Fraser and Neave Ltd
SGX:F99
Income Statement
Earnings Waterfall
Fraser and Neave Ltd
Income Statement
Fraser and Neave Ltd
| Sep-2004 | Dec-2004 | Mar-2005 | Jun-2005 | Sep-2005 | Dec-2005 | Mar-2006 | Jun-2006 | Sep-2006 | Dec-2006 | Mar-2007 | Jun-2007 | Sep-2007 | Dec-2007 | Mar-2008 | Jun-2008 | Sep-2008 | Dec-2008 | Mar-2009 | Jun-2009 | Sep-2009 | Dec-2009 | Mar-2010 | Jun-2010 | Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Sep-2020 | Mar-2021 | Sep-2021 | Mar-2022 | Sep-2022 | Mar-2023 | Sep-2023 | Mar-2024 | Sep-2024 | Mar-2025 | Sep-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
44
|
0
|
0
|
0
|
72
|
0
|
0
|
0
|
34
|
0
|
0
|
0
|
14
|
0
|
0
|
0
|
6
|
0
|
0
|
0
|
5
|
0
|
0
|
0
|
16
|
0
|
0
|
0
|
30
|
0
|
0
|
0
|
22
|
0
|
0
|
25
|
0
|
25
|
0
|
26
|
0
|
37
|
0
|
42
|
0
|
42
|
|
| Revenue |
3 446
N/A
|
3 608
+5%
|
3 702
+3%
|
3 907
+6%
|
4 270
+9%
|
3 364
-21%
|
3 323
-1%
|
3 223
-3%
|
3 796
+18%
|
3 954
+4%
|
4 213
+7%
|
4 594
+9%
|
4 738
+3%
|
4 943
+4%
|
4 995
+1%
|
4 897
-2%
|
4 951
+1%
|
4 922
-1%
|
4 810
-2%
|
4 919
+2%
|
5 333
+8%
|
5 315
0%
|
5 604
+5%
|
5 704
+2%
|
5 697
0%
|
5 795
+2%
|
5 795
0%
|
5 755
-1%
|
6 274
+9%
|
3 875
-38%
|
3 333
-14%
|
2 928
-12%
|
3 596
+23%
|
3 355
-7%
|
3 145
-6%
|
2 767
-12%
|
4 344
+57%
|
2 322
-47%
|
2 344
+1%
|
2 378
+1%
|
2 421
+2%
|
2 047
-15%
|
1 956
-4%
|
1 880
-4%
|
2 121
+13%
|
2 065
-3%
|
2 045
-1%
|
2 027
-1%
|
1 979
-2%
|
1 994
+1%
|
1 967
-1%
|
1 921
-2%
|
1 898
-1%
|
1 866
-2%
|
1 866
+0%
|
1 842
-1%
|
1 835
0%
|
1 837
+0%
|
1 852
+1%
|
1 883
+2%
|
1 902
+1%
|
1 943
+2%
|
1 947
+0%
|
1 834
-6%
|
2 822
+54%
|
1 879
-33%
|
1 901
+1%
|
2 003
+5%
|
2 039
+2%
|
2 099
+3%
|
2 125
+1%
|
2 162
+2%
|
2 304
+7%
|
2 323
+1%
|
|
| Gross Profit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(2 189)
|
(2 326)
|
(2 382)
|
(2 526)
|
(2 842)
|
(2 322)
|
(2 315)
|
(2 274)
|
(2 556)
|
(2 675)
|
(2 862)
|
(3 139)
|
(3 205)
|
(3 345)
|
(3 344)
|
(3 228)
|
(3 295)
|
(3 240)
|
(3 167)
|
(3 243)
|
(3 558)
|
(3 540)
|
(3 693)
|
(3 764)
|
(3 709)
|
(3 764)
|
(3 775)
|
(3 728)
|
(4 162)
|
(2 699)
|
(2 381)
|
(2 138)
|
(2 412)
|
(2 255)
|
(2 120)
|
(1 869)
|
(2 906)
|
(1 534)
|
(1 544)
|
(1 566)
|
(1 598)
|
(1 420)
|
(1 372)
|
(1 330)
|
(1 425)
|
(1 366)
|
(1 328)
|
(1 284)
|
(1 250)
