Genting Malaysia : 27 August 2020 Genting Malaysia Berhad Announces Results for the Second Quarter Ended 30th June 2020

SECOND QUARTERLY REPORT

Quarterly report on consolidated results for the six months ended 30 June 2020. The figures have not been audited.

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2020

	UNAUDITED INDIVIDUAL		UNAUDITED CUMULATIVE
	QUARTER		PERIOD
	Second quarter ended		Six months ended
	30 June		30 June
	2020	2019	2020	2019
	RM'000	RM'000		RM'000	RM'000
Revenue	114,910	2,601,502	2,070,778	5,337,082
Cost of sales	(790,235)	(1,941,372)	(2,426,793)	(3,994,715)
Gross (loss)/profit	(675,325)	660,130	(356,015)	1,342,367
Other income	45,458	81,099	120,723	274,747
Other expenses	(209,964)	(205,172)	(500,138)	(716,554)
Other gains/(losses)	7,311	1,796	(11,978)	5,534
(Loss)/profit from operations before
(832,520)	537,853	(747,408)	906,094
impairment losses
Impairment losses	(14,820)	(2,990)	(361,131)	(20,824)
(Loss)/profit from operations	(847,340)	534,863	(1,108,539)	885,270
Finance costs	(118,530)	(58,619)	(203,872)	(126,394)
Share of results in an associate	(78,621)	-	(178,729)	-
(Loss)/profit before taxation	(1,044,491)	476,244	(1,491,140)	758,876
Taxation	121,313	(73,128)	114,046	(102,614)
(Loss)/profit for the financial period	(923,178)	403,116	(1,377,094)	656,262
(Loss)/profit attributable to:
Equity holders of the Company	(900,421)	416,482	(1,318,378)	684,771
Non-controlling interests	(22,757)	(13,366)	(58,716)	(28,509)
	(923,178)	403,116	(1,377,094)	656,262
(Loss)/earnings per share attributable
to equity holders of the Company:
Basic (loss)/earnings per share (sen)	(15.93)	7.37	(23.32)	12.11
Diluted (loss)/earnings per share (sen)	(15.93)	7.36	(23.32)	12.10

(The Condensed Consolidated Income Statement should be read in conjunction with the audited Financial Statements for the financial year ended 31 December 2019.)

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GENTING MALAYSIA BERHAD

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2020

	UNAUDITED INDIVIDUAL		UNAUDITED CUMULATIVE
	QUARTER			PERIOD
	Second quarter ended		Six months ended
	30 June			30 June
	2020	2019	2020	2019
	RM'000	RM'000		RM'000	RM'000
(Loss)/profit for the financial period	(923,178)	403,116	(1,377,094)	656,262
Other comprehensive (loss)/income
Items that will not be reclassified
subsequently to profit or loss:
Changes in the fair value of equity
investments at fair value through other
comprehensive income	(53,165)	-	(53,165)	-
Items that may be reclassified
subsequently to profit or loss:
Cash flow hedges
- Fair value loss	(808)	(674)	(3,228)	(3,527)
Foreign currency exchange differences
- Exchange differences on translation of
foreign operations	(85,068)	60,533		200,038	(78,633)
- Reclassification to profit or loss upon
disposal of a subsidiary	-	-		-	(2,627)
	(85,068)	60,533	200,038	(81,260)
Other comprehensive (loss)/income, net
(139,041)	59,859	143,645	(84,787)
of tax
Total comprehensive (loss)/income for	(1,062,219)	462,975	(1,233,449)	571,475
the financial period
Total comprehensive (loss)/income
attributable to:
Equity holders of the Company	(1,042,607)	481,242	(1,163,052)	597,504
Non-controlling interests	(19,612)	(18,267)	(70,397)	(26,029)
	(1,062,219)	462,975	(1,233,449)	571,475

(The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the audited Financial Statements for the financial year ended 31 December 2019.)

