FGV HOLDINGS BERHAD
200701042133 (800165-P)
QUARTERLY REPORT
Condensed Consolidated Financial Statements For The Financial Period Ended 31 March 2024
1
FGV HOLDINGS BERHAD
Unaudited Condensed Consolidated Statement of Comprehensive Income for the Quarter ended 31 March 2024
Year to date ended 31 March
Note | |
Revenue | |
Cost of sales | |
Gross profit | |
Other operating income | |
Selling and distribution costs | |
Administrative expenses | |
Impairment loss of financial assets (net) | |
Other operating expenses | |
Commodity (losses)/gains - net | |
Operating profit | |
Fair value changes in Land Lease Agreement ("LLA") | |
liability | |
Operating profit after LLA | 15 |
Finance income | |
Finance costs | |
Share of results from associates | |
Share of results from joint ventures | |
Profit before zakat and taxation | |
Zakat | |
Taxation | 16 |
Profit for the financial period
Profit/(loss) attributable to: - Owners of the Company
- Non-controlling interests
Other comprehensive income/(loss) Actuarial gains on defined benefit plan
Fair value changes of financial assets at fair value through other comprehensive income ("FVOCI")
Share of other comprehensive income/(loss) of joint ventures
Realisation of forex exchange reserve upon liquidation of a subsidiary
Currency translation differences Cash flow hedges
Other comprehensive income/(loss) for the financial period, net of tax
Total comprehensive income/(loss) for the financial period Total comprehensive income/(loss) attributable to:
- Owners of the Company
- Non-controllinginterests
Total comprehensive income/(loss) for the financial period
Earnings per share for profit attributable to the Owners of the Company:
2024
RM'000
4,544,572
(4,141,184)
403,388
28,344
(37,994)
(218,211)
(11,063)
(5,068)
(6,541)
152,855
(86,042)
66,813
13,379
(33,428)
(329)
3,231
49,666
(472)
(45,930)
3,264
(13,494)
16,758
3,264
137
125
1,708
-
39,157
16
41,143
44,407
26,299
18,108
44,407
2023 | % | ||
RM'000 | +/(-) | ||
4,592,595 | (1.0) | ||
(4,288,402) | |||
304,193 | 32.6 | ||
42,580 | |||
(37,376) | |||
(204,037) | |||
(375) | |||
(4,045) | |||
7,818 | |||
108,758 | 40.5 | ||
(32,155) | |||
76,603 | (12.8) | ||
5,301 | |||
(28,996) | |||
(393) | |||
7,347 | |||
59,862 | (17.0) | ||
(511) | |||
(51,308) | |||
8,043 | (59.4) | ||
12,092 | <100 | ||
(4,049) | |||
8,043 | (59.4) | ||
105 | |||
3,191 | |||
(167) | |||
970 | |||
(18,090) | |||
25 | |||
(13,966) | |||
(5,923) | >100 | ||
4,186 | >100 | ||
(10,109) | |||
(5,923) | >100 |
Basic (sen)
(0.37)0.33
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 2023.
