Genting Malaysia : 25 May 2021 Genting Malaysia Berhad Announces Results for the First Quarter Ended 31st March 2021

FIRST QUARTERLY REPORT

Quarterly report on consolidated results for the three months ended 31 March 2021. The figures have not been audited.

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE THREE MONTHS ENDED 31 MARCH 2021

	UNAUDITED INDIVIDUAL		UNAUDITED CUMULATIVE
	QUARTER		PERIOD
	First quarter ended		Three months ended
	31 March		31 March
	2021	2020	2021	2020
	RM'000	RM'000		RM'000	RM'000
Revenue	623,350	1,955,868	623,350	1,955,868
Cost of sales	(812,937)	(1,636,558)	(812,937)	(1,636,558)
Gross (loss)/profit	(189,587)	319,310	(189,587)	319,310
Other income	44,378	75,265	44,378	75,265
Other expenses	(265,344)	(290,174)	(265,344)	(290,174)
Other losses	(14,484)	(19,289)	(14,484)	(19,289)
(Loss)/profit from operations before
(425,037)	85,112	(425,037)	85,112
impairment losses
Impairment losses	(7,285)	(346,311)	(7,285)	(346,311)
Loss from operations	(432,322)	(261,199)	(432,322)	(261,199)
Finance costs	(81,991)	(85,342)	(81,991)	(85,342)
Share of results in an associate	(45,363)	(100,108)	(45,363)	(100,108)
Loss before taxation	(559,676)	(446,649)	(559,676)	(446,649)
Taxation	58,361	(7,267)	58,361	(7,267)
Loss for the financial period	(501,315)	(453,916)	(501,315)	(453,916)
Loss attributable to:
Equity holders of the Company	(483,591)	(417,957)	(483,591)	(417,957)
Non-controlling interests	(17,724)	(35,959)	(17,724)	(35,959)
	(501,315)	(453,916)	(501,315)	(453,916)
Loss per share attributable
to equity holders of the Company:
Basic loss per share (sen)	(8.55)	(7.39)	(8.55)	(7.39)
Diluted loss per share (sen)	(8.55)	(7.39)	(8.55)	(7.39)

(The Condensed Consolidated Income Statement should be read in conjunction with the audited Financial Statements for the financial year ended 31 December 2020.)

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GENTING MALAYSIA BERHAD

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED 31 MARCH 2021

	UNAUDITED INDIVIDUAL		UNAUDITED CUMULATIVE
	QUARTER			PERIOD
	First quarter ended		Three months ended
	31 March			31 March
	2021	2020	2021	2020
	RM'000	RM'000		RM'000	RM'000
Loss for the financial period	(501,315)	(453,916)	(501,315)	(453,916)
Other comprehensive income/(loss)

Items that may be reclassified subsequently to profit or loss:

Cash flow hedges

- Fair value gain/(loss)

Foreign currency exchange differences

• Exchange differences on translation of foreign operations

Other comprehensive income, net of tax

Total comprehensive loss for the financial period

Total comprehensive loss attributable to:

Equity holders of the Company

Non-controlling interests

585(2,420)

303,471 285,106

304,056 282,686

(197,259) (171,230)

(166,248) (120,445)

(31,011) (50,785)

(197,259) (171,230)

585 (2,420)

303,471 285,106

304,056 282,686

(197,259) (171,230)

(166,248) (120,445)

(31,011) (50,785)

(197,259) (171,230)

(The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the audited Financial Statements for the financial year ended 31 December 2020.)

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GENTING MALAYSIA BERHAD

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

	UNAUDITED
	As at		As at
	31.03.2021	31.12.2020
	RM'000		RM'000
ASSETS
Non-current assets
Property, plant and equipment	16,185,589	16,052,434
Land held for property development	184,596	184,596
Investment properties	1,801,199	1,729,677
Intangible assets	4,358,425	4,247,655
Right-of-use assets	747,828	741,623
Associate	1,192,388	1,052,174
Financial assets at fair value through other comprehensive income	64,232	62,320
Financial assets at fair value through profit or loss	124,151	118,072
Other non-current assets	101,445	102,250
Deferred tax assets	31,656		31,664
	24,791,509	24,322,465
Current assets
Inventories	124,205	121,393
Trade and other receivables	582,166	563,501
Amounts due from related companies	16,997	28,345
Amounts due from an associate	383	-
Financial assets at fair value through profit or loss	200,000	362,585
Restricted cash	89,667	29,163
Cash and cash equivalents	2,370,216		2,452,905
	3,383,634	3,557,892
Assets classified as held for sale	446,624		406,750
	3,830,258		3,964,642
TOTAL ASSETS	28,621,767	28,287,107
EQUITY AND LIABILITIES
Equity attributable to equity holders of the Company
Share capital	1,764,424	1,764,424
Reserves	13,470,629	14,135,312
Treasury shares	(985,868)		(987,934)
	14,249,185	14,911,802
Non-controlling interests	(442,191)		(411,180)
TOTAL EQUITY	13,806,994	14,500,622
Non-current liabilities
Other long term liabilities	252,071	312,112
Long term borrowings	8,733,487	9,069,908
Amount due to a related company	11,942	11,577
Lease liabilities	696,283	705,115
Deferred tax liabilities	650,389	707,208
Derivative financial instruments	2,546		2,849
	10,346,718	10,808,769
Current liabilities
Trade and other payables	2,310,535	2,437,230
Amount due to holding company	15,024	12,919
Amounts due to related companies	24,906	22,015
Amount due to an associate	-	16,733
Short term borrowings	1,438,140	319,296
Lease liabilities	175,008	144,098
Derivative financial instruments	4,198	4,248
Taxation	19,468	20,000
Dividend payable	480,355		-
	4,467,634	2,976,539
Liabilities classified as held for sale	421	1,177
	4,468,055		2,977,716
TOTAL LIABILITIES	14,814,773		13,786,485
TOTAL EQUITY AND LIABILITIES	28,621,767	28,287,107
NET ASSETS PER SHARE (RM)	2.52		2.64