|
(1 245)
|
(1 234)
|
(1 228)
|
(1 237)
|
(1 243)
|
(1 267)
|
(1 264)
|
(1 252)
|
(1 241)
|
(1 245)
|
(1 260)
|
(1 279)
|
(1 305)
|
(1 308)
|
(1 238)
|
(1 907)
|
(1 296)
|
(1 351)
|
(1 429)
|
(1 454)
|
(1 476)
|
(1 446)
|
(1 473)
|
(1 590)
|
(1 595)
|
|
| Gross Profit |
1 257
N/A
|
1 282
+2%
|
1 320
+3%
|
1 381
+5%
|
1 428
+3%
|
1 042
-27%
|
1 008
-3%
|
948
-6%
|
1 240
+31%
|
1 280
+3%
|
1 351
+6%
|
1 455
+8%
|
1 533
+5%
|
1 598
+4%
|
1 651
+3%
|
1 669
+1%
|
1 657
-1%
|
1 681
+1%
|
1 643
-2%
|
1 676
+2%
|
1 775
+6%
|
1 775
0%
|
1 911
+8%
|
1 940
+2%
|
1 988
+2%
|
2 031
+2%
|
2 019
-1%
|
2 027
+0%
|
2 112
+4%
|
1 176
-44%
|
952
-19%
|
790
-17%
|
1 184
+50%
|
1 100
-7%
|
1 025
-7%
|
898
-12%
|
1 438
+60%
|
788
-45%
|
800
+2%
|
812
+2%
|
823
+1%
|
626
-24%
|
584
-7%
|
551
-6%
|
696
+26%
|
699
+0%
|
717
+3%
|
743
+4%
|
728
-2%
|
749
+3%
|
733
-2%
|
694
-5%
|
661
-5%
|
622
-6%
|
599
-4%
|
578
-3%
|
583
+1%
|
595
+2%
|
607
+2%
|
623
+3%
|
624
+0%
|
638
+2%
|
640
+0%
|
596
-7%
|
915
+54%
|
583
-36%
|
549
-6%
|
574
+4%
|
585
+2%
|
623
+7%
|
678
+9%
|
689
+2%
|
713
+4%
|
727
+2%
|
|
| Operating Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(814)
|
(826)
|
(860)
|
(879)
|
(872)
|
(584)
|
(535)
|
(467)
|
(677)
|
(688)
|
(709)
|
(772)
|
(849)
|
(877)
|
(933)
|
(931)
|
(927)
|
(969)
|
(956)
|
(964)
|
(990)
|
(930)
|
(947)
|
(954)
|
(990)
|
(1 025)
|
(1 052)
|
(1 083)
|
(1 070)
|
(582)
|
(494)
|
(420)
|
(721)
|
(707)
|
(669)
|
(616)
|
(733)
|
(587)
|
(571)
|
(567)
|
(563)
|
(503)
|
(518)
|
(521)
|
(615)
|
(609)
|
(619)
|
(635)
|
(603)
|
(629)
|
(620)
|
(600)
|
(567)
|
(535)
|
(511)
|
(484)
|
(458)
|
(456)
|
(457)
|
(457)
|
(465)
|
(476)
|
(482)
|
(455)
|
(672)
|
(427)
|
(424)
|
(440)
|
(456)
|
(470)
|
(476)
|
(482)
|
(496)
|
(500)
|
|
| Selling, General & Administrative |
(814)
|
(826)
|
(860)
|
(879)
|
(872)
|
(584)
|
(535)
|
(467)
|
(677)
|
(694)
|
(742)
|
(810)
|
(901)
|
(930)
|
(965)
|
(961)
|
(940)
|
(995)
|
(977)
|
(986)
|
(1 007)
|
(939)
|
(973)
|
(986)
|
(1 012)
|
(1 046)
|
(1 069)
|
(1 101)
|
(1 081)
|
(574)
|
(479)
|
(406)
|
(736)
|
(714)
|
(671)
|
(616)
|
(734)
|
(587)
|
(597)
|
(595)
|
(596)
|
(541)
|
(531)
|
(533)
|
(622)
|
(616)
|
(628)
|
(642)
|
(613)
|
(638)
|
(629)
|
(610)
|
(576)
|
(542)
|
(517)
|
(488)
|
(467)
|
(466)
|
