FY2019 FY2018
Income Statement (US$ million)*
Revenue 42,641 44,498
EBITDA 3,024 2,937
Profit before tax from continuing operations 1,698 1,612
Net profit – including discontinued operations 1,293 1,125
Earnings per share – fully diluted (US cents) – including discontinued operations * 20.4 17.8
Dividend per share (Singapore cents) 12.5 10.5
Dividend payout ratio on net profit (%)# 45 43
Cash Flow (US$ million)*
Operating cash flows before working capital changes 2,894 1,956
Capital expenditure 1,813 1,325
Working capital changes 1,098 149
Investment in subsidiaries, joint venture and associates 129 417
Balance Sheet (US$ million)+
Shareholders’ funds 16,763 16,046
Total assets 47,049 45,713
Total liabilities 29,172 28,938
Net loans and borrowings 13,219 13,460
Net gearing (x) 0.79 0.84
Net asset value per share (US cents) 264.4 253.6
Net tangible assets per share (US cents) 179.4 182.8

 

As at 31 December 2019

US$’000 Note 2019 2018
Restated*
ASSETS
Non-current assets
Property, plant and equipment 13 11,244,998 9,345,149
Investment properties 13 33,181 21,782
Bearer plants 14 690,640 676,570
Intangible assets 15 5,384,405 4,482,449
Investment in subsidiaries 16
Investment in joint ventures 17 552,001 1,092,207
Investment in associates 17 2,551,179 2,622,953
Investment securities 18 566,654 573,188
Deferred tax assets 19 244,040 330,979
Derivative financial instruments 20 16,585 7,012
Other financial receivables 21 132,017 197,760
Other non-financial assets 21 58,619 72,481
21,474,319 19,422,530
Current assets
Inventories 22 7,960,753 7,911,302
Trade receivables 23 4,251,589 4,349,147
Other financial receivables 21 7,278,153 7,519,130
Other non-financial assets 21 1,383,400 1,467,301
Derivative financial instruments 20 338,981 524,989
Financial assets held for trading 18 315,518 326,164
Other bank deposits 24 1,932,754 1,719,077
Cash and bank balances 24 2,113,139 1,650,478
25,574,287 25,467,588
Assets of disposal group classified as held for sale 16 822,816
25,574,287 26,290,404
TOTAL ASSETS 47,048,606 45,712,934
EQUITY AND LIABILITIES
Current liabilities
Trade payables 25 1,690,698 1,441,729
Other financial payables 26 1,858,588 1,509,637
Other non-financial liabilities 26 590,872 404,201
Derivative financial instruments 20 370,753 321,857
Loans and borrowings 27 18,288,112 17,821,225
Tax payables 196,301 139,746
22,995,324 21,638,395
Liabilities directly associated with disposal group classified as held for sale 16 1,201,904
22,995,324 22,840,299
NET CURRENT ASSETS 2,578,963 3,450,105
Non-current liabilities
Other financial payables 26 258,288 75,851
Other non-financial liabilities 26 178,082 126,329
Derivative financial instruments 20 32,552 32,673
Loans and borrowings 27 5,419,323 5,523,374
Deferred tax liabilities 19 288,919 339,392
6,177,164 6,097,619
TOTAL LIABILITIES 29,172,488 28,937,918
NET ASSETS 17,876,118 16,775,016
Equity attributable to owners of the Company
Share capital 28 8,458,995 8,458,995
Treasury shares 28 (122,579) (153,315)
Retained earnings 10,113,650 9,303,827
Other reserves 29 (1,687,557) (1,563,731)
16,762,509 16,045,776
Non-controlling interests 1,113,609 729,240
TOTAL EQUITY 17,876,118 16,775,016
TOTAL EQUITY AND LIABILITIES 47,048,606 45,712,934

*In accordance with SFRS(I) 3, the Group has restated the prior year’s figures subsequent to the finalisation of purchase price allocation exercise for the acquisition of Shree Renuka Sugars Limited (“SRSL”) and its subsidiaries

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 2019

US$’000 Note 2019 2018
Revenue 4 42,640,519 44,497,706
Cost of sales 5 (38,154,443) (40,107,267)
Gross profit 4,486,076 4,390,439
Other items of income
Net gain/(loss) arising from changes in fair value of biological assets 18,126 (16,322)
Finance income 6 475,820 467,338
Other operating income 7 259,473 197,054
Other items of expense
Selling and distribution expenses (1,899,891) (1,901,352)
Administrative expenses (774,218) (733,048)
Other operating expenses 7 (142,493) (146,535)
Finance costs 8 (892,423) (819,439)
Non-operating items 9 15,013 (136,247)
Share of results of joint ventures 76,642 67,189
Share of results of associates 76,354 243,088
Profit before tax from continuing operations 10 1,698,479 1,612,165
Income tax expense 11 (371,533) (349,793)
Profit from continuing operations, net of tax 1,326,946 1,262,372
Profit/loss from discontinued operations, net of tax 16 43,545 (43,367)
Profit for the year 1,370,491 1,219,005
Attributable to:
Owners of the Company
Profit from continuing operations, net of tax 1,267,992 1,150,253
Profit/loss from discontinued operations, net of tax 25,404 (25,300)
1,293,396 1,124,953
Non-controlling interests
Profit from continuing operations, net of tax 58,954 112,119
Profit/loss from discontinued operations, net of tax 18,141 (18,067)
77,095 94,052
Earnings per share from continuing operations attributable to owners of the Company (US cents per share)
– Basic 12 20.0 18.2
– Diluted 12 20.0 18.2
Earnings per share attributable to owners of the Company (US cents per share)
– Basic 12 20.4 17.8
– Diluted 12 20.4 17.8

*In accordance with SFRS(I) 3, the Group has restated the prior year’s figures subsequent to the finalisation of purchase price allocation exercise for the acquisition of Shree Renuka Sugars Limited (“SRSL”) and its subsidiaries

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.

