Annual Report 2025
Auditor’s opinion: give a true and fair view. Read auditor’s report (PDF p. 41)
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / 1 January–31 December 2025 | 2024Group / Restated per Note38 / 1 January–31 December 2024 | Source |
|---|---|---|---|
| Group consolidated income statement | |||
| RevenueUnited States dollars in thousands | 2,961,538 | 2,941,049 | 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 | 112,712 | 190,933 | PDF p. 45 |
| Other incomeUnited States dollars in thousands | 6,081 | 4,489 | 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 | 2,797 | 2,927 | 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 |
Original report: PDF p. 45 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / 1 January–31 December 2025 | 2024Group / 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 |
Original report: PDF p. 46 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / as at 31 December 2025 | 2024Group / as at 31 December 2024 | Source |
|---|---|---|---|
| Non-current assets | |||
| Intangible assetsUnited States dollars in thousands | 297,231 | 297,581 | PDF p. 47 |
| Property, plant and equipmentUnited States dollars in thousands | 206,530 | 211,040 | PDF p. 47 |
| Plantation and biological assetsUnited States dollars in thousands | 591,561 | 551,895 | PDF p. 47 |
| Investment propertiesUnited States dollars in thousands | 41,799 | 39,536 | PDF p. 47 |
| Deferred tax assetsUnited States dollars in thousands | 20,525 | 19,528 | PDF p. 47 |
| Deferred chargesUnited States dollars in thousands | 1,193 | 1,162 | PDF p. 47 |
| Other assetsUnited States dollars in thousands | 172 | 160 | PDF p. 47 |
| Loans and other receivablesUnited States dollars in thousands | 1,793 | 1,607 | PDF p. 47 |
| Investment in subsidiariesUnited States dollars in thousands | – | – | PDF p. 47 |
| Investment in associatesUnited States dollars in thousands | 1,686 | 2,287 | PDF p. 47 |
| Total non-current assetsUnited States dollars in thousands | 1,162,490 | 1,124,796 | PDF p. 47 |
| Current assets | |||
| Cash and bank balancesUnited States dollars in thousands | 58,732 | 83,654 | PDF p. 47 |
| Trade receivablesUnited States dollars in thousands | 178,481 | 195,683 | PDF p. 47 |
| Loans and other receivablesUnited States dollars in thousands | 125,270 | 145,046 | PDF p. 47 |
| Tax receivablesUnited States dollars in thousands | 3,094 | 5,461 | PDF p. 47 |
| Derivative financial instrumentsUnited States dollars in thousands | 12,725 | 31,211 | PDF p. 47 |
| InventoriesUnited States dollars in thousands | 377,550 | 506,143 | PDF p. 47 |
| Consumable biological assetsUnited States dollars in thousands | 65 | 38 | PDF p. 47 |
| SubtotalUnited States dollars in thousands | 755,917 | 967,236 | 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 | 755,917 | 968,368 | PDF p. 47 |
| Total assetsUnited States dollars in thousands | 1,918,407 | 2,093,164 | PDF p. 47 |
| Current liabilities | |||
| Derivative financial instrumentsUnited States dollars in thousands | 299 | 23,800 | PDF p. 47 |
| Trade payablesUnited States dollars in thousands | 48,247 | 98,200 | PDF p. 47 |
| Other payablesUnited States dollars in thousands | 152,754 | 133,287 | PDF p. 47 |
| Loan payablesUnited States dollars in thousands | 1,071,221 | 1,144,945 | PDF p. 47 |
| Provision for taxationUnited States dollars in thousands | 3,748 | 6,730 | PDF p. 47 |
| Lease liabilitiesUnited States dollars in thousands | 1,553 | 2,045 | PDF p. 47 |
| Total current liabilitiesUnited States dollars in thousands | 1,277,822 | 1,409,007 | 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 | 314,919 | 106,047 | PDF p. 47 |
| Retirement benefit obligationsUnited States dollars in thousands | 15,684 | 13,746 | PDF p. 47 |
| Deferred tax liabilitiesUnited States dollars in thousands | 38,936 | 41,595 | PDF p. 47 |
| Lease liabilitiesUnited States dollars in thousands | 7,496 | 5,513 | PDF p. 47 |
| Other payablesUnited States dollars in thousands | 7,584 | 7,115 | PDF p. 47 |
| Total non-current liabilitiesUnited States dollars in thousands | 384,619 | 174,016 | PDF p. 47 |
| Net assetsUnited States dollars in thousands | 255,966 | 510,141 | PDF p. 47 |
| Capital and reserves | |||
