Annual report
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 | 2024Group, US$'000 | Source |
|---|---|---|---|
| Income statement | |||
| RevenueUS$'000 | 2,653,123 | 2,475,919 | PDF p. 44 |
| Cost of salesUS$'000 | (2,512,728) | (2,375,221) | PDF p. 44 |
| Gross profitUS$'000 | 140,395 | 100,698 | PDF p. 44 |
| Other incomeUS$'000 | 4,154 | 1,186 | PDF p. 44 |
| Selling and distribution expensesUS$'000 | (104,559) | (93,501) | PDF p. 44 |
| Administrative expensesUS$'000 | (5,004) | (4,983) | PDF p. 44 |
| Other operating expensesUS$'000 | (3,972) | (5,285) | PDF p. 44 |
| Bad debt written offUS$'000 | (1,366) | (588) | PDF p. 44 |
| Reversal of impairment loss on financial assetsUS$'000 | 820 | – | PDF p. 44 |
| Finance costsUS$'000 | (9,284) | (8,620) | PDF p. 44 |
| Share of results of associates and joint ventures (net of tax)US$'000 | 2,373 | 2,509 | PDF p. 44 |
| Profit/(Loss) before taxUS$'000 | 23,557 | (8,584) | PDF p. 44 |
| Income tax (expense)/creditUS$'000 | (6,588) | 6,608 | PDF p. 44 |
| Profit/(Loss) for the yearUS$'000 | 16,969 | (1,976) | PDF p. 44 |
| Other comprehensive income | |||
| - Currency translation differences arising from consolidationUS$'000 | 11,581 | (6,247) | PDF p. 44 |
| Other comprehensive income/(loss), net of taxUS$'000 | 11,581 | (6,247) | PDF p. 44 |
| Total comprehensive income/(loss) for the yearUS$'000 | 28,550 | (8,223) | PDF p. 44 |
| Profit/(Loss) attributable to | |||
| Equity holders of the CompanyUS$'000 | 7,927 | (1,071) | PDF p. 44 |
| Non-controlling interestsUS$'000 | 9,042 | (905) | PDF p. 44 |
| SubtotalUS$'000 | 16,969 | (1,976) | PDF p. 44 |
| Total comprehensive income/(loss) attributable to | |||
| Equity holders of the CompanyUS$'000 | 20,478 | (7,829) | PDF p. 44 |
| Non-controlling interestsUS$'000 | 8,072 | (394) | PDF p. 44 |
| SubtotalUS$'000 | 28,550 | (8,223) | PDF p. 44 |
| Earnings/(loss) per share (cents) | |||
| Basic and dilutedcents per share | 0.187 | (0.025) | PDF p. 44 |
Original report: PDF p. 44 ↗
Amounts in thousands of United States dollars. Only a consolidated statement is presented; no separate Company income statement is printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 | 2024Group, US$'000 | 2025Company, US$'000 | 2024Company, US$'000 | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentUS$'000 | 71,668 | 70,195 | – | – | PDF p. 42 |
| Right-of-use assetsUS$'000 | 6,201 | 6,184 | – | – | PDF p. 42 |
| Intangible assetsUS$'000 | 33,444 | 29,972 | – | – | PDF p. 42 |
| Investments in subsidiariesUS$'000 | – | – | 50,000 | 50,000 | PDF p. 42 |
| Investments in associatesUS$'000 | 7,667 | 6,522 | – | – | PDF p. 42 |
| Investments in joint venturesUS$'000 | 49,358 | 47,519 | – | – | PDF p. 42 |
| Other investmentsUS$'000 | 419 | 342 | – | – | PDF p. 42 |
| Deferred tax assetsUS$'000 | 5,115 | 5,006 | – | – | PDF p. 42 |
| Other receivablesUS$'000 | 1,583 | 1,407 | – | – | PDF p. 42 |
| Total non-current assetsUS$'000 | 175,455 | 167,147 | 50,000 | 50,000 | PDF p. 42 |
| Current assets | |||||
| InventoriesUS$'000 | 118,887 | 81,405 | – | – | PDF p. 42 |
| Trade and other receivablesUS$'000 | 187,114 | 156,938 | 32 | 33 | PDF p. 42 |
| Derivative financial assetsUS$'000 | 119 | 31 | – | – | PDF p. 42 |
| Due from subsidiary (non-trade)US$'000 | – | – | – | – | PDF p. 42 |
| Due from related parties (non-trade)US$'000 | 7,473 | 6,262 | – | – | PDF p. 42 |
