Full Annual Report 2006 - Singapore Technologies Engineering

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191 Notes to the Financial Statements 31 DECEMBER 2006 (Currency – Singapore dollars unless otherwise stated) 46. SEGMENT INFORMATION (continued) LAND AEROSPACE ELECTRONICS SYSTEMS MARINE OTHERS ELIMINATION GROUP $’000 $’000 $’000 $’000 $’000 $’000 $’000 2005 Turnover External sales 1,235,641 701,368 599,722 659,671 141,493 – 3,337,895 Inter-segment sales 270 10,855 4,925 176 450,424 (466,650) – 1,235,911 712,223 604,647 659,847 591,917 (466,650) 3,337,895 Segment results 195,425 73,455 46,388 83,406 430,878 (413,709) 415,843 Investment income, net 12,347 3,154 3,073 1,322 (1,085) – 18,811 Interest income 10,420 2,506 6,531 5,676 12,318 (6,841) 30,610 Operating profit 218,192 79,115 55,992 90,404 442,111 (420,550) 465,264 Financial expenses (919) (1,495) (702) (2,472) (6,915) 4,551 (7,952) Share of results of associated companies and joint ventures 38,170 (1,598) 9,720 – (359) – 45,933 Profit from continuing operations before taxation 255,443 76,022 65,010 87,932 434,837 (415,999) 503,245 Taxation (32,239) (16,110) (16,093) (17,665) (30,810) 20,924 (91,993) Minority interests (12,910) (1,904) 80 – – (210) (14,944) Net profit attributable to shareholders 210,294 58,008 48,997 70,267 404,027 (395,285) 396,308 Assets 1,262,941 980,168 871,969 657,295 1,653,131 (1,266,088) 4,159,416 Associated companies and joint ventures 100,530 63,727 115,883 – 2,363 (540) 281,963 Unallocated assets 125,016 Total assets 4,566,395 Liabilities 801,935 892,039 784,302 548,791 587,852 (810,527) 2,804,392 Unallocated liabilities 220,147 Total liabilities 3,024,539 Capital expenditure 86,973 213,822 57,227 18,473 6,075 – 382,570 Depreciation and amortisation 39,092 8,781 11,461 19,123 2,157 – 80,614 Impairment (gain)/loss (431) 966 6,737 12,710 1,085 – 21,067 Other non-cash expenses 54 29 9 280 – – 372
THE WINNING SPIRIT ST Engineering AR 2006 192 Notes to the Financial Statements 31 DECEMBER 2006 (Currency – Singapore dollars unless otherwise stated) 46. SEGMENT INFORMATION (continued) (b) Analysis by country of incorporation Turnover is based on the country of incorporation regardless of where the goods are produced or services rendered. Assets and additions to property, plant and equipment and intangibles are based on the location of those assets. CAPITAL TURNOVER ASSETS EXPENDITURE 2006 2005 2006 2005 2006 2005 $’000 $’000 $’000 $’000 $’000 $’000 (Restated) Asia 2,836,921 2,644,277 3,498,380 3,644,028 138,785 90,497 USA 1,240,985 616,218 1,263,959 845,464 210,507 289,939 Europe 406,770 68,626 732,691 45,683 78,106 1,928 Others 1,082 8,774 19,212 31,220 115 206 4,485,758 3,337,895 5,514,242 4,566,395 427,513 382,570 (c) Analysis by geographical areas Turnover is based on the location of customers regardless of where the goods are produced or services rendered. TURNOVER 2006 2005 $’000 $’000 Asia 2,365,334 2,216,400 USA 1,478,907 836,683 Europe 481,292 135,918 Others 160,225 148,894 4,485,758 3,337,895 47. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group’s principal financial instruments, other than derivatives, comprise bankers’ guarantees, performance bonds, bank loans and overdrafts, finance leases and hire purchase contracts, investments, funds under management, and cash and shortterm deposits. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. The Group also enters into derivative transactions, including principally interest rate swaps and forward currency contracts. The purpose is to manage the interest rate and currency risks arising from the Group’s operations and its sources of finance. The main risks arising from the Group’s financial instruments are interest rate, foreign exchange, market, liquidity and credit risks. The policies for managing each of these risks are summarised below. The Group’s accounting policies in relation to derivatives are set out in Note 2. It is the Group’s policy not to trade in derivative contracts for profit.
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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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47 Investor Relations ST ENGINEERIN
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57 Operating Financial Review GROUP
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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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Page 186 and 187: 201 SECTORAL FINANCIAL REVIEW - AER
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Full Annual Report 2006 - Singapore Technologies Engineering

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