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Mound of ripe, yellow cocoa pods

Highlights

Financial and performance highlights

Volume

Revenue

Invested capital

For the 12 months ended 31 December (S$ million)

2015 2014 % Change

Profit and Loss Statement (P&L)

Sales Volume (‘000 Metric Tonnes) 12,506.7 14,021.9 (10.8)
Sales Revenue 19,052.6 19,771.9 (3.6)
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)¹ 1,122.8 1,106.6 1.5
Earnings Before Interest and Tax (EBIT)¹ 885.7 896.7 (1.2)
Profit Before Tax 39.8 725.1 (94.5)
Profit After Tax and Minority Interest (64.3) 591.0 N.M.
Operational Profit After Tax and Minority Interest¹ 346.2 288.1 20.1

Per Share

Earnings Per Share basic (cents) (3.2) 23.7 N.M.
Operational Earnings Per Share basic (cents)¹ 13.0 11.2 15.9
Net Asset Value Per Share (cents) 181.1 167.2 8.4
Net Dividend Per Share (cents)² 6.0 7.5 (20.0)

Balance Sheet

Total Assets 17,653.0 14,134.4 24.9
Total Invested Capital 14,430.3 11,556.8 24.9
Total Debt 12,293.9 9,840.7 24.9
Cash and Cash Equivalents 2,143.2 1,845.8 16.1
Shareholders’ Equity 5,118.5 4,167.4 22.8

Cash Flow

Operating Cash Flow Before Interest and Tax 1,150.8 1,148.3 0.2
Net Operating Cash Flow After Changes in Working Capital and Tax 27.1 316.5 (91.4)
Free Cash Flow to Firm (2,062.6) 329.2 N.M.
Free Cash Flow to Equity (2,540.9) (82.3) 2,987.4

Ratios

Net Debt to Equity (times)³ 1.94 1.85 0.09
Net Debt to Equity (times) adjusted for liquid assets³ 0.72 0.70 0.02
Return on Beginning-of-period Equity (%) (1.9) 15.0 (16.9)
Return on Average Equity (%) (1.7) 14.1 (15.8)
Return on Invested Capital (%) 3.2 7.6 (4.4)
EBITDA on Average Invested Capital (%) 8.6 9.6 (1.0)
Interest Coverage (times)♦ 1.1 2.5 (1.4)

¹ Excludes exceptional items
² Total dividend for the 18-month fiscal year 2015 ended 31 December 2015 compared to 12-month fiscal year 2014 ended 30 June 2014. Proposed final dividend of 3.5 cents is subject to shareholders’ approval at the 21st Annual General Meeting.
³ Before Fair Value Adjustment Reserves.
EBIT on total interest expense

SalesVolumeAndEBITDA

PATMI and Sales Revenue

InvestedCapitalAndOPAT

Customers and Shareholders

Net asset value per share and top 25 customers

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