View - Singapore Technologies Engineering

More documents

Recommendations

Info

45. SEGMENT INFORMATION (cont’d)LANDAEROSPACE ELECTRONICS SYSTEMS MARINE OTHER ELIMINATIONS GROUP$’000 $’000 $’000 $’000 $’000 $’000 $’0001999TURNOVERExternal sales 856,872 354,534 297,022 255,979 – 1,764,407Inter-segment sales 1,071 7,457 166 – 272,153 (280,847) –TOTAL SALES 1,764,407Segment result 148,681 22,514 14,711 31,705 (4,764) 170 213,017Investment income, net (1,845) – – 13,357 272,153 (272,153) 11,512Interest income 19,613 5,687 12,037 2,576 7,157 (175) 46,895Operating profit 271,424Financial expenses, net (4,156) – (102) (175) – 175 (4,258)Share of results ofassociated companiesand joint ventures 27,544 – 6,446 (1,096) – 32,894Taxation (59,309) (12,916) (4,755) (15,189) (68,386) 66,668 (93,887)Minority interests (5,320) 15 (339) – – (5,644)Profit after taxation andminority interests butbefore extraordinaryitems 200,529Extraordinary items (8,205)NET PROFIT 192,324Assets 424,459 276,785 255,069 117,684 2,129 (5,227) 1,070,899Associated companiesand joint ventures 102,974 105 48,901 17,415 – 169,395Unallocated assets 2,166,558TOTAL ASSETS 3,406,852(B) ANALYSIS BY COUNTRY OF INCORPORATIONTurnover is based on the country of incorporationregardless of where the goods are produced. Assets andadditions to property, plant and equipment are based onthe location of those assets.TURNOVER ASSETS CAPITAL EXPENDITURE2000 1999 2000 1999 2000 1999$’000 $’000 $’000 $’000 $’000 $’000Asia 1,930,706 1,464,141 1,665,824 919,486 39,155 32,933United States of America 304,990 278,713 124,406 132,091 15,469 10,909Europe 23,331 21,553 16,634 16,704 1,792 4,888Others – – 3,538 2,618 228 2252,259,027 1,764,407 1,810,402 1,070,899 56,644 48,955(C) ANALYSIS BY GEOGRAPHICAL AREASTurnover is based on the location of customersregardless of where the goods are produced.TURNOVER2000 1999$’000 $’000Asia 1,697,215 1,249,320United States of America 406,675 399,830Europe 86,698 59,254Others 68,439 56,0032,259,027 1,764,40746. COMPARATIVE FIGURESThe comparative figures were audited by a firm ofcertified public accountants other than Arthur Andersen.Where necessary, the prior year financial statementshave been restated to conform with the current year’spresentation in accordance with the new presentationrequirements of Statement of Accounting Standard No. 1(Revised 1999), Presentation of Financial Statements,and Statement of Accounting Standard No. 23 (Revised1999), Segment Reporting.Liabilities 727,904 417,543 648,428 350,889 11,501 (4,492) 2,151,773Unallocated liabilities 389,450TOTAL LIABILITIES 2,541,223Capital expenditure 41,876 3,740 1,262 1,748 329 48,955Depreciation andamortisation 29,628 5,348 10,755 12,735 321 58,787Other non-cash expenses 2,407 3,486 1,665 (135) – 7,423174 • visionnotes to the financial statements • 175
SGX LISTING MANUAL REQUIREMENTS31 DECEMBER 2000(Currency - Singapore dollars)2. INTERESTED PERSONS TRANSACTIONSInterested persons transactions carried out during thefinancial year pursuant to the Shareholders’ Mandateobtained under Chapter 9A of the Listing Manual of theSingapore Exchange Securities Trading Limited by theGroup are as follows:1. DIRECTORS’ REMUNERATIONThe following information relates to remuneration ofdirectors of Singapore Technologies Engineering Ltd:NUMBER OF DIRECTORS IN REMUNERATION BANDS 2000 1999REMUNERATION BANDS$500,000 and above 1 1$250,000 to $499,999 – –Below $250,000 10 10TOTAL 11 11Summary compensation table for the year ended31 December 2000 (Group):DIRECTORS’FAIR VALUE OFSTOCK OPTIONSNAME OF DIRECTOR SALARY* ($) BONUS* ($) FEES ($) TOTAL ($) GRANTED^ ($)Ho Ching – – 60,000▲ 60,000 –Boon Swan Foo 879,639 1,213,486 – 2,093,125 569,000Tan Guong Ching – – 24,200◆† 24,200 –Ng Kee Choe – – 57,000▲ 57,000 –MG Lim Chuan Poh# – – 10,000◆† 10,000 –Peter Ho Hak Ean – – 10,000◆ 10,000 –Professor Lui Pao Chuen – – 13,750◆† 13,750 –Dr Philip Nalliah Pillai# – – 40,750† 40,750 –Philip Tan Yuen Fah – – 86,000† 86,000 –Winston Tan Tien Hin – – 112,000† 112,000 –Lucien Wong Yuen Kuai – – 49,000 49,000 –LG Bey Soo Khiang** – – 2,500◆ 2,500 –Loh Chuk Yam## – – 17,250▲† 17,250 –879,639 1,213,486 482,450 2,575,575 569,000* The salary and bonus amount shown is inclusive of allowances and CPF.^ Relates to options granted during the year by the Group. The fair value of stock options granted is estimated using the Black-Scholes Option Pricing model.