(Company Registration No : 195800035D)

Full Year Unaudited Financial Statements for the Year Ended 31 December 2016

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1(a) The following statements in the form presented in the group's most recently audited annual financial statements:- (i) An income statement and statement of comprehensive income for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year:-

Income Statement

(in Singapore Dollars)

Group

Full year ended

31/12/2016 31/12/2015 + / (-) S$'000 S$'000 %

Revenue 889,520 998,278 (11)

Costs and expenses

Costs of materials

453,121

521,069

(13)

Staff costs

200,975

226,958

(11)

Amortisation and depreciation

32,760

36,310

(10)

Repairs and maintenance

24,104

30,038

(20)

Utilities

23,617

28,562

(17)

Other operating expenses

87,148 83,978

4

Total costs and expenses

821,725 926,915

(11)

Profit from operating activities

67,795

71,363

(5)

Finance costs

(2,940)

(2,597)

13

Exceptional items

59,375

-

n.m.

Share of profits of joint venture

6,385

-

n.m.

Profit before taxation

130,615

68,766

90

Taxation

- Current year

(14,247)

(14,270)

(0)

- Overprovision in prior years

3

233

(99)

(14,244) (14,037) 1

Profit after taxation 116,371 54,729 113

Attributable to:

Owners of the parent

120,390 52,536

129

Non-controlling interests

(4,019) 2,193

n.m.

116,371 54,729

113

n.m. = not meaningful

  1. Statement of Comprehensive Income

    Group

    Full year ended 31/12/2016 31/12/2015 S$'000 S$'000

    Profit after taxation 116,371 54,729

    Other comprehensive income:

    Items that will not be reclassified subsequently to profit or loss:

    • Actuarial loss on defined benefit plans (804) (318)

      Items that may be reclassified subsequently to profit or loss:

    • Currency translation arising on consolidation 14,368 (20,196)

    • Share of other comprehensive income of joint venture (5,226) -

    Other comprehensive income for the year, net of tax

    8,338 (20,514)

    Total comprehensive income for the year 124,709 34,215

    Total comprehensive income attributable to:

    Owners of the parent 128,470 34,037

    Non-controlling interests (3,761) 178

    124,709 34,215

    Notes to the Income Statement

    Please see Section 8 for commentaries on the Income Statement.

    Group "Exceptional Items" relate to the Group's sale of its 20% shareholding interest in Gardenia Bakeries (KL) Sdn Bhd ('GBKL') which was completed and announced by the Group on 6 April 2016. The purpose of the sale of the 20% shareholding interest was to comply with the Malaysian governmental regulatory condition imposed on GBKL's manufacturing license. Accordingly, GBKL has ceased to be a subsidiary of the Group and has become a Joint Venture of the Group.

    Previously, the Group has recognised an exceptional gain of $9.7 million as a result of the sale of its 20% shareholding in GBKL, as announced in the Group's financial results for the second Quarter ended 30 June 2016 on 12 August 2016. Subsequently, in compliance with Singapore Financial Reporting Standards, the Group, with the assistance of external independent advisors, carried out an exercise to determine the fair values of the Group's remaining 50% stake in GBKL's identifiable assets and liabilities.

    As a result, a net exceptional gain of $59.4 million arising from the sale of 20% stake in GBKL and the remeasurement of the remaining 50% stake in GBKL has been recognised during the year.

  2. The following items, if significant, must be included in the income statement or in the notes to the income statement for current financial period reported on and the corresponding period of the immediately preceding financial year:-

The Group's profit from operating activities is stated after (charging) / crediting:

Group

Full year ended

+ / (-)

31/12/2016 31/12/2015 % S$'000 S$'000

Other income including interest income

5,695

6,296

(10)

Allowance for doubtful debts charged and bad debts written off, net

(451)

(967)

(53)

Allowance for inventory obsolescence charged

(723)

(1,282)

(44)

Foreign exchange loss

(3,134)

(2,824)

11

(Loss)/gain on disposal of property, plant & equipment

(145)

50

n.m.

Gain on disposal of investment securities

16

193

(92)

Impairment loss on investment securities

(819)

-

n.m.

Impairment loss on property, plant & equipment and investment

properties

(8,602)

-

n.m.

Group

31/12/2016

S$'000

31/12/2015

S$'000

Company

31/12/2016

S$'000

31/12/2015

S$'000

1(b)(i) A statement of financial position for the company and group, together with a comparative statement as at the end of the immediately preceding financial year:-

Statement of Financial Position

(in Singapore Dollars)

Current assetsBiological assets

60,803 57,518

- -

Inventories

60,159 78,654

- -

Trade receivables

96,910 96,528

- -

Other receivables

33,121 17,289

75,457 42,998

Tax recoverable

1,245 1,297

- -

Short-term investments

3,968 2,500

2,968 2,500

Cash and short-term deposits

104,903 109,052

27,070 27,893

361,109 362,838

105,495 73,391

Non-current assets

Property, plant & equipment

289,585 298,174

2,290 2,471

Investment properties

18,248 26,929

- -

Subsidiaries

- -

98,973 98,973

Advances to subsidiaries

- -

123,805 130,083

Joint venture

76,318 -

- -

Pension assets

2,654 2,663

- -

Long-term investments

7,226 13,488

7,198 12,459

Intangibles

- 196

1,507 1,696

Deferred tax assets

17,267 14,615

- -

411,298 356,065

233,773 245,682

Total assets

772,407 718,903

339,268 319,073

Current liabilities

Trade payables

65,188 82,153

225 135

Other payables

59,007 69,679

9,725 8,182

Short-term borrowings

32,642 59,141

- -

Long-term loans and finance leases - current portion

2,456 4,101

- -

Provision for taxation

6,099 5,282

1,167 1,148

165,392 220,356

11,117 9,465

Non-current liabilities

Other payables

15,241 10,740

7,584 -

Long-term loans and finance leases

51,128 28,401

- -

Deferred tax liabilities

12,494 12,353

1,734 318

78,863 51,494

9,318 318

Total liabilities

244,255 271,850

20,435 9,783

Net assets

528,152 447,053

318,833 309,290

Capital and reserves

Share capital

263,087 262,774

263,087 262,774

Reserves

263,980 164,101

55,746 46,516

Equity attributable to owners of the parent

527,067 426,875

318,833 309,290

Non-controlling interests

1,085 20,178

- -

Total equity

528,152 447,053

318,833 309,290

Please see Section 8 for commentaries on the Group's Statement of Financial Position.

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Distributed by Public, unedited and unaltered, on 24 February 2017 09:48:14 UTC.

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