- Calculate the following ratios for years 2018 and 2019.
1) Calculate the following ratios for years 2018 and 2019. - Times interest earned
- Non-current asset turnover
- Net profit margin
- Return on equity
Profit Statement for the year ended 30 September 2019 Notes THE GROUP 2019 2018 ('000) (8000) (restated) 1,902,337 1,834,772 (1,278,646) (1.251,7701 623,691 583,002 18,513 5,264 3 REVENUE Cost of sales GROSS PROFIT Other income Inet) Operating expenses Distribution Marketing Administration (163,162) (179,177) (130,308) (472,647) 169,557 (445) 113,941 470 283,523 (159,5801 (181,351) (126,1651 (467,1061 121,180 13,5821 97,897 TRADING PROFIT Share of results of joint venture companies Share of results of associated companies Gross income from investments PROFIT BEFORE INTEREST AND TAXATION ("PBIT") 215,289 6,968 (21,663) (14,695) 14,628 (30,491) (15,8631 4b) Finance income Finance cost Net finance cost PROFIT BEFORE FAIR VALUE ADJUSTMENT, TAXATION AND EXCEPTIONAL ITEMS Fair value adjustment of investment properties PROFIT BEFORE TAXATION AND EXCEPTIONAL ITEMS Exceptional items PROFIT BEFORE TAXATION Taxation PROFIT AFTER TAXATION 4(c) 7 268,828 (1,370) 267,458 1,106 268,564 (56,190) 212,374 199,428 301 199,727 719 200,446 (19,786) 190,880 8 ATTRIBUTABLE PROFIT TO: Shareholders of the Company Before fair value adjustment and exceptional items Fair value adjustment of investment properties Exceptional items 153,193 (1,370) 733 152,556 59,818 212,374 123,106 301 155 123,562 57,098 190,880 Non-controlling interests 10 Earnings per share attributable to the shareholders of the Company Basic before fair value adjustment and exceptional items after fair value adjustment and exceptional items Fully diluted before fair value adjustment and exceptional items after fair value adjustment and exceptional items 10.6 cts 10.5 ots 10.5 cts 10.5 cts 8.5 cts 8.5 cts 8.5 cts 8.5 cts Statement of Comprehensive Income for the year ended 30 September 2019 THE GROUP 2019 2018 ($ 000) IS'000) (restated) Profit after taxation 212,374 180,660 Other comprehensive income: 2,688 Items that are or may be reclassified subsequently to profit statement Share of other comprehensive income of associated companies Fair value changes on derivative financial instruments Fair value changes on available-for-sale financial assets Currency translation difference 103 (1,447) 55,618 54,274 (27.221) (21,221) (45,754) Items that will not be reclassified to profit statement Fair value changes on equity investments measured at fair value through other comprehensive income Remeasurement of defined benefit obligations Revaluation of fixed assets (6,223) (839) 284 256 540 (7,062) 47,212 (45214) 259,586 135,446 Other comprehensive income for the year, net of taxation Total comprehensive income for the year Total comprehensive income attributable to: Shareholders of the Company Non-controlling interests 196,232 63,354 259,586 69,761 65,685 135,446 Balance Sheets as at 30 September 2019 THE GROUP 30 September 2018 ($'000) (restated) 30 September 2019 ($'000) 1 October THE COMPANY 30 30 September September 2019 2018 ($'000) ($'000) 2017 1 October 2017 ($'000) (restated) Notes ($ 000) 11(a) 11(b) 853,549 853,549 SHARE CAPITAL AND RESERVES Share capital Treasury shares Reserves NON-CONTROLLING INTERESTS 11(c) 851,941 (267) 1,965,124 2,816,798 347,586 3,164,384 2,079,881 2,933,430 398,947 3,332,377 849,301 (267) 1,960,198 2,809,232 315,915 3,125,147 851,941 (267) 860,910 1,712,584 841,355 1,694,904 849,301 (267) 864,916 1,713,950 1,694,904 1,712,584 