View - Singapore Technologies Engineering

The Unsecured Floating Rate Bonds were issued by a subsidiaryat the price of 85.15% of the principal amounts.Interest is payable every 6 months from the dates of issueof the bonds, being 18 January 1994 for Tranche Aamounting to $10,000,000 and 18 April 1994 for TrancheB amounting to another $10,000,000 respectively, at theswap offer rate less 1.5%.The swap offer rate is determinedat the beginning of each interest period.The bondholders have the option to have all or any ofthe bonds redeemed by the subsidiary on any of theinterest payment dates falling between January 2002 andJuly 2003.30. TURNOVERThe subsidiary has the option to redeem all, but not partially,of the bonds on the interest payment date falling ineach January of 1999 to 2003.The above options to redeem are structured at a discountfrom the principal amount.Unless previously redeemed, the final redemption datefor the bonds is the interest payment date falling inJanuary 2004.GROUPCOMPANY2000 1999 2000 1999$’000 $’000 $’000 $’000Sale of goods 481,006 467,482 – –Service income 1,778,021 1,296,925 – –Investment incomeDividend from unquoted investments in subsidiaries – – 235,256 272,1532,259,027 1,764,407 235,256 272,153GROUPCOMPANY2000 1999 2000 1999NOTE $’000 $’000 $’000 $’000Provision for diminution in value of investmentsUnquoted long-term investments 11 (5,978) (2,685) – –Quoted long-term investments 11 (534) – – –Amounts under fund management 16 – (715) – –Write-back of provision for diminution in valueof investmentsLong-term quoted investments 11 – 400 – –Short-term quoted investments 15 – 1,089 – –Amounts under fund management 16 3,444 – – –Profit on sale of investmentsLong-term investments 740 5 – –Short-term investments 1,415 – – –Other investments 395 – – –Surplus arising from amounts under fund management 6,715 12,913 – –Management income, net – – 8,508 8,984Project consultancy fees 1,178 1,766 – –Distributions from unquoted equity investments 606 – – –Surplus on restructuring of associated company 6,304 – – –Others 3,960 3,295 – –92,948 66,308 16,325 16,14131. OTHER OPERATING INCOMEGROUPCOMPANY2000 1999 2000 1999NOTE $’000 $’000 $’000 $’000Commission income 2,462 2,689 – –Dividend incomeQuoted equity investments 317 115 – –Unquoted equity investments 1,433 541 – –Interest incomeSingapore Government Securities 687 518 – –Bonds 525 – – –Immediate holding company – 447 – –Subsidiaries – – 273 75Related corporations 34,384 19,230 5,096 5,928Bank deposits 33,316 24,347 2,447 1,152Hire purchase – 360 – –Staff loans 213 255 1 2Other quoted investments – 20 – –Others 1,366 1,718 – –32. PROFIT FROM OPERATIONSGROUPCOMPANY2000 1999 2000 1999NOTE $’000 $’000 $’000 $’000Profit from operations is arrived at:AFTER CHARGINGAuditors’ remuneration:Auditors of the CompanyCurrent year 1,012 792 40 34Underprovision in respect of prior year 13 11 8 6Other auditorsCurrent year 356 313 – –Overprovision in respect of prior year (47) – – –Non-audit fees:Auditors of the CompanyCurrent year 349 255 94 35Other auditors 127 277 2 –Fees and remuneration of directorsCurrent year 2,576 2,241 2,433 1,926(Over) Underprovision in respect of prior year (342) 23 (337) 54164 • visionnotes to the financial statements • 165