COSCO SHIPPING INTERNATIONAL (SINGAPORE) CO., LTD. COSCO SHIPPING INTERNATIONAL (SINGAPORE) CO., LTD.
Towards
a Brighter
Tomorrow
ANNUAL REPORT 2022
Vision
To become the best-integrated shipping and logistics service provider in South Asia and Southeast Asia.
Mission
To provide customers with professional one-stop shipping and logistics solutions.
Investor Relations Contact
COSCO SHIPPING International (Singapore) Co., Ltd.
Mr Wang Hui
Vice President
Ms Chew Beng Pay
Assistant General Manager, Investor Relations
Tel: (65) 6885 0888
Fax: (65) 6885 0858
Email: enquiry@coscoshipping.com.sg
Contents
OVERVIEW
02 | Corporate Pro le |
03 | Corporate Structure |
04 | Financial Highlights |
KEY MESSAGE | |
08 | Chairman and |
President's Statement |
OPERATIONS AND
FINANCIAL REVIEW
14 | Operations Review |
16 | Financial Review |
CORPORATE GOVERNANCE AND TRANSPARENCY
19 | Corporate Governance |
59 | Additional Information on |
Director Seeking Re-Election | |
67 | Corporate Information |
68 | Board of Directors |
70 | Key Management |
71 | Investor Relations |
72 | Risk Management |
SUSTAINABILITY REPORT
76 | Sustainability Report |
FINANCIAL STATEMENTS | |
144 | Directors' Statement |
151 | Independent Auditor's Report |
157 | Consolidated Statement of |
Pro t or Loss | |
158 | Consolidated Statement of |
Comprehensive Income | |
159 | Balance Sheet - Group |
161 | Balance Sheet - Company |
162 | Consolidated Statement of |
Changes in Equity | |
163 | Consolidated Statement of |
Cash Flows | |
166 | Notes to the Financial Statements |
266 | Five-Year Summary |
267 | Shareholding Statistics |
269 | Notice of Annual General |
Meeting |
Proxy Form
OVERVIEW
CORPORATE PROFILE
COSCO SHIPPING International (Singapore) Co., Ltd. (the "Company") and together with its subsidiaries (the "Group") aims to become one of the leading integrated logistics service providers having signi cant presence in South Asia and Southeast Asia. e Group also embarks in dry bulk shipping, ship repair and marine engineering, as well as property management.
OVERVIEW
CORPORATE STRUCTURE
Cogent Holdings Pte. Ltd. ("Cogent"), a wholly- owned subsidiary acquired in 2018, prides itself with a wide range of clientele ranging from local SMEs to multinational companies. As the owner of one of Singapore's largest one-stop integrated logistics hub, Cogent 1.Logistics Hub, it's core
Company Limited (formerly known as TAN CANG-COSCO-OOCL Logistics Company Limited), a company incorporated in Vietnam providing storage and warehouse services, container station and depot service, maintenance and repair of equipment, and freight transport agency services.
Cogent Holdings | Harington | COSCO SHIPPING | COSCO SHIPPING | PT. Ocean Global | COSCO SHIPPING |
Pte. Ltd. | Property Pte Ltd | Marine Engineeringg | Southeast Asia | Shipping Logisticss | Bulk (Southeast |
100% | 100% | (Singapore) Pte. Ltdd | Container Logistics | 40% | Asia) Pte. Ltd. |
90% | Services Pte. Ltd. | 40% | |||
50% |
businesses comprises of warehousing, container depot, automotive logistics, transportation, and property management in Singapore.
In line with the Company's expansion goals in establishing collaborative relationships amongst logistical operations within the region, Cogent, through its wholly-owned subsidiary, SH Cogent Logistics Pte Ltd, acquired 80% shares in four Malaysian based entities, i.e. Guper Integrated Logistics Sdn. Bhd., Gems Logistics Sdn. Bhd., Dolphin Shipping Agency Sdn. Bhd. and East West Freight Services Sdn. Bhd. in 2020. Subsequently in 2022, Gems Logistics Sdn. Bhd., Dolphin Shipping Agency Sdn. Bhd., and East West Freight Services Sdn. Bhd. became wholly- owned subsidiaries of SH Cogent Logistics Pte Ltd while its shareholdings in Guper Integrated Logistics Sdn. Bhd., was increased to 97.56%. This acquisition diversified the Company's logistics services in Malaysia, which now include container haulage, freight forwarding, forwarding agency services, container depot and warehousing businesses.
e Company has also acquired 40% of PT. Ocean Global Shipping Logistics in 2018, an Indonesian shipping logistics company specializing in logistics services, freight forwarding, ship agency, bunkering, and container depot services.
