SINGAPORE TECHNOLOGIES ENGINEERING LTD Annual Report 2011

SECTORAL FINANCIAL REVIEW AEROSPACE

INCOME STATEMENT
2011
$000

2010
$000

1,926,800
(1,564,850)
361,950

1,874,995
(1,529,338)
345,657

(7,504)
(96,512)
(15,820)
242,114

(7,442)
(89,239)
(15,147)
233,829

Other income, net

7,975

9,350

Finance income
Finance costs
Finance costs, net

17,662
(22,852)
(5,190)

15,194
(25,391)
(10,197)

Share of results of associates and jointly controlled entities

Prot before taxation

33,299
278,198

29,237
262,219

Taxation

(41,831)

(46,848)

Prot for the year

236,367

215,371

Attributable to:
Shareholder of the Company
Non-controlling interests

231,794
4,573

209,767
5,604

236,367

215,371

Revenue
Cost of sales
Gross prot
Distribution and selling expenses
Administrative expenses
Other operating expenses
Prot from operations

227

228

SIMPLY SMARTER

SECTORAL FINANCIAL REVIEW AEROSPACE

BALANCE SHEET

ASSETS
Non-current assets
Property, plant and equipment
Associates and jointly controlled entities
Investments
Intangible assets
Long-term receivables, non-current
Amount due from related parties, non-current
Derivative nancial instruments, non-current
Deferred tax assets
Current assets
Inventories and work-in-progress
Trade receivables
Amount due from related parties, current
Advances and other receivables
Long-term receivables, current
Short-term investments
Bank balances and other liquid funds

TOTAL ASSETS
EQUITY AND LIABILITIES
Current liabilities
Advance payments from customers, current
Trade payables and accruals
Amount due to related parties, current
Provisions
Progress billing in excess of work-in-progress
Provision for taxation
Short-term bank loans
Lease obligations, current
Long-term bank loans, current

NET CURRENT ASSETS/(LIABILITIES)

Non-current liabilities
Advance payments from customers, non-current
Deferred income
Deferred tax liabilities
Lease obligations, non-current
Long-term bank loans, non-current
Other loans, non-current
Derivative nancial instruments, non-current
Amount due to related parties, non-current

TOTAL LIABILITIES
NET ASSETS
Share capital and reserves
Non-controlling interests

TOTAL EQUITY AND LIABILITIES

2011
$000

2010
$000

836,777
170,173
4
9,846
40,076
11,834

23,163

825,248
128,078
1
8,648
34,368

523
27,808

1,091,873

1,024,674

334,451
390,242
9,520
86,091
12,738
68
253,836

374,815
364,392
121,306
269,604
10,227
99
323,770

1,086,946

1,464,213

2,178,819

2,488,887

87,500
567,051
161,421
58,695
73,105
67,079
65,439
1,683
41

96,696
510,951
312,630
58,095
109,408
75,194

1,579
300,020

1,082,014

1,464,573

4,932

(360)

291,353
32
26,315
43
247,914
2,500
6,141
55,051

456,452
2,615
7,557
1,713
69,318
11,523

53,049

629,349

602,227

1,711,363
467,456

2,066,800
422,087

420,024
47,432

377,977
44,110

467,456

422,087

2,178,819

2,488,887

SINGAPORE TECHNOLOGIES ENGINEERING LTD Annual Report 2011

SECTORAL FINANCIAL REVIEW AEROSPACE

STATEMENT OF CASH FLOWS

2011
$000

2010
$000

Net cash from operating activities

273,282

358,596

Net cash used in investing activities

Proceeds from sale of property, plant and equipment
Dividends from associates
Dividends from investments
Proceeds from sale and maturity of investments
Purchase of property, plant and equipment
Purchase of investments
Investment in jointly-controlled entities
Acquisition of subsidiaries
Investment in associates

(81,418)
4,500
18,977
211
287
(75,789)

(2,260)
(1,810)
(25,534)

(155,583)
4,599
17,763

1,209
(177,170)
(104)

(1,880)

Net cash used in nancing activities

Acquisition of additional interest in subsidiaries
Repayment of lease obligations, net
Proceeds from long-term bank loans, net
(Repayment of)/proceeds from bank loans, net
Proceeds from loans with related parties, net
Dividend paid to shareholder
Dividend paid to non-controlling interests
Interest paid

(261,457)

(1,594)
289,770
(310,610)
18,023
(245,600)
(559)
(10,887)

(142,606)
(743)
(1,510)
17,892
20
63,249
(202,563)
(6,859)
(12,092)

Net (decrease)/increase in cash and cash equivalents

Cash and cash equivalents at beginning of the year
Exchange difference on cash and cash equivalents at beginning of the year

(69,593)
323,770
(341)

60,407
266,743
(3,380)

Cash and cash equivalents at end of the year

253,836

323,770

229

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SIMPLY SMARTER

SECTORAL FINANCIAL REVIEW AEROSPACE

FINANCIAL HIGHLIGHTS
2011
$000

2010
$000

2009
$000

2008
$000

2007
$000

Operating Performance
Revenue
EBITDA
EBIT
Prot before tax
Net Prot

1,926,800
299,886
242,114
278,198
231,794

1,874,995
299,864
233,829
262,219
209,767

1,875,225
288,938
199,849
228,288
185,700

1,940,954
331,937
234,220
272,120
225,691

1,837,769
381,857
303,441
341,162
270,479

Balance Sheets
Shareholders funds
Total assets
Net assets
Capital expenditure

420,024
2,178,819
467,456
65,809

337,977
2,488,887
422,087
186,533

412,210
2,102,790
457,398
132,729

375,925
2,103,333
415,981
103,213

409,977
2,107,305
507,284
111,091

115.90
12.3
48.8
10.8
233.73

104.88
11.5
48.7
8.7
211.04

92.85
10.4
39.9
9.3
228.70

112.85
12.1
52.6
11.2
207.99

135.24
15.6
58.4
13.6
253.64

Productivity Data
Average staff strength (numbers)
Revenue per employee ($)
Net prot per employee ($)
Employment costs
Employment costs per $ of revenue ($)

7,303
263,837
31,740
608,257
0.31

7,323
256,042
28,645
591,191
0.31

7,253
258,545
25,603
594,184
0.32

7,081
274,107
31,873
639,900
0.33

6,757
271,980
40,029
605,220
0.33

Economic Value Added

Economic Value Added spread (%)
Economic Value Added per employee ($)

180,047
14.2
24,654

163,904
12.7
22,382

146,146
11.8
20,150

198,653
17.8
28,054

235,931
22.5
34,917

Value added
Value added per employee ($)
Value added per $ of employment costs ($)
Value added per $ of gross property, plant and
equipment ($)
Value added per $ of revenue ($)

959,184
131,341
1.58

935,010
127,681
1.58

944,048
130,160
1.59

1,047,825
147,977
1.64

1,043,873
154,488
1.72

0.63
0.50

0.64
0.50

0.66
0.50

0.78
0.54

0.79
0.57

Financial Ratios
Earnings per share (cents)
Return on sales (%)
Return on equity (%)
Return on total assets (%)
Net assets value per share (cents)