O TTO M ARINE L IMITED - Microsoft Internet Explorer - SGX

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A. Condensed Consolidated Balance Sheet As at May 31, 2008 OTTO MARINE LIMITED AND ITS SUBSIDIARIES Note As at May 31, 2008 As at December 31, 2007 $’000 $’000 ASSETS Current assets Cash and bank balances ........................................ 10,082 18,186 Pledged deposits .............................................. 151,183 195,718 Trade receivables ............................................. 19,370 25,538 Gross amount due from customers for contract work ................... 6 177,055 94,300 Deposits, prepayments and other receivables ......................... 115,503 61,757 Inventories .................................................. 67,056 81,465 Total current assets ............................................ Non-current assets 540,249 476,964 Investment in associates ........................................ 8,692 4,709 Available-for-sale investments .................................... 4,187 4,080 Goodwill ................................................... 8 40,370 5,101 Property, plant and equipment .................................... 9 96,123 91,011 Total non-current assets. ........................................ 149,372 104,901 Total assets ................................................. 689,621 581,865 LIABILITIES AND EQUITY Current liabilities Loans ...................................................... 10(a) 134,426 136,847 Trade payables ............................................... 224,603 168,765 Gross amount due to customers for contract work ..................... 6 84,637 97,341 Other payables ............................................... 7,152 6,561 Deferred gain — short term ...................................... 482 482 Current portion of finance leases .................................. 10(b) 80 80 Income tax payable ............................................ 2,005 2,122 Total current liabilities ......................................... Non-current liabilities 453,385 412,198 Loans ...................................................... 10(a) 41,526 47,516 Deferred gain — long term ...................................... 12,218 12,619 Finance leases ............................................... 10(b) 315 347 Loan from related parties ....................................... 10(c) 102,828 51,381 Total non-current liabilities ...................................... Capital, reserves and minority interests 156,887 111,863 Share capital. ................................................ 32,500 32,500 Capital reserves .............................................. 11 1,666 1,656 Translation reserves ........................................... (20,441) (5,249) Accumulated profits ........................................... 65,615 32,904 Equity attributable to equity holders of the Company ................ 79,340 61,811 Minority interests ............................................. 9 (4,007) Total equity ................................................. 79,349 57,804 Total liabilities and equity. ..................................... 689,621 581,865 See accompanying notes to financial statements. A2-2
OTTO MARINE LIMITED AND ITS SUBSIDIARIES B. Condensed Consolidated Profit and Loss Statement For the 5 Months Ended May 31, 2008 Note 5 Months Financial Period Ended May 31, May 31, 2008 2007 $’000 $’000 Revenue ...................................................... 219,533 86,308 Cost of sales . . . ................................................ (162,467) (71,293) Gross profit ................................................... 57,066 15,015 Other (expense) income ........................................... (12,853) 1,554 Administration expenses .......................................... (7,448) (4,753) Share of profits of associates ....................................... 4,571 — Finance costs. . . ................................................ (4,919) (1,067) Profit before income tax ......................................... 36,417 10,749 Income tax expense .............................................. 12 (500) (649) Profit for the period. ............................................ 35,917 10,100 Attributable to: Equity holders of the Company ................................... 32,711 8,964 Minority interests. ............................................. 3,206 1,136 35,917 10,100 Earnings per share (cents) Basic and diluted ................................................ 13 3.35 0.92 See accompanying notes to financial statements. A2-3
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OTTO MARINE LIMITED PROSPECTUS DATE
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Our Financial Highlights Over the l
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Our Strategies We intend to consoli
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NOTICE TO INVESTORS. ..............
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All references to the “Latest Pra
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CORPORATE INFORMATION Board of Dire
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United Overseas Bank Limited 80 Raf
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SUMMARY The following summary is qu
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Strategies We intend to consolidate
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The Offering The Issuer ...........
