2/28/2020 | Financial Statements and Related Announcement::Full Yearly Results |
FINANCIAL STATEMENTS AND RELATED ANNOUNCEMENT::FULL YEARLY RESULTS
Issuer & Securities
Issuer/ Manager
GOLDEN AGRI-RESOURCES LTD
Securities
GOLDEN AGRI-RESOURCES LTD - MU0117U00026 - E5H
Stapled Security
No
Announcement Details
Announcement Title
Financial Statements and Related Announcement
Date &Time of Broadcast
28-Feb-2020 07:42:13
Status
New
Announcement Sub Title
Full Yearly Results
Announcement Reference
SG200228OTHRVWO3
Submitted By (Co./ Ind. Name)
Kimberley Lye Chor Mei
Designation
Director, Corporate Secretarial
Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)
Golden Agri-Resources Ltd has released its unaudited nancial results for the fourth quarter and full year ended 31 December 2019. Please refer to the following attachments in relation thereto:
(1) Unaudited consolidated nancial statements for the year ended 31 December 2019;
- Media Release; and
- Full Year 2019 Results Presentation.
Additional Details
For Financial Period Ended
31/12/2019
2/28/2020 | Financial Statements and Related Announcement::Full Yearly Results | |
Attachments
GAR02-28-02-2020-Results.pdf
GAR02-28-02-2020-Media%20Release.pdf
GAR02-28-02-2020-Results%20Presentation.pdf
Total size =2115K MB
GOLDEN AGRI-RESOURCES LTD
Full Year Financial Statement And Dividend Announcement
FINANCIAL HIGHLIGHTS
Full Year | Full Year | 4th Qtr | 4th Qtr | |||
2019 | 2018 | Change | 2019 | 2018 | Change | |
US$'000 | US$'000 | % | US$'000 | US$'000 | % | |
Revenue | 6,431,799 | 7,167,428 | (10.3) | 1,702,183 | 1,652,517 | 3.0 |
Gross Profit | 831,467 | 1,006,834 | (17.4) | 299,087 | 261,780 | 14.3 |
EBITDA1 | 696,695 | 572,975 | 21.6 | 391,966 | 202,870 | 93.2 |
Underlying profit 2 | 271,815 | 180,717 | 50.4 | 283,917 | 101,296 | 180.4 |
Underlying profit per | ||||||
share (USD cents) | 2.13 | 1.42 | 50.4 | 2.23 | 0.80 | 180.4 |
Net profit/(loss) | ||||||
attributable to | ||||||
owners of the | ||||||
Company | 193,977 | (1,772) | n.m. | 239,563 | 79,314 | 202.0 |
Total dividend per | ||||||
share (SGD cents) | 0.580 | 0.580 | - |
Notes:
- Earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortisation, net gain/(loss) from changes in fair value of biological assets, foreign exchange gain/(loss) and exceptional items.
- Net profit/(loss) attributable to owners of the Company excluding net effect of net gain or loss from changes in fair value of biological assets and depreciation of bearer plants, exceptional items and other non-operating items (foreign exchange gain or loss, net tax impact from tax-based asset revaluations, and other deferred tax income or expense).
- n.m. - not meaningful.
1
PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS
1(a) An income statement and statement of comprehensive income for the group together with a comparative statement for the corresponding period of the immediately preceding financial year
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
Full Year | Full Year | 4th Qtr | 4th Qtr | ||||||
2019 | 2018 | Change | 2019 | 2018 | Change | ||||
US$'000 | US$'000 | % | US$'000 | US$'000 | % | ||||
Revenue | 6,431,799 | 7,167,428 | (10.3) | 1,702,183 | 1,652,517 | 3.0 | |||
Cost of sales | (5,600,332) | (6,160,594) | (9.1) | (1,403,096) | (1,390,737) | 0.9 | |||
Gross Profit | 831,467 | 1,006,834 | (17.4) | 299,087 | 261,780 | 14.3 | |||
Operating expenses | |||||||||
Selling expenses | (354,650) | (522,582) | (32.1) | (90,805) | (126,801) | (28.4) | |||
General and administrative | |||||||||
expenses | (341,115) | (336,276) | 1.4 | (106,685) | (98,287) | 8.5 | |||
Total operating expenses | (695,765) | (858,858) | (19.0) | (197,490) | (225,088) | (12.3) | |||
Operating profit | 135,702 | 147,976 | (8.3) | 101,597 | 36,692 | 176.9 | |||
Other income/(expenses) | |||||||||
Financial income | 18,154 | 37,456 | (51.5) | 3,277 | 9,398 | (65.1) | |||
Financial expenses | (166,524) | (163,931) | 1.6 | (42,445) | (42,799) | (0.8) | |||
Share of results of associated | |||||||||
companies, net of tax | 3,890 | 845 | 360.4 | 470 | (146) | n.m. | |||
Share of results of joint ventures, | |||||||||
net of tax | (13,010) | (40,350) | (67.8) | (452) | (33,037) | (98.6) | |||
Foreign exchange gain/(loss) | 37,263 | (20,497) | n.m. | 13,350 | 25,319 | (47.3) | |||
Other operating income | 242,628 | 125,495 | 93.3 | 205,092 | 115,815 | 77.1 | |||
122,401 | (60,982) | n.m. | 179,292 | 74,550 | 140.5 | ||||
Exceptional items | |||||||||
Gain on disposal of subsidiaries | 12,871 | - | n.m. | 1,379 | - | n.m. | |||
Allowance for impairment loss on | |||||||||
property, plant and equipment | (10,747) | (1,345) | 699.0 | (10,747) | (1,345) | 699.0 | |||
2,124 | (1,345) | n.m. | (9,368) | (1,345) | 596.5 | ||||
Profit before tax | 260,227 | 85,649 | 203.8 | 271,521 | 109,897 | 147.1 | |||
Tax | (47,159) | (83,771) | (43.7) | (29,121) | (30,829) | (5.5) | |||
Profit for the year/period | 213,068 | 1,878 | n.m. | 242,400 | 79,068 | 206.6 | |||
Attributable to: | |||||||||
Owners of the Company | 193,977 | (1,772) | n.m. | 239,563 | 79,314 | 202.0 | |||
Non-controlling interests | 19,091 | 3,650 | 423.0 | 2,837 | (246) | n.m. | |||
213,068 | 1,878 | n.m. | 242,400 | 79,068 | 206.6 |
Note:
(1) n.m. - not meaningful.
