Group Figures

• Profit Statement 2019-2020

  Profit Statement Year ended 30 Sep ($'000)	FY2020	FY2019 (restated)*
  REVENUE	1,833,501	1,902,337
  Cost of sales	(1,237,627)	(1,278,646)
  Gross profit	595,874	623,691
  TRADING PROFIT	141,714	169,262
  Share of results of joint venture companies	2,131	(445)
  Share of results of associated companies	123,276	113,941
  Gross income from investments	285	470
  PROFIT BEFORE INTEREST AND TAXATION ("PBIT")	267,406	283,228
  Net finance cost	(21,958)	(14,695)
  PROFIT BEFORE FAIR VALUE ADJUSTMENT, TAXATION AND EXCEPTIONAL ITEMS	245,448	268,533
  Fair value adjustment of investment properties	(413)	(1,370)
  PROFIT BEFORE TAXATION AND EXCEPTIONAL ITEMS	245,035	267,163
  Exceptional items	(621)	1,106
  PROFIT BEFORE TAXATION	244,414	268,269
  Taxation	(36,722)	(56,140)
  PROFIT AFTER TAXATION	207,692	212,129
  ATTRIBUTABLE PROFIT TO:
  Shareholders of the Company
  - Before fair value adjustment and exceptional items	150,397	153,046
  - Fair value adjustment of investment properties	(237)	(1,370)
  - Exceptional items	(950)	733
  	149,210	152,409
  Non-controlling interests	58,482	59,720
  	207,692	212,129
  *Restated upon the finalisation of the purchase price allocation in relation to our acquisition in Print Lab.

• Balance Sheet 2019-2020

  Balance Sheet Year ended 30 Sep ($'000)	FY2020	FY2019 (restated)*
  SHARE CAPITAL AND RESERVES
  Share capital	855,870	853,549
  Reserves	2,112,668	2,079,734
  	2,968,538	2,933,283
  NON-CONTROLLING INTERESTS	427,115	399,828
  	3,395,653	3,333,111
  Represented by:
  NON-CURRENT ASSETS
  Fixed assets	771,571	687,140
  Investment properties	17,075	17,501
  Properties held for development	18,114	18,490
  Joint venture companies	166,605	169,898
  Associated companies	2,668,602	2,620,675
  Other non-current assets	173,984	172,036
  Total non-current assets	3,815,951	3,685,740
  CURRENT ASSETS
  Inventories	296,724	262,130
  Trade receivables	271,823	277,025
  Cash and bank deposits	285,479	420,333
  Other current assets	104,749	75,303
  Total current assets	958,775	1,034,791
  Deduct: CURRENT LIABILITIES
  Trade payables	161,122	182,475
  Borrowings	42,701	9,226
  Other current liabilities	280,955	309,906
  Total current liabilities	484,778	501,607
  NET CURRENT ASSETS	473,997	533,184
  Deduct: NON-CURRENT LIABILITIES
  Borrowings	795,888	820,458
  Other non-current liabilities	98,407	65,355
  Total non-current liabilities	894,295	885,813
  	3,395,653	3,333,111
  * Restated upon the finalisation of the purchase price allocation in relation to our acquisition in Print Lab.

  
  

• Cash Flow Statement 2019-2020

  Cash Flow Statement Year ended 30 Sep ($'000)	FY2020	FY2019 (restated)*
  CASH FLOWS FROM OPERATING ACTIVITIES
  Profit before taxation and exceptional items	245,035	267,163
  Adjustments for:
  Non-cash items	(7,595)	(42,624)
  Changes in working capital	(124,997)	33,619
  Cash generated from operations	112,443	258,158
  Interest income received	3,064	5,399
  Interest expenses paid	(24,735)	(21,543)
  Income taxes paid	(34,563)	(28,903)
  Payment of employee benefits	(1,897)	(2,476)
  Retirement benefit plan buy-out	(11,622)	-
  Net cash from operating activities	42,690	210,635
  CASH FLOWS FROM INVESTING ACTIVITIES
  Dividends from associated companies	96,547	93,695
  Gross income from investments	285	470
  Proceeds from disposal of fixed and intangible assets	11,677	15,110
  Proceeds from disposal of investment property	-	12,948
  Net cash outflow on acquisition of subsidiary companies	-	(22,638)
  Investments in joint venture and associated companies	(41,747)	(115,309)
  Purchase of fixed assets	(108,348)	(158,996)
  Payment for intangible assets	(16,163)	(17,068)
  Payment of deferred consideration for prior years’ acquisition of subsidiary companies	(3,525)	-
  Deposit pledged in relation to acquisition of subsidiary companies	3,025	-
  Net cash used in investing activities	(58,249)	(191,788)
  CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from bank borrowings	27,501	442,962
  Repayment bank borrowings	(15,607)	(488,754)
  Repayment of lease liabilities	(17,396)	-
  Acquisition of non-controlling interests in a subsidiary company	(115)	-
  Purchase of shares by a subsidiary company	(2,368)	(1,658)
  Capital contribution by non-controlling interests	1,595	15,082
  Payment of dividends	(112,046)	(96,160)
  Net cash used in financing activities	(118,436)	(128,528)
  Net decrease in cash and cash equivalents	(133,995)	(109,681)
  Cash and cash equivalents at beginning of year	417,327	527,166
  Effects of exchange rate changes on cash and cash equivalents	2,147	(158)
  Cash and cash equivalents at end of year	285,479	417,327
  *Restated upon the finalisation of the purchase purchase price allocation to our acquisition of Print Lab.

