Full Annual Report 2006 - Singapore Technologies Engineering

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181 Notes to the Financial Statements 31 DECEMBER 2006 (Currency – Singapore dollars unless otherwise stated) 30. OTHER LOANS Included in other loans are: (a) US dollar denominated term notes of $1.5 million (US$1.0 million) (2005: $1.7 million (US$1.0 million)) and $0.3 million (US$0.2 million) (2005: $0.4 million (US$0.2 million)) owing to the Pennsylvania Industrial Development Authority and the Industrial Properties Corporation, respectively, by a US entity of the Group. These notes are secured by assets of the entity and bear interest, respectively, at 2.75% and 4.0% (2005: 2.75% and 4.0%) per annum, which are also the effective interest rates, and are payable through 1 July 2019 and 28 June 2019, respectively. Another US dollar denominated term note of $0.6 million (US$0.4 million) (2005: $0.6 million (US$0.4 million)) is owed by the same entity to the Pennsylvania Department of Community and Economic Development. This note is unsecured, bears interest of 2.75% (2005: 2.75%) per annum, which is also the effective interest rate, and is payable through 1 February 2012. (b) an amount of $194,000 (2005: $194,000) relating to a long-term loan from a minority shareholder of a subsidiary. The loan is unsecured, interest-free and the shareholder has indicated that they will not request for the repayment of the loan within the next 12 months. (c) Included in other loans in the prior year are the following: – an amount of $669,000 relating to a loan of an overseas subsidiary. The loan has been repaid during the year. – an amount of $2,843,000 relating to short-term loans from minority shareholders of a subsidiary. The loans were unsecured, bore interest at 7% per annum, which was also the effective interest rate. The loans were forgiven during the year. 31. DUE TO A SUBSIDIARY Amount due to a subsidiary in the Company is unsecured, interest-free and is not repayable in the foreseeable future. 32. TURNOVER Turnover represents invoiced value of sales/services less returns and discounts given and billings recognised on contracts as follows: GROUP 2006 2005 $’000 $’000 Sale of goods 2,495,426 1,330,439 Service income 1,990,332 2,007,456 4,485,758 3,337,895
THE WINNING SPIRIT ST Engineering AR 2006 182 Notes to the Financial Statements 31 DECEMBER 2006 (Currency – Singapore dollars unless otherwise stated) 33. OTHER OPERATING INCOME GROUP NOTE 2006 2005 $’000 $’000 Commission income 1,326 470 Dividend income – quoted equity investments 506 2,136 – unquoted equity investments 9,785 876 Interest income – related corporations 24,287 19,483 – bank deposits 14,638 10,212 – staff loans 28 30 – others 1,198 885 Impairment in value of investments – unquoted investments 10 (8,428) (3,905) – associated companies 9 (4,865) (442) Gain on disposal of investments 35,701 13,199 Profit on maturity of amounts under fund management 6,491 6,947 Fair value changes of financial instruments – gain on forward currency contract designated as hedging instrument in a fair value hedge 1,256 20 Fair value of hedged items (1,411) 637 Gain on dilution of interest in an associated company 571 – Others 7,051 4,299 88,134 54,847
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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 186 and 187: 201 SECTORAL FINANCIAL REVIEW - AER
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Page 200 and 201: 215 SECTORAL FINANCIAL REVIEW - MAR
Page 206 and 207: 221 Group Structure - Singapore Tec
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Page 210 and 211: 225 CORPORATE INFORMATION BOARD OF
Page 212 and 213: SINGAPORE TECHNOLOGIES ENGINEERING
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Full Annual Report 2006 - Singapore Technologies Engineering

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