2
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
Full Year | Full Year | 4th Qtr | 4th Qtr | |||||
2019 | 2018 | 2019 | 2018 | |||||
US$'000 | US$'000 | US$'000 | US$'000 | |||||
Profit for the year/period | 213,068 | 1,878 | 242,400 | 79,068 | ||||
Other comprehensive income/(loss): | ||||||||
Items that will not be reclassified subsequently to | ||||||||
profit or loss: | ||||||||
Actuarial (loss)/gain on post-employment benefits | (5,071) | 27,015 | 596 | 21,015 | ||||
Share of other comprehensive (loss)/income of joint | ||||||||
ventures | (43) | 33,489 | (44) | 33,540 | ||||
Changes in fair value of financial assets at fair value | ||||||||
through other comprehensive income | 65,859 | 73,667 | 14,087 | 71,413 | ||||
Items that may be reclassified subsequently to | ||||||||
profit or loss: | ||||||||
Foreign currency translation differences on | ||||||||
consolidation | (5,453) | (20,676) | 3,167 | 3,820 | ||||
Share of other comprehensive (loss)/income of: | ||||||||
Joint ventures | (149) | (2,580) | (189) | 301 | ||||
Associates | (146) | (576) | 188 | 536 | ||||
Other comprehensive income, net of tax | 54,997 | 110,339 | 17,805 | 130,625 | ||||
Total comprehensive income for the year/period, | ||||||||
net of tax | 268,065 | 112,217 | 260,205 | 209,693 | ||||
Total comprehensive income attributable to: | ||||||||
Owners of the Company | 250,566 | 109,505 | 257,679 | 208,902 | ||||
Non-controlling interests | 17,499 | 2,712 | 2,526 | 791 | ||||
268,065 | 112,217 | 260,205 | 209,693 |
ADDITIONAL INFORMATION
Earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortisation, net gain/(loss) from changes in fair value of biological assets, foreign exchange gain/(loss) and exceptional items ("EBITDA")
Full Year | Full Year | 4th Qtr | 4th Qtr | |||
2019 | 2018 | Change | 2019 | 2018 | Change | |
US$'000 | US$'000 | % | US$'000 | US$'000 | % | |
Earnings before tax, non- | 696,695 | 572,975 | 21.6 | 391,966 | 202,870 | 93.2 |
controlling interests, interest on | ||||||
borrowings, depreciation and | ||||||
amortisation, net gain/(loss) from | ||||||
changes in fair value of | ||||||
biological assets and foreign | ||||||
exchange gain/(loss) and | ||||||
exceptional items ("EBITDA") |
Interest on borrowings Depreciation and amortisation Net gain/(loss) from changes in fair value of biological assets Foreign exchange gain/(loss) Exceptional items
Profit before tax
Note:
(1) n.m. - not meaningful.
(164,534) | (161,309) | 2.0 | (41,926) | (42,539) | (1.4) | ||
(311,836) | (284,046) | 9.8 | (82,489) | (71,060) | 16.1 | ||
515 | (20,129) | n.m. | (12) | (3,348) | (99.6) | ||
37,263 | (20,497) | n.m. | 13,350 | 25,319 | (47.3) | ||
2,124 | (1,345) | n.m. | (9,368) | (1,345) | 596.5 | ||
260,227 | 85,649 | 203.8 | 271,521 | 109,897 | 147.1 |
3
1(b)(i) A statement of financial position (for the issuer and group), together with a comparative
statement as at the end of the immediately preceding financial year | |||||||||
UNAUDITED STATEMENTS OF FINANCIAL POSITION | |||||||||
Group | Company | ||||||||
As at | As at | As at | As at | ||||||
31/12/2019 | 31/12/2018 | 31/12/2019 | 31/12/2018 | ||||||
US$'000 | US$'000 | US$'000 | US$'000 | ||||||
Assets | |||||||||
Current Assets | |||||||||
Cash and cash equivalents | 209,614 | 192,766 | 58 | 88 | |||||
Short-term investments | 574,747 | 351,855 | - | - | |||||
Trade receivables | 500,663 | 533,692 | - | - | |||||
Other current assets (note (a)) | 663,376 | 804,835 | 11 | 11 | |||||
Inventories | 1,014,557 | 1,002,350 | - | - | |||||
2,962,957 | 2,885,498 | 69 | 99 | ||||||
Non-Current Assets | |||||||||
Long-term receivables and | |||||||||
assets (note (b)) | 232,523 | 323,525 | - | - | |||||
Long-term investments | 1,244,214 | 1,077,772 | 184,445 | 175,065 | |||||
Subsidiary companies | - | - | 3,431,525 | 3,431,355 | |||||
Associated companies | 21,184 | 17,546 | - | - | |||||
Joint ventures | 185,199 | 88,723 | - | - | |||||
Investment properties | 105 | 112 | - | - | |||||
Property, plant and equipment | 2,689,806 | 2,624,108 | - | - | |||||
Bearer plants | 1,029,815 | 1,092,166 | - | - | |||||
Deferred tax assets | 232,667 | 244,023 | - | - | |||||
Intangible assets | 188,217 | 192,107 | - | - | |||||
5,823,730 | 5,660,082 | 3,615,970 | 3,606,420 | ||||||
Total Assets | 8,786,687 | 8,545,580 | 3,616,039 | 3,606,519 |
4
UNAUDITED STATEMENTS OF FINANCIAL POSITION (cont'd) | |||||||||
Group | Company | ||||||||
As at | As at | As at | As at | ||||||
31/12/2019 | 31/12/2018 | 31/12/2019 | 31/12/2018 | ||||||
US$'000 | US$'000 | US$'000 | US$'000 | ||||||
Liabilities and Equity | |||||||||
Current Liabilities | |||||||||
Short-term borrowings | 1,852,319 | 1,376,266 | - | - | |||||
Bonds and notes payable | - | 124,640 | - | - | |||||