| Due from holding company (non-trade)US$'000 | – | – | – | – | PDF p. 42 |
| Tax recoverableUS$'000 | – | 1,202 | – | – | PDF p. 42 |
| Cash and cash equivalentsUS$'000 | 76,660 | 36,549 | – | – | PDF p. 42 |
| Total current assetsUS$'000 | 390,253 | 282,387 | 32 | 33 | PDF p. 42 |
| Total assets | |||||
| TOTAL ASSETSUS$'000 | 565,708 | 449,534 | 50,032 | 50,033 | PDF p. 42 |
Original report: PDF p. 42 ↗
Amounts in thousands of United States dollars, as at 31 December 2025.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 | 2024Group, US$'000 | 2025Company, US$'000 | 2024Company, US$'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| ProvisionsUS$'000 | 14,128 | 12,202 | – | – | PDF p. 43 |
| Loans and borrowingsUS$'000 | 14,039 | 15,435 | – | – | PDF p. 43 |
| Deferred tax liabilitiesUS$'000 | 534 | 472 | – | – | PDF p. 43 |
| Lease liabilitiesUS$'000 | 1,254 | 2,658 | – | – | PDF p. 43 |
| Other payablesUS$'000 | 2,606 | 2,460 | – | – | PDF p. 43 |
| Total non-current liabilitiesUS$'000 | 32,561 | 33,227 | – | – | PDF p. 43 |
| Current liabilities | |||||
| Trade and other payablesUS$'000 | 270,853 | 176,536 | 112 | 114 | PDF p. 43 |
| Derivative financial liabilitiesUS$'000 | 28 | 258 | – | – | PDF p. 43 |
| Due to holding company (non-trade)US$'000 | 47 | 48 | – | – | PDF p. 43 |
| Due to subsidiary (non-trade)US$'000 | – | – | 1,768 | 1,741 | PDF p. 43 |
| Due to related parties (non-trade)US$'000 | 879 | 508 | – | – | PDF p. 43 |
| ProvisionsUS$'000 | 8 | 8 | – | – | PDF p. 43 |
| Lease liabilitiesUS$'000 | 1,181 | 1,052 | – | – | PDF p. 43 |
| Income tax payableUS$'000 | 9,980 | – | – | – | PDF p. 43 |
| Loans and borrowingsUS$'000 | 79,502 | 95,778 | – | – | PDF p. 43 |
| SubtotalUS$'000 | 362,478 | 274,188 | 1,880 | 1,855 | PDF p. 43 |
| Total liabilities | |||||
| TOTAL LIABILITIESUS$'000 | 395,039 | 307,415 | 1,880 | 1,855 | PDF p. 43 |
| Net assets | |||||
| NET ASSETSUS$'000 | 170,669 | 142,119 | 48,152 | 48,178 | PDF p. 43 |
| Equity | |||||
| Share capitalUS$'000 | 545 | 545 | 545 | 545 | PDF p. 43 |
| Share premiumUS$'000 | 196,308 | 196,308 | 196,308 | 196,308 | PDF p. 43 |
| Translation reserveUS$'000 | 7,026 | (5,525) | – | – | PDF p. 43 |
| Accumulated lossesUS$'000 | (90,281) | (98,208) | (148,701) | (148,675) | PDF p. 43 |
| SubtotalUS$'000 | 113,598 | 93,120 | 48,152 | 48,178 | PDF p. 43 |
| Non-controlling interestsUS$'000 | 57,071 | 48,999 | – | – | PDF p. 43 |
| TOTAL EQUITYUS$'000 | 170,669 | 142,119 | 48,152 | 48,178 | PDF p. 43 |
Original report: PDF p. 43 ↗
Amounts in thousands of United States dollars, as at 31 December 2025. Share capital to accumulated losses are 'Capital and reserves attributable to equity holders of the Company'; the unlabelled subtotal 113,598/93,120/48,152/48,178 follows accumulated losses.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 | 2024Group, US$'000 | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueUS$'000 | 2,653,123 | 2,475,919 | PDF p. 44 |
| Cost of salesUS$'000 | (2,512,728) | (2,375,221) | PDF p. 44 |
| Gross profitUS$'000 | 140,395 | 100,698 | PDF p. 44 |
| Other incomeUS$'000 | 4,154 | 1,186 | PDF p. 44 |
| Selling and distribution expensesUS$'000 | (104,559) | (93,501) | PDF p. 44 |
| Administrative expensesUS$'000 | (5,004) | (4,983) | PDF p. 44 |
| Other operating expensesUS$'000 | (3,972) | (5,285) | PDF p. 44 |
