Halcyon Agri 5VJ

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Financials

Annual Report 2025

Open annual report

Auditor’s opinion: give a true and fair view. Read auditor’s report (PDF p. 41)

Explore the statements

37 tables

Group consolidated income statement

18 metrics

Units appear below each metric. Scroll to compare years

Group consolidated income statement from Annual Report 2025
Metric / unit 2025Group / 1 January–31 December 20252024Group / Restated per Note38 / 1 January–31 December 2024 Source
Group consolidated income statement
RevenueUnited States dollars in thousands 2,961,5382,941,049 PDF p. 45
Cost of salesUnited States dollars in thousands (2,848,826)(2,750,116) PDF p. 45
Gross profitUnited States dollars in thousands 112,712190,933 PDF p. 45
Other incomeUnited States dollars in thousands 6,0814,489 PDF p. 45
Selling expensesUnited States dollars in thousands (54,467)(56,256) PDF p. 45
General and administrative expensesUnited States dollars in thousands (94,792)(83,704) PDF p. 45
General and administrative expenses – foreign exchange gain/(loss)United States dollars in thousands 204(5,812) PDF p. 45
Operating (loss)/profitUnited States dollars in thousands (30,262)49,650 PDF p. 45
Finance incomeUnited States dollars in thousands 2,7972,927 PDF p. 45
Finance costsUnited States dollars in thousands (62,687)(66,800) PDF p. 45
Share of result of associatesUnited States dollars in thousands 287(496) PDF p. 45
Loss before taxUnited States dollars in thousands (89,865)(14,719) PDF p. 45
Income tax expenseUnited States dollars in thousands (9,683)(16,190) PDF p. 45
Loss for the financial yearUnited States dollars in thousands (99,548)(30,909) PDF p. 45
Loss attributable to:
Owners of the CompanyUnited States dollars in thousands (88,719)(29,143) PDF p. 45
Non-controlling interestsUnited States dollars in thousands (10,829)(1,766) PDF p. 45
SubtotalUnited States dollars in thousands (99,548)(30,909) PDF p. 45
Loss per share (“LPS”):
Basic and diluted (US cents per share)US cents per share (6.04)(2.30) PDF p. 45
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group comprehensive income statement

8 metrics

Units appear below each metric. Scroll to compare years

Group comprehensive income statement from Annual Report 2025
Metric / unit 2025Group / 1 January–31 December 20252024Group / 1 January–31 December 2024 Source
Group comprehensive income statement
Loss for the financial yearUnited States dollars in thousands (99,548)(30,909) PDF p. 46
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operationsUnited States dollars in thousands 53,744(14,833) PDF p. 46
Items that will not be reclassified subsequently to profit or loss
Actuarial (loss)/gain on retirement benefit obligation (net of tax)United States dollars in thousands (485)449 PDF p. 46
Other comprehensive income/(loss) for the financial year, net of taxUnited States dollars in thousands 53,259(14,384) PDF p. 46
Total comprehensive loss for the financial year, net of taxUnited States dollars in thousands (46,289)(45,293) PDF p. 46
Attributable to:
– Owners of the CompanyUnited States dollars in thousands (37,470)(42,344) PDF p. 46
– Non-controlling interestsUnited States dollars in thousands (8,819)(2,949) PDF p. 46
Total comprehensive loss for the financial year, net of taxUnited States dollars in thousands (46,289)(45,293) PDF p. 46
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group statement of financial position

47 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position from Annual Report 2025
Metric / unit 2025Group / as at 31 December 20252024Group / as at 31 December 2024 Source
Non-current assets
Intangible assetsUnited States dollars in thousands 297,231297,581 PDF p. 47
Property, plant and equipmentUnited States dollars in thousands 206,530211,040 PDF p. 47
Plantation and biological assetsUnited States dollars in thousands 591,561551,895 PDF p. 47
Investment propertiesUnited States dollars in thousands 41,79939,536 PDF p. 47
Deferred tax assetsUnited States dollars in thousands 20,52519,528 PDF p. 47
Deferred chargesUnited States dollars in thousands 1,1931,162 PDF p. 47
Other assetsUnited States dollars in thousands 172160 PDF p. 47
Loans and other receivablesUnited States dollars in thousands 1,7931,607 PDF p. 47
Investment in subsidiariesUnited States dollars in thousands –– PDF p. 47
Investment in associatesUnited States dollars in thousands 1,6862,287 PDF p. 47
Total non-current assetsUnited States dollars in thousands 1,162,4901,124,796 PDF p. 47
Current assets
Cash and bank balancesUnited States dollars in thousands 58,73283,654 PDF p. 47
Trade receivablesUnited States dollars in thousands 178,481195,683 PDF p. 47
Loans and other receivablesUnited States dollars in thousands 125,270145,046 PDF p. 47
Tax receivablesUnited States dollars in thousands 3,0945,461 PDF p. 47
Derivative financial instrumentsUnited States dollars in thousands 12,72531,211 PDF p. 47
InventoriesUnited States dollars in thousands 377,550506,143 PDF p. 47
Consumable biological assetsUnited States dollars in thousands 6538 PDF p. 47
SubtotalUnited States dollars in thousands 755,917967,236 PDF p. 47
Assets classified as held for saleUnited States dollars in thousands –1,132 PDF p. 47
Total current assetsUnited States dollars in thousands 755,917968,368 PDF p. 47
Total assetsUnited States dollars in thousands 1,918,4072,093,164 PDF p. 47
Current liabilities
Derivative financial instrumentsUnited States dollars in thousands 29923,800 PDF p. 47
Trade payablesUnited States dollars in thousands 48,24798,200 PDF p. 47
Other payablesUnited States dollars in thousands 152,754133,287 PDF p. 47
Loan payablesUnited States dollars in thousands 1,071,2211,144,945 PDF p. 47
Provision for taxationUnited States dollars in thousands 3,7486,730 PDF p. 47
Lease liabilitiesUnited States dollars in thousands 1,5532,045 PDF p. 47
Total current liabilitiesUnited States dollars in thousands 1,277,8221,409,007 PDF p. 47
Net current liabilitiesUnited States dollars in thousands (521,905)(440,639) PDF p. 47
Non-current liabilities
Loan payablesUnited States dollars in thousands 314,919106,047 PDF p. 47
Retirement benefit obligationsUnited States dollars in thousands 15,68413,746 PDF p. 47
Deferred tax liabilitiesUnited States dollars in thousands 38,93641,595 PDF p. 47
Lease liabilitiesUnited States dollars in thousands 7,4965,513 PDF p. 47
Other payablesUnited States dollars in thousands 7,5847,115 PDF p. 47
Total non-current liabilitiesUnited States dollars in thousands 384,619174,016 PDF p. 47
Net assetsUnited States dollars in thousands 255,966510,141 PDF p. 47
Capital and reserves
Share capitalUnited States dollars in thousands 603,874603,874 PDF p. 47
Perpetual securitiesUnited States dollars in thousands –192,640 PDF p. 47
Capital reserveUnited States dollars in thousands 4,9394,937 PDF p. 47
Other reservesUnited States dollars in thousands (8,877)(1,517) PDF p. 47
Accumulated lossesUnited States dollars in thousands (365,436)(268,647) PDF p. 47
Foreign currency translation reserveUnited States dollars in thousands 11,358(40,359) PDF p. 47
Equity attributable to owners of the CompanyUnited States dollars in thousands 245,858490,928 PDF p. 47
Non-controlling interestsUnited States dollars in thousands 10,10819,213 PDF p. 47
Total equityUnited States dollars in thousands 255,966510,141 PDF p. 47
Total liabilities and equityUnited States dollars in thousands 1,918,4072,093,164 PDF p. 47
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Company statement of financial position

47 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position from Annual Report 2025
Metric / unit 2025Company / as at 31 December 20252024Company / as at 31 December 2024 Source
Non-current assets
Intangible assetsUnited States dollars in thousands –– PDF p. 47
Property, plant and equipmentUnited States dollars in thousands 2,3211,545 PDF p. 47
Plantation and biological assetsUnited States dollars in thousands –– PDF p. 47
Investment propertiesUnited States dollars in thousands –– PDF p. 47
Deferred tax assetsUnited States dollars in thousands –– PDF p. 47
Deferred chargesUnited States dollars in thousands –– PDF p. 47
Other assetsUnited States dollars in thousands –– PDF p. 47
Loans and other receivablesUnited States dollars in thousands –– PDF p. 47
Investment in subsidiariesUnited States dollars in thousands 970,188955,464 PDF p. 47
Investment in associatesUnited States dollars in thousands –896 PDF p. 47
Total non-current assetsUnited States dollars in thousands 972,509957,905 PDF p. 47
Current assets
Cash and bank balancesUnited States dollars in thousands 15,15327,599 PDF p. 47
Trade receivablesUnited States dollars in thousands –– PDF p. 47
Loans and other receivablesUnited States dollars in thousands 465,273484,127 PDF p. 47
Tax receivablesUnited States dollars in thousands –– PDF p. 47
Derivative financial instrumentsUnited States dollars in thousands 6,75410,003 PDF p. 47
InventoriesUnited States dollars in thousands –– PDF p. 47
Consumable biological assetsUnited States dollars in thousands –– PDF p. 47
SubtotalUnited States dollars in thousands 487,180521,729 PDF p. 47
Assets classified as held for saleUnited States dollars in thousands –– PDF p. 47
Total current assetsUnited States dollars in thousands 487,180521,729 PDF p. 47
Total assetsUnited States dollars in thousands 1,459,6891,479,634 PDF p. 47
Current liabilities
Derivative financial instrumentsUnited States dollars in thousands 4,84015,360 PDF p. 47
Trade payablesUnited States dollars in thousands –– PDF p. 47
Other payablesUnited States dollars in thousands 167,410149,589 PDF p. 47
Loan payablesUnited States dollars in thousands 715,492752,649 PDF p. 47
Provision for taxationUnited States dollars in thousands 1,305300 PDF p. 47
Lease liabilitiesUnited States dollars in thousands 746792 PDF p. 47
Total current liabilitiesUnited States dollars in thousands 889,793918,690 PDF p. 47
Net current liabilitiesUnited States dollars in thousands (402,613)(396,961) PDF p. 47
Non-current liabilities
Loan payablesUnited States dollars in thousands 240,702– PDF p. 47
Retirement benefit obligationsUnited States dollars in thousands –– PDF p. 47
Deferred tax liabilitiesUnited States dollars in thousands 626363 PDF p. 47
Lease liabilitiesUnited States dollars in thousands 49953 PDF p. 47
Other payablesUnited States dollars in thousands 62,27644,859 PDF p. 47
Total non-current liabilitiesUnited States dollars in thousands 304,10345,275 PDF p. 47
Net assetsUnited States dollars in thousands 265,793515,669 PDF p. 47
Capital and reserves
Share capitalUnited States dollars in thousands 603,874603,874 PDF p. 47
Perpetual securitiesUnited States dollars in thousands –192,640 PDF p. 47
Capital reserveUnited States dollars in thousands –– PDF p. 47
Other reservesUnited States dollars in thousands (8,670)(1,310) PDF p. 47
Accumulated lossesUnited States dollars in thousands (329,411)(279,535) PDF p. 47
Foreign currency translation reserveUnited States dollars in thousands –– PDF p. 47
Equity attributable to owners of the CompanyUnited States dollars in thousands 265,793515,669 PDF p. 47
Non-controlling interestsUnited States dollars in thousands –– PDF p. 47
Total equityUnited States dollars in thousands 265,793515,669 PDF p. 47
Total liabilities and equityUnited States dollars in thousands 1,459,6891,479,634 PDF p. 47
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group changes in equity / 2025