1,713,950 1,101 269 332 561,459 41,672 18,529 505,643 40,581 18,025 2,222,649 38,965 2,087,620 Represented by: NON-CURRENT ASSETS Fixed assets Investment properties Properties held for development Subsidiary companies Joint venture companies Associated companies Intangible assets Brands Other investments Other receivables Deferred tax assets Cash and bank deposits 1,915,824 12 13 14 15 16 17 18 22 20 24 29 21 687,140 17,501 18,490 169,898 2,620,675 130,062 27,513 7,656 2,735 2,884 48,257 2,560,292 104,430 27,704 13,879 1,298 6,391 46,669 2,377,062 93,574 27,115 30.131 1,350 9,677 2,927 3,152,754 175 212 207,800 2 147 212 222,485 167 212 222,705 3,684,554 3,383,911 2,470,904 2,310,733 2,139,240 CURRENT ASSETS Inventories Trade receivables Other receivables Related parties Subsidiary companies Joint venture companies Associated companies Cash and bank deposits 262,130 277,025 66,256 7,871 243,262 283,679 53,669 9,607 23 24 24 24 15 16 17 21 247,085 288,115 61,511 7,054 855 807 12,000 358 9 22,486 675 1 518,309 1,162 14 420,333 1,034,791 1,863 12 530,125 1,122,217 571 1 1,134,981 1,739,318 9,887 1,749,205 5 15,418 29,085 200,967 223,820 296,268 815,253 Assets held for sale 1,034,791 1,122,217 29,085 223,820 815,253 CURRENT ASSETS Inventories Trade receivables Other receivables Related parties Subsidiary companies Joint venture companies Associated companies Cash and bank deposits 23 24 24 24 15 16 17 21 262,130 277,025 66,256 7,871 243,262 283,679 53,669 9,607 247,085 288,115 61,511 7,054 855 807 12,000 358 9 22,486 675 1 518,309 1,162 14 420,333 1,034,791 1,863 12 530,125 1,122,217 571 1 1,134,981 1,739,318 9,887 1,749,205 5 15,418 29,085 200,967 223,820 296,268 815,253 Assets held for sale 1,034,791 1,122,217 29,085 223,820 815,253 182,475 247,223 7,222 171,477 207,720 9,121 161.821 213,209 13,689 Deduct: CURRENT LIABILITIES Trade payables Other payables Related parties Subsidiary companies Joint venture companies Associated companies Borrowings Provision for taxation 26 26 26 15 16 17 27 11,773 1,593 4,376 7,996 1,265 9,137 7,993 1,265 328,014 1,186 9,226 54,275 501,607 1,253 374,131 32,959 796,661 11 1,583 785,591 32,990 1,208,894 2,371 1,211,265 2,964 20,706 180,000 3,931 202,329 360,000 3,148 700,420 Liabilities held for sale 501,607 796,661 20,706 202,329 700,420 533,184 325,556 537,940 8,379 21,491 114,833 NET CURRENT ASSETS Deduct: NON-CURRENT LIABILITIES Other payables Subsidiary companies Borrowings Provision for employee benefits Deferred tax liabilities 25,564 12,575 13,169 784,258 619,640 540,123 26 15 27 28 29 820,458 20,167 19,172 885,361 497,288 18,256 16,964 545,083 517.498 17,807 17,073 565,547 121 784,379 619,640 540,123 3,332,377 3,164,384 3,125,147 1,694,904 1,712,584 1,713,950 The Notes on pages 108 to 187 form an integral part of the Financial Statements. Statements of Changes in Equity Share Treasury Capital Capital Shares Reserve ($ 000) ($ 000) ($ 000) THE GROUP Fair Value Share-based Revenue Exchange Adjustment Hedging Payment Dividend Reserve Reserve Reserve Reserve Reserve Reserve ($ 000) (8 000) ($ 000) (8 000) ($'000) ($ 000) Non- controlling Total Interests ($ 000) (S 0001 Total Equity (000) Notes 851,941 (267) (25,873) 8,910 43,444 2,821,216 348,604 3,169,820 18,943 2162297 238,179) (208,671) 208,671 14,374) (44) 18,943 1,949,252 (29,552) (405) 18,943 1,948,847 (29,552) 851,941 (267) (25,873) 8,910 (4,418) (1,018) (5,436) 43,444 2,816,798 347,586 3,164,384 (406) (295) (700) 43,444 2,816,393 347,291 3,163,684 851,941 (267 (25,873) 8,910 145 (39) (3) 103 103 YEAR