| Bad debt written offUS$'000 | (1,366) | (588) | PDF p. 44 |
| Reversal of impairment loss on financial assetsUS$'000 | 820 | – | PDF p. 44 |
| Finance costsUS$'000 | (9,284) | (8,620) | PDF p. 44 |
| Share of results of associates and joint ventures (net of tax)US$'000 | 2,373 | 2,509 | PDF p. 44 |
| Profit/(Loss) before taxUS$'000 | 23,557 | (8,584) | PDF p. 44 |
| Income tax (expense)/creditUS$'000 | (6,588) | 6,608 | PDF p. 44 |
| Profit/(Loss) for the yearUS$'000 | 16,969 | (1,976) | PDF p. 44 |
| Other comprehensive income/(loss): items that may be reclassified subsequently to profit or loss | |||
| - Currency translation differences arising from consolidationUS$'000 | 11,581 | (6,247) | PDF p. 44 |
| Other comprehensive income | |||
| Other comprehensive income/(loss), net of taxUS$'000 | 11,581 | (6,247) | PDF p. 44 |
| Total comprehensive income | |||
| Total comprehensive income/(loss) for the yearUS$'000 | 28,550 | (8,223) | PDF p. 44 |
| Profit/(Loss) attributable to | |||
| Equity holders of the CompanyUS$'000 | 7,927 | (1,071) | PDF p. 44 |
| Non-controlling interestsUS$'000 | 9,042 | (905) | PDF p. 44 |
| Total comprehensive income/(loss) attributable to | |||
| Equity holders of the CompanyUS$'000 | 20,478 | (7,829) | PDF p. 44 |
| Non-controlling interestsUS$'000 | 8,072 | (394) | PDF p. 44 |
| Earnings/(loss) per share (cents) | |||
| Basic and dilutedcents | 0.187 | (0.025) | PDF p. 44 |
Original report: PDF p. 44 ↗
Amounts in thousands of United States dollars. Company has no separate comprehensive income statement; see Company statement of changes in equity.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, US$'000 | 2025Group, Share premium, US$'000 | 2025Group, Translation reserve, US$'000 | 2025Group, Accumulated losses, US$'000 | 2025Group, Equity attributable to equity holders of the Company, US$'000 | 2025Group, Non-controlling interests, US$'000 | 2025Group, Total equity, US$'000 | Source |
|---|---|---|---|---|---|---|---|---|
| 2024 | ||||||||
| Balance as at 1 January 2024US$'000 | 545 | 196,308 | 1,233 | (97,137) | 100,949 | 52,736 | 153,685 | PDF p. 45 |
| Loss for the yearUS$'000 | – | – | – | (1,071) | (1,071) | (905) | (1,976) | PDF p. 45 |
| Currency translation differencesUS$'000 | – | – | (6,758) | – | (6,758) | 511 | (6,247) | PDF p. 45 |
| Total comprehensive loss for the yearUS$'000 | – | – | (6,758) | (1,071) | (7,829) | (394) | (8,223) | PDF p. 45 |
| 2024 Transaction with the owners of the Company | ||||||||
| Dividend PaidUS$'000 | – | – | – | – | – | (3,343) | (3,343) | PDF p. 45 |
| 2024 | ||||||||
| Balance as at 31 December 2024US$'000 | 545 | 196,308 | (5,525) | (98,208) | 93,120 | 48,999 | 142,119 | PDF p. 45 |
| 2025 | ||||||||
| Balance as at 1 January 2025US$'000 | 545 | 196,308 | (5,525) | (98,208) | 93,120 | 48,999 | 142,119 | PDF p. 45 |
| Profit for the yearUS$'000 | – | – | – | 7,927 | 7,927 | 9,042 | 16,969 | PDF p. 45 |
| Currency translation differencesUS$'000 | – | – | 12,551 | – | 12,551 | (970) | 11,581 | PDF p. 45 |
| Total comprehensive income for the yearUS$'000 | – | – | 12,551 | 7,927 | 20,478 | 8,072 | 28,550 | PDF p. 45 |
| Balance as at 31 December 2025US$'000 | 545 | 196,308 | 7,026 | (90,281) | 113,598 | 57,071 | 170,669 | PDF p. 45 |
Original report: PDF p. 45 ↗
