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Financial Performance

Financial Years Ended 31 December 2014, 2015 and 2016, 2017 and Financial Period Ended 30 September 2018

Financial Performance (including China Operation)
FY2014(2) FY2015 FY2016 FY2017 9M2018
For the Year/Period (S$(Million))
Net revenue 36.68 41.53 40.69 49.45 44.80
Profit before tax 10.87 12.75 6.09 10.09 9.54
Profit after tax 10.48 12.10 5.33 8.83 8.12
Net Profit attributable to owners of the Company 10.51 12.10 5.45 9.04 8.29
Net Revenue
Recurring net revenue 29.48 34.64 34.71 40.95 36.38
Non-recurring net revenue 7.20 6.89 5.98 8.50 8.42
Total net revenue 36.68 41.53 40.69 49.45 44.80
Per Share
Earnings per share (cents) 5.06 4.65 2.08 3.43 3.12
Dividend per share (cents) 5.38 2.79 2.79 3.01 2.25
Financial Ratios
Profit before tax margin (based on net revenue) 29.6% 30.7% 15.0% 20.4% 21.3%
Return on equity (per annum)(1) 38.7% 16.4% 7.1% 11.4% 13.4%

Financial Performance (excluding China Operation)
FY2014(2) FY2015 FY2016 FY2017 9M2018
For the Year/Period (S$(Million))
Net revenue 36.68 41.53 40.46 49.01 44.21
Profit before tax 11.39 13.73 9.82 14.47 13.19
Profit after tax 11.00 13.08 9.06 13.21 11.77
Net Profit attributable to owners of the Company 11.03 13.08 9.06 13.21 11.77
Net Revenue
Recurring net revenue 29.48 34.64 34.54 40.73 36.09
Non-recurring net revenue 7.20 6.89 5.92 8.28 8.12
Total net revenue 36.68 41.53 40.46 49.01 44.21
Per Share
Earnings per share (cents) 5.31 5.03 3.46 5.01 4.43
Financial Ratios
Profit before tax margin (based on net revenue) 31.0% 33.1% 24.3% 29.5% 29.8%
Return on equity (per annum)(1) 40.6% 17.7% 11.8% 16.89% 19.0%

FY2014(2) FY2015 FY2016 FY2017 9M2018
At Year/Period End (S$ (Million))
Non-current assets 4.07 8.48 14.70 22.28 26.92
Net current assets 63.16 68.32 64.39 60.18 58.84
Non-current liabilities (0.33) (0.24) (0.50) (1.21) (1.42)
Net assets 66.91 76.56 78.45 81.24 84.49
Shareholders' equity 66.91 76.56 78.45 81.24 84.49
Net cash from operating activities 10.18 14.18 5.63 13.22 14.01
Debt to Equity Ratio - - - - 11.83%

Note:
(1) Return on equity is calculated based on the average of the month-end shareholders' equity for the respective year or period.
(2) Excluding IPO expenses of S$1.95 million in December 2014.