Group Figures

• Profit Statement 2020-2021

  Profit Statement Year ended 30 Sep ($'000)	FY2021	FY2020
  REVENUE	1,879,163	1,833,501
  Cost of sales	(1,296,247)	(1,237,627)
  Gross profit	582,916	595,874
  TRADING PROFIT	151,046	141,714
  Share of results of joint venture companies	(3,188)	2,131
  Share of results of associated companies	113,486	123,276
  Gross income from investments	403	285
  PROFIT BEFORE INTEREST AND TAXATION ("PBIT")	261,747	267,406
  Net finance cost	(22,852)	(21,958)
  PROFIT BEFORE FAIR VALUE ADJUSTMENT, TAXATION AND EXCEPTIONAL ITEMS	238,895	245,448
  Fair value adjustment of investment properties	17	(413)
  PROFIT BEFORE TAXATION AND EXCEPTIONAL ITEMS	238,912	245,035
  Exceptional items	(8,720)	(621)
  PROFIT BEFORE TAXATION	230,192	244,414
  Taxation	(34,718)	(36,722)
  PROFIT AFTER TAXATION	195,474	207,692
  ATTRIBUTABLE PROFIT TO:
  Shareholders of the Company
  - Before fair value adjustment and exceptional items	145,217	150,397
  - Fair value adjustment of investment properties	17	(237)
  - Exceptional items	(4,792)	(950)
  	140,442	149,210
  Non-controlling interests	55,032	58,482
  	195,474	207,692

  
  

• Balance Sheet 2020-2021

  Balance Sheet Year ended 30 Sep ($'000)	FY2021	FY2020
  SHARE CAPITAL AND RESERVES
  Share capital	858,830	855,870
  Reserves	2,160,640	2,112,668
  	3,019,470	2,968,538
  NON-CONTROLLING INTERESTS	431,766	427,115
  	3,451,236	3,395,653
  Represented by:
  NON-CURRENT ASSETS
  Fixed assets	760,021	771,571
  Investment properties	16,858	17,075
  Properties held for development	17,853	18,114
  Joint venture companies	154,341	166,605
  Associated companies	2,712,634	2,668,602
  Other non-current assets	181,787	173,984
  Total non-current assets	3,843,494	3,815,951
  CURRENT ASSETS
  Inventories	297,577	296,724
  Trade receivables	254,806	271,823
  Cash and bank deposits	471,799	285,479
  Other current assets	53,596	104,749
  Total current assets	1,077,778	958,775
  Deduct: CURRENT LIABILITIES
  Trade payables	176,224	161,122
  Borrowings	427,573	42,701
  Other current liabilities	262,436	280,955
  Total current liabilities	866,233	484,778
  NET CURRENT ASSETS	211,545	473,997
  Deduct: NON-CURRENT LIABILITIES
  Borrowings	499,262	795,888
  Other non-current liabilities	104,541	98,407
  Total non-current liabilities	603,803	894,295
  	3,451,236	3,395,653

  
  

