Full Year Financial Statement And Dividend Announcement

Transcription

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2 KEPPEL TELECOMMUNICATIONS & TRANSPORTATION LTD (Co Reg No: G) Full Year Financial Statement And Dividend Announcement 1 UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006 The Directors of Keppel Telecommunications & Transportation Ltd advise the following unaudited results of the Group for the year ended 31 December (a) CONSOLIDATED PROFIT AND LOSS ACCOUNTS for the year ended 31 December 2006 Group $ 000 $ 000 +/(-)% TURNOVER 93, ,444 (14.2) Less operating expenses (81,284) (93,988) (13.5) OPERATING PROFIT 11,732 14,456 (18.8) Interest income 2,551 3,339 (23.6) Interest expense (5,423) (4,380) 23.8 Share of results of associated companies and jointly controlled entity 45,962 37, PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS 54,822 50, Exceptional items 19 (1,581) n.m. PROFIT BEFORE TAXATION 54,841 49, Taxation (7,243) (6,566) 10.3 PROFIT FOR THE YEAR 47,598 42, Attributable to: Shareholders of the Company Profit before exceptional items 42,193 40, Exceptional items 1,105 (1,564) n.m. 43,298 38, Minority interests 4,300 3, ,598 42, Earnings per share Before exceptional items - basic 7.7 cts 7.4 cts diluted 7.7 cts 7.4 cts 4.1 After exceptional items - basic 7.9 cts 7.1 cts diluted 7.9 cts 7.1 cts 11.3 n.m. not meaningful Keppel Telecommunications & Transportation Ltd, Page 1 of 18

3 Notes to Group Profit and Loss Accounts (i) Operating expenses comprise the following: 2006 $ 000 Group 2005 $ 000 +/(-) % Purchase of goods and services 20,935 35,738 (41.4) Staff costs 31,001 28, Defined contribution pension plans 2,582 2, Depreciation of fixed assets 6,724 7,235 (7.1) Other operating expenses 20,042 20,213 (0.8) 81,284 93,988 (13.5) (ii) Operating profit is arrived at after charging/(crediting) the following: 2006 $ 000 Group 2005 $ 000 +/(-) % Share-based payment expenses Provision/(writeback of) for doubtful debts and bad debts written off 622 (601) n.m. Writeback of provision for stock obsolescence (395) (398) (0.8) Foreign exchange loss (Profit)/loss on disposal of fixed assets (26) 11 n.m. Fair value (gain)/loss on forward contract (676) 413 n.m. Profit on disposal of investment - (16) n.m. n.m. not meaningful (iii) Taxation in 2006 included an over-provision of taxation of $1,117,000 (2005: $649,000) in respect of prior years and recognition of tax assets under the Group Relief System of $6,396,000 (2005: $5,453,000). Keppel Telecommunications & Transportation Ltd, Page 2 of 18

4 (iv) Exceptional items consist of: Group $ 000 $ 000 Gain on disposal of subsidiaries, associated companies and other investments 3,208 1,170 Provision for impairment in value of investments and equity advances (1,820) (1,213) Provision for impairment in value of assets - (1,300) Staff compensation and restructuring of operations (1,598) (238) Profit on disposal of properties (1,581) Minority share of exceptional items 1, ,105 (1,564) (v) There was no extraordinary item during the year. Keppel Telecommunications & Transportation Ltd, Page 3 of 18