Lease liabilities | 18,471 | - | - | - | |||||
Trade payables | 557,707 | 683,349 | - | - | |||||
Other payables (note(c)) | 296,095 | 287,748 | 129,689 | 40,789 | |||||
Taxes payable | 12,513 | 18,899 | - | - | |||||
2,737,105 | 2,490,902 | 129,689 | 40,789 | ||||||
Non-Current Liabilities | |||||||||
Bonds and notes payables | 111,359 | 109,971 | - | - | |||||
Long-term borrowings | 1,141,217 | 1,399,212 | - | - | |||||
Lease liabilities | 20,425 | - | - | - | |||||
Deferred tax liabilities | 85,632 | 78,080 | - | - | |||||
Long-term payables and | |||||||||
liabilities | 178,149 | 157,335 | - | - | |||||
1,536,782 | 1,744,598 | - | - | ||||||
Total Liabilities | 4,273,887 | 4,235,500 | 129,689 | 40,789 | |||||
Equity Attributable to Owners of the Company | |||||||||
Issued capital | 320,939 | 320,939 | 320,939 | 320,939 | |||||
Share premium | 1,216,095 | 1,216,095 | 1,850,965 | 1,850,965 | |||||
Treasury shares | (31,726) | (31,726) | (31,726) | (31,726) | |||||
Other paid-in capital | 184,318 | 184,318 | - | - | |||||
Other reserves | |||||||||
Option reserve | 31,471 | 31,471 | 31,471 | 31,471 | |||||
Currency translation reserve | (20,071) | (16,702) | - | - | |||||
Fair value reserve | 172,547 | 106,688 | (22,145) | 1,640 | |||||
PRC statutory reserve | 3,820 | 3,820 | - | - | |||||
Other reserve | 29,731 | 35,315 | - | - | |||||
217,498 | 160,592 | 9,326 | 33,111 | ||||||
Retained earnings | 2,457,300 | 2,318,426 | 1,336,846 | 1,392,441 | |||||
4,364,424 | 4,168,644 | 3,486,350 | 3,565,730 | ||||||
Non-Controlling Interests | 148,376 | 141,436 | - | - | |||||
Total Equity | 4,512,800 | 4,310,080 | 3,486,350 | 3,565,730 | |||||
Total Liabilities and Equity | 8,786,687 | 8,545,580 | 3,616,039 | 3,606,519 |
5
UNAUDITED STATEMENTS OF FINANCIAL POSITION (cont'd)
Note: | ||||||||||||
(a) | Other Current Assets | |||||||||||
Group | Company | |||||||||||
As at | As at | As at | As at | |||||||||
31/12/2019 | 31/12/2018 | 31/12/2019 | 31/12/2018 | |||||||||
US$'000 | US$'000 | US$'000 | US$'000 | |||||||||
Prepaid expenses | 21,376 | 21,370 | 10 | 10 | ||||||||
Prepaid taxes | 150,311 | 117,481 | - | - | ||||||||
Deposits and advances to suppliers | 152,816 | 243,802 | - | - | ||||||||
Biological assets | 64,304 | 63,789 | - | - | ||||||||
Derivative receivable | 104,169 | 102,742 | - | - | ||||||||
Others | 157,948 | 152,546 | 1 | 1 | ||||||||
650,924 | 701,730 | 11 | 11 | |||||||||
Receivable from joint ventures | 12,105 | 68,230 | - | - | ||||||||
Receivable from related parties | 347 | 34,875 | - | - | ||||||||
663,376 | 804,835 | 11 | 11 | |||||||||
(b) Long-Term Receivables and Assets | ||||||||||||
Group | Company | |||||||||||
As at | As at | As at | As at | |||||||||
31/12/2019 | 31/12/2018 | 31/12/2019 | 31/12/2018 | |||||||||
US$'000 | US$'000 | US$'000 | US$'000 | |||||||||
Loan receivable from joint ventures | ||||||||||||
and an associated company | 21,846 | 80,793 | - | - | ||||||||
Tax recoverable | 157,756 | 204,729 | - | - | ||||||||
Advances for plasma plantations, net | 4,608 | 2,651 | - | - | ||||||||
Advances for projects | 24,831 | 12,290 | - | - | ||||||||
Land clearing | 3,959 | 1,894 | - | - | ||||||||
Advances for investment in land | 1,495 | 1,495 | - | - | ||||||||
Others | 18,028 | 19,673 | - | - | ||||||||
232,523 | 323,525 | - | - | |||||||||
(c) | Other Payables | |||||||||||
Group | Company | |||||||||||
As at | As at | As at | As at | |||||||||
31/12/2019 | 31/12/2018 | 31/12/2019 | 31/12/2018 | |||||||||
US$'000 | US$'000 | US$'000 | US$'000 | |||||||||
Advances and deposits | 113,102 | 138,665 | - | - | ||||||||
Accrued expenses | 59,745 | 52,038 | 334 | 324 | ||||||||
Payable to third parties | 84,694 | 63,189 | - | - | ||||||||
Others | 31,654 | 30,251 | 7 | 7 | ||||||||
289,195 | 284,143 | 341 | 331 | |||||||||
Payable to related parties | 6,900 | 3,605 | 129,348 | 40,458 | ||||||||
296,095 | 287,748 | 129,689 | 40,789 |
6
1(b)(ii) Aggregate amount of group's borrowings and debt securities | ||||||||
As at 31/12/2019 | As at 31/12/2018 | |||||||
US$'000 | US$'000 | |||||||
Secured | Unsecured | Total | Secured | Unsecured | Total | |||
Amount repayable in | ||||||||
one year or less, | ||||||||
or on demand | 1,190,330 | 680,460 | 1,870,790 | 847,888 | 653,018 | 1,500,906 | ||
Amount repayable | ||||||||
after one year | 893,818 | 379,183 | 1,273,001 | 1,219,203 | 289,980 | 1,509,183 | ||
Total | 2,084,148 | 1,059,643 | 3,143,791 | 2,067,091 | 942,998 | 3,010,089 | ||
Details of any collateral
The secured borrowings are collaterised by certain cash and cash equivalents, short-term investments, inventories, trade receivables, bearer plants, biological assets, and property and plant and equipment.