Column order as printed. Rows cover movements for 2024 and 2025 (period named in each row label/section). Attributable to equity holders of the Company: share capital, share premium, translation reserve, accumulated losses.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, Share capital, US$'000 | 2025Company, Share premium, US$'000 | 2025Company, Accumulated losses, US$'000 | 2025Company, Total equity, US$'000 | Source |
|---|---|---|---|---|---|
| 2024 | |||||
| At 1 January 2024US$'000 | 545 | 196,308 | (148,681) | 48,172 | PDF p. 46 |
| Profit for the year, representing total comprehensive profit for the yearUS$'000 | – | – | 6 | 6 | PDF p. 46 |
| 2024/2025 | |||||
| At 31 December 2024 and at 1 January 2025US$'000 | 545 | 196,308 | (148,675) | 48,178 | PDF p. 46 |
| 2025 | |||||
| Loss for the year, representing total comprehensive loss for the yearUS$'000 | – | – | (26) | (26) | PDF p. 46 |
| At 31 December 2025US$'000 | 545 | 196,308 | (148,701) | 48,152 | PDF p. 46 |
Original report: PDF p. 46 ↗
Rows cover movements for 2024 and 2025.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 | 2024Group, US$'000 | Source |
|---|---|---|---|
| Operating activities | |||
| Profit/(Loss) before taxUS$'000 | 23,557 | (8,584) | PDF p. 47 |
| Operating activities - Adjustments | |||
| Share of results of associates and joint venturesUS$'000 | (2,373) | (2,509) | PDF p. 47 |
| Amortisation of intangible assetsUS$'000 | 5,392 | 1,937 | PDF p. 47 |
| Depreciation of property, plant and equipmentUS$'000 | 13,269 | 15,288 | PDF p. 47 |
| Depreciation of right-of-use assetsUS$'000 | 2,262 | 997 | PDF p. 47 |
| Impairment loss on property, plant and equipmentUS$'000 | – | 8,547 | PDF p. 47 |
| Impairment loss on intangible assetsUS$'000 | 1,131 | – | PDF p. 47 |
| Bad debt written offUS$'000 | 1,366 | 588 | PDF p. 47 |
| Reversal of impairment loss on financial assetsUS$'000 | (820) | – | PDF p. 47 |
| Gain on disposal of property, plant and equipmentUS$'000 | (26) | (78) | PDF p. 47 |
| Change in fair value of derivative financial instrumentsUS$'000 | (224) | 59 | PDF p. 47 |
| Interest expenseUS$'000 | 6,826 | 6,540 | PDF p. 47 |
| Interest incomeUS$'000 | (4,003) | (809) | PDF p. 47 |
| Exchange differencesUS$'000 | (8,489) | (7,609) | PDF p. 47 |
| Operating activities | |||
| Operating profit before working capital changesUS$'000 | 37,868 | 14,367 | PDF p. 47 |
| Operating activities - working capital changes | |||
| InventoriesUS$'000 | (26,531) | 31,560 | PDF p. 47 |
| Trade and other receivablesUS$'000 | (9,375) | 48,011 | PDF p. 47 |
| Trade and other payables and provisionUS$'000 | 70,015 | (53,046) | PDF p. 47 |
| Operating activities | |||
| Cash generated from operationsUS$'000 | 71,977 | 40,892 | PDF p. 47 |
| Interest receivedUS$'000 | 4,003 | 809 | PDF p. 47 |
| Income taxes receivedUS$'000 | 4,076 | 3,786 | PDF p. 47 |
| Net cash generated from operating activitiesUS$'000 | 80,056 | 45,487 | PDF p. 47 |
| Investing activities | |||
| Purchase of property, plant and equipmentUS$'000 | (5,609) | (12,370) | PDF p. 47 |
| Addition to intangible assetsUS$'000 | (5,345) | (2,378) | PDF p. 47 |
| Acquisition of subsidiaries, net of cash acquiredUS$'000 | (1,472) | (1,632) | PDF p. 47 |
| Proceeds from sale of property, plant and equipmentUS$'000 | 26 | 157 | PDF p. 47 |
| Dividend received from associatesUS$'000 | 1,948 | 1,279 | PDF p. 47 |
