S$ '000

FY2008

FY2009

2,945,229
-1,271,410
1,673,819
138,083
-504,569
-527,523
779,810
30,760
-115,273
-84,513

3,272,825
-1,637,637
1,635,188
7,896
-460,566
-375,612
806,906
31,844
-70,077
-38,233

19,006

17,437

119,504
833,807
-152,132
681,675

45,478
831,588
-160,956
670,632

580,944
100,731
681,675

593,421
77,211
670,632

918,320

869,821

Income Statement
Revenue
Cost of sales
Gross profit
Other operating income
Administrative expenses
Other operating expenses
Profit from operating activities
Finance income
Finance costs
Net finance costs
Share of after-tax profit of
associates
Share of after-tax profit of
jointly-controlled entities
Profit before income tax
Income tax expense
Profit for the period
Attributable to:
Owners of the Company (PATMI)
Non-controlling interests
Profit for the period
Profit before Interest and Taxes
Earnings per share (S$)
- basic
- diluted

Balance Sheet
Non-current assets
Property, plant and equipment
Investment properties
Lease premium prepayment
Investments in subsidiaries
Investments in associates
Investments in jointly-controlled entities
Investments in financial assets
Other non-current assets
Current assets
Development properties
Lease premium prepayment
Consumable stocks
Financial assets
Assets classified as held for sale
Trade and other receivables

0.625
0.609

FY2008

FY2009

4,161,527
2,312,675
0
0
348,644
693,860
162,718
18,569
7,697,993

3,616,768
3,063,766
0
0
345,725
637,826
393,660
121,243
8,178,988

2,920,056
0
11,220
19,727
0
1,098,648

3,121,489
0
10,143
32,671
14,782
757,820

Cash and cash equivalents

775,882
4,825,533

981,486
4,918,391

12,523,526

13,097,379

Non-controlling interests

1,991,397
3,438,311
5,429,708
1,592,609

1,991,397
3,812,310
5,803,707
1,691,707

Total equity

7,022,317

7,495,414

3,286,610
27,259
84,388
2,400
410,616
3,811,273

3,197,816
40,682
89,301
1,818
407,542
3,737,159

641,218
860,063
14,536
2099
167,130
4,890
0
1,689,936

795,599
818,312
15,383
75
230,528
4,335
574
1,864,806

5,501,209

5,601,965

Total equity and liabilities

12,523,526

13,097,379

Ratio Analysis
Profitability Ratios
Gross profit Margin
Net Profit Margin
PATMI Margin
ROA (Annualised except for Full Year)
ROE (Annualised except for Full Year)

FY2008

FY2009

Total assets
Equity attributable to Owners of the Company
Share capital
Reserves

Non-current liabilities
Interest-bearing borrowings
Employee benefits
Other liabilities
Provisions
Deferred tax liabilities
Current liabilities
Trade and other payables
Interest-bearing borrowings
Employee benefits
Other liabilities
Provision for taxation
Provisions
Liabilities classified as held for sale

Total liabilities

Gearing Ratios
Debt to Equity Ratio
Net Debt to Equity Ratio
Debt to Assets Ratio
Net Debt to Net Assets Ratio
Interest Cover

56.8%
23.1%
19.7%
4.6%
10.7%

50.0%
20.5%
18.1%
4.5%
10.2%

59.0%
48.0%
33.1%
28.7%
8

53.6%
40.5%
30.7%
25.0%
12

Liquidity Ratios
Current Ratio

2.9

2.6

Market Ratios
Dividend Yield
Price to Earnings Ratio
Market to Book Ratio
Net Asset Value
Net Tangible Assets

Cash Flow Statement

Operating Activities
Profit before income tax
Adjustments:
Operating profit before working capital changes
Changes in working capital
Cash generated from operations
Income tax (paid)/refunded
Cash flows from operating activities

FY2008

FY2009

833,807
58,677
892,484
-365,577
526,907
-78,789
448,118

831,588
111,284
942,872
115,718
1,058,590
-72,399
986,191

Cash flows (used in)/from investing activities

-236,932

-254,633

Cash flows from/(used in) financing activities

-119,395

-527,348

Net (decrease)/increase in cash and cash equivalents 91,791

Cash and cash equivalents at beginning of the period/year
710,566
Effect of exchange rate changes on balances held in foreign
-32,498
currencies
Cash and cash equivalents at end of the period/year 769,859