1(c) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
Full Year | Full Year | ||
2019 | 2018 | ||
US$'000 | US$'000 | ||
Cash flows from operating activities | |||
Profit before tax | 260,227 | 85,649 | |
Adjustments for: | 307,133 | 280,407 | |
Depreciation | |||
Amortisation | 4,703 | 3,639 | |
Net (gain)/loss from changes in fair value of biological assets | (515) | 20,129 | |
Unrealised foreign exchange gain | (6,080) | (6,135) | |
Share of results of associated companies, net of tax | (3,890) | (845) | |
Share of results of joint ventures, net of tax | 13,010 | 40,350 | |
(Gain)/Loss on disposal of property, plant and equipment | (1,051) | 793 | |
Property, plant and equipment written off | 980 | 996 | |
Bearer plants written off | 748 | 179 | |
Inventories written off | 373 | - | |
Other receivables written off | 8,762 | 3,134 | |
Write-back of impairment loss on inventories, net | (3,445) | (161) | |
Allowance for impairment loss on property, plant and equipment | 10,747 | 1,345 | |
Provision for expected credit loss on: | |||
Trade receivables, net | 179 | (9) | |
Other receivables, net | 20,006 | 1 | |
(Gain)/Loss on disposal of subsidiaries | (12,871) | 189 | |
Changes in fair value of financial assets at fair value through profit or loss | (233,807) | (131,537) | |
Interest income | (18,154) | (37,456) | |
Interest expense | 164,534 | 161,309 | |
Operating cash flow before working capital changes | 511,589 | 421,977 | |
Changes in operating assets and liabilities: | |||
Trade receivables | (1,230) | (48,442) | |
Other current assets | 75,650 | (166,049) | |
Inventories | (26,651) | 63,137 | |
Trade payables | (77,972) | 138,633 | |
Other payables | 49,377 | 52,314 | |
Cash generated from operations | 530,763 | 461,570 |
7
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019 (cont'd)
Full Year | Full Year | ||||
2019 | 2018 | ||||
US$'000 | US$'000 | ||||
Cash generated from operations | 530,763 | 461,570 | |||
Interest paid | (164,483) | (153,166) | |||
Interest received | 25,604 | 33,088 | |||
Tax paid | (18,874) | (58,225) | |||
Net cash generated from operating activities | 373,010 | 283,267 | |||
Cash flows from investing activities | |||||
Proceeds from disposal of property, plant and equipment | 12,520 | 5,468 | |||
Proceeds from disposal of bearer plants | 512 | 1,083 | |||
Capital expenditure on property, plant and equipment | (250,514) | (229,041) | |||
Capital expenditure on bearer plants | (31,759) | (36,854) | |||
Investments in financial assets, net | (41,806) | (130,695) | |||
Investment in an associated company | - | (6,097) | |||
Cash inflow from non-controlling interest for incorporation of a subsidiary | - | 136 | |||
(Investments in)/Proceeds from Plasma/KKPA Program plantations, net | (1,804) | 1,964 | |||
Net cash inflow from disposal of subsidiaries | 48 | 70,514 | |||
Dividends received from joint ventures | - | 34,405 | |||
Dividends received from an associated company | - | 772 | |||
Payments for deferred expenditure and intangible assets | (18,432) | (25,455) | |||
Net increase in long-term receivables and assets | (23,934) | (26,632) | |||
Net cash used in investing activities | (355,169) | (340,432) | |||
Cash flows from financing activities | |||||
Proceeds from short-term borrowings | 4,893,368 | 4,911,253 | |||
Proceeds from long-term borrowings | 308,454 | 658,467 | |||
Proceeds from notes issue | - | 112,613 | |||
Payments of dividends | (65,745) | (11,537) | |||
Payments of short-term borrowings | (4,523,347) | (4,930,839) | |||
Payments of long-term borrowings | (461,909) | (418,395) | |||
Payments of principal element of leases | (22,700) | - | |||
Payments of bonds and notes payable | (124,869) | (309,262) | |||
Capital subscribed by non-controlling shareholders | 22 | - | |||
Proceeds from dilution of interests in a subsidiary | - | 83,380 | |||
Acquisition of additional interests in a subsidiary | - | (28) | |||
Payments of deferred loan charges and bank loan administration costs | (4,267) | (6,172) | |||
Decrease/(Increase) in cash in banks and time deposits pledged | 31,530 | (766) | |||
Net cash generated from financing activities | 30,537 | 88,714 | |||
Net increase in cash and cash equivalents | 48,378 | 31,549 | |||
Cash and cash equivalents at the beginning of the year | 158,747 | 127,198 | |||
Cash and cash equivalents at the end of the year (See Note below) | 207,125 | 158,747 | |||
Note: | |||||
Cash and cash equivalents included in consolidated statement of cash flows consist of the following: | |||||
31/12/2019 | 31/12/2018 | ||||
US$'000 | US$'000 | ||||
Time deposits, cash and bank balances | 209,614 | 192,766 | |||
Less: Cash in banks and time deposits pledged | (2,489) | (34,019) | |||
207,125 | 158,747 |
8
1(d) (i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year
<------------------------------------- Attributable to Owners of the Company -----------------------> | ||||||||||
Other | Non- | |||||||||
Issued | Share | Treasury | Paid-in | Other | Retained | Controlling | Total | |||
The Group | Capital | Premium | Shares | Capital | Reserves | Earnings | Total | Interests | Equity | |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | ||
Balance at | ||||||||||
31 Dec 2018 | 320,939 | 1,216,095 | (31,726) | 184,318 | 160,592 | 2,318,426 | 4,168,644 | 141,436 | 4,310,080 | |
Effect of adoption | ||||||||||
of IFRS 16 | - | - | - | - | - | (849) | (849) | - | (849) | |
Balance at | ||||||||||
1 Jan 2019 | 320,939 | 1,216,095 | (31,726) | 184,318 | 160,592 | 2,317,577 | 4,167,795 | 141,436 | 4,309,231 | |
Profit for the year | - | - | - | - | - | 193,977 | 193,977 | 19,091 | 213,068 | |
Other | ||||||||||
comprehensive | ||||||||||
income/(loss) | - | - | - | - | 56,589 | - | 56,589 | (1,592) | 54,997 | |
Total | ||||||||||
comprehensive | ||||||||||
income for the | ||||||||||
year | - | - | - | - | 56,589 | 193,977 | 250,566 | 17,499 | 268,065 | |
Dividends paid for | ||||||||||
2018 | - | - | - | - | - | (54,258) | (54,258) | - | (54,258) | |
Dividends paid to | ||||||||||
non-controlling | ||||||||||
shareholders | - | - | - | - | - | - | - | (11,487) | (11,487) | |
Change in interests | ||||||||||
in subsidiaries | - | - | - | - | (163) | - | (163) | 163 | - | |
Disposal of | ||||||||||
subsidiaries | - | - | - | - | 480 | 4 | 484 | 743 | 1,227 | |
Capital subscribed | ||||||||||
by non-controlling | ||||||||||
shareholders | - | - | - | - | - | - | - | 22 | 22 | |
Balance at | ||||||||||
31 Dec 2019 | 320,939 | 1,216,095 | (31,726) | 184,318 | 217,498 | 2,457,300 | 4,364,424 | 148,376 | 4,512,800 |
9
1(d) (i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year
-----------------------------Attributable to Owners of the Company -----------------------------> | ||||||||||
Other | Non- | |||||||||
Issued | Share | Treasury | Paid-in | Other | Retained | Controlling | Total | |||
The Group | Capital | Premium | Shares | Capital | Reserves | Earnings | Total | Interests | Equity | |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | ||
