SMRT CORPORATION LTD. 
By 251 North Bridge Road
Singapore 179102
Tel : 65 6331 1000
Fax : 65 6339 4229 www.smrt.com.sg
Date of Issue: 30 April 2012
Embargo Date/Time: 30 April 2012/5.05 pm
SMRT REPORTS NET PROFIT OF $119.9 MILLION FOR FY2012• Net Profit for FY2012 was lower by 25.6%, mainly impacted by high energy costs and goodwill impairment on Bus business
• Board of Directors declares a final dividend of 5.70 cents per share, bringing total
dividend per share to 7.45 cents for the year
GROUP PERFORMANCE HIGHLIGHTS
Financial Highlights for Fourth Quarter and Full Year FY2012 Ended 30 March 20121 | ||||||
4QFY12 | 4QFY11 | % Change | FY2012 | FY2011 | % Change | |
Revenue ($m) | 274.8 | 244.5 | 12.4 | 1,057.2 | 969.7 | 9.0 |
Other Operating Income ($m) | 6.0 | 7.4 | (19.3) | 22.0 | 20.2 | 9.3 |
EBITDA ($m)2 | 73.9 | 70.3 | 5.1 | 300.0 | 314.9 | (4.7) |
Total Operating Expenses ($m) | 263.0 | 210.6 | 24.9 | 930.6 | 794.3 | 17.2 |
Operating Profit ($m) | 17.8 | 41.3 | (57.0) | 148.7 | 195.6 | (24.0) |
Profit Before Tax ($m) | 19.5 | 40.1 | (51.3) | 146.9 | 191.7 | (23.4) |
Profit After Tax ($m) | 13.9 | 34.0 | (59.0) | 119.9 | 161.1 | (25.6) |
Basic Earnings Per Share (cents) | 0.9 | 2.2 | (59.1) | 7.9 | 10.6 | (25.6) |
Economic Value Added ($m) | 21.3 | 20.7 | 2.9 | 92.2 | 110.8 | (16.8) |
As at 31 Mar 12 | As at 31 Mar 11 | % Change | ||||
Net Tangible Assets Per Share3 (cents) | 51.2 | 50.3 | 1.8 | |||
Net Gearing | Net cash | Net cash | N.A. |
Group revenue in FY2012 increased by $87.5 million or 9.0% to
$1,057.2 million due mainly to higher MRT and Bus ridership,
contribution from Circle Line, higher taxi rental revenue,
increase in external fleet maintenance revenue and higher
rental and
advertising revenue.
1 All figures are quoted in Singapore dollars.
2 EBITDA excludes impairment of goodwill.
3 Excludes intangible asset.
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SMRT Corporation Ltd
Group operating profit in FY2012 was $46.9 million lower at
$148.7 million due mainly to higher operating expenses and
impairment of goodwill on Bus operations
Net Profit was lower by $41.2 million or 25.6% at $119.9
million in FY2012 in line with lower operating profits.
Tan Ek Kia, SMRT's Executive Director and Chief Executive
Officer, said: "We faced many challenges in the year in
meeting increased ridership, managing an aging system and in
dealing with major disruptions. We are putting in place
improvements to deliver high service reliability, including
the replacement and renewal of certain assets. The taxi
business saw a turnaround but the Bus business has become
very tough."
The Board of Directors declared a final dividend of 5.70
cents per share tax-exempt, one- tier to be paid on 3 August
2012 if approved at the 13th Annual General
Meeting. This will bring the total dividend to 7.45 cents per
share, equivalent to a dividend of $113.3 million.
OPERATING PERFORMANCE BY BUSINESS (FY2012 AS COMPARED TO FY2011)
Revenue and Operating Profit by Business for Financial Year 2012 Ended 31 March 2012 | ||||||
Revenue | Operating Profit | |||||
S$m | FY2012 | FY2011 | % Increase / (Decrease) | FY2012 | FY2011 | % Increase / (Decrease) |
Train | 569.9 | 527.1 | 8.1 | 91.0 | 113.5 | (19.8) |
LRT | 10.1 | 9.4 | 7.0 | (0.3) | (0.4) | 6.6 |
Bus | 220.4 | 213.1 | 3.5 | (11.6) | (1.7) | (564.4) |
Fare Subtotal | 800.4 | 749.6 | 6.8 | 79.1 | 111.4 | (29.0) |
Taxi | 115.0 | 92.6 | 24.1 | 2.8 | (2.0) | 243.9 |
Rental | 81.5 | 73.6 | 10.8 | 63.0 | 57.0 | 10.5 |
Advertising | 30.9 | 25.4 | 21.8 | 19.2 | 17.2 | 11.5 |
Engineering & Other Services | 29.3 | 28.3 | 3.4 | 5.7 | 12.1 | (52.5) |
Non-fare Subtotal | 256.7 | 219.9 | 16.7 | 90.7 | 84.3 | 7.6 |
Group Elimination/ Investment Holding | 0.1 | 0.2 | (49.5) | 0.6 | (0.1) | (771.1) |
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SMRT Corporation Ltd
Revenue from Train operations increased by $42.8 million or
8.1% to $569.9 million in
FY2012 as a result of higher ridership. Operating profit
declined by $22.5 million or
19.8% due mainly to higher energy costs, staff and related
expenses and higher depreciation. Staff and related expenses
were higher due mainly to increased headcount for the
operation of Circle Line and increased train runs, impact of
salary adjustments and higher CPF contributions. Expenses,
mainly repairs and maintenance and professional fees, arising
from the December 2011 MRT disruptions incurred in
4QFY2012 amounted to $3.0 million.
