Genting Malaysia Berhad : 26 August 2021 Genting Malaysia Berhad Announces Results for the Second Quarter Ended 30th June 2021

SECOND QUARTERLY REPORT

Quarterly report on consolidated results for the six months ended 30 June 2021. The figures have not been audited.

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2021

	UNAUDITED INDIVIDUAL		UNAUDITED CUMULATIVE
	QUARTER		PERIOD
	Second quarter ended		Six months ended
	30 June		30 June
	2021	2020	2021	2020
	RM'000	RM'000		RM'000	RM'000
Revenue	817,868	114,910	1,441,218	2,070,778
Cost of sales	(860,701)	(790,235)	(1,673,638)	(2,426,793)
Gross loss	(42,833)	(675,325)	(232,420)	(356,015)
Other income	96,696	45,458	141,074	120,723
Other expenses	(257,809)	(209,964)	(523,153)	(500,138)
Other gains/(losses)	7,813	7,311	(6,671)	(11,978)
Loss from operations before impairment
(196,133)	(832,520)	(621,170)	(747,408)
losses
Impairment losses	(23,774)	(14,820)	(31,059)	(361,131)
Loss from operations	(219,907)	(847,340)	(652,229)	(1,108,539)
Finance costs	(100,510)	(118,530)	(182,501)	(203,872)
Share of results in an associate	(50,618)	(78,621)	(95,981)	(178,729)
Loss before taxation	(371,035)	(1,044,491)	(930,711)	(1,491,140)
Taxation	4,319	121,313	62,680	114,046
Loss for the financial period	(366,716)	(923,178)	(868,031)	(1,377,094)
Loss attributable to:
Equity holders of the Company	(348,113)	(900,421)	(831,704)	(1,318,378)
Non-controlling interests	(18,603)	(22,757)	(36,327)	(58,716)
	(366,716)	(923,178)	(868,031)	(1,377,094)
Loss per share attributable
to equity holders of the Company:
Basic loss per share (sen)	(6.16)	(15.93)	(14.71)	(23.32)
Diluted loss per share (sen)	(6.16)	(15.93)	(14.71)	(23.32)

(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 SIX MONTHS ENDED 30 JUNE 2021

	UNAUDITED INDIVIDUAL		UNAUDITED CUMULATIVE
	QUARTER		PERIOD
	Second quarter ended		Six months ended
	30 June		30 June
	2021	2020	2021	2020
	RM'000	RM'000		RM'000	RM'000
Loss for the financial period	(366,716)	(923,178)	(868,031)	(1,377,094)
Other comprehensive income/(loss)
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)	-	(53,165)
Items that may be reclassified
subsequently to profit or loss:
Cash flow hedges
- Fair value gain/(loss)	2,385	(808)	2,970	(3,228)
Foreign currency exchange differences
- Exchange differences on translation of
foreign operations	54,343	(85,068)		357,814	200,038
- Reclassification to profit or loss upon
disposal of a subsidiary	(29,287)	-		(29,287)	-
	25,056	(85,068)	328,527	200,038
Other comprehensive income/(loss), net
27,441	(139,041)	331,497	143,645
of tax
Total comprehensive loss for the	(339,275)	(1,062,219)	(536,534)	(1,233,449)
financial period
Total comprehensive loss
attributable to:
Equity holders of the Company	(319,219)	(1,042,607)	(485,467)	(1,163,052)
Non-controlling interests	(20,056)	(19,612)	(51,067)	(70,397)
	(339,275)	(1,062,219)	(536,534)	(1,233,449)

(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 30 JUNE 2021

	UNAUDITED
	As at		As at
	30.06.2021	31.12.2020
	RM'000		RM'000
ASSETS
Non-current assets
Property, plant and equipment	16,282,268	16,052,434
Land held for property development	180,518	184,596
Investment properties	1,805,908	1,729,677
Intangible assets	4,365,264	4,247,655
Right-of-use assets	737,815	741,623
Associate	1,145,020	1,052,174
Joint venture	40	-
Financial assets at fair value through other comprehensive income	64,421	62,320
Financial assets at fair value through profit or loss	127,425	118,072
Other non-current assets	101,821	102,250
Deferred tax assets	32,789		31,664
	24,843,289	24,322,465
Current assets
Inventories	128,270	121,393
Trade and other receivables	546,692	563,501
Amounts due from related companies	15,876	28,345
Amounts due from an associate	19,761	-
Financial assets at fair value through profit or loss	-	362,585
Restricted cash	7,881	29,163
Cash and cash equivalents	4,992,573		2,452,905
	5,711,053	3,557,892
Assets classified as held for sale	36,853		406,750
	5,747,906	3,964,642
TOTAL ASSETS	30,591,195	28,287,107
EQUITY AND LIABILITIES
Equity attributable to equity holders of the Company
Share capital	1,764,424	1,764,424
Reserves	13,154,253	14,135,312
Treasury shares	(985,868)		(987,934)
	13,932,809	14,911,802
Non-controlling interests	(462,247)		(411,180)
TOTAL EQUITY	13,470,562	14,500,622
Non-current liabilities
Other long term liabilities	275,909	312,112
Long term borrowings	12,850,305	9,069,908
Amount due to a related company	11,978	11,577
Lease liabilities	689,012	705,115
Deferred tax liabilities	691,705	707,208
Derivative financial instruments	1,037		2,849
	14,519,946	10,808,769
Current liabilities
Trade and other payables	2,191,554	2,437,230
Amount due to holding company	9,675	12,919
Amounts due to related companies	21,717	22,015
Amount due to an associate	-	16,733
Short term borrowings	246,137	319,296
Lease liabilities	121,096	144,098
Derivative financial instruments	3,464	4,248
Taxation	7,044		20,000
	2,600,687	2,976,539
Liabilities classified as held for sale	-	1,177
	2,600,687		2,977,716
TOTAL LIABILITIES	17,120,633		13,786,485
TOTAL EQUITY AND LIABILITIES	30,591,195		28,287,107
NET ASSETS PER SHARE (RM)	2.46		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 SIX MONTHS ENDED 30 JUNE 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	-	-	-	-	-	(831,704)	(831,704)	(36,327)	(868,031)
Other comprehensive (loss)/income	-	-	2,970	343,267	-	-	346,237	(14,740)	331,497
Total comprehensive (loss)/income for the
financial period	-	-	2,970	343,267	-	(831,704)	(485,467)	(51,067)	(536,534)
Transactions with owners:
Buy-back of shares	-	-	-	-	(21,257)	-	(21,257)	-	(21,257)
Performance-based employee share scheme	-	-	-	8,086	-	-	8,086	-	8,086
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	-	-	-	(17,974)	2,066	(477,618)	(493,526)	-	(493,526)
At 30 June 2021	1,764,424	(83,898)	(3,969)	1,738,318	(985,868)	11,503,802	13,932,809	(462,247)	13,470,562

(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 SIX MONTHS ENDED 30 JUNE 2020

				Attributable to equity holders of the Company
									Non-
			Fair	Cash Flow	Other	Treasury	Retained		controlling
		Share Capital	Value Reserve Hedges 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 2020.)

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