financial statement for half year 2003 statement.pdfdeferred taxation 820 3,534 3,126 3,108 86,356...

KEPPEL TELECOMMUNICATIONS & TRANSPORTATION LTD Financial Statement For Half Year 2003 1 UNAUDITED RESULTS FOR FIRST HALF ENDED 30 JUNE 2003

The Directors of Keppel Telecommunications & Transportation Ltd advise the following unaudited results of the Group for the second quarter ended 30 June 2003.

1(a) GROUP PROFIT AND LOSS ACCOUNTS for the six months ended 30 June 2003 2002 2003 2002 2Q 2Q +/(-) 6 Months 6 Months +/(-) $’000 $’000 % $’000 $’000 % (Restated) (Restated) TURNOVER 63,420 78,504 (19.2) 127,637 146,286 (12.7) Less operating expenses (66,524) (73,500) (9.5) (131,721) (140,946) (6.5) OPERATING (LOSS)/PROFIT (3,104) 5,004 NM (4,084) 5,340 NM Investment income - 1,694 (100.0) 1,620 1,694 (4.4) Interest income 153 608 (74.8) 299 1,000 (70.1) Interest expense (1,407) (2,598) (45.8) (2,640) (5,593) (52.8) Share of results of

associated companies

7,229

13,162

(45.1)

14,107

25,076

(43.7) PROFIT BEFORE

EXCEPTIONAL ITEMS

2,871

17,870

(83.9)

9,302

27,517

(66.2) Exceptional items (291) 2,133 NM (121) 1,251 NM PROFIT BEFORE TAXATION 2,580 20,003 (87.1) 9,181 28,768 (68.1) Taxation 3,879 (4,303) NM 1,314 (8,759) NM PROFIT AFTER TAXATION 6,459 15,700 (58.9) 10,495 20,009 (47.5) Minority interests (715) (1,382) (48.3) (1,688) (2,996) (43.7) PROFIT ATTRIBUTABLE TO

SHAREHOLDERS

5,744

14,318

(59.9)

8,807

17,013

(48.2)

Comprising: Profit before

exceptional items

6,035

12,185

8,928

15,762

Exceptional items (291) 2,133 (121) 1,251

5,744 14,318 8,807 17,013 Earnings per share (cents) Before exceptional items - basic 1.11 2.24 1.64 2.90 - diluted 1.11 2.24 1.64 2.90 After exceptional items - basic 1.05 2.63 1.61 3.13 - diluted 1.05 2.63 1.61 3.13

NM – not meaningful

Keppel Telecommunications & Transportation Ltd, of 16

Notes: (i) Operating expenses comprise the following:

2003 2002 2003 2002 2Q 2Q +/(-) 6 Months 6 Months +/(-) $’000 $’000 % $’000 $’000 % (Restated) (Restated) Purchase of goods and

services

35,327

35,959

(1.8)

69,208

66,131

4.7 Staff costs 14,690 20,248 (27.5) 29,166 38,368 (24.0) Depreciation of fixed assets 3,808 6,450 (41.0) 7,874 12,891 (38.9) Amortisation 361 367 (1.6) 720 1,644 (56.2) Other operating expenses 12,338 10,476 17.8 24,753 21,912 13.0

66,524 73,500 (9.5) 131,721 140,946 (6.5)

(ii) Operating (loss)/profit is arrived at after charging/(crediting) the following:

2003 2002 2003 2002 2Q 2Q +/(-) 6 Months 6 Months +/(-) $’000 $’000 % $’000 $’000 % (Restated) (Restated)

Amortisation of bonds discount - - - - 1,060 (100.0)

Provision for doubtful debts and bad debts written off

247

56

341.1

261 56 366.1

Foreign exchange loss/(gain) 329 (1,842) NM 452 (2,209) NM

Loss on disposal of fixed assets 33 2 1550.0 33 2 1550.0

(iii) There were no adjustments for under or over provision of tax in respect of prior years during the quarter.

(iv) Exceptional items consist of: 2003 2002 6 Months 6 Months $’000 $’000 Gain on sale of building - 145 Gain on disposal of associated companies - 633 Gain on disposal of long term investments 304 631 Writeback of provision for diminution in value of equity advance and other investments

467

1,962

Bonds discount written off - (2,120) Staff compensation and restructuring of operations (892) -

(121) 1,251

Minority share of exceptional items 69 - (52) 1,251

(v) There was no extraordinary item during the quarter.


