1 UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002

Transcription

1 KEPPEL CORPORATION LIMITED Full Year Financial Statement and Dividend Announcement 1 UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER The Directors of Keppel Corporation Limited advise the following unaudited results of the Group for the year ended 31 December. 1(a) GROUP PROFIT AND LOSS ACCOUNTS for the year ended 31 December G r o u p $ 000 +/(-)% Turnover 5,527,925 5,881, Materials and subcontract costs (4,096,924) (4,298,672) -4.7 Staff costs (669,337) (602,540) Depreciation and amortisation (186,181) (197,030) -5.5 Other operating expenses (112,727) (158,645) Operating profit 462, , Investment income 5,572 15, Interest income 34,778 48, Interest expenses (66,324) (79,615) Share of results of associated companies 74,318 55, Profit before tax & exceptional items 511, , Exceptional items (21,022) (198,542) Profit before taxation 490, , Taxation (83,379) (157,188) # Profit after taxation 406, ,414 # Minority interests (48,441) 69,276 # NM Profit attributable to shareholders 358, ,690 # -5.4 Comprising: Profit before exceptional items 355, ,692 # Exceptional items 2, , , ,690 # -5.4 Group earnings per ordinary shares Before exceptional items - basic 46.3 cts 34.8 cts diluted 46.0 cts 34.8 cts After exceptional items - basic 46.7 cts 49.5 cts diluted 46.4 cts 49.4 cts -6.1 NM - Not Meaningful # Figures restated. See Note 5 Keppel Corporation Limited, Page 1 of 18

2 Notes: (i) Operating profit is arrived at after charging/(crediting) the following: G r o u p $ 000 +/(-)% Depreciation and amortisation 186, , Profit on sale of fixed assets (6,052) (7,027) (Profit)/loss on sale of investments 16,301 (141,375) NM Provision for doubtful debts & bad debts written off 14,432 15, Provision for stock obsolescence 8,502 2, Provision for impairment in value of investments 39,187 13, Foreign exchange gain (45,137) (44,540) +1.3 (ii) The Group's tax charge in included a write-back of deferred tax of $20,296,000 resulting from the reduction in Singapore corporate tax rate from 24.5% to 22%. Taxation expenses also included a write-back of $1,335,000 tax provision in respect of prior years over provision. (iii) The exceptional item in of $2,685,000 was in respect of the following: Particulars Amount Partial disposal of MobileOne Ltd 187,161 Write-down on e-business investments (61,469) Impairment of assets (73,064) Impairment of investments (9,342) Disposal of subsidiaries and assets (64,308) (21,022) Minority share of exceptional items 23,707 Net exceptional items 2,685 (iv) There was no extraordinary item during the year. Keppel Corporation Limited, Page 2 of 18

3 1(b)(i) BALANCE SHEETS as at 31 December G r o u p $ 000 C o m p a n y $ 000 Share capital 384, , , ,869 Reserves 2,332,680 2,201,683 2,369,690 1,967,043 Share capital & reserves 2,717,587 2,584,552 # 2,754,597 2,349,912 Minority interests 1,154,557 1,437,971 # - - Capital employed 3,872,144 4,022,523 2,754,597 2,349,912 Represented by: Fixed assets 2,577,606 2,419,979 8,493 7,535 Investment properties 1,721,849 2,422, Development properties 187, , Subsidiaries - - 3,510,300 2,964,922 Associated companies 984,693 1,146,148 # 3, ,580 Investments 191, ,491 1,701 1,701 Loans receivable 57,116 84, , ,301 Intangibles 141,434 (7,479) - - 5,862,377 6,452,593 3,975,070 3,538,039 Current assets Stocks & work-in-progress 2,592,718 2,443, Amounts due from: - subsidiaries ,662 1,150,086 - associated companies 500, ,093 12, Debtors 1,482,717 1,158,784 19,056 11,863 Short term investments 222, , Bank balances, deposits & cash 814, ,837 48,974 48,404 5,613,222 5,267, ,188 1,210,499 Current liabilities Creditors 1,947,349 1,692,120 32,220 44,383 Provisions 14,158 23,740-5,000 Amounts due to: - subsidiaries , ,515 - associated companies 254, , Term loans 2,262,986 2,852,102 1,331,457 1,589,732 Taxation 125,171 75,152 # - - Bank overdrafts 2,849 6,838-6,063 4,606,626 4,994,820 1,559,797 1,882,693 Net current assets / (liabilities) 1,006, ,198 (749,609) (672,194) Non-current liabilities Term loans 2,438,772 2,402, , ,000 Deferred taxation 256, ,853 # 20,864 23,201 Deferred liabilities ,732 Proceeds from sale of future residential receivables 302, ,996,829 2,702, , ,933 Net assets 3,872,144 4,022,523 2,754,597 2,349,912 # Figures restated. See Note 5 Keppel Corporation Limited, Page 3 of 18