2
FGV HOLDINGS BERHAD
Unaudited Condensed Consolidated Statement of Financial Position as at 31 March 2024
Non-current assets
Property, plant and equipment Right-of-use assets Investment properties Intangible assets
Interests in associates Interests in joint ventures Deposit and other receivables Deferred tax assets
Financial assets at fair value through profit or loss Financial assets through other comprehensive income
Biological assets Tax recoverable
Current assets
Inventories
Receivables Biological assets
Amount due from ultimate holding company Amounts due from joint ventures
Amount due from an associate 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
Total assets
Equity
Share capital
Reserves
Equity attributable to owners of the Company
Non-controlling interests
Total equity
Note
19
19
19
18
Unaudited As at
31 March 2024
RM'000
7,955,142
2,170,206
64,192
889,459
57,731
597,039
157,708
241,219
5,397
164,204
4,998
53,287
12,360,582
1,964,945
1,474,716
69,401
39,075
83,595
38
120,438
43,827
97,229
389
9,535
1,848,992
5,752,180
18,112,762
7,029,889
(1,141,120)
5,888,769
1,614,394
7,503,163
Audited
As at
31 December 2023
RM'000
7,908,289
2,195,949
66,074
889,593
58,060
593,623
159,511
237,429
5,340
160,973
4,717
52,960
12,332,518
1,626,911
1,333,653
65,087
32,329
134,876
38
62,037
44,139
89,857
11,935
26,139
1,523,234
4,950,235
17,282,753
7,029,889
(1,057,974)
5,971,915
1,610,065
7,581,980
3
FGV HOLDINGS BERHAD
Unaudited Condensed Consolidated Statement of Financial Position as at 31 March 2024 (continued)
Note | |
Non-current liabilities | |
Borrowings | 17 |
LLA liability | |
Derivative financial liabilities | 18 |
Provision for asset retirement | |
Provision for defined benefit plan | |
Lease liability | |
Deferred tax liabilities | |
Current liabilities | |
Payables | |
Amount due to ultimate holding company | |
Amounts due to joint ventures | |
Amounts due to associates | |
Amounts due to related companies | |
Borrowings | 17 |
Derivative financial liabilities | 18 |
Provision for asset retirement | |
Lease liability |
LLA liability
Contract liabilities
Current tax liabilities
Dividend payable
Total liabilities
Total equity and liabilities
Net assets per share attributable to owners of the Company
Unaudited
As at
31 March
2024
RM'000
1,123,174
3,279,160
-
31,196
64,208
333,846
594,494
5,426,078
1,530,264
189,646
-
699
10,972
2,914,258
1,063
755
31,854
259,887
113,530
21,148
109,445
5,183,521
10,609,599
18,112,762
1.61
Audited
As at
31 December
2023
RM'000
1,163,357
3,257,842
11
32,674
62,072
351,888
591,523
5,459,367
1,296,536
276,663
506
331
5,950
2,269,445
403
734
30,637
255,971
91,661
12,569
-
4,241,406
9,700,773
17,282,753
1.64
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 2023.
4
FGV HOLDINGS BERHAD
Unaudited Condensed Consolidated Statement of Changes in Equity
Foreign | Re- | |
Share | exchange | organisation |
capital | reserve | reserve |
RM'000 | RM'000 | RM'000 |
Year to date ended 31 March 2024
Other reserves RM'000
Non- | ||
Retained | controlling | |
earnings | Total | interests |
RM'000 | RM'000 | RM'000 |
Total
Equity
RM'000
At 1 January 2024 | 7,029,889 | 116,727 | (3,089,497) | 21,928 | 1,892,868 | 5,971,915 | 1,610,065 | 7,581,980 | |
(Loss)/profit for the financial period | - | - | - | - | (13,494) | (13,494) | 16,758 | 3,264 | |
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 | - | - | - | - | 99 | 99 | 38 | 137 | |
- fair value changes in financial assets at FVOCI | - | - | - | 125 | - | 125 | - | 125 | |
Items that will be subsequently reclassified to profit or | |||||||||
loss | |||||||||
- share of other comprehensive income of joint | - | 1,708 | - | - | - | 1,708 | - | 1,708 | |
ventures | |||||||||
- currency translation differences | - | 37,853 | - | - | - | 37,853 | 1,304 | 39,157 | |
- cash flow hedge reserves | - | - | - | 8 | - | 8 | 8 | 16 | |
39,561 | 8 | - | 39,569 | 1,312 | 40,881 | ||||
Total other comprehensive income/(loss) for the | |||||||||
financial period | - | 39,561 | - | 133 | (13,395) | 26,299 | 18,108 | 44,407 | |
Transactions with owners | |||||||||
Dividend paid to non-controlling interests of | |||||||||
subsidiaries | - | - | - | - | - | - | (13,779) | (13,779) | |
