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Unaudited Full Year Financial Statement And Dividend Announcement

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					        MASNET No. 75 OF 20.02.2002
        Announcement No. 77

           SEMBCORP INDUSTRIES LTD

        Unaudited Full Year Financial Statement And Dividend Announcement

        The Board of Directors of SembCorp Industries Ltd wishes to announce the unaudited results of the Group and the Company for the year ended
        December 31, 2001.
        These figures have not been audited.

                                                           Group                                       Company

                                                     S$'000                    %                 S$'000                    %

                                             31/12/01         31/12/00       Change      31/12/01         31/12/00       Change
1.(a)            Turnover                      3,225,215        2,894,943       11.4         618,348           77,852      694.3

1.(b)            Investment income                 7,819             4,074      91.9              0                 0          0

1.(c)            Other income including           74,214            77,459      (4.2)        16,234              7,187     125.9
                 interest income


2.(a)            Operating profit before        435,992            433,042         0.7      622,439            76,477      713.9
                 income tax, minority
                 interests, extraordinary
                 items, interest on
                 borrowings, depreciation
                 and amortisation, foreign
                 exchange gain/(loss)
                 and exceptional items

2.(b)(i)         Interest on borrowings         (90,162)         (86,299)          4.5      (22,716)          (3,936)      477.1

2.(b)(ii)        Depreciation and              (148,837)        (138,012)          7.8         (644)             (724)     (11.0)
                 amortisation

2.(b)(iii)       Foreign exchange gain             5,447             5,018         8.5            0                 0          0

2.(c)            Exceptional items                42,773             (425)         NM             0                 0          0

2.(d)            Operating profit before        245,213            213,324      14.9        599,079            71,817      734.2
                 income tax, minority
                 interests and
                 extraordinary items but
                 after interest on
                 borrowings, depreciation
                 and amortisation, foreign
                 exchange gain/(loss)
                 and exceptional items
                                                        Group                                          Company


                                                  S$'000                    %                     S$'000                   %


                                          31/12/01         31/12/00       Change       31/12/01            31/12/00       Change
2.(e)        Income derived from               95,064           36,675       159.2                 0                  0            0
             associated companies
             &JV

2.(f)        Less income tax                 (90,766)         (84,306)           7.7     (148,396)            (19,603)      657.0

2.(g)(i)     Operating profit after tax      249,511            165,693         50.6       450,683              52,214      763.1
             before deducting
             minority interests

2.(g)(ii)    Less minority interests         (73,421)         (49,038)          49.7               0                  0            0

2.(h)        Operating profit after tax      176,090            116,655         50.9       450,683              52,214      763.1
             attributable to members
             of the company

2.(i)(i)     Extraordinary items                   0                 0            0                0                  0            0

2.(i)(ii)    Less minority interests               0                 0            0                0                  0            0

2.(i)(iii)   Extraordinary items                   0                 0            0                0                  0            0
             attributable to members
             of the company

2.(i)(iv)    Transfer to/from                      0                 0            0                0                  0            0
             Exchange Reserve

2.(i)(v)     Transfer to Capital                   0                 0            0                0                  0            0
             Reserve

2.(i)(vi)    Transfer to Reserve                   0                 0            0                0                  0            0
             Fund

2.(j)        Operating profit after tax      176,090            116,655         50.9       450,683              52,214      763.1
             and extraordinary items
             attributable to members
             of the company
                                                                                                        Group Figures


                                                                                         Latest year                     Previous year


3.(a)               Operating profit [2(g)(i) above] as a percentage of                                 7.74%                               5.72%
                    turnover [1(a) above]

3.(b)               Operating profit [2(h) above] as a percentage of                                   17.07%                           13.76%
                    issued capital and reserves at end of year

3.(c)               Earnings per ordinary share for the year based on
                    2(h) above after deducting any provision for
                    preference dividends:-
                    (i) Based on existing issued share capital                                           10.96                               7.27

                    (ii) On a fully diluted basis                                                        10.95                               7.27

3.(d)               Earnings per share based on 2(j) above:-
                    (i) Based on existing issued share capital                                           10.96                               7.27

                    (ii) On a fully diluted basis                                                        10.95                               7.27

3.(e)               Net tangible asset backing per ordinary share cts                                    59.13                              52.43




        Note : -
        N. M . --- Not M ea n i n g f u l
         F u l l y ea r en d ed D ec em b er 3 1 , 2 0 0 0 h a s b een res ta ted w i th th e a d op ti on of th e n ew / rev i s ed S ta tem en ts of A c c ou n ti n g S ta n d a rd ( " S A S " ) . S ee p a ra g ra p h
        1 4 f or d eta i l s .


                                                                      Group                                             Company


                                                               S$'000                      %                      S$'000                       %


                                                     31/12/01           31/12/00        Change         31/12/01            31/12/00          Change
4.(a)               Sales reported for first           1,410,081          1,397,017         0.9                     0                  0           0
                    half year

4.(b)               Operating profit [2(g)(i)             206,411             186,385        10.7                 599                 264       126.9
                    above] reported for first
                    half year

4.(c)               Sales reported for                  1,815,134          1,497,926         21.2           618,348              77,852         694.3
                    second half year

4.(d)               Operating profit [2(g)(i)              43,100           (20,692)         N.M.           450,084              51,950         766.4
                 above] reported for
                 second half year




     4 . ( e) C om m en ts
      ( i ) F or i tem 4 ( b ) , i n b oth y ea rs , f i rs t h a l f y ea r i n c l u d ed n et ex c ep ti on a l g a i n s a ri s i n g f rom d i s p os a l s / d i l u ti on of i n teres t i n i n v es tm en ts & b u s i n es s .
    ( i i ) F or i tem 4 ( d ) , i n b oth y ea rs , s ec on d h a l f y ea r i n c l u d ed i m p a i rm en t a l l ow a n c es f or a s s ets a n d i n v es tm en ts w h en y ea r-en d v a l u a ti on w ere c on d u c ted .



    5.(a)      Amount of any adjustment for under or overprovision of tax in respect of prior years

              T h e G rou p ' s ta x c h a rg e i n 2 0 0 1 i n c l u d ed a w ri teb a c k of ov er p rov i s i on of c u rren t ta x of $ 3 , 4 5 9 , 0 0 0 a n d d ef erred ta x of $ 3 , 9 1 1 , 0 0 0 i n res p ec t of
               p ri or y ea rs .


    5.(b)       Amount of any pre-acquisition profits

              T h ere a re n o p re-a c q u i s i ti on p rof i ts i n c l u d ed i n th e res u l ts f or th e y ea r.


    5.(c)       Amount of profits on any sale of investments and/or properties



 Sale of investments/properties                                                                                             $Profit/(Loss)
There are no material profits from sale of investments and properties in the results reported except                                    $0.00
those disclosed as Exceptional items (refer note 5(d)).




