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MarketScreener Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Golden Agri-Resources Ltd    GAGR   MU0117U00026

GOLDEN AGRI-RESOURCES LTD

(GAGR)
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Golden Agri Resources : Half Year Financial Statement and Dividend Announcement for the Period Ended 30 June 2019.

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08/14/2019 | 07:52pm EDT

GOLDEN AGRI-RESOURCES LTD

Half Year Financial Statement And Dividend Announcement

FINANCIAL HIGHLIGHTS

1st Half

1st Half

2nd Qtr

2nd Qtr

2019

2018

Change

2019

2018

Change

US$'000

US$'000

%

US$'000

US$'000

%

Revenue

3,166,532

3,676,231

(13.9)

1,549,237

1,860,059

(16.7)

Gross Profit

344,568

468,029

(26.4)

151,806

219,909

(31.0)

EBITDA1

197,934

237,936

(16.8)

77,295

116,802

(33.8)

Underlying

(loss)/profit 2

(15,338)

41,380

n.m.

(27,106)

16,592

n.m.

Underlying

(loss)/profit per

share (USD cents)

(0.12)

0.32

n.m.

(0.21)

0.13

n.m.

Net loss attributable

to owners of the

Company

(46,387)

(27,171)

70.7

(64,701)

(39,022)

65.8

Notes:

  1. Earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortisation, net gain/(loss) from changes in fair value of biological assets, foreign exchange gain/(loss) and exceptional item.
  2. Net profit/(loss) attributable to owners of the Company excluding net effect of net gain or loss from changes in fair value of biological assets and depreciation of bearer plants, exceptional item and other non-operating items (foreign exchange gain or loss, net tax impact from tax-based asset revaluations, and other deferred tax income or expense).
  3. n.m. - not meaningful.

1

PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS

1(a) An income statement and statement of comprehensive income for the group together with a comparative statement for the corresponding period of the immediately preceding financial year

UNAUDITED CONSOLIDATED INCOME STATEMENT

FOR THE PERIOD ENDED 30 JUNE 2019

1st Half

1st Half

2nd Qtr

2nd Qtr

2019

2018

Change

2019

2018

Change

US$'000

US$'000

%

US$'000

US$'000

%

Revenue

3,166,532

3,676,231

(13.9)

1,549,237

1,860,059

(16.7)

Cost of sales

(2,821,964)

(3,208,202)

(12.0)

(1,397,431)

(1,640,150)

(14.8)

Gross Profit

344,568

468,029

(26.4)

151,806

219,909

(31.0)

Operating expenses

Selling expenses

(173,240)

(258,671)

(33.0)

(82,708)

(127,391)

(35.1)

General and administrative

expenses

(150,203)

(149,392)

0.5

(79,637)

(73,380)

8.5

Total operating expenses

(323,443)

(408,063)

(20.7)

(162,345)

(200,771)

(19.1)

Operating profit/(loss)

21,125

59,966

(64.8)

(10,539)

19,138

n.m.

Other income/(expenses)

Financial income

10,801

18,758

(42.4)

5,001

9,520

(47.5)

Financial expenses

(81,859)

(77,329)

5.9

(40,036)

(40,111)

(0.2)

Share of results of associated

companies, net of tax

3,097

420

637.4

166

532

(68.8)

Share of results of joint ventures,

net of tax

(7,663)

(9,110)

(15.9)

(4,734)

(6,099)

(22.4)

Foreign exchange gain/(loss)

3,171

(17,140)

n.m.

(15,036)

(22,213)

(32.3)

Other operating income

15,017

10,693

40.4

6,570

8,059

(18.5)

(57,436)

(73,708)

(22.1)

(48,069)

(50,312)

(4.5)

Exceptional item

Gain on disposal of subsidiaries

11,492

-

n.m.

43

-

n.m.

