FGV Berhad : 3Q FY2021 Quarter Report

FGV HOLDINGS BERHAD

200701042133 (800165-P)

QUARTERLY REPORT

Condensed Consolidated Financial Statements

For The Financial Period Ended 30 September 2021

1

FGV HOLDINGS BERHAD

Unaudited Condensed Consolidated Statement of Comprehensive Income for the Quarter ended 30 September 2021

			Quarter ended			Year to date ended
			30 September				30 September
Note	2021			2020	%		2021			2020	%
		RM'000			RM'000	+/(-)		RM'000			RM'000	+/(-)
Revenue
	5,315,802			3,989,459	33.2%		13,391,041			10,066,906	33.0%
Cost of sales		(4,488,376)			(3,428,210)			(11,665,559)			(9,033,557)
Gross profit		827,426			561,249	47.4%		1,725,482			1,033,349	67.0%
Other operating income		14,553			30,180			76,537			63,948
Selling and distribution costs		(66,104)			(11,151)			(139,219)			(94,363)
Administrative expenses		(192,651)			(212,304)			(564,154)			(601,375)
(Impairment)/reversal of
impairment loss of financial		(7,247)			(3,477)						13,900
assets (net)								(7,592)
Other operating expenses		(13,919)			(81,526)			(28,609)			(124,621)
Commodity gains - net		73,466			39,284			97,202			90,281
Operating profit		635,524			322,255	97.2%		1,159,647			381,119	>100%
Fair value changes in Land Lease
Agreement ('LLA') liability		(107,036)			(123,721)			(70,439)			(256,950)
Operating profit after LLA	15	528,488			198,534	>100%		1,089,208			124,169	>100%
Finance income		3,309			4,251			13,347			17,077
Finance costs		(43,977)			(37,680)			(112,502)			(126,411)
Share of results from associates		531			39			978			(110)
Share of results from joint ventures		19,718			7,527			33,418			12,713
Profit before zakat and taxation		508,069			172,671	>100%		1,024,449			27,438	>100%
Zakat		(502)			(399)			(2,421)			(5,400)
Taxation	16	(106,529)			(59,739)			(270,277)			(71,326)
Profit/(loss) for the financial period		401,038			112,533	>100%		751,751			(49,288)	>100%
Profit/(loss) attributable to:
- Owners of the Company		399,393			136,893	>100%		702,789			15,093	>100%
- Non-controlling interests		1,645			(24,360)			48,962			(64,381)
		401,038			112,533	>100%		751,751			(49,288)	>100%
Other comprehensive income/(loss)
Actuarial (loss)/gains on defined
benefit plan		(1)			341			319			(1,070)
Fair value changes of financial
assets at fair value through
other comprehensive income
("FVOCI")		60			(22)			(4,337)			11,962
Share of other comprehensive
income/(loss) of joint ventures		120			(3,395)			(553)			(2,919)
Currency translation differences		(1,953)			(25,697)			23,566			6,269
Cash flow hedges		1,090			554			4,049			(5,747)
Other comprehensive
(loss)/income for the financial
period/year net of tax		(684)			(28,219)			23,044			8,495
Total comprehensive income/(loss)
for the financial period		400,354			84,314	>100%		774,795			(40,793)	>100%
Total comprehensive
income/(loss) attributable to:
- Owners of the Company		401,402			107,798	>100%		726,962			26,364	>100%
- Non-controlling interests		(1,048)			(23,484)			47,833			(67,157)
Total comprehensive income/(loss)
for the financial period		400,354			84,314	>100%		774,795			(40,793)	>100%
Earnings per share for profit
attributable to the Owners of
the Company:
Basic (sen)	20	10.95	3.75		19.26	0.41

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.