    5.(d)      Any other comments relating to Paragraph 5


                                                                                                                        GROUP
                                                                                                                        F Y 2 0 0 1
                                                                                                                       $ '0 0 0
              T h e Gr o u p ' s e x c e p t i o n a l i t e m s c o m p r i s e t h e f o l l o w i n g :

              G a i n / ( l os s ) on d i s p os a l s / d i l u ti on of i n teres t i n i n v es tm en ts
                             a n d b u s i n es s                                                                                              1 1 1 ,7 0 9
                            I m p a i rm en t a l l ow a n c es f or a s s ets a n d i n v es tm en ts                                                             (3 3 ,4 1 8       )
                           O th ers                                                                                                                                (3 5 ,5 1 8   )
                                                                                                                                                                  _ _ _ _ _ _    _ _
                            E x c ep ti on a l i tem s b ef ore ta x a n d m i n ori ty i n teres t                                                              4 2 ,7 7 3
                           L es s : T a x a n d m i n ori ty i n teres t                                                                                         (1 8 ,2 8 0      )
                                                                                                                                                                _ _ _ _ _ _      _ _
                           Net E x c ep ti on a l i tem s                                                                                                      2 4 ,4 9 3
                                                                                                                                                              _ _ _ _ _ _        _ _

         6.                    Segmental Results


                                                                                        6.1 B u s i n e s s S e g m e n t a l I n f o r m a t i o n

                                                                                       Engineer ing &                Env ' l                                   M a r ine                        I n
                                                                       Utilities        C o nstr u c tio n     Engineer in              L o gistic s       Engineer in                    D ev p t                       Elim ina tio n
                                                                                                                                                                                                          C o r p o r a te                            C o nso lid a tio
                                                                                                                         g                                            g                                                               s                               n
                                                                             $'000                  $'000            $'000                     $'000              $'000                       $'000                $'000          $'000                           $'000
B y B u s in e s s A c tiv ity
 F Y 2 0 0 1
T o ta l r e v e n u e fr o m e x te r n a l c u s to m e r s           5 4 8 , 3 19            6 18 , 5 05           13 9 , 7 00          4 6 9 , 16 1         8 5 0, 06 4              5 9 8 ,5 3 6                 9 3 0                    -           3 , 2 2 5 , 2 15
  I n t e r -s e g m e n t r e v e n u e                                    1, 2 2 0              2 7 , 6 11                 9 01              3 ,8 8 9             4 ,3 9 7                 8 ,7 7 0            15 , 7 4 3       ( 6 2 , 5 3 1)                              -


R ev enu e                                                              5 4 9 ,5 3 9            6 4 6 ,1 1 6          1 4 0 ,6 0 1         4 7 3 ,0 5 0         85 4 , 4 6 1             6 0 7 ,3 0 6            1 6 ,6 7 3       ( 6 2 ,5 3 1 )           3 ,2 2 5 ,2 1 5


  S e g m e n t r e s u lts (P r o fit b e fo r e In te r e s t,         6 0, 3 4 0                 6 , 4 19                5 00             9 2 ,4 9 2           8 1, 8 8 1                4 7 ,5 6 3                5 19                        -           2 8 9 , 7 14
  In c o m e T a x & S h a r e o f r e s u lts o f A s s o c ia te d
 C o m p a n ie s & Jo in t V e n tu r e s )

In te r e s t in c o m e                                                   4 ,4 2 7                 7 , 110                  4 9 6             1, 6 5 5           19 , 6 2 7                  7 ,9 4 7           2 3 ,9 2 9       ( 19 , 5 3 0)                 4 5 ,6 6 1

F in a n c in g c o s ts                                               (2 3 ,5 6 2 )             (7 ,4 4 6 )              (3 2 8 )         ( 10, 9 7 6 )             (2 9 2 )            ( 2 2 , 9 4 1)       ( 4 4 , 14 7 )         19 , 5 3 0              ( 9 0, 16 2 )

P r o f it b ef o r e I nc o m e T a x & S h a r e o f r esu lts         4 1 ,2 0 5                 6 , 0 83                 6 6 8           83 , 1 7 1         1 0 1 ,2 1 6                3 2 ,5 6 9        ( 1 9 ,6 9 9 )                      -           2 4 5 ,2 1 3
 o f A sso c ia ted C o m p a nies & J o int V entu r es

S h a r e o f r e s u lt s o f A s s o c ia te dC o m p a n ie s &       14 , 2 4 9                    9 6 5              8 ,6 2 2           5 2 ,5 6 7              ( 4 05 )               19 , 06 6                         -                -                9 5 , 06 4
Jo in t V e n tu r e s

P r o f it b ef o r e I nc o m e T a x                                    5 5 ,4 5 4                7 ,0 4 8              9 ,2 9 0         1 3 5 ,7 3 8         1 0 0 , 81 1                5 1 ,6 3 5        ( 1 9 ,6 9 9 )                      -            3 4 0 ,2 7 7
 T a x a tio n                                                                                                                                                                                                                                               ( 9 0, 7 6 6 )
  M in o r ity In te r e s t                                                                                                                                                                                                                                  ( 7 3 , 4 2 1)

 P r o f it a f ter T a x a ttr ib u ta b le                                                                                                                                                                                                                  1 7 6 ,0 9 0
to M em b er s o f th e C o m p a ny


                                                                                       Engineer ing &                Env ' l                                   M a r ine                        I n
                                                                       Utilities        C o nstr u c tio n     Engineer in              L o gistic s       Engineer in                    D ev p t                       Elim ina tio n
                                                                                                                                                                                                          C o r p o r a te                            C o nso lid a tio
                                                                                                                         g                                            g                                                               s                               n
                                                                             $'000                  $'000            $'000                     $'000              $'000                       $'000                $'000          $'000                           $'000
F Y 2 0 0 0

  T o ta l r e v e n u e fr o m e x te r n a l c u s to m e r s         3 02 , 8 19             6 3 2 ,8 9 1            7 1, 5 5 1         4 4 4 ,7 2 0         7 5 7 , 7 01             6 7 5 ,8 5 2             9 , 4 09                    -            2 ,8 9 4 ,9 4 3
I n t e r -s e g m e n t r e v e n u e                                    5 ,2 4 8                2 9 ,7 7 2                   2 9             3 , 6 12             5 , 3 07                 5 ,3 7 2            13 , 7 10        ( 6 3 , 05 0)                               -
R ev enu e                                                                           3 08 , 06 7                 6 6 2 ,6 6 3             7 1, 5 8 0         4 4 8 ,3 3 2              7 6 3 , 008      6 8 1, 2 2 4                   2 3 , 119             ( 6 3 , 05 0)          2 , 89 4 , 9 4 3

   S e g m e n t r e s u lts (P      r o fit b e fo r e In te r e s t, In c o m e       3 3 ,2 5 5                 11, 7 3 0             ( 1, 4 2 3 )          6 3 ,8 4 0                8 5 , 13 1       3 0, 13 4                    2 5 ,6 8 5                         -             2 4 8 ,3 5 2
     T a x & S h a r e o f r e s    u lts o f A s s o c ia te d
    C o m p a n ie s & Jo in       t V e n tu r e s )
In te r e s t in c o m e                                                                   5 ,7 3 8                   9 ,8 6 9                1, 13 1            2 ,4 9 9                  17 , 8 8 6        6 , 2 10                   3 5 , 6 19           ( 2 7 , 6 8 1)                5 1, 2 7 1
F in a n c in g c o s ts                                                             ( 13 , 5 4 2 )               ( 6 , 5 04 )           ( 3 , 4 16 )       ( 11, 4 6 5 )                ( 1, 3 2 7 )   ( 17 , 9 6 4 )              ( 5 9 ,7 6 2 )               2 7 ,6 8 1            ( 8 6 ,2 9 9 )
 P r o f it b ef o r e I nc o       m e T a x & S h a r e o f r esu lts                2 5 ,4 5 1                  1 5 ,0 9 5             ( 3 , 7 0 8)         5 4 , 87 4              1 0 1 ,6 9 0        1 8, 3 80                      1 ,5 4 2                        -              2 1 3 ,3 2 4
  o f A sso c ited C o m           p a nies & J o int V entu r es

S h a r e o f r e s u lt s o f A s s o c ia te dC o m p a n ie s &                       2 ,3 7 3                        6 14               6 ,3 4 2           10, 4 5 8                ( 5 , 3 14 )      2 2 , 2 02                                -                     -                3 6 ,6 7 5
Jo in t V e n tu r e s

P r o f it b ef o r e I nc o m e T a x                                                  2 7 , 82 4                 1 5 ,7 0 9               2 ,6 3 4           6 5 ,3 3 2                9 6 ,3 7 6       4 0 , 5 82                     1 ,5 4 2                         -             2 4 9 ,9 9 9

 T a x a tio n                                                                                                                                                                                                                                                                       ( 8 4 , 3 06 )
M in o r ity In te r e s t                                                                                                                                                                                                                                                            ( 4 9 , 03 8 )

P r o f it a f ter T a x a ttr ib u ta b le                                                                                                                                                                                                                                             1 1 6 ,6 5 5
to M em b er s o f th e C o m p a ny

