Full Annual Report 2006 - Singapore Technologies Engineering

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175 Notes to the Financial Statements 31 DECEMBER 2006 (Currency – Singapore dollars unless otherwise stated) 16. DUE FROM RELATED CORPORATIONS GROUP COMPANY 2006 2005 2006 2005 $’000 $’000 $’000 $’000 Due from: Related corporations 516,440 898,703 238,783 275,133 Included in the amount due from related corporations are loans amounting to $511,484,000 (2005: $892,651,000) and $238,757,000 (2005: $275,107,000) from the Group and the Company respectively. These loans are guaranteed by Fullerton Management Pte Ltd (“Fullerton”), a wholly owned subsidiary of Temasek Holdings (Private) Limited and mature on varying periods within 3 months (2005: 2 months) from the financial year end. Interest rates range from 2.45% to 5.40% (2005: 1.37% to 4.37%) per annum, which are also the effective interest rates. 17. ADVANCES AND OTHER DEBTORS GROUP COMPANY NOTE 2006 2005 2006 2005 $’000 $’000 $’000 $’000 Advance payments to suppliers 114,215 140,828 – – Other debtors, deposits and prepayments 20 91,890 67,887 1,413 3,782 Due from: Subsidiaries – – 197,759 118,748 Associated companies 21 7,416 9,796 – – Joint ventures 13,455 23,623 – – Derivative financial instruments 2,063 428 – – 229,039 242,562 199,172 122,530 Amount due from joint ventures is stated after deducting allowance for doubtful debts of $nil (2005: $1,330,000). 18. AMOUNTS UNDER FUND MANAGEMENT GROUP 2006 2005 $’000 $’000 Principal sum of amounts under fund management, at market value 228,173 311,062 Amounts under fund management are classified as available-for-sale financial assets with the fair value movements taken to equity. However, any deficiency in fair value below principal amount is recognised to the extent of the guaranteed amount. This applies to impairment assessment as well. The terms of the fund management agreements, which are for periods ranging from 2 to 3 years (2005: 2 to 3 years), provide for the following: (a) the guarantee of the return of the principal sums from 95% to 100% (2005: 95% to 100%) by the fund managers at the end of the relevant fund management period; (b) the fees payable to the fund manager include a share, in specified proportions, of any surplus (determined at the end of the relevant fund management period) arising from the management of the fund; and
THE WINNING SPIRIT ST Engineering AR 2006 176 Notes to the Financial Statements 31 DECEMBER 2006 (Currency – Singapore dollars unless otherwise stated) 18. AMOUNTS UNDER FUND MANAGEMENT (continued) (c) the Group can, pursuant to the terms, terminate the agreement by giving one month prior notice in writing to the fund managers. In the event of early termination, the guarantee of the return of the principal sum will not be applicable. Value of assets under fund management can be analysed as follows: GROUP 2006 2005 $’000 $’000 Quoted equity investments at market value 55,481 60,402 Quoted bond investments at market value 167,220 223,283 Cash 5,472 27,377 228,173 311,062 19. BANK BALANCES AND OTHER LIQUID FUNDS GROUP COMPANY 2006 2005 2006 2005 $’000 $’000 $’000 $’000 Fixed deposits with financial institutions 333,695 148,187 90,645 25,743 Cash and bank balances 291,028 158,141 55,010 21,663 624,723 306,328 145,655 47,406 Fixed deposits with financial institutions mature on varying periods within 12 months (2005: 12 months) from the financial year end. Interest rates range from 1.71% to 5.55% (2005: 0.08% to 5.1%) per annum, which are also the effective interest rates. Cash and bank balances of $1,633,000 (2005: $nil) have been placed with banks as security for letters of credit issued to third party. 20. OTHER DEBTORS, DEPOSITS AND PREPAYMENTS Deposits 6,875 8,259 168 167 Prepayments 33,314 5,650 193 233 Interest receivable 3,318 4,088 717 658 Other recoverables 23,876 11,519 14 2,381 Non-trade debtors 24,507 38,371 321 343 91,890 67,887 1,413 3,782 21. DUE FROM ASSOCIATED COMPANIES GROUP 2006 2005 $’000 $’000 Trade balances 7,566 9,750 Non-trade balances 243 241 Allowance for doubtful debts – trade (393) (195) 7,416 9,796
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THE WINNING SPIRIT ANNUAL REPORT 20
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11 Peter SEAH Lim Huat Chairman (le
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THE WINNING SPIRIT ST Engineering A
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33 Corporate Governance Board’s C
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43 Corporate Governance COMPLIANCE
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45 Environment, Health and Safety A
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47 Investor Relations ST ENGINEERIN
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49 Share Price Performance ST ENGIN
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57 Operating Financial Review GROUP
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59 Operating Financial Review PERFO
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61 Operating Financial Review Capit
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LAND SYSTEMS SECTOR MARINE SECTOR C
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67 Aerospace FLYING HIGH WITH TOTAL
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69 Aerospace Full Year Performance
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75 Land Systems BREAKING NEW GROUND
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77 Land Systems Major Acquisitions
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91 Directors’ Report AS AT 31 DEC
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101 Directors’ Report AS AT 31 DE
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103 Statement by Directors We, Pete
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105 Balance Sheets AS AT 31 DECEMBE
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107 Statements of Changes in Equity
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109 Consolidated Statement of Cash
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111 Consolidated Statement of Cash
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113 Notes to the Financial Statemen
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Page 206 and 207: 221 Group Structure - Singapore Tec
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225 CORPORATE INFORMATION BOARD OF
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SINGAPORE TECHNOLOGIES ENGINEERING
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Full Annual Report 2006 - Singapore Technologies Engineering

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