Annual Report

for the year ended 31 March 2013

Annual Report 2013

Operating and Financial Review

Operating and Financial Review Group Five-Year Financial Summary

Operating and Financial Review

Group Five-Year Financial Summary

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Financial Year Ended 31 March
2013 2012 2011 2010 2009
Income Statement (S$ million)
Group operating revenue 18,183 18,825 18,071 16,871 14,934
Singtel 6,732 6,551 6,401 5,995 5,547
Optus 11,451 12,275 11,670 10,876 9,387
Optus (A$ million) 8,934 9,368 9,284 8,949 8,321
Group EBITDA 5,200 5,219 5,119 4,847 4,431
Singtel 2,147 2,128 2,183 2,224 2,110
Optus 3,053 3,091 2,937 2,623 2,321
Optus (A$ million) 2,381 2,357 2,334 2,153 2,067
Share of associates’ pre-tax profits 2,106 2,005 2,141 2,410 2,051
Group EBITDA and share of associates’ pre-tax profits 7,306 7,223 7,260 7,257 6,482
Group EBIT 5,178 5,222 5,291 5,379 4,750
Net profit after tax 3,508 3,989 3,825 3,907 3,448
Underlying net profit (1) 3,611 3,676 3,800 3,910 3,455
Cash Flow (S$ million)
Group free cash flow (2) 3,759 3,462 4,038 3,406 3,245
Singapore 1,491 1,170 1,436 1,290 1,231
Associates’ dividends (net of withholding tax) 900 841 1,084 858 963
Singtel 2,392 2,011 2,520 2,148 2,194
Optus 1,367 1,451 1,519 1,258 1,050
Optus (A$ million) 1,068 1,111 1,206 1,015 967
Capital expenditure 2,059 2,249 2,005 1,923 1,918
Balance Sheet (S$ million)
Total assets 39,984 40,418 39,282 37,952 33,255
Shareholders’ funds 23,965 23,428 24,328 23,493 20,476
Net debt 7,477 7,860 6,023 6,311 6,544
Key Ratios
Proportionate EBITDA from outside Singapore (%) 77 78 76 74 72
Return on invested capital (%) (3) 11.8 12.0 12.5 14.0 12.8
Return on equity (%) 14.8 16.7 16.0 17.8 16.6
Return on total assets (%) 8.7 10.0 9.9 11.0 10.2
Net debt to EBITDA and share of associates’ pre-tax profits (number of times) 1.0 1.1 0.8 0.9 1.0
EBITDA and share of associates’ pre-tax profits to net interest expense (number of times) 24.5 20.7 21.8 23.5 19.9
Per Share Information (S cents)
Earnings per share - basic 22.02 25.04 24.02 24.55 21.67
Earnings per share - underlying net profit(1) 22.66 23.07 23.86 24.56 21.71
Net assets per share 150.42 147.08 152.75 147.55 128.67
Dividend per share - ordinary 16.8 15.8 15.8 14.2 12.5
Dividend per share - special - - 10.0 - -

“Singtel” refers to the Singtel Group excluding Optus.

Notes:

  1. Underlying net profit is defined as net profit before exceptional items and exchange differences on capital reductions of certain overseas subsidiaries, net of hedging, as well as significant exceptional items of associates.
  2. Free cash flow refers to cash flow from operating activities, including dividends from associates, less cash capital expenditure.
  3. Return on invested capital is defined as EBIT (post-tax) divided by average capital. Comparatives have been restated to be on a post-tax basis, consistent with the current year.