Group Figures

• Profit Statement 2017-2018

  Profit Statement Year ended 30 Sep ($'000)	FY2018	FY2017 (restated)
  REVENUE	1,926,537	1,897,959
  Cost of sales	(1,254,191)	(1,236,660)
  Gross profit	672,346	661,299
  TRADING PROFIT	119,339	86,959
  Share of joint venture companies' loss	(3,568)	(668)
  Share of associated companies' profit	97,697	50,297
  Gross income from investments	-	33,394
  PROFIT BEFORE INTEREST AND TAXATION ("PBIT")	213,468	169,982
  Net finance cost	(15,863)	(5,516)
  PROFIT BEFORE FAIR VALUE ADJUSTMENT, TAXATION AND EXCEPTIONAL ITEMS	197,605	164,466
  Fair value adjustment of investment properties	301	(1,724)
  PROFIT BEFORE TAXATION AND EXCEPTIONAL ITEMS	197,906	162,742
  Exceptional items	719	1,177,566
  PROFIT BEFORE TAXATION	198,625	1,340,308
  Taxation	(19,568)	(14,707)
  PROFIT AFTER TAXATION	179,057	1,325,601
  ATTRIBUTABLE PROFIT TO:
  Shareholders of the Company
  - Before fair value adjustment and exceptional items	121,713	96,282
  - Fair value adjustment of investment properties	301	(1,728)
  - Exceptional items	155	1,184,887
  	122,169	1,279,441
  Non-controlling interests	56,888	46,160
  FY2017 figures were restated upon the finalisation of the purchase price allocation in relation to our investment in Vietnam Dairy Products Joint Stock Company.	179,057	1,325,601

• Balance Sheet 2017-2018

  Balance Sheet Year ended 30 Sep ($'000)	FY2018	FY2017 (restated)
  SHARE CAPITAL AND RESERVES
  Share capital	851,941	849,301
  Treasury shares	(267)	(267)
  Reserves	1,969,542	1,965,965
  	2,821,216	2,814,999
  NON-CONTROLLING INTERESTS	348,604	317,108
  	3,169,820	3,132,107
  Represented by:
  NON-CURRENT ASSETS
  Fixed assets	561,459	505,643
  Investment properties	41,672	40,581
  Properties held for development	18,529	18,025
  Joint venture companies	48,257	46,669
  Associated companies	2,560,292	2,377,062
  Other non-current assets	153,920	164,774
  Total non-current assets	3,384,129	3,152,754
  CURRENT ASSETS
  Inventories	242,512	247,085
  Trade receivables	272,192	279,654
  Cash and bank balances/ Bank fixed deposits	530,125	1,134,981
  Other current assets	61,792	76,678
  Total current assets	1,106,621	1,738,398
  Deduct: CURRENT LIABILITIES
  Trade payables	160,961	155,029
  Borrowings	374,131	785,591
  Other current liabilities	240,755	252,878
  Total current liabilities	775,847	1,193,498
  NET CURRENT ASSETS	330,774	544,900
  Deduct: NON-CURRENT LIABILITIES
  Borrowings	497,288	517,498
  Other non-current liabilities	47,795	48,049
  Total non-current liabilities	545,083	565,547
  	3,169,820	3,132,107
  FY2017 figures were restated upon the finalisation of the purchase price allocation in relation to our investment in Vietnam Dairy Products Joint Stock Company.

  
  

• Cash Flow Statement 2017-2018

  Cash Flow Statement Year ended 30 Sep ($'000)	FY2018	FY2017 (restated)
  CASH FLOWS FROM OPERATING ACTIVITIES
  Profit before taxation and exceptional items	197,906	162,742
  Adjustments for:
  Non-cash items	(18,064)	(11,483)
  Changes in working capital	9,140	(60,614)
  Cash generated from operations	188,982	90,645
  Interest income received	12,737	8,886
  Interest expenses paid	(30,265)	(13,656)
  Income taxes paid	(11,289)	(12,945)
  Payment of employee benefits	(1,216)	(1,380)
  Net cash from operating activities	158,949	71,550
  CASH FLOWS FROM INVESTING ACTIVITIES
  Dividends from associated companies	87,146	34,633
  Investment income	0	33,394
  Proceeds from sale of fixed assets	4,871	1,061
  Payment of deferred consideration for prior years' acquisition of subsidiary companies	0	(6,071)
  Net cash inflow on acquisition of subsidiary companies and business assets	687	0
  Investment in an associated company	(213,182)	(51,252)
  Purchase of other investment	(10,969)	(964,901)
  Purchase of fixed assets	(93,187)	(64,733)
  Payment for intangible assets	(13,369)	(10,506)
  Loan to a joint venture company	0	(643)
  Deposits pledged in relation to acquisition of subsidiary companies	0	3,832
  Deposits made in relation to acquisition of subsidiary companies completed after the financial year	0	(8,000)
  Net cash used in investing activities	(238,003)	(1,033,186)
  CASH FLOWS FROM FINANCING ACTIVITIES
  (Repayment of)/Proceeds from term loans and bank borrowings	(434,858)	1,169,532
  Acquisition of non-controlling interests in subsidiary companies	0	(7,539)
  Purchase of shares by a subsidiary company	(938)	(2,897)
  Capital contribution by/(repayment to) non-controlling interests	102	(70)
  Payment of dividends	(96,165)	(95,727)
  Net cash (used in)/from financing activities	(531,859)	1,063,299
  Net (decrease)/increase in cash and cash equivalents	(610,913)	101,663
  Cash and cash equivalents at beginning of year	1,134,383	1,037,871
  Effects of exchange rate changes on cash and cash equivalents	3,696	(5,151)
  Cash and cash equivalents at end of year	527,166	1,134,383
  FY2017 figures were restated upon the finalisation of the purchase price allocation in relation to our investment in Vietnam Dairy Products Joint Stock Company.

