SIA Engineering (SIAEC) released their 1H FY 2012 results on October 28, 2011; and following that on October 31, 2011, they released a set of presentation slides which were used to present to analysts at the analyst briefing. Since it has been a while since my original purchase of SIAEC, and subsequently I had also added to my initial position on two separate occasions, I thought it timely for me to do an analysis and review of the Company. I shall limit the analysis to the financials, cash flows, associates and joint ventures (JV), dividends as well as some of the qualitative aspects and growth prospects for the Company. This shall be divided into two parts for ease of reading. Part 1 shall focus mainly on the financials and numbers including the year on year comparisons and nine-year history, cash flow categories and presence of free cash flow (FCF), ......