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LAND SYSTEMS SECTOR VALUE ADDED STATEMENTSLAND SYSTEMS SECTOR FINANCIAL HIGHLIGHTS2000 1999 1998$’000 $’000 $’000VALUE ADDED FROM:• Revenue earned 528,241 297,188 299,116• Less bought in materials and services (331,921) (207,549) (235,080)GROSS VALUE ADDED 196,320 89,639 64,036Income from investments and interest 30,220 11,678 18,929Extraordinary items – (9,255) (3,310)Exchange gain (loss) (201) (177) (116)Other non-operating income (expenses) 3,255 243 1,369Share of results of associated companies and joint ventures 6,179 6,446 5,076TOTAL VALUE ADDED 235,773 98,574 85,984DISTRIBUTION OF VALUE ADDED:To employees in wages, salaries and benefits 128,354 57,355 53,838To government income and other taxes 21,333 4,881 4,769To providers of capital on• Interest paid on borrowings 374 102 209• Dividends to shareholders 32,000 8,007 11,989182,061 70,345 70,805BALANCE RETAINED IN (APPLIED FROM) BUSINESS:Depreciation 21,707 10,755 12,520Retained profits 2,825 8,829 (13,300)24,532 19,584 (780)NON-PRODUCTION COST AND INCOME:Bad debts (839) 6,399 456Income from investments and interest 30,220 11,678 18,929Extraordinary items – (9,255) (3,310)Exchange gain (loss) (201) (177) (116)29,180 8,645 15,9591996 1997 1998 1999 2000$’000 $’000 $’000 $’000 $’000Turnover 221,465 247,797 299,116 297,188 528,241Profit before tax 22,861 15,358 16,628 33,092 84,650Profit after tax (before extraordinary items) 17,312 9,381 12,228 27,998 64,948Shareholders’ funds 91,766 79,037 75,624 86,069 95,075Total assets 679,315 720,062 782,414 746,168 1,583,366Net tangible assets 91,766 79,037 75,624 86,069 95,075Return on turnover (%) 7.9 3.2 4.1 9.5 12.3Earnings per share (¢) 14.42 7.80 10.16 23.22 53.87Return on equity (%) 18.9 11.9 16.2 32.5 68.3Return on total assets (%) 2.5 1.3 1.6 3.8 4.1Net tangible assets per share (¢) 76.42 65.56 62.73 71.39 78.9PRODUCTIVITY DATAAverage staff strength 843 920 974 983 2,679Employment costs ($’000) 42,859 42,325 53,838 57,355 128,372Sales per employee ($) 262,711 269,345 307,101 302,328 197,178Profit after tax per employee ($) 20,536 10,197 12,554 28,482 24,243Economic value added ($’000) 8,779 (3,450) 4,113 28,610 41,755Economic value added spread (%) 8.6 (2.7) 3.1 21.7 17.6Economic value added per employee ($) 10,414 (3,750) 4,223 29,105 15,586Value added ($’000) 75,655 63,778 85,984 98,574 235,773Value added per employee ($) 89,745 69,324 88,279 100,279 88,008Value added per $ of employment costs 1.77 1.51 1.59 1.72 1.84Note: 1996-1999 figures for Land Systems sector exclude Founders Industries Pte Ltd (formerly known as Chartered Industries of Singapore (Pte.) Limited)TOTAL DISTRIBUTION 235,773 98,574 85,984196 • visionreview of financial performance • 197