ENDED 30 SEPTEMBER 2019 Balance at 30 September 2018, previously reported Effects of adopting SFRS(1) 1 22 Effects of adopting SFRS(I) 15 22 Balance at 30 September 2018, restated Effects of adopting SFRS(I) 9 22 Balance at 1 October 2018, restated Comprehensive income Share of other comprehensive income of associated companies Realisation of reserve upon disposal of asset Fair value changes on derivative financial instruments Fair value changes on equity investments measured at fair value through other comprehensive income Remeasurement of defined benefit obligations Currency translation difference Other comprehensive income for the year Profit for the year Total comprehensive income for the year (9.548) 9,548 (1,447) (1,447) (1,447) (6223) (6,223) (6,223) (26) 51269 9,667 51230 152,556 (26) 51,269 43,676 152,556 (813) 4,349 3,536 59,818 (839) 55,618 47,212 212,374 9,548) (6.226) (1.447) 9,54B) 162 223 51230 (6226) (1,447) 196,232 63,354 259,586 1,926 1,926 287 2,213 11 1,60B (1.608) 11 267 (275) (920) (920) (738) (1,658) (217) 1.259 (1,042) 15,082 15,082 9 (65,206) (30,954) Contributions by and distributions to owners Employee share-based expense Issue of shares in the Company upon vesting of shares awarded Treasury shares reissued pursuant to share plans Purchase of shares by a subsidiary company Shares of a subsidiary company reissued pursuant to its share plans Capital contribution by non-controlling interests Dividends: Dividends paid Dividends proposed Total contributions by and distributions to owners Changes in ownershipinterests. Change of interests in subsidiary companies Acquisition of subsidiary companies Recognition of put option granted to non-controlling interests Changes in carrying value of put option granted to non-controlling interests Total changes in ownership interests Total transactions with owners in their capacity as owners Balance at 30 September 2019 (43,444) 57,961 96,160) (21,762) (57,961) 1,60B 267 (209) (79,384) (999) 14,517 (64,200) (16,323) (80,523) (552) (552) 552 4,073 4,073 (13,956) (13,956) (13,956) (487) (14,443) (487) (14,995) (487) (10,370) (552) 4,625 267 1,608 853,549 (14,652) (79,936) (5257) 2031,134 21,678 (999) 14,517 (79,195) (11,698) (90,893) 7,911 57,961 2,933,430 398,947 3,332,377 (32,099) (1,447) The Notes on pages 106 to 187 form an integral part of the Financial Statements Statements of Changes in Equity Share Treasury Capital Capital Shares Reserve ($ ooo) ($'000) (5000) THE GROUP Fair Value Share-based Revenue Exchange Adjustment Payment Dividend Reserve Reserve Reserve Reserve Reserve ($'000) ($ 000) ($ 000) ($ 000) (S'000) Non- controlling Total Interests ($ 000) ($'000) Total Equity (sooo) Notes 849,301 1,264 9,304 43,408 2,814,999 317,108 3,132,107 (267) 19,416 2,101,244 (208,671) (208,671) 208,671 (5,767) (267) 19,416 1,886,806 2.2 5,767) (1,193) (6,960) 43,408 2,809,232 315,915 3,125,147 849,301 1,264 9,304 2,378 204 84 22 YEAR ENDED 30 SEPTEMBER 2018 Balance at 1 October 2017, previously reported Effects of adopting SFRSI 1 22 Effects of adopting SFRS(I) 15 Balance at 1 October 2017, restated Comprehensive income Share of other comprehensive income of associated companies Revaluation of fixed assets Fair value changes on available-for-sale financial assets Remeasurement of defined benefit obligations Currency translation difference Other comprehensive income for the year Profit for the year Total comprehensive income for the year 2,688 256 2,688 256 256 27,221) (27,221) (27,221) 232 (29,756) (29,552) 232 (29,756) (53,801) 123,562 52 