FGV HOLDINGS BERHAD 200701042133 (800165-P) QUARTERLY REPORT Condensed Consolidated Financial Statements For The Financial Period Ended 30 June 2021 1 FGV HOLDINGS BERHAD QUARTERLY REPORT On consolidated results for the quarter ended 30 June 2021 The Directors are pleased to announce the following: Unaudited Condensed Consolidated Statement of Profit and Loss Amounts in RM thousand unless otherwise stated Quarter ended Year to date ended 30 June 30 June Note 2021 2020 % 2021 2020 % +/(-) +/(-) Revenue 4,681,748 3,294,359 42.1 8,075,239 6,077,447 32.9 Cost of sales (4,135,916) (2,958,685) (40.2) (7,177,183) (5,605,347) (28.2) Gross profit 545,832 335,674 59.2 898,056 472,100 87.8 Other operating income 19,203 14,791 29.8 61,984 33,768 83.6 Selling and distribution costs (39,646) (41,338) 4.1 (73,115) (83,212) 12.1 Administrative expenses (192,808) (175,373) (10.4) (371,503) (389,071) 4.3 Reversal of/(impairment loss) of financial assets (net) 6,517 4,170 >100 (345) 17,377 <100 Other operating expenses (13,193) (27,000) 51.1 (14,690) (43,095) 65.9 Commodity gains - net 12,489 4,260 >100 23,736 50,997 (53.5) Operating profit 338,394 115,184 >100 524,123 58,864 >100 Fair value changes in Land Lease Agreement (‘LLA’) liability 180,347 (75,928) >100 36,597 (133,229) >100 Operating profit/(loss) after LLA 15 518,741 39,256 >100 560,720 (74,365) >100 Finance income 6,051 6,655 (9.1) 10,038 12,826 (21.7) Finance costs (35,886) (40,572) 11.5 (68,525) (88,731) 22.8 Share of results from associates 950 (189) >100 447 (149) >100 Share of results from joint ventures 11,527 12,671 (9.0) 13,700 5,186 >100 Profit/(loss) before zakat and taxation 501,383 17,821 >100 516,380 (145,233) >100 Zakat (2,681) 103 <100 (1,919) (5,001) 61.6 Taxation 16 (134,208) (5,876) <100 (163,748) (11,587) <100 Profit/(loss) for the financial period 364,494 12,048 >100 350,713 (161,821) >100 Profit/(loss) attributable to: -Owners of the Company 338,817 20,549 >100 303,396 (121,800) >100 -Non-controlling interests 25,677 (8,501) >100 47,317 (40,021) >100 364,494 12,048 >100 350,713 (161,821) >100 Earnings/(loss) per share for loss attributable to the the owners of the Company: Basic (sen) 20 9.29 0.56 8.32 (3.3 4) 2 FGV HOLDINGS BERHAD QUARTERLY REPORT (CONTINUED) On consolidated results for the quarter ended 30 June 2021 (continued) Unaudited Condensed Consolidated Statement of Comprehensive Income Amounts in RM thousand unless otherwise stated Quarter ended Year to date ended 30 June 30 June 2021 2020 % 2021 2020 % +/(-) +/(-) Profit/(loss) for the financial period 364,494 12,048 >100 350,713 (161,821) >100 Other comprehensive income/(loss) Actuarial gains/(loss) on defined benefit plan 1 (49) 320 (1,411) Fair value changes of financial assets at fair value through other comprehensive income (“FVOCI”) (4,021) 8,378 (4,397) 11,984 Share of other comprehensive (loss)/income of joint ventures (615) (1,024) (673) 476 Currency translation differences (3,096) 470 25,519 31,966 Cash flow hedges 522 (437) 2,959 (6,301) Other comprehensive (loss)/income for the financial period/year net of tax (7,209) 7,338 23,728 36,714 Total comprehensive income/(loss) for the financial period 357,285 19,386 >100 374,441 (125,107) >100 Total comprehensive income/(loss) attributable to: - Owners of the Company 333,067 29,516 >100 325,560 (81,434) >100 - Non-controlling interests 24,218 (10,130) >100 48,881 (43,673) >100 Total comprehensive income/(loss) for the financial period 357,285 19,386 >100 374,441 (125,107) >100 The unaudited Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying explanatory notes attached to this quarterly report and the audited financial statements for the financial year ended 31 December 2020. 3 FGV HOLDINGS BERHAD QUARTERLY REPORT (CONTINUED) On consolidated results for the quarter ended 30 June 2021 (continued) Unaudited Condensed Consolidated Statement of Financial Position Amounts in RM thousand unless otherwise stated Unaudited Audited As at As at 30 June 31 December Note 2021 2020 Non-current assets Property, plant and equipment 7,695,017 7,810,463 Right-of-use assets 2,227,216 2,299,579 Investment properties 87,660 93,789 Intangible assets 951,874 958,289 Interests in associates 63,499 38,058 Interests in joint ventures 447,985 441,546 Amount due from ultimate holding company 12,455 12,455 Deposit and other receivables 140,204 136,078 Deferred tax assets 441,555 526,672 Financial assets through other 19 comprehensive income 141,285 144,251 12,208,750 12,461,180 Current assets Inventories 1,599,113 1,192,616 Receivables 1,559,714 1,410,955 Biological assets 105,751 57,001 Amount due from ultimate holding company 49,903 62,440 Amounts due from joint ventures 34,539 26,908 Amounts due from related companies 97,319 