UOL : Financial Results

Company Registration No. 196300438C

UOL GROUP LIMITED

(Incorporated in Singapore. Registration Number: 196300438C)

AND ITS SUBSIDIARIES

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE FIRST HALF YEAR ENDED 30 JUNE 2022

	CONTENTS
		Page
1	Consolidated Income Statement	2
2	Consolidated Statement of Comprehensive Income	3
3	Statements of Financial Position - Group and Company	4
4	Consolidated Statement of Changes in Equity	5
5	Statement of Changes in Equity - Company	6
6	Consolidated Statement of Cash Flows	7
7	Notes to the Condensed Interim Financial Statements	8
8	Other information required by Listing Rule Appendix 7.2	19

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UOL GROUP LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED INCOME STATEMENT

For the first half year ended 30 June 2022

			The Group
		First half year ended 30 June
	Note	2022	2021	+ / (-)
			(restated)
		$'000	$'000	%
Revenue	5	1,534,292	1,130,602	36
Cost of sales		(1,026,689)	(749,243)	(37)
Gross profit		507,603	381,359	33
Other income
- Finance income	5	5,641	6,730	(16)
- Miscellaneous income	5	12,517	16,310	(23)
Expenses
- Marketing and distribution	6	(64,397)	(52,187)	(23)
- Administrative	6	(54,775)	(46,426)	(18)
- Finance	6	(46,590)	(27,765)	(68)
- Other operating
• Impairment loss on financial assets	6	(273)	(5,250)	95
• Others	6	(60,014)	(53,878)	(11)
Share of loss of associated companies		(1,892)	(6,936)	73
Share of profit of a joint venture company		17,666	2,329	659
Profit before fair value and other gains/(losses) and income tax		315,486	214,286	47
Other gains	6	6	-	n.m.
Fair value gains/(losses) on the Group's investment properties		317,057	(15,194)	2,187
Profit before income tax	6	632,549	199,092	218
Income tax expense	7	(53,193)	(44,988)	(18)
Net profit		579,356	154,104	276
Attributable to:
Equity holders of the Company		371,036	91,343	306
Non-controlling interests		208,320	62,761	232
		579,356	154,104	276

The above net profit attributable to equity holders of the Company can be analysed as follows:

Attributable profit before fair value gains/(losses) Other gains

Fair value gains/(losses) on the Group's investment properties Net attributable profit

181,069	108,228	67
6	-	n.m.
189,961	(16,885)	1,225
371,036	91,343	306

Legend

+ / (-) : variances with + / (-) impact to profit

n.m. : not meaningful

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UOL GROUP LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the first half year ended 30 June 2022

			The Group
		First half year ended 30 June
	Note	2022	2021	+ / (-)
		$'000	$'000	%
Net profit		579,356	154,104	276
Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss:
Cash flow hedges		49,868	5,410	822
Currency translation differences arising from consolidation of foreign
operations	9(a)	(42,334)	20,431	(307)
		7,534	25,841	(71)
Items that will not be reclassified subsequently to profit or loss:
Financial assets, at fair value through other comprehensive income
("FVOCI") - fair value (losses)/gains	9(b)	(28,172)	163,777	(117)
Currency translation differences arising from consolidation of foreign
operations		(16,538)	12,506	(232)
Other comprehensive (loss)/income, net of tax		(37,176)	202,124	(118)
Total comprehensive income		542,180	356,228	52
Attributable to:
Equity holders of the Company		341,991	267,147	28
Non-controlling interests		200,189	89,081	125
		542,180	356,228	52

