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RANHILL UTILITIES BERHAD (Registration No : 201401014973 (1091059-K)) (Formerly Known As Ranhill Holdings Berhad)

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RANHILL UTILITIES BERHAD (Registration No : 201401014973 (1091059-K)) (Formerly Known As Ranhill Holdings Berhad) RANHILL UTILITIES BERHAD (Registration No : 201401014973 (1091059-K)) (formerly known as Ranhill Holdings Berhad) QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2020 UNAUDITED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (1) Individual Quarter Cummulative Period Current year Preceding year Current year Preceding year quarter quarter to date to date NOTE 31/03/2020 31/03/2019 31/03/2020 31/03/2019 RM'000 RM'000 RM'000 RM'000 Revenue 368,281 405,051 368,281 405,051 Cost of sales (267,048) (289,335) (267,048) (289,335) Gross profit 101,233 115,716 101,233 115,716 Other items of income Interest income 13,653 13,510 13,653 13,510 Other income 4,773 3,075 4,773 3,075 Other items of expense Admin/Operating expenses (60,021) (57,167) (60,021) (57,167) Finance costs (21,946) (26,659) (21,946) (26,659) Zakat (250) (1,364) (250) (1,364) Share of results of associates 3,838 2,477 3,838 2,477 Profit before tax 41,280 49,588 41,280 49,588 Income tax expense B5 (13,918) (16,660) (13,918) (16,660) Profit net of tax 27,362 32,928 27,362 32,928 Other comprehensive income: Foreign currency translation, representing total other comprehensive income/(loss) 1,195 753 1,195 753 Total comprehensive income for the year/period 28,557 33,681 28,557 33,681 Profit net of tax attributable to: Owners of the parent 18,190 21,367 18,190 21,367 Non-controlling interests 9,172 11,561 9,172 11,561 27,362 32,928 27,362 32,928 Total comprehensive income attributable to: Owners of the parent 19,385 22,119 19,385 22,119 Non-controlling interests 9,172 11,562 9,172 11,562 28,557 33,681 28,557 33,681 Earnings per share (sen): Basic B11 1.70 2.00 1.70 2.00 Diluted N/A N/A N/A N/A EBITDA (includes amortisation of services concession assets) 147,364 157,941 147,364 157,941 EBIT 49,573 62,737 49,573 62,737 Notes : (1) The Unaudited Condensed Statement of Comprehensive Income should be read in conjunction with the Audited Financial Statements of Ranhill Holdings Berhad ("the Company") for the financial year ended 31 December 2019 and the accompanying explanatory notes attached to these interim financial statements. 1 RANHILL UTILITIES BERHAD (Registration No : 201401014973 (1091059-K)) (formerly known as Ranhill Holdings Berhad) QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2020 UNAUDITED CONDENSED STATEMENTS OF FINANCIAL POSITION (1) Unaudited Audited As at As at 31/03/2020 31/12/2019 RM'000 RM'000 Non-current assets Property, plant and equipment 571,601 578,891 Service concession assets 246,226 327,299 Intangibles 300,127 299,293 Rights of use of assets 9,560 10,123 Finance lease receivables 395,892 409,342 Deferred tax assets 55,939 64,780 Investment in an associates 170,876 160,924 Operating financial assets 85,647 89,354 Trade and other receivables 156,874 160,593 Contract assets - 135 Other non-current assets 11,622 12,026 2,004,364 2,112,760 Current assets Finance lease receivable 52,326 51,357 Operating financial assets 9,225 9,496 Trade and other receivables 274,777 211,390 Contract assets 11,962 24,302 Inventories 98,168 89,070 Tax recoverable 2,573 1,358 Other current assets 12,427 11,064 Other financial assets 75,492 75,635 Deposits, cash and bank balances 331,710 453,892 868,660 927,564 Total assets 2,873,024 3,040,324 Current liabilities Retirement benefit obligations 10,966 11,162 Loans and borrowings 93,861 93,076 Zakat 11,742 11,492 Trade and other payables 239,869 300,390 Contract liabilities 7,090 57 Service concession obligations 249,403 328,970 Tax payable 17,057 15,825 629,988 760,972 Net current assets 238,672 166,592 2 RANHILL UTILITIES BERHAD (Registration No : 201401014973 (1091059-K)) (formerly known as Ranhill Holdings Berhad) QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2020 UNAUDITED CONDENSED STATEMENTS OF FINANCIAL POSITION (1) (continued) Unaudited Audited As at As at 31/03/2020 31/12/2019 RM'000 RM'000 Non-current liabilities Retirement benefit obligations 72,883 72,370 Loans and borrowings 1,023,361 1,073,042 Trade and other payables 230 1,076 Consumer deposits 251,567 251,458 Deferred tax liabilities 79,805 81,298 1,427,846 1,479,244 Total liabilities 2,057,834 2,240,216 Net assets 815,190 800,108 Equity attributable to owners of the parent Share capital 1,282,907 1,275,319 Treasury shares (3,988) - Other reserves (890,750) (891,945) Retained earnings 206,347 198,870 594,516 582,244 Non-controlling interests 220,674 217,864 Total equity 815,190 800,108 Total equity and liabilities 2,873,024 3,040,324 Net assets per share attributable to owners of the parent (RM) 0.56 0.55 Notes: (1) The Unaudited Condensed Statements of Financial Position should be read in conjunction with the Audited Financial Statements of Ranhill Holdings Berhad ("the Company") for the financial year ended 31 December 2019 and the accompanying explanatory notes attached to these interim financial statements. 