FY2017 FY2016
Income Statement (US$ million)*    
Revenue 43,846 41,402
EBITDA 2,578 2,244
Profit before tax 1,598 1,300
Net profit 1,219 972
Earnings per share – fully diluted (US cents) 19.3 15.4
     
Dividends per share (Singapore cents) 10.0 6.5
Dividend payout ratio on net profit (%)# 39.0 30.0
     
Cash Flow (US$ million)    
Operating cash flows before working capital changes 2,596 2,020
Capital expenditure 938 777
     
Working capital changes (1,728) (523)
Investment in subsidiaries, joint ventures and associates 132 145
     
Balance Sheet (US$ million)*    
Shareholders’ funds 15,964 14,435
Total assets 40,933 37,032
Total liabilities 23,947 21,653
Net loans and borrowings 12,596 11,692
     
Net gearing (x) 0.79 0.81
Net asset value per share (US cents) 252.4 228.5
Net tangible assets per share (US cents) 183.0 159.4



As at 31 December 2017

US$’000 Note 2017 2016
ASSETS      
Non-current assets      
Property, plant and equipment 13 8,755,926 8,297,098
Bearer plants 14 722,197 726,725
Intangible assets 15 4,384,910 4,365,736
Investment in subsidiaries 16
Investment in joint ventures 17 1,151,946 1,051,425
Investment in associates 17 2,275,850 1,851,985
Available-for-sale financial assets 18 568,078 700,705
Deferred tax assets 19 321,463 312,403
Derivative financial instruments 20 5,651 32,633
Other financial receivables 21 112,047 205,832
Other non-financial assets 21 55,108 52,262
    18,353,176 17,596,804
       
Current assets      
Inventories 22 8,223,606 7,022,310
Trade receivables 23 4,101,058 4,087,069
Other financial receivables 21 5,354,750 2,354,502
Other non-financial assets 21 1,153,055 1,201,458
Derivative financial instruments 20 368,166 546,885
Financial assets held for trading 18 421,328 316,632
Other bank deposits 24 1,502,726 2,721,885
Cash and bank balances 24 1,454,708 1,184,881
    22,579,397 19,435,622
       
TOTAL ASSETS   40,932,573 37,032,426
       
EQUITY AND LIABILITIES      
Current liabilities      
Trade payables 25 1,064,846 1,500,254
Other financial payables 26 1,397,906 1,348,963
Other non-financial liabilities 26 400,616 571,077
Derivative financial instruments 20 503,797 495,322
Loans and borrowings 27 16,130,316 12,689,019
Tax payables   159,648 118,511
    19,687,129 16,723,146
       
NET CURRENT ASSETS   2,892,268 2,712,476
       
Non-current liabilities      
Other financial payables 26 69,220 51,314
Other non-financial liabilities 26 156,990 118,185
Derivative financial instruments 20 25,199 107,133
Loans and borrowings 27 3,696,224 4,331,240
Deferred tax liabilities 19 312,712 322,443
    4,260,345 4,930,315
TOTAL LIABILITIES   23,947,474 21,653,461
       
NET ASSETS   16,985,099 15,378,965
       
Equity attributable to owners of the Company      
Share capital 28 8,458,995 8,458,995
Treasury shares 28 (156,209) (175,312)
Retained earnings   10,125,379 9,260,680
Other reserves 29 (2,464,573) (3,109,829)
    15,963,592 14,434,534
Non-controlling interests   1,021,507 944,431
TOTAL EQUITY   16,985,099 15,378,965
TOTAL EQUITY AND LIABILITIES   40,932,573 37,032,426

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 2017

US$’000 Note 2017 2016
Revenue 4 43,846,329 41,401,690
Cost of sales 5 (40,369,091) (37,391,071)
       
Gross profit   3,477,238 4,010,619
       
Other items of income      
Finance income 6 254,239 191,619
Other operating income 7 515,786 157,953
       
Other items of expense      
Net loss arising from changes in fair value of biological assets   (10,028) (16,047)
Selling and distribution expenses   (1,814,478) (1,806,434)
Administrative expenses   (699,678) (680,675)
Other operating expenses 7 (112,842) (359,271)
Finance costs 8 (434,903) (348,531)
Non-operating items 9 194,041 9,844
Share of results of joint ventures   34,809 9,390
Share of results of associates   193,512 131,486
       
Profit before tax 10 1,597,696 1,299,953
Income tax expense 11 (290,876) (206,294)
Profit after tax   1,306,820 1,093,659
       