Balance at | ||||||||||
31 Dec 2017 | 320,939 | 1,216,095 | (31,726) | 184,318 | 56,925 | 2,260,432 | 4,006,983 | 101,570 | 4,108,553 | |
Effect of adoption | ||||||||||
of IFRS 9 | - | - | - | - | 29,900 | 70,839 | 100,739 | - | 100,739 | |
Balance at | ||||||||||
1 Jan 2018 | 320,939 | 1,216,095 | (31,726) | 184,318 | 86,825 | 2,331,271 | 4,107,722 | 101,570 | 4,209,292 | |
(Loss)/Income for | ||||||||||
the year | - | - | - | - | - | (1,772) | (1,772) | 3,650 | 1,878 | |
Changes in fair | ||||||||||
value of financial | ||||||||||
assets at FVOCI | - | - | - | - | 73,667 | - | 73,667 | - | 73,667 | |
Other | ||||||||||
comprehensive | ||||||||||
income/(loss) | - | - | - | - | 37,610 | - | 37,610 | (938) | 36,672 | |
Total | ||||||||||
comprehensive | ||||||||||
income/(loss) for | ||||||||||
the year | - | - | - | - | 111,277 | (1,772) | 109,505 | 2,712 | 112,217 | |
Dividends paid for | ||||||||||
2017 | - | - | - | - | - | (11,073) | (11,073) | - | (11,073) | |
Dividends paid to | ||||||||||
non-controlling | ||||||||||
shareholders | - | - | - | - | - | - | - | (464) | (464) | |
Non-controlling | ||||||||||
interest for | ||||||||||
incorporation of | ||||||||||
subsidiaries | - | - | - | - | - | - | - | 136 | 136 | |
Put option reserve | - | - | - | - | (83,380) | - | (83,380) | - | (83,380) | |
Transaction with | ||||||||||
non-controlling | ||||||||||
interests | - | - | - | - | 45,870 | - | 45,870 | 37,482 | 83,352 | |
Balance at | ||||||||||
31 Dec 2018 | 320,939 | 1,216,095 | (31,726) | 184,318 | 160,592 | 2,318,426 | 4,168,644 | 141,436 | 4,310,080 |
10
1(d) (i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year
The Company
Balance at 1 Jan 2019
Loss for the year
Other comprehensive loss
Total comprehensive loss for the year
Dividends paid for 2018
Issued | Share | Treasury | Other | Retained | ||||||
Capital | Premium | Shares | Reserves | Earnings | Total | |||||
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |||||
320,939 | 1,850,965 | (31,726) | 33,111 | 1,392,441 | 3,565,730 | |||||
- | - | - | - | (1,337) | (1,337) | |||||
- | - | - | (23,785) | - | (23,785) | |||||
- | - | - | (23,785) | (1,337) | (25,122) | |||||
- | - | - | - | (54,258) | (54,258) |
Balance at 31 Dec 2019 | 320,939 | 1,850,965 | (31,726) | 9,326 | 1,336,846 | 3,486,350 | |||||
Balance at 1 Jan 2018 as | 320,939 | 1,850,965 | (31,726) | 31,471 | 48,203 | 2,219,852 | |||||
previously announced | |||||||||||
Effect of adoption of IFRS 9 | - | - | - | (6,873) | - | (6,873) | |||||
Balance at 1 Jan 2018 | |||||||||||
320,939 | 1,850,965 | (31,726) | 24,598 | 48,203 | 2,212,979 | ||||||
Profit for the year | - | - | - | - | 1,355,311 | 1,355,311 | |||||
Other comprehensive income | - | - | - | 8,513 | - | 8,513 | |||||
Total comprehensive income for | |||||||||||
- | - | - | 8,513 | 1,355,311 | 1,363,824 | ||||||
the year | |||||||||||
Dividends paid for 2017 | - | - | - | - | (11,073) | (11,073) | |||||
Balance at 31 Dec 2018 | |||||||||||
320,939 | 1,850,965 | (31,726) | 33,111 | 1,392,441 | 3,565,730 | ||||||
1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State the number of shares that may be issued on conversion of all the outstanding convertibles, if any, against the total number of issued shares excluding treasury shares and subsidiary holdings of the issuer, as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year. State also the number of shares held as treasury shares and the number of subsidiary holdings, if any, and the percentage of the aggregate number of treasury shares and subsidiary holdings held against the total number of shares outstanding in a class that is listed as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year
Details of the Company's issued and paid-up capital were as follows:
Number/Percentage of treasury shares
Number of issued shares (excluding treasury shares)
As at | ||
31 Dec 2019 | 31 Dec 2018 | |
102,792,400 / 0.8% | 102,792,400 / 0.8% | |
12,734,756,156 | 12,734,756,156 | |
There were no movements in the Company's issued share capital (excluding treasury shares) since 31 December 2018.
11
1(d)(iii) To show the number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year.
The total number of issued shares excluding treasury shares as at 31 December 2019 and 2018 was 12,734,756,156 ordinary shares.
1(d)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on.
There were no changes in the number of ordinary shares held as treasury shares by the Company since 31 December 2018.
-
Whether the figures have been audited, or reviewed and in accordance with which auditing standard or practice
These figures have not been audited, or reviewed by the auditors. - Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of matter)
Not applicable.
3A. Where the latest financial statements are subject to an adverse opinion, qualified opinion or disclaimer of opinion, (a) updates on the efforts taken to resolve each outstanding audit issue; (b) confirmation from the Board that the impact of all outstanding audit issues on the financial statements have been adequately disclosed. This is not required for any audit issue that is a material uncertainty relating to going concern.
Not applicable.
-
Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied
Except as disclosed in Note 5 below, the Group has applied the same accounting policies and methods of computation consistent with those used in the most recent audited annual financial statements for the year ended 31 December 2018. - If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change
The Group adopted various new and revised IFRSs that are relevant to its operations and effective for period beginning 1 January 2018. Except as disclosed below, the adoption of the new and revised IFRSs has had no material financial impact on the Group's financial statements.
IFRS 16, Leases sets out a revised framework for the recognition, measurement, presentation and disclosure of leases, and replaces existing lease accounting guidance. IFRS 16 requires lessees to recognise right-of-use assets and lease liabilities for all leases with a term of more than 12 months, except where the underlying asset is of low value. The right-of-use asset is depreciated and interest expense is recognised on the lease liability. Right-of-use assets are tested for impairment in accordance with IAS 36, Impairment of Assets. The accounting requirements for lessors have not been changed substantially, and continue to be based on classification as operating and finance leases. Disclosure requirements have been enhanced for both lessors and lessees.
The Group adopted IFRS 16 on 1 January 2019 based on a permitted transition approach that does not restate comparative information, but recognises the cumulative effect of initially applying SFRS(I) 16 as an adjustment to the opening balance of retained earnings on 1 January 2019. The Group also plans to adopt an expedient offered by IFRS 16, exempting the Group from having to reassess whether pre- existing contracts contain a lease.