(b)(i) BALANCE SHEETS as at 30 June 2003

Group Company 30.6.2003 31.12.2002 30.6.2003 31.12.2002 $’000 $’000 $’000 $’000 (Restated)

SHARE CAPITAL 109,148 109,144 109,148 109,144 RESERVES 108,695 119,985 18,732 35,608 SHARE CAPITAL AND RESERVES

217,843

229,129

127,880

144,752

MINORITY INTERESTS 25,000 25,268 - -

CAPITAL EMPLOYED 242,843 254,397 127,880 144,752 Represented by: FIXED ASSETS 240,563 248,255 - - INVESTMENTS Subsidiaries - - 238,026 238,026 Associated companies 122,238 122,007 16,474 16,474 Others 24,259 20,722 6,621 6,621 146,497 142,729 261,121 261,121 INTANGIBLE ASSETS 14,758 15,476 - - DEFERRED TAX ASSET 3,200 - - - CURRENT ASSETS Stocks and work-in-progress 18,558 24,757 - - Debtors 110,114 106,499 946 118 Amounts owing by holding and related companies 109

508

59,266

114,951

Amounts owing by associated companies

8,654

8,717

-

-

Fixed deposits 27,464 26,697 16,198 14,127 Bank balances and cash 23,740 44,242 25 89 188,639 211,420 76,435 129,285 LESS: CURRENT LIABILITIES

Creditors 88,998 107,054 416 430 Amounts owing to holding and related companies 116,348

123,450

199,120

235,102

Amounts owing to associated companies

6,936

6,976

6,860

6,860

Short-term borrowings 49,434 42,855 - - Taxation 1,887 3,318 154 154 Bank overdrafts 855 439 - -

264,458 284,092 206,550 242,546

NET CURRENT LIABILITIES (75,819) (72,672) (130,115) (113,261) LESS: NON-CURRENT LIABILITIES

Long-term borrowings 85,536 75,857 - - Deferred taxation 820 3,534 3,126 3,108 86,356 79,391 3,126 3,108

NET ASSETS 242,843 254,397 127,880 144,752


(b)(ii)GROUP'S BORROWINGS AND DEBT SECURITIES

Amount repayable in one year or less, or on demand

As at 30 Jun 2003

As at 31 Dec 2002

Secured

$'000

Unsecured

$'000

Secured

$'000

Unsecured

$'000

11,840

153,826

11,361

154,110 Amount repayable after one year

As at 30 Jun 2003

As at 31 Dec 2002

Secured

$'000

Unsecured

$'000

Secured

$'000

Unsecured

$'000

25,500

60,036

29,000

46,857 Details of any collateral

Certain subsidiaries of the Company pledged their assets in order to obtain loans from financial institutions. The net book value of properties and other assets pledged/mortgaged to financial institutions amounted to $76.3 million.


1© CONSOLIDATED CASH FLOW STATEMENT for the six months ended 30 June 2003 2002 2003 2002 2Q 2Q 6 Months 6 Months $’000 $’000 $’000 $’000 (Restated) (Res ta ted ) CASH FLOWS FROM OPERATING ACTIVITIES Operating (loss)/profit (3,104) 5,004 (4,084) 5,340 Adjustments for non-cash items: Depreciation of fixed assets 3,808 6,450 7,874 12,891 Amortisation of goodwill on consolidation 150 150 300 150 Amortisation of intangible assets 211 217 420 434 Amortisation of bonds discount - - - 1,060 Loss/(profit) on sale of fixed assets 30 (135) 33 2 Exchange gain on bonds - (2,628) - (2,628)

Operating profit before working capital changes 1,095 9,058 4,543 17,249

Working capital changes: Stocks (2,821) (8,235) 6,199 (3,075) Debtors (2,299) 7,645 (4,086) (336) Creditors 1,931 6,014 (14,611) (9,524) Translation of foreign companies 1,417 5,465 1,585 4,988

Cash(used in)/from operations (677) 19,947 (6,370) 9,302 Interest received 153 608 336 1,000 Interest paid (1,407) (2,598) (3,033) (5,593) Income taxes paid (1,238) (2,936) (2,019) (3,116) Staff compensation and restructuring expenses (58) - (2,098) - NET CASH (USED IN)/FROM OPERATING ACTIVITIES (3,227) 15,021 (13,184) 1,593 CASH FLOWS FROM INVESTING ACTIVITIES Acquisition less disposal of subsidiaries (Note A)

-

(13,550)

355

(13,550)