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on the SGX-ST will be in Singapore
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Consolidated Balance Sheets As at A
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INDICATIVE TIMETABLE The indicative
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Risks Relating to Our Business and
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companies and their affiliates acco
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more of the administrative tasks an
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Labour problems may disrupt our ope
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Our operations may be adversely aff
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The exchange price for the first tr
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American-led military campaigns in
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liquidity, the price of such shares
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Over Code. A take-over offer is als
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able to use the net proceeds to mak
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EXCHANGE RATES AND EXCHANGE CONTROL
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CAPITALISATION AND INDEBTEDNESS The
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(2) As at 1 January 2005, Yaw Chee
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Consolidated Balance Sheets As at A
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MANAGEMENT’S DISCUSSION AND ANALY
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uilding such vessels. Higher demand
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Demand for and Supply of Skilled La
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Deferred Gain Deferred gain arises
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Cost of Sales Our cost of sales con
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Recognition — Deferred Gain”. O
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evenue from the Middle East region
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In FY2007, our revenue from the Mid
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Cost of Sales Our cost of sales inc
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In FY2007, our net cash from operat
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Facility Lender Amount of Facility
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Hong Leong Finance We have obtained
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staff members who were hired from 2
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amounting to S$2.3 million. Capital
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The percentage of our revenue denom
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ange from 3.75% per annum to 8.0% p
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INDUSTRY OVERVIEW This section is p
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2.0 Description of Vessel Types 2.1
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Graph 2: Primary types of offshore
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5.1 Main Markets for Offshore Marin
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Canada features a relatively small
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6.0 Fleet Sizes As of January 2008
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With many oil and gas fields maturi
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share, with Dubai Drydocks combinin
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Number of vessels built in given ye
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Number of vessels built in given ye
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600 500 400 300 200 100 0 Graph 18:
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In preparation for the admission of
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On 18 December 2007, our Company en
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(4) WAIL was incorporated in Saint
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operation. We believe these favoura
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We believe we have an aggressive re
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20.0% to 30.0% of the contract valu
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Launching The completed hull and pr
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Our initial costs of investment for
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Year of Delivery Tonnage/ Power/ Ca
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Vessels for Our Own Chartering Flee
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Leases We currently lease the follo
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In FY2007, the production capacity
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Accounting Policies — Revenue and
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the entering into new contracts wit
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Employees The geographical distribu
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Type Activity Date Granted Expiry D
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Management Reporting Structure PROC
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and special advisor of PSA Internat
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attain the position of general mana
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companies both in Singapore and ove
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Our Board believes that Yaw Chee Si
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SHARE AWARD SCHEME On 2 September 2
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such Awards will receive in lieu of
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However, as the Share Award Scheme
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SUBSTANTIAL SHAREHOLDERS AND VENDOR
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Information on Cornerstone Investor
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Memorandum and Articles of Associat
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Change of Control of Our Company To
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Interested Person Relationship With
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As of the Latest Practicable Date t
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inflation rate) for the remaining t
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PT Lestari became our subsidiary in
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delivered in 2005 and one vessel wa
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These inter-company payments and ad
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provision subordinating our indebte
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In October 2006, we started engagin
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Transactions with interested person
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Opinion of the Independent Financia
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At an EGM held on 19 November 2008,
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DESCRIPTION OF OUR SHARES The follo
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Unless otherwise directed, dividend
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TAXATION The following is a discuss
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PLAN OF DISTRIBUTION The Offering U
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convertible into or exchangeable or
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egulations. Persons into whose poss
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including any corporation or other
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TRANSFER RESTRICTIONS Because the f
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LEGAL MATTERS The validity of the O
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GENERAL AND STATUTORY INFORMATION I
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Name Present Directorships Past Dir
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2. None of our Directors, Executive
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Company Name Date of Incorporation
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(viii) subscription agreement dated
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Consents 1. Deloitte & Touche LLP a
Page 217 and 218: DEFINITIONS For the purpose of this
Page 219 and 220: “LSH Trading” .................
Page 221 and 222: “Composite Document” ..........
Page 223 and 224: “Participants” ................
Page 225 and 226: GLOSSARY OF TECHNICAL TERMS To faci
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Page 229 and 230: APPENDIX 1 INDEPENDENT AUDITORS’
Page 231 and 232: A. Consolidated Balance Sheets As a
Page 233 and 234: OTTO MARINE LIMITED AND ITS SUBSIDI
Page 245 and 246: Concentrations of credit risk exist
Page 247 and 248: 8 Construction Contracts OTTO MARIN
Page 249 and 250: 12 Associates 2007 2006 2005 $’00
Page 251 and 252: 15 Property, Plant and Equipment OT
Page 255 and 256: 20 Finance Leases OTTO MARINE LIMIT
Page 257 and 258: 26 Other (Expense) Income OTTO MARI
Page 259 and 260: The net assets acquired in the tran
Page 267: APPENDIX 2 INDEPENDENT AUDITORS’
Page 275 and 276: 8. Goodwill OTTO MARINE LIMITED AND
Page 281 and 282: APPENDIX 3 SUMMARY OF OUR MEMORANDU
Page 283 and 284: Voting Rights Every member (other t
Page 285 and 286: fees and current receipts shall, su
Page 287 and 288: APPENDIX 4 SUMMARY OF THE RELEVANT
Page 289 and 290: espective implementation regulation
Page 291 and 292: vessels would be responsible for co
Page 293 and 294: instructions and procedures in an e
Page 295 and 296: 1. APPENDIX 5 RULES OF THE OTTO MAR
Page 297 and 298: 2.5 Any reference in the Share Awar
Page 299 and 300: 5.9 As soon as reasonably practicab
Page 301 and 302: accordance with Rule 7.1(a) and, th
Page 303 and 304: 11.3 Any notice or other communicat
Page 305 and 306: 16.2 The Participants shall be resp
Page 307 and 308: APPENDIX 6 LETTER FROM INDEPENDENT
Page 309 and 310: usiness, provided that all such tra
Page 311 and 312: will not be prejudicial to the inte
Page 313 and 314: APPENDIX 7 TERMS, CONDITIONS AND PR
Page 315 and 316: (ii) deem your application as withd
Page 317 and 318: 18. In the event that an interim st
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(d) you will not be entitled to exe
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with an ATM card which is not issue
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(2) If you make your Internet Elect
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6: Read and understand the followin
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6. board rates at the time of the a
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(This page is intentionally left bl
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Otto Marine Limited 9 Temasek Boule
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