5 1(b)(i) BALANCE SHEETS as at 31 December 2006 Group Company $ 000 $ 000 $ 000 $ 000 SHARE CAPITAL 70,006 54,822 70,006 54,822 RESERVES 157, , ,213 84,726 SHARE CAPITAL AND RESERVES 227, , , ,548 MINORITY INTERESTS 32,371 32, CAPITAL EMPLOYED 259, , , ,548 Represented by: FIXED ASSETS 125, , INVESTMENTS Subsidiaries ,479 96,166 Associated companies and jointly controlled entity 186, ,550 6,673 6,673 Others 19,806 23, , ,831 85, ,839 LONG-TERM RECEIVABLES 26 5, CURRENT ASSETS Stocks and work-in-progress 3,130 5, Debtors 54,086 89,478 1, Amounts owing by holding and related companies ,520 1,102 Amounts owing by associated companies 4,016 2, Fixed deposits 69,015 64,683 21,955 36,828 Bank balances and cash 7,949 11, , ,774 88,270 38,091 LESS: CURRENT LIABILITIES Creditors 50,510 66, Amounts owing to holding and related companies Amounts owing to associated companies Short-term borrowings 55,623 80, Taxation 1,405 3, , ,425 1,203 1,382 NET CURRENT ASSETS 30,340 22,349 87,067 36,709 NON-CURRENT LIABILITIES Long-term borrowings 101,500 61, Deferred taxation ,384 62, NET ASSETS 259, , , ,548 Keppel Telecommunications & Transportation Ltd, Page 4 of 18

6 1(b)(ii) GROUP'S BORROWINGS AND DEBT SECURITIES Amount repayable in one year or less, or on demand As at 31 Dec 2006 As at 31 Dec 2005 Secured Unsecured Secured Unsecured - 55,623-80,613 Amount repayable after one year As at 31 Dec 2006 As at 31 Dec 2005 Secured Unsecured Secured Unsecured - 101,500-61,250 Details of any collateral Not applicable 1(b)(iii) BALANCE SHEET ANALYSIS Investments in associated companies and jointly controlled entity increased by $65.7 million from $120.6 million as at 31 December 2005 to $186.3 million as at 31 December The increase was due mainly to the acquisition of additional shares in MobileOne and acquisition of a 35% equity interest in Wuhu Annto Logistics Company Ltd, China. Current assets of the Group decreased by $35.1 million from $173.8 million as at 31 December 2005 to $138.7 million as at 31 December 2006 mainly due to lower debtors. The decrease in debtors resulted from payments received from a key customer. Current liabilities of the Group decreased from $151.4 million as at 31 December 2005 to $108.4 million as at 31 December This was mainly due to lower creditors and repayment of shortterm borrowings. Non-current liabilities of the Group increased by $40.3 million from $62.1 million as at 31 December 2005 to $102.4 million as at 31 December 2006 due to higher long-term borrowings. Total borrowings increased $15.3 million over the previous year. Keppel Telecommunications & Transportation Ltd, Page 5 of 18

7 1(c) CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 December $ 000 $ 000 CASH FLOWS FROM OPERATING ACTIVITIES Operating profit 11,732 14,456 Adjustments for non-cash items: Depreciation of fixed assets 6,724 7,235 Gain on sale of fixed assets and investment (26) (5) Share-based payment expense Fair value (gain)/loss on financial instrument (676) 413 Gain on dilution of associated companies (803) (688) Translation of foreign companies (2,040) 3,102 Operating profit before working capital changes 15,670 24,780 Working capital changes: Stocks 1,975 3,416 Debtors 40,667 (4,504) Creditors (13,703) (10,878) Cash from operations 44,609 12,814 Interest received 2,232 3,132 Interest paid (5,688) (4,328) Income taxes paid (2,968) (2,109) Proceeds from tax losses transferred under group relief system ,777 Staff compensation and restructuring expenses (134) (333) NET CASH FROM OPERATING ACTIVITIES 38,676 30,953 CASH FLOWS FROM INVESTING ACTIVITIES Investment in associated companies (71,140) - Purchase of other investments (403) (6,143) Proceeds from disposal of other investments 3,570 2,692 Return of capital from other investments 1,013 - Acquisition of fixed assets (3,428) (3,371) Proceeds from sale of fixed assets 2,605 2,021 Dividends received from investments 40,372 18,812 NET CASH (USED IN)/FROM INVESTING ACTIVITIES (27,411) 14,011 CASH FLOWS FROM FINANCING ACTIVITIES Net proceeds from share issues 1,446 2,342 Repayment of short-term loans (24,990) (83,603) Proceeds from long-term loans 40,250 61,250 Funds to holding and related companies (128) (474) Funds (to)/from associated companies (1,758) 1,504 Return of capital to shareholders of the company - (54,792) Dividends paid to shareholders of the company (21,966) (19,107) Dividends paid to minority shareholders of subsidiaries (3,165) (1,496) NET CASH USED IN FINANCING ACTIVITIES (10,311) (94,376) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 954 (49,412) Cash and cash equivalents as at 1 January 76, ,422 Cash and cash equivalents as at 31 December (Note A) 76,964 76,010 Keppel Telecommunications & Transportation Ltd, Page 6 of 18