| Dividend received from joint venturesUS$'000 | 2,383 | – | PDF p. 47 |
| Net cash used in investing activitiesUS$'000 | (8,069) | (14,944) | PDF p. 47 |
Original report: PDF p. 47 ↗
No separate Company cash flow statement is presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 | 2024Group, US$'000 | Source |
|---|---|---|---|
| Financing activities | |||
| Interest paidUS$'000 | (6,826) | (6,540) | PDF p. 48 |
| Repayment of borrowingsUS$'000 | (3,426) | (47,169) | PDF p. 48 |
| Payment of principal portion of lease liabilitiesUS$'000 | (2,917) | (3,802) | PDF p. 48 |
| Repayment from related companiesUS$'000 | 305 | 6,142 | PDF p. 48 |
| Proceeds of borrowingsUS$'000 | 18,574 | 5,020 | PDF p. 48 |
| Dividend paidUS$'000 | – | (3,343) | PDF p. 48 |
| Net cash generated from/(used in) financing activitiesUS$'000 | 5,710 | (49,692) | PDF p. 48 |
| Net change in cash | |||
| Net increase/(decrease) in cash and cash equivalentsUS$'000 | 77,697 | (19,149) | PDF p. 48 |
| Cash and cash equivalents at beginning of yearUS$'000 | (32,013) | (12,154) | PDF p. 48 |
| Effects of exchange rate changes in cash and cash equivalentsUS$'000 | (711) | (710) | PDF p. 48 |
| Cash and cash equivalent/(overdrawn) at end of yearUS$'000 | 44,973 | (32,013) | PDF p. 48 |
Original report: PDF p. 48 ↗
Continuation of cash flow statement from page 47.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 December 2025 | 2024Group, FY ended 31 December 2024 | Source |
|---|---|---|---|
| Earnings per share | |||
| Profit/(Loss) for the financial year attributable to equity holders of the Company (US$’000)US$'000 | 7,927 | (1,071) | PDF p. 96 |
| Weighted average number of ordinary shares outstanding for earnings/(loss) per share (‘000)'000 shares | 4,233,186 | 4,233,186 | PDF p. 96 |
| Basic and diluted earnings/(loss) per share (US$ cents)US$ cents | 0.187 | (0.025) | PDF p. 96 |
Original report: PDF p. 96 ↗
Basic and diluted earnings/(loss) per share are calculated by dividing profit/(loss) for the financial year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the financial year.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 statement | 2024Group, US$'000 statement | Source |
|---|---|---|---|
| Earnings/(loss) per share (cents) | |||
| Basic and dilutedcents | 0.187 | (0.025) | PDF p. 44 |
Original report: PDF p. 44 ↗
Note reference 27.
Where the money comes from
| Item / unit | 2025Distribution | 2024Distribution | 2025Wholesale | 2024Wholesale | 2025Corporate | 2024Corporate | 2025Adjustments and eliminations | 2024Adjustments and eliminations | 2025Total Group | 2024Total Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| External customersUS$'000 | 2,651,175 | 2,474,640 | – | – | – | – | – | – | 2,651,175 | 2,474,640 | PDF p. 99 |
| OthersUS$'000 | 1,948 | 1,279 | – | – | – | – | – | – | 1,948 | 1,279 | PDF p. 99 |
| Results | |||||||||||
| Segment resultsUS$'000 | 28,067 | (1,202) | (61) | 952 | 1,557 | (2,687) | (3,098) | (345) | 26,465 | (3,282) | PDF p. 99 |
| Interest incomeUS$'000 | 3,623 | 466 | 2 | 1 | 378 | 342 | – | – | 4,003 | 809 | PDF p. 99 |
| Finance costsUS$'000 | (9,271) | (8,608) | (5) | (7) | (8) | (5) | – | – | (9,284) | (8,620) | PDF p. 99 |
| Share of results of associates and joint venture (net of tax)US$'000 | 2,370 | 244 | – | – | 3 | 2,265 | – | – | 2,373 | 2,509 | PDF p. 99 |
