FY2018 FY2017
Income Statement (US$ million)*
Revenue 44,498 43,574
EBITDA 2,941 2,615
Profit before tax from continuing operations 1,617 1,563
Net profit – including discontinued operations * 1,128 1196
Earnings per share – fully diluted (US cents) – including discontinued operations * 17.8 18.9
Dividend per share (Singapore cents) 10.6 10.0
Dividend payout ratio on net profit (%)# 43.0 39.5
# FY2018 dividend payout ratio on net profit is estimated based on number of shares outstanding as at the end of the financial year.
* FY2017 figures were restated upon adoption of SFRS (I) 9 Financial Instruments, SFRS (I) 15 Revenue from Contracts with Customers and IFRS Convergence. FY2014 to FY2016 figures are not adjusted.
Cash Flow (US$ million)
Operating cash flows before working capital changes * 1,961 2,513
Capital expenditure 1,325 938
Working capital changes 145 (1,728)
Investment in subsidiaries, joint venture and associates 417 132
* FY2017 figures were restated upon adoption of SFRS (I) 9 Financial Instruments and IFRS Convergence. FY2014 to FY2016 figures are not adjusted.
Balance Sheet (US$ million)*
Shareholders’ funds 1,6049 15,964
Total assets 45,680 40,933
Total liabilities 28,913 23,947
Net loans and borrowings 13,460 12,596
Net gearing (x) 0.84 0.79
Net asset value per share (US cents) 253.7 252.4
Net tangible assets per share (US cents) 182.6 183

 

As at 31 December 2018

US$’000 Note 2018 2017
ASSETS
Non-current assets
Property, plant and equipment 13 9,309,701 8,755,926
Investment properties 13 21,782
Bearer plants 14 676,570 722,197
Intangible assets 15 4,495,085 4,384,910
Investment in subsidiaries 16
Investment in joint ventures 17 1,092,207 1,151,946
Investment in associates 17 2,622,953 2,275,850
Investment securities 18 573,188 568,078
Deferred tax assets 19 330,979 321,463
Derivative financial instruments 20 7,012 5,651
Other financial receivables 21 197,760 112,047
Other non-financial assets 21 72,481 55,108
19,399,718 17,596,804
Current assets
Inventories 22 7,911,302 8,223,606
Trade receivables 23 4,349,147 4,101,058
Other financial receivables 21 7,517,691 5,354,750
Other non-financial assets 21 1,467,301 1,153,055
Derivative financial instruments 20 524,989 368,166
Financial assets held for trading 18 326,164 421,328
Other bank deposits 24 1,719,077 1,502,726
Cash and bank balances 24 1,650,478 1,454,708
25,466,149 22,579,397
Assets of disposal group classified as held for sale 16 814,024
TOTAL ASSETS 45,679,891 40,932,573
EQUITY AND LIABILITIES
Current liabilities
Trade payables 25 1,441,729 1,094,846
Other financial payables 26 1,492,732 1,397,906
Other non-financial liabilities 26 411,577 400,616
Derivative financial instruments 20 321,857 503,797
Loans and borrowings 27 17,821,225 16,130,316
Tax payables 139,746 159,648
21,628,866 19,687,129
Liabilities directly associated with disposal group classified as held for sale 16 1,186,834
22,815,700 19,687,129
NET CURRENT ASSETS 3,464,473 2,892,268
Non-current liabilities
Other financial payables 26 75,851 69,220
Other non-financial liabilities 26 126,329 156,990
Derivative financial instruments 20 32,673 25,199
Loans and borrowings 27 5,523,374 3,696,224
Deferred tax liabilities 19 339,392 312,712
6,097,619 23,947,474
TOTAL LIABILITIES 28,913,319 23,947,474
NET ASSETS 16,766,572 16,985,099
Equity attributable to owners of the Company
Share capital 28 8,458,995 8,458,995
Treasury shares 28 (153,315) (156,209)
Retained earnings 9,306,876 8,673,275
Other reserves 29 (1,563,731) (1,012,469)
16,048,825 15,963,592
Non-controlling interests 717,747 1,021,507
TOTAL EQUITY 16,766,572 16,985,099
TOTAL EQUITY AND LIABILITIES 45,679,891 40,932,573

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Please refer to our Annual Reports for accounting policies and explanatory notes which form an integral part of the financial statements.

For the financial year ended 31 December 2018

US$’000 Note 2018 2017
Revenue 4 44,497,706 43,573,925
Cost of sales 5 (40,102,950) (39,806,502)
Gross profit 4,394,756 3,767,423
Other items of income
Finance income 6 467,338 254,239
Other operating income 7 197,054 262,931
Other items of expense
Net loss arising from changes in fair value of biological assets (16,322) (10,028)
Selling and distribution expenses (1,901,352) (1,814,478)
Administrative expenses (732,139) (699,678)
Other operating expenses 7 (146,535) (112,842)
Finance costs 8 (819,439) (507,403)
Non-operating items 9 136,247 194,041
Share of results of joint ventures 67,189 34,809
Share of results of associates 243,088 193,512
Profit before tax from continuing operations 10 1,617,391 1,562,526
Income tax expense 11 (349,793) (282,083)
Profit from continuing operations, net of tax 1,267,598 1,280,443
Loss from discontinued operations, net of tax 16 (43,367)
Profit for the year 1,224,231 1,280,443
Attributable to:
Owners of the Company
Profit from continuing operations, net of tax 1,153,302 1,195,668
Loss from discontinued operations, net of tax (25,300)
1,128,002 1,195,668
Non-controlling interests 114,296 84,775
Profit from continuing operations, net of tax (18,067)
Loss from discontinued operations, net of tax 96,229 84,775
Earnings per share from continuing operations attributable to

 owners of the Company (US cents per share)

– Basic 12 18.2 18.9
– Diluted 12 18.2 18.9
Earnings per share attributable to owners of the Company

 (US cents per share)

– Basic 12 17.8 18.9
– Diluted 12 17.8 18.9

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Please refer to our Annual Reports for accounting policies and explanatory notes which form an integral part of the financial statements.