8 Notes to Consolidated Cash Flow Statement A. Cash and Cash Equivalents Cash and cash equivalents consist of fixed deposits, bank balances and cash. Cash and cash equivalents in the consolidated cash flow statement comprise the following balance sheet amounts: $ 000 $ 000 Fixed deposits 69,015 64,683 Bank balances and cash 7,949 11,327 76,964 76,010 1(c)(i) Cashflow Analysis The Group s net cash operating activities increased $7.7 million from $31 million in 2005 to $38.7 million in The increase was due mainly to improvement in working capital changes as a result of payment received from a key customer. However, this was reduced by lower proceeds from tax losses transferred under the group relief system. The Group s net cash used in investing activities amounted to $27.4 million compared to $14 million generated in 2005 largely due to new investment in associated company, Wuhu Annto Logistics in China and additional shares acquired in MobileOne. Dividends received from investments during the year increased to $40.4 million as it included a special dividend of $16.9 million paid by MobileOne. The Group s net cash used in financing activities was $10.3 million compared to $94.4 million in The decrease was mainly due to lower repayment of short-term loans in 2006 and a capital distribution to shareholders of $54.8 million in Keppel Telecommunications & Transportation Ltd, Page 7 of 18

9 1(d)(i) STATEMENTS OF CHANGES IN EQUITY for the year ended 31 December 2006 Revenue Foreign Reserves/ Currency Share Share Share Capital (Accumulated Translation Capital & Minority Capital Capital Premium Reserves Losses) Reserves Reserves Interests Employed $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 The Group Balance at 1 January ,822 13,738 15, ,158 (2,085) 210,151 32, ,552 Issue of shares 1, ,446-1,446 Transfer of share premium reserve to share capital account (Note 1) 13,850 (13,850) Cost of share-based payment Net fair value changes on available-for-sale financial assets Net fair value changes on cash flow hedge Transfer to profit and loss account - - (874) - (751) (1,625) - (1,625) Transfer to capital reserves (373) Profit for the year ,298-43,298 4,300 47,598 Dividend paid for (21,966) - (21,966) - (21,966) Exchange differences arising on consolidation (5,612) (5,612) (1,165) (6,777) Dividend paid to minority shareholders (3,165) (3,165) Balance at 31 December ,006-16, ,117 (8,448) 227,337 32, ,708 Keppel Telecommunications & Transportation Ltd, Page 8 of 18

10 Revenue Foreign Reserves/ Currency Share Share Share Capital (Accumulated Translation Capital & Minority Capital Capital Premium Reserves Losses) Reserves Reserves Interests Employed $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 The Group Balance at 1 January As stated previously 109, ,641 12,856 (92,916) (7,721) 228,012 29, ,349 - Effect of adopting FRS (395) - (109) (10) (119) - Adjustment for equity accounting of an associated company , ,721-8,721 Restated as at 1 January , ,641 13,142 (85,066) (7,245) 236,624 29, ,951 - Effect of adopting FRS ,456 (1,025) , ,641 14,598 (86,091) (7,245) 237,055 29, ,417 Issue of shares 462 1, ,342-2,342 Capital reduction (54,792) (194,783) - 194,783 - (54,792) - (54,792) Cost of share-based payment Net fair value changes on available-for-sale financial assets Net fair value changes on cash flow hedge - - 1, ,140-1,140 Transfer to profit and loss account - - (1,104) (356) - (356) Transfer to capital reserves (389) Profit for the year ,962-38,962 3,544 42,506 Dividend paid for (19,107) - (19,107) - (19,107) Exchange differences arising on consolidation ,412 4, ,403 Dividend paid to minority shareholders (1,496) (1,496) Balance at 31 December ,822 13,738 15, ,158 (2,085) 210,151 32, ,552 Keppel Telecommunications & Transportation Ltd, Page 9 of 18