204,210
769,859
6,065
980,134

FY2010

FY2011

FY2012

3,103,416
-1,450,687
1,652,729
291,314
-484,035
-469,865
990,143
35,640
-68,708
-33,068

3,280,465
-1,507,486
1,772,979
253,985
-490,213
-409,382
1,127,369
28,171
-81,064
-52,893

3,353,727
-1,692,654
1,661,073
148,658
-505,856
-383,505
920370
38,590
-78,867
-40,277

763,485
-402,783
360,702
32,093
-128,040
-85,868
178,887
9,936
-16,978
-7,042

801,610
-430,483
371,127
137,513
-131,425
-99,076
278,139
6,155
-18,690
-12,535

822,655
-430,209
392,446
7,109
-132,287
-93,109
174,159
5,181
-19,452
-14,271

17,112

31,723

39,934

6,434

2,357

16,022

93,312
1,067,499
-202,111
865,388

30,244
1,136,443
-174,723
961,720

40,212
960,239
-99,901
860,338

8,192
186,471
-20,017
166,454

5,009
272,970
-26,239
246,731

1,164
177,074
-15,960
161,114

783,988
81,400
846,062

798,555
163,165
961,720

678,339
181,999
860,338

137,647
28,807
166,454

203,807
42,924
246,731

120,573
40,541
161,114

1,100,567

1,189,336

1,000,516

193,513

285,505

191,345

0.151
0.144

0.217
0.214

0.133
0.126

FY2010

FY2011

FY2012

1Q 2013

1Q 2013

2Q 2013

2Q 2013

3Q 2013

3Q 2013

3,410,448
2,784,907
88,079
0
398,367
537,110
379,900
172,465
7,771,276

3,313,182
2,907,181
90,460
0
420,966
674,272
156,739
314,120
7,876,920

3,405,474
2,916,193
82,798
0
417,855
806,956
102,132
79,072
7,810,480

3,418,029
2,877,733
83,938
0
416,395
815,629
89,197
81,385
7,782,306

3,504,311
2,843,810
85,842
0
419,741
757,748
79,436
82,852
7,773,740

3,543,742
2,817,611
84,651
0
479,508
759,729
86,159
22,924
7,794,324

3,311,162
2,493
9,552
35,885
81,972
876,592

3,243,875
2,635
8,825
26,288
0
1,200,918

4,310,685
2,484
8,838
32,585
103,698
1,182,731

4,397,311
2,537
8,269
34,926
136,783
1,360,385

4,221,320
2,614
8,227
34,136
2,860
1,506,823

4,032,086
2,598
8,239
34,473
10,840
1,618,075

1,873,826
6,191,482

2,603,005
7,085,546

2,156,827
7,797,848

2,255,269
8,195,480

2,517,558
8,293,538

2,593,610
8,299,921

13,962,758

14,962,466

15,608,328

15,977,786

16,067,278

16,094,245

1,991,397
4,271,113
6,262,510
1,717,749

1,991,397
4,835,408
6,826,805
1,869,199

1,991,397
5,312,251
7,303,648
1,953,407

1,991,397
5,460,332
7,451,729
1,997,916

1,991,397
5,556,166
7,547,563
1,940,644

1,991,397
5,613,464
7,604,861
1,930,994

7,980,259

8,696,004

9,257,055

9,449,645

9,488,207

9,535,855

3,425,299
33,201
76,880
4,249
423,081
3,962,710

2,929,322
35,989
96,898
17,703
367,304
3,447,216

3,468,764
34,774
145,522
15,415
352,637
4,017,112

3,746,397
34,511
149,715
15,654
358,521
4,304,798

3,652,911
35,378
150,823
15,922
352,699
4,207,733

3,866,856
36,198
153,566
15,793
362,149
4,434,562

943,850
780,002
14,895
135
264,357
14,895
1,655
2,019,789

981,845
1,476,508
15,707
75
321,074
24,037
0
2,819,246

1,034,134
998,164
16,279
266
221,360
23,816
40,142
2,334,161

1,058,997
857,355