 B y C o u n try o f In c o r p o ra tio n

                                                                                                       Engineer ing &                    Env ' l                                      M a r ine                I n
                                                                                    Utilities           C o nstr u c tio n         Engineer in            L o gistic s            Engineer in            D ev p t                              Elim ina tio n
                                                                                                                                                                                                                                C o r p o r a te                               C o nso lid a tio
                                                                                                                                             g                                               g                                                              s                                  n
                                                                                          $'000                      $'000               $'000                    $'000                  $'000                   $'000                   $'000          $'000                              $'000
F Y 2 0 0 1

    T u r no v er
  S in g a p o r e                                                                   5 2 0, 6 3 8                4 5 5 , 117            14 0, 6 01           3 5 5 , 2 01              8 2 9 ,8 8 1     4 05 , 5 2 7                   16 , 6 7 3            ( 6 2 , 5 3 1)         2 , 6 6 1, 107
R e s t o f A s ia                                                                     2 8 , 9 01                  7 5 , 9 12                    -            100, 010                   2 4 ,5 8 0       9 4 ,2 5 6                                -                     -              3 2 3 ,6 5 9
 O th e r s                                                                                     -                 115 , 08 7                     -             17 , 8 3 9                         -      107 , 5 2 3                                -                     -               2 4 0, 4 4 9

                                                                                     5 4 9 ,5 3 9                6 4 6 ,1 1 6           1 4 0 ,6 0 1         4 7 3 ,0 5 0              85 4 , 4 6 1     6 0 7 ,3 0 6                   1 6 ,6 7 3            ( 6 2 ,5 3 1 )         3 ,2 2 5 ,2 1 5



                                                                                                       Engineer ing &                   Env ' l                                      M a r ine                I n
                                                                                    Utilities           C o nstr u c tio n         Engineer in            L o gistic s            Engineer in            D ev p t               C o r p o r a te        Elim ina tio n         C o nso lid a tio
                                                                                                                                             g                                               g                                                                       s                         n
                                                                                          $'000                      $'000               $'000                    $'000                  $'000                   $'000                   $'000                   $'000                     $'000
F Y 2 0 0 0

    T u r no v er
  S in g a p o r e                                                                    2 07 , 7 4 7               6 5 2 ,3 7 0             7 1, 5 8 0         3 6 2 ,9      5 3         7 5 1, 8 04      5 03      ,2    7 0            2 3 , 119             ( 6 3 , 05 0)          2 , 5 09     ,7   9 3
R e s t o f A s ia                                                                   100, 3 2 0                     10, 2 9 3                         -         7 2 ,6    16                7 , 14 2       7 2    ,2   6 0                          -                      -             2 6 2   ,6     3 1
 O th e r s                                                                                        -                           -                      -          12 , 7   6 3                4 , 06 2    105      ,6     9 4                        -                      -              12 2   ,5      19
                                                                                     3 0 8, 0 6 7                 6 6 2 ,6 6 3             7 1 , 5 80         4 4 8, 3      3 2         7 6 3 ,0 0 8     6 81     ,2      2 4          2 3 ,1 1 9             ( 6 3 ,0 5 0 )         2 , 89 4    ,9    4 3



 B y G e o g ra p h ic a l A re a s

                                                                                                       Engineer ing &                    Env ' l                                      M a r ine                I n
                                                                                    Utilities           C o nstr u c tio n         Engineer in            L o gistic s            Engineer in            D ev p t                              Elim ina tio n
                                                                                                                                                                                                                                C o r p o r a te                               C o nso lid a tio
                                                                                                                                             g                                               g                                                              s                                  n
                                                                                          $'000                      $'000               $'000                    $'000                  $'000                   $'000                   $'000          $'000                              $'000
F Y 2 0 0 1

    T u r no v er
  S in g a p o r e                                                                   3 4 3 ,9 4 4                4 5 5 , 117            14 0, 6 01           3 3 4 ,5 8 6              2 8 6 ,3 2 6     3 9 8 ,7 4 4                   15 , 5 11             ( 5 9 , 6 02 )         1, 9 15 , 2 2 7
R e s t o f A s ia                                                                   12 9 , 006                    7 5 , 9 12                    -            110, 2 6 1                13 5 , 07 0      12 3 , 101                     1, 16 2                 (2 ,9 2 9 )             5 7 1, 5 8 3
 O th e r s                                                                           7 6 ,5 8 9                  115 , 08 7                     -             2 8 , 2 03               4 3 3 , 06 5      8 5 ,4 6 1                            -                         -              7 3 8 , 4 05
                                                                 5 4 9 ,5 3 9            6 4 6 ,1 1 6                   1 4 0 ,6 0 1               4 7 3 ,0 5 0                 85 4 , 4 6 1    6 0 7 ,3 0 6                             1 6 ,6 7 3                       ( 6 2 ,5 3 1 )               3 ,2 2 5 ,2 1 5



                                                                                Engineer ing &                    Env ' l                                                  M a r ine                   I n
                                                                Utilities        C o nstr u c tio n         Engineer in                        L o gistic s            Engineer in               D ev p t                 C o r p o r a te         Elim ina tio n                              C o nso lid a tio
                                                                                                                      g                                                           g                                                                             s                                              n
                                                                     $'000                   $'000                $'000                                 $'000                 $'000                 $'000                                    $'000          $'000                                          $'000
F Y 2 0 0 0

    T u r no v er
  S in g a p o r e                                                 9 7 ,6 4 2            6 3 5 ,3 2 3                     7 1, 5 8 0               3 10, 3 2 2                  2 07 , 7 3 8    4 8 5 ,5 4 5                             2 1, 7 07                        ( 6 2 ,9 6 6 )               1, 7 6 6 , 8 9 1
R e s t o f A s ia                                               18 7 , 3 7 8              2 7 ,3 4 0                              -                 9 6 ,9 4 6                    9 7 , 7 17     9 9 , 02 0                               1, 4 12                                (8 4 )                   5 09 , 7 2 9
 O th e r s                                                      2 3 , 04 7                           -                            -                  4 1, 06 4                  4 5 7 ,5 5 3      9 6 ,6 5 9                                         -                                -                    6 18 , 3 2 3

                                                                 3 0 8, 0 6 7            6 6 2 ,6 6 3                     7 1 , 5 80               4 4 8, 3 3 2                 7 6 3 ,0 0 8    6 81 , 2 2 4                             2 3 ,1 1 9                       ( 6 3 ,0 5 0 )               2 , 89 4 , 9 4 3


6 .2 S u m m a r y o f S e g m e n ta l I n f o r m a tio n

 By Country of Incorporation
                                                                                                                                 T u r n o v e r                                                                                         %     o f T u rn o v e r
                                                                                                    F Y 2 0 0 1                              F Y 2 0        0 0                                            F Y 2 0 0 1                                 F Y 2 0 0 0
                                                                                                        $ '0 0 0                                 $ '0    0 0
  S in g a p o r e                                                                              2 ,6 6 1 ,1 0 7                        2 ,5 0 9 ,7      9 3                                                    8 2 .5 %                                            8 6 .7 %
R e s t o f A s ia                                                                                 3 2 3 ,6 5 9                            2 6 2 ,6       3 1                                                   1 0 .0 %                                              9 .1 %
 O th e rs                                                                                        2 4 0 ,4 4 9                              1 2 2 ,5       1 9                                                     7 .5 %                                              4 .2 %

                                                                                                3 ,2 2 5 ,2 1 5                          2 ,8 9 4 ,9 4 3                                                   1 0 0 .0 %                                         1 0 0 .0 %

By G e og raph ical A re as
                                                                                                                                 T u r n o v e r                                                                                         %     o f T u rn o v e r
                                                                                                    F Y 2 0 0 1                              F Y 2 0        0 0                                            F Y 2 0 0 1                                 F Y 2 0 0 0
                                                                                                        $ '0 0 0                                 $ '0    0 0
  S in g a p o r e                                                                              1 ,9 1 5 ,2 2 7                        1 ,7 6 6 ,8      9 1                                                    5 9 .4 %                                            6 1 .0 %
R e s t o f A s ia                                                                                 5 7 1 ,5 8 3                            5 0 9 ,7       2 9                                                   1 7 .7 %                                            1 7 .6 %
 O th e rs                                                                                        7 3 8 ,4 0 5                              6 1 8 ,3       2 3                                                   2 2 .9 %                                            2 1 .4 %

