keppelite february 2013 issue - tj giavridis marine services co. ltd.

4 Sustaining Growth GrowthRobust resultsAmidst an uncertain macro environment, Keppel Corporation leveraged its corecompetencies and capitalised on opportunities to achieve another year of sterlingperformance.Senior management presented another year of record net profitThe Group performedw e l l i n 2 0 1 2 d e s p i t ethe challenging globalenvironment. Group netprofit including revaluation,major impairment anddivestments increased 15%to reach $2,237 million whileEarnings per Share rose by14% to 124.8 cents. Returnon Equity was 26.4% whileEconomic Value Added was$1,430 million, an increaseof $592 million from 2011.Full year 2012 Grouprevenue of $13,965 millionwas 39% higher than in2011. Revenue from theOffshore & Marine Divisionwas $7,963 million, 40%above that of the previousyear due to higher volumeof work. The Divisioncompleted and deliveredtwo semisubmersible rigs,one semisubmersible rigupgrade, four jackup rigs,one Multi-Purpose Self-Elevating Platform, onedrillship outfitting, fourFloating Production Storageand Offloading (FPSO)conversions/upgrades, oneFPSO module fabricationand integration, one FloatingStorage Unit upgrade, onepipelay vessel completion,two specialised vesselsand several upgrade/repairprojects.R e v e n u e f r o m t h eInfrastructure Divisiondecreased slightly by$31 million or 1% to$2,832 million. Lowerrevenue from Engineering,P r o c u r e m e n t a n dConstruction contractswas partly offset by higherrevenue generated from theco-generation power plant inSingapore.Revenue from the PropertyDivision of $3,018 millionwas 106% above that of2011. The lumpy revenuewas mainly due to highercontributions fromReflections at Keppel Bayfollowing the delivery ofresidential units sold underthe deferred paymentscheme. This high level ofrevenue is not expected in2013 as revenue recognitionfrom sale of Reflections atKeppel Bay units is expectedto be lower.At the pre-tax level, GroupKeppelite I February 2013