In S$ billion

As at 31 March 2006 2007 2008 2009 2010 2011 2012 2013
Restated
2014
Restated
2015
Shareholder equity
before fair value reserve
83.6 92.9 120.2 119.9 127.8 134.6 146.4 156.0 172.5 188.0
Fair value reserve 7.0 21.1 23.9 (1.5) 21.9 20.9 11.8 13.2 14.9 30.6
Shareholder equity 90.6 114.0 144.1 118.4 149.7 155.5 158.2 169.2 187.4 218.6
Non-controlling interests 25.4 24.4 25.7 22.6 23.5 24.0 23.5 35.2 34.8 37.8
  116.0 138.4 169.8 141.0 173.2 179.5 181.7 204.4 222.2 256.4
Property, plant
and equipment
65.6 65.5 75.3 68.2 68.0 66.8 67.8 73.8 59.5 67.5
Intangibles 14.5 14.8 21.4 19.9 19.1 18.9 17.9 18.2 16.4 20.0
Biological assets 1.3
Investments in associates, partnerships and joint ventures 27.1 35.0 39.5 41.1 44.6 42.1 49.5 50.3 56.7 70.2
Financial assets 27.5 52.3 73.9 40.2 64.2 65.3 60.7 70.3 81.4 101.3
Investment properties 1.8 3.6 5.0 5.3 6.5 7.1 7.9 19.4 20.9 23.5
Properties under development 0.5 0.2 0.6 0.8 0.2 0.2 0.4 0.5 1.5 2.0
Deferred tax assets 1.7 1.6 1.8 2.0 1.8 1.7 1.5 1.4 1.4 1.4
Other non-current assets 10.0 10.4 9.4 9.5 10.2 11.3 10.7 12.4 10.9 13.0
Net current assets/(liabilities) 12.6 8.4 (3.1) 11.8 22.0 27.6 32.8 34.0 35.9 31.8
Current assets 65.0 59.0 68.6 60.9 70.2 84.5 86.2 95.2 95.3 105.6
Current liabilities (52.4) (50.6) (71.7) (49.1) (48.2) (56.9) (53.4) (61.2) (59.4) (73.8)
  161.3 191.8 223.8 198.8 236.6 241.0 249.2 280.3 284.6 332.0
Non-current liabilities (45.3) (53.4) (54.0) (57.8) (63.4) (61.5) (67.5) (75.9) (62.4) (75.6)
  116.0 138.4 169.8 141.0 173.2 179.5 181.7 204.4 222.2 256.4
On 1 April 2014, the Group adopted new and amended FRS and Interpretations of FRS that were mandatory for application for the financial year ended 31 March 2015. These included FRS 110 Consolidated Financial Statements and FRS 111 Joint Arrangements. Changes in accounting policies as a result of adoption of FRS 110 and FRS 111 were applied retrospectively and accordingly, the Group’s consolidated financial statements for the years ended 31 March 2013 and 31 March 2014 were restated. Comparative figures for the years ended 31 March 2006 to 31 March 2012 had not been restated.
Prior to the financial year ended 31 March 2006, long term investments were stated at cost less allowance for diminution in value. With the introduction of FRS39 Financial Instruments: Recognition and Measurement during the financial year ended 31 March 2006, available-for-sale financial assets (AFS) were required to be measured at fair value. At each reporting date, AFS are remeasured at their fair value. Changes in fair value, other than impairment losses, are recognised in other comprehensive income and presented in the fair value reserve in equity until the AFS are disposed. Impairment losses are recognised in the income statement.