11 Revenue Reserves/ Share Share Capital (Accumulated Capital Premium Reserves Losses) Total $ 000 $ 000 $ 000 $ 000 $ 000 The Company Balance at 1 January ,822 13,738 9,485 61, ,548 Issue of shares 1, ,446 Transfer of share premium reserve to share capital account (Note 1) 13,850 (13,850) Cost of share-based payment Profit for the year ,867 52,867 Dividend paid for (21,966) (21,966) Balance at 31 December ,006-9,809 92, ,219 Balance at 1 January As stated previously 109, ,641 9,025 (180,759) 144,059 - Effect of adopting FRS Restated as at 1 January , ,641 9,217 (180,759) 144,251 Issue of shares 462 1, ,342 Capital reduction (54,792) (194,783) - 194,783 (54,792) Cost of share-based payment Profit for the year ,586 66,586 Dividend paid for (19,107) (19,107) Balance at 31 December ,822 13,738 9,485 61, ,548 Note 1: With effect from 30 January 2006, the concepts of par value and authorised capital were abolished under the Companies (Amendment) Act 2005 and the amount standing to the credit of the Company s share premium account as at 30 January 2006 became part of the Company s share capital as at that date. 1(d)(ii) SHARE CAPITAL During the financial year, the Company issued 1,395,000 ordinary shares upon the exercise of share options granted under the Company s Share Option Scheme. The share capital of the Company as at the end of the financial year was 549,619,537 shares. As at 31 December 2006, there were unexercised options for 2,702,000 (31 December 2005: 3,568,000) unissued shares under the Company s Share Option Scheme. 2. AUDIT The figures have not been audited or reviewed by our auditors. 3. AUDITORS' REPORT Not applicable Keppel Telecommunications & Transportation Ltd, Page 10 of 18

12 4. ACCOUNTING POLICIES 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 CHANGES IN ACCOUNTING POLICIES There are no changes in accounting policies. 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 (cents) Weighted average number of shares ( 000) 549, , (ii) On a fully diluted basis (cents) Adjusted weighted average number of shares ( 000) 549, , NET ASSET VALUE G R O U P C O M P A N Y /(-)% /(-)% Net asset value per ordinary share based on issued share capital at the end of the financial year ($) Keppel Telecommunications & Transportation Ltd, Page 11 of 18

13 8. REVIEW OF GROUP PERFORMANCE The Group performed satisfactorily in 2006, with an 8% improvement in profit before tax and exceptional items and 12% improvement in profit for the year. Group turnover fell 14% in This is mainly attributable to Network Engineering Division not securing any major contracts after completion of its multi-year project in Malaysia. On the logistics front, turnover in Singapore improved on the back of better occupancy while turnover was marginally lower in Foshan due to competitive pricing for its services. Group profit before tax and exceptional items improved 8% to $54.8 million, bolstered by significantly higher contributions from associated companies. The Group s share of profits from associated companies rose 23% from $37.2 million to $46 million. MobileOne remained the major contributor to the Group with a pre-tax contribution of $32.5 million. This is an increase of 15% over the previous year. During the year, the Group increased its effective equity holding in the company by 3% to 17%. The Logistics Division also began equity accounting for its 35% stake in Wuhu Annto Logistics following the acquisition in September After accounting for taxation and minority interests, profit attributable to shareholders rose 11% to $43.3 million. In the opinion of the Directors, no factors have arisen between the end of the financial year and the date of this report which would materially affect the results of the Group and of the Company for the year just ended. 9. VARIANCE FROM PROSPECTS STATEMENT There is no variance from the previous statement. 10. PROSPECTS With most of the network infrastructure reaching a mature phase in the developed countries, Network Engineering Division will continue to look for project management and engineering services in emerging markets. In Geographical Information Systems (GIS) services, it will continue to focus on selective customers in Europe and the US. The Division will also participate in the growth in WiFi space through icell. The local logistics market is expected to face keen competition. In response, the Logistics Division will continue to focus on tight cost management and productivity improvement. In Foshan, port operation is operating at full capacity. Management is seeking to lease additional land in order to achieve higher throughput. The 35% stake in Wuhu Annto Logistics will also put the Group in good stead to tap the strong growth in land transportation and warehousing needs in China. The Group will also continue to look for suitable acquisitions to grow its business in new markets in Keppel Telecommunications & Transportation Ltd, Page 12 of 18