| Share capitalUnited States dollars in thousands | 603,874 | 603,874 | PDF p. 47 |
| Perpetual securitiesUnited States dollars in thousands | – | 192,640 | PDF p. 47 |
| Capital reserveUnited States dollars in thousands | 4,939 | 4,937 | 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 | 245,858 | 490,928 | PDF p. 47 |
| Non-controlling interestsUnited States dollars in thousands | 10,108 | 19,213 | PDF p. 47 |
| Total equityUnited States dollars in thousands | 255,966 | 510,141 | PDF p. 47 |
| Total liabilities and equityUnited States dollars in thousands | 1,918,407 | 2,093,164 | PDF p. 47 |
Original report: PDF p. 47 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / as at 31 December 2025 | 2024Company / 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 | 2,321 | 1,545 | 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 | 970,188 | 955,464 | PDF p. 47 |
| Investment in associatesUnited States dollars in thousands | – | 896 | PDF p. 47 |
| Total non-current assetsUnited States dollars in thousands | 972,509 | 957,905 | PDF p. 47 |
| Current assets | |||
| Cash and bank balancesUnited States dollars in thousands | 15,153 | 27,599 | PDF p. 47 |
| Trade receivablesUnited States dollars in thousands | – | – | PDF p. 47 |
| Loans and other receivablesUnited States dollars in thousands | 465,273 | 484,127 | PDF p. 47 |
| Tax receivablesUnited States dollars in thousands | – | – | PDF p. 47 |
| Derivative financial instrumentsUnited States dollars in thousands | 6,754 | 10,003 | 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 | 487,180 | 521,729 | PDF p. 47 |
| Assets classified as held for saleUnited States dollars in thousands | – | – | PDF p. 47 |
| Total current assetsUnited States dollars in thousands | 487,180 | 521,729 | PDF p. 47 |
| Total assetsUnited States dollars in thousands | 1,459,689 | 1,479,634 | PDF p. 47 |
| Current liabilities | |||
| Derivative financial instrumentsUnited States dollars in thousands | 4,840 | 15,360 | PDF p. 47 |
| Trade payablesUnited States dollars in thousands | – | – | PDF p. 47 |
| Other payablesUnited States dollars in thousands | 167,410 | 149,589 | PDF p. 47 |
| Loan payablesUnited States dollars in thousands | 715,492 | 752,649 | PDF p. 47 |
| Provision for taxationUnited States dollars in thousands | 1,305 | 300 | PDF p. 47 |
| Lease liabilitiesUnited States dollars in thousands | 746 | 792 | PDF p. 47 |
| Total current liabilitiesUnited States dollars in thousands | 889,793 | 918,690 | 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 | 626 | 363 | PDF p. 47 |
| Lease liabilitiesUnited States dollars in thousands | 499 | 53 | PDF p. 47 |
| Other payablesUnited States dollars in thousands | 62,276 | 44,859 | PDF p. 47 |
| Total non-current liabilitiesUnited States dollars in thousands | 304,103 | 45,275 | PDF p. 47 |
| Net assetsUnited States dollars in thousands | 265,793 | 515,669 | PDF p. 47 |
| Capital and reserves | |||
| Share capitalUnited States dollars in thousands | 603,874 | 603,874 | 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 | 265,793 | 515,669 | PDF p. 47 |
| Non-controlling interestsUnited States dollars in thousands | – | – | PDF p. 47 |
| Total equityUnited States dollars in thousands | 265,793 | 515,669 | PDF p. 47 |
| Total liabilities and equityUnited States dollars in thousands | 1,459,689 | 1,479,634 | PDF p. 47 |
Original report: PDF p. 47 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Share capital | 2025Group / Perpetual securities | 2025Group / Capital reserve | 2025Group / Other reserves | 2025Group / Accumulated losses | 2025Group / Foreign currency translation reserve | 2025Group / Total equity attributable to owners of the Company | 2025Group / Non-controlling interests | 2025Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2025 | ||||||||||
| At 1 January 2025United States dollars in thousands | 603,874 | 192,640 | 4,937 | (1,517) | (268,647) | (40,359) | 490,928 | 19,213 | 510,141 | 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) | 51,717 | 51,249 | 2,010 | 53,259 | 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) | 11,358 | 245,858 | 10,108 | 255,966 | PDF p. 48 |