8.535 8,587 57,098 284 (21,221) (45,214) 180,660 256 27,137) 22 2,610 123,562 256 126,172 (29,552) 27,137) 22 69,761 65,685 135,446 256 126,172 (29,552) (27,137) 22 69,761 65,685 135,446 3,491 3,491 940 4,431 11 2,640 12,640) (521) (521) (417) (938) (729) 1,996 (1,267) 102 102 Total comprehensive income for the year Contributions by and distributions to owners Employee share-based expense Issue of shares in the Company upon vesting of shares awarded Purchase of shares by a subsidiary company Shares of a subsidiary company reissued pursuant to its share plans Capital contribution by non-controlling interests Dividends: Dividends paid Dividends proposed Total contributions by and distributions to owners Changes in ownership interests Change of interests in subsidiary company Total changes in ownership interests Total transactions with owners in their capacity as owners Balance at 30 September 2018 9 (21,757) (43,444) (43,408) (65,165) (31,000) (96,165) 43,444 2,640 (729) (63,726) (416) 36 (62,195) (30,375) (92,570) (3,639) (3,639) (3,639) (3,639) 2,640 851,941 (729) (63,726) (267) 18,943 1,949,252 (416) 8,910 36 (62,195) (34,014) (96,209) 43,444 2,816,798 347,586 3,164,384 (29,552) (25,873) Statements of Changes in Equity THE COMPANY Fair Share- Value based Revenue Adjustment Payment Reserve Reserve Reserve (S'000) ($'000) (S'000) Share Capital ($'000) Treasury Shares ($'000) Capital Reserve ($'000) Dividend Reserve ($'000) Total Equity ('000) Notes 851,941 (267) (1,099) 741,673 72.624 4,268 43,444 1,712,584 (14,685) (14,685) (14,685) (14,685) 60,643 60,643 60,643 (14,685) 45,958 YEAR ENDED 30 SEPTEMBER 2019 Balance at 1 October 2018 Comprehensive income Fair value changes on equity investments measured at fair value through other comprehensive income Other comprehensive income for the year Profit for the year Total comprehensive income for the year Contributions by and distributions to owners Employee share-based expense Issue of shares in the Company upon vesting of shares awarded Treasury shares reissued pursuant to share plans Dividends: Dividends paid Dividends proposed Total transactions with owners in their capacity as owners Balance at 30 September 2019 1,568 1,568 11 1,608 (1,608) 267 8 (275) 11 9 (65,206) (21,762) (57,961) (43,444) 57,961 267 1,608 853,549 8 (1,091) (79,723) 722,593 (315) 3,953 14,517 57,961 (63,638) 1,694,904 57,939 YEAR ENDED 30 SEPTEMBER 2018 849,301 (267) (1,099) 734,205 83,813 4,589 43,408 1,713,950 (11,189) (11,189) (11,189) (11,189) 72,669 72,669 72,669 (11,189) 61,480 YEAR ENDED 30 SEPTEMBER 2018 Balance at 1 October 2017 Comprehensive income Fair value changes on available-for-sale financial assets Other comprehensive income for the year Profit for the year Total comprehensive income for the year Contributions by and distributions to owners Employee share-based expense Issue of shares in the Company upon vesting of shares awarded Dividends: Dividends paid Dividends proposed Total transactions with owners in their capacity as owners Balance at 30 September 2018 2,319 2,319 2,640 (2,640) 11 9 (65,165) (21,757) (43,444) (43,408) 43,444 2,640 851,941 (65,201) 741,673 (321) 4,268 36 43,444 (62,846) 1,712,584 (267) (1,099) 72,624 Cash Flow Statement for the year ended 30 September 2019 THE GROUP 2019 2018 ($'000) ($ 000) (restated) 267,458 199,727 45,918 12.090 118 (804) 1,000 1,652 (3,271) (14,628) 30.491 3,568 (97,697) CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation and exceptional items Adjustments for: Depreciation of fixed assets Amortisation of brands