10 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2025 from Annual Report 2025
Metric / unit 2025Group / Share capital2025Group / Perpetual securities2025Group / Capital reserve2025Group / Other reserves2025Group / Accumulated losses2025Group / Foreign currency translation reserve2025Group / Total equity attributable to owners of the Company2025Group / Non-controlling interests2025Group / Total equity Source
Group changes in equity / 2025
At 1 January 2025United States dollars in thousands 603,874192,6404,937(1,517)(268,647)(40,359)490,92819,213510,141 PDF p. 48
Loss for the yearUnited States dollars in thousands ––––(88,719)–(88,719)(10,829)(99,548) PDF p. 48
Other comprehensive incomeUnited States dollars in thousands ––––(468)51,71751,2492,01053,259 PDF p. 48
Total comprehensive loss for the yearUnited States dollars in thousands ––––(89,187)51,717(37,470)(8,819)(46,289) PDF p. 48
Contributions by and distributions to owners
Distribution to perpetual securities holdersUnited States dollars in thousands ––––(7,600)–(7,600)–(7,600) PDF p. 48
Group changes in equity / 2025
Statutory reserve fundUnited States dollars in thousands ––2–(2)–––– PDF p. 48
Redemption of perpetual securitiesUnited States dollars in thousands –(192,640)–(7,360)––(200,000)–(200,000) PDF p. 48
Dividend declared to non-controlling interestUnited States dollars in thousands –––––––(286)(286) PDF p. 48
Total contributions by and distributions to ownersUnited States dollars in thousands –(192,640)2(7,360)(7,602)–(207,600)(286)(207,886) PDF p. 48
At 31 December 2025United States dollars in thousands 603,874–4,939(8,877)(365,436)11,358245,85810,108255,966 PDF p. 48
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group changes in equity / 2024

11 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2024 from Annual Report 2025
Metric / unit 2024Group / Share capital2024Group / Perpetual securities2024Group / Capital reserve2024Group / Other reserves2024Group / Accumulated losses2024Group / Foreign currency translation reserve2024Group / Total equity attributable to owners of the Company2024Group / Non-controlling interests2024Group / Total equity Source
Group changes in equity / 2024
At 1 January 2024United States dollars in thousands 603,874192,6403,530(1,517)(230,971)(26,684)540,87224,819565,691 PDF p. 48
Loss for the yearUnited States dollars in thousands ––––(29,143)–(29,143)(1,766)(30,909) PDF p. 48
Other comprehensive incomeUnited States dollars in thousands ––––474(13,675)(13,201)(1,183)(14,384) PDF p. 48
Total comprehensive loss for the yearUnited States dollars in thousands ––––(28,669)(13,675)(42,344)(2,949)(45,293) PDF p. 48
Contributions by and distributions to owners
Distribution to perpetual securities holdersUnited States dollars in thousands ––––(7,600)–(7,600)–(7,600) PDF p. 48
Group changes in equity / 2024
Statutory reserve fundUnited States dollars in thousands ––1,498–(1,498)–––– PDF p. 48
Dividend declared to non-controlling interestsUnited States dollars in thousands –––––––(2,657)(2,657) PDF p. 48
Total contributions by and distributions to ownersUnited States dollars in thousands ––1,498–(9,098)–(7,600)(2,657)(10,257) PDF p. 48
Changes in ownership interests in subsidiaries
Struck off of a subsidiaryUnited States dollars in thousands ––(91)–91–––– PDF p. 48
Group changes in equity / 2024
Total changes in ownership interests in subsidiariesUnited States dollars in thousands ––(91)–91–––– PDF p. 48
At 31 December 2024United States dollars in thousands 603,874192,6404,937(1,517)(268,647)(40,359)490,92819,213510,141 PDF p. 48
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Company changes in equity / 2025

6 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2025 from Annual Report 2025
Metric / unit 2025Company / Share capital2025Company / Perpetual securities2025Company / Other reserves2025Company / Accumulated losses / retained earnings2025Company / Total equity Source
Company changes in equity / 2025
At 1 January 2025United States dollars in thousands 603,874192,640(1,310)(279,535)515,669 PDF p. 49
Loss for the year representing total comprehensive loss for the yearUnited States dollars in thousands –––(42,276)(42,276) PDF p. 49
Distribution to perpetual securities holdersUnited States dollars in thousands –––(7,600)(7,600) PDF p. 49
Redemption of perpetual securitiesUnited States dollars in thousands –(192,640)(7,360)–(200,000) PDF p. 49
Total transactions with owners in their capacity as ownersUnited States dollars in thousands –(192,640)(7,360)(7,600)(207,600) PDF p. 49
At 31 December 2025United States dollars in thousands 603,874–(8,670)(329,411)265,793 PDF p. 49
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Company changes in equity / 2024

5 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2024 from Annual Report 2025
Metric / unit 2024Company / Share capital2024Company / Perpetual securities2024Company / Other reserves2024Company / Accumulated losses / retained earnings2024Company / Total equity Source
Company changes in equity / 2024
At 1 January 2024United States dollars in thousands 603,874192,640(1,310)(218,895)576,309 PDF p. 49
Loss for the year representing total comprehensive loss for the yearUnited States dollars in thousands –––(53,040)(53,040) PDF p. 49
Distribution to perpetual securities holdersUnited States dollars in thousands –––(7,600)(7,600) PDF p. 49
Total transactions with owners in their capacity as ownersUnited States dollars in thousands –––(7,600)(7,600) PDF p. 49
At 31 December 2024United States dollars in thousands 603,874192,640(1,310)(279,535)515,669 PDF p. 49
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group consolidated cash flow statement

47 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flow statement from Annual Report 2025
Metric / unit 2025Group / 1 January–31 December 20252024Group / 1 January–31 December 2024 Source
Operating activities
Loss before taxUnited States dollars in thousands (89,865)(14,719) PDF p. 50
Adjustments for:
Depreciation expenseUnited States dollars in thousands 29,19326,689 PDF p. 50
Amortisation of intangible assetsUnited States dollars in thousands 516580 PDF p. 50
Amortisation of right-of-use assetsUnited States dollars in thousands 1,9252,130 PDF p. 50
Retirement benefit expensesUnited States dollars in thousands 3,7541,371 PDF p. 50
Interest incomeUnited States dollars in thousands (2,797)(2,927) PDF p. 50
Interest expenseUnited States dollars in thousands 62,68766,800 PDF p. 50
Unrealised fair value loss/(gain) on open forward commodities contracts and inventoriesUnited States dollars in thousands 25,109(15,581) PDF p. 50
Fair value gain on investment propertiesUnited States dollars in thousands (1,187)(415) PDF p. 50
Fair value loss/(gain) on biological assetsUnited States dollars in thousands 10,888(2,092) PDF p. 50
(Gain)/loss on disposal of property, plant and equipment and plantationUnited States dollars in thousands (56)25 PDF p. 50
Write off of property, plant and equipment and plantationUnited States dollars in thousands 167217 PDF p. 50
(Reversal of Impairment loss)/Impairment loss of property, plant and equipment and plantationUnited States dollars in thousands (1,093)1,188 PDF p. 50
Impairment losses/(Reversal of impairment losses) on financial assetsUnited States dollars in thousands 507(122) PDF p. 50
Bad debts written offUnited States dollars in thousands 12– PDF p. 50
Impairment loss on investment in an associateUnited States dollars in thousands 8963,207 PDF p. 50
Loss on disposal of asset held for saleUnited States dollars in thousands 2– PDF p. 50
Share of result of associatesUnited States dollars in thousands (287)496 PDF p. 50
Unrealised foreign exchange (gain)/lossUnited States dollars in thousands (10,191)9,483 PDF p. 50
Operating cash flows before changes in working capitalUnited States dollars in thousands 30,18076,330 PDF p. 50
Trade and other receivablesUnited States dollars in thousands 58,674(96,785) PDF p. 50
InventoriesUnited States dollars in thousands 109,750(48,909) PDF p. 50
Trade and other payablesUnited States dollars in thousands (63,020)(10,194) PDF p. 50
Cash generated from/(used in) operationsUnited States dollars in thousands 135,584(79,558) PDF p. 50
Interest receivedUnited States dollars in thousands 2,7972,927 PDF p. 50
Tax paidUnited States dollars in thousands (6,732)(9,285) PDF p. 50
Net cash generated from/(used in) operating activitiesUnited States dollars in thousands 131,649(85,916) PDF p. 50
Investing activities
Capital expenditure on property, plant and equipment, and intangible assetsUnited States dollars in thousands (4,646)(16,497) PDF p. 50
Capital expenditure on plantation and biological assetsUnited States dollars in thousands (3,875)(6,781) PDF p. 50
Proceeds from disposal of property, plant and equipment, plantation, and investment propertiesUnited States dollars in thousands 21712 PDF p. 50
Proceeds from disposal of assets held for saleUnited States dollars in thousands 1,106– PDF p. 50
Proceeds from repayment of loan to a third partyUnited States dollars in thousands –41,616 PDF p. 50
Net cash (used in)/generated investing activitiesUnited States dollars in thousands (7,198)18,350 PDF p. 50
Financing activities
Net proceeds of borrowingsUnited States dollars in thousands 111,103164,527 PDF p. 50
Net (repayments)/proceeds of term loansUnited States dollars in thousands (37,783)27,702 PDF p. 50
Net proceeds of other working capital loansUnited States dollars in thousands 148,886136,825 PDF p. 50
Repayments of obligation under lease arrangementsUnited States dollars in thousands (2,438)(2,477) PDF p. 50
Interest paidUnited States dollars in thousands (49,921)(48,184) PDF p. 50
Dividend distributed to perpetual securities holdersUnited States dollars in thousands (7,600)(7,600) PDF p. 50
Dividend paid to non-controlling interestsUnited States dollars in thousands (2,315)(353) PDF p. 50
Guarantee fee paid in relation to issuance of perpetual securitiesUnited States dollars in thousands (720)(2,400) PDF p. 50
Repayment of perpetual securitiesUnited States dollars in thousands (200,000)– PDF p. 50
Net cash (used in)/generated from financing activitiesUnited States dollars in thousands (151,891)103,513 PDF p. 50
Net (decrease)/increase in cash and cash equivalentsUnited States dollars in thousands (27,440)35,947 PDF p. 50
Cash and cash equivalents at the beginning of yearUnited States dollars in thousands 83,65448,286 PDF p. 50
Effect of exchange rate changes on the balance of cash held in foreign currenciesUnited States dollars in thousands 2,518(579) PDF p. 50
Cash and cash equivalents at the end of yearUnited States dollars in thousands 58,73283,654 PDF p. 50
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Earnings / loss per share / adjusted owners numerator