4 1(b)(ii) GROUP'S BORROWINGS AND DEBT SECURITIES Amount repayable in one year or less, or on demand As at 31 Dec As at 31 Dec Secured Unsecured Secured Unsecured 63,998 2,201,837 19,187 2,839,753 Amount repayable after one year As at 31 Dec As at 31 Dec Secured Unsecured Secured Unsecured 643,479 1,795,293 1,030,554 1,371,861 Details of any collateral Certain subsidiaries of the Company pledged their assets in order to obtain loans from financial institutions. The net book value of properties and other assets pledged/mortgaged to financial institutions amounted to $1,220,085,000 (: $896,152,000). Keppel Corporation Limited, Page 4 of 18

5 1(c) CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 December $ 000 Note CASHFLOW FROM OPERATING ACTIVITIES Operating profit 462, ,107 Adjustments: Depreciation and amortisation 186, ,030 Provisions - 128,570 Profit on sale of associated companies 261 (3,987) Profit on sale of fixed assets (6,052) (7,027) Cash flow provided by operations before changes in working capital 643, ,693 Working capital changes: Stocks & work-in-progress (249,411) (231,913) Debtors (162,370) (1,309,750) Creditors 206,104 (2,208,758) Proceeds from sale of future residential receivables 302,000 - Investments in bonds and shares 133,910 (1,757,647) Advances to associated companies (103,518) 93,264 Translation of foreign subsidiaries 39,219 (47,679) 809,080 (4,522,790) Interest received 34, ,526 Interest paid (70,273) (231,879) Income taxes paid (52,597) (106,201) Net cash from/(used in) operating activities 720,660 (4,653,344) CASH FLOW FROM INVESTING ACTIVITIES Acquisition of subsidiaries A (244,043) - Acquisition of additional shares in subsidiaries (306,405) (429,555) Disposal of subsidiaries A 58,192 (1,093,302) Acquisition of associated companies (4,453) (70,699) Acquisition of fixed assets (132,842) (196,400) Expenditure on development properties (14,301) (22,944) Loan to an investee company (40,641) - Proceeds from disposal of associated companies 295,239 13,681 Repayment of loans by an associated company 60,900 - Proceeds from disposal of fixed assets 35, ,552 Dividends received from investments 20,026 29,111 Net cash used in investing activities (272,633) (1,667,556) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from share issues 11, Proceeds from minority shareholders of subsidiaries 8,592 7,851 Proceeds from term loans 514,009 1,357,400 Capital distribution - (382,867) Redemption of RCCPS - (774,702) Repayment of term loans (735,921) (1,274,422) Dividend paid to shareholders of the Company (143,804) (82,741) Dividend paid to minority shareholders of subsidiaries (20,325) (104,097) Net cash used in financing activities (366,111) (1,252,649) Net increase/(decrease) in cash and cash equivalents 81,916 (7,573,549) Cash and cash equivalents as at 1 January 729,999 8,303,548 Cash and cash equivalents as at 31 December B 811, ,999 Keppel Corporation Limited, Page 5 of 18