3 RANHILL UTILITIES BERHAD (Registration No : 201401014973 (1091059-K)) (formerly known as Ranhill Holdings Berhad) QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2020 UNAUDITED CONDENSED STATEMENTS OF CHANGES IN EQUITY (1) Equity component of Currency convertible Merger Non- Treasury translation unsecured reserve/ Retained controlling Share capital shares reserves loan stock (deficit) earnings Total interest Total equity RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 At 1 January 2020 1,275,319 - 13,007 1,063 (906,015) 19 8,870 582,244 217,864 800,108 Total comprehensive income - - 1,195 - - 18 ,190 19,385 9,172 28,557 - -Issue of share -dividend reinvestment plan 7,588 - - - - 7,588 - 7,588 - - - -Purchase of own shares (3,988) - - (3,988) (3,988) -CULS interest paid to non-controlling interests - - - - - - - (362) (362) -Dividends on ordinary shares - - - - - (10,713) (10,713) (6,000) (16,713) At 31 March 2020 1,282,907 (3,988) 14,202 1,063 (906,015) 20 6,347 594,516 220,674 815,190 At 1 January 2019 1,275,319 - 11,547 1,063 (906,015) 16 7,455 549,369 207,382 756,751 Total comprehensive income - - 753 - - 21 ,366 22,119 11,562 33,681 -CULS interest paid to non-controlling interests - - - - - - - (363) (363) -Dividends on ordinary shares - - - - - (8,883) (8,883) - (8,883) At 31 March 2019 1,275,319 - 12,300 1,063 (906,015) 17 9,938 562,605 218,581 781,186 Notes: (1) The Unaudited Condensed Statements of Changes in Equity should be read in conjunction with the Audited Financial Statements of Ranhill Holdings Berhad ("the Company") for the financial year ended 31 December 2019 and the accompanying explanatory notes attached to these interim financial statements. 4 RANHILL UTILITIES BERHAD (Registration No : 201401014973 (1091059-K)) (formerly known as Ranhill Holdings Berhad) QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2020 UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS (1) 3 months 3 months ended ended 31/03/2020 31/03/2019 RM'000 RM'000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation 41,280 49,588 Adjustments for: Depreciation of property, plant and equipment 12,728 11,768 Depreciation of right-use-of asset 610 369 Net gain on disposal of property, plant and equipment (61) (58) Property, plant and equipment written off - 11 Amortisation of service concession asset 84,042 82,949 Amortisation of software 411 118 Share of results of associates (3,838) (2,477) Net bad debts written off 14 - Provision for retirement benefit plan 2,537 1,970 Zakat 250 1,364 Net unrealised foreign exchange (gain)/loss (1,765) (1,055) Allowance for expected credit losses on: . -Trade receivables 614 - -Other receivables - 3,500 Reversal for liquidated ascertained damages (80) - Interest income (13,653) (13,510) Interest expense 21,946 26,659 Operating profit before working capital changes 145,035 161,196 Receivables (43,631) (19,947) Payables (48,337) 116,674 Inventories (9,105) 283 Finance lease receivables 21,042 21,043 Operating financial asset 1,164 1,637 Contract assets 12,643 (5,302) Contract liability 7,025 4,127 Other non-current and current asset (962) 12,702 Cash generated from operations 84,874 292,413 Retirement benefits plan paid (2,178) (3,279) Tax paid (6,711) (6,509) Repayment of lease rental payable to PAAB (86,331) (199,254) Net cash (used in)/generated from operating activities (10,346) 83,371 5 RANHILL UTILITIES BERHAD (Registration No : 201401014973 (1091059-K)) (formerly known as Ranhill Holdings Berhad) QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2020 UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS (continued) (1) 3 months 3 months ended ended 31/03/2020 31/03/2019 RM'000 RM'000 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (7,952) (4,603) Purchase of right-of-use assets (66) (314) Proceeds from disposal of property, plant and equipment 62 652 Disposal/(placement) of short term investments 143 (7,420) Purchase of software (1,247) (240) Interest received 3,187 2,364 Net cash used in investing activities (5,873) (9,561) CASH FLOWS FROM FINANCING ACTIVITIES (Placement)/withdrawal of fixed deposits with 291,521 banking facilities 127,295 (45,566) Drawdown of loans and borrowings (1) 3,091 Repayment of lease liabilities (688) (963) Repayment of loans and borrowings (41,254) (867) Purchase of own shares (3,988) - Dividends paid (36,445) (21,133) Interest paid (18,612) (26,167) Net cash generated/(used in) financing activities 26,307 (91,605) Net increase in cash and cash equivalents 10,088 (17,795) Effect of exchange rate
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