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PROVISION FOR DIMINUTION IN VALUE OF INVESTMENTSMovements in provision for diminution in value ofinvestments during the year are as follows:PROVISION FOR DOUBTFUL LOANSMovements in provision for doubtful loans during theyear are as follows:The Group’s share of the joint ventures’ results and assetsand liabilities are as follows:GROUP2000 1999$’000 $’000At beginning of year 2,919 3,683Provision utilised (731) (764)Reclassified from long-term investments (Note 11)@ 4,252 –At end of the year 6,440 2,919@ During the financial year, the Group increased its shareholdings in a non-related corporation, thereby making it into an associated company. Accordingly,the corresponding provision for diminution in value of the investment has also been reclassified from long-term investments.GROUP2000 1999$’000 $’000At beginning of year 1,896 909Charge to profit and loss account 315 1,108Provision utilised (500) (121)At end of the year 1,711 1,8962000 1999$’000 $’000RESULTSTurnover 38,126 260Net profit (loss) for the year 442 (367)ASSETS AND LIABILITIESNon-current assets 17,923 8,453Current assets 74,939 640Current liabilities 72,644 37Non-current liabilities 9,688 9,663(a) Details of the associated companies are as follows:COUNTRY OFPERCENTAGE OFNAME OF ASSOCIATED COMPANY PRINCIPAL ACTIVITIES INCORPORATION EQUITY HELD2000 1999% %Turbine Overhaul Services Pte Ltd** Repair and servicing of gas and Singapore 49 49steam turbine componentsAsian Aerospace Pte Ltd Promoting and organising of trade Singapore 50 50exhibitions in Singapore forsystems, equipment, products andservices in aerospace anddefence-related applications on abiennial basisSingapore British Engineering Pte Ltd Marketing and sale of a range of Singapore 32 32defence products and associatedequipment and participating in thedevelopment of new products andsystemsSingapore-China Merchants Aviation Investment holding Hong Kong 50 50Holdings Limited#Composite Technology International Repairing and rebuilding helicopter Singapore 33.33 33.33Pte Ltdrotor bladesEurocopter South East Asia Selling, maintaining and Singapore 25 25Private Limitedoverhauling of helicoptersSingapore Precision Repair and Repair and overhaul of aircraft Singapore 50 50Overhaul Pte Ltdand helicopter landing gear andits related componentsAerospace Engineering Services Trustee of unit trust fund Australia 50 50Pty LtdAerospace Engineering Services Maintenance and servicing of Australia 50 50Pty Ltd Unit TrustaircraftChangi Aviation Services Pte Ltd Investment holding Singapore 50 50Turbine Coating Services Pte Ltd Repair and servicing of gas and Singapore 24.5 –steam turbine components146 • visionnotes to the financial statements • 147
COUNTRY OFPERCENTAGE OFNAME OF ASSOCIATED COMPANY PRINCIPAL ACTIVITIES INCORPORATION EQUITY HELD2000 1999% %CityCab Pte Ltd Rental of taxis Singapore 46.5 46.5Asia-Pacific Training and Simulation Provision of simulator training Singapore 25 25Pte LimitedservicesST LogiTrack Pte Ltd Promote, market and distribute the Singapore 50 50use of RFID technology in logisticsmanagementSilvatech Global Systems Pte Ltd Owns the intellectual property British Virgin 20 –rights of manufacturingIslandsoff-highway equipment usinghydro-mechanical drive technologyInt. Silvatech Industries Inc. Research and development of Canada 20 –off-highway equipment usinghydro-mechanical drive technologySilvatech Systems Corporation Marketing and managing licenses Singapore 20 –Pte Ltdof products usinghydro-mechanical drive technologySolectria Corporation* Design, engineering and USA 44.1 –manufacture of advanced electric,hybrid electric and fuel cell vehicledrives system and relatedcomponentsCOUNTRY OFPERCENTAGE OFNAME OF ASSOCIATED COMPANY PRINCIPAL ACTIVITIES INCORPORATION EQUITY HELD2000 1999% %Stegami.com Pte Ltd Develop and provide internet- Singapore 37.6 –marketing solutions and servicesSentry Technologies Pte Ltd Design, development and sale of Singapore 35 35computer security productsAnchorville Pte Ltd Construction, operation and Singapore 25 –maintenance of desalinationprojects and related consultancyservices on desalination plantsPT SSE-Van der Horst Indonesia Precision engineering services Indonesia 37 37AquaGen International Pte Ltd Water treatment service Singapore 25 25@ Sino-Singapore Medical Disposables (Pte) Ltd is in the process of creditors’ liquidation.# Singapore-China Merchants Aviation Holdings Limited is in the process of voluntary liquidation.* Previously included under long-term investments as a 9.6% held investment.