(468)
|
(468)
|
(473)
|
(484)
|
(489)
|
(477)
|
(703)
|
(440)
|
(431)
|
(445)
|
(465)
|
(475)
|
(482)
|
(492)
|
(505)
|
(505)
|
|
| Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
7
|
33
|
38
|
52
|
54
|
32
|
31
|
13
|
26
|
22
|
22
|
17
|
9
|
26
|
32
|
22
|
21
|
17
|
18
|
12
|
(8)
|
(14)
|
(15)
|
15
|
8
|
1
|
0
|
1
|
0
|
26
|
28
|
33
|
38
|
13
|
13
|
6
|
7
|
8
|
8
|
10
|
9
|
9
|
10
|
9
|
7
|
6
|
5
|
9
|
10
|
11
|
11
|
8
|
8
|
7
|
22
|
31
|
13
|
7
|
6
|
9
|
6
|
5
|
10
|
8
|
5
|
|
| Operating Income |
444
N/A
|
456
+3%
|
460
+1%
|
502
+9%
|
556
+11%
|
458
-18%
|
472
+3%
|
481
+2%
|
563
+17%
|
592
+5%
|
642
+9%
|
683
+6%
|
684
+0%
|
722
+5%
|
718
-1%
|
739
+3%
|
730
-1%
|
712
-2%
|
687
-4%
|
712
+4%
|
785
+10%
|
845
+8%
|
964
+14%
|
987
+2%
|
998
+1%
|
1 006
+1%
|
968
-4%
|
944
-2%
|
1 043
+10%
|
594
-43%
|
458
-23%
|
370
-19%
|
463
+25%
|
394
-15%
|
355
-10%
|
283
-21%
|
705
+150%
|
201
-72%
|
229
+14%
|
245
+7%
|
261
+6%
|
124
-53%
|
66
-46%
|
30
-54%
|
81
+167%
|
90
+11%
|
98
+9%
|
108
+11%
|
125
+15%
|
120
-4%
|
113
-6%
|
94
-17%
|
94
+0%
|
87
-8%
|
88
+1%
|
95
+8%
|
125
+33%
|
139
+11%
|
149
+8%
|
166
+11%
|
159
-4%
|
162
+2%
|
158
-3%
|
141
-11%
|
243
+73%
|
156
-36%
|
125
-20%
|
134
+7%
|
128
-4%
|
154
+20%
|
202
+32%
|
207
+2%
|
217
+5%
|
227
+5%
|
|
| Pre-Tax Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
107
|
82
|
91
|
85
|
37
|
5
|
(18)
|
(27)
|
(20)
|
(32)
|
(13)
|
(18)
|
(23)
|
(26)
|
(26)
|
(28)
|
43
|
39
|
(11)
|
(16)
|
(164)
|
(148)
|
(68)
|
(60)
|
143
|
162
|
137
|
149
|
188
|
168
|
160
|
167
|
382
|
366
|
370
|
371
|
381
|
62
|
57
|
50
|
25
|
24
|
20
|
23
|
47
|
57
|
56
|
60
|
62
|
61
|
62
|
1 291
|
1 271
|
1 277
|
1 282
|
72
|
69
|
80
|
100
|
91
|
96
|
98
|
100
|
104
|
143
|
82
|
86
|
75
|
82
|
90
|
72
|
58
|
51
|
47
|
|
| Non-Reccuring Items |
21
|
22
|
28
|
5
|
30
|
31
|
32
|
31
|
34
|
33
|
40
|
41
|
12
|
18
|
3
|
(3)
|
(36)
|
(34)
|
(27)
|
(13)
|
(6)
|
(9)
|
31
|
12
|
32
|
132
|
94
|
154
|
182
|
75
|
64
|
19
|
35
|
(48)
|
(113)
|
(113)
|
(182)
|
(128)
|
(63)
|
(68)
|
(100)
|
(102)
|
(97)
|
(97)
|
(28)
|
(27)
|
(28)
|
(27)
|
(0)
|
(2)
|
(2)
|
(7)
|
(26)
|
(25)
|
(24)
|
(19)
|
4
|
4
|
3
|
13
|
12
|
11
|
11
|
(0)
|
(1)
|
(8)
|
(15)
|
(7)
|
2
|
(20)
|
(20)
|
(0)
|
(3)
|
(9)
|
|