(The Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited Financial Statements for the financial year ended 31 December 2020.)

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GENTING MALAYSIA BERHAD

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE THREE MONTHS ENDED 31 MARCH 2021

			Attributable to equity holders of the Company
			Fair	Cash Flow					Non-
		Share	Value	Hedges	Other	Treasury	Retained		controlling
		Capital	Reserve	Reserve	Reserves	Shares	Earnings	Total	Interests	Total Equity
		RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
Balance at 1 January 2021	1,764,424	(83,898)	(6,939)	1,413,025	(987,934)	12,813,124	14,911,802	(411,180)	14,500,622
Loss for the financial period	-	-	-	-	-	(483,591)	(483,591)	(17,724)	(501,315)
Other comprehensive income/(loss)	-	-	585	316,758	-	-	317,343	(13,287)	304,056
Total comprehensive income/(loss) for the
financial period	-	-	585	316,758	-	(483,591)	(166,248)	(31,011)	(197,259)
Transactions with owners:
Buy-back of shares	-	-	-	-	(21,257)	-	(21,257)	-	(21,257)
Performance-based employee share scheme	-	-	-	5,243	-	-	5,243	-	5,243
Employee share scheme shares vested to
employees	-	-	-	(23,323)	23,323	-	-	-	-
Transfer of employee share scheme shares
purchase price difference on shares vested	-	-	-	(2,737)	-	2,737	-	-	-
Appropriation:
Special single-tier dividend declared for the
financial year ended 31 December 2020	-	-	-	-	-	(480,355)	(480,355)	-	(480,355)
Total transactions with owners	-	-	-	(20,817)	2,066	(477,618)	(496,369)	-	(496,369)
At 31 March 2021	1,764,424	(83,898)	(6,354)	1,708,966	(985,868)	11,851,915	14,249,185	(442,191)	13,806,994

(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 2020.)

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GENTING MALAYSIA BERHAD

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONT'D)

FOR THE THREE MONTHS ENDED 31 MARCH 2020

			Attributable to equity holders of the Company
		Fair	Cash Flow					Non-
	Share	Value	Hedges	Other	Treasury	Retained		controlling
	Capital	Reserve	Reserve	Reserves	Shares	Earnings	Total	Interests	Total Equity
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
Balance at 1 January 2020	1,764,424	(30,733)	(5,172)	1,560,855	(998,094)	16,206,357	18,497,637	(327,607)	18,170,030
Loss for the financial period	-	-	-	-	-	(417,957)	(417,957)	(35,959)	(453,916)
Other comprehensive (loss)/income	-	-	(2,420)	299,932	-	-	297,512	(14,826)	282,686
Total comprehensive (loss)/income for the
financial period	-	-	(2,420)	299,932	-	(417,957)	(120,445)	(50,785)	(171,230)

Transactions with owners:

Buy-back of shares

Performance-based employee share scheme

Employee share scheme shares vested to employees

Transfer of employee share scheme shares purchase price difference on shares vested

Appropriation:

Special single-tier dividend declared for the financial year ended 31 December 2019

Total transactions with owners

At 31 March 2020

-	-	-	-	(30,145)	-	(30,145)	-	(30,145)
-	-	-	13,982	-	-	13,982	-	13,982
-	-	-	(40,305)	40,305	-	-	-	-
-	-	-	(10,492)	-	10,492	-	-	-
-	-	-	-	-	(508,108)	(508,108)	-	(508,108)
-	-	-	(36,815)	10,160	(497,616)	(524,271)	-	(524,271)
1,764,424	(30,733)	(7,592)	1,823,972	(987,934)	15,290,784	17,852,921	(378,392)	17,474,529

(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 2020.)

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