View - Singapore Technologies Engineering

MARINE SECTOR BALANCE SHEETSMARINE SECTOR VALUE ADDED STATEMENTS2000 1999$’000 $’000SHARE CAPITAL AND RESERVES 93,174 104,312Represented by:FIXED ASSETS 60,845 68,978ASSOCIATED COMPANIES AND JOINT VENTURES 9,853 17,416LONG TERM INVESTMENTS 18,034 10,532LOANS RECEIVABLE, NON-CURRENT 396 840CURRENT ASSETSStocks and work-in-progress 247 2,817Debtors, deposits and prepayments 63,851 48,635Loans receivable, current 211 303Short term investments 461 3,465Amounts under fund management 308,435 305,215Bank and other liquid funds 16,872 34,406390,077 394,841CURRENT LIABILITIESCreditors and accruals 311,176 317,215Provisions 32,544 37,292Progress billings in excess of work-in-progress 2,680 –Provision for taxation 39,631 33,788386,031 388,295Net current assets 4,046 6,54693,174 104,3122000 1999 1998$’000 $’000 $’000VALUE ADDED FROM:• Revenue earned 359,112 255,979 197,567• Less bought in materials and services (246,900) (165,635) (111,782)GROSS VALUE ADDED 112,212 90,344 85,785Income from investments and interest 4,039 15,933 27,674Exchange gain (loss) (29) (10) 31Other non-operating income (expenses) 1,384 1,894 1,178Share of results of associated companies and joint ventures (1,915) (1,096) (2,035)TOTAL VALUE ADDED 115,691 107,065 112,633DISTRIBUTION OF VALUE ADDED:To employees in wages, salaries and benefits 42,916 43,830 48,041To government income and other taxes 21,029 15,664 15,447To providers of capital on• Interest paid on borrowings 10 175 –• Dividends to shareholders 54,968 91,869 79,959118,923 151,538 143,447BALANCE RETAINED IN (APPLIED FROM) BUSINESS:Depreciation 12,142 12,735 15,322Retained profits (15,148) (76,614) (75,798)(3,006) (63,879) (60,476)NON-PRODUCTION COST AND INCOME:Bad debts (4,236) 3,483 1,957Income from investments and interest 4,039 15,933 27,674Exchange gain (loss) (29) (10) 31(226) 19,406 29,662TOTAL DISTRIBUTION 115,691 107,065 112,633200 • visionreview of financial performance • 201