• Cash Flow Statement 2020-2021

  Cash Flow Statement Year ended 30 Sep ($'000)	FY2021	FY2020
  CASH FLOWS FROM OPERATING ACTIVITIES
  Profit before taxation and exceptional items	238,912	245,035
  Adjustments for:
  Non-cash items	7,418	(7,595)
  Changes in working capital	58,496	(124,997)
  Cash generated from operations	304,826	112,443
  Interest income received	2,330	3,064
  Interest expenses paid	(24,776)	(24,735)
  Income taxes paid	(32,880)	(34,563)
  Payment of employee benefits	(2,097)	(1,897)
  Retirement benefit plan buy-out	-	(11,622)
  Net cash from operating activities	247,403	42,690
  CASH FLOWS FROM INVESTING ACTIVITIES
  Dividends from associated companies	92,825	96,547
  Gross income from other investments	403	285
  Proceeds from disposal of fixed assets	617	11,677
  Purchase of fixed assets	(90,279)	(108,348)
  Payment for intangible assets	(9,185)	(16,163)
  Net cash outflow on acquisition of subsidiary companies	(16,207)	-
  Investments in joint venture and associated companies	-	(41,747)
  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	(21,826)	(58,249)
  CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from bank borrowings	142,404	27,501
  Repayment bank borrowings	(50,889)	(15,607)
  Repayment of lease liabilities	(18,683)	(17,396)
  Purchase of shares by a subsidiary company	(2,134)	(2,368)
  Acquisition of non-controlling interests in a subsidiary company	-	(115)
  Capital contribution by non-controlling interests	-	1,595
  Payment of dividends	(104,514)	(112,046)
  Net cash used in financing activities	(33,816)	(118,436)
  Net increase/(decrease) in cash and cash equivalents	191,761	(133,995)
  Cash and cash equivalents at beginning of year	285,479	417,327
  Effects of exchange rate changes on cash and cash equivalents	(5,441)	2,147
  Cash and cash equivalents at end of year	471,799	285,479

  
  

• 5-Year Group Statistics - Profit Statement (FY2017 - FY2021)

  Notes  1	Profit Statement Year ended 30 Sep	FY2021	FY2020	FY2019	FY2018	FY2017
  	REVENUE	$1,879.1m	$1,834m	$1,902m	$1,835m	$1,898m
  	Profit before taxation
  	before interest	$262m	$267m	$283m	$215m	$170m
  	before fair value adjustment and exceptional items	$239m	$245m	$269m	$199m	$164m
  	after fair value adjustment and exceptional items	$230m	$244m	$268m	$200m	$1,340m
  	Attributable Profit
  2	before fair value adjustment and exceptional items	$145m	$150m	$153m	$123m	$96m
  	after fair value adjustment and exceptional items	$140m	$149m	$152m	$124m	$1,279m

• 5-Year Group Statistics - Balance Sheet (FY2017 - FY2021)

  Notes 1	Balance Sheet Year ended 30 Sep	FY2021	FY2020	FY2019	FY2018	FY2017
  3	Net asset value	$3,019m	$2,969m	$2,933m	$2,817m	$2,815m
  	Total assets employed	$4,921m	$4,775m	$4,721m	$4,506m	$4,891m
  	Long-term borrowings	$499m	$796m	$820m	$497m	$517m
  	SHARE PRICE
  	At close of business on the first trading day after preliminary announcement of results ($)	$1.45	$1.27	$1.75	$1.80	$2.61
  	Market Capitalisation	$2,120m	$1,842m	$2,536m	$2,607m	$3,777m
  	FINANCIAL RATIO
  	Return on average shareholders' equity
  	profit before fair value adjustment, taxation and exceptional items	8.0%	8.3%	9.3%	7.1%	5.8%
  2	attributable profit before fair value adjustment and exceptional items	4.9%	5.1%	5.3%	4.4%	3.4%
  4	Gearing ratio
  	without non-controlling interest	15.1%	18.6%	14.0%	12.1%	5.9%
  	with non-controlling interest	13.2%	16.3%	12.3%	10.8%	5.3%
  1	PER SHARE
  	Profit before fair value adjustment, taxation and exceptional items (cents)	16.5	16.9	18.5	13.8	11.4
  	Attributable profit (basic)
  	before fair value adjustment and exceptional items (cents)	10.0	10.4	10.6	8.5	6.7
  	after fair value and exceptional items (cents)	9.7	10.3	10.5	8.5	88.4
  3	Net asset value ($)	$2.08	$2.05	$2.02	$1.95	$1.95
  	Dividend
  	net (cents)	5.0	5.0	5.5	4.5	4.5
  5	cover (times)	2.0x	2.1x	1.9x	1.9x	1.5x
  	payout ration (%)	50%	48%	52%	53%	67%

  
  

  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