Dividend payable for the financial year ended | |||||||||
31 December 2023 (final) | - | - | - | - | (109,445) | (109,445) | - | (109,445) | |
Total transactions with owners | - | - | - | - | (109,445) | (109,445) | (13,779) | (123,224) | |
At 31 March 2024 | 7,029,889* | 156,288 | (3,089,497) | 22,061 | 1,770,028 | 5,888,769 | 1,614,394 | 7,503,163 |
5
FGV HOLDINGS BERHAD
Unaudited Condensed Consolidated Statement of Changes in Equity (continued)
* | ||||||||||
Foreign | Re- | Non- | ||||||||
Share | exchang | e | o | rganisation | Other | Retained | controlling | Total | ||
capital | reserve | reserve | reserves | earnings | Total | interests | Equity | |||
RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 |
Year to date ended 31 March 2023
At 1 January 2023
Profit/(loss) for the financial period
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
- share of other comprehensive loss of joint ventures
- realisation of foreign exchange reserve upon liquidation of a subsidiary
- currency translation differences
- cash flow hedge reserves
Total other comprehensive (loss)/income for the financial period
7,029,889 | 68,156 | (3,089,497) | 29,495 | 2,193,614 | 6,231,657 | 1,653,028 | 7,884,685 |
- | - | - | - | 12,092 | 12,092 | (4,049) | 8,043 |
- | - | - | - | 105 | 105 | - | 105 |
- | - | - | 3,248 | - | 3,248 | (57) | 3,191 |
- | (167) | - | - | - | (167) | - | (167) |
- | 970 | - | - | - | 970 | - | 970 |
- | (12,075) | - | - | - | (12,075) | (6,015) | (18,090) |
- | - | - | 13 | - | 13 | 12 | 25 |
- | (11,272) | - | 13 | - | (11,259) | (6,003) | (17,262) |
- | (11,272) | - | 3,261 | 12,127 | 4,186 | (10,109) | (5,923) |
Transactions with owners | |||||||||
Dividend payable for the financial year ended | - | - | - | - | (401,297) | (401,297) | - | (401,297) | |
31 December 2022 (final) | |||||||||
Liquidation of a subsidiary | - | - | - | - | - | - | (1,061) | (1,061) | |
Total transactions with owners | - | - | - | - | (401,297) | (401,297) | (1,061) | (402,358) | |
At 31 March 2023 | 7,029,889 | 56,884 | (3,089,497) | 32,756 | 1,804,514 | 5,834,546 | 1,641,858 | 7,476,404 |
Includes 1 Special Share of RM1.00 held by Minister of Finance (Incorporated).
The unaudited Condensed Consolidated Statement of Changes in Equity 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 2023.
6
FGV HOLDINGS BERHAD
Unaudited Condensed Consolidated Statement of Cash Flows
Year to date ended
31 March
20242023
RM'000RM'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the financial period
Adjustments for non-cash items
Operating profit before working capital changes
Changes in working capital
Cash generated from operations
Interest received
Taxation paid, net
Zakat paid
Retirement benefits paid
Net cash generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment Purchase of intangible asset
Proceeds from disposal of assets held for sale Proceeds from disposal of property, plant and equipment
Proceed from disposal of financial assets at fair value through profit or loss Net cash outflow from liquidation of subsidiary
Additions of financial assets at other comprehensive income Additions of financial assets at fair value through profit or loss (net) Dividend received from joint ventures
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Drawdown of borrowings
Repayment of borrowings
Repayment of LLA liability
Dividend paid to non-controlling interest
Finance costs paid
Payments of lease liabilities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Effect of foreign exchange rate changes
Cash and cash equivalents at beginning of the financial period
Cash and cash equivalents at end of the financial period
3,264
345,740
349,004
(306,512)
42,492
13,379
(34,456)
(472)
(154)
20,789
(197,546)
(2,773)
-
2,067
853
-
(787)
(3,336)
1,755
(199,767)
2,659,509
(2,054,671)
(60,808)
(13,779)
(45,098)
(9,966)
475,187
296,209
29,549
1,523,234
1,848,992
8,043
278,410
286,453
146,230
432,683
5,301
(137,927)
(511)
(241)
299,305
(196,106)
(153)
9,000
229
59,391
(526)
-
(62,813)
-
(190,978)
1,956,179
(1,752,260)
(110,509)
-
(37,133)
(15,206)
41,071
149,398
(10,639)
1,397,106
1,535,865
The unaudited Condensed Consolidated Statement of Cash Flows 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 2023.
