2016 Actual	2017 Actual	2018 Budget	2018 Actual
Revenue, $m	49.60	51.90	54.65	56.74
EBIT, $m	2.28	3.01	2.13	3.10
EBIT Margin	4.6%	5.8%	3.9%	5.5%
Reinvestment, $m	1.35	1.37	1.55	1.43
EBIT-R, $m	3.63	4.38	3.68	4.53
EBIT-R Margin	7.3%	8.4%	6.7%	8.0%
Total Assets, $m	48.11	54.20	52.67	57.13
Return on Equity	5.2%	6.2%	4.3%	5.7%
Re-investment Return on Equity	7.8%	8.8%	7.1%	8.2%
Equity Ratio	75.1%	73.5%	73.3%	71.6%
Dividend, $m	-	-	-	-
Gearing	0.0%	0.0%	0.0%	0.0%

Revenue: Includes science research, contract work for government and commercial clients, royalties and licence
fees.
EBIT: Earnings before interest, tax and restructuring costs.
EBIT Margin: EBIT ÷ revenue.
EBIT-R: EBIT before reinvestment where reinvestment are amounts approved by the Minister.
EBIT-R Margin: EBIT-R ÷ revenue.
Return on equity: Net profit after tax ÷ average shareholders’ funds, expressed as a percentage.
Equity Ratio: Average shareholders’ funds ÷ average total assets.
Gearing: Financial debt ÷ financial debt plus shareholders’ funds.

(The Minister of Finance and the Minister of Science and Innovation each hold 50% of the shares on behalf of the public.)

Our full Reports and Financial Statements are presented in Part B of the Annual Report.