** During the year, Singapore Technologies Aerospace Ltd (“ST Aero”) has undertaken a restructuring (the “Restructuring”) of its 49% shareholding interests inTurbine Overhaul Services Pte Ltd (“TOS”).Under the Restructuring, the entire business and assets of TOS were transferred as a going concern to a wholly owned subsidiary of TOS (“NEWCO”).Subsequent to the business transfer on 1 December 2000, ST Aero acquired a direct 49% interest in the capital of the NEWCO and simultaneously exitedfrom TOS, marking the completion of the Restructuring. NEWCO took over the name of Turbine Overhaul Services Pte Ltd from TOS with effect from the dateof the business transfer when simultaneous changes in names were made to both companies. TOS was renamed UTSTA Pte Ltd.Defence Electronics of Singapore Manufacture and marketing of Singapore 49 –Pte Ltdmilitary fusesSino-Singapore Medical Disposables Dormant Singapore 40 –(Pte) Ltd@Nusantara Technologies Sdn Bhd Provision of non-destructive testing Malaysia 49 –services, ultrasonic flaw detectionand gauging survey and pressuregauge callibrationCIS - Oerlikon Pte Ltd Dormant Singapore 50 –148 • visionnotes to the financial statements • 149
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S I N G A P O R E T E C H N O L O G
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editor’s noteC O N T R I B U T O
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“Opportunities Abound forNiche Pl
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Helping OthersLADY WHO MAKESA DIFFE
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NOV29 DECS$2.79JANJUNJULAUGOCTYEAR
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Turnover (S$ million)Profit before
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ECONOMIC VALUE ADDED STATEMENTS (S$
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T H E E - L I S TT H E E - L I S Ts
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It was a good year for ST Engg, wit
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GROUP TURNOVER INCREASED FROM S$1.7
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THE NEXTSTEPSvision chats with ST E
Page 24 and 25: We must take globalisation seriousl
Page 26 and 27: B O A R D • O F •D I R E C T O
Page 28 and 29: D I R E C T O R S• AEROSPACE• E
Page 30 and 31: T H E • S E N I O RM A N A G E M
Page 32 and 33: M A N A G E M E N Thuman resource b
Page 34 and 35: O U R U S T H R U S TALL SYSTEMS GO
Page 36 and 37: WE HAVE GOOD REASONSto be pleased w
Page 38 and 39: AEROSPACE CUSTOMER TALKAIR VICE MAR
Page 40 and 41: R E : V I E WElectronicsBy Seah Moo
Page 42 and 43: P A R T N E R SFORMING PARTNERSHIPS
Page 44 and 45: The ATTC created a splash when it w
Page 46 and 47: LAND SYSTEMS CUSTOMER TALKMARINE CU
Page 48 and 49: MARINE CUSTOMER TALKCruise vessel r
Page 50 and 51: GROUP FINANCIAL PERFORMANCE1. ACQUI
Page 52 and 53: TRANSFERS TO OR FROM RESERVES AND P
Page 54 and 55: RELATED CORPORATIONSHOLDINGS IN THE
Page 56 and 57: The SGX’s Listing Manual requires
Page 58 and 59: BALANCE ASAT 1.1.2000 BALANCE NO. O
Page 60 and 61: BALANCE SHEETSAS AT 31 DECEMBER 200
Page 62 and 63: STATEMENTS OF CHANGES IN EQUITY (co
Page 64 and 65: NOTES TO THE FINANCIAL STATEMENTS31
Page 66 and 67: Included in the share capital is a
Page 68 and 69: 8. FIXED ASSETS (cont’d)THE GROUP
Page 70 and 71: EFFECTIVE EQUITYINTEREST HELDBY THE
Page 72 and 73: COUNTRY OF INCORPORATION/NAME OF SU
Page 76 and 77: (b) Details of joint ventures are a
Page 78 and 79: 13. STOCKS AND WORK-IN-PROGRESS14.
Page 80 and 81: 20. DUE FROM RELATED CORPORATIONS21
Page 82 and 83: Lease terms do not contain restrict
Page 84 and 85: GROUPCOMPANY2000 1999 2000 1999NOTE
Page 86 and 87: GROUP2000 1999NUMBER OF SHARES (’
Page 88 and 89: 45. SEGMENT INFORMATION (cont’d)L
Page 90 and 91: their audit to the independent dire
Page 92 and 93: SINGAPORE TECHNOLOGIES ENGINEERING
Page 94 and 95: AEROSPACE SECTOR VALUE ADDED STATEM
Page 96 and 97: ELECTRONICS SECTOR BALANCE SHEETSEL
Page 98 and 99: international recognition as a majo
Page 100 and 101: REVIEW OF FINANCIAL PERFORMANCE - M
Page 102 and 103: MARINE SECTOR FINANCIAL HIGHLIGHTS1
Page 104 and 105: SINGAPORE TECHNOLOGIES KINETICS LTD
Page 106 and 107: Professor Lui Pao Chuen is the Chai
Page 108 and 109: Contacte-mailContacte-mailASSOCIATE
Page 111 and 112: MARINE SECTORASSOCIATED COMPANIESNO
Page 113 and 114: PROXY FORMSINGAPORE TECHNOLOGIES EN
Page 115 and 116: end page• AEROSPACE• ELECTRONIC
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