at a glance - sembcorp marine€¦ · mr karim massinmov •presentation of ... to jurong shipyard...
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SembCorp Marine 2003 11
Group Financial Highlights
For the year 2003 2002 % Change
Group Profit & Loss Account ($’000)Turnover 1,067,986 1,011,512 5.58Profit
EBITA 112,712 128,673 (12.40)Operating Profit 74,308 89,883 (17.33)Profit BeforeTax 95,186 116,291 (18.15)Attributable Profit 78,540 92,098 (14.72)
Group Balance Sheet ($’000)Total Assets 1,525,115 1,488,555 2.46Total Liabilities 583,242 538,251 8.36Net Tangible Assets 917,298 928,564 (1.21)Shareholders’ Funds 927,127 940,008 (1.37)Minority Interests 14,746 10,296 43.22Capital Employed 941,873 950,304 (0.89)
Cash and Cash Equivalent 202,786 162,439 24.84Borrowings 101,029 27,709 264.61Net Cash 101,757 134,730 (24.47)
Financial RatiosEarnings Per Share (EPS)
EPS, before tax (cents) 6.72 8.26 (18.64)EPS, after tax (cents) 5.55 6.54 (15.14)
Dividend Per ShareNet Dividend (cents) 3.97 5.07 (21.70)Gross Dividend (cents) 5.00 6.50 (23.08)
Net Assets Value Per Share (cents) 65.29 66.46 (1.76)Net Tangible Assets Per Share (cents) 64.60 65.65 (1.60)
Return on Turnover (%) 7.23 8.45 (14.44)Return on Total Assets (%) 5.21 6.30 (17.30)Return on Equity (%) 8.41 9.90 (15.05)
AT A GLANCE
SembCorp Marine 200312 SembCorp Marine 2003 13
In compliance with the mandatory quarterly reporting for listed companies in Singapore with effect from 2003, theGroup commenced its first quarterly reporting on April 28, 2003
2003 (S$’000) 1Q03 2Q03 3Q03 4Q03 Total
Turnover 195,449 294,356 339,211 238,970 1,067,986Operating Profit 17,777 22,967 17,809 15,755 74,308EBITDA 27,247 31,558 27,817 26,090 112,712Profit before Tax 23,725 27,166 24,374 19,921 95,186Attributable Profit 18,508 21,610 18,930 19,492 78,540
Earnings per share (cents) - Year-to-date 1.31 2.84 4.17 5.55Earnings per share (cents) – In Quarter 1.31 1.53 1.33 1.38 5.55
2002 (S$’000) 1Q02 2Q02 3Q02 4Q02 Total
Turnover 202,103 289,884 256,204 263,321 1,011,512Operating Profit 17,408 21,245 20,670 30,560 89,883EBITDA 26,979 30,881 30,599 40,214 128,673Profit before Tax 34,716 25,066 25,711 30,798 116,291Attributable Profit 29,407 23,588 19,370 19,733 92,098
Earnings per share (cents) - Year-to-date 2.09 3.77 5.14 6.54Earnings per share (cents) – In Quarter 2.09 1.68 1.37 1.40 6.54
Group Quarterly Results
2003 QuarterlyProfit Before Taxand Attributable Profit
40
35
30
25
20
15
10
5
0
Profit before Tax
Attributable Profit
40
35
30
25
20
15
10
5
0
2002 QuarterlyProfit Before Taxand Attributable Profit
Profit before Tax
Attributable Profit
$m$m
2003 QuarterlyTurnoverContributions
350
300
250
200
150
100
50
0
$m
1Q
2Q
3Q
4Q
195.4
294.4
339.2 239.0
2002 QuarterlyTurnoverContributions
350
300
250
200
150
100
50
0
$m
1Q
2Q
3Q
4Q
202.1
289.9
256.2
263.3
2003 QuarterlyOperating Profit
35
30
25
20
15
10
5
0
$m
1Q
2Q
3Q
4Q
17.8
23.0
17.8
15.8
2002 QuarterlyOperating Profit
35
30
25
20
15
10
5
0
$m
1Q
2Q
3Q
4Q
17.4
21.2
20.7
30.6
1Q
2Q
3Q
4Q
23.7
18.5
27.2
21.6
24.4
18.9
19.919.5
1Q
2Q
3Q
4Q34.7
29.4
25.1
23.6
25.7
19.4
30.8
19.7
SembCorp Marine 200314 SembCorp Marine 2003 15
January• Launch of “Green Wave” Environmental Care Project for
Schools by Sembawang Shipyard• Presentation of Long Service Awards in Jurong Shipyard• Ministerial visit of the Republic of Kazarkhstan led by his
Excellency, Deputy Prime Minister of Kazakhstan,Mr Karim Massinmov
• Presentation of Commendation Award at the 29th AnnualReport Award Ceremony
