View - Singapore Technologies Engineering

AEROSPACE SECTOR VALUE ADDED STATEMENTSAEROSPACE SECTOR FINANCIAL HIGHLIGHTS2000 1999 1998$’000 $’000 $’000VALUE ADDED FROM:• Revenue earned 959,130 857,943 830,262• Less bought in materials and services (431,211) (363,997) (383,353)GROSS VALUE ADDED 527,919 493,946 446,909Income from investments and interest 34,806 17,768 37,934Extraordinary items – 3,143 512Exchange gain (loss) (388) (468) (674)Other non-operating income (expenses) 5,089 4,005 1,961Share of results of associated companies and joint ventures 39,022 27,544 25,870TOTAL VALUE ADDED 606,448 545,938 512,512DISTRIBUTION OF VALUE ADDED:To employees in wages, salaries and benefits 340,024 316,444 296,550To government income and other taxes 65,846 60,251 65,761To providers of capital on• Interest paid on borrowings 3,969 4,156 5,331• Dividends to shareholders 88,653 88,704 110,619498,492 469,555 478,261BALANCE RETAINED IN (APPLIED FROM) BUSINESS:Depreciation 36,751 29,628 27,567Retained profits 31,711 24,524 (31,589)68,462 54,152 (4,022)NON-PRODUCTION COST AND INCOME:Bad debts 5,076 1,788 501Income from investments and interest 34,806 17,768 37,934Extraordinary items – 3,143 512Exchange gain (loss) (388) (468) (674)39,494 22,231 38,2731996 1997 1998 1999 2000$’000 $’000 $’000 $’000 $’000Turnover 523,389 674,204 830,262 857,943 959,130Profit before tax 56,402 113,920 170,468 189,837 218,991Profit after tax (before extraordinary items) 27,838 62,050 102,813 125,208 151,038Shareholders’ funds 377,812 431,316 423,461 464,610 381,397Total assets 1,005,961 1,171,129 1,186,549 1,344,098 1,323,940Net tangible assets 377,516 430,986 423,461 464,610 381,397Return on turnover (%) 5.6 9.8 12.8 15.2 16.1Earnings per share (¢) 9.28 20.58 34.10 41.53 54.70Return on equity (%) 7.4 14.4 24.3 27.0 39.6Return on total assets (%) 2.8 5.3 8.7 9.3 11.4Net tangible assets per share (¢) 125.83 142.95 140.45 154.10 138.13PRODUCTIVITY DATAAverage staff strength 3,365 3,579 3,973 4,254 4,332Employment costs ($’000) 199,540 257,283 296,550 316,444 340,373Sales per employee ($) 155,539 188,378 208,976 201,679 221,406Profit after tax per employee ($) 8,273 17,337 25,878 29,433 34,866Economic value added ($’000) (22,737) 12,895 61,595 92,567 110,108Economic value added spread (%) (4.1) 2.2 9.9 14.2 16.2Economic value added per employee ($) (6,757) 3,603 15,503 21,760 25,417Value added ($’000) 285,821 416,078 512,512 545,938 606,448Value added per employee ($) 84,939 116,255 128,999 128,335 139,993Value added per $ of employment costs 1.43 1.62 1.73 1.73 1.78TOTAL DISTRIBUTION 606,448 545,938 512,512186 • visionreview of financial performance • 187