12
The Group has entered into leasing arrangements with lessors for rental of office premises and properties as lessee. Prior to adoption of IFRS 16, the Group recognised these arrangement as operating leases and payments made under operating leases are recognised in the income statement on a straight-line basis over the period of the lease. Upon adoption of IFRS 16, the Group recognised the right-of-use assets and lease liabilities. The nature of expenses related to those leases will change as IFRS 16 replaces the straight-line operating lease expense with depreciation charge for right-of-use assets and interest expenses on lease liabilities. The Group does not restate the comparative information for the effect of adopting IFRS 16 due to the exemption in IFRS 16 but has instead recognised the effect in retained earnings and other reserves as at 1 January 2019.
The following reconciliations summarise the impacts of transition to IFRS 16 on the Group's financial statements.
Consolidated statement of financial position as at 31 December 2018 and 1 January 2019
Effect of | |||
At 31 Dec 2018 | IFRS 16 | At 1 Jan 2019 | |
US$'000 | US$'000 | US$'000 | |
Property, plant and equipment | 2,624,108 | 47,494 | 2,671,602 |
Other current assets | 804,835 | (3,155) | 801,680 |
Lease liabilities: | |||
Current | - | (25,228) | (25,228) |
Non-current | - | (19,960) | (19,960) |
Retained earnings | 2,318,426 | (849) | 2,317,577 |
6. Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends
The Group | ||||
Full Year | Full Year | 4th Qtr | 4th Qtr | |
2019 | 2018 | 2019 | 2018 | |
Earnings/(Loss) per | ||||
ordinary share for the | ||||
period after deducting any | ||||
provision for preference | ||||
dividends:- | ||||
(i) Based on weighted | USD1.52cents | (USD0.01cents) | USD1.88cents | USD0.62cents |
average number of | ||||
ordinary shares | ||||
- Weighted average | 12,734,756,156 | 12,734,756,156 | 12,734,756,156 | 12,734,756,156 |
number of shares | ||||
(ii) On a fully diluted | Not applicable | Not applicable | Not applicable | Not applicable |
basis | ||||
- Weighted average | Not applicable | Not applicable | Not applicable | Not applicable |
number of shares |
13
7. Net asset value (for the issuer and group) per ordinary share based on issued shares excluding treasury shares of the issuer at the end of the (a) current financial period reported on and (b) immediately preceding financial year
The Group | The Company | |||
As at | As at | As at | As at | |
31 Dec 2019 | 31 Dec 2018 | 31 Dec 2019 | 31 Dec 2018 | |
Net asset value (total assets | ||||
less total liabilities) per | US$0.35 | US$0.34 | US$0.27 | US$0.28 |
ordinary share based on | ||||
existing issued share capital | ||||
of 12,734,756,156 shares |
8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. The review must discuss any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors. It must also discuss any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on
Full Year 2019 | Full Year 2018 | Change | |||
Revenue by segment | US$'000 | US$'000 | % | ||
Plantations and palm oil mills | 1,323,745 | 1,451,275 | (8.8) | ||
Palm, laurics and others | 6,391,668 | 7,101,525 | (10.0) | ||
Inter-segment eliminations | (1,283,614) | (1,385,372) | (7.3) | ||
Total Revenue | 6,431,799 | 7,167,428 | (10.3) | ||
EBITDA by segment | |||||
Plantations and palm oil mills | 298,977 | 390,584 | (23.5) | ||
Palm, laurics and others | 397,864 | 184,235 | 116.0 | ||
Inter-segment eliminations | (146) | (1,844) | (92.1) | ||
Total EBITDA | 696,695 | 572,975 | 21.6 |
Notes:
- EBITDA refers to earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortisation, net gain/(loss) from changes in fair value of biological assets, foreign exchange gain/(loss) and exceptional items.
- Plantations and palm oil mills segment refers to products from upstream business.
- Palm, laurics and others segment refers to processing and merchandising of palm and oilseed based products i.e. bulk, branded, oleo-chemicals and other vegetable oils, as well as production and distribution of other consumer products in China and Indonesia mainly food and beverages.
REVIEW OF PERFORMANCE FOR FULL YEAR ENDED 31 DECEMBER 2019
The Group recorded revenue of US$6,431.8 million for the current year ("FY2019"), a 10.3% decrease compared to US$7,167.4 million in the previous financial year ("FY2018"). Despite weaker crude palm oil ("CPO") prices during the year, EBITDA of the Group was higher at US$696.7 million mainly attributable to improved performance from our palm, laurics and others segment, as well as fair value gain on financial assets recognised in the current year.
PLANTATIONS AND PALM OIL MILLS
Revenue from our plantation and palm oil mills segment decreased by 8.8% to US$1,323.7 million in FY2019, mainly attributable by lower CPO prices and production output. The average international CPO (FOB Belawan) price for the current year was US$523 per tonne, 7.4% lower as compared to US$565 per tonne in the previous year. Total fresh fruit bunch ("FFB") and palm product output for the year decreased to 9,871,000 tonnes and 2,913,000 tonnes respectively as compared to 10,525,000 tonnes and 3,049,000 tonnes respectively in the previous year, primarily affected by the dry weather conditions and the replanting programme. Consequently, EBITDA from our plantations and palm oil mills segment decreased to US$299.0 million in FY2019. EBITDA from our plantations and palm oil mills segment included the allocated net fair value gain on financial assets which is recorded as part of the other operating income.
14
PALM, LAURICS AND OTHERS
Our palm, laurics and others segment refers to all processing and merchandising of palm and oilseeds product, biodiesel, oleo-chemicals and other vegetable oils, as well as production and distribution of other consumer products in China and Indonesia. Revenue from this segment decreased by 10.0% to US$6,391.7 million in FY2019. This was mainly attributable to softer CPO prices and lower sales volume for oilseeds in China, which was offset by the strong demand for biodiesel in Indonesia. Despite lower prices, EBITDA increased from US$184.2 million in FY2018 to US$397.9 million in the current year with better EBITDA margin mainly due to additional contribution from biodiesel and the removal of export levy in Indonesia in the last quarter of 2018 as well as higher allocated net fair value gain on financial assets which is recorded as part of the other operating income.
FINANCIAL EXPENSES, NET
Net financial expenses comprised net interest expenses (after deducting interest income), amortisation of deferred loan charges and other finance charges. Net financial expenses increased from US$126.5 million to US$148.4 million in the current year mainly due to lower interest income from time deposits and investment in the current year.