February• Announcement of Financial Results 2002• Award of $34 million contract to Sembawang Shipyard for
the complete outfitting and commissioning for an offshoredynamic pipelay construction barge
• Visit to Jurong Shipyard by officials from the Ministry ofManpower and Economic Development Board
March• Delivery of Saipem 3000, a sophisticated heavy lift crane by
Sembawang Shipyard to Saipem (Italy)• Implementation of comprehensive SARS prevention and
management systems in Jurong and Sembawang Shipyards
April• Commencement of first quarterly earnings reporting in
compliance with the mandatory quarterly reporting for listedcompanies in Singapore
• 40th Annual General Meeting and Extraordinary OrdinaryMeetings for shareholders
• Delivery of FSO Kome-Kribi 1 by Jurong Shipyard to ModecInternational LLC
• Delivery of W. D. Fairway, the world’s largest trailing suctionhopper dredger by Sembawang Shipyard to BoskalisWestminster BV (the Netherlands)
• Delivery of FPSO Fluminense by Jurong Shipyard to ModecInternational LLC
• Presentation of Grand Award and four other awards to Jurong Shipyard at SembCorp Industries’ Idea AwardCeremony
May• Disposal of the entire 19.78% equity interests in Jurong
Engineering
June• Delivery of Constellation I, an Ultra-Premium class jack-up
drilling rig by PPL Shipyard to GlobalSantaFe• Start of 40th Anniversary celebrations for SembCorp Marine
through a series of inter-shipyards games• Milestone in Rig Construction for Jurong Shipyard
July• Acquisition of additional 35% equity interest in PPL Shipyard
making it an 85% subsidiary of SembCorp Marine• Award of $110 million shipbuilding contract to Jurong
Shipyard to design and construct two units of 2,600 TEUcontainer vessels for Wan Hai Lines with options for twomore units
• Presentation of the Annual Safety Performance Awards 2003to Jurong Shipyard by the Ministry of Manpower’sOccupational Safety and Health Training Centre
• Launch of Health and Hygiene Campaign in Jurong Shipyard
August• Announcement of Interim Results 2003• 38th National Day Observance Ceremony at Jurong Shipyard
with guest-of-honour Mr Tharman Shanmugaratnam, ActingMinister for Education
• National Day Celebrations at Sembawang Shipyard withguest-of-honour Dr Tony Tan, Deputy Prime Minister andCo-ordinating Minister for Security and Defence and Adviserto Sembawang Shipyard Employees Union
September• Award of $110 million shipbuilding contract to Jurong
Shipyard to design and construct two additional units of2,600 TEU container vessels for Wan Hai Lines
• Signing of joint venture agreement between DolphinShipping Company and Pacific Carriers Limited to operateand service offshore supply vessels
• Presentation of Gold Award and Silver Awards to JurongShipyard and Gold Awards to Sembawang Shipyard at theSIT Conventions organised by the Association of SingaporeMarine Industries
• Presentation of the 2003 Singapore H.E.A.L.T.H. Award(Silver) to Jurong Shipyard, Sembawang Shipyard andJurong SML Shipyard
• Job awareness fair at the National University of Singapore
October• Announcement of Third-Quarter Results 2003
November• Presentation of the Innovation of the Year Award to Jurong
Shipyard by SPRING Singapore for its innovative Load-outand Mating Operations
• Christening of the 1st 2,500 TEU container vessel, ThomasMann at Jurong Shipyard
Significant Events
• Presentation of the Gold Award to Sembawang Shipyard and Silver Award to Jurong Shipyard at the SIT Conventionorganised by the Ministry of Manpower’s OccupationalSafety and Health (Training and Promotion Centre)