14 11. DIVIDENDS (a) Current Financial Period Reported On Any dividend recommended for the current financial period reported on? Yes Directors are pleased to recommend a first and final dividend of 5.5 cents per share tax exempt (2005: 4.0 cents) in respect of the financial year ended 31 December 2006 for approval by shareholders at the next Annual General Meeting to be convened. Name of Dividend Dividend Type Final Cash Dividends per share (cents) 5.5 Tax rate Tax-exempt (one-tier) (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 Dividend Type Final Cash Dividends per share (cents) 4.0 Tax rate Tax-exempt (one-tier) (c) Date Payable The proposed first and final dividend if approved at the Annual General Meeting, tentatively scheduled to be held on 25 April 2007, will be paid on 16 May (d) Books Closure Date The Transfer Books and the Register of Members of the Company will be closed on 5 May 2007 for the preparation of dividend warrants. Duly completed transfers received by the Company s Registrar, Lim Associates (Pte) Ltd, at 3 Church Street #08-01 Samsung Hub, Singapore , up to the close of business at 5.00p.m. on 4 May 2007 will be registered to determine shareholders entitlement to the proposed first and final dividend. Keppel Telecommunications & Transportation Ltd, Page 13 of 18

15 12. SEGMENT ANALYSIS 2006 Business Segments Network Adjustments/ Consolidated Engineering Logistics Investments Eliminations Total $ 000 $ 000 $ 000 $ 000 $ 000 Sales to third parties 30,484 61,099 1,433-93,016 Inter-segment sales 5,822 4,722 - (10,544) - Consolidated sales 36,306 65,821 1,433 (10,544) 93,016 Operating profit/(loss) 5,737 8,556 (2,561) 11,732 Interest income 1, ,551 Interest expense (189) (1,213) (4,021) (5,423) Share of results of associated companies and jointly controlled entity 3,470 7,396 35,096 45,962 Profit before tax and exceptional items 10,122 15,206 29,494 54,822 Exceptional items (2,753) (640) 3, Profit before taxation 7,369 14,566 32,906 54,841 Taxation (1,587) (1,741) (3,915) (7,243) Profit for the year 5,782 12,825 28,991 47,598 Attributable to: Shareholders of the Company Profit before exceptional items 4,561 11,986 25,646 42,193 Exceptional items (1,667) (640) 3,412 1,105 2,894 11,346 29,058 43,298 Minority interests 2,888 1,479 (67) 4,300 5,782 12,825 28,991 47,598 Other Information Segment assets 70, , ,334 (55,672) 284,241 Investment in associated companies and jointly controlled entity 28,928 32, , ,251 Total 99, , ,184 (55,672) 470,492 Segment liabilities 64, ,553 99,495 (55,672) 208,495 Tax provision and deferred taxation ,257-2,289 Total 64, , ,752 (55,672) 210,784 Net assets 34,904 95, , ,708 Capital expenditure 385 2, ,428 Depreciation 823 5, ,724 Impairment losses Keppel Telecommunications & Transportation Ltd, Page 14 of 18

16 By Geographical Location Far East and ASEAN other than Consolidated Singapore Singapore Others Total $ 000 $ 000 $ 000 $ 000 Sales to third parties 48,658 38,541 5,817 93,016 Total assets 292, ,305 10, ,492 Capital expenditure 2,159 1, , Business Segments Network Adjustments/ Consolidated Engineering Logistics Investments Eliminations Total $ 000 $ 000 $ 000 $ 000 $ 000 Sales to third parties 47,193 60,076 1, ,444 Inter-segment sales 7,592 5,294 - (12,886) - Consolidated sales 54,785 65,370 1,175 (12,886) 108,444 Operating profit 7,189 7, ,456 Interest income 1, ,022 3,339 Interest expense (550) (870) (2,960) (4,380) Share of results of associated companies and jointly controlled entity 1,969 6,253 29,016 37,238 Profit before tax and exceptional items 9,705 12,801 28,147 50,653 Exceptional items (689) (35) (857) (1,581) Profit before taxation 9,016 12,766 27,290 49,072 Taxation (2,397) (1,555) (2,614) (6,566) Profit for the year 6,619 11,211 24,676 42,506 Attributable to: Shareholders of the Company Profit before exceptional items 4,851 10,136 25,539 40,526 Exceptional items (689) (18) (857) (1,564) 4,162 10,118 24,682 38,962 Minority interests 2,457 1,093 (6) 3,544 6,619 11,211 24,676 42,506 Keppel Telecommunications & Transportation Ltd, Page 15 of 18