Original report: PDF p. 48 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Share capital | 2024Group / Perpetual securities | 2024Group / Capital reserve | 2024Group / Other reserves | 2024Group / Accumulated losses | 2024Group / Foreign currency translation reserve | 2024Group / Total equity attributable to owners of the Company | 2024Group / Non-controlling interests | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2024 | ||||||||||
| At 1 January 2024United States dollars in thousands | 603,874 | 192,640 | 3,530 | (1,517) | (230,971) | (26,684) | 540,872 | 24,819 | 565,691 | 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 | 603,874 | 192,640 | 4,937 | (1,517) | (268,647) | (40,359) | 490,928 | 19,213 | 510,141 | PDF p. 48 |
Original report: PDF p. 48 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / Share capital | 2025Company / Perpetual securities | 2025Company / Other reserves | 2025Company / Accumulated losses / retained earnings | 2025Company / Total equity | Source |
|---|---|---|---|---|---|---|
| Company changes in equity / 2025 | ||||||
| At 1 January 2025United States dollars in thousands | 603,874 | 192,640 | (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 |
Original report: PDF p. 49 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / Share capital | 2024Company / Perpetual securities | 2024Company / Other reserves | 2024Company / Accumulated losses / retained earnings | 2024Company / Total equity | Source |
|---|---|---|---|---|---|---|
| Company changes in equity / 2024 | ||||||
| At 1 January 2024United States dollars in thousands | 603,874 | 192,640 | (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 | 603,874 | 192,640 | (1,310) | (279,535) | 515,669 | PDF p. 49 |
Original report: PDF p. 49 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / 1 January–31 December 2025 | 2024Group / 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 | 29,193 | 26,689 | PDF p. 50 |
| Amortisation of intangible assetsUnited States dollars in thousands | 516 | 580 | PDF p. 50 |
| Amortisation of right-of-use assetsUnited States dollars in thousands | 1,925 | 2,130 | PDF p. 50 |
| Retirement benefit expensesUnited States dollars in thousands | 3,754 | 1,371 | PDF p. 50 |
| Interest incomeUnited States dollars in thousands | (2,797) | (2,927) | PDF p. 50 |
| Interest expenseUnited States dollars in thousands | 62,687 | 66,800 | 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 | 167 | 217 | 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 | 896 | 3,207 | 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 | 30,180 | 76,330 | 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 | 2,797 | 2,927 | 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 | 217 | 12 | 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 | 111,103 | 164,527 | 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 | 148,886 | 136,825 | 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 | 83,654 | 48,286 | 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 | 58,732 | 83,654 | PDF p. 50 |
Original report: PDF p. 50 ↗
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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / profit or loss after perpetual distributions / year ended 31 December 2025 | 2024Group / profit or loss after perpetual distributions / year ended 31 December 2024 | Source |
|---|---|---|---|
| EPS / owners profit/loss and perpetual distributions | |||
| Loss for the year attributable to owners of the CompanyUnited States dollars in thousands | (88,719) | (29,143) | PDF p. 72 |
| Dividend on perpetual securitiesUnited States dollars in thousands | (7,600) | (7,600) | PDF p. 72 |
| Adjusted loss for the year attributable to owners of the CompanyUnited States dollars in thousands | (96,319) | (36,743) | PDF p. 72 |
Original report: PDF p. 72 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / basic and diluted / thousands of shares / year ended 31 December 2025 | 2024Group / basic and diluted / thousands of shares / year ended 31 December 2024 | Source |
|---|---|---|---|
| Loss / earnings per share note | |||
| Weighted average number of ordinary shares used to compute earnings per share (’000)Ordinary shares in thousands | 1,595,012 | 1,595,012 | PDF p. 72 |