Investment in associated companies - - - (3,894) Net purchase of other investments (2,609) - (2,654) (1,971) Acquisition of fixed assets (1,376) (3,778) (3,135) (5,859) Proceeds from sale of fixed assets 31 12,659 112 13,635 Dividends received from investments 12,499 2,735 12,499 2,735

NET CASH FROM/(USED IN) INVESTING ACTIVITIES 8,545 (1,934) 7,177 (8,904) CASH FLOWS FROM FINANCING ACTIVITIES Net proceeds from share issues - 7 10 7,355 Net proceeds/(repayment) of term loans 8,991 (137,615) 3,079 (131,119) Funds from holding and related companies 6,652 189,917 6,476 189,767 Funds from/(to) associated companies 142 (2,456) 23 5,923 Dividends paid to shareholders of the company (21,906) - (21,906) - Dividends paid to minorities of subsidiaries (1,826) - (1,826) -

NET CASH (USED IN)/FROM FINANCING ACTIVITIES (7,947) 49,853 (14,144) 71,926 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS

(2,629)

62,940

(20,151)

64,615

Cash and cash equivalents at beginning of period 52,978 81,550 70,500 79,875 Cash and cash equivalents at end of period (Note B) 50,349 144,490 50,349 144,490


Notes to Consolidated Cash Flow Statements

6 Acquisition and Disposal of Subsidiaries During the financial period, the fair values of net assets and liabilities of a subsidiary disposed were as follows: 2003 2002 2003 2002 2Q 2Q 6 Months 6 Months $’000 $’000 $’000 $’000 (Restated) (Restated) Fixed assets - 8,667 (909) 8,667 Intangible assets - 1,749 - 1,749 Associated companies - (7,796) - (7,796) Stocks, debtors and creditors - 44,107 554 44,107 Bank balances and cash - 4,564 (106) 4,564 Taxation - (1,967) - (1,967) Short-term borrowings - (40,729) - (40,729) Minority interests - (2,517) - (2,517) Goodwill arising on acquisition - 12,036 - 12,036

- 18,114 (461) 18,114 Net profit on disposal - - - - Purchase consideration less sale proceeds - 18,114 (461) 18,114 Less: Net bank balances - (4,564) 106 (4,564) Net cash outflow/(inflow) on acquisition/ (disposal), net of cash acquired and disposed

-

13,550

(355)

13,550 Analysed as follows: Purchase consideration less net cash acquired - 18,114 - 18,114 Sales proceeds less net cash disposed - (4,564) (355) (4,564)

- 13,550 (355) 13,550 B. Cash and Cash Equivalents Cash and cash equivalents consist of cash and bank balances, fixed deposits, net of bank overdrafts. Cash and cash equivalents in the consolidated cash flow statements comprise the following balance sheet amounts; 2003 2002 2003 2002 2Q 2Q 6 Months 6 Months $’000 $’000 $’000 $’000 (Restated) (Restated) Fixed deposits 27,464 107,428 27,464 107,428 Bank balances and cash 23,740 37,203 23,740 37,203 Bank overdrafts (855) (141) (855) (141)

50,349 144,490 50,349 144,490


1(d)(i)STATEMENTS OF CHANGES IN EQUITY

for the six months ended 30 June Foreign Currency Share Share Capital Accumulated Translation Capital Premium Reserves Losses Reserves Total $’000 $’000 $’000 $’000 $’000 $’000 The Group Balance at 1 January 2003

109,144

206,630 12,078

(106,530) 7,807

229,129 Issue of shares 4 6 - - - 10 Profit for the period - - - 3,063 - 3,063 Exchange differences arising on consolidation

-

-

-

-

20

20 Balance at 31 March 2003

109,148

206,636

12,078

(103,467)

7,827

232,222

Profit for the period - - - 5,744 - 5,744 Dividend paid for 2002 - - - (21,906) - (21,906) Exchange differences arising on consolidation

-

-

-

-

1,783

1,783 Balance at 30 June 2003

109,148

206,636

12,078

(119,629)

9,610

217,843

Balance at 1 January 2002

107,794

200,600

10,312

(190,819)

9,711

137,598

Issue of shares 1,336 6,012 - - - 7,348 Profit for the period - - - 2,695 - 2,695 Exchange differences arising on consolidation

-

-

-

-

(360)

(360) Balance at 31 March 2002

109,130

206,612

10,312

(188,124)

9,351

147,281

Issue of shares 3 4 - - - 7 Profit for the period - - - 14,318 - 14,318 Transfer from revenue reserves