# Appointed on 1 April 2000.▲ Fees are paid to Director’s employer company.◆ Fees for public sector Directors are paid to government agency.† Includes fees for directorship in subsidiary/ies.** Resigned on 1 April 2000.## Retired at AGM on 31 March 2000.TREASURY TRANSACTIONSPlacement of funds with a subsidiary of the immediateholding company, Singapore Technologies Pte Ltd, forperiods of between 1 week and 3 months comprisesamounts ranging from $0.3 million (1999: $0.5 million)to $90 million (1999: $50 million) per transaction.MANAGEMENT AND SUPPORT SERVICESPayment of ST Group Management and Support ServiceFee by the Group of $6,693,000 (1999: $4,332,620).3. REPORT ON CORPORATE GOVERNANCE ACTIVITIES ANDPROCESSESBOARD MEETINGS AND COMMITTEESThe Board of Directors of the Company held a total offive Board meetings during the financial year ended 31December 2000 comprising four regularly scheduledmeetings and a special meeting. These meetings wereheld to address business strategies and major operationalthrusts of the group, approve annual budgets, release ofthe quarterly and regular financial results, as well as considerand approve investment proposals.The incumbentDirectors attended at least 72% of the aggregate numberof meetings of the Board of Directors and meetings ofthe Committees of the Board on which they served.The focus on expanding markets in the US and Europeinvolved much of Mr Boon Swan Foo’s time overseasand this partly accounted for the lower percentage ofBoard Committee attendances compared to the previousyear. However all papers were reviewed andendorsed by Mr Boon as CEO before submission to therespective committees.The Board also approved a different reporting format forthe Group by business sectors following the US restructuringof its subsidiary corporations.GROUP2000 1999$’000 $’000GENERAL TRANSACTIONSSales of goods and services 3,212 4,616Purchases of goods and services 3,912 4,951The Company and its main subsidiaries continued intoits second year of prompt quarterly reporting of itsfinancial results.Board committees addressed several issues during 2000.The Audit Committee is chaired by Mr Ng Kee Choe andincludes Mr Philip Tan, Mr Lucien Wong and Dr PhilipPillai, all of whom are independent directors.TheCommittee held four meetings during the year.The ongoing practice of dovetailing our four main subsidiaries’Audit Committees’ roles into the main STEngg Audit Committee for transparency and good corporategovernance has served us well as issues raised ineach sector are given due focus and attention by independentdirectors.The Committee held four meetings during the year toreview the quarterly, half-yearly and year-end financialstatements and the Group Internal Audit Report includingcompliance of internal control procedures forInterested Party transactions under Chapter 9A of theSGX Listing Manual.The Committee was satisfied thatthere were no incidents of non-compliance.The Committee also recommended to the Board achange of auditors as part of best practice to rotate auditorsonce every few years.Following the first Audit Committee meeting for 2001,the Audit Committee met up with the external auditorsand internal auditors of the Company in the absence ofManagement.This meeting is convened once a year aspart of good corporate governance to provide an opportunityfor the internal and external auditors to raiseissues which they had encountered in the course of176 • visionadditional information • 177
Page 1 and 2:
S I N G A P O R E T E C H N O L O G
Page 4 and 5:
editor’s noteC O N T R I B U T O
Page 6 and 7:
“Opportunities Abound forNiche Pl
Page 8 and 9:
Helping OthersLADY WHO MAKESA DIFFE
Page 10 and 11:
NOV29 DECS$2.79JANJUNJULAUGOCTYEAR
Page 12 and 13:
Turnover (S$ million)Profit before
Page 14 and 15:
ECONOMIC VALUE ADDED STATEMENTS (S$
Page 16 and 17:
T H E E - L I S TT H E E - L I S Ts
Page 18 and 19:
It was a good year for ST Engg, wit
Page 20 and 21:
GROUP TURNOVER INCREASED FROM S$1.7
Page 22 and 23:
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 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 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 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
show all

View - Singapore Technologies Engineering

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?