Revenue from Bus operations increased by $7.4 million to
$220.4 million in FY2012 due mainly to higher ridership.
Operating loss was higher by $9.9 million at $11.6 million in
FY2012 due mainly to higher diesel cost and staff and related
expenses.
Revenue for Engineering and Other Services increased by 3.4% at $29.3 million due mainly to higher revenue from external fleet maintenance partially offset by lower
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SMRT Corporation Ltd
consultancy revenue and lower receipt of payment from
Nakheel. Operating profit decreased 52.5% to $5.7 million in
FY2012 due mainly to lower write-back of allowance for
doubtful trade receivables made for Palm Jumeirah.
Details of the operating metrics are provided in the Annex on
page 6.
OUTLOOK AND PROSPECTS
Group revenue is expected to be higher in 1Q FY2013 and the
next 12 months as compared to the corresponding period last
year due to expected increase in MRT and Bus ridership. With
the opening of the entire Circle Line network, the average
weekday ridership has increased to about 350,000 and we
expect ridership to continue to grow. Revenue for rental
business is expected to grow as a result of increased space
following the opening of more new and refurbished stations in
the network. Advertising revenue is also expected to rise
with the increased spaces and new digital initiatives.
In 1Q FY2013 and the next 12 months, the profitability for
the Group will be impacted by higher repairs and maintenance,
energy, and staff and related costs. Staff and related costs
will increase due mainly to higher headcounts, particularly
in Train and Bus operations, salary adjustments and higher
CPF rates.
The Bus business is expected to remain difficult. Energy
costs are expected to remain high, while staff and related
costs will increase, with insufficient offset from fare
adjustments.
In the current and coming years, there will be more
investments required in Train operations from acquisition of
operating assets and assets renewal. This will have an
impact on the Train business going forward.
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SMRT Corporation Ltd
The Government has implemented a new rail financing framework
starting with the Downtown Line. As our current rail licences
are under a different framework, we are in preliminary
discussion with LTA on the relative merits of the two
frameworks.
- End - Website: www.smrt.com.sg
Enclosures:
1) Audited Financial Statements for the Year ended 31 March 2012
2) Presentation for Analysts and Media Briefing: 4QFY12 and FY2012 Financial
Results
3) Speech by Tan Ek Kia, Executive Director and Chief Executive Officer, and Catherine Lee, Executive Vice President and Chief Financial Officer, SMRT Corporation, Analysts and Media Briefing on Fourth Quarter and FY2012 ended
31 March 2012
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Train operations
Total Ridership ('000)
Average Daily Ridership ('000)
Average No. of Passengers/Car Operated Average Peak Period Passenger Load/Car (No. of passengers)1
Average Fare (cents)
OPERATING METRICS 4QFY12 4QFY11 3QFY12 4Q12 vs 4Q11 (%) 4Q12 vs 3Q12 (%) FY2012 FY2011 FY12 vs FY11 (%)LRT
Total Ridership ('000)
Average Daily Ridership ('000)
Average No. of Passengers/Train Operated
Average Fare (cents)
Buses
Total Ridership ('000)
Average Daily Ridership ('000) Load Factor2 (%)
Average Fare (cents)
Taxis
Holding Fleet (as of end-period)
Rental
Average Lettable Space (sqm)3
No. of Shops/Units as at end-period3
Average Occupancy Rate (%)3
1 An average of estimated maximum half-hour pax load per car during peak hours for selected stations along NSEW lines and CCL.
2 As different vehicle types have different capacities, the average occupancy rate of buses is expressed as load factor.
3 Figures relate to spaces at MRT stations only.
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