| Profit/(loss) before tax (unlabelled subtotal)US$'000 | 24,789 | (9,100) | (64) | 946 | 1,930 | (85) | (3,098) | (345) | 23,557 | (8,584) | PDF p. 99 |
| Tax expenseUS$'000 | (6,349) | 6,608 | – | – | (239) | – | – | – | (6,588) | 6,608 | PDF p. 99 |
| Net profit/(loss) for the yearUS$'000 | 18,440 | (2,492) | (64) | 946 | 1,691 | (85) | (3,098) | (345) | 16,969 | (1,976) | PDF p. 99 |
| Assets | |||||||||||
| Segment AssetsUS$'000 | 518,848 | 405,728 | 335 | 722 | 63,575 | 62,251 | (79,190) | (78,214) | 503,568 | 390,487 | PDF p. 99 |
| Investments in associatesUS$'000 | 7,667 | 6,522 | – | – | – | – | – | – | 7,667 | 6,522 | PDF p. 99 |
| Investments in joint venturesUS$'000 | 18,943 | 14,724 | – | – | 30,415 | 32,795 | – | – | 49,358 | 47,519 | PDF p. 99 |
| Deferred tax assetsUS$'000 | 5,115 | 5,006 | – | – | – | – | – | – | 5,115 | 5,006 | PDF p. 99 |
| Total assets (unlabelled subtotal)US$'000 | 550,573 | 431,980 | 335 | 722 | 93,990 | 95,046 | (79,190) | (78,214) | 565,708 | 449,534 | PDF p. 99 |
Amounts in thousands of United States dollars unless otherwise stated. Segment performance evaluated on profit or loss from operation before tax expense not including non-recurring gains or losses and foreign exchange gains or losses. Some row labels wrap across lines; labels given are combined, quotes are the printed lines. Subtotal rows are unlabelled in the source.
| Item / unit | 2025Distribution | 2024Distribution | 2025Wholesale | 2024Wholesale | 2025Corporate | 2024Corporate | 2025Adjustments and eliminations | 2024Adjustments and eliminations | 2025Total Group | 2024Total Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Liabilities | |||||||||||
| Segment LiabilitiesUS$'000 | 386,648 | 309,519 | 120,748 | 121,070 | 18,850 | 19,218 | (141,721) | (142,864) | 384,525 | 306,943 | PDF p. 100 |
| Tax liabilitiesUS$'000 | 10,514 | 472 | – | – | – | – | – | – | 10,514 | 472 | PDF p. 100 |
| Total liabilities (unlabelled subtotal)US$'000 | 397,162 | 309,991 | 120,748 | 121,070 | 18,850 | 19,218 | (141,721) | (142,864) | 395,039 | 307,415 | PDF p. 100 |
| Capital expenditure | |||||||||||
| Capital expenditureUS$'000 | 7,140 | 17,531 | – | – | – | – | – | – | 7,140 | 17,531 | PDF p. 100 |
| Significant non-cash items | |||||||||||
| Depreciation and amortisationUS$'000 | 20,695 | 17,993 | 94 | 92 | 134 | 137 | – | – | 20,923 | 18,222 | PDF p. 100 |
| Impairment loss on property, plant and equipmentUS$'000 | – | 8,547 | – | – | – | – | – | – | – | 8,547 | PDF p. 100 |
Amounts in thousands of United States dollars unless otherwise stated. Continuation of Note 30 table; same columns as previous page. Some labels wrap across lines; quotes are the line carrying the values. Subtotal rows are unlabelled in the source.
| Item / unit | 2025Revenue | 2024Revenue | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| EuropeUS$'000 | 2,653,123 | 2,475,919 | 144,698 | 134,172 | PDF p. 101 |
| People’s Republic of ChinaUS$'000 | – | – | 30,605 | 32,921 | PDF p. 101 |
| SingaporeUS$'000 | – | – | 152 | 54 | PDF p. 101 |
| Total (unlabelled subtotal)US$'000 | 2,653,123 | 2,475,919 | 175,455 | 167,147 | PDF p. 101 |
Non-current assets consist of property, plant and equipment, right-of-use assets, intangible assets, other investments, deferred tax assets, other receivables and investments in associates and joint ventures as presented in the consolidated statement of financial position.