• Acquisition of the entire shareholding in Sinna Services• Inaugural Green Wave Environmental Care Project for Schools
Award Presentation Ceremony by Sembawang Shipyard with guest-of-honour Mr Lim Swee Say, Minister forthe Environment
• Participation in the Learning Expo organised by the Ministryof Manpower
• Visit by Mr Matthias Yao, Deputy General Secretary of NTUC and his delegation to Jurong Shipyard
December• Delivery of newbuilt container vessel, Thomas Mann, to
owner by Jurong Shipyard• Contribution of $214,805 to 1,094 needy students from 63
schools located within the vicinity of Jurong and SembawangShipyards with guest-of-honour Mr Hawazi Daipi,Parliamentary Secretary, Ministry of Education and Ministryof Manpower
• Disposal of entire interest in joint-venture company, BohaiSembawang Shipyard (Tianjin)
January 2004• Long Service Award presentation in Jurong Shipyard
February• Announcement of Financial Results 2003• Media and Analysts’ Briefing• Presentation of Provisional Statement of Compliance of a
Port Facility to Jurong SML and SML Shipyard• Presentation of Provisional Statement of Compliance of a
Port Facility to Sembawang Shipyard
March• Presentation of Merit Award to SembCorp Marine at the
30th Annual Report Awards Ceremony• Presentation of Provisional Statement of Compliance of a
Port Facility to Jurong Shipyard
SembCorp Marine 200316 SembCorp Marine 2003 17
Innovation of the Year Award 2003: Jurong ShipyardProject: “Load-out and Mating-in-Dock”Rig Building TechniqueSingapore Innovation Awards 2003Awarded by SPRING Singapore in recognition of theinnovative load-out and mating-in-dock rig buildingtechnique, a first of its kind in this region.
Commendation Award: SembCorp Marine29th Annual Report Awards 2002Organised by the Institute of Public Accountants ofSingapore, Securities Investors Association, Institute ofManagement, Singapore Institute of Directors,Singapore Exchange Limited and Business Times, thisaward is presented to listed companies whose annualreports have reached a high standard of disclosurebeyond the minimum regulatory requirements, basedon stringent criteria set by the organising committee.
Merit Award: SembCorp Marine30th Annual Report Awards 2003Organised by the Institute ofPublic Accountants ofSingapore, InvestmentManagement Association ofSingapore, Securities InvestorsAssociation, Institute ofManagement, SingaporeInstitute of Directors, SingaporeExchange Limited and BusinessTimes, this award is presentedto listed companies whoseannual reports have reached ahigh standard of excellence indisclosure.
Awards and Accolades
Grand Award: Jurong ShipyardProject: SMARTime Management SystemIDEA (Innovate, Discover, Engineer and Achieve)Award Ceremony 2003Organised by SembCorp Industries and presented tocompanies for innovation and creativity at work.
Gold Award: Sembawang ShipyardProject: Safe-T-Guide for WinchesNational Safety Innovation Team 2003Organised by the Ministry of Manpower in recognitionof innovative companies.
Gold Awards: Jurong Shipyard and Sembawang ShipyardProject: Dust Purifier (Jurong); Safe-T-Guide forWinches (Sembawang)6th Safety Innovation Team (SIT) ConventionOrganised by the Association of Marine Industries andpresented to companies for innovation.
Silver Award: Jurong Shipyard (3rd consecutiveyear); Sembawang Shipyard; Jurong SML ShipyardSingapore H.E.A.L.T.H. Awards 2003Presented to companies with comprehensive wellnessprogrammes.
