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Saudi Basic Industries Corporation (Sabic) and Its Subsidiaries (A Saudi Joint Stock Company)

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Saudi Basic Industries Corporation (Sabic) and Its Subsidiaries (A Saudi Joint Stock Company) 6 11 1 1 1 # ..st?Jbic.. SAUDI BASIC INDUSTRIES CORPORATION (SABIC) AND ITS SUBSIDIARIES (A SAUDI JOINT STOCK COMPANY) INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2021 AND INDEPENDENT AUDITOR’S REVIEW REPORT CHEMISTRY THAT MATTERS™ SAUDI BASIC INDUSTRIES CORPORATION (SABIC) AND ITS SUBSIDIARIES (A SAUDI JOINT STOCK COMPANY) Contents Independent auditor’s review report ........................................................................................................................................ 2 Interim condensed consolidated statement of financial position ........................................................................................ 3 Interim condensed consolidated statement of income ......................................................................................................... 4 Interim condensed consolidated statement of comprehensive income .............................................................................. 5 Interim condensed consolidated statement of changes in equity ........................................................................................ 6 Interim condensed consolidated statement of cash flows .................................................................................................... 7 Notes to the interim condensed consolidated financial statements .................................................................................... 8 1. Corporate information ................................................................................................................................................. 8 2. Basis of preparation ..................................................................................................................................................... 8 3. Summary of significant accounting policies .............................................................................................................. 9 3.1 Amendments to IFRS .................................................................................................................................................... 9 4. Significant matters during the period ...................................................................................................................... 10 4.1. SANIC Transfer ............................................................................................................................................................ 10 4.2 COVID-19 assessment ................................................................................................................................................ 10 5. Other non-current assets ........................................................................................................................................... 11 6. Other non-current liabilities ....................................................................................................................................... 11 7. Fair value measurement.............................................................................................................................................. 11 8. Related party transactions and balances ................................................................................................................ 12 9. Segment information ................................................................................................................................................. 13 10. Restatement due to change in accounting treatment ............................................................................................ 15 11. Subsequent events ..................................................................................................................................................... 17 1 Ernst & Young & Co. (Certified Public Accountants) Registration No. 45/11 /323 General Partnership C.R. No. 1010383821 Head Office EV Al Faisaliah Office Tower, 14th Floor Tel; +966 11 215 9898 Building a better King Fahad Road +96611 2734740 working world P.O. Box 2732 Fax; +966 11 273 4 730 Riyadh 11461 Kingdom of Saudi Arabia [email protected] ey.com/mena Independent auditor's review report on the interim condensed consolidated financial statements to the shareholders of Saudi Basic Industries Corporation (SABIC) (A Saudi Joint Stock Company) Introduction We have reviewed the accompanying interim condensed consolidated statement of financial position of Saudi Basic Industries Corporation ("SABIC") and its subsidiaries (collectively with SABIC referred to as "the Group") as at 31 March 2021, and the related interim condensed consolidated statements of income, comprehensive income, changes in equity and cash flows for the three-month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with International Accounting Standard 34, "Interim Financial Reporting" ("IAS 34") that is endorsed in the Kingdom of Sa udi Arabia. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410, " Review of Interim Financial Information Performed by the Independent Auditor of the Entity" endorsed in the Kingdom of Saudi Arabia. A review of interim financia I statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing that are endorsed in the Kingdom of Saudi Arabia and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 that is endorsed in the Kingdom of Saudi Arabia. for Ernst & Young ~= Rashid S. AIRashoud Certified Public Accountant License No. (366) Riyadh: 16 Ramad an 1442H (28 April 2021) SAUDI BASIC INDUSTR IES CORPO RATION (SABIC) AND ITS SUBSIDIARIES (A SAUDI JOINT STOCK CO MPANY) Interim condensed consolidated statement of financial position (Al a"'tcu· ·ts 1" Sa,Jd 1 Riyals ·ooo tJ11less otherwise -,\;,tedl As at As at Notes 31 March 2021 31 December 2020 ASSETS Non-current assets: Property, plant and equipment 134,616,814 136,179,720 Right -of-use assets 5,312,947 5,623,854 Intangible assets 20,277,950 20,662,197 Investments in associates and joint ventures 39,966,372 40,578,670 Other no n-current assets 5 11,555,328 11,031,457 Total non-current assets 211,729,411 214,075,898 Current assets: Inventories 19,493,825 19,311,198 Trade receivables 20,651,454 16,927,713 Prepayments and other current assets 4,586,233 6,141,597 Short-term investments 5,801,005 5,855,928 Cash and bank balances 35,912,731 33,156,216 Total current assets 86,445,248 81,392,652 TOTAL ASSETS 298,174,659 295,468,550 EQUITY AND LIABILITIES Equity attributable to equity ho lders of the Pa rent 171,431,247 167,626,374 Non-controlli ng interests 28,515,806 26,610,751 Total equity 199,947,053 194,237,125 Non-current liabilities: Long-term debt and lease liabilit ies 35,606,922 37,996,470 Employee benefits 18,055,669 19,655,985 Other n on-current liabili ties 6 6,233,454 6,086,060 Total non-current liabilities 59,896,045 63,738,515 Current liabilities: Short-term b orrowings, current portion of long-term debt and lease li abilities 7,288,326 7,989,565 Trade payables and other cu rrent liabil ities 31,043,235 29,503,345 Total current liabilities 38,331,561 37,492,910 Total liabilities 98,227,606 101,231,425 TOTAL EQUITY AND LIAB ILITIES 298,174,659 295,468,550 __ ,,,-----;-.-------;, /--7 ~?/~~ y EVP Corporate Finance Vice Chairman & CEO Authorised Board of Directors Member The accompanying notes from 1 to 11 form an integral part of these interim condensed consoli dated financial statements. 3 SAUDI BASIC INDUSTRIES CORPORATION (SABIC) AND ITS SUBSIDIARIES (A SAUDI JOINT STOCK COMPANY) Interim condensed consolidated statement of income (All arnoun\-, 1 'oauJ1 P1yal;, ·oou u11IP'--" oti,e1w1c,e slated) For the three months period ended 31 March 2020 Notes 2021 (Restated) Reve nue 37,530,677 30,193,145 Cost of sales (26,356,643) (25,486,148) Gross profit 11,174,034 4,706,997 General and administrative expenses (2,514,810) (2,619,951) Sel li ng and d istribution expenses (2,119,135) (2,354,399) 6,540,089 (267,353) Share of results of integral joint ventures 444,519 207,855 Income (loss) from operations 6,984,608 (59,498) Share of results of non-integral joint ventures and associates 166,092 (438,438) Finance cost, net (76,437) (317,581) Other (expense) income, net (59,807) 75,555 Income (loss) before zakat and income tax 7,014,456 (739,962) Zakatexpense (500,000) (492,093) Income tax (expense) benefit, net (399,712) 259,045 Net income (loss) for the period 6,114,744 (973,010) Attributable to: Equity holders of the Parent 4,862,370 (1,045,944) Non-controlling interests 1,252,374 72,934 6,114,744 (973,010) Basic and diluted earnings per share (Saudi
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