3 metrics

Units appear below each metric. Scroll to compare years

Earnings / loss per share / adjusted owners numerator from Annual Report 2025
Metric / unit 2025Group / profit or loss after perpetual distributions / year ended 31 December 20252024Group / profit or loss after perpetual distributions / year ended 31 December 2024 Source
EPS / owners profit/loss and perpetual distributions
Loss for the year attributable to owners of the CompanyUnited States dollars in thousands (88,719)(29,143) PDF p. 72
Dividend on perpetual securitiesUnited States dollars in thousands (7,600)(7,600) PDF p. 72
Adjusted loss for the year attributable to owners of the CompanyUnited States dollars in thousands (96,319)(36,743) PDF p. 72
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Earnings / loss per share / weighted ordinary shares

1 metrics

Units appear below each metric. Scroll to compare years

Earnings / loss per share / weighted ordinary shares from Annual Report 2025
Metric / unit 2025Group / basic and diluted / thousands of shares / year ended 31 December 20252024Group / basic and diluted / thousands of shares / year ended 31 December 2024 Source
Loss / earnings per share note
Weighted average number of ordinary shares used to compute earnings per share (’000)Ordinary shares in thousands 1,595,0121,595,012 PDF p. 72
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Earnings / loss per share / basic and diluted US cents

1 metrics

Units appear below each metric. Scroll to compare years

Earnings / loss per share / basic and diluted US cents from Annual Report 2025
Metric / unit 2025Group / basic and diluted / US cents / year ended 31 December 20252024Group / basic and diluted / US cents / year ended 31 December 2024 Source
Loss / earnings per share note
Loss per share (US cents)US cents per share (6.04)(2.30) PDF p. 72
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Cash and bank balances / composition

3 metrics

Units appear below each metric. Scroll to compare years

Cash and bank balances / composition from Annual Report 2025
Metric / unit 2025Group2024Group2025Company2024Company Source
Cash and bank balances
Cash at bank and on handUnited States dollars in thousands 55,94066,36615,05313,731 PDF p. 88
Short term depositsUnited States dollars in thousands 2,79217,28810013,868 PDF p. 88
Cash and cash equivalentsUnited States dollars in thousands 58,73283,65415,15327,599 PDF p. 88
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

FY2024 / Note38 original revenue and cost restatement bridge

2 metrics

Units appear below each metric. Scroll to compare years

FY2024 / Note38 original revenue and cost restatement bridge from Annual Report 2025
Metric / unit 2024Group / Restated2024Group / Adjustments2024Group / Previously stated Source
Note38restatement bridge
RevenueUnited States dollars in thousands 2,941,049(836,074)3,777,123 PDF p. 112
Cost of salesUnited States dollars in thousands (2,750,116)836,074(3,586,190) PDF p. 112
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Financing liabilities / reconciliation 2024

8 metrics

Units appear below each metric. Scroll to compare years

Financing liabilities / reconciliation 2024 from Annual Report 2025
Metric / unit 2024Group / Loan payables2024Group / Lease liabilities Source
Financing liabilities / 2024
At 1 January 2024United States dollars in thousands 1,101,8048,180 PDF p. 51
Net of proceeds/(repayment) of borrowingsUnited States dollars in thousands 164,527(2,477) PDF p. 51
– Addition on right-of-use assetsUnited States dollars in thousands –1,669 PDF p. 51
– Foreign exchange movementUnited States dollars in thousands (15,777)(234) PDF p. 51
– Amortisation fee for loanUnited States dollars in thousands 438– PDF p. 51
– Interest expenseUnited States dollars in thousands –420 PDF p. 51
Total non-cash itemsUnited States dollars in thousands (15,339)1,855 PDF p. 51
At 31 December 2024 and 1 January 2025United States dollars in thousands 1,250,9927,558 PDF p. 51
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Financing liabilities / reconciliation 2025

9 metrics

Units appear below each metric. Scroll to compare years

Financing liabilities / reconciliation 2025 from Annual Report 2025
Metric / unit 2025Group / Loan payables2025Group / Lease liabilities Source
Financing liabilities / 2025
At 31 December 2024 and 1 January 2025United States dollars in thousands 1,250,9927,558 PDF p. 51
Net of proceeds/(repayment) of borrowingsUnited States dollars in thousands 111,103(2,438) PDF p. 51
– Addition on right-of-use assetsUnited States dollars in thousands –3,031 PDF p. 51
– Foreign exchange movementUnited States dollars in thousands 23,617579 PDF p. 51
– Amortisation fee for loanUnited States dollars in thousands 428– PDF p. 51
– Interest expenseUnited States dollars in thousands –435 PDF p. 51
– Derecognition of lease liabilitiesUnited States dollars in thousands –(116) PDF p. 51
Total non-cash itemsUnited States dollars in thousands 24,0453,929 PDF p. 51
At 31 December 2025United States dollars in thousands 1,386,1409,049 PDF p. 51
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group consolidated income statement

18 metrics

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Group consolidated income statement from Annual Report 2025
Metric / unit 2023Group / 1 January–31 December 2023 Source
Group consolidated income statement
RevenueUnited States dollars in thousands 2,900,827 PDF p. 44
Cost of salesUnited States dollars in thousands (2,754,659) PDF p. 44
Gross profitUnited States dollars in thousands 146,168 PDF p. 44
Other incomeUnited States dollars in thousands 26,671 PDF p. 44
Selling expensesUnited States dollars in thousands (66,118) PDF p. 44
General and administrative expensesUnited States dollars in thousands (128,286) PDF p. 44
General and administrative expenses – foreign exchange (loss)/gainUnited States dollars in thousands 3,310 PDF p. 44
Operating profit/(loss)United States dollars in thousands (18,255) PDF p. 44
Finance incomeUnited States dollars in thousands 3,829 PDF p. 44
Finance costsUnited States dollars in thousands (63,860) PDF p. 44
Share of loss of associatesUnited States dollars in thousands (1,013) PDF p. 44
Loss before taxUnited States dollars in thousands (79,299) PDF p. 44
Income tax expenseUnited States dollars in thousands (9,342) PDF p. 44
Loss for the financial yearUnited States dollars in thousands (88,641) PDF p. 44
Loss attributable to:
Owners of the CompanyUnited States dollars in thousands (87,017) PDF p. 44
Non-controlling interestsUnited States dollars in thousands (1,624) PDF p. 44
SubtotalUnited States dollars in thousands (88,641) PDF p. 44
Loss per share (“LPS”):
Basic and diluted (US cents per share)US cents per share (5.93) PDF p. 44
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group comprehensive income statement

8 metrics

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Group comprehensive income statement from Annual Report 2025
Metric / unit 2023Group / 1 January–31 December 2023 Source
Group comprehensive income statement
Loss for the financial yearUnited States dollars in thousands (88,641) PDF p. 45
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operationsUnited States dollars in thousands 6,044 PDF p. 45
Items that will not be reclassified subsequently to profit or loss
Actuarial gain on retirement benefit obligation (net of tax)United States dollars in thousands 81 PDF p. 45
Other comprehensive (loss)/income for the financial year, net of taxUnited States dollars in thousands 6,125 PDF p. 45
Total comprehensive loss for the financial year, net of taxUnited States dollars in thousands (82,516) PDF p. 45
Attributable to:
– Owners of the CompanyUnited States dollars in thousands (81,362) PDF p. 45
– Non-controlling interestsUnited States dollars in thousands (1,154) PDF p. 45
Total comprehensive loss for the financial year, net of taxUnited States dollars in thousands (82,516) PDF p. 45
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group statement of financial position