| Gain/Loss on Disposition of Assets |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
3
|
0
|
0
|
|
| Total Other Income |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
0
|
0
|
0
|
(0)
|
(0)
|
(21)
|
(0)
|
(1)
|
(0)
|
4
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
2
|
0
|
0
|
0
|
2
|
0
|
(0)
|
(0)
|
2
|
(0)
|
0
|
0
|
2
|
0
|
0
|
0
|
2
|
0
|
0
|
(0)
|
0
|
(0)
|
0
|
(0)
|
0
|
(0)
|
0
|
(0)
|
3
|
(1)
|
|
| Pre-Tax Income |
571
N/A
|
560
-2%
|
579
+3%
|
592
+2%
|
622
+5%
|
494
-21%
|
486
-2%
|
485
0%
|
577
+19%
|
593
+3%
|
670
+13%
|
706
+5%
|
673
-5%
|
714
+6%
|
695
-3%
|
708
+2%
|
737
+4%
|
718
-3%
|
650
-9%
|
684
+5%
|
616
-10%
|
689
+12%
|
927
+35%
|
939
+1%
|
1 172
+25%
|
1 300
+11%
|
1 199
-8%
|
1 246
+4%
|
1 413
+13%
|
837
-41%
|
682
-19%
|
556
-18%
|
859
+54%
|
711
-17%
|
612
-14%
|
541
-12%
|
908
+68%
|
134
-85%
|
224
+67%
|
227
+2%
|
185
-19%
|
46
-75%
|
(11)
N/A
|
(44)
-298%
|
102
N/A
|
120
+18%
|
125
+4%
|
141
+13%
|
188
+33%
|
178
-5%
|
172
-3%
|
1 378
+699%
|
1 340
-3%
|
1 340
0%
|
1 347
+1%
|
148
-89%
|
200
+36%
|
222
+11%
|
252
+13%
|
271
+7%
|
268
-1%
|
272
+1%
|
269
-1%
|
244
-9%
|
385
+58%
|
230
-40%
|
197
-15%
|
202
+3%
|
213
+5%
|
224
+5%
|
254
+13%
|
267
+5%
|
267
0%
|
265
-1%
|
|
| Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
(141)
|
(137)
|
(145)
|
(156)
|
(171)
|
(133)
|
(134)
|
(123)
|
(145)
|
(144)
|
(160)
|
(177)
|
(174)
|
(183)
|
(176)
|
(170)
|
(169)
|
(174)
|
(165)
|
(181)
|
(174)
|
(184)
|
(214)
|
(217)
|
(270)
|
(282)
|
(279)
|
(274)
|
(299)
|
(152)
|
(90)
|
(66)
|
(100)
|
(87)
|
(104)
|
(95)
|
(145)
|
(47)
|
(49)
|
(42)
|
(50)
|
(21)
|
(8)
|
(6)
|
(19)
|
(20)
|
(20)
|
(21)
|
(23)
|
(20)
|
(17)
|
(11)
|
(15)
|
(14)
|
(15)
|
(14)
|
(20)
|
(27)
|
(35)
|
(48)
|
(56)
|
(57)
|
(59)
|
(37)
|
(60)
|
(35)
|
(26)
|
(25)
|
(18)
|
(19)
|
(34)
|
(48)
|
(49)
|
(55)
|
|
| Income from Continuing Operations |
430
|
424
|
435
|
436
|
451
|
361
|
352
|
363
|
432
|
449
|
510
|
530
|
498
|
531
|
519
|
538
|
568
|
543
|
485
|
502
|
442
|
505
|
713
|
722
|
902
|
1 019
|
920
|
973
|
1 114
|
685
|
591
|
490
|
759
|
624
|
508
|
446
|
763
|
88
|
175
|
186
|
135
|
25
|
(19)
|
(49)
|
82
|
100
|
105
|
121
|
166
|
158
|
156
|
1 367
|
1 326
|
1 326
|
1 332
|
134
|
181
|
196
|
217
|
223
|
212
|
215
|
211
|
208
|
325
|
195
|
171
|
177
|
195
