Download Annual Report 2008 - Sembcorp

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ContentsLetter to Shareholders 6Group Financial Highlights 10• Group Quarterly Performance 11Five-Year Performance Profile 12Significant Events 16OPERATING & FINANCIAL REVIEWCompany Overview 20• Business Description 20• Objective & Strategies 20Group Structure 22Group Review 24• Overview 24• Turnover 24• Earnings 25• Cash Flow & Liquidity 25• Financial Position 26• Shareholder Returns 26• Economic Value Added 26• Value Added& Productivity Data 26• Critical Accounting Policies 26• Financial Risk Management 27• Sensitivity Analysis 28• Facilities 28• Borrowings 29• Treasury Management 30Utilities Review 33Marine Review 37Environment Review 40Industrial Parks Review 42GOVERNANCEBoard of Directors 46Key Executives 50Corporate Governance 54Risk Management& Mitigation Strategies 63Investor Relations 68Human Resources& Employee Welfare 71Corporate Social Responsibility 75FINANCIAL STATEMENTSDirectors’ Report 86Statement by Directors 107Independent Auditors’ Report 108Balance Sheets 110Consolidated Income Statement 111Consolidated Statementof Changes in Equity 112Consolidated Cash Flow Statement 116Notes to the Financial Statements 119Supplementary Information 216EVA Statement 218Shareholders’ Information 220Corporate Information 221Notice of Annual General Meeting 223Proxy Form 227Financial Calendar Inside Back CoverSEMBCORP INDUSTRIES FINANCIAL CALENDAR 2009April 20, 2009 11 th Annual General MeetingApril 22, 2009 Ex-dividend date for 2008 final dividendMay 8, 2009 Payment of 2008 dividendMay 12, 2009 * Announcement of first quarter results forthe period ending March 31, 2009August 6, 2009 * Announcement of first half results forthe period ending June 30, 2009November 6, 2009 * Announcement of nine months results forthe period ending September 30, 2009February 2010 * Announcement of full year results forthe period ending December 31, 2009*Provisional. Updates will be posted at www.sembcorp.comCover picture: Sembcorp’s cogeneration plant on Singapore’s Jurong IslandIdentification no.: 003-031The full-colour section of this report is printed on paper containing recycled pulp from pre-consumer and post-consumer waste.
Sembcorp is in the business of providingproducts and services that are essentialin nature.From meeting the critical energy, water andcentralised utilities needs of industries andhouseholds to providing reliable marine andoffshore solutions for the oil and gas industry,our continued relevance is the bedrock onwhich our long-term resilience is built.
Page 1: Sembcorp Industries LtdDelivering E
Page 5 and 6: Marine &Offshore SolutionsOver more
Page 7 and 8: Letter toShareholdersenvironment, w
Page 10 and 11: Five-YearPerformance ProfileTURNOVE
Page 12 and 13: Operating& FinancialReviewIN THIS S
Page 14 and 15: GroupStructureSEMBCORP INDUSTRIESSU
Page 16 and 17: Operating & Financial ReviewGroupRe
Page 18 and 19: Operating & Financial ReviewGroupRe
Page 20 and 21: Operating & Financial ReviewUtiliti
Page 22 and 23: Operating & Financial ReviewMarineR
Page 24 and 25: Operating & Financial ReviewIndustr
Page 26 and 27: Boardof Directors(From top, left to
Page 28 and 29: KeyExecutives(From top, left to rig
Page 30 and 31: CorporateGovernanceSembcorp’s cor
Page 32 and 33: CorporateGovernanceThe Company Secr
Page 34 and 35: CorporateGovernancesensitive inform
Page 36 and 37: Risk Management& Mitigation Strateg
Page 38 and 39: InvestorRelationsAVERAGE MONTHLY SE
Page 40 and 41: Human Resources& Employee Welfareal
Page 42 and 43: Corporate SocialResponsibilityIn 20
Page 44 and 45: Corporate SocialResponsibilityUTILI
Page 46 and 47: Directors’ReportYear Ended Decemb
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Directors’ReportYear Ended Decemb
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Balance SheetsYear Ended December 3
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Consolidated Statementof Changes in
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ConsolidatedCash Flow StatementYear
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Notes to theFinancial StatementsYea
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SupplementaryInformationYear Ended
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Shareholders’InformationCorporate
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Notice ofAnnual General Meetingprov
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Notes:1. Please insert the total nu
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