48 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position from Annual Report 2025
Metric / unit 2023Group / as at 31 December 2023 Source
Non-current assets
Intangible assetsUnited States dollars in thousands 298,046 PDF p. 46
Property, plant and equipmentUnited States dollars in thousands 224,458 PDF p. 46
Plantation and biological assetsUnited States dollars in thousands 558,346 PDF p. 46
Investment propertiesUnited States dollars in thousands 41,200 PDF p. 46
Deferred tax assetsUnited States dollars in thousands 21,110 PDF p. 46
Deferred chargesUnited States dollars in thousands 1,283 PDF p. 46
Other assetsUnited States dollars in thousands 160 PDF p. 46
Loans and other receivablesUnited States dollars in thousands 3,826 PDF p. 46
Investment in subsidiariesUnited States dollars in thousands – PDF p. 46
Investment in associatesUnited States dollars in thousands 6,000 PDF p. 46
Total non-current assetsUnited States dollars in thousands 1,154,429 PDF p. 46
Current assets
Cash and bank balancesUnited States dollars in thousands 48,286 PDF p. 46
Trade receivablesUnited States dollars in thousands 141,273 PDF p. 46
Loans and other receivablesUnited States dollars in thousands 152,170 PDF p. 46
Tax receivablesUnited States dollars in thousands 5,035 PDF p. 46
Derivative financial instrumentsUnited States dollars in thousands 8,653 PDF p. 46
Debt instrumentUnited States dollars in thousands – PDF p. 46
InventoriesUnited States dollars in thousands 456,921 PDF p. 46
Consumable biological assetsUnited States dollars in thousands 24 PDF p. 46
SubtotalUnited States dollars in thousands 812,362 PDF p. 46
Assets classified as held for saleUnited States dollars in thousands – PDF p. 46
Total current assetsUnited States dollars in thousands 812,362 PDF p. 46
Total assetsUnited States dollars in thousands 1,966,791 PDF p. 46
Current liabilities
Derivative financial instrumentsUnited States dollars in thousands 13,021 PDF p. 46
Trade payablesUnited States dollars in thousands 67,495 PDF p. 46
Other payablesUnited States dollars in thousands 137,344 PDF p. 46
Loan payablesUnited States dollars in thousands 997,036 PDF p. 46
Provision for taxationUnited States dollars in thousands 7,279 PDF p. 46
Lease liabilitiesUnited States dollars in thousands 1,778 PDF p. 46
Total current liabilitiesUnited States dollars in thousands 1,223,953 PDF p. 46
Net current liabilitiesUnited States dollars in thousands (411,591) PDF p. 46
Non-current liabilities
Loan payablesUnited States dollars in thousands 104,768 PDF p. 46
Retirement benefit obligationsUnited States dollars in thousands 15,233 PDF p. 46
Deferred tax liabilitiesUnited States dollars in thousands 43,357 PDF p. 46
Lease liabilitiesUnited States dollars in thousands 6,402 PDF p. 46
Other payablesUnited States dollars in thousands 7,387 PDF p. 46
Total non-current liabilitiesUnited States dollars in thousands 177,147 PDF p. 46
Net assetsUnited States dollars in thousands 565,691 PDF p. 46
Capital and reserves
Share capitalUnited States dollars in thousands 603,874 PDF p. 46
Perpetual securitiesUnited States dollars in thousands 192,640 PDF p. 46
Capital reserveUnited States dollars in thousands 3,530 PDF p. 46
Other reservesUnited States dollars in thousands (1,517) PDF p. 46
Accumulated lossesUnited States dollars in thousands (230,971) PDF p. 46
Foreign currency translation reserveUnited States dollars in thousands (26,684) PDF p. 46
Equity attributable to owners of the CompanyUnited States dollars in thousands 540,872 PDF p. 46
Non-controlling interestsUnited States dollars in thousands 24,819 PDF p. 46
Total equityUnited States dollars in thousands 565,691 PDF p. 46
Total liabilities and equityUnited States dollars in thousands 1,966,791 PDF p. 46
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Company statement of financial position

48 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position from Annual Report 2025
Metric / unit 2023Company / as at 31 December 2023 Source
Non-current assets
Intangible assetsUnited States dollars in thousands – PDF p. 46
Property, plant and equipmentUnited States dollars in thousands 2,192 PDF p. 46
Plantation and biological assetsUnited States dollars in thousands – PDF p. 46
Investment propertiesUnited States dollars in thousands – PDF p. 46
Deferred tax assetsUnited States dollars in thousands – PDF p. 46
Deferred chargesUnited States dollars in thousands – PDF p. 46
Other assetsUnited States dollars in thousands – PDF p. 46
Loans and other receivablesUnited States dollars in thousands – PDF p. 46
Investment in subsidiariesUnited States dollars in thousands 919,598 PDF p. 46
Investment in associatesUnited States dollars in thousands 4,568 PDF p. 46
Total non-current assetsUnited States dollars in thousands 926,358 PDF p. 46
Current assets
Cash and bank balancesUnited States dollars in thousands 829 PDF p. 46
Trade receivablesUnited States dollars in thousands – PDF p. 46
Loans and other receivablesUnited States dollars in thousands 513,254 PDF p. 46
Tax receivablesUnited States dollars in thousands – PDF p. 46
Derivative financial instrumentsUnited States dollars in thousands 4,652 PDF p. 46
Debt instrumentUnited States dollars in thousands – PDF p. 46
InventoriesUnited States dollars in thousands – PDF p. 46
Consumable biological assetsUnited States dollars in thousands – PDF p. 46
SubtotalUnited States dollars in thousands 518,735 PDF p. 46
Assets classified as held for saleUnited States dollars in thousands – PDF p. 46
Total current assetsUnited States dollars in thousands 518,735 PDF p. 46
Total assetsUnited States dollars in thousands 1,445,093 PDF p. 46
Current liabilities
Derivative financial instrumentsUnited States dollars in thousands 4,063 PDF p. 46
Trade payablesUnited States dollars in thousands – PDF p. 46
Other payablesUnited States dollars in thousands 101,642 PDF p. 46
Loan payablesUnited States dollars in thousands 734,284 PDF p. 46
Provision for taxationUnited States dollars in thousands 2,490 PDF p. 46
Lease liabilitiesUnited States dollars in thousands 1,042 PDF p. 46
Total current liabilitiesUnited States dollars in thousands 843,521 PDF p. 46
Net current liabilitiesUnited States dollars in thousands (324,786) PDF p. 46
Non-current liabilities
Loan payablesUnited States dollars in thousands – PDF p. 46
Retirement benefit obligationsUnited States dollars in thousands – PDF p. 46
Deferred tax liabilitiesUnited States dollars in thousands 248 PDF p. 46
Lease liabilitiesUnited States dollars in thousands 872 PDF p. 46
Other payablesUnited States dollars in thousands 24,143 PDF p. 46
Total non-current liabilitiesUnited States dollars in thousands 25,263 PDF p. 46
Net assetsUnited States dollars in thousands 576,309 PDF p. 46
Capital and reserves
Share capitalUnited States dollars in thousands 603,874 PDF p. 46
Perpetual securitiesUnited States dollars in thousands 192,640 PDF p. 46
Capital reserveUnited States dollars in thousands – PDF p. 46
Other reservesUnited States dollars in thousands (1,310) PDF p. 46
Accumulated lossesUnited States dollars in thousands (218,895) PDF p. 46
Foreign currency translation reserveUnited States dollars in thousands – PDF p. 46
Equity attributable to owners of the CompanyUnited States dollars in thousands 576,309 PDF p. 46
Non-controlling interestsUnited States dollars in thousands – PDF p. 46
Total equityUnited States dollars in thousands 576,309 PDF p. 46
Total liabilities and equityUnited States dollars in thousands 1,445,093 PDF p. 46
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group changes in equity / 2023

9 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2023 from Annual Report 2025
Metric / unit 2023Group / Share capital2023Group / Perpetual securities2023Group / Capital reserve2023Group / Other reserves2023Group / Accumulated losses2023Group / Foreign currency translation reserve2023Group / Total equity attributable to owners of the Company2023Group / Non-controlling interests2023Group / Total equity Source
Group changes in equity / 2023
At 1 January 2023United States dollars in thousands 603,874192,6402,898(1,517)(135,712)(32,349)629,83430,198660,032 PDF p. 47
Loss for the yearUnited States dollars in thousands ––––(87,017)–(87,017)(1,624)(88,641) PDF p. 47
Other comprehensive incomeUnited States dollars in thousands ––––(10)5,6655,6554706,125 PDF p. 47
Total comprehensive (loss)/income for the yearUnited States dollars in thousands ––––(87,027)5,665(81,362)(1,154)(82,516) PDF p. 47
Contributions by and distributions to owners
Distribution to perpetual securities holdersUnited States dollars in thousands ––––(7,600)–(7,600)–(7,600) PDF p. 47
Group changes in equity / 2023
Statutory reserve fundUnited States dollars in thousands ––632–(632)–––– PDF p. 47
Dividend declared to non-controlling interestsUnited States dollars in thousands –––––––(4,225)(4,225) PDF p. 47
Total contributions by and distributions to ownersUnited States dollars in thousands ––632–(8,232)–(7,600)(4,225)(11,825) PDF p. 47
At 31 December 2023United States dollars in thousands 603,874192,6403,530(1,517)(230,971)(26,684)540,87224,819565,691 PDF p. 47
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Company changes in equity / 2023

5 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2023 from Annual Report 2025
Metric / unit 2023Company / Share capital2023Company / Perpetual securities2023Company / Other reserves2023Company / Accumulated losses / retained earnings2023Company / Total equity Source
Company changes in equity / 2023
At 1 January 2023United States dollars in thousands 603,874192,640(1,310)2,944798,148 PDF p. 48
Loss for the year representing total comprehensive loss for the yearUnited States dollars in thousands –––(214,239)(214,239) PDF p. 48
owners
Distribution to perpetual securities holdersUnited States dollars in thousands –––(7,600)(7,600) PDF p. 48
Company changes in equity / 2023
Total transactions with owners in their capacity as ownersUnited States dollars in thousands –––(7,600)(7,600) PDF p. 48
At 31 December 2023United States dollars in thousands 603,874192,640(1,310)(218,895)576,309 PDF p. 48
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group consolidated cash flow statement