                                                                                                3 ,2 2 5 ,2 1 5                          2 ,8 9 4 ,9 4 3                                                   1 0 0 .0 %                                         1 0 0 .0 %

                                                                                     By K e y
                                                                                     Bus ine s s e s
                                                                                                                                                             T u rn o v e r
                                                                                                                                       ( E x c l u d e I n t e r -s e g m e n t                                                                           P ro fit b e fo re In c o m e T a x
                                                                                                                                                              re v e n u e )
                                                                                                         F Y 2 0 0 1                               F Y 2 0 0 0                 + / ( -)                     F Y 2 0            0 1                            F Y 2 0           0 0                + / ( -)
                                                                                                             $ '0 0 0                                    $ '0 0 0                     %                            $ '0           0 0                                    $ '0    0 0                     %
    U tilitie s                                                                                        5 4 8 ,3 1 9                           3 0 2 ,8 1 9                      8 1 .1                         5 5 ,4           5 4                             2 7 ,8             2 4              9 9 .3
   E n g in e e    r in g & C o n s tr u c tio n (" E & C " )                                        6 1 8 ,5 0 5                              6 3 2 ,8 9 1                   ( 2 .3 )                           7 ,0      4 8                                   1 5 ,7             0 9         (5 5 .1 )
E n v ir o n      m e n ta l E n g in e e r in g (" E E " )                                           1 3 9 ,7 0 0                                   7 1 ,5 5 1                  9 5 .2                           9 ,2           9 0                                   2 ,6             3 4     2 5 2 .7
 L o g is tic      s                                                                               4 6 9 ,1 6 1                                 4 4 4 ,7 2 0                         5 .5                1 3 5 ,7         3 8                                     6 5 ,3             3 2         1 0 7 .8
  M a rin e       E n g in e e r in g (" M a r in e " )                                             8 5 0 ,0 6 4                                 7 5 7 ,7 0 1                     1 2 .2                  1 0 0 ,8           1 1                                   9 6 ,3             7 6              4 .6
                                                                                                2 ,6 2 5 ,7 4 9                           2 ,2 0 9 ,6 8 2                          1 8 .8                  3 0 8 ,3           4 1                            2 0 7 ,8             7 5                4 8 .3
In D e v e lo p m e n t                                                                                 5 9 8 ,5 3 6                              6 7 5 ,8 5 2               (1 1 .4 )                        5 1 ,6        3 5                                     4 0 ,5             8 2            2 7 .2
C o rp o ra te                                                                                                 9 3 0                                    9 ,4 0 9             (9 0 .1 )                   (1 9 ,6 9                 9 )                                  1 ,5             4 2      N .M

                                                                                                3 ,2 2 5 ,2 1 5                          2 ,8 9 4 ,9 4 3                    1 1 .4                        3 4 0 ,2 7 7                                       2 4 9 ,9 9 9                        3 6 .1
7.(a)     Review of the performance of the company and its principal subsidiaries


          G rou p O v erv i ew
         G rou p T u rn ov er f or F Y 2 0 0 1 i m p rov ed b y $ 3 3 0 m i l l i on , a n i n c rea s e of 1 1 p er c en t, f rom                     $ 2 , 8 9 5 m i l l i on to $ 3 , 2 2 5 m i l l i on d es p i te d i f f i c u l t m a rk et
        c on d i ti on s .

         O p era ti n g P rof i t b ef ore I n c om e T a x h a s i m p rov ed f rom $ 2 5 0 m i l l i on to $ 3 4 0 m i l l i on , a n i n c rea s e of $ 9 0 m i l l i on or 3 6 p er c en t. P rof i t a ttri b u ta b l e
         to S h a reh ol d ers h a s i m p rov ed f rom $ 1 1 7 m i l l i on to $ 1 7 6 m i l l i on , a n i n c rea s e of $ 5 9 m i l l i on or 5 1 p er c en t. T h i s i m p rov em en t i s l a rg el y
        c on tri b u ted b y s tron g ea rn i n g s g row th f rom U ti l i ti es a n d L og i s ti c s . E n v i ron m en ta l E n g i n eeri n g h a s a l s o s h ow n a s i g n i f i c a n t i m p rov em en t.

        S eg m en ta l O v erv i ew

        T u rn ov er
         T u rn ov er f or th e f i v e K ey B u s i n es s es c on tri b u ted 8 1 p er c en t of F Y 2 0 0 1 tu rn ov er ( F Y 2 0 0 0 :                    7 6 p er c en t) , a n i m p rov em en t of 1 9 p er c en t or $ 4 1 6
             m i l l i on ov er l a s t y ea r. U ti l i ti es tu rn ov er i n c rea s ed b y 8 1 p er c en t d u e to s tron g p erf orm a                     n c e f rom S U T S a k ra a n d S U T S era y a ( " S U T s " ) a n d
           S M O E ( f orm a l l y k n ow n a s S em b a w a n g M a ri n e a n d O f f s h ore E n g i n eeri n g " S M O E " ) , a n d c om                      m en c em en t of c om m erc i a l op era ti on s of S em b C orp
               C og en s i n c e S ep tem b er 2 0 0 1 . S em b C orp C og en h a s b ec om e a s u b s i d i a ry s i n c e F eb ru a ry 2 0 0              1 . E n v i ron m en ta l E n g i n eeri n g tu rn ov er i n c rea s ed b y
              9 5 p er c en t w i th f u l l y ea r c on tri b u ti on f rom S em a c ( a s u b s i d i a ry a c q u i red i n A u g u s t 2 0 0 0             ) . L og i s ti c s tu rn ov er i n c rea s ed b y 6 p er c en t d u e to
                h i g h er s u p p l y c h a i n m a n a g em en t i n c om e. M a ri n e tu rn ov er i n c rea s ed b y 1 2 p er c en t f rom i m                p rov em en t i n s h i p rep a i r a n d s h i p b u i l d i n g v ol u m e.
          I n D ev el op m en t c om p a n i es d ec l i n ed b y 1 1 p er c en t. T h e l ow er tu rn ov er w a s p ri m a ri l y                                  b ec a u s e w e n o l on g er c on s ol i d a te tu rn ov er f rom
            S i n g a p ore C om p u ter S y s tem s ( " S C S " ) , w h i c h b ec a m e a n a s s oc i a ted c om p a n y i n M a y 2 0 0 0 .

         P rof i t b ef ore I n      c om e T a x       "P B     T "
        T h e f i v e K ey B        u s i n es s es    c on     ti n u ed to b e th e k ey p rof i t c on tri b u tors to th e G rou p . P B T f rom th e f i v e K ey B u s i n es s es c on tri b u ted 9 1 p er c en t of
          F Y 2 0 0 1 G rou p      's P B T ( F Y       2 0 0   0 : 8 3 p er c en t) , a s i g n i f i c a n t i n c rea s e of 4 8 p er c en t f rom $ 2 0 8 m i l l i on to $ 3 0 8 m i l l i on . P B T f rom I n D ev el op m en t
           c om p a n i es i m p      rov ed b y      2 7 p       er c en t f rom $ 4 1 m i l l i on to $ 5 2 m i l l i on .

          U ti l i ti es
         U ti l i ti es p erf orm ed w el l , s h ow i n g a n i n c rea s e of $ 2 7 m i l l i on or 9 9 p er c en t ov er l a s t y ea r. S U T s a n d S M O E w ere th e tw o k ey c on tri b u tors to
           g row th . S em b C orp C og en h a s b eg u n i ts c on tri b u ti on s i n c e i t c om m en c ed op era ti on s i n S ep tem b er 2 0 0 1 . U ti l i ti es ' a s s oc i a ted c om p a n i es a n d j oi n t
        v en tu res h a v e a l s o p erf orm ed b etter th a n l a s t y ea r.