-

-

1,299

-

-

1,299

Transfer to capital reserves

-

-

-

(1,299)

-

(1,299)

Exchange differences arising on consolidation

-

-

-

-

(220)

(220) Balance at 30 June 2002

109,133

206,616

11,611

(175,105)

9,131

161,386


Foreign Currency

Share Share Capital Accumulated Translation Capital Premium Reserves Losses Reserves Total

$’000 $’000 $’000 $’000 $’000 $’000 The Company Balance at 1 January 2003 109,144 206,630 9,025 (180,047) - 144,752 Issue of shares 4 6 - - - 10 Profit for the period - - - 1,606 - 1,606 Balance at 31 March 2003 109,148 206,636 9,025 (178,441) - 146,368 Profit for the period - - - 3,418 - 3,418 Dividend paid for 2002 - - - (21,906) - (21,906) Balance at 30 June 2003 109,148 206,636 9,025 (196,929) - 127,880 Balance at 1 January 2002

107,794

200,600

9,025

(207,904)

-

109,515

Issue of shares 1,336 6,012 - - - 7,348 Loss for the period - - - (2,193) - (2,193) Balance at 31 March 2002 109,130 206,612 9,025 (210,097) - 114,670 Issue of shares 3 4 - - - 7 Profit for the period - - - 977 - 977 Balance at 30 June 2002 109,133 206,616 9,025 (209,120) - 115,654 1(d)(ii)SHARE CAPITAL

Since the end of the previous period, there were no issue of shares by the Company. The share capital of the Company as at the end of the financial period was 545,740,537 shares of $0.20 each.

As at 30 June 2003, there were unexercised options for 9,329,000 (31 March 2003: 12,805,000) unissued shares of $0.20 each under the Company’s Share Option Scheme.


2. AUDIT

The figures have not been audited or reviewed. 3. AUDITORS' REPORT

N.A. 4. ACCOUNTING POLICIES

Except as disclosed in paragraph 5 below, the Group has applied the same accounting policies and methods of computation in the financial statements for the current financial period compared with those of the audited financial statements as at 31 December 2002.

5. CHANGE IN ACCOUNTING POLICY

Effective 1 January 2003, the Group changed its accounting policy with respect to accounting for its investments in jointly controlled entities. Investments in jointly controlled entities are now accounted for using the equity method. Previously, the Group accounted for its share of the results, assets and liabilities of jointly controlled entities using proportionate consolidation. The equity method is more appropriate in view of the Group’s progressively less involvement with these types of business ventures. The change in accounting policy has no effect on the profit attributable to shareholders and no material effect on the balance sheet, except for the following profit and loss items: 2003 2002 6 Months 6 Months Before

change After

change Before

change After

change $’000 $’000 $’000 $’000 Revenue 137,174 127,637 346,180 146,286 Operating (loss)/profit (3,303) (4,084) 32,397 5,340 Share of results of associated companies

13,295

14,107

703

25,076

The comparative information for the corresponding prior period has been restated to reflect the change in policy.


6. EARNINGS PER ORDINARY SHARE

G R O U P

2003 6 Months

2002 6 Months

+/(-)%

Earnings per Ordinary Share of the Group for the financial period based on net profit attributable to shareholders:-

(i) Based on the weighted average number of shares (cents)

1.61

3.13

(48.6) - Weighted average number of shares

545,736,870

543,429,986

0.4

(ii) On a fully diluted basis 1.61 3.13 (48.6)

- Adjusted weighted average number of shares

545,772,611

543,429,986

0.4

7. NET ASSET VALUE

G R O U P

C O M P A N Y

30.6.2003

# 31.12.2002

+/(-)%

30.6.2003

31.12.2002

+/(-)%

Net asset value per Ordinary Share based on issued share capital at the end of the financial period/ year ($)

0.40

0.42

(4.8)

0.23

0.27

(14.8)

# Figure restated 8. REVIEW OF GROUP PERFORMANCE

Turnover Group turnover of $127.6 million for the half year declined 13% over the corresponding period in 2002. All business segments recorded lower turnover.

Turnover for network engineering services of $73.4 million was 12% below that of the first half of 2002 due to the continued cutback in capital expenditure by network operators. The Group’s European operations also suffered as a result of severe cutback in the infrastructure spending of a key customer.

Geo-political uncertainties and the onset of SARS also adversely affected revenue for logistics operations in Singapore and Foshan, China.

Shipping revenue was affected by the off hire of vessels for drydocking and weaker performance for the Vietnam feeder service.