44 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flow statement from Annual Report 2025
Metric / unit 2023Group / 1 January–31 December 2023 Source
Operating activities
Loss before taxUnited States dollars in thousands (79,299) PDF p. 49
Adjustments for:
Depreciation expenseUnited States dollars in thousands 25,729 PDF p. 49
Amortisation of intangible assetsUnited States dollars in thousands 897 PDF p. 49
Amortisation of right-of-use assetsUnited States dollars in thousands 2,281 PDF p. 49
Retirement benefit expensesUnited States dollars in thousands 2,633 PDF p. 49
Interest incomeUnited States dollars in thousands (3,829) PDF p. 49
Interest expenseUnited States dollars in thousands 63,860 PDF p. 49
Unrealised fair value gain on open forward commodities contracts and inventoriesUnited States dollars in thousands (472) PDF p. 49
Fair value (gain)/loss on investment propertiesUnited States dollars in thousands 1,458 PDF p. 49
Fair value (gain)/loss on biological assetsUnited States dollars in thousands 1,596 PDF p. 49
Loss/(gain) on disposal of property, plant and equipment, plantation and investment propertiesUnited States dollars in thousands (23,768) PDF p. 49
Write off of property, plant and equipment and plantationUnited States dollars in thousands 1,099 PDF p. 49
Impairment loss on property, plant and equipmentUnited States dollars in thousands 2,149 PDF p. 49
(Reversal of impairment losses)/impairment losses on financial assetsUnited States dollars in thousands 23,665 PDF p. 49
Impairment loss on investment in an associateUnited States dollars in thousands – PDF p. 49
Loss on disposal of asset held for saleUnited States dollars in thousands 381 PDF p. 49
Share of loss of associatesUnited States dollars in thousands 1,013 PDF p. 49
Unrealised foreign exchange loss/(gain)United States dollars in thousands (153) PDF p. 49
Operating cash flows before changes in working capitalUnited States dollars in thousands 19,240 PDF p. 49
Trade and other receivablesUnited States dollars in thousands (23,757) PDF p. 49
InventoriesUnited States dollars in thousands 1,283 PDF p. 49
Trade and other payablesUnited States dollars in thousands 46,734 PDF p. 49
Cash (used in)/generated from operationsUnited States dollars in thousands 43,500 PDF p. 49
Interest receivedUnited States dollars in thousands 2,004 PDF p. 49
Tax paidUnited States dollars in thousands (17,348) PDF p. 49
Net cash (used in)/generated from operating activitiesUnited States dollars in thousands 28,156 PDF p. 49
Investing activities
Capital expenditure on property, plant and equipment, and intangible assetsUnited States dollars in thousands (14,410) PDF p. 49
Capital expenditure on plantation and biological assetsUnited States dollars in thousands (8,387) PDF p. 49
Proceeds from disposal of property, plant and equipment, plantation, and investment propertiesUnited States dollars in thousands 39,151 PDF p. 49
Proceeds from repayment of loan to a third partyUnited States dollars in thousands – PDF p. 49
Net cash generated from investing activitiesUnited States dollars in thousands 16,354 PDF p. 49
Financing activities
Net proceeds/(repayments) of borrowingsUnited States dollars in thousands (37,655) PDF p. 49
Net proceeds/(repayments) of term loansUnited States dollars in thousands (349,460) PDF p. 49
Net proceeds of other working capital loansUnited States dollars in thousands 311,805 PDF p. 49
Repayments of obligation under lease arrangementsUnited States dollars in thousands (2,612) PDF p. 49
Interest paidUnited States dollars in thousands (61,696) PDF p. 49
Dividend distributed to perpetual securities holdersUnited States dollars in thousands (7,600) PDF p. 49
Dividend paid to non-controlling interestsUnited States dollars in thousands (5,578) PDF p. 49
Guarantee fee paid in relation to issuance of perpetual securitiesUnited States dollars in thousands – PDF p. 49
Net cash generated from/(used in) financing activitiesUnited States dollars in thousands (115,141) PDF p. 49
Net increase/(decrease) in cash and cash equivalentsUnited States dollars in thousands (70,631) PDF p. 49
Cash and cash equivalents at the beginning of yearUnited States dollars in thousands 118,682 PDF p. 49
Effect of exchange rate changes on the balance of cash held in foreign currenciesUnited States dollars in thousands 235 PDF p. 49
Cash and cash equivalents at the end of yearUnited States dollars in thousands 48,286 PDF p. 49
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Earnings / loss per share / adjusted owners numerator

3 metrics

Units appear below each metric. Scroll to compare years

Earnings / loss per share / adjusted owners numerator from Annual Report 2025
Metric / unit 2023Group / profit or loss after perpetual distributions / year ended 31 December 2023 Source
EPS / owners profit/loss and perpetual distributions
Loss for the year attributable to owners of the CompanyUnited States dollars in thousands (87,017) PDF p. 69
Dividend on perpetual securitiesUnited States dollars in thousands (7,600) PDF p. 69
Adjusted loss for the year attributable to owners of the CompanyUnited States dollars in thousands (94,617) PDF p. 69
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Earnings / loss per share / weighted ordinary shares

1 metrics

Units appear below each metric. Scroll to compare years

Earnings / loss per share / weighted ordinary shares from Annual Report 2025
Metric / unit 2023Group / basic and diluted / thousands of shares / year ended 31 December 2023 Source
Loss / earnings per share note
Weighted average number of ordinary shares used to compute earnings per share (’000)Ordinary shares in thousands 1,595,012 PDF p. 69
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Earnings / loss per share / basic and diluted US cents

1 metrics

Units appear below each metric. Scroll to compare years

Earnings / loss per share / basic and diluted US cents from Annual Report 2025
Metric / unit 2023Group / basic and diluted / US cents / year ended 31 December 2023 Source
Loss / earnings per share note
Loss per share (US cents)US cents per share (5.93) PDF p. 69
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Cash and bank balances / composition

3 metrics

Units appear below each metric. Scroll to compare years

Cash and bank balances / composition from Annual Report 2025
Metric / unit 2023Group2023Company Source
Cash and bank balances
Cash at bank and on handUnited States dollars in thousands 44,214729 PDF p. 86
Short term depositsUnited States dollars in thousands 4,072100 PDF p. 86
Total cash and bank balancesUnited States dollars in thousands 48,286829 PDF p. 86
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group consolidated income statement

18 metrics

Units appear below each metric. Scroll to compare years

Group consolidated income statement from Annual Report 2025
Metric / unit 2022Group / 1 January–31 December 2022 Source
Group consolidated income statement
RevenueUnited States dollars in thousands 2,692,830 PDF p. 47
Cost of salesUnited States dollars in thousands (2,522,018) PDF p. 47
Gross profitUnited States dollars in thousands 170,812 PDF p. 47
Other incomeUnited States dollars in thousands 26,559 PDF p. 47
Selling expensesUnited States dollars in thousands (65,964) PDF p. 47
General and administrative expensesUnited States dollars in thousands (93,623) PDF p. 47
General and administrative expenses – foreign exchange gainUnited States dollars in thousands 3,269 PDF p. 47
Operating (loss)/profitUnited States dollars in thousands 41,053 PDF p. 47
Finance incomeUnited States dollars in thousands 6,075 PDF p. 47
Finance costsUnited States dollars in thousands (39,084) PDF p. 47
Share of loss of associatesUnited States dollars in thousands (922) PDF p. 47
(Loss)/profit before taxUnited States dollars in thousands 7,122 PDF p. 47
Income tax expenseUnited States dollars in thousands (21,193) PDF p. 47
Loss for the financial yearUnited States dollars in thousands (14,071) PDF p. 47
Loss attributable to:
Owners of the CompanyUnited States dollars in thousands (17,968) PDF p. 47
Non-controlling interestsUnited States dollars in thousands 3,897 PDF p. 47
SubtotalUnited States dollars in thousands (14,071) PDF p. 47
Loss per share (“LPS”):
Basic and diluted (US cents per share)US cents per share (1.60) PDF p. 47
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group comprehensive income statement

8 metrics

Units appear below each metric. Scroll to compare years

Group comprehensive income statement from Annual Report 2025
Metric / unit 2022Group / 1 January–31 December 2022 Source
Group comprehensive income statement
Loss for the financial yearUnited States dollars in thousands (14,071) PDF p. 48
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operationsUnited States dollars in thousands (43,751) PDF p. 48
Items that will not be reclassified subsequently to profit or loss
Actuarial gain on retirement benefit obligation (net of tax)United States dollars in thousands 3,005 PDF p. 48
Other comprehensive income/(loss) for the financial year, net of taxUnited States dollars in thousands (40,746) PDF p. 48
Total comprehensive loss for the financial year, net of taxUnited States dollars in thousands (54,817) PDF p. 48
Attributable to:
– Owners of the CompanyUnited States dollars in thousands (57,059) PDF p. 48
– Non-controlling interestsUnited States dollars in thousands 2,242 PDF p. 48
Total comprehensive loss for the financial year, net of taxUnited States dollars in thousands (54,817) PDF p. 48
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group statement of financial position

48 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position from Annual Report 2025
Metric / unit 2022Group / as at 31 December 2022 Source
Non-current assets
Intangible assetsUnited States dollars in thousands 298,840 PDF p. 49
Property, plant and equipmentUnited States dollars in thousands 230,425 PDF p. 49
Plantation and biological assetsUnited States dollars in thousands 538,121 PDF p. 49
Investment propertiesUnited States dollars in thousands 40,668 PDF p. 49
Deferred tax assetsUnited States dollars in thousands 20,511 PDF p. 49
Deferred chargesUnited States dollars in thousands 1,265 PDF p. 49
Other assetsUnited States dollars in thousands 161 PDF p. 49
Loans and other receivablesUnited States dollars in thousands 3,252 PDF p. 49
Investment in subsidiariesUnited States dollars in thousands – PDF p. 49
Investment in associatesUnited States dollars in thousands 7,004 PDF p. 49
Total non-current assetsUnited States dollars in thousands 1,140,247 PDF p. 49
Current assets
Cash and bank balancesUnited States dollars in thousands 118,682 PDF p. 49
Trade receivablesUnited States dollars in thousands 137,663 PDF p. 49
Loans and other receivablesUnited States dollars in thousands 154,946 PDF p. 49
Tax receivablesUnited States dollars in thousands 6,966 PDF p. 49
Derivative financial instrumentsUnited States dollars in thousands 39,862 PDF p. 49
Debt instrumentUnited States dollars in thousands 2,392 PDF p. 49
InventoriesUnited States dollars in thousands 410,705 PDF p. 49
Consumable biological assetsUnited States dollars in thousands 78 PDF p. 49
SubtotalUnited States dollars in thousands 871,294 PDF p. 49
Assets classified as held for saleUnited States dollars in thousands 5,632 PDF p. 49
Total current assetsUnited States dollars in thousands 876,926 PDF p. 49
Total assetsUnited States dollars in thousands 2,017,173 PDF p. 49
Current liabilities
Derivative financial instrumentsUnited States dollars in thousands 1,315 PDF p. 49
Trade payablesUnited States dollars in thousands 36,455 PDF p. 49
Other payablesUnited States dollars in thousands 91,122 PDF p. 49
Loan payablesUnited States dollars in thousands 714,048 PDF p. 49
Provision for taxationUnited States dollars in thousands 11,153 PDF p. 49
Lease liabilitiesUnited States dollars in thousands 2,418 PDF p. 49
Total current liabilitiesUnited States dollars in thousands 856,511 PDF p. 49
Net current (liabilities)/assetsUnited States dollars in thousands 20,415 PDF p. 49
Non-current liabilities
Loan payablesUnited States dollars in thousands 419,317 PDF p. 49
Retirement benefit obligationsUnited States dollars in thousands 16,542 PDF p. 49
Deferred tax liabilitiesUnited States dollars in thousands 48,061 PDF p. 49
Lease liabilitiesUnited States dollars in thousands 7,725 PDF p. 49
Other payablesUnited States dollars in thousands 8,985 PDF p. 49
Total non-current liabilitiesUnited States dollars in thousands 500,630 PDF p. 49
Net assetsUnited States dollars in thousands 660,032 PDF p. 49
Capital and reserves
Share capitalUnited States dollars in thousands 603,874 PDF p. 49
Perpetual securitiesUnited States dollars in thousands 192,640 PDF p. 49
Capital reserveUnited States dollars in thousands 2,898 PDF p. 49
Other reservesUnited States dollars in thousands (1,517) PDF p. 49
(Accumulated losses)/Retained earningsUnited States dollars in thousands (135,712) PDF p. 49
Foreign currency translation reserveUnited States dollars in thousands (32,349) PDF p. 49
Equity attributable to owners of the CompanyUnited States dollars in thousands 629,834 PDF p. 49
Non-controlling interestsUnited States dollars in thousands 30,198 PDF p. 49
Total equityUnited States dollars in thousands 660,032 PDF p. 49
Total liabilities and equityUnited States dollars in thousands 2,017,173 PDF p. 49
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Company statement of financial position

