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20. DUE FROM RELATED CORPORATIONS21. DUE FROM ASSOCIATED COMPANIESGROUPCOMPANY2000 1999 2000 1999$’000 $’000 $’000 $’000Trade balances 7,093 11,441 – –Non-trade balances 6,938 4,013 1,403 13Loans 643,063 253,867 108,584 90,954657,094 269,321 109,987 90,967GROUP2000 1999$’000 $’000Trade balances 3,856 3,668Non-trade balances 3,252 3,195Provision for doubtful debts (533) (159)6,575 6,70422. CREDITORS AND ACCRUALSGROUPCOMPANY2000 1999 2000 1999NOTE $’000 $’000 $’000 $’000Trade creditors 427,651 415,091 213 225Advance payments from customers 1,600,138 1,084,364 – –Other creditors and accruals 26 645,649 384,325 14,631 11,251Due to:Immediate holding company (trade) 424 1,033 – –Immediate holding company (non-trade) 79 234 – –Subsidiaries (non-trade) – – 82 25Related corporations (trade) 14,497 10,569 – –Related corporations (non-trade) 3,058 1,263 14 –Associated companies (trade) 4 315 – –Joint ventures (trade) 4,346 33 – –Minority shareholder (trade) 1,073 961 – –2,696,919 1,898,188 14,940 11,501Movements in provision for doubtful debts during theyear are as follows:GROUP2000 1999$’000 $’000At beginning of the year 159 30Charge to profit and loss account 374 170Provision utilised – (41)At end of the year 533 15923. PROVISIONSGROUP2000 1999$’000 $’000Provision for:Warranties 227,995 161,758Liquidated damages 42,747 2,959Contingencies – 19,236Engineering and development – 6,587Wharf and syncrolift upkeep – 11,000Environmental liabilities 5,303 5,293276,045 206,833(a) Movements in provision for warranties during theyear are as follows:GROUP2000 1999$’000 $’000At beginning of the year 161,758 117,727Charge to profit and loss account 40,912 47,374Provision utilised (3,452) (3,363)Acquisition of subsidiary 28,774 –Translation difference 3 20At end of the year 227,995 161,758158 • visionnotes to the financial statements • 159
(b) Movements in provision for liquidated damages duringthe year are as follows:(c) Movements in provision for contingencies during theyear are as follows:(d) Movements in provision for engineering and developmentduring the year are as follows:(e) Movements in provision for wharf and syncroliftupkeep during the year are as follows:GROUP2000 1999$’000 $’000At beginning of the year 2,959 3,681Charge (write back) to profit and loss account 12,658 (680)Provision utilised (571) (42)Acquisition of subsidiary 27,701 –At end of the year 42,747 2,959GROUP2000 1999$’000 $’000At beginning of the year 19,236 19,610Write back to profit and loss account (41,146) (219)Provision utilised (14) (170)Acquisition of subsidiary 21,883 –Translation difference 41 15At end of the year – 19,236GROUP2000 1999$’000 $’000At beginning of the year 6,587 4,597(Write back) charge to profit and loss account (6,587) 2,290Provision utilised – (300)At end of the year – 6,587GROUP2000 1999$’000 $’000At beginning of the year 11,000 11,000Write back to profit and loss account (6,000) –Reclassified to accrued operating expenses (5,000) –At end of the year – 11,000(f) Movements in provision for environmental liabilitiesduring the year are as follows:24. LEASE OBLIGATIONSA subsidiary of Singapore Technologies Aerospace Ltd(“ST Aero”) leases certain land, buildings, and equipmentfrom a foreign Airport Authority (the “Authority”) undera capital lease related to industrial revenue bonds issuedby the Authority. Assets being leased are pledged as collateralagainst the bonds.The bonds have staggered maturitydates and the lease payments have been structured tocoincide with the staggered maturities of the bonds withthe final payment due on 1 November 2012, the expirationdate of the lease.In connection with the bond issue, the subsidiaryentered into a letter of credit agreement for approximately$13,600,000, which is used to guarantee paymentson the bonds in the event that the subsidiary isunable to make required lease payments. However, theletter of credit agreement expires in May 2001, and theGROUP2000 1999$’000 $’000At beginning of the year 5,293 5,457Provision utilised – (167)Translation difference 10 3At end of the year 5,303 5,293subsidiary has no alternative sourcing in place.Withoutthe letter of credit agreement in place, the Authoritywill call the bonds. ST Aero has expressed its ability andintent to pay off the bonds with other long-termfinancing should the subsidiary not enter into anotherletter of credit agreement by the original agreement’smaturity. As such, the capitalised lease obligation isclassified as long-term in the accompanying 2000balance sheet.The subsidiary also leases certain land, buildings, andequipment from the Authority under an operating lease.The lease term coincides with the term of the capitallease.The Company has unconditionally guaranteedpayment of all rents.The obligations under the finance lease to be paid by thesubsidiary are as follows:PRINCIPAL INTEREST$’000 $’00020001 year to 5 years 5,734 5,901After 5 years 12,388 3,908Total 18,122 9,809Discount (167) –17,955 9,809PRINCIPAL$’0002000Repayable:Within 1 year 990After 1 year 16,96517,955160 • visionnotes to the financial statements • 161
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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
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B O A R D • O F •D I R E C T O
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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 76 and 77: (b) Details of joint ventures are a
Page 78 and 79: 13. STOCKS AND WORK-IN-PROGRESS14.
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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