Original report: PDF p. 72 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / basic and diluted / US cents / year ended 31 December 2025 | 2024Group / basic and diluted / US cents / year ended 31 December 2024 | Source |
|---|---|---|---|
| Loss / earnings per share note | |||
| Loss per share (US cents)US cents per share | (6.04) | (2.30) | PDF p. 72 |
Original report: PDF p. 72 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Cash and bank balances | |||||
| Cash at bank and on handUnited States dollars in thousands | 55,940 | 66,366 | 15,053 | 13,731 | PDF p. 88 |
| Short term depositsUnited States dollars in thousands | 2,792 | 17,288 | 100 | 13,868 | PDF p. 88 |
| Cash and cash equivalentsUnited States dollars in thousands | 58,732 | 83,654 | 15,153 | 27,599 | PDF p. 88 |
Original report: PDF p. 88 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Restated | 2024Group / Adjustments | 2024Group / Previously stated | Source |
|---|---|---|---|---|
| Note38restatement bridge | ||||
| RevenueUnited States dollars in thousands | 2,941,049 | (836,074) | 3,777,123 | PDF p. 112 |
| Cost of salesUnited States dollars in thousands | (2,750,116) | 836,074 | (3,586,190) | PDF p. 112 |
Original report: PDF p. 112 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Loan payables | 2024Group / Lease liabilities | Source |
|---|---|---|---|
| Financing liabilities / 2024 | |||
| At 1 January 2024United States dollars in thousands | 1,101,804 | 8,180 | 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 | 1,250,992 | 7,558 | PDF p. 51 |
Original report: PDF p. 51 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Loan payables | 2025Group / Lease liabilities | Source |
|---|---|---|---|
| Financing liabilities / 2025 | |||
| At 31 December 2024 and 1 January 2025United States dollars in thousands | 1,250,992 | 7,558 | 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 | 23,617 | 579 | 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 | 24,045 | 3,929 | PDF p. 51 |
| At 31 December 2025United States dollars in thousands | 1,386,140 | 9,049 | PDF p. 51 |
Original report: PDF p. 51 ↗
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.
Units appear below each metric. Scroll to compare years
| 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 |
Original report: PDF p. 44 ↗
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.
Units appear below each metric. Scroll to compare years
| 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 |
Original report: PDF p. 45 ↗
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.
Units appear below each metric. Scroll to compare years
| 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 |
Original report: PDF p. 46 ↗
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.
Units appear below each metric. Scroll to compare years
| 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 |
Original report: PDF p. 46 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Share capital | 2023Group / Perpetual securities | 2023Group / Capital reserve | 2023Group / Other reserves | 2023Group / Accumulated losses | 2023Group / Foreign currency translation reserve | 2023Group / Total equity attributable to owners of the Company | 2023Group / Non-controlling interests | 2023Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2023 | ||||||||||
| At 1 January 2023United States dollars in thousands | 603,874 | 192,640 | 2,898 | (1,517) | (135,712) | (32,349) | 629,834 | 30,198 | 660,032 | 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) | 5,665 | 5,655 | 470 | 6,125 | 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 | 603,874 | 192,640 | 3,530 | (1,517) | (230,971) | (26,684) | 540,872 | 24,819 | 565,691 | PDF p. 47 |
Original report: PDF p. 47 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / Share capital | 2023Company / Perpetual securities | 2023Company / Other reserves | 2023Company / Accumulated losses / retained earnings | 2023Company / Total equity | Source |
|---|---|---|---|---|---|---|
| Company changes in equity / 2023 | ||||||
| At 1 January 2023United States dollars in thousands | 603,874 | 192,640 | (1,310) | 2,944 | 798,148 | 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 | 603,874 | 192,640 | (1,310) | (218,895) | 576,309 | PDF p. 48 |
Original report: PDF p. 48 ↗
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.
