Group Financials

The Group Financials, including Group Income Statements, Group Balance Sheets, Group Cash Flow Statements and Group Statements of Changes in Equity, were prepared and presented based on the audited statutory consolidated financial statements of the Group for the financial years ended 31 March 2004 to 2011.

Group Income Statements

In S$ million

For year ended 31 Mar	2004	2005	2006	2007	2008	2009	2010	2011
Revenue	56,468	67,520	79,822	74,563	83,284	79,615	76,658	83,519
Cost of sales	(37,659)	(43,780)	(53,309)	(49,282)	(53,290)	(57,477)	(50,679)	(52,992)
Gross profit	18,809	23,740	26,513	25,281	29,994	22,138	25,979	30,527
Other operating income¹	5,874	4,099	9,391	8,370	15,870	16,198	4,518	4,855
Expenses:
Selling & Distribution	(3,559)	(3,939)	(4,086)	(4,278)	(5,197)	(5,042)	(5,318)	(5,758)
Administrative	(5,722)	(7,003)	(8,040)	(8,104)	(8,619)	(8,068)	(8,723)	(7,322)
Finance	(1,724)	(2,120)	(2,415)	(2,611)	(3,207)	(2,727)	(2,432)	(2,598)
Other operating expenses¹	(4,164)	(5,009)	(4,805)	(5,053)	(8,681)	(15,333)	(9,937)	(6,260)
Profit before share of results of associated companies, partnerships and joint ventures	9,514	9,768	16,558	13,605	20,160	7,166	4,087	13,444
Share of results of associated companies and partnerships	1,472	1,410	1,163	(830)	3,187	1,333	2,374	2,604
Share of results of joint ventures	787	1,037	1,263	1,566	2,182	1,870	2,013	1,727
Profit before income tax	11,773	12,215	18,984	14,341	25,529	10,369	8,474	17,775
Income tax expense	(2,050)	(1,837)	(2,518)	(1,381)	(3,055)	(1,280)	(1,682)	(1,953)
Profit from continuing operations	9,723	10,378	16,466	12,960	22,474	9,089	6,792	15,822
Profit from discontinued operations	–	31	67	16	–	–	–	–
Total profit	9,723	10,409	16,533	12,976	22,474	9,089	6,792	15,822

Profit attributable to:
Equity holder of the Company	7,365	7,521	12,827	9,112	18,240	6,183	4,593	12,668
Non-controlling interests	2,358	2,888	3,706	3,864	4,234	2,906	2,199	3,154
Total profit for the financial year	9,723	10,409	16,533	12,976	22,474	9,089	6,792	15,822

¹Certain comparatives have been reclassified to be consistent with current presentation.

Group Balance Sheets

In S$ million

As at 31 Mar	2004	2005	2006	2007	2008	2009	2010	2011
Shareholder equity	64,522	70,890	90,630	113,958	144,058	118,398	149,743	155,480
Non-controlling interests	23,862	25,325	25,412	24,447	25,786	22,555	23,409	24,062
	88,384	96,215	116,042	138,405	169,844	140,953	173,152	179,542

Property, plant and equipment	61,558	69,268	65,552	65,486	75,302	68,206	67,974	66,778
Intangibles	13,543	14,714	14,481	14,805	21,382	19,891	19,147	18,857
Investments¹	15,664	16,976	27,137	34,965	39,513	41,105	44,610	42,054
Financial assets¹	11,675	13,829	27,529	52,341	73,850	40,234	64,181	65,296
Investment properties	8,159	7,848	1,817	3,632	5,035	5,331	6,535	7,144
Properties under development	370	453	518	158	626	759	187	176
Other non-current assets	6,488	8,266	9,972	10,446	9,393	9,505	10,241	11,302
Deferred tax assets	1,645	2,138	1,735	1,628	1,849	1,960	1,809	1,745
Net current assets/(liabilities)	15,874	14,713	12,574	8,308	(3,130)	11,809	21,904	27,648
Current assets	61,695	65,614	64,987	58,979	68,568	60,958	70,109	84,559
Current liabilities²	(45,821)	(50,901)	(52,413)	(50,671)	(71,698)	(49,149)	(48,205)	(56,911)
	134,976	148,205	161,315	191,769	223,820	198,800	236,588	241,000
Non-current liabilities²	(46,592)	(51,990)	(45,273)	(53,364)	(53,976)	(57,847)	(63,436)	(61,458)
	88,384	96,215	116,042	138,405	169,844	140,953	173,152	179,542

¹Certain comparatives have been reclassified to be consistent with current presentation.

²As a result of the clarification issued by the Institute of Certified Public Accountants of Singapore in December 2010, the Group has classified certain of its deposits and balances of banks and non-bank customers placed with banking subsidiary companies as current liabilities because the Group does not have the unconditional right to defer the settlement of these deposits and balances for at least 12 months after its balance sheet date. Certain comparatives have been reclassified from non-current liabilities to current liabilities for consistency.

Group Cash Flow Statements

In S$ million

For year ended 31 Mar	2004	2005	2006	2007	2008	2009	2010	2011
Operating cash flow before working capital changes	13,936	16,854	18,661	17,557	21,213	14,072	16,428	20,177
Change in working capital	(2,535)	(4,353)	2,577	2,508	(287)	1,484	(4,155)	(2,902)
Cash generated from operations	11,401	12,501	21,238	20,065	20,926	15,556	12,273	17,275
Income tax paid	(1,151)	(1,480)	(1,558)	(1,592)	(1,942)	(1,826)	(1,260)	(1,250)
Net cash inflow from operating activities	10,250	11,021	19,680	18,473	18,984	13,730	11,013	16,025
Net cash (outflow)/inflow from investing activities	(7,701)	(4,765)	(16,509)	(23,344)	(30,431)	95	(5,285)	(4,888)
Net cash inflow/(outflow) from financing activities	6,770	(4,793)	(238)	2,259	13,277	(6,398)	(196)	(1,697)
Net increase/(decrease) in cash and cash equivalents held	9,319	1,463	2,933	(2,612)	1,830	7,427	5,532	9,440

Group Statements of Changes in Equity

In S$ million

	Attributable to Equity Holder of the Company			Non-controlling Interests	Total
	Share Capital and Other Reserves	Revenue Reserves	Currency Translation Reserves	Non-controlling Interests	Total
Opening balance at 1 Apr 2010	70,718	81,656	(2,631)	23,409	173,152
Net profit for the financial year	–	12,668	–	3,154	15,822
Others, net¹	(1,365)	(4,203)	(1,363)	(2,501)	(9,432)
Closing balance at 31 Mar 2011	69,353	90,121	(3,994)	24,062	179,542

Opening balance at 1 Apr 2009	45,778	76,962	(4,342)	22,555	140,953
Net profit for the financial year	–	4,593	–	2,199	6,792
Others, net¹	24,940	101	1,711	(1,345)	25,407
Closing balance at 31 Mar 2010	70,718	81,656	(2,631)	23,409	173,152

¹Comprise movements during the financial year including but not limited to:
   – Issuance of ordinary shares;
   – Change in fair value of financial assets;
   – Dividends to shareholder;
   – Share of associated companies’ and joint ventures’ reserves; and
   – Currency translation differences.

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