Genting Berhad : Results Announcement

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)

Genting Berhad (7916-A)

24thFloor, Wisma Genting, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. T: [phone] / 2333 2288 F : [phone] www.genting.com

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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