FGV Berhad : 1Q FY2022 Quarterly Report

FGV HOLDINGS BERHAD

200701042133 (800165-P)

QUARTERLY REPORT

Condensed Consolidated Financial Statements For The Financial Period Ended 31 March 2022

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FGV HOLDINGS BERHAD

Unaudited Condensed Consolidated Statement of Comprehensive Income for the Quarter ended 31 March 2022

		Year to date ended
			31 March
	Note	2022		2021	%
		RM'000		RM'000	+/(-)
Revenue
	5,853,761		3,393,491	72.5%
Cost of sales		(5,015,040)		(3,041,267)
Gross profit		838,721		352,224	>100%
Other operating income		29,915		42,781
Selling and distribution costs		(37,171)		(33,469)
Administrative expenses		(186,572)		(178,695)
Impairment loss of financial assets (net)		(7,989)		(6,862)
Other operating expenses		(2,425)		(1,497)
Commodity gains - net		33,853		11,247
Operating profit		668,332		185,729	>100%
Fair value changes in Land Lease Agreement ("LLA")
liability		(159,140)		(143,750)
Operating profit after LLA	15	509,192		41,979	>100%
Finance income		4,186		3,987
Finance costs		(35,682)		(32,639)
Share of results from associates		474		(503)
Share of results from joint ventures		22,893		2,173
Profit before zakat and taxation		501,063		14,997	>100%
Zakat		(1,157)		762
Taxation	16	(133,326)		(29,540)
Profit/(loss) for the financial period		366,580		(13,781)	>100%
Profit/(loss) attributable to:
- Owners of the Company		369,236		(35,421)	>100%
- Non-controlling interests		(2,656)		21,640
		366,580		(13,781)	>100%
Other comprehensive income/(loss)
Actuarial gains on defined benefit plan		57		319
Fair value changes of financial assets at fair value
through other comprehensive income	("FVOCI")	6,084		(376)
Share of other comprehensive income/(loss) of joint
ventures		1,395		(58)
Currency translation differences		1,559		28,615
Cash flow hedges		391		2,437
Other comprehensive income for the financial period,
net of tax		9,486		30,937
Total comprehensive income for the financial period	376,066		17,156	>100%
Total comprehensive income attributable to:
- Owners of the Company		380,774		(7,507)	>100%
- Non-controlling interests		(4,708)		24,663
Total comprehensive income for the financial period	376,066		17,156	>100%
Earnings per share for profit attributable to the Owners
of the Company:
Basic (sen)	20	10.12	(0.97)

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 2021.

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FGV HOLDINGS BERHAD

Unaudited Condensed Consolidated Statement of Financial Position as at 31 March 2022

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 at fair value through profit or loss Financial assets through other comprehensive income

Biological assets

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

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19

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Unaudited		Audited
As at		As at
31 March		31 December
2022		2021
RM'000		RM'000
7,676,762		7,674,392
2,192,345		2,196,084
78,466		81,531
946,460		948,382
65,255		65,074
475,092		454,714
14,681		14,681
9,107		9,107
135,209		137,066
310,868		295,131
30,919		-
208,610		201,569
1,146		2,228
12,144,920		12,079,959
2,422,699		1,914,403
2,215,104		1,346,150
158,052		113,791
21,574		36,521
173,343		205,274
64,573		66,801
7,698		12,762
49,092		79,136
35		3,539
31,261		42,151
1,161,566		2,031,666
6,304,997		5,852,194
12,941		24,241
6,317,938		5,876,435
18,462,858		17,956,394
7,029,889		7,029,889
(518)		(518)
(1,519,848)		(1,608,770)
5,509,523		5,420,601
1,761,209		1,765,917
7,270,732		7,186,518

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FGV HOLDINGS BERHAD

Unaudited Condensed Consolidated Statement of Financial Position as at 31 March 2022 (continued)

			Unaudited		Audited
			As at		As at
			31 March		31 December
	Note	2022		2021
			RM'000		RM'000
Non-current liabilities
Borrowings	17		1,009,896		1,033,140
Loans due to ultimate holding company	17		632,151		632,151
LLA liability			3,343,282		3,314,874
Derivative financial liabilities	18		3,230		3,571
Provision for asset retirement			41,648		41,349
Provision for defined benefit plan			51,114		51,136
Lease liability			271,728		294,581
Deferred tax liabilities			593,607		575,740
Payables			15,196		10,189
			5,961,852		5,956,731
Current liabilities
Payables			1,419,116		1,414,444
Loans due to ultimate holding company	17		10,226		2,514
Amount due to ultimate holding company			444,926		276,082
Amounts due to associates			1,072		351
Amounts due to related companies			2,361		15,970
Borrowings	17		2,536,092		2,330,357
Derivative financial liabilities	18		11,389		3,749
Provision for asset retirement			673		666
Lease liability			52,329		27,518
LLA liability			489,916		489,916
Contract liabilities			137,104		132,340
Current tax liabilities			125,070		119,238
			5,230,274		4,813,145
Total liabilities			11,192,126	10,769,876
Total equity and liabilities			18,462,858	17,956,394
Net assets per share attributable to
owners of the Company			1.51		1.49

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 2021.

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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 31 March 2022
At 1 January 2022	7,029,889	(518)	54,036	(3,089,497)	67,427	1,359,264	5,420,601	1,765,917	7,186,518
Profit/(loss) for the financial period	-	-	-	-	-	369,236	369,236	(2,656)	366,580

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

-	-	-	-	-	57	57	-	57
-	-	-	-	5,956	-	5,956	128	6,084

Items that will be subsequently reclassified to profit or loss

• currency translation differences
• share of other comprehensive income 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 2021 (final)

Total transactions with owners

At 31 March 2022

-	-	3,931	-	-	-	3,931	(2,372)	1,559
-	-	1,395	-	-	-	1,395	-	1,395
-	-	-	-	199	-	199	192	391
-	-	5,326	-	199	-	5,525	(2,180)	3,345
-	-	5,326	-	6,155	369,293	380,774	(4,708)	376,066
-	-	-	-	-	(291,852)	(291,852)	-	(291,852)
-	-	-	-	-	(291,852)	(291,852)	-	(291,852)
7,029,889	(518)	59,362	(3,089,497)	73,582	1,436,705	5,509,523	1,761,209	7,270,732

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