48 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position from Annual Report 2025
Metric / unit 2022Company / as at 31 December 2022 Source
Non-current assets
Intangible assetsUnited States dollars in thousands 166 PDF p. 49
Property, plant and equipmentUnited States dollars in thousands 3,155 PDF p. 49
Plantation and biological assetsUnited States dollars in thousands – PDF p. 49
Investment propertiesUnited States dollars in thousands – PDF p. 49
Deferred tax assetsUnited States dollars in thousands – PDF p. 49
Deferred chargesUnited States dollars in thousands – PDF p. 49
Other assetsUnited States dollars in thousands – PDF p. 49
Loans and other receivablesUnited States dollars in thousands – PDF p. 49
Investment in subsidiariesUnited States dollars in thousands 1,068,347 PDF p. 49
Investment in associatesUnited States dollars in thousands 5,546 PDF p. 49
Total non-current assetsUnited States dollars in thousands 1,077,214 PDF p. 49
Current assets
Cash and bank balancesUnited States dollars in thousands 3,417 PDF p. 49
Trade receivablesUnited States dollars in thousands – PDF p. 49
Loans and other receivablesUnited States dollars in thousands 499,405 PDF p. 49
Tax receivablesUnited States dollars in thousands – PDF p. 49
Derivative financial instrumentsUnited States dollars in thousands 3,012 PDF p. 49
Debt instrumentUnited States dollars in thousands – PDF p. 49
InventoriesUnited States dollars in thousands – PDF p. 49
Consumable biological assetsUnited States dollars in thousands – PDF p. 49
SubtotalUnited States dollars in thousands 505,834 PDF p. 49
Assets classified as held for saleUnited States dollars in thousands – PDF p. 49
Total current assetsUnited States dollars in thousands 505,834 PDF p. 49
Total assetsUnited States dollars in thousands 1,583,048 PDF p. 49
Current liabilities
Derivative financial instrumentsUnited States dollars in thousands 2,702 PDF p. 49
Trade payablesUnited States dollars in thousands – PDF p. 49
Other payablesUnited States dollars in thousands 20,381 PDF p. 49
Loan payablesUnited States dollars in thousands 476,113 PDF p. 49
Provision for taxationUnited States dollars in thousands 820 PDF p. 49
Lease liabilitiesUnited States dollars in thousands 978 PDF p. 49
Total current liabilitiesUnited States dollars in thousands 500,994 PDF p. 49
Net current (liabilities)/assetsUnited States dollars in thousands 4,840 PDF p. 49
Non-current liabilities
Loan payablesUnited States dollars in thousands 260,400 PDF p. 49
Retirement benefit obligationsUnited States dollars in thousands – PDF p. 49
Deferred tax liabilitiesUnited States dollars in thousands 452 PDF p. 49
Lease liabilitiesUnited States dollars in thousands 1,834 PDF p. 49
Other payablesUnited States dollars in thousands 21,220 PDF p. 49
Total non-current liabilitiesUnited States dollars in thousands 283,906 PDF p. 49
Net assetsUnited States dollars in thousands 798,148 PDF p. 49
Capital and reserves
Share capitalUnited States dollars in thousands 603,874 PDF p. 49
Perpetual securitiesUnited States dollars in thousands 192,640 PDF p. 49
Capital reserveUnited States dollars in thousands – PDF p. 49
Other reservesUnited States dollars in thousands (1,310) PDF p. 49
(Accumulated losses)/Retained earningsUnited States dollars in thousands 2,944 PDF p. 49
Foreign currency translation reserveUnited States dollars in thousands – PDF p. 49
Equity attributable to owners of the CompanyUnited States dollars in thousands 798,148 PDF p. 49
Non-controlling interestsUnited States dollars in thousands – PDF p. 49
Total equityUnited States dollars in thousands 798,148 PDF p. 49
Total liabilities and equityUnited States dollars in thousands 1,583,048 PDF p. 49
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group changes in equity / 2022

11 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2022 from Annual Report 2025
Metric / unit 2022Group / Share capital2022Group / Perpetual securities2022Group / Capital reserve2022Group / Other reserves2022Group / Accumulated losses2022Group / Foreign currency translation reserve2022Group / Total equity attributable to owners of the Company2022Group / Non-controlling interests2022Group / Total equity Source
Group changes in equity / 2022
At 1 January 2022United States dollars in thousands 603,874192,6402,740(1,517)(112,979)9,691694,44929,701724,150 PDF p. 50
(Loss)/profit for the yearUnited States dollars in thousands ––––(17,968)–(17,968)3,897(14,071) PDF p. 50
Other comprehensive incomeUnited States dollars in thousands ––––2,949(42,040)(39,091)(1,655)(40,746) PDF p. 50
Total comprehensive (loss)/income for the yearUnited States dollars in thousands ––––(15,019)(42,040)(57,059)2,242(54,817) PDF p. 50
Contributions by and distributions to owners
Distribution to perpetual securities holdersUnited States dollars in thousands ––––(7,600)–(7,600)–(7,600) PDF p. 50
Group changes in equity / 2022
Statutory reserve fundUnited States dollars in thousands ––158–(158)–––– PDF p. 50
Dividend declared to non- controlling interestsUnited States dollars in thousands –––––––(1,544)(1,544) PDF p. 50
Total contributions by and distributions to ownersUnited States dollars in thousands ––158–(7,758)–(7,600)(1,544)(9,144) PDF p. 50
Changes in ownership interests in subsidiaries
Transaction with non- controlling interest of a subsidiaryUnited States dollars in thousands ––––44–44(201)(157) PDF p. 50
Group changes in equity / 2022
Total changes in ownership interests in subsidiariesUnited States dollars in thousands ––––44–44(201)(157) PDF p. 50
At 31 December 2022United States dollars in thousands 603,874192,6402,898(1,517)(135,712)(32,349)629,83430,198660,032 PDF p. 50
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Company changes in equity / 2022

5 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2022 from Annual Report 2025
Metric / unit 2022Company / Share capital2022Company / Perpetual securities2022Company / Other reserves2022Company / Accumulated losses / retained earnings2022Company / Total equity Source
Company changes in equity / 2022
At 1 January 2022United States dollars in thousands 603,874192,640(1,310)32,804828,008 PDF p. 51
Loss for the year representing total comprehensive loss for the yearUnited States dollars in thousands –––(22,260)(22,260) PDF p. 51
owners
Distribution to perpetual securities holdersUnited States dollars in thousands –––(7,600)(7,600) PDF p. 51
Company changes in equity / 2022
Total transactions with owners in their capacity as ownersUnited States dollars in thousands –––(7,600)(7,600) PDF p. 51
At 31 December 2022United States dollars in thousands 603,874192,640(1,310)2,944798,148 PDF p. 51
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Group consolidated cash flow statement