7
FGV HOLDINGS BERHAD
Explanatory Notes on the Quarterly Report - 31 March 2024
This interim financial information of FGV Holdings Berhad ('FGV' or 'Group') is prepared in accordance with the requirements of paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and complies with the requirements of the Malaysian Financial Reporting Standard ('MFRS') No. 134 - Interim Financial Reporting.
The Unaudited Condensed Consolidated Interim Financial Information should be read in conjunction with FGV audited financial statements for the financial year ended 31 December 2023. These explanatory notes attached to the Unaudited Condensed Consolidated Interim Financial Information provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the financial year ended 31 December 2023.
1. Basis of Preparation
The financial statements of the Group have been prepared in accordance with the Malaysian Financial Reporting
Standards ("MFRS"), International Financial Reporting Standards ("IFRS") and the requirements of the Companies Act 2016 in Malaysia.
The accounting policies and presentation adopted for this Unaudited Condensed Consolidated Interim Financial Information are mainly consistent with those of the Group's audited financial statements for the financial year ended 31 December 2023.
-
Amendments to existing standards and other accounting pronouncements that are not expected to have any significant impact on the financial statements of the Group:
Effective for annual periods beginning on or after 1 January 2024 - Amendments to MFRS 101 'Classification of liabilities as current or non-current' ('2020 amendments') and 'Non-current Liabilities with Covenants' ('2022 amendments')
- Amendments to MFRS 16 'Lease Liability in a Sale and Leaseback'
- Amendments to MFRS 107 and MFRS 7 'Supplier Finance Arrangements'
- Amendments to existing standards that are not yet effective and have not been early adopted by the Group: Effective for annual periods beginning on or after 1 January 2025
- Amendments to MFRS 121 on 'Lack of Exchangeability'
The accounting pronouncements that are not yet effective are not expected to have any significant impact on the financial statements of the Group.
2. Seasonal or Cyclical Factors
Global sales of oils and fats products follow a similar pattern where sales increases ahead of festivities due to increased consumer demand. In addition, the harvest of fresh fruit bunches ("FFB") at palm oil plantations tends to increase in the second half of the financial year as a result of the rainfall pattern in Malaysia, which leads to a greater supply of CPO and PK during the second half of the financial year as FFB is immediately processed following its harvest.
Sales of refined oils and sugar products in Malaysia typically increase slightly during the months leading up to major holidays and festivals in Malaysia, especially Hari Raya and Chinese New Year, due to increased consumer demand for cooking oil and refined sugar.
8
FGV HOLDINGS BERHAD
Explanatory Notes on the Quarterly Report - 31 March 2024 (continued)
3. Unusual Items Affecting Assets, Liabilities, Equity, Net Income or Cash Flows
There were no other material or unusual items affecting FGV's assets, liabilities, equity, net income or cash flows during the financial period under review.
4. Material Changes in Estimates
There were no other material changes in the estimates of amounts reported in the prior interim period of the current financial year or the interim period of the previous financial year that have a material effect on the results for the current quarter under review.
- Debt and Equity Securities
There were no issuances, cancellations, repurchases, resale and repayments of debt and equity securities during the financial period under review.
- Dividends
No dividend has been paid during the quarter ended 31 March 2024.
-
Segment Information
Operating segments are reported in a manner consistent with the internal management reporting provided to the chief operating decision maker ("CODM"), which is the Group Management Committee ("GMC").