17 Network Adjustments/ Consolidated Engineering Logistics Investments Eliminations Total $ 000 $ 000 $ 000 $ 000 $ 000 Other Information Segment assets 109, ,361 87,915 (25,589) 335,521 Investment in associated companies and jointly controlled entity 27,309 19,519 73, ,550 Total 137, , ,637 (25,589) 456,071 Segment liabilities 102,312 49,241 83,566 (25,589) 209,530 Net tax provision and deferred taxation 1, ,617-3,989 Total 104,106 49,819 85,183 (25,589) 213,519 Net assets 33, ,061 76, ,552 Capital expenditure 676 2, ,379 Depreciation 1,097 5, ,235 Impairment losses - - 1,300 1,300 By Geographical Location Far East and ASEAN other than Consolidated Singapore Singapore Others Total $ 000 $ 000 $ 000 $ 000 Sales to third parties 45,778 57,027 5, ,444 Total assets 249, ,137 9, ,071 Capital expenditure 789 2, ,379 Notes: (a) (b) (c) (d) Pricing of inter-segment sales is at fair market value. Net assets employed by segments are those identifiable assets less liabilities that are used in the operation of each segment as at the end of the financial year. Share of associated companies results and investments in associated companies are included in the results and net assets employed in the appropriate segments. Analysis by geographical location is based on the locations in which the Group s activities are carried out. Keppel Telecommunications & Transportation Ltd, Page 16 of 18

18 13. REVIEW OF SEGMENT PERFORMANCE Network Engineering Services Division recorded a lower turnover of $30.5 million in the year as no major projects were secured after the completion of the multi-contract in Malaysia. Despite the lower revenues, pre-tax profit from Network Engineering improved from $9.7 million to $10.1 million in 2006 mainly due to final invoicing on project completion. The Logistics Division s Singapore operations had higher turnover due to improved warehouse occupancy, but this was offset by lower turnover in Foshan due to keen price competition. However, with tight cost control and productivity improvement, the Division turned in improved pretax profits for the year. The Division s pre-tax profit rose 19% to $15.2 million. Profits from Asia Airfreight Terminal and Wuhu Annto Logistics also contributed to the improved performance. In 2006, the Investment Division improved 5% to $29.5 million mainly due to the significant contribution from MobileOne. The Group acquired an additional 3% equity interest in the Company during the year. 14. BREAKDOWN OF SALES 2006 G R O U P /(-) % First Half Sales reported for first half year 47,227 53,388 (11.5) Operating profit after tax before deducting minority interests reported for first half year 21,243 20, Second Half Sales reported for second half year 45,789 55,056 (16.8) Operating profit after tax before deducting minority interests reported for second half year 26,355 22, Keppel Telecommunications & Transportation Ltd, Page 17 of 18

19 15. 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 $ 000 General Transactions CapitaLand Limited Singapore Telecommunications Limited - - 1,871 2,236 Singapore Power Limited Temasek Holdings Group others Treasury Transactions Keppel Corporation Limited ,184 59,744 Management Services Keppel Corporation Limited ,555 63, TOTAL ANNUAL DIVIDEND Total Annual Dividend amounted to: 2006 $ $ 000 Ordinary 30,229 21,966 Preference - - Total 30,229 21,966 BY ORDER OF THE BOARD CAROLINE CHANG Company Secretary 23 January 2007 Keppel Telecommunications & Transportation Ltd, Page 18 of 18