Units appear below each metric. Scroll to compare years
| 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 |
Original report: PDF p. 49 ↗
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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / profit or loss after perpetual distributions / year ended 31 December 2023 | Source |
|---|---|---|
| EPS / owners profit/loss and perpetual distributions | ||
| Loss for the year attributable to owners of the CompanyUnited States dollars in thousands | (87,017) | PDF p. 69 |
| Dividend on perpetual securitiesUnited States dollars in thousands | (7,600) | PDF p. 69 |
| Adjusted loss for the year attributable to owners of the CompanyUnited States dollars in thousands | (94,617) | PDF p. 69 |
Original report: PDF p. 69 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / basic and diluted / thousands of shares / year ended 31 December 2023 | Source |
|---|---|---|
| Loss / earnings per share note | ||
| Weighted average number of ordinary shares used to compute earnings per share (’000)Ordinary shares in thousands | 1,595,012 | PDF p. 69 |
Original report: PDF p. 69 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / basic and diluted / US cents / year ended 31 December 2023 | Source |
|---|---|---|
| Loss / earnings per share note | ||
| Loss per share (US cents)US cents per share | (5.93) | PDF p. 69 |
Original report: PDF p. 69 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2023Company | Source |
|---|---|---|---|
| Cash and bank balances | |||
| Cash at bank and on handUnited States dollars in thousands | 44,214 | 729 | PDF p. 86 |
| Short term depositsUnited States dollars in thousands | 4,072 | 100 | PDF p. 86 |
| Total cash and bank balancesUnited States dollars in thousands | 48,286 | 829 | PDF p. 86 |
Original report: PDF p. 86 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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.
Units appear below each metric. Scroll to compare years
| 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 |
Original report: PDF p. 47 ↗
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.
Units appear below each metric. Scroll to compare years
| 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 |
Original report: PDF p. 48 ↗
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.
Units appear below each metric. Scroll to compare years
| 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 |
Original report: PDF p. 49 ↗
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.
Units appear below each metric. Scroll to compare years
| 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 |
Original report: PDF p. 49 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Share capital | 2022Group / Perpetual securities | 2022Group / Capital reserve | 2022Group / Other reserves | 2022Group / Accumulated losses | 2022Group / Foreign currency translation reserve | 2022Group / Total equity attributable to owners of the Company | 2022Group / Non-controlling interests | 2022Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2022 | ||||||||||
| At 1 January 2022United States dollars in thousands | 603,874 | 192,640 | 2,740 | (1,517) | (112,979) | 9,691 | 694,449 | 29,701 | 724,150 | 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 | 603,874 | 192,640 | 2,898 | (1,517) | (135,712) | (32,349) | 629,834 | 30,198 | 660,032 | PDF p. 50 |
Original report: PDF p. 50 ↗
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.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / Share capital | 2022Company / Perpetual securities | 2022Company / Other reserves | 2022Company / Accumulated losses / retained earnings | 2022Company / Total equity | Source |
|---|---|---|---|---|---|---|
| Company changes in equity / 2022 | ||||||
| At 1 January 2022United States dollars in thousands | 603,874 | 192,640 | (1,310) | 32,804 | 828,008 | 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 | 603,874 | 192,640 | (1,310) | 2,944 | 798,148 | PDF p. 51 |
Original report: PDF p. 51 ↗
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.
Units appear below each metric. Scroll to compare years
| 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 |
Original report: PDF p. 52 ↗
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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / profit or loss after perpetual distributions / year ended 31 December 2022 | Source |
|---|---|---|
| EPS / owners profit/loss and perpetual distributions | ||
| Loss for the year attributable to owners of the CompanyUnited States dollars in thousands | (17,968) | PDF p. 74 |
| Dividend on perpetual securitiesUnited States dollars in thousands | (7,600) | PDF p. 74 |
| Adjusted loss for the year attributable to owners of the CompanyUnited States dollars in thousands | (25,568) | PDF p. 74 |
Original report: PDF p. 74 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / basic and diluted / thousands of shares / year ended 31 December 2022 | Source |
|---|---|---|
| Loss / earnings per share note | ||
| Weighted average number of ordinary shares used to compute earnings per share (’000)Ordinary shares in thousands | 1,595,012 | PDF p. 74 |
Original report: PDF p. 74 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / basic and diluted / US cents / year ended 31 December 2022 | Source |
|---|---|---|
| Loss / earnings per share note | ||
| Loss per share (US cents)US cents per share | (1.60) | PDF p. 74 |
Original report: PDF p. 74 ↗
Five full financial years FY2021–FY2025 end on 31 December. Latest presentation: FY2025 annual supplies 2025 and restated 2024; FY2024 supplies 2023; FY2023 supplies 2022; FY2022 supplies 2021. The FY2021 Corporate Report Book Two provides the original audited statements; Book One is a separate strategy and sustainability companion.
Primary monetary amounts are United States dollars in thousands (US$’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$240 million to July 2027, plus a January 2026 RMB1,150 million working capital facility. Those later events do not replace the original year-end current debt classifications.