        E n g i n eeri n g & C on s tru c ti on ( " E & C " )
          E & C ' s m a rg i n w a s a f f ec ted b y th e d i f f i c u l t m a rk et c on d i ti on s a n d k een c om p eti ti on . I t w a s f u rth er a f f ec ted b y th e l os s es f rom                     i ts ti l e op era ti on s
         i n H eb ei , C h i n a .

         E n v i ron m en ta l E n g i n eeri n g
        P B T i m p rov ed b y $ 7 m i l l i on w i th f u l l y ea r c on tri b u ti on f rom                S em a c a n d S em b S I T A   P a c ific .

        L og       i s ti c s
           P B T       i m p rov ed s i g n i f i c a n tl y b y $ 7 0 m i l l i on or 1 0 8 p er c en t. T h i s w a s m a i n l y d u e to b etter p erf orm a n c e f rom s u p p l y c h a i n m a n a g em en t a n d
          h ig h     er p rof i ts f rom K u eh n e & Na g el I n tern a ti on a l , a n a s s oc i a ted c om p a n y i n w h i c h w e i n v es ted i n D ec em b er 2 0 0 0 . P B T i n c l u d ed a n ex c ep ti on a l
         g a in       of $ 3 5 m i l l i on a ri s i n g f rom i ts d i v es tm en t ef f orts n et of i m p a i rm en t a l l ow a n c e.
          M a ri n e E n g i n eeri n g ( " M a ri n e" )
        P B T s h ow ed a n et i n c rea s e of $ 4 m i l l i on or 5 p er c en t ov er l a s t y ea r. T h e i n c rea s e w a s a ttri b u ted m a i n l y to th e i m p rov em en t i n s h i p rep a i r
         v ol u m e a n d l ow er l os s es f rom i ts a s s oc i a ted c om p a n i es .

        I n D ev el op m en t
          I n D ev el op m en t c           om p a n i es i n c l u d e th e G rou p ' s f ood s u b s i d i a ry , i n tern et s erv i c e p rov i d er, m i n ti n g s erv i c es , i n d u s tri a l p a rk s , a n d oth er
         b u s i n es s es s u c h a s       h otel s a n d res orts . P B T i m p rov ed b y $ 1 1 m i l l i on m a i n l y d u e to b etter res u l ts f rom S i n g a p ore F ood I n d u s tri es a n d red u c ed
            l os s es f rom b u i l d i n   g m a teri a l s a n d P a c i f i c I n tern et. T h es e i m p rov em en ts w ere h ow ev er, p a rti a l l y of f s et b y s h a re of p rof i t f rom S C S , of w h i c h w e
           n ow ow n on l y 2 0 p           er c en t.

          C orp ora te
         T h e C orp ora te ex p en s es n et of g a i n on i n v es tm en ts a n d                     fin a n c in g   c os ts w ere $ 2 1   m i l l i on   l ow er th a n   F Y 2 0 0 0 . F Y   2 0 0 1   res u l ts i n c l u d ed
        i m p a i rm en t of i n v es tm en ts of a b ou t $ 1 3 m i l l i on .

        S o lita ire
         T h e h ea ri n g reg a rd i n g A l l s ea s ' c on tra c tu a l ri g h t of term i n a ti on w a s c om p l eted i n D ec em b er 2 0 0 1 b u t n o a w a rd h a s y et b een a n n ou n c ed .

7.(b)    A statement by the Directors of the Company on whether "any item or event of a material
        or unusual nature which would have affected materially the results of operations of the
        Group and Company has occurred between the date to which the report refers and the
        date on which the report is issued". If none, to include a negative statement.


          S u b s e q u e n t E v e n ts
         O n F eb ru a ry 1 8 , 2 0 0 2 , a s u b s i d i a ry , S em b C orp M a ri n e L td , d i s p os ed of i ts en ti re 2 5 . 4 9 % i n teres t c om p ri s i n g 1 0 0 , 3 5 0 , 0 0 0 ord i n a ry s h a res i n
        J u ron g T ec h n ol og i es I n d u s tri a l C orp ora ti on L i m i ted a t 2 9 c en ts p er s h a re f or a tota l c on s i d era ti on of $ 2 7 . 9 8 m i l l i on .

        I n th e op i n i on of th e D i rec tors , s a v ed a s d i s c l os ed a b ov e, n o i tem , tra n s a c ti on or ev en t of a m a teri a l a n d u n u s u a l n a tu re h a s a ri s en d u ri n g th e
         p eri od f rom D ec em b er 3 1 , 2 0 0 1 to th e d a te of th i s a n n ou n c em en t w h i c h w ou l d a f f ec t s u b s ta n ti a l l y th e res u l ts of th e G rou p a n d C om p a n y f or th e
          p eri od en d ed D ec em b er 3 1 , 2 0 0 1 .



8.           Commentary on current year prospects


        F or c u rren t y ea r, op era ti n g p erf orm a n c es of a l l K ey B u s i n es s es a re a l s o ex p ec ted to i m p rov e. I n D ev el op m en t c om p a n i es ' p erf orm a n c e a s a
         w h ol e i s a l s o ex p ec ted to b e b etter th a n F Y 2 0 0 1 . B a rri n g u n f ors een c i rc u m s ta n c es , th e G rou p ex p ec ts to p erf orm b etter th a n F Y 2 0 0 1 .

          U ti l i ti es
         U ti l i ti es i s ex p ec ted to s h ow h ea l th y g row th ov er l a s t y ea r. G row th w i l l c om e f rom S U T S a k ra ' s P h a s e C a n d D ex p a n s i on a n d                              f u l l y ea r of
        c om m erc i a l op era ti on s of S em b C orp C og en . U ti l i ti es ' a s s oc i a ted c om p a n i es a n d j oi n t v en tu res a re a l s o ex p ec ted to p erf orm w el l .

        E n g i n eeri n g &       C on s tru c ti on ( " E & C " )
              T h e m a rk et c on d i ti on s f or th e b u s i n es s s ec tor rem a i n d i f f i c u l t. H ow ev er, E & C h a s s ec u red a n ord er b ook of a b ou t $ 1 . 8 b i l l i on a s a t D ec em b er 3 1 ,
             2 0 0 1 . W i th en h a n c ed u p s trea m p roc es s en g i n eeri n g c a p a b i l i ti es c on tri b u ted b y S i m on -C a rv es ( a c q u i red i n M a y 2 0 0 1 ) a n d a f oc u s on c i v i l
              en g i n eeri n g p roj ec ts , E & C i s ex p ec ted to p erf orm b etter th a n l a s t y ea r.

             E n v i ron m en ta l E n g i n eeri n g
               T h i s k ey b u s i n es s w i l l f oc u s on i m p rov i n g th e s y s tem s a n d p roc es s es of i ts l oc a l op era ti on s to i n c rea s e p rof i ta b i l i ty . A n ew em p h a s i s w i l l b e on
              m a teri a l s rec ov ery a s a f u tu re s ou rc e of i n c om e. O n th e w h ol e, th i s s ec tor i s ex p ec ted to ou tp erf orm i ts F Y 2 0 0 1 p erf orm a n c e.

             L og      i s ti c s
               L og     i s ti c s i s ex p ec ted to c on ti n u e to g row m a i n l y f rom i ts s u p p l y c h a i n m a n a g em en t op era ti on s . G row th w i l l c om e f rom g eog ra p h i c a l ex p a n s i on
              a n d        n ew c u s tom ers f rom i n c rea s ed m a rk eti n g ef f ort a n d f rom g l ob a l p a rtn ers h i p w i th K u eh n e & Na g el I n tern a ti on a l . O f a l l th e c ou n tri es th a t
                S em      b L og i s / w i l l b e op era ti n g i n , C h i n a i s ex p ec ted to a c h i ev e th e h i g h es t g row th ra te.