For the financial year ended 31 December 2018

US$’000 2018 2017
Cash flows from operating activities
Profit before tax from continuing operations 1,617,391 1,562,526
Loss before tax from discontinued operations (42,818)
Profit before tax, total 1,574,573 1,562,526
Adjustments for:
Net loss arising from changes in fair value of biological assets 16,322 10,028
Depreciation of bearer plants 54,349 50,386
Depreciation and impairment loss of property, plant and equipment 775,631 723,339
Loss on disposal of investment in a joint venture 335
Gain on disposal/liquidation/dilution of interest in associates (1,732) (10,196)
Fair value gain arising from changes of interest in

joint ventures resulting in change of control

(1,144) (638)
Fair value gain arising from changes of interest in an associate

resulting in change of control

(125)
Amortisation of intangible assets 1,378 1,226
Gain on bargain purchase on business combination (2,210)
Loss on disposal of property, plant and equipment 3,068 9,283
Loss on disposal of bearer plants 49 4,970
Loss on disposal/liquidation of subsidiaries 633 1,169
Gain on disposal of investment securities at fair value through other

comprehensive income

(39)
Gain on disposal of investment securities at fair value through profit or loss (7,180) (3,497)
Impairment loss on goodwill 108,208
Grant of share options to employees 10,864 9,163
Net fair value (gain)/loss on derivative financial instruments (353,292) 233,039
Net fair value loss/(gain) on investment securities at fair value through profit or loss 79,038 (131,269)
Foreign exchange differences arising from translation (288,972) 88,870
Dividend income from investment securities at fair value through profit or loss (18,230) (23,699)
Investment income from investment securities at fair value through

other comprehensive income

(66,174) (59,339)
Interest expense 851,212 531,901
Interest income (467,338) (254,239)
Share of results of joint ventures (67,189) (34,809)
Share of results of associates (243,088) (193,512)
Operating cash flows before working capital changes 1,960,861 2,512,788
Changes in working capital:
Decrease/(increase) in inventories 445,135 (1,202,797)
Increase in receivables and other assets (134,060) (31,737)
Decrease in payables (166,033) (493,696)
Cash flows generated from operations 2,105,903 784,558
Interest paid (655,012) (401,304)
Interest received 438,218 205,836
Income taxes paid (388,035) (285,756)
Net cash flows generated from operating activities 1,501,074 303,334
Cash flows from investing activities
Net cash flow on acquisition of subsidiaries (236,608) (3,049)
Decrease/(increase) in plasma investments 1,195 (2,355)
Decrease in investment securities at fair value through profit or loss 36,686 12,901
(Increase)/decrease in other non-financial assets (3,901) 3,846
Payments for property, plant and equipment (1,259,343) (879,416)
Payments for bearer plants (66,101) (58,502)
Decrease/(increase) in investment securities 20,635 (47,739)
Dividend income from investment securities at fair value through

profit or loss

18,230 23,699
Investment income from investment securities at fair value through

other comprehensive income

66,174 59,339
Payments for investment in joint ventures (21,977) (78,580)
Increase in investment in associates (157,903) (10,220)
Payments for intangible assets (2,503)
Dividends received from joint ventures 26,899 9,055
Dividends received from associates 109,243 47,119
Proceeds from disposal of property, plant and equipment 63,778 27,136
Proceeds from disposal of intangible assets 57
Proceeds from disposal of interest in a joint venture 3,841
Proceeds from disposal/liquidation/dilution of interest in associates 15,455 42,843
Net cash flow from disposal/liquidation of subsidiaries 17,907 (971)
Net cash flows used in investing activities (1,369,574) (853,556)
Cash flows from financing activities
(Increase)/decrease in net amount due from related parties (10,862) 640
Decrease in net amount due from joint ventures 67,872 26,463
Increase in net amount due from associates (53,178) (11,903)
Decrease in advances from non-controlling shareholders (63,233) (11,452)
Proceeds from loans and borrowings 818,979 3,166,548
Decrease in fixed deposits pledged with financial institutions for

bank facilities

1,993,221 46,303
Increase in other financial receivables (2,426,308) (2,820,538)
Decrease in other deposits with maturity more than 3 months 238,607 906,068
Interest paid (36,102) (27,560)
Payment for acquisition of additional interest in subsidiaries (384) (39,789)
Dividends paid by the Company (494,889) (319,532)
Dividends paid to non-controlling shareholders by subsidiaries (37,406) (31,757)
Proceeds from dilution of interest in a subsidiary 946
Proceeds from reissuance of treasury shares by the Company 2,909 21,622
Proceeds from issue of ordinary shares by subsidiaries to non-controlling shareholders 28,597 12,610
Net cash flows generated from financing activities 28,769 917,723
Net increase in cash and cash equivalents 160,269 367,501
Cash and cash equivalents at the beginning of the financial year 1,435,225 1,067,724
Cash and cash equivalents at the end of the financial year 1,595,494 1,435,225

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Please refer to our Annual Reports for accounting policies and explanatory notes which form an integral part of the financial statements.