Financial Highlights
US$m US$m US$m
Revenue 18,591 18,992 17,337
Profit after tax 1,976 1,576 1,909
Underlying profit attributable to shareholders* 863 856 770
Profit attributable to shareholders 881 418 939
Shareholders’ funds 6,860 6,144 6,408
Underlying earnings per share* 218 217 195
Earnings per share 223 106 238
Dividend per share 87 87 86
Net asset value per share 17.36 15.55 16.22
S$m S$m S$m
Revenue 25,350 25,637 23,851
Profit after tax 2,694 2,127 2,626
Underlying profit attributable to shareholders* 1,177 1,156 1,059
Profit attributable to shareholders 1,202 564 1,292
Shareholders’ funds 9,243 8,392 8,567
Underlying earnings per share* 298 292 268
Earnings per share 304 143 327
Dividend per share 117 117 118
S$ S$ S$
Net asset value per share 23.39 21.24 21.69

The exchange rate of US$1=S$1.35 (31st December 2018: US$1=S$1.37, 31st December 2017: US$1=S$1.34) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.36 (2018: US$1=S$1.35, 2017: US$1=S$1.38) was used for translating the results for the period.

† The accounts have been restated due to changes in accounting policies upon adoption of IFRS 16 Leases.

*The Group uses underlying profit in its internal financial reporting to distinguish between ongoing business performance and non-trading items. Items classified as non-trading items include fair value gains or losses on revaluation of investment properties, agricultural produce and equity investments which are measured at fair value through profit and loss; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets and other investments; provisions for closure of businesses; acquisition-related costs in business combinations and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into the Group’s underlying business performance.