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ST Engineering Reports Comparable Year-on-Year PBT For FY2015 Versus FY2014

 

FINANCIAL HIGHLIGHTS for the year ended 31 December 2015

 
2015
2014
Growth %
Revenue ($m)
6,335
6,539
(3)
Earnings before interest and tax (EBIT) ($m)
510.3
555.0
(8)
Other income, net ($m)
55.5
40.2
38
Finance income/ (costs), net ($m)
6.2
(1.7)
479
Profit before tax (PBT) ($m)
630.3
650.7
(3)
Profit attributable to shareholders ($m)
529.0
532.0
(1)
Earnings per share (cents)
17.05
17.06
-
Economic value added (EVA) ($m)
366.2
344.5
6
Return on equity (%)
24.8
24.9
NM
Dividend per share (cents)
15.0
15.0
-
• Final
10.0
11.0
 
     - Ordinary
5.0
4.0
 
     - Special
5.0
7.0
 
• Interim - Ordinary
5.0
4.0
 

 

  • Commercial sales constituted 64% or $4.0 billion of revenue
  • Order book of $11.7 billion at end December 2015, of which about $3.8 billion is expected to be delivered in 2016.
  • Cash and cash equivalents including funds under management totalled $1.4 billion
  • Advance payments from customers totalled $1.6 billion
  • Economic value added for FY2015 was $366.2 million

Group FY2015 Audited Results and ST Engineering Results Presentation FY2015

N.B.: All currencies are in Singapore dollars

Singapore, 26 February 2016 - Singapore Technologies Engineering Ltd (ST Engineering) today reported its full year financial results for the period ended 31 December 2015 (FY2015), with comparable revenue and profits against the same period last year. Group revenue was $6.34b compared to $6.54b, profit before tax (PBT) was $630.3m versus $650.7m, and net profit after tax (Net Profit) was $529.0m compared to $532.0m.

In FY2015 at the business sectors, against the same period last year, revenue and PBT for Aerospace sector were comparable at $2.09b and $290.6m respectively.  Revenue for Electronics sector was up 8% at $1.71b compared to $1.58b while PBT of $191.0m was comparable.  The Land Systems sector posted comparable revenue of $1.40b with higher PBT of $65.0m, up 16% from $56.2m mainly due to lower allowance for inventory obsolescence and lower goodwill impairment.  The Marine sector posted revenue of $0.96b, down 29% from $1.34b and PBT of $88.3m, down 28% from $122.8m due to weaker shipbuilding performance from both Singapore and US operations.

4Q2015 versus 4Q2014

In the fourth quarter ended 31 December 2015 (4Q2015), the Group posted revenue of $1.78b compared to $1.85b in the same period last year.  The Electronics sector achieved higher revenue of $511m, up 6%.  Both Aerospace and Land Systems sectors posted comparable revenue of $580m and $413m respectively, while the Marine sector saw a 34% drop in its revenue from $334m to $220m.

Comparing 4Q2015 against 4Q2014, Group PBT and Net Profit were comparable at $166.6m and $140.8m respectively.

 

 

For FY2015, the Group reported comparable year-on-year Revenue, Profit Before Tax and Net Profit, of $6.3b, $630.3m and $529.0m respectively.

We made history with the successful launch of Singapore’s first Commercial Earth Observation Satellite in December 2015. Strong performance from the Electronics sector, as well as the stronger US dollar, cushioned the weak results from our shipbuilding business.  We ended the year with an order book of $11.7b. Our cash and cash equivalents including funds under management was $1.4b at the end of FY2015.

Barring unforeseen circumstances, the Group expects FY2016 Revenue to be higher, but PBT to be comparable to FY2015.” 

- Tan Pheng Hock, President & CEO, ST Engineering

Commercial sales accounted for 64% or $4.0b of Group revenue at the end of 2015.  Revenue mix of the Group comprised Aerospace sector 33%, Electronics sector 27%, Land Systems sector 22% and Marine sector 15%.

 

 

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