2017 Actual	2018 Actual	2019 Budget	2019 Actual
Revenue, $m	51.90	56.74	59.17	55.94
EBIT, $m	3.01	3.03	2.09	1.88
EBIT Margin	5.8%	5.3%	3.5%	3.4%
Reinvestment, $m	1.37	1.43	1.10	1.12
EBIT-R, $m	4.38	4.46	3.19	3.00
EBIT-R Margin	8.4%	7.9%	5.4%	5.4%
Total Assets, $m	54.20	57.13	56.48	55.25
Return on Equity	6.2%	5.7%	4.0%	3.9%
Re-investment Return on Equity	8.7%	8.2%	5.9%	5.7%
Equity Ratio	73.5%	71.6%	75.2%	74.5%
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.