COSCO SHIPPING Southeast Asia Container Logistics Services Pte. Ltd., a partially owned subsidiary of the Company, owns 30% of SINOVNL
COSCO SHIPPING Bulk (Southeast Asia) Pte. Ltd., an associated company, is involved in dry bulk shipping and is predominantly focused on voyage charter and time charter.
rough COSCO SHIPPING Marine Engineering (Singapore) Pte. Ltd., a subsidiary of the Company, the Company also engages in ship repair and marine engineering activities.
Under property management arm, Cogent has redeveloped and transformed the former Turf Club, a 1 million square foot state-property, into a vibrant lifestyle hub named e Grandstand. Harington Property Pte. Ltd., a wholly-owned subsidiary of the Company, provides property management services.
With a globalized, integrated container service network, our niche "door to door" supply chain solution will inevitably augment customers' global reach and generate business opportunities. e Company will actively expand its logistics networks through strategic acquisitions and investments as it continues to build a regional logistics presence in the South and Southeast Asian region. e Company will also tap on its core competencies to actively strengthen its
diversi ed business portfolio.
e Company is ultimately controlled by China COSCO SHIPPING Corporation Limited ("Parent Company"), a state-owned enterprise established in the People's Republic of China ("PRC").
Cogent Integrated
Supply Chain
Pte. Ltd.
100%
Cogent Automotive Logistics Pte. Ltd. 100%
Cogent Jurong Island
Pte. Ltd. 100%
SH Cogent Logistics Pte Ltd 100%
COSCO
SHIPPING
Engineering Pte.
Ltd.
100%
Cogent Land Capital Pte. Ltd. 100%
Cogent Container Depot Pte. Ltd. 100%
Cogent Tank Depot Pte. Ltd. 100%
SH Cogent
Logistics Sdn.
Bhd.
100%
Gems Logistics Sdn. Bhd. 100%
Dolphin Shipping Agency Sdn. Bhd. 100%
East West Freight Services Sdn. Bhd. 100%
Guper Integrated
Logistics Sdn.
Bhd.
97.56%
SINOVNL Company Limited
30%
Cogent Realty Capital Pte. Ltd. 100%
ANNUAL REPORT 2022 | 3 |
OVERVIEW
OVERVIEW
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
Revenue from Continuing Operations ($'million)
198
186186
164 171
Net Pro t / (Loss) Attributable to Equity Holders from Continuing Operations ($'million)
30 | |||
13 | 7 | 8 | |
(89) | |||
2,239.2
Number of Shares (million)
(3.96)
Basic Loss per Share (cents)
20.9
Net Tangible Assets per Share
(cents)
0.5
Gearing Ratio
(Net of cash)(times)
(16.7)
Return on Equity (%)
2018 | 2019 | 2020 | 2021 | 2022 | ||||
2018 | 2019 | 2020 | 2021 | 2022 | ||||
Net Assets | Revenue by Activities (%) | |||||||
($'million) |
21.8
Net Assets Value per Share
(cents)
(9.5)
Return on Assets (%)
531 | 538 | 545 | 585 | 7.8% | |||||
493 | Property | ||||||||
Management | |||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 10.0% | 82.2% |
Ship Repair | Logistics | |||||
and Marine | ||||||
Engineering |
5-YEAR PROFIT OR LOSS ACCOUNTS ($'million) | 2018 | 2019 | 2020 | 2021 | 2022 |
Revenue | 163.7 | 171.5 | 185.8 | 198.5 | 185.6 |
Total pro t / (loss) | 13.2 | 7.7 | 9.1 | 30.8 | (87.8) |
Pro t / (Loss) attributable to equity holders of the Company | 13.0 | 7.4 | 8.3 | 30.1 | (88.6) |
OTHER KEY STATISTICS | 2018 | 2019 | 2020 | 2021 | 2022 |
Number of Shares (million) | 2,239.2 | 2,239.2 | 2,239.2 | 2,239.2 | 2,239.2 |
Basic Earnings / (loss) per Share (cents) | 0.6 | 0.3 | 0.4 | 1.3 | (4.0) |
Net Tangible Assets per Share (cents) | 17.6 | 18.1 | 18.1 | 20.1 | 20.9 |
Net Assets Value per Share (cents) | 23.7 | 24.0 | 23.9 | 25.6 | 21.8 |
Gearing Ratio (net of cash)(times) | 0.2 | 0.4 | 0.5 | 0.4 | 0.5 |
Return on Equity (%) | 2.5 | 1.4 | 1.6 | 5.4 | (16.7) |
Return on Assets (%) | 1.9 | 0.8 | 0.8 | 2.9 | (9.5) |
4 | COSCO SHIPPING INTERNATIONAL (SINGAPORE) CO., LTD. | ANNUAL REPORT 2022 | 5 |
Enhancing Our
Portfolio for
Strategic Growth
We will remain focused on optimising our diversified portfolio through
strategic investments and acquisitions, empowering us to balance profitability with business agility.
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Disclaimer
Cosco Shipping International (Singapore) Co. Ltd. published this content on 05 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 April 2023 10:45:07 UTC.