Silver Awards (2) and Merit Awards (8): Jurong ShipyardAnnual Safety Performance Awards Ceremony 2003Organised by Ministry of Manpower Occupational Safetyand Health Training Centre. Presented on project basisto companies that have achieved good safety records.
IDEA Awards (4): Jurong ShipyardProject: Flat Plate Clamping Jig, Portable T Clamp, NewCradle Roller and Robust Welding Cable ConnectorIDEA Award Ceremony 2003Organised by SembCorp Industries and presented tocompanies for innovation and creativity at work.
35%
Group Corporate Structureas at March 12, 2004
100%
SembCorp Marine 200318 SembCorp Marine 2003 19
100%
Jurong SML Pte Ltd
85%
PPL Shipyard Pte Ltd
70%
100%
Jurong Machinery &Automation Pte Ltd
100%
Jurong Shipyard Pte Ltd
20%
100%
Jurong IntegratedServices Pte Ltd
JPL Services Pte Ltd
100%
50%
Shipyards (Overseas)
Supporting Companies
P.T. Karimun Sembawang
Shipyard (Indonesia)
Cosco (Dalian)
Shipyard Co. Ltd (China)
Shipyards (Singapore)
100%
Bulk Trade Pte Ltd
55%
Jurong Marine ServicesPte Ltd
Jurong MarineContractors Pte Ltd
Jurong Clavon Pte Ltd
53.8
%
JPL Industries Pte Ltd
100%
Sembawang Shipyard Pte Ltd
Mauá Jurong SA (Brazil)
SembCorp Marine 200320 SembCorp Marine 2003 21
Board of Directors
Wong Kok Siew• Chairman & Non-Independent Director• Non-Executive Director• Appointed Director on May 20, 1998• Re-elected at AGM on May 30, 2002• Chairman, Executive Resource & Compensation Committee• Chairman, Nominating Committee
Tan Kwi Kin• President & Independent Director• Executive Director• Appointed Director on April 17,1990• Re-elected at AGM on April 17, 2003 1 2
347
68
9
1 2
Tan Pheng Hock• Non-Independent Director• Non-Executive Director• Appointed Director on April 16, 2000• Re-elected at AGM on May 30, 2002
3
Kiyotaka Matsuzawa• Independent Director• Non-Executive Director• Appointed Director on September 30, 2001• Re-elected at AGM on May 30, 2002• Member, Audit Committee
4
Heng Chiang Gnee• Alternate Director to Tan Kwi Kin• Appointed Alternate Director on April 6, 2001
9
Ajaib Haridass• Independent Director• Non-Executive Director• Appointed Director on October 31, 2003• Member, Audit Committee• Member, Executive Resource & Compensation Committee• Member, Nominating Committee
8
Tan Tew Han• Independent Director• Non-Executive Director• Appointed Director on April 17, 2003• Chairman, Audit Committee• Member, Executive Resource & Compensation Committee• Member, Nominating Committee
7
Low Sin Leng• Non-Independent Director• Non-Executive Director• Appointed Director on November 14, 2002• Re-elected at AGM on April 17, 2003
6
Naoteru Tsuda• Independent Director• Non-Executive Director• Appointed Director on May 30, 2002• Re-elected at AGM on May 30, 2003
5
Not in the picture: Naoteru Tsuda
SembCorp Marine 200322 SembCorp Marine 2003 23
Organisation Structureas at March 12, 2004
Investor Relations & Communications
Judy Han, Vice President
Legal
Tan Yah Sze, Corporate Counsel
[email protected] Internal Audit
Woo Hin Tab, Manager
Shipyards (Singapore)
Shipyards (Overseas)
Jurong ShipyardChairman: Tan Kwi KinExecutive Director: Wong Weng SunGeneral Manager (Production): Lee Yeok Hoon
General Mgr (Offshore): Don LeeGeneral Mgr (Shipbuilding): Tang Ying KeeAsst General Mgr (Comm): Tey Chin Tiong
Email: [email protected][email protected]