and intangible assets Impairment of fixed assets and intangible assets Reversal of impairment of fixed assets Fixed assets written off Provision for employee benefits Write back of provision for employee benefits Gain on disposal of fixed assets and intangible assets Interest income Interest expenses Share of results of joint venture companies Share of results of associated companies Gross income from investments Employee share-based expense Fair value adjustment of investment properties Fair value adjustment of financial instruments Gain on disposal of financial instruments Operating cash before working capital changes Change in inventories Change in receivables Change in related parties' and joint venture and associated companies' balances Change in payables Currency realignment Cash generated from operations Interest income received Interest expenses paid Income taxes paid Payment of employee benefits Net cash from operating activities 49,407 11,299 209 (355) 1,272 2,527 (70) (11,633) (6,968) 21,663 445 (113,941) (470) 2,213 1,370 135 (22) 224,539 (18,114) (1,927) 469 45,213 7,978 258,158 5,399 (21,543) (28,903) (2,476) 210,635 4.431 (301) 173 (804) 181,663 7,504 4,734 (6,904) (3,504) 5.489 188,982 12,737 (30,265) (11,289) (1,216) 158,949 210,635 158,949 87,146 4,871 Net cash from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Dividends from associated companies Gross income from investments Proceeds from disposal of fixed assets and intangible assets Proceeds from disposal of investment property Net cash (outflow)/inflow on acquisition of subsidiary companies and business assets Investments in joint venture companies Investments in an associated company Purchase of other investment Purchase of fixed assets Payment for intangible assets Net cash used in investing activities 93,695 470 15,110 12,948 (22,638) (115,309) 687 (158,996) (17,068) (191,788) (213,182) (10,969) (93.187) (13,369) (238,003) Cash Flow Statement for the year ended 30 September 2019 THE GROUP 2019 2018 ($'000) ($'000) (restated) 442,962 (488,754) (1,658) 15,082 50,759 (485,617) (938) 102 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from term loans and bank borrowings Repayment of term loans and bank borrowings Purchase of shares by a subsidiary company Capital contribution by non-controlling interests Payment of dividends: - by subsidiary companies to non-controlling interests by the Company to shareholders Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at end of year Cash and cash equivalents at end of year comprise: Cash and bank deposits (Note 21) Less: Deposits pledged in relation to acquisition of subsidiary companies (Note 21) (30,954) (65,206) (128,528) (31,000) (65,165) (531,859) (109,681) 527,166 (158) 417,327 (610,913) 1,134,383 3,696 527,166 420,333 (3,006) 417,327 530,125 (2,959) 527,166 Analysis of acquisition of subsidiary companies and business assets Net assets acquired: Intangible assets Other non-current assets Current assets Borrowings Other current liabilities Other non-current liabilities Non-controlling interests Cash and cash equivalents 7.135 892 7,290 (8,788) 1,781 8,643 (219) (2,541) (119) (4,073) 2,637 6,109 19,666 25,775 (500) 1,585 8,114 784 8,898 Provisional goodwill/goodwill on acquisition Consideration paid Deferred consideration Less: Deposits paid in previous financial year Cash and cash equivalents of subsidiary companies and business assets acquired Net cash outflow/(inflow) on acquisition of subsidiary companies and business assets (2,637) 22,638 (8,000) (1,585) (687)
