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Financial Performance

Financial Years Ended 31 December 2015, 2016, 2017, 2018 and the Financial Period Ended 30 September 2019

Financial Performance (including China Operation)
FY2015 FY2016 FY2017(2) FY2018 9M2019
For the Year/Period (S$ Million)
Net revenue 41.53 40.69 49.45 59.62 48.24
Profit before tax 12.75 6.09 8.75 12.35 7.67
Profit after tax 12.10 5.33 7.49 10.69 6.35
Net Profit attributable to owners of the Company 12.10 5.45 7.70 10.91 6.51
Net Revenue
Recurring net revenue 34.64 34.71 40.95 48.32 39.22
Non-recurring net revenue 6.89 5.98 8.50 11.30 9.02
Total net revenue 41.53 40.69 49.45 59.62 48.24
Per Share
Earnings per share (cents) 4.65 2.08 2.92 4.10 2.43
Dividend per share (cents) 2.79 2.79 3.01 3.15 2.25
Financial Ratios
Profit before tax margin (based on net revenue) 30.7% 15.0% 17.7% 20.7% 15.9%
Return on equity (per annum)(1) 16.4% 7.1% 9.7% 13.1% 10.0%

Financial Performance (excluding China Operation)
FY2015 FY2016 FY2017(2) FY2018 9M2019
For the Year/Period (S$ Million)
Net revenue 41.53 40.46 49.01 58.87 47.85
Profit before tax 13.73 9.82 13.13 17.17 11.42
Profit after tax 13.08 9.06 11.87 15.51 10.09
Net Profit attributable to owners of the Company 13.08 9.06 11.87 15.51

10.09

Net Revenue
Recurring net revenue 34.64 34.54 40.73 47.96 38.96
Non-recurring net revenue 6.89 5.92 8.28 10.91 8.89
Total net revenue 41.53 40.46 49.01 58.87 47.85
Per Share
Earnings per share (cents) 5.03 3.46 4.50 5.83 3.77
Financial Ratios
Profit before tax margin (based on net revenue) 33.1% 24.3% 26.8% 29.2% 23.9%
Return on equity (per annum)(1) 17.7% 11.8% 15.0% 18.6% 15.5%

FY2015 FY2016 FY2017(2) FY2018 9M2019(3)
At Year/Period End (S$ Million)
Non-current assets 8.48 14.70 22.28 30.33 51.91
Net current assets 68.32 64.39 60.18 56.62 49.91
Non-current liabilities (0.24) (0.50) (1.21) (1.60) (13.46)
Net assets 76.56 78.45 81.24 85.35 88.36
Shareholders' equity 76.56 78.45 81.24 85.56 88.74
Net cash from operating activities 14.18 5.63 13.22 17.62 16.81

Notes:
(1) Return on equity is calculated based on the average of the month-end shareholders' equity for the respective year or period.
(2) Restated as a result of adoption of SFRS(I)s with effect from 1 January 2018 for comparison purpose.
(3) Adoption of SFRS(I) 16 Leases with effect from 1 January 2019.