Loss before tax

(24,819)

(13,742)

80.6

(58,565)

(31,174)

87.9

Tax

(10,503)

(10,581)

(0.7)

(2,879)

(6,579)

(56.2)

Loss for the period

(35,322)

(24,323)

45.2

(61,444)

(37,753)

62.8

Attributable to:

Owners of the Company

(46,387)

(27,171)

70.7

(64,701)

(39,022)

65.8

Non-controlling interests

11,065

2,848

288.5

3,257

1,269

156.7

(35,322)

(24,323)

45.2

(61,444)

(37,753)

62.8

Note:

(1) n.m. - not meaningful.

2

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2019

1st Half

1st Half

2nd Qtr

2nd Qtr

2019

2018

2019

2018

US$'000

US$'000

US$'000

US$'000

Loss for the period

(35,322)

(24,323)

(61,444)

(37,753)

Other comprehensive income/(loss):

Items that will not be reclassified subsequently to

profit or loss:

Actuarial (loss)/gain on post-employment benefits

(5,707)

6,000

(5,707)

6,000

Share of other comprehensive income of a joint venture

1

-

-

44

Changes in fair value of financial assets at fair value

through other comprehensive income

40,028

-

32,743

-

Items that may be reclassified subsequently to

profit or loss:

Foreign currency translation differences on

consolidation

3,136

(16,315)

128

(18,422)

Share of other comprehensive income/(loss) of:

Joint ventures

210

(2,056)

(170)

(1,460)

Associates

(291)

-

472

-

Changes in fair value of available-for-sale financial

assets

-

98

-

1,567

Other comprehensive income/(loss), net of tax

37,377

(12,273)

27,466

(12,271)

Total comprehensive income/(loss) for the period,

net of tax

2,055

(36,596)

(33,978)

(50,024)

Total comprehensive (loss)/income attributable to:

Owners of the Company

(9,543)

(38,410)

(37,117)

(50,708)

Non-controlling interests

11,598

1,814

3,139

684

2,055

(36,596)

(33,978)

(50,024)

ADDITIONAL INFORMATION

Earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortisation, net loss from changes in fair value of biological assets, foreign exchange gain/(loss) and exceptional item ("EBITDA")

1st Half

1st Half

2nd Qtr

2nd Qtr

2019

2018

Change

2019

2018

Change

US$'000

US$'000

%

US$'000

US$'000

%

Earnings before tax, non-

197,934

237,936

(16.8)

77,295

116,802

(33.8)

controlling interests, interest on

borrowings, depreciation and

amortisation, net loss from

changes in fair value of

biological assets and foreign

exchange gain/(loss) and

exceptional item ("EBITDA")

Interest on borrowings

(81,081)

(76,086)

6.6

(39,806)

(39,553)

0.6

Depreciation and amortisation

(153,323)

(142,524)

7.6

(77,028)

(71,093)

8.3

Net loss from changes in fair value

(3,012)

(15,928)

(81.1)

(4,033)

(15,117)

(73.3)

of biological assets

Foreign exchange gain/(loss)

3,171

(17,140)

n.m.

(15,036)

(22,213)

(32.3)

Exceptional item

11,492

-

n.m.

43

-

n.m.

Loss before tax

(24,819)

(13,742)

80.6

(58,565)

(31,174)

87.9

Note:

(1) n.m. - not meaningful.

3

1(b)(i) A statement of financial position (for the issuer and group), together with a comparative

statement as at the end of the immediately preceding financial year

UNAUDITED STATEMENTS OF FINANCIAL POSITION

Group

Company

As at

As at

As at

As at

30/6/2019

31/12/2018

30/6/2019

31/12/2018

US$'000

US$'000

US$'000

US$'000

Assets

Current Assets

Cash and cash equivalents

120,426

192,766

32

88

Short-term investments

351,606

351,855

-

-

Trade receivables

501,209

533,692

-

-

Other current assets (note (a))

895,993

804,835

46

11

Inventories

921,273

1,002,350

-

-

2,790,507

2,885,498

78

99

Non-Current Assets

Long-term receivables and

assets (note (b))