|
205
|
220
|
219
|
218
|
210
|
|
| Income to Minority Interest |
(138)
|
(140)
|
(144)
|
(149)
|
(151)
|
(62)
|
(47)
|
(43)
|
(113)
|
(122)
|
(138)
|
(136)
|
(120)
|
(120)
|
(118)
|
(125)
|
(132)
|
(127)
|
(99)
|
(105)
|
(83)
|
(95)
|
(134)
|
(132)
|
(82)
|
(109)
|
(110)
|
(119)
|
(239)
|
(175)
|
(140)
|
(110)
|
(175)
|
(48)
|
(50)
|
(55)
|
(84)
|
(73)
|
(86)
|
(91)
|
(91)
|
(45)
|
(26)
|
(15)
|
(44)
|
(54)
|
(57)
|
(58)
|
(58)
|
(54)
|
(55)
|
(50)
|
(46)
|
(43)
|
(42)
|
(49)
|
(57)
|
(59)
|
(61)
|
(62)
|
(60)
|
(60)
|
(61)
|
(58)
|
(94)
|
(55)
|
(47)
|
(52)
|
(65)
|
(72)
|
(73)
|
(68)
|
(69)
|
(69)
|
|
| Net Income (Common) |
292
N/A
|
283
-3%
|
290
+3%
|
287
-1%
|
300
+4%
|
298
0%
|
300
+0%
|
314
+5%
|
320
+2%
|
305
-4%
|
352
+15%
|
372
+6%
|
378
+2%
|
404
+7%
|
386
-4%
|
405
+5%
|
379
-6%
|
358
-6%
|
336
-6%
|
343
+2%
|
467
+36%
|
516
+11%
|
688
+33%
|
695
+1%
|
583
-16%
|
673
+16%
|
573
-15%
|
619
+8%
|
621
+0%
|
839
+35%
|
789
-6%
|
754
-4%
|
836
+11%
|
5 520
+561%
|
5 482
-1%
|
5 448
-1%
|
5 431
0%
|
727
-87%
|
697
-4%
|
634
-9%
|
147
-77%
|
25
-83%
|
35
+37%
|
31
-11%
|
633
+1 941%
|
623
-1%
|
609
-2%
|
608
0%
|
108
-82%
|
105
-3%
|
101
-3%
|
1 318
+1 204%
|
1 279
-3%
|
1 283
+0%
|
1 290
+1%
|
85
-93%
|
124
+45%
|
136
+10%
|
157
+15%
|
161
+3%
|
152
-5%
|
154
+1%
|
150
-3%
|
149
-1%
|
232
+55%
|
140
-39%
|
123
-12%
|
125
+1%
|
130
+4%
|
133
+2%
|
147
+10%
|
151
+3%
|
150
-1%
|
141
-5%
|
|
| EPS (Diluted) |
0.25
N/A
|
0.25
N/A
|
0.26
+4%
|
0.25
-4%
|
0.25
N/A
|
0.26
+4%
|
0.26
N/A
|
0.27
+4%
|
0.27
N/A
|
0.26
-4%
|
0.24
-8%
|
0.26
+8%
|
0.28
+8%
|
0.3
+7%
|
0.29
-3%
|
0.3
+3%
|
0.27
-10%
|
0.25
-7%
|
0.28
+12%
|
0.23
-18%
|
0.33
+43%
|
0.37
+12%
|
0.49
+32%
|
0.49
N/A
|
0.41
-16%
|
0.47
+15%
|
0.4
-15%
|
0.43
+7%
|
0.43
N/A
|
0.58
+35%
|
0.54
-7%
|
0.52
-4%
|
0.58
+12%
|
3.85
+564%
|
3.84
0%
|
3.78
-2%
|
3.74
-1%
|
0.51
-86%
|
0.5
-2%
|
0.43
-14%
|
0.1
-77%
|
0.01
-90%
|
0.02
+100%
|
0.02
N/A
|
0.43
+2 050%
|
0.43
N/A
|
0.4
-7%
|
0.42
+5%
|
0.07
-83%
|
0.08
+14%
|
0.08
N/A
|
0.92
+1 050%
|
0.88
-4%
|
0.9
+2%
|
0.9
N/A
|
0.07
-92%
|
0.09
+29%
|
0.1
+11%
|
0.11
+10%
|
0.11
N/A
|
0.11
N/A
|
0.11
N/A
|
0.1
-9%
|
0.1
N/A
|
0.16
+60%
|
0.1
-38%
|
0.08
-20%
|
0.09
+12%
|
0.09
N/A
|
0.09
N/A
|
0.1
+11%
|
0.1
N/A
|
0.1
N/A
|
0.1
N/A
|
|