              M a ri n       eE n        g i n eeri n      g
                M a ri n     eE n         g i n eeri n       g w i l l c on ti n u e to g row th rou g h i ts g l ob a l h u b s tra teg y . T w o n ew rep a i r a n d c on v ers i on h u b s h a v e b een es ta b l i s h ed i n B ra z i l
               a n d C      h in a      . E a rn i n       g s a re ex p ec ted to i m p rov e w i th c on tri b u ti on s f rom i ts a s s oc i a ted c om p a n i es i n th e of f s h ore s ec tor a n d a h ea l th y ord er b ook of
             $ 1 .4 b      i l l i on       ( ex c l u s    i v e of s h i p rep a i r) a s a t D ec em b er 3 1 , 2 0 0 1 .

             I n D ev el op m en t a n d C orp ora te
               O v era l l p erf orm a n c e i s ex p ec ted to b e b etter th a n F Y 2 0 0 1 , w i th i m p rov ed c on tri b u ti on s f rom th e f ood s u b s i d i a ry a n d th e I n tern et s erv i c e
              p rov i d er. E f f orts to u n l oc k s h a reh ol d er v a l u e th rou g h p rog res s i v e d i v es tm en t of th e I n D ev el op m en t c om p a n i es w i l l c on ti n u e th rou g h 2 0 0 2 .




    9.                 Dividend

             (a) Present Period

Name of Dividend                                                              First & Final
Dividend Type                                                                     Cash
Dividend Rate                                                          12 % per ordinary share
                                                                       less tax
Par value of shares                                                              S$0.25
Tax Rate                                                                         24.5%




             (b) Previous Corresponding Period

Name of Dividend                                                              First & Final
Dividend Type                                                                     Cash
Dividend Rate                                                          10 % per ordinary share
                                                                       less tax
Par value of shares                                                              S$0.25
Tax Rate                                                                         24.5%
                      (c) Total Annual Dividend

                                                                                         Latest Year (S$'000)           Previous Year (S$'000)
Ordinary                                                                                                   36,384                                              30,297
Preference                                                                                                      0                                                   0
Total:                                                                                                     36,384                                              30,297




                      (d)        Date payable

                            T h e p rop os ed d i v i d en d i f a p p rov ed a t th e A G M                        to b e h el d on M a y 3 1 , 2 0 0 2 w i l l b e p a i d on J u n e 2 8 , 2 0 0 2 .


                      (e) Books closing date


                               R eg i s tra         b l e T ra n s f ers      rec ei v ed b y th e C om p a n y ' s R eg i s tra r, M & C S erv i c es P ri v a te L i m i ted a t 1 3 8 R ob i n s on R oa d # 1 7 -0 0 T h e C orp ora ti on
                              O f f i c e, S          i n g a p ore 0 6 8 9    0 6 , u p to 5 . 0 0 p . m . on J u n e 1 1 , 2 0 0 2 w i l l b e reg i s tered b ef ore en ti tl em en ts to th e p rop os ed d i v i d en d a re d eterm i n ed .
                             T h e R eg            i s ter of T ra n s f      er a n d th e R eg i s ter of M em b ers of th e C om p a n y w i l l b e c l os ed f rom J u n e 1 2 , 2 0 0 2 to J u n e 1 3 , 2 0 0 2 , b oth d a tes i n c l u s i v e,
                            f or th e p              a y m en t of d i v      i d en d .


                      (f) Any other comments relating to Paragraph 9

                            NI L




       10.              Balance sheet


                                                                                                                                                               G R O U P                                                                        C O M P A N Y
                                                                                                                                                                  A s R e s ta te            d                                                       A s R e s ta te     d
                                                                                                                               3 1/ 12 /       0 1                      3 1/ 12 / 0                  0                    3 1/ 12 / 0 1                   3 1/ 12 / 0        0
                                                                                                                                     $ '0             0 0                      $ '0 0            0                                $ '0 0 0                      $ '0 0           0
F ix e d a s s e ts a n d a s s e ts o n         le a s e                                                                    2 ,2 4 7 ,9        7 3                   1 ,6 3 4 ,6 4                      4                       1 ,2 6 4                      1 ,3 8                1
 In v e s tm e n t p r o p e r tie s                                                                                                    5     4 7                             1 ,0 6                         6                              -                                            -
 In v e s tm e n ts in s u b s id ia r ie    s                                                                                                             -                                                     -      2 ,6 1 2 ,2 6 9                      4 7 1 ,3 0 3
 In v e s tm e n ts in A s s o c ia te d         C o m p a n ie s &   Jo in t V e n tu r e s                                    7 8 2 ,9         8 2                        7 2 0 ,8      3 2                                               -                                            -
 O th e r fin a n c ia l a s s e ts                                                                                               1 6 5 ,0          2 2                      2 0 7 ,0     9 6                                           9 0                            8 1
  L o n g te r m r e c e iv a b le s a n d        a s s e ts                                                                     3 2 3 ,6         9 6                         2 3 8 ,3    2 0                                               -                                            -
   In ta n g ib le a s s e ts                                                                                                        8 1 ,7          1 8                           6 ,2     0 9                                             -                                            -
   C u r re n t a s s e ts                                                                                                   2 ,6 0 4 ,2           4 6                   2 ,5 8 0 ,2       8 2                              6 5 4 ,4 9 0                      5 4 0 ,1 0 1
    O th e r C u r r e n t lia b ilitie s                                                                                 (2 ,9 4 8 ,2 9               3 )            (2 ,9 8 6 ,8 7         7 )                     (1 ,8 4 4 ,1 5 2 )                    (2 6 2 ,0 0 5 )
N e t c u r r e n t (lia b ilitie s )/ a s s e ts                                                                                      ( 3 4 4 ,0 4 7 )                                 (4 0 6 ,5 9 5 )                            (1 ,1 8 9 ,6 6 2 )                                   2 7 8 ,0 9 6
                                                                                                                                      3 ,2 5 7 ,8 9 1                                  2 ,4 0 1 ,5 7 2                                1 ,4 2 3 ,9 6 1                                    7 5 0 ,8 6 1

  L e s s : N o n -c u r r e n t l i a b i l i t i e s
T e rm L o a n                                                                                                                     (1 ,3 8 6 ,4 5 5 )                                   (8 5 8 ,4 4 1 )                                (5 0 0 ,0 0 0 )                               (2 5 0 ,0 0 0 )
 O t h e r n o n -c u r r e n t l i a b i l i t i e s                                                                                  ( 1 6 8 ,2 8 0 )                                 (1 6 7 ,6 4 4 )                                     ( 1 ,2 4 8 )                                                 -
                                                                                                                                      1 ,7 0 3 ,1 5 6                                  1 ,3 7 5 ,4 8 7                                    9 2 2 ,7 1 3                                  5 0 0 ,8 6 1

   S h a re        C a p ita l                                                                                                              4 0       1 ,5       8 6                      4 0 1      ,2 8    6                            4 0 1 ,5 8 6                                  4 0 1 ,2 8 6
R e s e rv          e s                                                                                                                    6 2       9 ,9       1 9                        4 4 6     ,4 7    2                             5 2 1 ,1 2 7                                     9 9 ,5 7 5
 S h a re         c a p ita l a n d re s e rv e s                                                                                      1 ,0 3       1 ,5       0 5                          8 4 7    ,7 5    8                              9 2 2 ,7 1 3                                 5 0 0 ,8 6 1
  M in o r        ity in te r e s ts                                                                                                      6 7      1 ,6       5 1                            5 2 7   ,7 2    9                                             -                                             -
                                                                                                                                      1 ,7 0      3 ,1       5 6                       1 ,3 7 5      ,4 8        7                        9 2 2 ,7 1 3                                  5 0 0 ,8 6 1




                                                                10 ( a ) A s s e t s a n d L i a b i l i t i e s

                                                                                    Engineer ing            Env ' l                                                        M a r ine                              I n
                                                                 Utilities                          & Engineer ing                           L o gistic s              Engineer ing                         D ev p t         C o r p o r a te        Elim ina tio                 C o nso lid a tio
                                                                                   C o nstr u c tio n                                                                                                                                                          ns                               ns
                                                                        $'000                  $'000        $'000                                            $'000                $'000                              $'000            $'000                 $'000                             $'000
F Y 2 0 0 1