47 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flow statement from Annual Report 2025
Metric / unit 2022Group / 1 January–31 December 2022 Source
Operating activities
(Loss)/profit before taxUnited States dollars in thousands 7,122 PDF p. 52
Adjustments for:
Depreciation expenseUnited States dollars in thousands 26,406 PDF p. 52
Amortisation of intangible assetsUnited States dollars in thousands 972 PDF p. 52
Amortisation of right-of-use assetsUnited States dollars in thousands 3,234 PDF p. 52
Retirement benefit expensesUnited States dollars in thousands 1,552 PDF p. 52
Interest incomeUnited States dollars in thousands (6,075) PDF p. 52
Interest expenseUnited States dollars in thousands 39,084 PDF p. 52
Unrealised fair value (gain)/loss on open forward commodities contracts and inventoriesUnited States dollars in thousands 2,785 PDF p. 52
Fair value loss/(gain) on investment propertiesUnited States dollars in thousands (1,518) PDF p. 52
Fair value loss/(gain) on biological assetsUnited States dollars in thousands (7,665) PDF p. 52
Fair value loss on assets classified as held for saleUnited States dollars in thousands 210 PDF p. 52
Gain on disposal and dilution of investment in an associateUnited States dollars in thousands (357) PDF p. 52
Gain on disposal of other assetUnited States dollars in thousands (53) PDF p. 52
Gain on disposal of property, plant and equipment, plantation and investment propertiesUnited States dollars in thousands (15,311) PDF p. 52
Write off of property, plant and equipment and plantationUnited States dollars in thousands 44 PDF p. 52
Impairment loss on property, plant and equipmentUnited States dollars in thousands – PDF p. 52
Impairment loss/(Reversal of impairment losses) on financial assetsUnited States dollars in thousands (49) PDF p. 52
Loss on disposal of asset held for saleUnited States dollars in thousands – PDF p. 52
Share of loss of associatesUnited States dollars in thousands 922 PDF p. 52
Unrealised foreign exchange (gain)/lossUnited States dollars in thousands 5,170 PDF p. 52
Operating cash flows before changes in working capitalUnited States dollars in thousands 56,473 PDF p. 52
Trade and other receivablesUnited States dollars in thousands 16,054 PDF p. 52
InventoriesUnited States dollars in thousands 43,930 PDF p. 52
Trade and other payablesUnited States dollars in thousands (40,763) PDF p. 52
Cash generated from operationsUnited States dollars in thousands 75,694 PDF p. 52
Interest receivedUnited States dollars in thousands 946 PDF p. 52
Tax paidUnited States dollars in thousands (7,008) PDF p. 52
Net cash generated from operating activitiesUnited States dollars in thousands 69,632 PDF p. 52
Investing activities
Proceeds from disposal of investment in an associateUnited States dollars in thousands 1,615 PDF p. 52
Proceeds from disposal of other assetsUnited States dollars in thousands 1,200 PDF p. 52
Acquisition of remaining interest in a subsidiaryUnited States dollars in thousands (157) PDF p. 52
Capital expenditure on property, plant and equipment, and intangible assetsUnited States dollars in thousands (10,082) PDF p. 52
Capital expenditure on plantation and biological assetsUnited States dollars in thousands (16,236) PDF p. 52
Proceeds from disposal of property, plant and equipment, plantation, and investment propertiesUnited States dollars in thousands 29,013 PDF p. 52
Net cash generated from investing activitiesUnited States dollars in thousands 5,353 PDF p. 52
Financing activities
Net (repayments)/proceeds of borrowingsUnited States dollars in thousands 67,823 PDF p. 52
Net repayment of term loansUnited States dollars in thousands (22,604) PDF p. 52
Net proceeds of other working capital loansUnited States dollars in thousands 90,427 PDF p. 52
Repayment of obligation under lease arrangementsUnited States dollars in thousands (3,619) PDF p. 52
Interest paidUnited States dollars in thousands (44,255) PDF p. 52
Dividend distributed to perpetual securities holdersUnited States dollars in thousands (7,600) PDF p. 52
Dividend paid to non-controlling interestsUnited States dollars in thousands (191) PDF p. 52
Net cash (used in)/generated from financing activitiesUnited States dollars in thousands 12,158 PDF p. 52
Net (decrease)/increase in cash and cash equivalentsUnited States dollars in thousands 87,143 PDF p. 52
Cash and cash equivalents at the beginning of yearUnited States dollars in thousands 33,396 PDF p. 52
Effect of exchange rate changes on the balance of cash held in foreign currenciesUnited States dollars in thousands (1,857) PDF p. 52
Cash and cash equivalents at the end of yearUnited States dollars in thousands 118,682 PDF p. 52
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Earnings / loss per share / adjusted owners numerator

3 metrics

Units appear below each metric. Scroll to compare years

Earnings / loss per share / adjusted owners numerator from Annual Report 2025
Metric / unit 2022Group / profit or loss after perpetual distributions / year ended 31 December 2022 Source
EPS / owners profit/loss and perpetual distributions
Loss for the year attributable to owners of the CompanyUnited States dollars in thousands (17,968) PDF p. 74
Dividend on perpetual securitiesUnited States dollars in thousands (7,600) PDF p. 74
Adjusted loss for the year attributable to owners of the CompanyUnited States dollars in thousands (25,568) PDF p. 74
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Earnings / loss per share / weighted ordinary shares

1 metrics

Units appear below each metric. Scroll to compare years

Earnings / loss per share / weighted ordinary shares from Annual Report 2025
Metric / unit 2022Group / basic and diluted / thousands of shares / year ended 31 December 2022 Source
Loss / earnings per share note
Weighted average number of ordinary shares used to compute earnings per share (’000)Ordinary shares in thousands 1,595,012 PDF p. 74
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Earnings / loss per share / basic and diluted US cents

1 metrics

Units appear below each metric. Scroll to compare years

Earnings / loss per share / basic and diluted US cents from Annual Report 2025
Metric / unit 2022Group / basic and diluted / US cents / year ended 31 December 2022 Source
Loss / earnings per share note
Loss per share (US cents)US cents per share (1.60) PDF p. 74
Definitions & sources

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

Where the money comes from

Segment information

By business

Segment information – business segments (FY2025 and FY2024) 15 lines
Segment information – business segments (FY2025 and FY2024)
Item / unit 2025CMCP Group2024CMCP Group2025CMCI Group2024CMCI Group2025HRC Group2024HRC Group (Restated per header placement)2025Corporate2024Corporate2025Elimination2024Elimination2025Consolidated2024Consolidated (Restated per header placement) Source
Segment results
Revenue to third partyUS$'000 2,2311,462460,002531,8532,499,3052,407,734––––2,961,5382,941,049 PDF p. 106
Inter-segment revenueUS$'000 53,45348,8625,44615,80327,71736,47211,12811,639(97,744)(112,776)–– PDF p. 106
Total revenueUS$'000 55,68450,324465,448547,6562,527,0222,444,20611,12811,639(97,744)(112,776)2,961,5382,941,049 PDF p. 106
Gross profitUS$'000 (1,583)5,68960,84559,49053,660125,92411,12811,639(11,338)(11,809)112,712190,933 PDF p. 106
Operating (loss)/profitUS$'000 (35,817)(13,752)27,80126,461(17,433)39,925(4,371)(3,379)(442)395(30,262)49,650 PDF p. 106
Operating (loss)/profit excluding management feeUS$'000 (35,817)(13,752)28,11826,750(6,621)51,275(15,500)(15,018)(442)395(30,262)49,650 PDF p. 106
Segment assets and liabilities
Segment assetsUS$'000 805,273781,407629,383628,6331,109,9681,276,4361,459,7671,460,067(2,085,984)(2,053,379)1,918,4072,093,164 PDF p. 106
Segment liabilitiesUS$'000 333,629326,617316,798338,946666,887823,3471,194,124944,530(848,997)(850,417)1,662,4411,583,023 PDF p. 106
Other information
Management fee expense/(income)US$'000 ––31728910,81211,350(11,129)(11,639)–––– PDF p. 106
Depreciation expense (include right-of-use assets)US$'000 11,2009,7861,0821,25117,13616,2909671,01173348131,11828,819 PDF p. 106
Fair value gain on investment propertiesUS$'000 ––––(1,187)(415)––––(1,187)(415) PDF p. 106
Fair value loss/(gain) on biological assetsUS$'000 10,888(2,092)––––––––10,888(2,092) PDF p. 106
Unrealised fair value loss/(gain) on open forward commodity contracts and inventoriesUS$'000 1,857(5,326)1383,52223,114(13,777)––––25,109(15,581) PDF p. 106
Capital expenditure on property, plant and equipment and intangible assetsUS$'000 5401,557174823,55914,492373366––4,64616,497 PDF p. 106
Capital expenditure on plantation and biological assetsUS$'000 3,8756,781––––––––3,8756,781 PDF p. 106
Notes

Header: FY 2025 / FY 2024 columns in US$'000; 'Restated' appears in the header line above the HRC Group FY2024 and Consolidated FY2024 columns (placement approximate in extracted text).

Footnote markers: A Inter-segment revenues are eliminated on consolidation. B Management fee is eliminated on consolidation. C Elimination on investment in subsidiaries and intercompany balances. D Elimination on intercompany balances.

Segments: CMC Plantation (CMCP Group) – plantation and processing in Cameroon and Malaysia; CMC Distribution (CMCI Group) – distribution for industrial and non-tyre applications; HRC Group – processing factories in Indonesia, China, Malaysia, Thailand, Ivory Coast and distribution in Singapore and China; Corporate – strategic management, corporate finance, administration, legal, treasury, tax.

Segment assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

Quotes for wrapped labels are the value-bearing line of the row.

Segment information – reconciliation to consolidated loss (Consolidated only) 6 lines
Segment information – reconciliation to consolidated loss (Consolidated only)
Item / unit 2025Consolidated2024Consolidated (Restated per header placement) Source
Reconciliation
Finance incomeUS$'000 2,7972,927 PDF p. 106
Finance costsUS$'000 (62,687)(66,800) PDF p. 106
Share of result of associatesUS$'000 287(496) PDF p. 106
Loss before taxUS$'000 (89,865)(14,719) PDF p. 106
Income tax expenseUS$'000 (9,683)(16,190) PDF p. 106
Loss for the financial yearUS$'000 (99,548)(30,909) PDF p. 106
Notes

These rows are printed only under the Consolidated columns.

By geography

Geographical information – Sales of natural rubber (revenue by customers' ultimate parent origin) 7 lines
Geographical information – Sales of natural rubber (revenue by customers' ultimate parent origin)
Item / unit 2025Group2024Group (Restated) Source
Sales of natural rubber
SingaporeUS$'000 115,27157,465 PDF p. 107
Asia (excluding Singapore and China)US$'000 480,571545,471 PDF p. 107
ChinaUS$'000 1,689,8321,670,044 PDF p. 107
USA/CanadaUS$'000 281,701302,526 PDF p. 107
EuropeUS$'000 314,145303,489 PDF p. 107
OthersUS$'000 80,01862,054 PDF p. 107
Total (unlabelled)US$'000 2,961,5382,941,049 PDF p. 107
Notes

The table shows the Group's revenue by geographical locations based on the origin of the customers' ultimate parent company.

Total row has no printed label.

Geographical information – Non-current assets 6 lines
Geographical information – Non-current assets
Item / unit 2025Group2024Group Source
Non-current assets
SingaporeUS$'000 63,13317,259 PDF p. 107
AsiaUS$'000 481,890481,918 PDF p. 107
AfricaUS$'000 561,838571,268 PDF p. 107
EuropeUS$'000 23,71723,784 PDF p. 107
OthersUS$'000 11,38711,039 PDF p. 107
Total (unlabelled)US$'000 1,141,9651,105,268 PDF p. 107
Notes

Non-current assets include intangible assets, property, plant and equipment, plantation and biological assets, investment properties, deferred charges, other assets, loans and other receivables and investment in associates as presented in the consolidated statements of financial position.

Total row has no printed label.