• 5-Year Group Statistics - Profit Statement (FY2016 - FY2020)

  Notes  1	Profit Statement Year ended 30 Sep	FY2020	FY2019 (restated)	FY2018	FY2017	FY2016
  	REVENUE	$1,834m	$1,902m	$1,835m	$1,898m	$1,979m
  	Profit before taxation
  	before interest	$267m	$283m	$215m	$170m	$179m
  	before fair value adjustment and exceptional items	$245m	$269m	$199m	$164m	$189m
  	after fair value adjustment and exceptional items	$244m	$268m	$200m	$1,340m	$188m
  	Attributable Profit
  2	before fair value adjustment and exceptional items	$150m	$153m	$123m	$96m	$109m
  	after fair value adjustment and exceptional items	$149m	$152m	$124m	$1,279m	$108m

• 5-Year Group Statistics - Balance Sheet (FY2016 - FY2020)

  Notes  1	Balance Sheet  Year ended 30 Sep	FY2020	FY2019 (restated)	FY2018	FY2017	FY2016
  3	Net asset value	$2,969m	$2,933m	$2,817m	$2,815m	$2,843m
  	Total assets employed	$4,775m	$4,721m	$4,506m	$4,891m	$3,773m
  	Long-term borrowings	$796m	$820m	$497m	$517m	$125m
  	SHARE PRICE
  	At close of business on the first trading day after preliminary announcement of results ($)	$1.27	$1.75	$1.80	$2.61	$2.13
  	Market Capitalisation	$1,842m	$2,536m	$2,607m	$3,777m	$3,079m
  1	FINANCIAL RATIO
  	Return on average shareholders' equity
  	profit before fair value adjustment, taxation and exceptional items	8.3%	9.3%	7.1%	5.8%	7.4%
  2	attributable profit before fair value adjustment and exceptional items	5.1%	5.3%	4.4%	3.4%	4.3%
  4	Gearing ratio
  	without non-controlling interest	18.6%	14.0%	12.1%	5.9%	(32.0%)
  	with non-controlling interest	16.3%	12.3%	10.8%	5.3%	(28.8%)
  1	PER SHARE
  	Profit before fair value adjustment, taxation and exceptional items (cents)	16.9	18.5	13.8	11.4	13.1
  	Attributable profit (basic)
  	before fair value adjustment and exceptional items (cents)	10.4	10.6	8.5	6.7	7.5
  	after fair value and exceptional items (cents)	10.3	10.5	8.5	88.4	7.5
  3	Net asset value ($)	$2.05	$2.02	$1.95	$1.95	$1.97
  	Dividend
  	net (cents)	5.0	5.5	4.5	4.5	4.5
  5	cover (times)	2.1x	1.9x	1.9x	1.5x	1.7x
  	payout ratio (%)	48%	52%	53%	67%	60%

  
  

  Notes:
  1	FY2016 – FY2018: As previously reported; FY2019: Restated upon finalisation of purchase price allocation for the acquisition of Print Lab
  2	Attributable profit before fair value adjustment and exceptional items: Profit after taxation and non-controlling interests, but before fair value adjustment and exceptional items
  3	Net asset value: Share capital and reserves
  4	Gearing ratio: Sum of bank borrowings and term loans, less fixed deposits and cash and bank balances, expressed as a percentage of equity
  5	Dividend cover: Attributable profit before fair value adjustment and exceptional items per share, divided by net dividend per share