  S e g   m e      n t a s s e ts                                1, 2 7 0, 2 04              5 6 5 , 5 00            9 6 , 2 09                     3 2 4 ,6 6 6          1, 2 3 9 , 7 5 2           1, 3 3 7 , 5 8 6             3 13 , 9 4 1                 ( 2 6 0, 5 2 9 )         4 ,8 8 7 ,3 2 9
In v e     s tm       e n ts in A s s o c ia te d
 C o m      p a     n ie s & Jo in t V e n tu r e s                                                                                                                                                                                                                                         7 8 2 ,9 8 2
U n a      llo    c a t e da s s e t s                                                                                                                                                                                                                                                    5 3 5 ,8 7 3

T o ta l a s s e ts                                                                                                                                                                                                                                                                     6 , 2 06 , 18 4

 S e g m e n t lia b ilitie s                                       2 7 4 , 13 8             4 04 , 17 0             19 , 7 9 2                     15 0, 9 9 4              4 4 8 ,6 8 8               6 18 , 9 8 4                9 2 ,7 5 1                 ( 2 6 0, 5 2 9 )          1, 7 4 8 , 9 8 8
U n a l l o c a t e dl i a b i l i t i e s                                                                                                                                                                                                                                             2 , 7 5 4 , 04 0

T o ta l lia b ilitie s                                                                                                                                                                                                                                                                 4 , 5 03 , 02 8



                                                                                    Engineer ing            Env ' l                                                        M a r ine                              I n
                                                                 Utilities                          & Engineer ing                           L o gistic s              Engineer ing                         D ev p t         C o r p o r a te        Elim ina tio                 C o nso lid a tio
                                                                                   C o nstr u c tio n                                                                                                                                                          ns                               ns
                                                                        $'000                  $'000        $'000                                            $'000                $'000                              $'000            $'000                 $'000                             $'000
F Y 2 0 0 0

  S e g   m e      n t a s s e ts                                   4 2 5 ,8 9 0             5 2 6 ,4 9 3          115 , 8 6 7                      3 9 7 , 2 18          1, 108 , 4 9 9             1, 04 7 , 04 0               3 09 , 4 2 3                   ( 7 8 , 15 7 )         3 ,8 5 2 ,2 7 3
In v e     s tm       e n ts in A s s o c ia te d
 C o m      p a     n i e s a n dJ o i n t V e n t u r e s                                                                                                                                                                                                                                  7 2 0, 8 3 2
U n a      llo    c a t e da s s e t s                                                                                                                                                                                                                                                    8 15 , 3 4 4

T o ta l a s s e ts                                                                                                                                                                                                                                                                     5 ,3 8 8 ,4 4 9

 S e g m e n t lia b ilitie s                                       17 3 , 7 7 6             4 16 , 9 11             3 3 ,2 6 2                     16 0, 6 9 1              4 3 2 ,7 6 6               3 5 6 ,6 6 0              102 , 5 9 8                    ( 7 8 , 15 7 )          1, 5 9 8 , 5 07
U n a l l o c a t e dl i a b i l i t i e s                                                                                                                                                                                                                                             2 , 4 14 , 4 5 5

T o ta l lia b ilitie s                                                                                                                                                                                                                                                                 4 , 012 , 9 6 2




                                                             10 ( b ) C a p i t a l e x p e n d i t u r e -F i x e d a s s e t s
                                                                                                             Engineer ing &            Env ' l                                          M a r ine             I n
                                                                                             Utilities        C o nstr u c tio n Engineer ing                    L o gistic s       Engineer ing        D ev p t       C o r p o r a te
                                                                                                                                                                                                                                                                                 C o nso lid a tio
                                                                                                                                                                                                                                                                                                ns
                                                                                                   $'000                    $'000                    $'000              $'000                 $'000         $'000                $'000                                                       $'000

  F Y 2 001                                                                                   113 , 6 8 4                 4 2 , 5 15                 9 ,8 9 8         2 3 ,7 2 8           4 9 , 14 6    2 8 , 000                   7 17                                                2 6 7 ,6 8 8

F Y 2 000                                                                                       4 9 ,3 6 9                15 , 7 3 1                 5 , 08 0         2 8 , 5 09           4 5 ,4 6 2    18 , 14 3             14 , 03 6                                                 17 6 , 3 3 0




                                                                                        10 ( c ) S i g n i f i c a n t n o n -c a s h i t e m s

                                                                                                             Engineer ing &            Env ' l                                         M a r ine              I n
                                                                                           Utilities          C o nstr u c tio n Engineer ing                   L o gistic s       Engineer ing         D ev p t      C o r p o r a te                                           C o nso lid a tio
                                                                                                                                                                                                                                                                                                ns
                                                                                                 $'000                     $'000                    $'000             $'000                $'000          $'000                 $'000                                                        $'000
 -- D e p r e c i a t i o n a n d a m o r t i s a t i o n
F Y 2 001                                                                                      2 6 ,8 8 6                11, 5 19                 11, 3 4 4         2 1, 2 8 7           3 1, 9 7 6     3 5 ,8 6 8             9 ,9 5 7                                                  14 8 , 8 3 7
 F Y 2 000                                                                                    18 , 7 8 0                  7 ,9 7 0                 5 ,5 2 7          2 6 ,8 4 8           2 8 ,8 3 6     4 0, 6 8 5             9 ,3 6 6                                                 13 8 , 012

 -- O      t h e r n o n -c a s h i t e m s ( i n c l u di n g p r o v i s i o n s ,
  lo s s     o n di s p o s a l s a n d e x c h a n g e di f f e r e n c e s )
F Y 2       001                                                                                11, 8 3 1                 11, 9 8 6                     3 0            8 ,9 7 6             9 ,5 3 0     3 3 ,4 3 9           18 , 8 18                                                      9 4 , 6 10
 F Y 2      000                                                                                9 ,2 7 3                  2 5 ,2 6 8                1, 15 8          3 5 ,8 9 3              4 ,5 9 0      5 ,4 4 2            6 ,2 6 2                                                       8 7 ,8 8 6



  10 ( d ) C o n s o l i d a t e d S t a t e m e n t o f C a s h F l o w s
                                                                                                                                                                                                                                                                           G R O U P
                                                                                                                                                                                                                           F Y 2 0 0           1                                       F Y 2 0 0          0
                                                                                                                                                                                                                                 $ 'm                                                        $ 'm
O p        e r   a tin g a           c tiv itie s b e fo r e c h a n g e in w o r k in g c a p ita l                                                                                                                                4 0            4                                          4 0             5
 C h      a n      g e in w             o r k in g c a p ita l                                                                                                                                                                 (5 3 8                      )                                 (7 8                         )
  C a  s h          F lo w s          fr o m O p e r a tin g A c tiv itie s                                                                                                                                                    (1 3 4                                  )                       3 2            7
   C a  s h          F lo w s         u s e d in In v e s tin g A c tiv itie s                                                                                                                                                   (5 9                              )                       (8 7 8                     )
    C a  s h          F lo w s         fr o m F in a n c in g A c tiv itie s                                                                                                                                                     (6 3                          )                                6 0           0
N e t (           d e c r e a       s e )/ in c r e a s e in C a s h a n d C a s h E q u iv a le n ts                                                                                                                          (2 5 6                  )                                              4           9
 C a s h               a n d C    a s h E q u iv a le n ts a t B e g in n in g o f Y e a r                                                                                                                                        6 5      8                                                     6 0          9
  C a s h               a n d C    a s h E q u iv a le n ts a t E n d o f Y e a r                                                                                                                                                  4 0         2                                                  6 5         8


                 11.                   Details of any changes in the company's issued share capital

                                    U n d er th e C om p a n y ' s E x ec u ti v es ' S h a re O p ti on S c h em e, 1 , 1 9 9 , 7 3 6 ord i n a ry s h a res of $ 0 . 2 5 ea c h w ere i s s u ed f or th e y ea r en d ed D ec em b er 3 1 ,
                                     2 0 0 1 ( J u n e 3 0 , 2 0 0 1 : 1 , 0 1 4 , 5 8 2 s h a res ) .