The GMC considers the business by product related activities. The reportable segments for the financial year ended
31 December 2024 have been identified as follows: - Plantation Division - Plantation estates and mill activities including cultivation, harvesting and production of fresh fruit bunches ("FFB") and processing of FFB into crude palm oil ("CPO") and palm kernel ("PK"), research and development activities, fertilisers processing, rubber processing and production, sale of planting materials and security.
-
Oils and Fats Division -Trading of CPO, refining of CPO, fractionation of refined bleached deodorised palm oil
("RBDPO") and Palm Olein ("PO"), crushing of PK, production of oleochemicals namely fatty acid and glycerine, processing and sales of biodiesel products, production of consumer bulk and packed products. - Sugar Division - Sugar refining, sales and marketing of refined sugar and molasses.
- Logistics and Support Division - Bulking and transportation facilities and services, information technology and travel.
Corporate HQ, Others and Elimination mainly relates to the inclusion of investment holding companies within the Group and Group consolidation adjustments, which are not part of the operating segments.
The reportable segments and the entities included in the respective segments have been changed from the financial year ended 31 December 2023 due to the changes in the internal reporting structure to the CODM. Commencing January 2024, certain businesses activities and trading of CPO, which were previously part of Plantation Division, have now been included under Oils and Fats Division. Comparatives have been restated to conform to the revised reportable segments.
The GMC assesses the performance of the operating segments based on profit before zakat and taxation.
9
FGV HOLDINGS BERHAD
Explanatory Notes on the Quarterly Report - 31 March 2024 (continued)
7. Segment Information (continued)
The segment information provided to the Group's Chief Operating Decision Maker which is defined as Group Management Committee for the reportable segments of FGV for the financial year is as follows:
Plantation RM'000
Year to date ended 31 March 2024
Oils and Fats
RM'000
Sugar
RM'000
Logistics and
Support
RM'000
Corporate HQ,
Others
and Elimination
RM'000
Total
RM'000
Total segment revenue | 1,332,393 | 3,885,935 | 957,004 | 194,754 | 79,280 | 6,449,366 | |
Less: Inter-segment revenue | (1,002,380) | (692,077) | (50,096) | (88,048) | (72,193) | (1,904,794) | |
Revenue from external customers | 330,013 | 3,193,858 | 906,908 | 106,706 | 7,087 | 4,544,572 | |
Finance income | 1,476 | 5,626 | 2,777 | 2,893 | 607 | 13,379 | |
Finance costs | 2,636 | (9,404) | (11,387) | (1,490) | (13,783) | (33,428) | |
Depreciation and amortisation | (124,389) | (17,491) | (21,101) | (19,080) | (5,076) | (187,137) | |
Fair value changes in LLA liability | (86,042) | - | - | - | - | (86,042) | |
(Impairment of)/reversal of im | |||||||
- financial assets | (13,849) | 1,206 | 828 | 752 | - | (11,063) | |
- non-financials assets | - | 221 | - | - | - | 221 | |
Share of results of joint ventures | - | 3,231 | - | - | - | 3,231 | |
Share of results of associates | 328 | - | - | - | (657) | (329) | |
(Loss)/profit before zakat and taxation | |||||||
for the financial period | (62,139) | 26,647 | 67,166 | 32,585 | (14,593) | 49,666 | |
Disaggregation of the Group's revenue | Timing of revenue | ||||||
is as follows: | recognition | ||||||
Sales of Palm Oil Products | At a point in time | 5,666 | 2,829,790 | - | - | - | 2,835,456 |
Sales of Refined Sugar | At a point in time | - | - | 906,908 | - | - | 906,908 |
At a point in | |||||||
Others | time/over time | 324,347 | 364,068 | - | 106,706 | 7,087 | 802,208 |
330,013 | 3,193,858 | 906,908 | 106,706 | 7,087 | 4,544,572 |
10
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FGV Holdings Bhd published this content on 28 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 May 2024 06:36:07 UTC.