Debt

Borrowings

Liquidity risk - contractual maturity of loan payables and lease liabilities

Liquidity risk - contractual maturity of loan payables and lease liabilities — Group
Item / unit 2025weighted average effective interest rate %2025on demand or within one year US$'0002025one to three years US$'0002025over three years US$'0002025adjustment US$'0002025total US$'0002024weighted average effective interest rate %2024on demand or within one year US$'0002024one to three years US$'0002024over three years US$'0002024adjustment US$'0002024total US$'000 Source
Financial liabilities
Lease liabilitiesUS$'000 (rate in %) 4.842,0313,16223,067(19,211)9,0495.582,2381,48421,139(17,303)7,558 PDF p. 102
Loan payables – variable rateUS$'000 (rate in %) 5.57732,12315,678–(39,431)708,3706.76601,83833,057–(40,193)594,702 PDF p. 102
Loan payables – fixed rateUS$'000 (rate in %) 4.45396,907310,990–(30,127)677,7705.08614,25682,4064,577(44,949)656,290 PDF p. 102
Notes

Undiscounted cash flows including interest and principal, based on earliest date the Group can be required to pay; the adjustment column represents possible future interest cash outflow not included in carrying amount.

Liquidity risk - contractual maturity of loan payables and lease liabilities (Company)

Liquidity risk - contractual maturity of loan payables and lease liabilities (Company) — Company
Item / unit 2025weighted average effective interest rate %2025on demand or within one year US$'0002025one to three years US$'0002025over three years US$'0002025adjustment US$'0002025total US$'0002024weighted average effective interest rate %2024on demand or within one year US$'0002024one to three years US$'0002024over three years US$'0002024adjustment US$'0002024total US$'000 Source
Financial liabilities
Lease liabilitiesUS$'000 (rate in %) 4.06759513–(27)1,2455.6480854–(17)845 PDF p. 103
Loan payables – variable rateUS$'000 (rate in %) 5.52711,755––(37,255)674,5006.74588,175––(37,114)551,061 PDF p. 103
Loan payables – fixed rateUS$'000 (rate in %) 3.2349,284241,514–(9,104)281,6943.94209,524––(7,936)201,588 PDF p. 103
Notes

Undiscounted cash flows including interest and principal; adjustment column is possible future interest outflow.

Borrowing notes 5 tables

Loan payables (current and non-current by type)

Loan payables (current and non-current by type)
Item / unit 2025Group2024Group2025Company2024Company Source
Current
– Working capital loansUS$'000 458,869529,875179,492219,837 PDF p. 93
– Shareholders’ loansUS$'000 564,454581,502536,000532,812 PDF p. 93
– Term loansUS$'000 47,89833,568–– PDF p. 93
Total current loan payablesUS$'000 1,071,2211,144,945715,492752,649 PDF p. 93
Non-current
– Working capital loansUS$'000 192,2805,913176,702– PDF p. 93
– Shareholders’ loansUS$'000 64,000–64,000– PDF p. 93
– Term loansUS$'000 58,639100,134–– PDF p. 93
Total non-current loan payablesUS$'000 314,919106,047240,702– PDF p. 93
Total
Total loan payablesUS$'000 1,386,1401,250,992956,194752,649 PDF p. 93
Notes

Certain loan payables amounting to US$223,629,000 (2024: US$261,205,000) are secured by a charge over certain of the Group’s inventories (Note 20), property, plant and equipment (Note 11), certain cash and bank balances (Note 16), and certain trade receivables (Note 17).

The Group continues to receive a corporate guarantee of US$776,000,000 (2024: US$776,000,000) from the shareholders to secure borrowings from various banks. The corporate guarantee utilised by the Group amounts to US$356,000,000 (2024: US$220,000,000).

Total row labels for current and non-current subtotals are unlabelled in the source; descriptive labels added.

Loan payables denominated in currencies other than functional currencies

Loan payables denominated in currencies other than functional currencies
Item / unit 2025Group2024Group2025Company2024Company Source
Currency denomination
United States DollarUS$'000 53,77552,667–– PDF p. 93
Japanese YenUS$'000 –40,397–40,397 PDF p. 93
Chinese YuanUS$'000 178,693100,400178,693100,400 PDF p. 93
Notes

Carrying amounts of loan payables denominated in currencies other than the respective group entities’ functional currencies.

Average interest rates on loan payables

Average interest rates on loan payables
Item / unit 2025Group2024Group Source
Interest rates
Working capital loans bear average interest rates% per annum 4.455.74 PDF p. 93
The shareholder loans bear average interest rates% per annum 5.136.67 PDF p. 93
Notes

Printed in narrative text; 2024 comparatives in parentheses.

Term loans by loan

Term loans by loan
Item / unit 2025Group2024Group2025Company2024Company Source
Current
Loan AUS$'000 2242,310–– PDF p. 94
Loan BUS$'000 2,5542,652–– PDF p. 94
Loan DUS$'000 33,24712,988–– PDF p. 94
Loan EUS$'000 11,87315,618–– PDF p. 94
Non-current
Loan AUS$'000 –431–– PDF p. 94
Loan BUS$'000 6393,315–– PDF p. 94
Loan CUS$'000 14,70930,904–– PDF p. 94
Loan DUS$'000 43,29165,419–– PDF p. 94
Loan EUS$'000 –65–– PDF p. 94
Notes

(a) Loan A bears an average effective interest of 6.00% (2024: 6.00%) per annum and repayable on monthly instalments until 2026. This loan is unsecured.

(b) Loan B bears an average effective interest rate of 7.25% (2024: 7.75%) per annum, repayable on monthly instalments until 2026. This loan is secured on certain property, plant and equipment and inventories.

(c) Loan C bears an average effective interest rate of 6.59% (2024: 6.35%) per annum and is repayable in 2029. The loan is secured on certain trade receivables and inventories.

(d) Loan D bears an average effective interest rate of 7.50% (2024: 7.50%) per annum, repayable on monthly instalments until 2027. This loan is secured by certain property, plant and equipment.

(e) Loan E bears an average effective interest rate of 4.85% (2024: 4.85%) per annum and is repayable on monthly instalments until 2026. This loan is secured by certain property, plant and equipment.

Lease liabilities current and non-current

Lease liabilities current and non-current
Item / unit 2025Group2024Group2025Company2024Company Source
Lease liabilities
CurrentUS$'000 1,5532,045746792 PDF p. 97
Non-currentUS$'000 7,4965,51349953 PDF p. 97
Notes

Total lease liabilities 9,049 / 7,558 (Group) and 1,245 / 845 (Company).

As at 31 December 2025, the average incremental borrowing rate applied and average interest rate in the lease was 5.20% and 4.81% (2024: 5.20% and 5.58%) per annum respectively.

Lease liabilities denominated in Singapore Dollar (non-functional currency): Group and Company 1,245 (2025), 845 (2024).

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
Dividend Policy The Company’s dividend policy is based on a payout ratio of up to 20% of its core PATMI1, barring unforeseen circumstances. Dividend payments are also affected by various factors such as level of earnings, the Company’s development prospects, its financial position and funding needs, the overall macroeconomic situation and market conditions as well as other legal or contractual restrictions that may be applicable from time to time. Company PDF p. 27

Dividends declared and proposed

ItemValuePeriod / scopeSource
Dividend Policy The Board does not recommend payment of dividend for FY2025 as the Company was not profitable and it is appropriate to converse funds for the Group’s business activities and working capital requirement. Company, FY2025 PDF p. 27
35. Dividends on ordinary shares The Group has not paid dividend on ordinary shares during the financial years 2025 and 2024. Group, 2025 and 2024 PDF p. 111

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

ItemValuePeriod / scopeSource
Audit firm Ernst & Young LLP Group and Company, FY2025 PDF p. 44
Engagement partner Lee Lai Hiang Group and Company, FY2025 PDF p. 44
Opinion properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view Group and Company, FY2025 PDF p. 41

Going concern

ItemValuePeriod / scopeSource
Going concern assumption The financial statements of the Group have been prepared on a going concern basis notwithstanding the fact that: Group and Company, FY2025 PDF p. 52

Key audit matters

ItemValuePeriod / scopeSource
Impairment of goodwill and process know-how We focused on the impairment assessment of goodwill and process know-how because the impairment testing of the cash generating units (“CGUs”) attributable to these intangibles rely on estimates of value-in-use (“VIU”) based on the CGU’s expected future cash flows. Group, FY2025 PDF p. 41
Measurement of biological assets Due to the measurement of fair value being inherently judgement and significance of the amount as at the year end, we have considered this to be a key audit matter. Group, FY2025 PDF p. 42
Going concern assessment As management’s going concern assessment is a significant aspect of our audit, we have identified this as a key audit matter. Group and Company, FY2025 PDF p. 42
Revenue recognition and presentation Accordingly, we identified revenue recognition as a key audit matter. Group, FY2025 PDF p. 42

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.

Primary monetary amounts are United States dollars in thousands (US$’000). EPS is US cents per ordinary share, and weighted average share counts are thousands of shares. Group consolidated income, comprehensive income and cash-flow statements and Group/Company financial position and equity statements are printed. Separate Company income, comprehensive-income and cash-flow primary statements are not printed.

FY2024 revenue and cost of sales are restated under FY2025 Note 38 from gross to net presentation: revenue 3,777,123 − 836,074 = 2,941,049; cost of sales (3,586,190) + 836,074 = (2,750,116), in US$’000. The original note states gross profit, operating profit, loss for the year and net assets are unchanged. Previously stated amounts and the restated comparative are shown separately.

FY2025 Group net loss 99,548 comprises owners loss 88,719 and NCI loss 10,829 (US$’000). EPS deducts 7,600 perpetual distributions from owners loss, producing adjusted loss 96,319; basic/diluted EPS is (6.04) US cents. Perpetual redemption of 200,000 removes carrying value 192,640 and other reserve 7,360; it does not reduce ordinary share capital.

The FY2025 Ernst & Young LLP audit, engagement partner Lee Lai Hiang, is dated 24 April 2026 and expresses a true and fair opinion. Going-concern assessment is a key audit matter. The source discusses financial support and refinancing as conditions supporting the directors’ going-concern assessment.

At 31 December 2025, Group and Company net current liabilities are 521,905 and 402,613 (US$’000). Note 37 subsequently reports April 2026 extensions of shareholder loans of US$296 million to February 2027 and US$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.

The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.

The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.