2

FGV HOLDINGS BERHAD

Unaudited Condensed Consolidated Statement of Financial Position as at 30 September 2021

Non-current assets

Property, plant and equipment Right-of-use assets Investment properties Intangible assets

Interests in associates Interests in joint ventures

Amount due from ultimate holding company Amount due from related company Deposit and other receivables

Deferred tax assets

Financial assets through other comprehensive income

Current assets

Inventories

Receivables Biological assets

Amount due from ultimate holding company Amounts due from joint ventures Amounts due from related companies

Tax recoverable

Financial assets at fair value through profit or loss Derivative financial assets

Contract assets

Deposits, cash and bank balances

Assets held for sale

Total assets

Equity

Share capital

Treasury shares

Reserves

Equity attributable to owners of the Company

Non-controlling interests

Total equity

Note

19

19

18

Unaudited		Audited
As at		As at
30 September		31 December
2021		2020
RM'000		RM'000
7,693,375		7,810,463
2,219,821		2,299,579
84,595		93,789
949,772		958,289
63,000		38,058
467,755		441,546
35,013		12,455
29,247		-
139,480		136,078
453,012		526,672
142,178		144,251
12,277,248		12,461,180
1,654,215		1,192,616
1,752,211		1,410,955
123,869		57,001
26,302		62,440
42,252		26,908
61,088		63,660
18,444		33,539
79,892		68,201
8,258		14,061
35,616		27,880
1,616,958		1,729,194
5,419,105		4,686,455
13,862		31,866
5,432,967		4,718,321
17,710,215		17,179,501
7,029,889		7,029,889
(518)		(518)
(2,150,151)		(2,767,668)
4,879,220		4,261,703
1,842,286		1,838,504
6,721,506		6,100,207

3

FGV HOLDINGS BERHAD

Unaudited Condensed Consolidated Statement of Financial Position as at 30 September 2021 (continued)

			Unaudited		Audited
			As at		As at
			30 September		31 December
	Note	2021		2020
			RM'000		RM'000
Non-current liabilities
Borrowings	17		633,542		773,182
Loans due to ultimate holding company	17		832,362		882,866
LLA liability			3,679,021		3,881,584
Derivative financial liabilities	18		5,833		10,163
Provision for asset retirement			35,784		32,358
Provision for defined benefit plan			67,796		67,492
Lease liability			282,205		358,036
Deferred tax liabilities			598,360		635,501
Payables			10,144		15,196
			6,145,047		6,656,378
Current liabilities
Payables			1,120,366		1,049,465
Loans due to ultimate holding company	17		13,813		3,322
Amount due to ultimate holding company			296,392		265,984
Amounts due to associates			350		494
Amounts due to related companies			9,132		1,374
Borrowings	17		2,693,315		2,633,582
Derivative financial liabilities	18		1,095		929
Provision for asset retirement			670		643
Lease liability			47,380		27,790
LLA liability			315,103		332,240
Contract liabilities			191,097		104,168
Current tax liabilities			154,949		2,925
			4,843,662		4,422,916
Total liabilities			10,988,709	11,079,294
Total equity and liabilities			17,710,215	17,179,501
Net assets per share attributable to
owners of the Company			1.34		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.

4

FGV HOLDINGS BERHAD

Unaudited Condensed Consolidated Statement of Changes in Equity

			Foreign	Re-				Non-
	Share	Treasury	exchange	organisation	Other	Retained		controlling	Total
	capital	shares	reserve	reserve	reserves	earnings	Total	interests	equity
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
Year to date ended 30 September 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	-	-	-	-	-	702,789	702,789	48,962	751,751

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
• fair value changes in financial assets at
  FVOCI

Items that will be subsequently reclassified to profit or loss

• currency translation differences
• share of other comprehensive loss of joint ventures
• cash flow hedge reserves

Total other comprehensive income/(loss) for the financial period

Transactions with owners

Dividend paid for the financial year ended 31 December 2020 (final)

Dividend paid to non-controlling interests of subsidiaries

Dissolvement of subsidiaries Total transactions with owners

At 30 September 2021

-	-	-	-	-	196	196	123	319
-	-	-	-	(4,187)	-	(4,187)	(150)	(4,337)
-	-	26,652	-	-	-	26,652	(3,086)	23,566
-	-	(553)	-	-	-	(553)	-	(553)
-	-	-	-	2,065	-	2,065	1,984	4,049
-	-	26,099	-	2,065	-	28,164	(1,102)	27,062
-	-	26,099	-	(2,122)	702,985	726,962	47,833	774,795
-	-	-	-	-	(109,445)	(109,445)	-	(109,445)
-	-	-	-	-	-	-	(42,364)	(42,364)
-	-	-	-	-	-	-	(1,687)	(1,687)
-	-	-	-	-	(109,445)	(109,445)	(44,051)	(153,496)
7,029,889	(518)	52,596	(3,089,497)	8,502	878,248	4,879,220	1,842,286	6,721,506

5