                                    A s a t D ec em b er 3 1 , 2 0 0 1 , th e C om p a n y ' s i s s u ed a n d p a i d -u p c a p i ta l c om p ri s es 1 , 6 0 6 , 3 4 2 , 8 9 9 ( J u n e 3 0 , 2 0 0 1 : 1 , 6 0 6 , 1 5 7 , 7 4 5 ) ord i n a ry s h a res of
                                     $ 0 . 2 5 ea c h . I n a d d i ti on , th ere w ere 4 5 , 9 3 9 , 3 5 8 ( J u n e 3 0 , 2 0 0 1 : 5 3 , 0 1 2 , 4 1 4 ) u n i s s u ed ord i n a ry s h a res of $ 0 . 2 5 ea c h u n d er op ti on s g ra n ted to el i g i b l e
                                    em p l oy ees a n d d i rec tors u n d er E x ec u ti v es ' S h a re O p ti on S c h em e.
        12.    Comparative figures of the group's borrowings and debt securities

              (a) Amount repayable in one year or less, or on demand

                        As at 31/12/01                                                   As at 30/06/01


               Secured                             Unsecured                   Secured                   Unsecured

                                 180,792                    969,907                    161,857                      767,764




              (b) Amount repayable after one year

                        As at 31/12/01                                                   As at 30/06/01


               Secured                             Unsecured                   Secured                   Unsecured

                                 817,008                    640,604                    759,167                      696,548




              (c) Any other comments relating to Paragraph 12

                  T h e a b ov e tota l b orrow i n g s i n c l u d es P roj ec t F i n a n c e l oa n of $ 5 6 2 m i l l i on ( J u n e 3 0 , 2 0 0 1 : $ 4 9 2 m i l l i on )



1 3 .               E c o n o m i c V a l u e -A d d e d
                  T h e E c on om i c V a l u e-A d d ed ( " E V A " ) f or th e G rou p i s -$ 1 7 . 2 m i l l i on ( 2 0 0 0 : -$ 1 0 . 9 m i l l i on ) f or th e y ea r en d ed
                   D ec em b er 3 1 , 2 0 0 1 . W ei g h ted A v era g e C os t of C a p i ta l i s 8 . 2 % ( 2 0 0 0 : 9 . 0 % )

1 4 .             C h a n g e i n A c c o u n t i n g Po l i c y
                   I n c om p l i a n c e w i th n ew / rev i s ed S ta tem en ts of A c c ou n ti n g S ta n d a rd , th e G rou p h a s m od i f i ed i ts a c c ou n ti n g
                    p ol i c i es th i s y ea r i n res p ec t of :


                 a .           S A S 8 ( Net p rof i t or l os s f or th e p eri od , F u n d a                m en ta l E rrors a n d C h a n g es i n A c c ou n ti n g P ol i c i es ) ,
                                E x tra ord i n a ry i tem i s c l a s s i f i ed a s E x ep ti on a l .        C om p a ra ti v es i n th e P rof i t & l os s s ta tem en t w ere
                                 res ta ted a c c ord i n g l y .
                b .           S A S 3 1 ( P rov i s i on s ) , p rov i s i on f or d ry d oc k a n d m          a i n ten a n c e to b e rec og n i s ed on i n c u rred b a s i s i n s tea d
                                 of on a n ti c i p a ted b a s i s .
                c .              S A S 3 2 ( F i n a n c i a l I n s tru m en ts : D i s c l os u re a n d P   res en ta ti on ) , d i v i d en d s a n d red em p ti on p rem i u m on
                                  th e R ed eem a b l e C u m u l a ti v e P ref eren c e S h a res            ( tota l of : $ 1 1 , 0 2 8 , 0 0 0 ) w ere ta k en to P rof i t & L os s
                                  a c c ou n t a s i n teres t on b orrow i n g s i n s tea d of a g a i n      s t R es erv es .
       d .      S A S 1 7 ( E m p l oy ee B en ef i ts ) , a c c ru a l f or u n c on s u m ed a n n u a l l ea v e on                                            a n ea rn ed b a s i s i n s tea d of a
                 c on s u m ed b a s i s . P rov i s i on f or s ta f f b en ef i ts a s a t D ec em b er 3 1 , 2 0 0 1                                            w a s i n c rea s ed b y $ 8 , 2 8 1 , 0 0 0
                  ( G rou p ) a n d $ 1 8 9 , 0 0 0 ( C om p a n y ) .
       e.      S A S 3 4 ( I n ta n g i b l e a s s ets ) , p re-op era ti n g ex p en s e w a s ta k en i n to P rof i t                                     &    L os s a c c ou n t a s a n ex p en s e
                   i n s tea d of c a p i ta l i s ed a s i n ta n g i b l e a s s et u n d er th e d ef erred ex p en d i tu re.                                 Net A s s ets a s a t D ec em b er 3 1 ,
                    2 0 0 0 w a s red u c ed b y $ 8 , 3 2 8 , 0 0 0 .
       f.            S A S 1 0 ( E v en ts a f ter B a l a n c e S h eet d a te) , d i v i d en d p rop os ed of $ 3 0 , 2 9                                  7 , 0 0 0 a f ter D ec em b er 3 1 , 2 0 0 0
                      w a s c red i ted b a c k reta i n ed ea rn i n g s .

                  T h ea b   ov e c h a n g es i n        a c   c ou n ti n g p ol i c i es , res    u l ted       i n a n et i n c     rea s e i n     S h    a re C a p i ta l a n d res erv es a n d
                   Net T a   n g i b l e A s s ets a     s a     t D ec em b er 3 1 , 2 0 0 0       b y $ 1      0 ,8 1 4 ,0 0 0 ( G     rou p ) a     n d       $ 3 0 , 1 0 8 , 0 0 0 ( C om p a n y ) . T h e
                a c c ou n    ti n g p ol i c y c h a   n g      e w i th res p ec t to i tem         s (d )      a n d (f) d id        n ot h a v     ea       m a teri a l i m p a c t on th e P rof i t
                 & L os s      a c c ou n ts of th      eG        rou p a n d of th e C om             p a n y       f or th e F Y     2 0 0 1 a n    d F     Y 2 0 0 0 .


                    “ T H I S A N N OUN C E M E N T I S                          N OT A N OF F E R OF S E C URI T I E S F OR S A                                        L E I N T H E UN I T E D
                     S T A T E S , S E C URI T I E S M A Y                 N OT B E OF F E RE D OR S OL D I N T H E UN I                                              T E D S T A T E S A B S E N T
                    RE GI S T RA T I ON OR A N E X E                          M PT I ON F ROM RE GI S T RA T I ON , A N D A                                            N Y PUB L I C OF F E RI N G
                    OF S E C URI T I E S T O B E M A D                          E I N T H E UN I T E D S T A T E S W I L L B E M A                                   D E B Y M E A N S OF A
                    PROS PE C T US T H A T M A Y B                          E OB T A I N E D F ROM T H E I S S UE R A N D T                                         H A T W I L L C ON T A I N
                   D E T A I L E D I N F ORM A T I ON                     A B OUT T H E C OM PA N Y A N D M A N A GE M                                                   E N T , A S W E L L A S
                  F IN A N C IA L S T A T E M E N T S .                      “ UN I T E D S T A T E S ” M E A N S T H E UN I T E D                                         S T A T E S OF A M E RI C A ,
                 I T S T E RRI T ORI E S A N D POS                             S E S S I ON S , A N Y S T A T E OF T H E UN I T E D                                       S T A T E S , A N D T H E
                D I S T RI C T OF C OL UM B I A . ”




BY ORDER OF THE BOARD

Linda Hoon Siew Kin
Group Company Secretary
February 20, 2002

				
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