Attributable to:      
Owners of the Company   1,219,305 972,245
Non-controlling interests   87,515 121,414
    1,306,820 1,093,659
       
Earnings per share attributable to owners of the Company (US cents per share)      
– Basic 12 19.3 15.4
– Diluted 12 19.3 15.4

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 2017

US$’000 2017 2016
Cash flows from operating activities    
Profit before tax 1,597,696 1,299,953
Adjustments for:    
Net loss arising from changes in fair value of biological assets 10,028 16,047
Depreciation and impairment loss of property, plant and equipment and bearer plants 773,725 713,285
Loss of disposal of investment in a joint venture 335
(Gain)/loss in disposal/liquidation/dilution of interest in associates (10,196) 5
Fair value gain arising from changes of interest in a joint venture resulting in change of control (638)
Amortisation of intangible assets 1,226 758
Gain on bargain purchase on acquisition of an associate (2,210)
Impairment on shareholder’s loan to an associate 11,701
Loss on disposal of property, plant and equipment 9,283 2,161
Loss/(gain) on disposal of bearer plants 4,970 (16)
Loss/(gain) on disposal/liquidation of subsidiaries 1,169 (7,383)
Gain on disposal of available-for-sale financial assets (39) (174)
(Gain)/loss on disposal of financial assets held for trading (3,497) 3,969
Grant of share options to employees 9,163 7,194
Net fair value loss/(gain) on derivative financial instruments 233,039 (20,806)
Net fair value gain on financual assets held for trading (131,269) (11,461)
Foreign exchange differences arising from translation 126,200 (84,388)
Interest expense 459,401 371,942
Interest income (254,239) (191,619)
Share of results of joint ventures (34,809) (9,390)
Share of results of associates (193,512) (131,486)
Operating cash flows before working capital changes (2,595,826) 2,020,467
Changes in working capital:    
increase in inventories (1,202,797) 727,928
Increase in receivables and other assets (31,737) (284,414)
(Decrease).increase in payables (493,696) 489,744
Cash flows generated from operations 867,596 1,497,869
Interest paid (401.304) (337,864)
Interest received 205,836 270,193
Cash flows from investing activities    
  Net cash flow on acquisition of subsidiaries (3,049) (2,206)
Increase in plasma investments (2,355) (2,380)
Decrease/(increase) in financial assets held for trading (12,901) (7,501)
Decrease/(increase) in other non-financial assets (3,846) (4,404)
Payments for property, plant and equipment (879,416) (722,406)
Payments for bearer plants (58,502) (54,985)
Increase in available-for-sale financial assets (47,739) (89,936)
Payements for investment in joint ventures (78,580) (113,752)
Payments for investment in associates (10,220) (28,806)
Payments for intangible assets (2,503)
Dividends received from joint ventures 9,055 16,089
Dividends received from associates 47,119 38,919
Proceeds from disposal of property, plant and equipment 27,136 144,152
Proceeds from disposal of interest in a joint venture 3,841
Proceeds from disposal/liquidation/dilution of interest in associates 42,843 233
Net cash flows from disposal/liquidation of subsidiaries (971) (16,420)
Net cash flows used in investing activities (936,594) (810,563)
     
Cash flows from financing activities    
Decrease in net amount due from related parties 640 141,174
Decrease/(increase) in net amount due from joint ventures 26,463 (64,505)
Increase in net amount due from associates (11,903) (36,556)
(Decrease)/increase in advances from non-controlling shareholders (11,452) 29,624
Proceeds from/(repayments of) loans and borrowings 3,166,548 (2,157,310)
Decrease in fixed deposits pledged with financial institutions for bank facilities 46,303 2,554,038
(Increase)/decrease in other financial receivables (2,820,538) 786,415
Decrease/(increase) in other deposits with maturity more than 3 months (906,068) (1,092,149)
Interest paid (27,560) (28,457)
Payment for acquisition of additional interest in subsidiaries (39,789) (724)
Shares buy-back held as treasury shares (9,371)
Dividends paid by the Company (319,532) (371,241)
Dividends paid to non-controlling shareholders by subsidiaries 31,757 (33,252)
Proceeds from reissuance of treasury shares bt the Company 21,622 2,536
Proceeds from issue of shares by subsidiaries to non-controlling shareholders 12,610 8,184
Net cash flows used in financing activities 917,723 (271,594)
     
Net increase/(decrease) in cash and cash equivalents 367,501 (41,293)
Cash and cash equivalents at the beginning of the financial year 1,067,724 1,026,431
Cash and cash equivalents at the end of the financial year 1,435,225 1,067,724

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.