The cash-flow statement prints net proceeds or repayments of borrowings as a subtotal followed by term-loan and other working-capital components. All original rows are retained; the subtotal and its components must not be counted twice.
The original shareholder register is dated 17 April 2026. Its share capital is stated in Singapore dollars and differs in currency and scope from the US-dollar financial statements. The annual Board and CEO roster and subsequent June/July 2026 departures and appointments are separate dated disclosures.
Where the money comes from
| Item / unit | 2025CMCP Group | 2024CMCP Group | 2025CMCI Group | 2024CMCI Group | 2025HRC Group | 2024HRC Group (Restated per header placement) | 2025Corporate | 2024Corporate | 2025Elimination | 2024Elimination | 2025Consolidated | 2024Consolidated (Restated per header placement) | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment results | |||||||||||||
| Revenue to third partyUS$'000 | 2,231 | 1,462 | 460,002 | 531,853 | 2,499,305 | 2,407,734 | – | – | – | – | 2,961,538 | 2,941,049 | PDF p. 106 |
| Inter-segment revenueUS$'000 | 53,453 | 48,862 | 5,446 | 15,803 | 27,717 | 36,472 | 11,128 | 11,639 | (97,744) | (112,776) | – | – | PDF p. 106 |
| Total revenueUS$'000 | 55,684 | 50,324 | 465,448 | 547,656 | 2,527,022 | 2,444,206 | 11,128 | 11,639 | (97,744) | (112,776) | 2,961,538 | 2,941,049 | PDF p. 106 |
| Gross profitUS$'000 | (1,583) | 5,689 | 60,845 | 59,490 | 53,660 | 125,924 | 11,128 | 11,639 | (11,338) | (11,809) | 112,712 | 190,933 | PDF p. 106 |
| Operating (loss)/profitUS$'000 | (35,817) | (13,752) | 27,801 | 26,461 | (17,433) | 39,925 | (4,371) | (3,379) | (442) | 395 | (30,262) | 49,650 | PDF p. 106 |
| Operating (loss)/profit excluding management feeUS$'000 | (35,817) | (13,752) | 28,118 | 26,750 | (6,621) | 51,275 | (15,500) | (15,018) | (442) | 395 | (30,262) | 49,650 | PDF p. 106 |
| Segment assets and liabilities | |||||||||||||
| Segment assetsUS$'000 | 805,273 | 781,407 | 629,383 | 628,633 | 1,109,968 | 1,276,436 | 1,459,767 | 1,460,067 | (2,085,984) | (2,053,379) | 1,918,407 | 2,093,164 | PDF p. 106 |
| Segment liabilitiesUS$'000 | 333,629 | 326,617 | 316,798 | 338,946 | 666,887 | 823,347 | 1,194,124 | 944,530 | (848,997) | (850,417) | 1,662,441 | 1,583,023 | PDF p. 106 |
| Other information | |||||||||||||
| Management fee expense/(income)US$'000 | – | – | 317 | 289 | 10,812 | 11,350 | (11,129) | (11,639) | – | – | – | – | PDF p. 106 |
| Depreciation expense (include right-of-use assets)US$'000 | 11,200 | 9,786 | 1,082 | 1,251 | 17,136 | 16,290 | 967 | 1,011 | 733 | 481 | 31,118 | 28,819 | PDF p. 106 |
| Fair value gain on investment propertiesUS$'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) | 138 | 3,522 | 23,114 | (13,777) | – | – | – | – | 25,109 | (15,581) | PDF p. 106 |
| Capital expenditure on property, plant and equipment and intangible assetsUS$'000 | 540 | 1,557 | 174 | 82 | 3,559 | 14,492 | 373 | 366 | – | – | 4,646 | 16,497 | PDF p. 106 |
| Capital expenditure on plantation and biological assetsUS$'000 | 3,875 | 6,781 | – | – | – | – | – | – | – | – | 3,875 | 6,781 | PDF p. 106 |
Header: FY 2025 / FY 2024 columns in US$'000; 'Restated' appears in the header line above the HRC Group FY2024 and Consolidated FY2024 columns (placement approximate in extracted text).
Footnote markers: A Inter-segment revenues are eliminated on consolidation. B Management fee is eliminated on consolidation. C Elimination on investment in subsidiaries and intercompany balances. D Elimination on intercompany balances.
