Page 18 of 18