Profitability

Group profit before tax and exceptional items of $9.3 million for the six months was 66% below that of the corresponding period in 2002. All business segments performed weaker as a result of the difficult operating environment.

Network engineering services incurred a loss of $4.4 million compared to a profit of $10.9 million in the first half of 2002. Asian operations experienced margin erosion as the volume of work contracted due to cutback in spending by telcos while European operations suffered losses due to the cutback on infrastructure spending of a key customer.

Investments saw a drop of $2.1 million in profits from the previous year largely due to lower contribution from MobileOne after reduction in equity interest following the Initial Public Offer, despite reduced losses from regional data centres and divestment of unprofitable businesses.

Profits for the logistics division fell 11% to $3.2 million due to weak economic activities in Singapore and the impact of SARS on freight forwarding and port operations in Foshan, China.

Profits from the shipping division fell 24% mainly as a result of the down time of vessels for drydocking and keen competition in the Vietnam feeder service.

Group prof i t af ter taxat ion of $10.5 mi l l ion was 48% lower than the $20.0 mi l l ion achieved in the f i rst hal f of the previous year despi te a tax adjustment of $5.8 mil l ion. The Group recognised a tax asset amount ing to $5.8 mi l l ion in the second quarter of the year result ing in a net credi t of $1.3 mil l ion in taxat ion for the s ix months. The $5.8 mi l l ion comprised a benef i t of $2.6 mi l l ion ar is ing from the t ransfer of losses under the Group Rel ief System and recogni t ion of a deferred tax asset of $3.2 mi l l ion. The amount of $2.6 mi l l ion was arr ived at by mult ip lying the quantum of losses transferred by the tax rate of 22% for year of assessment 2003.

Under the Group Rel ief System, losses were transferred to a subsidiary of Keppel Corporat ion Limited and Memoranda of Understanding have been signed between the t ransferor and c la imant companies. Save as disclosed, in the opinion of the Directors, no factor has arisen between the end of the current period and the date of this report which would materially affect the results of the Group and of the Company for the three months just ended.

9. VARIANCE FROM PROSPECTS STATEMENT

There is no variance from the previous statement. 10. PROSPECTS

Network engineering continues to operate under difficult external environment. Telcos are expected to continue cutting back on capital expenditure and trimming operating expenses while driving incremental revenue through their existing networks. The Group has responded to the market conditions by rationalising and streamlining its business operations. The integration of the network infrastructure deployment operations for South Asia into the Malaysian subsidiary, Trisilco Folec, was completed in the second quarter. This would improve cost competitiveness and operating efficiencies. In Europe, the Group is also striving to increase its spread of customers to replace the cutback by the key account.


The Group’s logistics operation in Foshan, China is showing signs of improvement after SARS. In Singapore, operations are being restructured to cut cost and improve efficiencies to counter declining rates. In shipping, charter rates should benefit from improving economic outlook. There are also signs of volume growth for the feeder service. However, the overall market environment remains competitive. The Group remains focused on the divestment of unprofitable businesses and non-core assets. Improving economic conditions should bring better divestment opportunities.

11. DIVIDENDS

(a) Current Financial Period Reported On Any dividend recommended for the current financial period reported on? None.

(b) Corresponding Period of the Immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding financial year? None.

(c) DATE PAYABLE N.A. (d) BOOKS CLOSURE DATE

N.A.

12. If no dividend has been declared/recommended, a statement to that effect.

No interim dividend has been declared for the period ended 30 June 2003.


13. SEGMENT ANALYSIS

June 2003 Business Segments

Logistics Shipping

Network

Engineering Investments

Adjustments/Eliminations

Consolidated

Total

$’000 $’000 $’000 $’000 $’000 $’000 Sales to third parties

73,447

4,686

33,893

15,611

-

127,637

Inter-segment sales 1,461 428 2,024 1,704 (5,617) -

Consolidated sales 74,908 5,114 35,917 17,315 (5,617) 127,637 Operating (loss)/ profit (5,182) (4,091) 3,425 1,764 (4,084) Investment and interest income

(98)

1,891

125

1

1,919

Interest expense (681) (867) (359) (733) (2,640) Share of results of associated companies

1,570

12,159

50

328

14,107 (Loss)/profit before exceptional items

(4,391)

9,092

3,241

1,360

9,302

Exceptional items - 304 (425) - (121) (Loss)/profit before taxation

(4,391)