239,879

323,525

-

-

Long-term investments

1,252,265

1,077,772

198,030

175,065

Subsidiary companies

-

-

3,431,521

3,431,355

Associated companies

20,344

17,546

-

-

Joint ventures

81,216

88,723

-

-

Investment properties

110

112

-

-

Property, plant and equipment

2,627,630

2,624,108

-

-

Bearer plants

1,058,889

1,092,166

-

-

Right-of-use assets

36,446

-

-

-

Deferred tax assets

254,545

244,023

-

-

Intangible assets

181,597

192,107

-

-

5,752,921

5,660,082

3,629,551

3,606,420

Total Assets

8,543,428

8,545,580

3,629,629

3,606,519

4

UNAUDITED STATEMENTS OF FINANCIAL POSITION (cont'd)

Group

Company

As at

As at

As at

As at

30/6/2019

31/12/2018

30/6/2019

31/12/2018

US$'000

US$'000

US$'000

US$'000

Liabilities and Equity

Current Liabilities

Short-term borrowings

1,652,156

1,376,266

-

-

Bonds and notes payable

124,811

124,640

-

-

Lease liabilities

18,418

-

-

-

Trade payables

650,166

683,349

-

-

Other payables (note(c))

313,670

287,748

118,746

40,789

Taxes payable

16,801

18,899

-

-

2,776,022

2,490,902

118,746

40,789

Non-Current Liabilities

Bonds and notes payables

110,946

109,971

-

-

Long-term borrowings

1,134,624

1,399,212

-

-

Lease liabilities

19,382

-

-

-

Deferred tax liabilities

83,092

78,080

-

-

Long-term payables and

liabilities

174,380

157,335

-

-

1,522,424

1,744,598

-

-

Total Liabilities

4,298,446

4,235,500

118,746

40,789

Equity Attributable to Owners of the Company

Issued capital

320,939

320,939

320,939

320,939

Share premium

1,216,095

1,216,095

1,850,965

1,850,965

Treasury shares

(31,726)

(31,726)

(31,726)

(31,726)

Other paid-in capital

184,318

184,318

-

-

Other reserves

Option reserve

31,471

31,471

31,471

31,471

Currency translation reserve

(14,370)

(16,702)

-

-

Fair value reserve

146,716

106,688

1,640

1,640

PRC statutory reserve

3,820

3,820

-

-

Other reserve

29,648

35,315

-

-

197,285

160,592

33,111

33,111

Retained earnings

2,216,362

2,318,426

1,337,594

1,392,441

4,103,273

4,168,644

3,510,883

3,565,730

Non-Controlling Interests

141,709

141,436

-

-

Total Equity

4,244,982

4,310,080

3,510,883

3,565,730

Total Liabilities and Equity

8,543,428

8,545,580

3,629,629

3,606,519

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

gar - Golden Agri-Resources Ltd. published this content on 15 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2019 23:51:04 UTC

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EBIT 2019 189 M
Net income 2019 41,7 M
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Yield 2019 0,86%
P/E ratio 2019 -748x
P/E ratio 2020 27,0x
EV / Sales2019 0,76x
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Chart GOLDEN AGRI-RESOURCES LTD
Duration : Period :
Golden Agri-Resources Ltd Technical Analysis Chart | MarketScreener
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Consensus
Sell
Buy
Mean consensus UNDERPERFORM
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Average target price 0,17  $
Last Close Price 0,21  $
Spread / Highest target 4,98%
Spread / Average Target -18,4%
Spread / Lowest Target -45,1%
EPS Revisions
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NameTitle
Franky Oesman Widjaja Chairman & Chief Executive Officer
Muktar Widjaja President & Executive Director
Rafael Buhay Concepcion Chief Financial Officer & Executive Director
Syn Pau Lew Lead Independent Non-Executive Director
Kaneyalall Hawabhay Independent Non-Executive Director
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