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(b) Details of joint ventures are as follows:COUNTRY OFPERCENTAGE OFNAME OF JOINT VENTURE PRINCIPAL ACTIVITIES INCORPORATION EQUITY HELD2000 1999% %Joint Shipyard Management Services Construction and managing Singapore 30 30Pte Ltd11. LONG-TERM INVESTMENTSworkers’ dormitoriesJoint Shipyard Technologies Pte Ltd Undertaking, organising and Singapore 14 14promotion of research anddevelopment of new marinetechnologiesSMART Systems Pte Ltd Life systems integration of Singapore 50 –weapon systemTakata CPI Singapore Pte Ltd Manufacture of pyrotechnic Singapore 24.99 –components for seatbelts and airbags used in motor vehiclesGFM Electronics S.A. de C.V. Promotion, distribution and sale of Mexico 50 –electronic and high technologyproducts and servicesGROUP2000 1999$’000 $’000UNQUOTED INVESTMENTS - AT COSTEquity shares:Related corporation 4,302 1,800Non-related corporations* 50,994 53,09555,296 54,895Floating rate notes 609,846 402,789Membership rights 1,132 995666,274 458,679Provision for diminution in value of investments (26,252) (27,141)TOTAL UNQUOTED INVESTMENTS 640,022 431,538TOTAL LONG-TERM INVESTMENTS 645,015 438,201QUOTED INVESTMENTS - MARKET VALUESingapore Government Securities 4,548 5,933Equity shares:Related corporation 842 1,032Non-related corporations 27,307 13432,697 7,099* The unquoted investments in equity shares held by the Group in prior year included a corporation which was listed during the financial year. Accordingly,the cost of investment and the corresponding provision for diminution in investment of approximately $6,730,000 has been reclassified under quotedinvestments in current year.Under the lock-up agreements entered between the Group and certain shareholders of the quoted investment, the Group shall not directly or indirectlydispose of their investment until February 2001.GROUP2000 1999$’000 $’000QUOTED INVESTMENTS - AT COSTSingapore Government Securities 4,250 5,550Equity shares:Related corporation 1,085 1,080Non-related corporations* 6,997 10812,332 6,738Provision for diminution in value of investments (7,339) (75)TOTAL QUOTED INVESTMENTS 4,993 6,663PROVISION FOR DIMINUTION IN VALUE OF QUOTEDINVESTMENTSMovements in provision for diminution in value ofquoted investments during the year are as follows:GROUP2000 1999$’000 $’000At beginning of the year 75 475Charge (write back) to profit and loss account 534 (400)Reclassified from unquoted investments 6,730 –At end of the year 7,339 75150 • visionnotes to the financial statements • 151
PROVISION FOR DIMINUTION IN VALUE OFUNQUOTED INVESTMENTSMovements in provision for diminution in value ofunquoted investments during the year are as follows:THE COMPANYThe investments of the Company consist of Floating RateNotes, at cost.The Floating Rate Notes of the Group and Company areGROUP2000 1999$’000 $’000At beginning of the year 27,141 19,329Charge to profit and loss account 7,923 7,812Provision utilised (3,696) –Reclassified to quoted investments (6,730) –Reclassified to associated companies (Note 10) (4,252) –Acquisition of subsidiary 3,949 –Share of post-acquisition losses and reserves and goodwill of an associatedcompany reclassified as provision for diminution in value of long-terminvestment (Note 10) 1,917 –At end of the year 26,252 27,14112. LOAN RECEIVABLESissued by a related corporation, ST Treasury ServicesLimited, and guaranteed by the immediate holding company,Singapore Technologies Pte Ltd. Interest on theFloating Rate Notes is at an annual rate ranging from2.69% to 3.14% (1999: 1.64% to 4.68%) per annum.GROUPCOMPANY2000 1999 2000 1999$’000 $’000 $’000 $’000Housing and car loans and advances to staff 5,321 7,005 29 102Loans to:Related corporations 7,030 7,030 – –Third parties 25,862 23,766 – –Provision for doubtful loans:Related corporations (7,030) (7,030) – –Third parties (19,330) (17,683) – –6,532 6,083 – –Minority shareholders – 976 – –Hire purchase receivables 3,105 5,605 – –14,958 19,669 29 102Receivable:Within 1 year 6,275 3,969 15 29After 1 year 8,683 15,700 14 7314,958 19,669 29 102Movements in provision for loans to related corporationsduring the year are as follows:Movements in provision for loans to third parties are asfollows:GROUPCOMPANY2000 1999 2000 1999$’000 $’000 $’000 $’000At beginning of the year 7,030 – – –Charge to profit and loss account – 7,030 – –At end of the year 7,030 7,030 – –GROUPCOMPANY2000 1999 2000 1999$’000 $’000 $’000 $’000At beginning of the year 17,683 5,000 – –Charge to profit and loss account 1,647 12,683 – –At end of the year 19,330 17,683 – –(a) Loans to related corporations are unsecured, interestfreeand not repayable within the next 12 months.(b) Included in the loans to third parties is an amount of$5,475,000 (1999: $6,282,000) which is secured by thethird party’s investment in a unit trust and the loan isrepayable over a period of 12 years commencing from1998. Interest is chargeable at 15% per annum calculatedon the reducing balance basis.(c) Included in the loans to third parties is an amount of$8,312,000 (1999: $8,312,000) which is secured byintellectual property rights of the third party. Interest ischargeable at the United States Dollar prime rate plus2% per annum.(d) Hire purchase receivables comprise:GROUPGROSS UNEARNED NETINVESTMENT INTEREST INVESTMENTRECEIVABLE INCOME RECEIVABLE$’000 $’000 $’0002000Within 1 year 1,102 144 958Within 2 to 5 years 2,239 92 2,1473,341 236 3,1051999Within 1 year 1,641 92 1,549Within 2 to 5 years 4,484 429 4,055After 5 years 1 – 16,126 521 5,605152 • visionnotes to the financial statements • 153
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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
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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 74 and 75: PROVISION FOR DIMINUTION IN VALUE O
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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