63,660 Tax recoverable 22,632 33,539 Financial assets at fair value through profit or loss 19 76,816 68,201 Derivative financial assets 18 2,634 14,061 Contract assets 45,487 27,880 Deposits, cash and bank balances 1,498,283 1,729,194 5,092,191 4,686,455 Assets held for sale 14,014 31,866 5,106,205 4,718,321 Total assets 17,314,955 17,179,501 Equity Share capital 7,029,889 7,029,889 Treasury shares (518) (518) Reserves (2,551,553) (2,767,668) Equity attributable to owners of the Company 4,477,818 4,261,703 Non-controlling interests 1,866,663 1,838,504 Total equity 6,344,481 6,100,207 4 FGV HOLDINGS BERHAD QUARTERLY REPORT (CONTINUED) On consolidated results for the quarter ended 30 June 2021 (continued) Unaudited Condensed Consolidated Statement of Financial Position (continued) Amounts in RM thousand unless otherwise stated Unaudited Audited As at As at 30 June 31 December Note 2021 2020 Non-current liabilities Borrowings 17 715,411 773,182 Loans due to ultimate holding company 17 882,576 882,866 LLA liability 3,682,956 3,881,584 Derivative financial liabilities 18 6,993 10,163 Provision for asset retirement 33,093 32,358 Provision for defined benefit plan 67,594 67,492 Lease liability 286,920 358,036 Deferred tax liabilities 624,963 635,501 Payables 15,196 15,196 6,315,702 6,656,378 Current liabilities Payables 1,159,044 1,049,465 Loans due to ultimate holding company 17 3,205 3,322 Amount due to ultimate holding company 275,853 265,984 Amounts due to associates 733 494 Amounts due to related companies 7,712 1,374 Borrowings 17 2,657,414 2,633,582 Derivative financial liabilities 18 11,677 929 Provision for asset retirement 664 643 Lease liability 53,695 27,790 LLA liability 315,103 332,240 Contract liabilities 141,478 104,168 Current tax liabilities 28,194 2,925 4,654,772 4,422,916 Liabilities related to assets held for sale - - 4,654,772 4,422,916 Total liabilities 10,970,474 11,079,294 Total equity and liabilities 17,314,955 17,179,501 Net assets per share attributable to owners of the Company 1.23 1.17 The unaudited Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying explanatory notes attached to this quarterly report and the audited financial statements for the financial year ended 31 December 2020. 5 FGV HOLDINGS BERHAD QUARTERLY REPORT (CONTINUED) Unaudited Condensed Consolidated Statement of Changes in Equity Amounts in RM thousand unless otherwise stated Foreign Re- Non- Share Treasury exchange organisation Other Retained controlling Total capital shares reserve reserve reserves earnings Total interests equity Year to date ended 30 June 2021 At 1 January 2021 7,029,889 (518) 26,497 (3,089,497) 10,624 284,708 4,261,703 1,838,504 6,100,207 Profit for the financial period - - - - - 303,396 303,396 47,317 350,713 Other comprehensive income/(loss) for the financial period, net of tax: Items that will not be reclassified to profit or loss - actuarial gain on defined benefit plan - - - - - 197 197 123 320 - fair value changes in financial assets at FVOCI - - - - (4,316) - (4,316) (81) (4,397) Items that will be subsequently reclassified to profit or loss - currency translation differences - - 25,447 - - - 25,447 72 25,519 - share of other comprehensive loss of joint - - (673) - - - (673) - (673) ventures - cash flow hedge reserves - - - - 1,509 - 1,509 1,450 2,959 - - 24,774 - 1,509 - 26,283 1,522 27,805 Total other comprehensive income for the - - 24,774 - (2,807) 303,593 325,560 48,881 374,441 financial period Transactions with owners Dividend paid for the financial year ended - - - - - (109,445) (109,445) - (109,445) 31 December 2020 (final) Dividend paid to non-controlling interests of - - - - - - - (20,946) (20,946) subsidiaries Dissolvement of a subsidiary - - - - - - - 224 224 Total transactions with owners - - - - (109,445) (109,445) (20,722) (130,167) At 30 June 2021 7,029,889* (518) 51,271 (3,089,497) 7,817 478,856 4,477,818 1,866,663 6,344,481 6 FGV HOLDINGS BERHAD QUARTERLY REPORT (CONTINUED) Unaudited Condensed Consolidated Statement of Changes in Equity (continued) Amounts in RM thousand unless otherwise stated Foreign Re- Non- Share Treasury exchange organisation Other Retained controlling Total capital shares reserve reserve reserves earnings Total interests equity Year to date ended 30 June 2020 At 1 January 2020 7,029,889 (302) 52,218 (3,089,497) (20,682) 201,575 4,173,201 1,927,099 6,100,300 Loss for the financial period - - - - - (121,800) (121,800) (40,021) (161,821) Other comprehensive (loss)/income for the financial period, net of tax: Items that will not be reclassified to profit or loss - actuarial loss on defined benefit plan - - - - - (1,331) (1,331) (80) (1,411) - fair value changes in financial assets
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