6 A. Acquisition/(Disposal) of Subsidiaries $ 000 The fair values of net assets and liabilities of subsidiaries acquired were as follows: Fixed assets and investment properties 261,357 - Associated companies Investments Stocks 33,378 - Debtors 125,662 - Bank balances and cash 4,564 - Creditors (141,197) - Loans (40,729) - Minority interests (2,731) - 241,360 - Amount previously accounted for as associated companies (7,796) - Goodwill on consolidation 15,043 - Purchase consideration 248,607 - Less: Bank balances and cash acquired (4,564) - Cash flow on acquisition net of cash acquired 244,043 - The fair values of net assets and liabilities of subsidiaries disposed were as follows: Fixed assets and investment properties (496,159) (697,185) Associated companies - (48,944) Investments (12) (5,043,067) Stocks (2,636) (1,298) Debtors (5,246) (15,102,671) Bank balances and cash (10,325) (2,949,557) Creditors 47,534 20,363,571 Loans 371, ,762 Minority interests 25,364 2,038,844 (69,904) (1,110,545) Net (profit)/loss on disposal 1,387 (745,710) Sale proceeds (68,517) (1,856,255) Add: Bank balances and cash disposed 10,325 2,949,557 Cash flow on disposal net of cash disposed (58,192) 1,093,302 B. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and balances with banks. Cash and cash equivalents in the consolidated cash flow statements comprise the following balance sheet amounts: Bank balances, deposits and cash 814, ,837 Bank overdrafts (2,849) (6,838) 811, ,999 Keppel Corporation Limited, Page 6 of 18

7 1(d)(i) STATEMENTS OF CHANGES IN EQUITY for the year ended 31 December Group Share Capital Share Premium Account Capital Reserves Revenue Reserves Foreign Exchange Translation Account $ 000 Total As at 1 January As previously reported 382, , , ,678 (20,388) 2,658,297 Effect of adopting SAS (73,745) - (73,745) As restated 382, , , ,933 (20,388) 2,584,552 Deficit on revaluation of investment properties - - (87,961) - - (87,961) Currency translation loss (29,038) (29,038) Losses not recognised in profit & loss account - - (87,961) - (29,038) (116,999) Net profit for the year , ,258 Dividend paid (143,804) - (143,804) Transfer of statutory, capital and other reserves to revenue reserves on disposal of subsidiaries - - 6,010 (4,968) (1,042) - Revaluation deficit realised and transferred to profit & loss account upon disposal of investment property , ,404 Currency translation loss realised and transferred to profit & loss account upon disposal of subsidiaries (772) (772) Other adjustments - - (266) Shares issued 2,038 9, ,338 As at 31 December 384, , ,725 1,055,295 (51,240) 2,717,587 Keppel Corporation Limited, Page 7 of 18

8 STATEMENTS OF CHANGES IN EQUITY for the year ended 31 December (Cont d) Group Share Capital Share Premium Account Capital Reserves Revenue Reserves Foreign Exchange Translation Account $ 000 Total As at 1 January As previously reported 765,618 1,728, , ,303 (62,870) 3,475,440 Effect of adopting SAS (67,843) - (67,843) Effect of adopting SAS 32 (514) (713,451) 5,551 (2,089) - (710,503) Effect of adopting SAS (14,354) - (14,354) Change in accounting policy for revenue recognition from completion method to percentage of completion method (3,807) 102 (3,705) As restated 765,104 1,015, , ,210 (62,768) 2,679,035 Effect of adopting SAS ,189-2,189 Dividend accrued for financial year ,095-75, ,104 1,015, , ,494 (62,768) 2,756,319 Deficit on revaluation of investment properties - - (108,515) - - (108,515) Currency translation gain ,074 25,074 Gains/(losses) not recognised in profit & loss account - - (108,515) - 25,074 (83,441) Net profit for the year , ,690 Dividend paid for financial year (75,123) - (75,123) Transfer of statutory, capital and other reserves to revenue reserves on disposal of subsidiaries - - (116,849) 111,465 5,384 - Revaluation surplus realised and transferred to profit & loss account upon disposal of investment property - - (24,855) - - (24,855) Currency translation loss realised and transferred to profit & loss account upon disposal of subsidiaries ,847 10,847 Other adjustments - - (1,206) 4,184 1,075 4,053 Shares issued Capital distribution (382,867) (382,867) Redemption of RCCPS - (60,737) , As at 31 December 382, , , ,933 (20,388) 2,584,552 Keppel Corporation Limited, Page 8 of 18