17,799
280
224,465
23,727
40,720
2,223,343

1,184,868
937,805
18,281
296
204,584
25,504
0
2,371,338

1,140,513
776,795
18,813
179
161,921
25,334
273
2,123,828

5,982,499

6,266,462

6,351,273

6,528,141

6,579,071

6,558,390

13,962,758

14,962,466

15,608,328

15,977,786

16,067,278

16,094,245

FY2010

FY2011

FY2012

1Q 2013

2Q 2013

3Q 2013

53.3%
27.9%
25.3%
5.6%
12.5%

54.0%
29.3%
24.3%
5.3%
11.7%

49.5%
25.7%
20.2%
4.3%
9.3%

47.2%
21.8%
18.0%
3.4%
7.4%

46.3%
30.8%
25.4%
5.1%
10.8%

47.7%
19.6%
14.7%
3.0%
6.3%

52.7%
29.2%
30.1%
19.3%
16

50.7%
20.7%
29.4%
14.6%
15

48.3%
25.0%
28.6%
17.2%
13

48.7%
24.9%
28.8%
17.1%
11

48.4%
21.8%
28.6%
15.3%
15

48.7%
21.5%
28.9%
15.2%
10

3.1

FY2010

2.5

FY2011

3.3

FY2012

3.7

1Q 2013

3.5

2Q 2013

3.9

3Q 2013

1,067,499
-170,287
897,212
-279,249
617,963
-105,910
512,053

1,136,443
-82,750
1,053,693
90,671
1,144,364
-162,224
982,140

960,239
-18,329
941,910
-672,576
269,334
-204,074
65,260

186,471
597
187,068
-221,135
-34,067
-14,984
-49,051

272,970
-94,533
178,437
173,100
351,537
-57,768
293,769

177,074
28,285
205,359
40,723
246,082
-51,858
194,224

370,998

53,045

-352,762

37,482

227,643

-64,575

34,580

-419,068

-59,337

106,762

-267,266

-56,229

917,631
980,134
-24,791
1,872,974

616,117
1,872,974
-1,511
2,487,580

-346,839
2,487,580
-13,581
2,127,160

95,193
2,127,160
5,909
2,228,262

254,146
2,228,262
3,509
2,485,917

73,420
2,485,917
3,018
2,562,355

4Q 2013

FY 2013

774,396
-286,168
488,228
23,616
-137,309
-135,834
238,701
9,167
-20,598
-11,431

3,162,146
-1,549,643
1,612,503
200,331
-529,061
-413,887
869886
30439
-75718
-45279

9,326

34139

19,338
255,934
-7,097
248,837

33,703
892,449
-69,313
823,136

220,961
27,876
248,837

682,988
140,148
823,136

267,365

937,728

0.236
0.232

4Q 2013

FY 2013

3,566,425
2,785,822
85,559
0
493,174
772,266
85,116
22,314
7,810,676

3,566,425
2,785,822
85,559
0
493,174
772,266
85,116
22,314
7,810,676

4,326,542
2,646
8,424
36,534
0
1,634,576

4,326,542
2,646
8,424
36,534
0
1,634,576

2,871,261
8,879,983

2,871,261
8,879,983

16,690,659

16,690,659

1,991,397
5,853,983
7,845,380
1,983,005

1,991,397
5,853,983
7,845,380
1,983,005

9,828,385

9,828,385

3,858,275
37,521
109,717
15,977
328,490
4,349,980

3,858,275
37,521
109,717
15,977
328,490
4,349,980

1,312,844
968,025
17,903
213
188,137
25,172
0
2,512,294

1,312,844
968,025
17,903
213
188,137
25,172
0
2,512,294

6,862,274

6,862,274

16,690,659

16,690,659

4Q 2013

FY 2013

63.0%
32.1%
28.5%
5.3%
11.3%

51.0%
26.0%
21.6%
4.1%
8.7%

49.1%
19.9%
28.9%
14.1%
13

49.1%
19.9%
28.9%
14.1%
12

3.5

4Q 2013

3.5

FY 2013

255,934
24,830
280,764
-168,617
112,147
-10,365
101,782

892,449
-40,821
851,628
-175,929
675,699
-134,975
540,724

13,548

214,098

-32,934

-249,667

82,396
2,562,355
4,926
2,649,677

505,155
2,127,160
17,362
2,649,677