FOREIGN EXCHANGE GAIN/(LOSS), NET
The Group recorded a net foreign exchange gain of US$37.3 million in the current year as compared to net loss of US$20.5 million in the previous year. This was mainly attributable to the translation gain on net monetary assets as Indonesian Rupiah strengthened against USD during the current year, and fair value gain on forward foreign currency contracts entered to hedge the currency exposure.
SHARE OF RESULTS OF JOINT VENTURES, NET
The Group recorded lower share of loss in joint ventures of US$13.0 million in the current year as compared to US$40.4 million in the previous year. Higher share of loss in the previous year was mainly due to loss incurred by a joint venture which started commercial operations in end of 2017.
OTHER OPERATING INCOME
Net other operating income comprised mainly changes in fair value of biological assets (agricultural produce) and financial assets, income from sales of seedlings and other materials, as well as rental income. Net other operating income increased from US$125.5 million in FY2018 to US$242.6 million in the current year primarily attributable to higher net fair value gain.
EXCEPTIONAL ITEMS
Exceptional items in the current year related to US$12.9 million gain on disposal of certain subsidiaries in Indonesia and US$10.7 million allowance for impairment loss made on certain fixed assets.
TAX
Income tax comprised provision for current and deferred income tax derived by applying the varying statutory tax rates of the different countries in which the Group operates on its taxable profit and taxable temporary difference. No group relief is available for set-off of taxable profits against tax losses of companies within the Group. Net tax expense was lower at US$47.2 million in FY2019 mainly in line with lower taxable income in certain subsidiaries recorded for the current year.
NON-CONTROLLING INTERESTS
Non-controlling shareholders' share of profit increased from US$3.7 million to US$19.1 million in FY2019. This increase was mainly attributable to higher profit recorded in certain subsidiaries.
15
REVIEW OF FINANCIAL POSITION AS AT 31 DECEMBER 2019
The Group adopted IFRS 16, Leases, requiring lessees to recognise right-of-use assets and lease liabilities for all leases with effect from 1 January 2019. The cumulative effect of initial application has been adjusted against the opening balance of retained earnings on 1 January 2019 based on the permitted transition approach. Details and impact of adjustment are disclosed in Note 5 above.
ASSETS
The Group's total assets increased by US$241.1 million to US$8,786.7 million as at end of FY2019 as compared to US$8,545.6 million as at end FY2018.
Total current assets increased by US$77.5 million as at 31 December 2019 mainly due to increase in short-term investments of US$222.9 million mainly resulting from fair value gain, partially offset by decrease in other current assets of US$141.5 million mainly due to lower deposits and advances to suppliers and lower receivables from joint ventures and related parties.
Total non-current assets increased by US$163.6 million mainly due to recognition of right-of-use assets and additional investments in joint ventures, as well as logistics and technology related-investments, partially offset with lower tax recoverable.
LIABILITIES
Total liabilities of the Group increased marginally to US$4,273.9 million as at 31 December 2019. This was mainly attributable to recognition of lease liabilities and higher borrowings, partially offset with lower trade payables.
REVIEW OF CASH FLOWS FOR FULL YEAR ENDED 31 DECEMBER 2019
The Group recorded higher net cash inflow for its operating activities (after payment of taxes and interest expenses) at US$373.0 million in the current year, mainly due to better operating performance and lower working capital requirement for our downstream activities.
Net cash used in investing activities of US$355.2 million was mainly related to capital expenditures on our property, plant and equipment, and additional investments during the current year.
Net cash generated from financing activities of US$30.5 million was mainly due to net proceeds from new loans drawdown, net of dividends payment during the current year.
-
Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results
Not applicable. - A commentary at the date of the announcement of the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months
The recent coronavirus COVID-19 outbreak has created uncertainty and is expected to affect the business sentiments and our operating environment. Nonetheless, the outlook of CPO prices remains positive as production growth is expected to slow down given the age profile of the industry and dry weather conditions in 2019, while the demand growth for CPO is estimated to remain stable underpinned by global food and energy demand, particularly the increase in biodiesel consumption in Indonesia. The Group will continue to enhance its integrated operation capabilities in an efficient and innovative way, so as to optimise profit opportunities across the value chain, as well as to improve its yield, cost efficiency and sustainability initiative.
16
11. Dividend
(a) Current Financial Period Reported On
Any ordinary dividend declared for the current financial period reported on? Yes.
Subject to ordinary shareholders' approval at the Annual Meeting to be held on 27 April 2020, the following ordinary dividend has been proposed:
Name of Dividend: | Proposed final dividend |
Dividend Type: | Cash |
Dividend Amount per share: 0.580 Singapore cents per ordinary share
Number of shares: | 12,734,756,156 |
Tax Rate: | Tax not applicable |
(b) Corresponding Period of the Immediately Preceding Financial Year
Any ordinary dividend declared for the corresponding period of the immediately preceding financial year? Yes.
Name of Dividend: | Proposed final dividend |
Dividend Type: | Cash |
Dividend Amount per share: 0.580 Singapore cents per ordinary share
Number of shares: | 12,734,756,156 |
Tax Rate: | Tax not applicable |
(c) Date payable
Subject to ordinary shareholders' approval at the Annual Meeting to be held on 27 April 2020, the proposed final ordinary dividend for financial year ended 31 December 2019 will be payable on 18 May 2020.
-
Record date
5.00 p.m. on 6 May 2020
12. If no dividend has been declared/recommended, a statement to that effect Not applicable.
17
13. Interested persons transactions disclosure
Aggregate value of | ||||
all interested person | ||||
transactions during | Aggregate value of | |||
the year under | all interested person | |||
review (excluding | transactions | |||
Name of interested person ("IP") | Nature of | transactions less | conducted under | |
relationship | than S$100,000 and | shareholders' | ||
transactions | mandate pursuant | |||
conducted under | to Rule 920 | |||
shareholders' | (excluding | |||
mandate* pursuant | transactions less | |||
to Rule 920) | than S$100,000) | |||
FY2019 | FY2019 | |||
US$ | US$ | |||
PT Asuransi Sinar Mas | #1 | Nil | 6,342,955 | |
PT Bank Sinarmas Tbk ("BSM") | #1 | Nil | 21,549,319 | #2 |
PT Cakrawala Mega Indah ("CMI") | #1 | Nil | 30,910,700 | #3 |
PT Golden Energy Mines Tbk | #1 | Nil | 599,659 | |
PT Indah Kiat Pulp & Paper Tbk | #1 | Nil | 454,227 | |
PT Maritim Sinar Utama | #1 | Nil | 672,267 | |
PT Pindo Deli Pulp and Paper Mills | #1 | Nil | 140,160 | |
PT Rolimex Kimia Nusamas ("RKN") | #1 | Nil | 64,908,268 | #4 |
PT Roundhill Capital Indonesia ("RCI") | #1 | Nil | 15,680,925 | #5 |
PT Royal Oriental | #1 | Nil | 1,550,222 | |
PT Sinar Jati Mitra | #1 | Nil | 476,772 | |
PT Sinar Mas Tjipta | #1 | Nil | 770,000 | |
Total | Nil | 144,055,474 |
Notes:
*
#1
#2
#3
#4
#5
Renewed at GAR's Annual Meeting on 24 April 2019 pursuant to Rule 920 of the listing manual of the SGX-ST ("Listing Manual").