9 STATEMENTS OF CHANGES IN EQUITY for the year ended 31 December (Cont d) Company Share Capital Share Premium Account Capital Reserves Revenue Reserves Total As at 1 January 382, , , ,661 2,349,912 Net profit for the year , ,151 Dividend paid (143,804) (143,804) Shares issued 2,038 9, ,338 As at 31 December 384, , ,782 1,165,008 2,754,597 As at 1 January As previously reported 765,618 1,728, , ,701 3,109,078 Effect of adopting SAS 32 (514) (713,451) - - (713,965) As restated 765,104 1,015, , ,701 2,395,113 Dividend accrued for financial year ,095 75, ,104 1,015, , ,796 2,470,208 Net profit for the year , ,765 Dividend paid for financial year (75,123) (75,123) Shares issued Capital distribution (382,867) (382,867) Redemption of RCCPS - (60,737) ,223 - As at 31 December 382, , , ,661 2,349,912 1(d)(ii) SHARE CAPITAL During the financial year, the Company issued 4,077,000 ordinary shares of $0.50 each upon the exercise of options granted under the KCL Share Options Scheme to employees. The share capital of the Company as at the end of the financial year was 769,814,091 ordinary shares of $0.50 each. As at 31 December, there were unexercised options for 14,698,000 of unissued ordinary shares of $0.50 each under the KCL Share Options Scheme. Keppel Corporation Limited, Page 9 of 18

10 2. AUDIT The figures have not been audited nor reviewed by our auditors. 3. AUDITORS' REPORT N.A. 4. ACCOUNTING POLICIES Except as disclosed in paragraph 5 below, the Group has applied the same accounting policies and methods of computation in the financial statements for the current financial year compared with those of the audited financial statements as at 31 December. 5. CHANGES IN THE ACCOUNTING POLICIES With effect from 1 January, the Group changed its accounting policy with respect to the treatment of deferred taxation in order to conform with the new requirements of SAS 12 on Income Taxes, which is effective for financial periods beginning on or after 1 April. In the previous year, taxation expense excluded the tax effects of certain timing differences when there is reasonable evidence that these timing differences will not reverse for some considerable period ahead. Under the revised SAS 12, taxation expense is provided in full, using the liability method on temporary differences arising between the two bases of assets and liabilities and their carrying amounts. The change in accounting policy resulted in a prior year adjustment to retained earnings as at 31 December amounting to $73,745,000. Taxation expenses for the year increased by $6,647,000 (: $10,542,000). As a consequence of this change in accounting policy, the write back of deferred taxation, attributable to the Group due to the reduction of Singapore corporate tax rate from 24.5% to 22% amounted to $20 million instead of the earlier reported $14 million in the first half. 6. EARNINGS PER ORDINARY SHARE G R O U P Earnings per Ordinary Share of the Group for the financial year based on net profit attributable to shareholders:- +/(-)% (i) Based on the weighted average number of shares 46.7 cents 49.5 cents Weighted average number of shares 767,805,000 shares 765,410,000 shares +0.3 (ii) On a fully diluted basis 46.4 cents 49.4 cents Adjusted weighted average number of shares 772,216,000 shares 766,844,000 shares +0.7 Keppel Corporation Limited, Page 10 of 18

11 7. NET ASSET VALUE G R O U P C O M PA N Y +/(-)% +/(-)% Net asset value per Ordinary Share based on issued share capital at the end of the financial year $3.53 $3.38 # +4.4 $3.58 $ # Figures restated. See Note 5 8. REVIEW OF GROUP PERFORMANCE For the year, Group turnover of $5.5 billion was $354 million or 6% lower than that of the previous year which included revenue of Keppel Capital Holdings (KCH) up to August before it was divested. Excluding KCH, Group revenue would have increased by $470 million as all core activities, particularly Offshore & Marine, reported higher revenue. Group pre-tax profit of $511 million before exceptional items was $154 million lower, mainly due to the exclusion of contributions from KCH, partially offset by higher earnings from remaining businesses. Excluding KCH, Group pre-tax profit would have exceeded that in by $166 million. However, at the attributable level before exceptional items, Group profit of $356 million, which included $20 million from the write-back of deferred taxation due to reduction in Singapore tax rate, was $89 million or 33.3% above that of. The improved performance was achieved without KCH as Offshore & Marine doubled its earnings, representing 51% of the Group's earnings. Property also reported increased earnings and Singapore Petroleum Company and Keppel T&T returned to profitability. Exceptional items of $3 million comprised gain from partial divestment of MobileOne, less provision for impairment in value of assets and loss on disposal of Capital Square. 9. VARIANCE FROM PROSPECT STATEMENT When the Company issued its results for the nine months ended 30 September, it stated that "Barring unforeseen circumstances, the Group earnings before exceptional items for the full year are expected to be higher than those in ". The profit before exceptional items for the current year of $356 million is higher than the adjusted profit achieved in of $267 million (previously reported as $273 million). Keppel Corporation Limited, Page 11 of 18