Segments: CMC Plantation (CMCP Group) – plantation and processing in Cameroon and Malaysia; CMC Distribution (CMCI Group) – distribution for industrial and non-tyre applications; HRC Group – processing factories in Indonesia, China, Malaysia, Thailand, Ivory Coast and distribution in Singapore and China; Corporate – strategic management, corporate finance, administration, legal, treasury, tax.
Segment assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
Quotes for wrapped labels are the value-bearing line of the row.
| Item / unit | 2025Consolidated | 2024Consolidated (Restated per header placement) | Source |
|---|---|---|---|
| Reconciliation | |||
| Finance incomeUS$'000 | 2,797 | 2,927 | 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$'000 | (99,548) | (30,909) | PDF p. 106 |
These rows are printed only under the Consolidated columns.
| Item / unit | 2025Group | 2024Group (Restated) | Source |
|---|---|---|---|
| Sales of natural rubber | |||
| SingaporeUS$'000 | 115,271 | 57,465 | PDF p. 107 |
| Asia (excluding Singapore and China)US$'000 | 480,571 | 545,471 | PDF p. 107 |
| ChinaUS$'000 | 1,689,832 | 1,670,044 | PDF p. 107 |
| USA/CanadaUS$'000 | 281,701 | 302,526 | PDF p. 107 |
| EuropeUS$'000 | 314,145 | 303,489 | PDF p. 107 |
| OthersUS$'000 | 80,018 | 62,054 | PDF p. 107 |
| Total (unlabelled)US$'000 | 2,961,538 | 2,941,049 | PDF p. 107 |
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.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current assets | |||
| SingaporeUS$'000 | 63,133 | 17,259 | PDF p. 107 |
| AsiaUS$'000 | 481,890 | 481,918 | PDF p. 107 |
| AfricaUS$'000 | 561,838 | 571,268 | PDF p. 107 |
| EuropeUS$'000 | 23,717 | 23,784 | PDF p. 107 |
| OthersUS$'000 | 11,387 | 11,039 | PDF p. 107 |
| Total (unlabelled)US$'000 | 1,141,965 | 1,105,268 | PDF p. 107 |
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
| Item / unit | 2025weighted average effective interest rate % | 2025on demand or within one year US$'000 | 2025one to three years US$'000 | 2025over three years US$'000 | 2025adjustment US$'000 | 2025total US$'000 | 2024weighted average effective interest rate % | 2024on demand or within one year US$'000 | 2024one to three years US$'000 | 2024over three years US$'000 | 2024adjustment US$'000 | 2024total US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||||||
| Lease liabilitiesUS$'000 (rate in %) | 4.84 | 2,031 | 3,162 | 23,067 | (19,211) | 9,049 | 5.58 | 2,238 | 1,484 | 21,139 | (17,303) | 7,558 | PDF p. 102 |
| Loan payables – variable rateUS$'000 (rate in %) | 5.57 | 732,123 | 15,678 | – | (39,431) | 708,370 | 6.76 | 601,838 | 33,057 | – | (40,193) | 594,702 | PDF p. 102 |
| Loan payables – fixed rateUS$'000 (rate in %) | 4.45 | 396,907 | 310,990 | – | (30,127) | 677,770 | 5.08 | 614,256 | 82,406 | 4,577 | (44,949) | 656,290 | PDF p. 102 |
Undiscounted cash flows including interest and principal, based on earliest date the Group can be required to pay; the adjustment column represents possible future interest cash outflow not included in carrying amount.
| Item / unit | 2025weighted average effective interest rate % | 2025on demand or within one year US$'000 | 2025one to three years US$'000 | 2025over three years US$'000 | 2025adjustment US$'000 | 2025total US$'000 | 2024weighted average effective interest rate % | 2024on demand or within one year US$'000 | 2024one to three years US$'000 | 2024over three years US$'000 | 2024adjustment US$'000 | 2024total US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||||||
| Lease liabilitiesUS$'000 (rate in %) | 4.06 | 759 | 513 | – | (27) | 1,245 | 5.64 | 808 | 54 | – | (17) | 845 | PDF p. 103 |
| Loan payables – variable rateUS$'000 (rate in %) | 5.52 | 711,755 | – | – | (37,255) | 674,500 | 6.74 | 588,175 | – | – | (37,114) | 551,061 | PDF p. 103 |
| Loan payables – fixed rateUS$'000 (rate in %) | 3.23 | 49,284 | 241,514 | – | (9,104) | 281,694 | 3.94 | 209,524 | – | – | (7,936) | 201,588 | PDF p. 103 |
Undiscounted cash flows including interest and principal; adjustment column is possible future interest outflow.