These IPs are regarded as associates of GAR's controlling shareholder under Chapter 9 of the Listing Manual on interested person transactions.
Time deposits and current account placements with BSM during the year. Principal amount of placements as at 31 December 2019 is approximately US$8.06 million.
Purchase of paper products and chemicals from CMI.
Purchase of fertilizers and chemicals from RKN; sale of oleochemical products to RKN.
Purchase of coal from RCI.
18
PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT
14. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year
For management purposes, the Group is organised into business units based on their products and has two reporting operating segments as follows:
Plantations and palm oil mills- comprises the products from upstream business;
Palm, laurics and others | - comprises the processing and merchandising of palm and oilseed based | |||||
products i.e. bulk, branded, oleo-chemicals and other vegetable oils, as | ||||||
well as production and distribution of other consumer products in China | ||||||
and Indonesia mainly food and beverages. | ||||||
Plantations | Palm, | |||||
and palm | laurics and | |||||
oil mills | others | Eliminations | Total | |||
US$'000 | US$'000 | US$'000 | US$'000 | |||
Full year 2019 | ||||||
Revenue from external customers | 40,312 | 6,391,487 | - | 6,431,799 | ||
Inter-segment sales | 1,283,433 | 181 | (1,283,614) | - | ||
Total revenue | 1,323,745 | 6,391,668 | (1,283,614) | 6,431,799 | ||
EBITDA | 298,977 | 397,864 | (146) | 696,695 | ||
Other information | ||||||
Depreciation and amortisation | (211,161) | (100,675) | - | (311,836) | ||
Allowance for impairment loss of property, plant | ||||||
and equipment | - | (10,747) | - | (10,747) | ||
Net gain from changes in fair value of biological | ||||||
assets | 515 | - | - | 515 | ||
Interest on borrowings | (86,717) | (77,817) | - | (164,534) | ||
Share of profit/(loss) of: | ||||||
Associated companies | 1,076 | 2,814 | - | 3,890 | ||
Joint ventures | - | (13,010) | - | (13,010) | ||
Full year 2018 | ||||||
Revenue from external customers | 65,903 | 7,101,525 | - | 7,167,428 | ||
Inter-segment sales | 1,385,372 | - | (1,385,372) | - | ||
Total revenue | 1,451,275 | 7,101,525 | (1,385,372) | 7,167,428 | ||
EBITDA | 390,584 | 184,235 | (1,844) | 572,975 | ||
Other information | ||||||
Depreciation and amortisation | (187,458) | (96,588) | - | (284,046) | ||
Allowance for impairment loss of property, plant | ||||||
and equipment | - | (1,345) | - | (1,345) | ||
Net loss from changes in fair value of biological | ||||||
assets | (20,129) | - | - | (20,129) | ||
Interest on borrowings | (85,733) | (75,576) | - | (161,309) | ||
Share of profit/(loss) of: | ||||||
Associated companies | 149 | 696 | - | 845 | ||
Joint ventures | - | (40,350) | - | (40,350) |
19
GEOGRAPHICAL SEGMENT
An analysis of the Group's revenue from business by geographical location of customers is as follows:
Full Year 2019 | Full Year 2018 | ||
US$'000 | US$'000 | ||
China | 810,750 | 853,214 | |
Indonesia | 1,092,550 | 1,081,681 | |
India | 1,526,533 | 1,591,286 | |
Rest of Asia | 1,585,289 | 2,055,937 | |
Europe | 922,840 | 1,015,425 | |
Others | 493,837 | 569,885 | |
6,431,799 | 7,167,428 |
15. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments
Not applicable.
16. A breakdown of sales
- Sales reported for first half year
- Operating loss after tax before deducting non-controlling interests reported for first half year
- Sales reported for second half year
- Operating profit after tax before deducting non-controlling interests reported for second half year
The Group
2019 | 2018 | % Increase/ |
US$'000 | US$'000 | (Decrease) |
3,166,532 | 3,676,231 | (13.9) |
(35,322) | (24,323) | 45.2 |
3,265,267 | 3,491,197 | (6.5) |
248,390 | 26,201 | 848.0 |
17. A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year
2019 | 2018 | ||
US$'000 | US$'000 | ||
Ordinary - proposed final | 54,834 | 54,258 |
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18. Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(13) of the Listing Manual of the Singapore Exchange Securities Trading Limited as follows:
Name | Age | Family relationship | Current position and | Details of |
with any director, | duties, and the year the | changes in | ||
chief executive | position was first held | duties and | ||
officer and/or | position held, | |||
substantial | if any, during | |||
shareholder | the year | |||
Franky Oesman | 62 | Brother of Muktar | GAR: | |
Widjaja | Widjaja, Director of | Chairman and Chief | No changes | |
GAR | Executive Officer since | |||
2000 and 1996 | ||||
respectively. | ||||
Overall responsible for the | ||||
strategic direction and | ||||
management of the | ||||
Group's operations. | ||||
Muktar Widjaja | 65 | Brother of Franky | GAR: | |
Oesman Widjaja, | Director and President | No changes | ||
Director of GAR | since 1999 and 2000 | |||
respectively. | ||||
Jesslyne Widjaja | 35 | Daughter of Franky | GAR Group: | |
Oesman Widjaja, Niece | Director - Corporate | No changes | ||
of Muktar Widjaja, | Strategy & Business | |||
Directors of GAR | Development since 2014. | |||
Oversee all corporate | ||||
strategy, business | ||||
development and | ||||
organizational | ||||
development activities. | ||||
19. Confirmation pursuant to the Rule 720(1) of the listing manual
The Company confirms that it has procured undertakings from all its directors and executive officers in the form set out in Appendix 7.7 under Rule 720(1) of the Listing Manual.
BY ORDER OF THE BOARD
Rafael Buhay Concepcion, Jr.
Director
28 February 2020
Submitted by Kimberley Lye Chor Mei, Director, Corporate Secretarial on 28 February 2020 to the SGX
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gar - Golden Agri-Resources Ltd. published this content on 28 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2020 04:12:06 UTC