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FY2018 FY2017 FY2016 FY2015 FY2014
INCOME STATEMENT (US$ million)*
Revenue 44,498 43,574 41,402 38,777 43,085
EBITDA 2,941 2,615 2,244 2,101 2,148
Profit before tax from continuing operations 1,617 1,563 1,300 1,379 1,538
Net profit – including discontinued operations 1,128 1,196 972 1,023 1,156
Earnings per share – fully diluted (US cents)
– including discontinued operations 		17.8 18.9 15.4 16.1 18.1
Dividend per share (Singapore cents) 10.5 10.0 6.5 8.0 7.5
Dividend payout ratio on net profit (%)# 43.0 39.5 30.6 36.1 31.9
# 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 2,020 2,042 1,844
Capital expenditure 1,325 938 777 865 1,093
Working capital changes 145 (1,728) (523) 398 423
Investment in subsidiaries, joint venture and associates 417 132 145 511 220
* 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 16,049 15,964 14,435 14,394 15,495
Total assets 45,680 40,933 37,032 36,926 43,558
Total liabilities 28,913 23,947 21,653 21,625 27,147
Net loans and borrowings 13,460 12,596 11,692 11,817 12,056
Net gearing (x) 0.84 0.79 0.81 0.82 0.78
Net asset value per share (US cents) 253.7 252.4 228.5 227.8 242.3
Net tangible asset per share (US cents) 182.6 183.0 159.4 158.6 173.5
* FY2015 figures were restated upon adoption of Amendments to FRS 16 Property, Plant and Equipment and FRS 41 Agriculture: Bearer Plants. FY2014 figures are not adjusted.


Profit Before Tax By Business Segment

Note: Segmental breakdown calculation excludes unallocated expenses, loss from biological asset revaluation and impairment of goodwill and property, plant and equipment.

Revenue
(US$ million)

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Sales Volume

Tropical Oils1

Oilseeds & Grains

Sugar2

1 Excludes plantation volume.
2 Sugar volume has been restated for FY2017 upon adoption of SFRS(I) 15 Revenue from Contracts with Customers. FY2014 to FY2016 volume are not adjusted.

Net Profit*,##
(US$ million)

Earnings Per Share*
(US$ million)

Returns On Average
Equity*
(%)

Dividend Payout Ratio On Net Profit*,#
(%)

* FY2015 figures were restated upon adoption of Amendments to FRS 16 Property, Plant and Equipment and FRS 41 Agriculture: Bearer Plants. FY2014 figures are not adjusted.
* FY2017 figures were restated upon adoption of SFRS (I) 9 Financial Instruments and IFRS Convergence. FY2014 to FY2016 figures are not adjusted.
# FY2018 dividend payout ratio on net profit is estimated based on number of shares outstanding as at the end of the financial year.
## FY2018 net profit includes non-recurring impairment loss on goodwill and property, plant and equipment amounting to US$108.2m and US$30.9m respectively.