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(C) INVESTMENTSAs at 31 December 2000, the Group has outstandingcommitments in respect of uncalled capital to the extentof $153,600 (1999: $153,600) in an associated company.As at 31 December 2000, in respect of investments inunquoted equity shares of venture capital fund companies,there is uncalled capital contribution amounting to$3.0 million (1999: $6.3 million) for the Group.As at 31 December 2000, in respect of investments inunquoted equity shares of an associated company, thereare project commitments amounting to $6.0 million(1999: $6.3 million) for the Group.(D) FORWARD FOREIGN EXCHANGE CONTRACTSAs at 31 December 2000, the Group has outstandingforward foreign exchange contracts amounting toapproximately $114 million (1999: $54 million) forhedging against future purchase commitments denominatedmainly in Australian Dollars, United States Dollarsand British Sterling Pounds.44. CONTINGENT LIABILITIES (UNSECURED)(a) Guarantees given by the Company to third parties inrespect of the provision of goods and services to subsidiariesof $440,000 (1999: $481,000).(b) A joint venture agreement between SingaporeTechnologies Aerospace Ltd and four Indonesian partieswas entered into in 1994 for the establishment of P.T.Batam Aircraft Maintenance (“P.T. BAM”). As at the yearend, no investment cost has been made.As part of the agreement, P.T. BAM will enter into alease agreement with one of the joint venture parties.Furthermore, under this agreement, SingaporeTechnologies Aerospace Ltd will be liable to pay thelease rental fees in proportion to its respective shares inP.T. BAM (i.e. 25%) in the event of the insolvency ofP.T. BAM.The maximum potential liability arising from thisagreement amounts to approximately $5.4 million(1999: $5.4 million).45. SEGMENT INFORMATION(A) ANALYSIS BY BUSINESS SEGMENTSThe Group is organised on a worldwide basis into fourmain operating segments, namely:(a) Aerospace(b) Electronics(c) Land Systems(d) MarineOther operations include research and development,treasury, investment holding and provision ofmanagement, consultancy, warehousing and othersupport services.Inter-segment pricing is on an arm’s length basis.45. SEGMENT INFORMATION (cont’d)LANDAEROSPACE ELECTRONICS SYSTEMS MARINE OTHER ELIMINATIONS GROUP$’000 $’000 $’000 $’000 $’000 $’000 $’0002000TURNOVERExternal sales 956,320 411,781 526,510 358,433 5,983 2,259,027Inter-segment sales 2,810 11,752 1,731 679 236,737 (253,709) –TOTAL SALES 2,259,027Segment result 149,132 38,410 48,625 61,821 (3,837) (6,074) 288,077Investment income, net 11,389 – 1,851 1,618 235,256 (235,256) 14,858Interest income 23,417 8,408 28,369 2,421 8,253 (377) 70,491Operating profit 373,426Financial expenses (3,969) (7) (374) (10) – 377 (3,983)Exceptional item – – – – 103,612 (103,612) –Share of results ofassociatedcompanies and jointventures 39,022 (220) 6,179 (1,915) – 43,066Taxation (64,209) (16,293) (19,806) (20,105) (53,348) 52,748 (121,013)Minority interests (3,744) 282 104 – – (3,358)NET PROFIT 288,138Assets 645,349 298,792 746,569 110,999 8,693 1,810,402Associated companiesand joint ventures 61,142 147 82,333 9,853 – 153,475Unallocated assets 2,488,747TOTAL ASSETS 4,452,624Liabilities 760,555 494,622 1,432,654 341,433 25,592 631 3,055,487Unallocated liabilities 461,362TOTAL LIABILITIES 3,516,849Capital expenditure 37,196 6,446 8,392 4,009 601 56,644Depreciation andamortisation 36,751 5,329 21,707 12,142 214 76,143Other non-cashexpenses 2,583 1,968 (515) 4,446 – 8,482172 • visionnotes to the financial statements • 173