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GENTING MALAYSIA BERHAD

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2020

	UNAUDITED
	As at		As at
	30.06.2020	31.12.2019
	RM'000		RM'000
ASSETS
Non-current assets
Property, plant and equipment	16,455,520	16,620,869
Land held for property development	184,596	184,596
Investment properties	1,945,053	1,895,587
Intangible assets	4,423,287	4,472,829
Right-of-use assets	790,478	871,984
Associate	662,623	629,465
Financial assets at fair value through other comprehensive income	66,334	115,929
Financial assets at fair value through profit or loss	126,229	122,747
Other non-current assets	63,567	74,036
Deferred tax assets	406,713		262,110
	25,124,400	25,250,152
Current assets
Inventories	127,422	123,293
Trade and other receivables	673,501	632,135
Amount due from holding company	5,737	-
Amounts due from related companies	26,709	1,715
Financial assets at fair value through profit or loss	509,882	776,650
Restricted cash	19,984	52,438
Cash and cash equivalents	5,983,150		6,476,398
	7,346,385	8,062,629
TOTAL ASSETS	32,470,785	33,312,781
EQUITY AND LIABILITIES
Equity attributable to equity holders of the Company
Share capital	1,764,424	1,764,424
Reserves	15,757,618	17,731,307
Treasury shares	(987,934)		(998,094)
	16,534,108	18,497,637
Non-controlling interests	(398,004)		(327,607)
TOTAL EQUITY	16,136,104	18,170,030
Non-current liabilities
Other long term liabilities	323,872	337,546
Long term borrowings	9,352,737	8,483,550
Amount due to a related company	15,845	15,430
Lease liabilities	735,571	779,078
Deferred tax liabilities	756,853	796,728
Derivative financial instruments	4,561		3,006
	11,189,439	10,415,338
Current liabilities
Trade and other payables	2,651,737	2,978,463
Amount due to holding company	-	19,883
Amounts due to related companies	19,218	59,185
Amount due to an associate	6,732	20,000
Short term borrowings	2,065,420	1,523,957
Lease liabilities	81,207	90,592
Derivative financial instruments	3,770	2,192
Taxation	34,496	33,141
Dividend payable	282,662		-
	5,145,242		4,727,413
TOTAL LIABILITIES	16,334,681	15,142,751
TOTAL EQUITY AND LIABILITIES	32,470,785	33,312,781
NET ASSETS PER SHARE (RM)	2.92		3.27

(The Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited Financial Statements for the financial year ended 31 December 2019.)

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GENTING MALAYSIA BERHAD

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 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	-	-	-	-	-	(1,318,378)	(1,318,378)	(58,716)	(1,377,094)
Other comprehensive (loss)/income	-	(53,165)	(3,228)	211,719	-	-	155,326	(11,681)	143,645
Total comprehensive (loss)/income for the
financial period	-	(53,165)	(3,228)	211,719	-	(1,318,378)	(1,163,052)	(70,397)	(1,233,449)
Transactions with owners:
Buy-back of shares	-	-	-	-	(30,145)	-	(30,145)	-	(30,145)
Performance-based employee share scheme	-	-	-	20,438	-	-	20,438	-	20,438
Employee share scheme shares vested to
employees	-	-	-	(40,305)	40,305	-	-	-	-
Transfer of employee share scheme shares
purchase price difference on shares vested	-	-	-	(10,492)	-	10,492	-	-	-
Appropriation:
Special single-tier dividend declared for the
financial year ended 31 December 2019	-	-	-	-	-	(508,108)	(508,108)	-	(508,108)
Final single-tier dividend declared for the
financial year ended 31 December 2019	-	-	-	-	-	(282,662)	(282,662)	-	(282,662)
Total transactions with owners	-	-	-	(30,359)	10,160	(780,278)	(800,477)	-	(800,477)
At 30 June 2020	1,764,424	(83,898)	(8,400)	1,742,215	(987,934)	14,107,701	16,534,108	(398,004)	16,136,104

(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 2019.)

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