12 10. PROSPECTS For the Group, 2003 will be a challenging year in the face of economic and other uncertainties. However, barring unforeseen circumstances, the Group expects to report increased profitability. Despite uncertainty in some segments of its market, outlook for Offshore & Marine continues to be positive as prospects for new contracts remain at healthy levels. Property is expected to report higher earnings from sale of residential developments locally and overseas, particularly in China. Earnings from Infrastructure are also expected to improve with a full year's contribution from the power generation contract in Brazil and Network Engineering is expected to return to profitability. The Group's efforts on divesting of non-core assets had resulted in the listing of MobileOne on The Singapore Exchange and the sale of Capital Square in the 4 th Quarter of. For 2003, the Group will continue to pursue opportunities to divest other non-core assets which will further free resources to be directed to the growth of core businesses and strengthening its financial position. 11. DIVIDEND/CAPITAL DISTRIBUTION (a) Current Financial Period Reported On Any dividend recommended for the current financial period reported on? Yes Dividend Directors are pleased to recommend a final dividend of 20% or 10 cents per share less tax (: final dividend of 26% or 13 cents and special dividend of 6% or 3 cents per share less tax) in respect of the financial year ended 31 December for approval by shareholders at the next Annual General Meeting to be convened. Together with the interim dividend of 16% or 8 cents per share less tax, total dividend for the current financial year will be 36% or 18 cents per share less tax (: 32% or 16 cents less tax). Name of Dividend Final Dividend Type Cash Dividend Rate 20% Par value of Shares $0.50 Tax Rate 22% or applicable rate Capital Distribution With the successful divestment of certain non-core assets recently, the Directors are also proposing a capital distribution of 12 cents per share without deduction for tax out of the Company's share premium account. The capital distribution is subject to the approvals of shareholders, The Singapore Exchange, the Court and any other regulatory authorities. Keppel Corporation Limited, Page 12 of 18

13 (b) Corresponding Period of the Immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding financial year? Yes Name of Dividend Final Special Total Dividend Type Cash Cash Cash Dividend Rate 26% 6% 32% Par value of Shares $0.50 $0.50 $0.50 Tax Rate 22% 22% 22% (c) DATE PAYABLE To be announced later (d) BOOKS CLOSURE DATE To be announced later 12. N.A. Keppel Corporation Limited, Page 13 of 18

14 13. SEGMENT ANALYSIS BUSINESS SEGMENT Offshore & Marine Infrastructure Property Investments Elimination Total Revenue External sales 1,910, , ,027 2,614,663-5,527,925 Inter-segment sales 8,614 30,799 5,414 48,150 (92,977) - Total 1,919, , , ,813 (92,977) 5,527,925 Results Operating profit 217,066 20, ,464 56,156 2, ,756 Net investment income & interest income 4,419 (5,598) (8,980) (13,267) (2,548) (25,974) Share of results of associated companies 5,679 12,940 9,377 46,322-74,318 Profit before tax & exceptional items 227,164 27, ,861 89, ,100 Exceptional items - (16,667) (72,479) 68,124 - (21,022) Profit before tax 227,164 11,197 94, , ,078 Other Information Segment assets 2,419, ,018 5,714,815 4,493,960 (2,972,887) 10,490,906 Investment in associated companies 48,340 66, , , ,693 Total 2,467, ,647 6,160,494 4,918,005 (2,972,887) 11,475,599 Segment liabilities 1,644, ,782 4,576,224 3,874,180 (2,972,887) 7,603,455 Net assets 823, ,865 1,584,270 1,043,825-3,872,144 Capital expenditure 36,368 63,830 2,998 29, ,842 Depreciation and amortisation 58,666 41,580 17,846 68, ,181 Impairment of assets - - 4,780 68,284-73,064 Impairment of investments ,231-63,231 GEOGRAPHICAL SEGMENT Singapore Far East & Other ASEAN Countries Other Countries Elimination Total External sales 4,446, , ,058-5,527,925 Segment assets 9,053,433 1,615,816 1,262,545 (456,195) 11,475,599 Capital expenditure 30,139 22,298 80, ,842 Keppel Corporation Limited, Page 14 of 18

