FOURTH QUARTERLY REPORT Quarterly report on consolidated results for the financial year ended 31 December 2016. The figures for the cumulative period have been audited. CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 | ||||||||
UNAUDITED | ||||||||
INDIVIDUAL QUARTER | CUMULATIVE PERIOD | |||||||
Current Year Quarter 31/12/2016 RM'000 | Preceding Year Corresponding Quarter 31/12/2015 RM'000 | Current Year- To-Date 31/12/2016 RM'000 | Preceding Year Corresponding Period 31/12/2015 RM'000 | |||||
Revenue | 4,753,054 | 4,919,421 | 18,365,805 | 18,100,356 | ||||
Cost of sales | (3,076,636) | (3,583,651) | (12,463,329) | (12,958,692) | ||||
Gross profit | 1,676,418 | 1,335,770 | 5,902,476 | 5,141,664 | ||||
Other income | 1,927,221 | 304,360 | 3,002,055 | 2,038,556 | ||||
Net fair value (loss)/gain on derivative financial instruments | (9,623) | 115,990 | (93,536) | (585,064) | ||||
Reversal of previously recognised impairment losses | - | - | 195,225 | 227,044 | ||||
Impairment losses | (110,482) | (33,593) | (188,244) | (456,028) | ||||
Other expenses | (492,765) | (916,710) | (2,499,877) | (2,456,068) | ||||
Finance cost | (167,599) | (161,380) | (678,830) | (558,875) | ||||
Share of results in joint ventures and associates | (51,443) | 82,254 | (116,426) | 94,768 | ||||
Profit before taxation | 2,771,727 | 726,691 | 5,522,843 | 3,445,997 | ||||
Taxation | (359,317) | (114,051) | (991,466) | (848,320) | ||||
Profit for the period | 2,412,410 | 612,640 | 4,531,377 | 2,597,677 | ||||
Profit attributable to: | ||||||||
Equity holders of the Company | 1,143,706 | 338,946 | 2,146,482 | 1,388,012 | ||||
Holders of perpetual capital securities of a subsidiary | 97,778 | 88,767 | 365,852 | 361,106 | ||||
Non-controlling interests | 1,170,926 | 184,927 | 2,019,043 | 848,559 | ||||
2,412,410 | 612,640 | 4,531,377 | 2,597,677 | |||||
Earnings per share (sen) for profit attributable to equity holders of the Company: | ||||||||
- | Basic | 30.71 | 9.12 | 57.69 | 37.34 | |||
- | Diluted | 30.70 | 9.12 | 57.33 | 37.22 | |||
(The Condensed Consolidated Income Statement should be read in conjunction with the audited financial statements for the financial year ended 31 December 2015) |
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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 | ||||||||
UNAUDITED | ||||||||
INDIVIDUAL QUARTER | CUMULATIVE PERIOD | |||||||
Current Year Quarter 31/12/2016 RM'000 | Preceding Year Corresponding Quarter 31/12/2015 RM'000 | Current Year- To-Date 31/12/2016 RM'000 | Preceding Year Corresponding Period 31/12/2015 RM'000 | |||||
Profit for the period | 2,412,410 | 612,640 | 4,531,377 | 2,597,677 | ||||
Other comprehensive income/(loss) | ||||||||
Items that will not be reclassified subsequently to profit or loss: | ||||||||
Reversal of revaluation surplus on intangible assets | (13,258) | - | (13,258) | - | ||||
Actuarial (loss)/gain on retirement benefit liability | (10,624) | 8,604 | (10,624) | 8,604 | ||||
(23,882) | 8,604 | (23,882) | 8,604 | |||||
Items that will be reclassified subsequently to profit or loss: | ||||||||
Available-for-sale financial assets | ||||||||
- | Fair value gain/(loss) | 25,371 | 189,390 | (411,321) | (768,181) | |||
- | Reclassification to profit or loss | (767,781) | 231,091 | (727,962) | 411,762 | |||
Cash flow hedges | ||||||||