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UOL GROUP LIMITED AND ITS SUBSIDIARIES
STATEMENTS OF FINANCIAL POSITION - GROUP AND COMPANY
As at 30 June 2022
		The Group	The Company
	Note	30.06.22	31.12.21	30.06.22	31.12.21
		$'000	$'000	$'000	$'000
ASSETS
Current assets
Cash and bank balances		1,435,867		1,489,683	5,183	9,582
Trade and other receivables		196,235		191,941	4,933	5,768
Derivative financial instrument		2,648		8	-	-
Developed properties held for sale	10	535,070		690,188	-	-
Development properties	11	2,864,495		2,482,696	-	-
Inventories		2,889		2,488	-	-
Other assets		161,341		138,436	1,792	600
Financial assets, at fair value through profit and loss ("FVPL")		600		-	-	-
Current income tax assets		294		1,123	-	-
		5,199,439	4,996,563	11,908	15,950
Non-current assets
Trade and other receivables		132,740		158,978	742,950	795,452
Other assets		105,185		108,395	-	-
Derivative financial instrument		57,319		4,656	-	-
Financial assets, at FVOCI		1,148,810		1,177,590	864,928	885,364
Investments in associated companies		247,227		249,410	-	-
Investment in a joint venture company		16,081		-	-	-
Investments in subsidiaries		-		-	1,881,818	1,923,254
Investment properties	12	11,821,405		11,512,665	606,423	577,101
Property, plant and equipment		2,917,800		2,966,898	1,694	1,850
Intangibles		40,481		41,755	206	264
Deferred income tax assets		55,990		58,061	-	-
		16,543,038		16,278,408	4,098,019	4,183,285
Total assets		21,742,477	21,274,971	4,109,927	4,199,235
LIABILITIES
Current liabilities
Trade and other payables	13	599,655		832,049	273,803	262,499
Current income tax liabilities		75,233		86,494	6,661	7,340
Bank loans	14(a)	1,315,696		1,535,541	199,925	65,818
Lease liabilities and trade financing		24,141		24,408	-	-
Derivative financial instrument		-		852	-	239
		2,014,725	2,479,344	480,389	335,896
Non-current liabilities
Trade and other payables		197,239		203,267	2,467	3,515
Lease liabilities and trade financing		34,709		37,582	-	-
Bank loans	14(a)	3,447,534		2,914,906	63,860	199,875
2.33% unsecured fixed rate notes due 2028		398,353		398,288	-	-
3.00% unsecured fixed rate notes due 2024		199,583		199,533	-	-
Derivative financial instrument		-		229	-	-
Loans from non-controlling shareholders of subsidiaries		174,061		168,421	-	-
Provision for retirement benefits		3,811		3,772	-	-
Deferred income tax liabilities		269,652		253,554	274	425
		4,724,942		4,179,552	66,601	203,815
Total liabilities		6,739,667		6,658,896	546,990	539,711
NET ASSETS		15,002,810	14,616,075	3,562,937	3,659,524
Capital & reserves attributable to equity holders of
the Company
Share capital	15	1,568,532	1,566,802	1,568,532	1,566,802
Reserves		931,757	960,059	691,726	711,246
Retained earnings		7,885,835		7,641,462	1,302,679	1,381,476
		10,386,124	10,168,323	3,562,937	3,659,524
Non-controlling interests		4,616,686		4,447,752	-	-
TOTAL EQUITY		15,002,810	14,616,075	3,562,937	3,659,524

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UOL GROUP LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the first half year ended 30 June 2022

	Note
The Group
2022
Balance at 1 January 2022
Profit for the period
Other comprehensive loss for the period
Total comprehensive (loss)/income for the period
Employee share option scheme
- value of employee services
- proceeds from shares issued
Dividends	16
Total transactions with owners, recognised directly
in equity
Transfer upon liquidation of a subsidiary
Balance at 30 June 2022
2021
Balance at 1 January 2021
Profit for the period
Other comprehensive income for the period
Total comprehensive income for the period

Employee share option scheme

• value of employee services
• proceeds from shares issued

Dividends

16

Issue of shares to non-controlling shareholders Total transactions with owners, recognised directly

in equity

Transfer upon disposal of investments

Balance at 30 June 2021

			Non-
Share		Retained	controlling	Total
capital	Reserves	earnings	interests	equity
$'000	$'000	$'000	$'000	$'000
1,566,802	960,059	7,641,462	4,447,752	14,616,075
-	-	371,036	208,320	579,356
-	(29,045)	-	(8,131)	(37,176)
-	(29,045)	371,036	200,189	542,180
-	750	-	33	783
1,730	-	-	-	1,730
-	-	(126,670)	(31,288)	(157,958)
1,730	750	(126,670)	(31,255)	(155,445)
-	(7)	7	-	-
1,568,532	931,757	7,885,835	4,616,686	15,002,810
1,563,860	753,145	7,471,136	4,313,007	14,101,148
-	-	91,343	62,761	154,104
-	175,804	-	26,320	202,124
-	175,804	91,343	89,081	356,228
-	751	-	34	785
2,511	-	-	-	2,511
-	-	(126,632)	(35,487)	(162,119)
-	-	-	800	800
2,511	751	(126,632)	(34,653)	(158,023)
-	(18,911)	18,911	-	-
1,566,371	910,789	7,454,758	4,367,435	14,299,353

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