9,396

2,816

1,360

9,181

Taxation 897 (3,046) 3,502 (39) 1,314 Minority interests (1,035) 94 (747) - (1,688) Attributable (loss)/profit (4,529) 6,444 5,571 1,321 8,807

Other Information

Segment assets 145,269 58,647 185,308 82,195 471,419 Investment in associated companies

37,066

67,368

1,021

16,783

122,238

Total 182,335 126,015 186,329 98,978 593,657

Segment liabilities 137,802 75,121 63,279 74,612 350,814

Net assets 44,533 50,894 123,050 24,366 242,843

Capital expenditure 891 166 2,070 8 3,135 Depreciation and amortisation 2,428 747 3,801 1,618 8,594


By Geographical Location

Far East and ASEAN other than Singapore Singapore Others

Consolidated

Total $’000 $’000 $’000 $’000 Sales to third parties 48,764 74,900 3,973 127.637 Total assets 387,348 187,314 18,995 593,657 Capital expenditure 969 2,028 138 3,135

June 2002 Business Segments (Restated)

Network

Engineering

Investments Logistics Shipping


Consolidated

Total $’000 $’000 $’000 $’000 $’000 $’000 Sales to third parties

83,673

8,319

36,123

18,171

-

146,286

Inter-segment sales 1,022 445 2,369 1.734 (5,570) -

Consolidated sales 84,695 8,764 38,492 19,905 (5,570) 146,286 Operating profit/ (loss) 9,248 (10,577) 3,975 2,694 5,340 Investment and interest income

445

2,071

125

53

2,694

Interest expense (1,192) (2,880) (460) (1,061) (5,593) Share of results of associated companies

2,355

22,588

21

112

25,076 Profit before exceptional items

10,856

11,202

3,661

1,798

27,517

Exceptional items 752 499 - - 1,251 Profit before taxation

11,608

11,701

3,661

1,798

28,768

Taxation (4,410) (5,226) 899 (22) (8,759) Minority interests (2,224) 693 (1,465) - (2,996) Attributable profit 4,974 7,168 3,095 1,776 17,013


Logistics Shipping

Network

Engineering Investments


Consolidated

Total $’000 $’000 $’000 $’000 $’000 $’000 Other Information Segment assets 245,458 186,050 214,711 130,602 776,821 Investment in associated companies

48,817

135,600

1,101

22,220

207,738

Total 294,275 321,650 215,812 152,822 984,559

Segment liabilities 211,117 422,352 70,578 87,736 791,783

Net assets 83,158 (100,702) 145,234 65,086 192,776

Capital expenditure 2,421 2,525 895 18 5,859 Depreciation and amortisation 1,646 5,984 4,295 2,610 14,535

By Geographical Location

Far East and ASEAN other than Singapore Singapore Others

Consolidated

Total $’000 $’000 $’000 $’000 Sales to third parties 61,532 42,146 42,608 146,286 Segment assets 656,809 254,933 72,817 984,559 Capital expenditure 4,391 1,169 299 5,859

Notes:

(a) Pricing of inter-segment sales is at fair market value. (b) Net assets employed by segments are those identifiable assets less liabilities that are used

in the operation of each segment as at the end of the financial period. (c) Share of associated companies’ results and investments in associated companies are

included in the results and net assets employed in the appropriate segments. (d) Analysis by geographical location is based on the locations in which the Group’s activities

are carried out. 14. REVIEW OF SEGMENT PERFORMANCE

N.A.


15. BREAKDOWN OF SALES

N.A.

(a) Interested Person Transactions Name of interested Person Aggregate value of all

interested person transactions during the financial year under review (excluding transactions less than $100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920).

Aggregate value of all interested person transactions conducted under shareholders' mandate pursuant to Rule 920 of the SGX Listing Manual.

2003 6 Months

$'000

2002 6 Months

$'000

2003 6 Months

$'000

2002 6 Months

$’000

General Transactions Keppel Corporation Limited - - 1,850 252 Neptune Orient Lines Limited - - - 4,415 Singapore Airlines Limited - - 1,288 - Temasek Holdings Group – others - - 136 402 Treasury Transactions Keppel Corporation Limited - - 39,045 3,432 Management Services Keppel Corporation Limited - - 919 801 Divestment Transactions Keppel Corporation Limited 304 - - -

304 - 43,238 9,302 16 ANNUAL DIVIDEND N.A. BY ORDER OF THE BOARD CAROLINE CHANG/CAROL AU Company Secretaries 23 July 2003


financial statement for half year 2003 statement.pdfdeferred taxation 820 3,534 3,126 3,108 86,356...

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