  
  

• 5-Year Group Statistics - Profit Statement (FY2014 - FY2018)

  Notes  1, 2	Profit Statement Year ended 30 Sep	FY2018	FY2017 (restated)	FY2016	FY2015	FY2014
  	REVENUE	$1,927m	$1,898m	$1,979m	$2,457m	$3,052m
  	Profit before taxation
  	before interest	$213m	$170m	$179m	$255m	$453m
  	before fair value adjustment and exceptional items	$198m	$164m	$189m	$255m	$452m
  	after fair value adjustment and exceptional items	$199m	$1,340m	$188m	$225m	$354m
  3	Attributable Profit
  	before fair value adjustment and exceptional items	$122m	$96m	$109m	$115m	$263m
  	after fair value adjustment and exceptional items	$122m	$1,279m	$108m	$633m	$147m

• 5-Year Group Statistics - Balance Sheet (FY2014 - FY2018)

  Notes  1	Balance Sheet  Year ended 30 Sep	FY2018	FY2017 (restated)	FY2016	FY2015	FY2014
  4	Net asset value	$2,821m	$2,815m	$2,843m	$2,268m	$1,605m
  	Total assets employed	$4,491m	$4,891m	$3,773m	$3,143m	$2,679m
  	Long-term borrowings	$497m	$517m	$125m	$98m	$119m
  	SHARE PRICE
  	At close of business on the first trading day after preliminary announcement of results ($)	$1.80	$2.61	$2.13	$2.20	$2.967,8
  	Market Capitalisation	$2,607m	$3,777m	$3,079m	$3,177m	$4,277m7,8
  1, 2	FINANCIAL RATIO
  	Return on average shareholders' equity
  	profit before fair value adjustment, taxation and exceptional items	7.0%	5.8%	7.4%	13.2%	8.9%
  3	attributable profit before fair value adjustment and exceptional items	4.3%	3.4%	4.3%	6.0%	5.2%
  5	Gearing ratio
  	without non-controlling interest	12.1%	5.9%	(32.0%)	(38.1%)	(13.6%)
  	with non-controlling interest	10.8%	5.3%	(28.8%)	(33.8%)	(10.9%)
  1, 2	PER SHARE
  	Profit before fair value adjustment, taxation and exceptional items (cents)	13.6	11.4	13.1	17.6	31.3
  	Attributable profit (basic)
  	before fair value adjustment and exceptional items (cents)	8.4	6.7	7.5	8.0	18.2
  	after fair value and exceptional items (cents)	8.4	88.4	7.5	43.7	10.2
  4	Net asset value ($)	$1.95	$1.95	$1.97	$1.57	$1.11
  	Dividend
  	net (cents)	4.5	4.5	4.5	5.0	5.09
  6	cover (times)	1.9x	1.5x	1.7x	1.6x	3.6x
  	payout ratio (%)	54%	67%	60%	63%	50%9

  
  

  Notes:
  1	FY2014 - FY2016: As previously reported; FY2017 figures were restated upon the finalisation of the purchase price allocation in relation to our investment in Vietnam Dairy Products Joint Stock Company.
  2	Upon the disposal of Myanmar Brewery Limited ("MBL") in FY2015 and the distribution in-specie of Frasers Centrepoint Limited ("FCL") in FY2014, their respective results have been classified as discontinued operations.
  3	Attributable profit: Profit after taxation and non-controlling interests.
  4	Net asset value: Share capital, treasury shares and reserves.
  5	Gearing ratio: Sum of bank borrowings and term loans, less fixed deposits and cash and bank balances, expressed as a percentage of total equity.
  6	Dividend cover: Attributable profit before fair value adjustment and exceptional items per share, divided by net dividend per share.
  7	In January 2014, the Group completed the relisting of its property arm, FCL by undertaking an in-specie distribution of FCL shares to F&N shareholders. F&N shareholders received, without cash outlay, two FCL shares for each F&N share owned. Shares of FCL were listed by way of introduction on the Mainboard of the SGX on 9 January 2014.
  8	In April 2014, the Group paid out $607m (or $0.42 per share) to shareholders in a capital reduction exercise.
  9	Excludes capital distribution of $0.42 per share in FY2014.