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| – Working capital loansUS$'000 | 458,869 | 529,875 | 179,492 | 219,837 | PDF p. 93 |
| – Shareholders’ loansUS$'000 | 564,454 | 581,502 | 536,000 | 532,812 | PDF p. 93 |
| – Term loansUS$'000 | 47,898 | 33,568 | – | – | PDF p. 93 |
| Total current loan payablesUS$'000 | 1,071,221 | 1,144,945 | 715,492 | 752,649 | PDF p. 93 |
| Non-current | |||||
| – Working capital loansUS$'000 | 192,280 | 5,913 | 176,702 | – | PDF p. 93 |
| – Shareholders’ loansUS$'000 | 64,000 | – | 64,000 | – | PDF p. 93 |
| – Term loansUS$'000 | 58,639 | 100,134 | – | – | PDF p. 93 |
| Total non-current loan payablesUS$'000 | 314,919 | 106,047 | 240,702 | – | PDF p. 93 |
| Total | |||||
| Total loan payablesUS$'000 | 1,386,140 | 1,250,992 | 956,194 | 752,649 | PDF p. 93 |
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$220,000,000).
Total row labels for current and non-current subtotals are unlabelled in the source; descriptive labels added.
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Currency denomination | |||||
| United States DollarUS$'000 | 53,775 | 52,667 | – | – | PDF p. 93 |
| Japanese YenUS$'000 | – | 40,397 | – | 40,397 | PDF p. 93 |
| Chinese YuanUS$'000 | 178,693 | 100,400 | 178,693 | 100,400 | PDF p. 93 |
Carrying amounts of loan payables denominated in currencies other than the respective group entities’ functional currencies.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Interest rates | |||
| Working capital loans bear average interest rates% per annum | 4.45 | 5.74 | PDF p. 93 |
| The shareholder loans bear average interest rates% per annum | 5.13 | 6.67 | PDF p. 93 |
Printed in narrative text; 2024 comparatives in parentheses.
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| Loan AUS$'000 | 224 | 2,310 | – | – | PDF p. 94 |
| Loan BUS$'000 | 2,554 | 2,652 | – | – | PDF p. 94 |
| Loan DUS$'000 | 33,247 | 12,988 | – | – | PDF p. 94 |
| Loan EUS$'000 | 11,873 | 15,618 | – | – | PDF p. 94 |
| Non-current | |||||
| Loan AUS$'000 | – | 431 | – | – | PDF p. 94 |
| Loan BUS$'000 | 639 | 3,315 | – | – | PDF p. 94 |
| Loan CUS$'000 | 14,709 | 30,904 | – | – | PDF p. 94 |
| Loan DUS$'000 | 43,291 | 65,419 | – | – | PDF p. 94 |
| Loan EUS$'000 | – | 65 | – | – | PDF p. 94 |
(a) Loan A bears an average effective interest of 6.00% (2024: 6.00%) per annum and repayable on monthly instalments until 2026. This loan is unsecured.
(b) Loan B bears an average effective interest rate of 7.25% (2024: 7.75%) per annum, repayable on monthly instalments until 2026. This loan is secured on certain property, plant and equipment and inventories.
(c) Loan C bears an average effective interest rate of 6.59% (2024: 6.35%) per annum and is repayable in 2029. The loan is secured on certain trade receivables and inventories.
(d) Loan D bears an average effective interest rate of 7.50% (2024: 7.50%) per annum, repayable on monthly instalments until 2027. This loan is secured by certain property, plant and equipment.
(e) Loan E bears an average effective interest rate of 4.85% (2024: 4.85%) per annum and is repayable on monthly instalments until 2026. This loan is secured by certain property, plant and equipment.
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Lease liabilities | |||||
| CurrentUS$'000 | 1,553 | 2,045 | 746 | 792 | PDF p. 97 |
| Non-currentUS$'000 | 7,496 | 5,513 | 499 | 53 | PDF p. 97 |
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
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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.
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.