Debt
| Item / unit | 2025On demand | 20251 year or less | 2025Later than 1 year and not later than 5 years | 2025Later than 5 years | 2024On demand | 20241 year or less | 2024Later than 1 year and not later than 5 years | 2024Later than 5 years | Source |
|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||
| Loans and borrowingsUS$'000 | 31,640 | 49,552 | 14,535 | – | 68,514 | 28,471 | 16,119 | – | PDF p. 107PDF p. 108 |
| Lease liabilitiesUS$'000 | – | 1,223 | 1,298 | – | – | 1,098 | 2,776 | – | PDF p. 107PDF p. 108 |
Contractual undiscounted amounts, US$'000.
| Item / unit | 2025US$'000 | 2024US$'000 | Source |
|---|---|---|---|
| Current | |||
| Bank overdraftUS$'000 | 31,640 | 68,514 | PDF p. 91 |
| Secured bank loans at EURIBOR 3M/12M + 2/2.5% p.a.US$'000 | 39,073 | 19,487 | PDF p. 91 |
| Secured bank loans at fixed rates between 4.95% to 5.40% p.a.US$'000 | 1,828 | 1,617 | PDF p. 91 |
| Unsecured bank loans at fixed rates between 0.6% to 2.5% p.a.US$'000 | 6,961 | 6,160 | PDF p. 91 |
| Lease liabilitiesUS$'000 | 1,181 | 1,052 | PDF p. 91 |
| Total currentUS$'000 | 80,683 | 96,830 | PDF p. 91 |
| Non-current | |||
| Secured bank loans at fixed rates between 4.95% to 5.40% p.a.US$'000 | 6,565 | 5,808 | PDF p. 91 |
| Unsecured bank loans at fixed rates between 0.6% to 2.5% p.a.US$'000 | 7,474 | 9,627 | PDF p. 91 |
| Lease liabilitiesUS$'000 | 1,254 | 2,658 | PDF p. 91 |
| Total non-currentUS$'000 | 15,293 | 18,093 | PDF p. 91 |
| Total | |||
| Total loans and borrowings (non-current and current)US$'000 | 95,976 | 114,923 | PDF p. 91 |
Amounts in thousands of United States dollars. The bank overdrafts and secured bank loans amounting US$31,640,000 (2024: US$68,514,000) and US$47,466,000 (2024: US$26,912,000) respectively are secured by the trade receivables, inventories and equity shares of certain subsidiaries.
Maturity column: overdraft on demand; current loans 2026; non-current 2027 to 2030 / 2027 to 2028.
| Item / unit | 2025USD | 2025SGD | 2025RMB | 2025EUR | 2025Total | Source |
|---|---|---|---|---|---|---|
| Financial liabilities 2025 | ||||||
| Loans and borrowingsUS$'000 | – | – | – | (93,541) | (93,541) | PDF p. 102 |
| Lease liabilitiesUS$'000 | – | (152) | (196) | (2,087) | (2,435) | PDF p. 102 |
US$'000. 2024 table on page 103 is given separately in notes.
| Item / unit | 2024USD | 2024SGD | 2024RMB | 2024EUR | 2024Total | Source |
|---|---|---|---|---|---|---|
| Financial liabilities 2024 | ||||||
| Loans and borrowingsUS$'000 | – | – | – | (111,213) | (111,213) | PDF p. 103 |
| Lease liabilitiesUS$'000 | – | (55) | (127) | (3,528) | (3,710) | PDF p. 103 |
US$'000.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. The form, frequency and amount of dividends will depend on the Company’s earnings, general financial condition, results of operations, capital requirements, cash flow, general business condition, development plans and other factors as the Directors may deem appropriate. | Company | PDF p. 25 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| No dividend was paid or proposed for FY2025 | No dividend was paid or proposed for FY2025 as the Board feels it is prudent to retain cash resources so that the Company has the flexibility to execute its business plans effectively. | FY2025 | PDF p. 25 |
| Dividend paid | (3,343) US$'000 | Group, FY2024 comparative (FY2025: –) | PDF p. 48 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | RT LLP | Group and Company | PDF p. 41 |
| Engagement partner | Ms. Loong Chooi May | Group and Company | PDF p. 41 |
| Opinion | In our opinion, the accompanying financial statements are properly drawn up in accordance with International Financial Reporting Standards (“IFRSs”) so as to present fairly, in all material aspects | Group and Company | PDF p. 37 |
Extracted from Annual report 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, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.