Sembawang ShipyardChairman: Heng Chiang GneeExecutive Director: Ong Poh KweeGeneral Manager: Wong Lee LinAsst General Mgr (Business): K. K.WeeAsst General Mgr (Conversion): Samuel Wong
Asst General Mgr (Operations): Neo Choon Gee
Email: [email protected]
Jurong SMLChairman: Tan Kwi KinAlternate Chairman: Yu Ching OngExecutive Director: Freddie WooGeneral Manager: Lee Chak TiongEmail: [email protected]
PPL ShipyardChairman: Tan Kwi KinDy Chairman: Dr Benety ChangManaging Director: Ong Tian KhiamDeputy MD: Ong Poh KweeEmail: [email protected]
P.T. Karimun SembawangShipyard (Indonesia)Commissioner: Heng Chiang GneeGeneral Manager: B. H. KokEmail: [email protected]
Cosco (Dalian)Shipyard (China)Chairman: Wang Xing RuExecutive Advisor: Liu Chin PengEmail: [email protected]á Jurong SA (Brazil)Director & CEO: Chew Yam Poey
Directors: Paulo Oliveira/ Yeoh Keng ChinEmail: [email protected]
Supporting Companies
Staff Support
Human Resource
Wong Peng Kin, Senior Vice President
Kevin Choong, Asst General Manager
Koh Guat Siew, Asst General Manager
Commerical
Chua Teck Lian, Senior Vice President
Finance & Administration
Wee Sing Guan, Chief Financial Officer
Tan Cheng Tat, Vice President
Low Siew Lian, Asst General Manager
Engineering
Seow Tan Hong, Senior Vice President
Board of Directors
President :
Tan Kwi Kin
Deputy President :
Heng Chiang Gnee
Jurong Integrated ServicesChairman: Tan Kwi KinExecutive Director: Chang KingEmail: [email protected]
Jurong Machinery &AutomationChairman: Tan Kwi KinGeneral Manager: Goh Tee TenEmail: [email protected]
JPL ServicesChairman: Tan Kwi KinExecutive Director: Yu Ching OngEmail: [email protected]
Jurong Marine ContractorsExecutive Director: Wong Peng KinGeneral Manager: Lee Yeok HoonEmail: [email protected]
Bulk TradeChairman: Tan Kwi KinGeneral Manager: Andy AngEmail: [email protected]
Jurong ClavonExecutive Director: Ong Kim SangEmail: [email protected]
JPL IndustriesExecutive Director: Lee Yeok HoonEmail: [email protected]
Corporate Development
Ng Thiam Poh, Senior Vice President
Wong Yu Liong, Vice President
SembCorp Marine 200324
Registered Office29 Tanjong Kling Road, Singapore 628054Telephone : (65) 6265 1766Fax : (65) 6265 0201/(65) 6261 0738Website : www.sembcorpmarine.com.sgE-mail : [email protected]
Share RegistrarKon Choon Kooi Pte Ltd47 Hill Street, #06-02Chinese Chamber of Commerce & Industry BuildingSingapore 179365
AuditorErnst & YoungCertified Public AccountantsSingaporeAudit Partner: Daniel Soh(Appointed during the financial year endedDecember 31, 2003)
BankersBank of America NT & SACitibank N.A.DBS Bank LtdMizuho Corporate Bank LtdOversea-Chinese Banking Corporation LimitedStandard Chartered BankSumitomo Mitsui Banking CorporationThe Bank of Tokyo-Mitsubishi, LtdUnited Overseas Bank Limited
Share ListingSembCorp Marine’s shares are listed on theSingapore Exchange Securities Trading Limited
Company SecretaryMs Lim Seh LiMs Kwong Sook May (effective March 15, 2004)
Financial Calendar
End of Financial YearDecember 31, 2003
Announcement of 2003 FinancialResultsFebruary 5, 2004
Despatch of Annual ReportApril 13, 2004
Annual General MeetingApril 28, 2004
2003 Proposed Final DividendBook ClosureMay 6, 2004 to May 7, 2004
Entitlement DateMay 5, 2004
Payment DateMay 18, 2004
Corporate Directory