Genting Malaysia : 26 November 2020 Genting Malaysia Berhad Announces Results for the Third Quarter Ended 30th September 2

THIRD QUARTERLY REPORT

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

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2020

	UNAUDITED INDIVIDUAL		UNAUDITED CUMULATIVE
	QUARTER		PERIOD
	Third quarter ended		Nine months ended
	30 September		30 September
	2020	2019	2020	2019
	RM'000	RM'000		RM'000	RM'000
Revenue	1,416,923	2,627,841	3,487,701	7,964,923
Cost of sales	(1,207,267)	(1,967,421)	(3,634,060)	(5,962,136)
Gross profit/(loss)	209,656	660,420	(146,359)	2,002,787
Other income	28,696	79,351	149,419	354,098
Other expenses	(300,282)	(223,369)	(800,420)	(939,923)
Other gains/(losses)	10,020	(1,859)	(1,958)	3,675
(Loss)/profit from operations before
(51,910)	514,543	(799,318)	1,420,637
impairment losses
Reversal of previously recognised	-	11,144	-	11,144
impairment losses
Impairment losses	(179,969)	(18,548)	(541,100)	(39,372)
(Loss)/profit from operations	(231,879)	507,139	(1,340,418)	1,392,409
Finance costs	(67,406)	(63,470)	(271,278)	(189,864)
Share of results in an associate	(61,998)	-	(240,727)	-
(Loss)/profit before taxation	(361,283)	443,669	(1,852,423)	1,202,545
Taxation	(364,962)	(49,897)	(250,916)	(152,511)
(Loss)/profit for the financial period	(726,245)	393,772	(2,103,339)	1,050,034
(Loss)/profit attributable to:
Equity holders of the Company	(704,636)	410,839	(2,023,014)	1,095,610
Non-controlling interests	(21,609)	(17,067)	(80,325)	(45,576)
	(726,245)	393,772	(2,103,339)	1,050,034
(Loss)/earnings per share attributable
to equity holders of the Company:
Basic (loss)/earnings per share (sen)	(12.46)	7.27	(35.79)	19.38
Diluted (loss)/earnings per share (sen)	(12.46)	7.26	(35.79)	19.36

(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 NINE MONTHS ENDED 30 SEPTEMBER 2020

	UNAUDITED INDIVIDUAL		UNAUDITED CUMULATIVE
	QUARTER			PERIOD
	Third quarter ended		Nine months ended
	30 September		30 September
	2020	2019	2020	2019
	RM'000	RM'000		RM'000	RM'000
(Loss)/profit for the financial period	(726,245)	393,772	(2,103,339)	1,050,034
Other comprehensive (loss)/income
Item 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)	-
Item that may be reclassified
subsequently to profit or loss:
Cash flow hedges
- Fair value loss	(400)	(2,044)	(3,628)	(5,571)
Foreign currency exchange differences
- Exchange differences on translation of
foreign operations	(150,245)	33,838		49,793	(44,795)
- Reclassification to profit or loss upon
disposal of a subsidiary	-	-		-	(2,627)
	(150,245)	33,838	49,793	(47,422)
Other comprehensive (loss)/income, net
(150,645)	31,794	(7,000)	(52,993)
of tax
Total comprehensive (loss)/income for	(876,890)	425,566	(2,110,339)	997,041
the financial period
Total comprehensive (loss)/income
attributable to:
Equity holders of the Company	(866,150)	446,058	(2,029,202)	1,043,562
Non-controlling interests	(10,740)	(20,492)	(81,137)	(46,521)
	(876,890)	425,566	(2,110,339)	997,041

(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 SEPTEMBER 2020

	UNAUDITED
	As at		As at
	30.09.2020	31.12.2019
	RM'000		RM'000
ASSETS
Non-current assets
Property, plant and equipment	16,026,665	16,620,869
Land held for property development	184,596	184,596
Investment properties	1,785,034	1,895,587
Intangible assets	4,298,137	4,472,829
Right-of-use assets	756,422	871,984
Associate	687,277	629,465
Financial assets at fair value through other comprehensive income	64,588	115,929
Financial assets at fair value through profit or loss	116,669	122,747
Other non-current assets	111,456	74,036
Deferred tax assets	30,986		262,110
	24,061,830	25,250,152
Current assets
Inventories	127,130	123,293
Trade and other receivables	621,099	632,135
Amounts due from related companies	31,096	1,715
Amount due from an associate	6,291	-
Financial assets at fair value through profit or loss	363,221	776,650
Restricted cash	6,603	52,438
Cash and cash equivalents	3,685,770		6,476,398
	4,841,210	8,062,629
Assets classified as held for sale	407,966		-
	5,249,176		8,062,629
TOTAL ASSETS	29,311,006	33,312,781
EQUITY AND LIABILITIES
Equity attributable to equity holders of the Company
Share capital	1,764,424	1,764,424
Reserves	14,560,108	17,731,307
Treasury shares	(987,934)		(998,094)
	15,336,598	18,497,637
Non-controlling interests	(408,744)		(327,607)
TOTAL EQUITY	14,927,854	18,170,030
Non-current liabilities
Other long term liabilities	296,355	337,546
Long term borrowings	9,259,451	8,483,550
Amount due to a related company	14,869	15,430
Lease liabilities	692,162	779,078
Deferred tax liabilities	735,034	796,728
Derivative financial instruments	4,818		3,006
	11,002,689	10,415,338
Current liabilities
Trade and other payables	2,624,031	2,978,463
Amount due to holding company	14,937	19,883
Amounts due to related companies	51,379	59,185
Amount due to an associate	-	20,000
Short term borrowings	538,484	1,523,957
Lease liabilities	118,948	90,592
Derivative financial instruments	3,974	2,192
Taxation	28,016		33,141
	3,379,769	4,727,413
Liabilities classified as held for sale	694		-
	3,380,463		4,727,413
TOTAL LIABILITIES	14,383,152		15,142,751
TOTAL EQUITY AND LIABILITIES	29,311,006	33,312,781
NET ASSETS PER SHARE (RM)	2.71		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 NINE MONTHS ENDED 30 SEPTEMBER 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	-	-	-	-	-	(2,023,014)	(2,023,014)	(80,325)	(2,103,339)
Other comprehensive (loss)/income	-	(53,165)	(3,628)	50,605	-	-	(6,188)	(812)	(7,000)
Total comprehensive (loss)/income for the
financial period	-	(53,165)	(3,628)	50,605	-	(2,023,014)	(2,029,202)	(81,137)	(2,110,339)
Transactions with owners:
Buy-back of shares	-	-	-	-	(30,145)	-	(30,145)	-	(30,145)
Performance-based employee share scheme	-	-	-	28,272	-	-	28,272	-	28,272
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)
Interim single-tier dividend declared for the
financial year ending 31 December 2020	-	-	-	-	-	(339,194)	(339,194)	-	(339,194)
Total transactions with owners	-	-	-	(22,525)	10,160	(1,119,472)	(1,131,837)	-	(1,131,837)
Balance at 30 September 2020	1,764,424	(83,898)	(8,800)	1,588,935	(987,934)	13,063,871	15,336,598	(408,744)	14,927,854

(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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