- | Fair value gain/(loss) | 143,275 | 30,820 | 49,024 | (82,097) | |||
- | Reclassifications | 6,410 | - | 6,410 | - | |||
Share of other comprehensive income of joint ventures and associates | 48,187 | 6,183 | 22,785 | 42,522 | ||||
Net foreign currency exchange differences | 1,945,756 | (664,802) | 163,284 | 8,416,882 | ||||
1,401,218 | (207,318) | (897,780) | 8,020,888 | |||||
Other comprehensive income/(loss) for the period, net of tax | 1,377,336 | (198,714) | (921,662) | 8,029,492 | ||||
Total comprehensive income for the period | 3,789,746 | 413,926 | 3,609,715 | 10,627,169 | ||||
Total comprehensive income | ||||||||
attributable to: | ||||||||
Equity holders of the Company | 2,280,388 | 197,147 | 1,841,469 | 5,822,311 | ||||
Holders of perpetual capital securities of a subsidiary | 249,463 | 29,819 | 439,206 | 1,333,720 | ||||
Non-controlling interests | 1,259,895 | 186,960 | 1,329,040 | 3,471,138 | ||||
3,789,746 | 413,926 | 3,609,715 | 10,627,169 | |||||
(The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the audited financial statements for the financial year ended 31 December 2015) |
GENTING BERHAD CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 | |||
As At 31 Dec 2016 RM'000 | As At 31 Dec 2015 RM'000 | ||
ASSETS NON-CURRENT ASSETS | |||
Property, plant and equipment | 32,667,577 | 31,139,374 | |
Land held for property development | 378,931 | 359,688 | |
Investment properties | 2,099,651 | 2,070,669 | |
Plantation development | 2,513,605 | 2,154,922 | |
Leasehold land use rights | 495,758 | 387,063 | |
Intangible assets | 6,527,377 | 6,666,618 | |
Rights of use of oil and gas assets | 4,674,855 | 4,458,182 | |
Joint ventures | 1,284,790 | 1,118,660 | |
Associates | 1,023,322 | 1,200,807 | |
Available-for-sale financial assets | 2,116,993 | 2,302,973 | |
Derivative financial instruments | 114,097 | 121,844 | |
Deferred tax assets | 238,890 | 393,293 | |
Other non-current assets | 6,164,241 | 4,642,362 | |
60,300,087 | 57,016,455 | ||
CURRENT ASSETS | |||
Property development costs | 50,006 | 90,847 | |
Inventories | 583,026 | 480,620 | |
Trade and other receivables | 2,479,176 | 3,848,351 | |
Amounts due from joint ventures and associates | 10,733 | 12,161 | |
Financial assets at fair value through profit or loss | 10,799 | 8,068 | |
Available-for-sale financial assets | 1,619,735 | 1,566,556 | |
Derivative financial instruments | 7,708 | 93,133 | |
Restricted cash | 565,106 | 626,340 | |
Cash and cash equivalents | 25,318,527 | 23,612,902 | |
30,644,816 | 30,338,978 | ||
Assets classified as held for sale | 1,600,918 | 2,077,079 | |
32,245,734 | 32,416,057 | ||
TOTAL ASSETS | 92,545,821 | 89,432,512 | |
EQUITY AND LIABILITIES | |||
Equity attributable to equity holders of the Company | |||
Share capital | 375,002 | 374,320 | |
Treasury shares | (221,206) | (219,597) | |
Reserves | 34,650,267 | 32,463,004 | |
34,804,063 | 32,617,727 | ||
Perpetual capital securities of a subsidiary | 7,144,850 | 7,071,496 | |
Non-controlling interests | 23,804,436 | 23,101,805 | |
TOTAL EQUITY | 65,753,349 | 62,791,028 | |
NON-CURRENT LIABILITIES | |||
Long term borrowings | 15,745,048 | 17,017,416 | |
Deferred tax liabilities | 2,024,950 | 1,891,794 | |
Derivative financial instruments | 232,186 | 270,714 | |
Other non-current liabilities | 822,424 | 494,441 | |
18,824,608 | 19,674,365 | ||
CURRENT LIABILITIES | |||