15 BUSINESS SEGMENT Offshore & Marine Infrastructure Property Investments Financial Services (Keppel Capital Holdings) Elimination Total Revenue External sales 1,517, , ,362 2,763, ,436-5,881,994 Inter-segment sales 8,719-9,072 77,469 12,466 (107,726) - Total 1,525, , ,434 2,840, ,902 (107,726) 5,881,994 Results Operating profit 89,650 80, ,564 (8,739) 311,504 10, ,107 Net investment income & interest income 17,243 (3,356) (24,433) (1,921) 8,177 (10,946) (15,236) Share of results of associated companies 1,874 16,713 8,655 27, ,273 Profit before tax & exceptional items 108,767 93, ,786 17, , ,144 Exceptional items (7,874) (23,568) (494,422) 327, (198,542) Profit before tax 100,893 69,971 (368,636) 344, , ,602 Other Information Segment assets 3,068,121 1,287,037 6,513,622 3,629,666 - (3,924,983) 10,573,463 Investment in associated companies 58,724 57, , , ,146,148 Total 3,126,845 1,345,006 6,979,694 4,193,049 - (3,924,983) 11,719,611 Segment liabilities 1,867, ,605 4,951,469 3,863,155 - (3,924,983) 7,697,088 Net assets 1,259, ,401 2,028, , ,022,523 Capital expenditure 37,365 12,014 96,688 88, ,919 Depreciation and amortisation 58,465 20,165 21,111 78,277 19, ,030 Impairment of assets - 29,695 4,999 27, ,942 Impairment of investments , ,888 GEOGRAPHICAL SEGMENT Singapore Far East & Other ASEAN Countries Other Countries Elimination Total External sales 4,696, , ,922-5,881,994 Segment assets 9,967,728 1,773, ,704 (879,735) 11,719,611 Capital expenditure 191,398 32,569 10, ,919 Keppel Corporation Limited, Page 15 of 18

16 Notes : (a) Business Segment The Group is focused on three key business divisions: Offshore & Marine, Infrastructure and Property. The Investments division consists of the Group's investments in SPC, Logistics, Shipping and MobileOne Ltd which the Company will continue to build value for timely divestment. These four divisions are the basis on which the Group reports its primary segment information. Pricing of inter-segment goods and services is at fair market value. Segment assets and liabilities are those used in the operation of each division. (b) Geographical Segment The Group operates in about 20 countries. Secondary segment information is provided by geographical segment in accordance to the above table. 14. REVIEW OF SEGMENT PERFORMANCE N.A. 15. BREAKDOWN OF SALES (a) Breakdown of Sales G R O U P +/(-)% Sales reported for first half year 2,512,623 3,174, Operating profit after tax and exceptional items before deducting minority interests reported for first half year 225, ,130 # Sales reported for second half year 3,015,302 2,707, Operating profit after tax and exceptional items before deducting minority interests reported for second half year 180,786 18,284 # # Figures restated. See Note 5 Keppel Corporation Limited, Page 16 of 18

17 (b) Interested Person Transactions Name of Interested Person Aggregate value of all interested person transactions during the financial year under review (excluding transactions less than $100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920). Aggregate value of all interested person transactions conducted under shareholders' mandate pursuant to Rule 920 of the SGX Listing Manual.(IPT mandate of listed subsidiaries) Transaction for the Sale of Goods and Services PSA Corporation Group 25, ,002 SembCorp Marine Group - - 5,722 6,171 Neptune Orient Lines Group ,117 19,373 Capital Land Group 11, Singapore Airlines Group 2,797 2, , ,431 Singapore Telecommunications Group (Singtel) ,195 Singapore Power/Power Seraya/ Senoko Power/Tuas Power Group 2, ,487 SembCorp Industries Group 5, ,365 55,839 ST Engineering Group SMRT Corporation Group 1, Transaction for the Purchase of Goods and Services PSA Corporation Group - - 4,812 4,991 SembCorp Marine Group Singapore Telecoms Group Singapore Power/Power Seraya/ Senoko Power/Tuas Power Group 1,413 2, Temasek Holdings Group (other than the above) Total Interested Person Transactions 52,152 6, , ,632 Keppel Corporation Limited, Page 17 of 18

18 16. TOTAL ANNUAL DIVIDEND Total Annual Dividend amounted to Ordinary 108,001 95,848 Preference - - Total 108,001 95,848 BY ORDER OF THE BOARD CAROLINE CHANG Company Secretary 28 January 2003 Keppel Corporation Limited, Page 18 of 18