 

US$’000 2019 2018
*Restated
Cash flows from operating activities
Profit before tax from continuing operations 1,698,479 1,612,165
Profit/(loss) before tax from discontinued operations 43,545 (43,367)
Profit before tax, total 1,742,024 1,568,798
Adjustments for:
Net (gain)/loss arising from changes in fair value of biological assets (18,126) 16,322
Depreciation of bearer plants 58,853 54,349
Depreciation of property, plant and equipment 816,935 776,540
Increase in fair value of investment properties (2,782)
Gain on disposal of investment in associates (2,232) (1,732)
Fair value gain arising from changes of interest in
joint ventures resulting in change of control
(66) (1,144)
Fair value gain arising from changes of interest in associates
resulting in change of control
(907) (125)
Amortisation of intangible assets 2,635 1,378
Loss on disposal of property, plant and equipment 11,689 3,068
Loss on disposal of biological assets 34 49
(Gain)/loss on disposal/liquidation of subsidiaries (96,302) 633
Gain on disposal of investment securities at fair value through profit or loss (2,408) (7,180)
Impairment loss on goodwill 108,208
Grant of share options to employees 10,535 10,864
Net fair value (gain)/loss on derivative financial instruments 178,956 (353,292)
Net fair value loss/(gain) on investment securities at fair value through profit or loss 6,610 79,038
Foreign exchange differences arising from translation (59,795) (288,972)
Investment income from investment securities (45,437) (84,404)
Interest expense 922,669 851,212
Interest income (475,820) (467,338)
Share of results of joint ventures (76,642) (67,189)
Share of results of associates (76,354) (243,088)
Operating cash flows before working capital changes 2,894,069 1,955,995
Changes in working capital:
Decrease in inventories 241,221 449,452
Decrease/(increase) in receivables and other assets 496,566 (134,060)
Increase/(decrease) in payables 360,345 (166,033)
Cash flows generated from operations 3,992,201 2,105,354
Interest paid (861,011) (655,012)
Interest received 453,515 438,218
Income taxes paid (247,154) (387,486)
Net cash flows generated from operating activities 3,337,551 1,501,074
Cash flows from investing activities
Net cash flow on acquisition of subsidiaries (86,995) (236,608)
Decrease/(increase) in plasma investments (1,858) 1,195
Decrease in investment securities at fair value through profit or loss 6,750 36,686
(Increase)/decrease in other non-financial assets (3,901)
Payments for property, plant and equipment (1,741,488) (1,259,343)
Payments for bearer plants (71,415) (66,101)
Decrease/(increase) in investment securities
at fair value through other comprehensive income
(16,300) 20,635
Investment income from investment securities 45,437 84,404
Payments for investment in joint ventures (13,929) (21,977)
Increase in investment in associates (11,728) (157,903)
Payments for intangible assets (312)
Dividends received from joint ventures 46,456 26,899
Dividends received from associates 91,932 109,243
Proceeds from disposal of property, plant and equipment 52,312 63,778
Proceeds from disposal of intangible assets 57
Proceeds from disposal/liquidation/dilution of interest in associates 14,057 15,455
Net cash flow from disposal/liquidation of subsidiaries 422 17,907
Net cash flows used in investing activities (1,686,659) (1,369,574)
Cash flows from financing activities
(Increase)/decrease in net amount due from related parties (26,924) (10,862)
(Increase)/decrease in net amount due from joint ventures (104,254) 67,872
Increase in net amount due from associates (39,846) (53,178)
Increase/decrease in advances from non-controlling shareholders 14,676 (63,233)
Proceeds from loans and borrowings 793,955 818,979
(Increase)/decrease in fixed deposits pledged with financial institutions for

bank facilities

(658,786) 1,993,221
Increase in other financial receivables (102,724) (2,426,308)
(Increase)/decrease in other deposits with maturity more than 3 months (520,183) 238,607
Interest paid (42,295) (36,102)
Payment for acquisition of additional interest in subsidiaries (16,566) (384)
Dividends paid by the Company (461,833) (494,889)
Dividends paid to non-controlling shareholders by subsidiaries (92,900) (37,406)
Proceeds from dilution of interest in a subsidiary 946
Proceeds from reissuance of treasury shares by the Company 31,084 2,909
Proceeds from issue of ordinary shares by subsidiaries to non-controlling shareholders 29,088 28,597
Net cash flows generated from financing activities (1,197,508) 28,769
Net increase in cash and cash equivalents 453,384 160,269
Cash and cash equivalents at the beginning of the financial year 1,595,494 1,435,225
Cash and cash equivalents at the end of the financial year 2,048,878 1,595,494

In accordance with SFRS(I) 3, the Group has restated the prior year’s figures subsequent to the finalisation of purchase price allocation exercise for the acquisition of Shree Renuka Sugars Limited (“SRSL”) and its subsidiaries.

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.