Trade and other payables | 5,193,984 | 5,009,332 | |
Amounts due to joint ventures | 127,976 | 109,803 | |
Short term borrowings | 2,219,637 | 1,487,345 | |
Derivative financial instruments | 73,384 | 69,509 | |
Taxation | 341,814 | 291,130 | |
7,956,795 | 6,967,119 | ||
Liabilities classified as held for sale | 11,069 | - | |
7,967,864 | 6,967,119 | ||
TOTAL LIABILITIES | 26,792,472 | 26,641,484 | |
TOTAL EQUITY AND LIABILITIES | 92,545,821 | 89,432,512 | |
NET ASSETS PER SHARE (RM) | 9.35 | 8.78 | |
(The Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited financial statements for the financial year ended 31 December 2015) |
GENTING BERHAD CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 | |||||||||||||
Attributable to equity holders of the Company | |||||||||||||
Share Capital RM'000 | Share Premium RM'000 | Warrants Reserve RM'000 | Revaluation Reserve RM'000 | Fair Value Reserve RM'000 | Cash Flow Hedge Reserve RM'000 | Other Reserves RM'000 | Retained Earnings RM'000 | Treasury Shares RM'000 | Total RM'000 | Perpetual Capital Securities of a Subsidiary RM'000 | Non- controlling Interests RM'000 | Total Equity RM'000 | |
At 1 January 2016 | 374,320 | 1,417,380 | 1,108,905 | 301,167 | 948,462 | (203,303) | 5,881,320 | 23,009,073 | (219,597) | 32,617,727 | 7,071,496 | 23,101,805 | 62,791,028 |
Profit for the year | - | - | - | - | - | - | - | 2,146,482 | - | 2,146,482 | 365,852 | 2,019,043 | 4,531,377 |
Other comprehensive (loss)/income | - | - | - | (6,933) | (564,126) | 972 | 280,148 | (15,074) | - | (305,013) | 73,354 | (690,003) | (921,662) |
Total comprehensive (loss)/income for the year | - | - | - | (6,933) | (564,126) | 972 | 280,148 | 2,131,408 | - | 1,841,469 | 439,206 | 1,329,040 | 3,609,715 |
Transfer due to realisation of revaluation reserve | - | - | - | (1,222) | - | - | - | 1,222 | - | - | - | - | - |
Effects arising from changes in composition of the Group | - | - | - | - | - | 117,014 | - | 302,349 | - | 419,363 | - | 59,609 | 478,972 |
Transfer upon expiry of share option scheme of a subsidiary | - | - | - | - | - | - | - | 5,171 | - | 5,171 | - | (5,171) | - |
Effects of share-based payment | - | - | - | - | - | - | - | - | - | - | - | 77,788 | 77,788 |
Issue of shares upon exercise of warrants | 682 | 63,869 | (10,221) | - | - | - | - | - | - | 54,330 | - | - | 54,330 |
Dividends to non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | (756,802) | (756,802) |
Buy-back of shares by the Company | - | - | - | - | - | - | - | - | (1,609) | (1,609) | - | - | (1,609) |
Perpetual capital securities distribution payable and paid by a subsidiary | - | - | - | - | - | - | - | - | - | - | (365,852) | - | (365,852) |
Tax credit arising from perpetual capital securities of a subsidiary | - | - | - | - | - | - | - | (2,055) | - | (2,055) | - | (1,833) | (3,888) |
Appropriation: Final single-tier dividend for financial year ended 31 December 2015 | - | - | - | - | - | - | - | (130,333) | - | (130,333) | - | - | (130,333) |
Balance at 31 December 2016 | 375,002 | 1,481,249 | 1,098,684 | 293,012 | 384,336 | (85,317) | 6,161,468 | 25,316,835 | (221,206) | 34,804,063 | 7,144,850 | 23,804,436 | 65,753,349 |
(The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the audited financial statements for the financial year ended 31 December 2015) |
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