Golden Agri Resources : Half Year 2021 Financial Statement and Dividend Announcement

GOLDEN AGRI-RESOURCES LTD

Half Year Financial Statement And Dividend Announcement

FINANCIAL HIGHLIGHTS

	1st Half	1st Half
	2021	2020	Change
	US$'000	US$'000	%
Revenue	4,454,329	3,390,569	31.4
Gross Profit	1,060,877	388,538	173.0
EBITDA1	522,718	189,225	176.2
Underlying profit/(loss)2	245,963	(11,377)	n.m.
Net profit/(loss) attributable to owners of the Company	153,214	(156,870)	n.m.
Interim dividend per share (SGD cents)	0.528	-	n.m.

Notes:

1. 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 loss and exceptional item.
2. 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 item 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).

1. Condensed interim consolidated income statement and consolidated statement of comprehensive income

UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2021
		1st Half		1st Half
		2021	2020	Change
	Note	US$'000		US$'000	%
Revenue	E4	4,454,329	3,390,569	31.4
Cost of sales		(3,393,452)		(3,002,031)	13.0
Gross Profit		1,060,877	388,538	173.0
Operating expenses
Selling expenses		(620,997)	(238,931)	159.9
General and administrative expenses		(147,171)		(137,910)	6.7
Total operating expenses		(768,168)		(376,841)	103.8
Operating profit		292,709	11,697	n.m.
Other income/(expenses)
Financial income		11,173	7,328	52.5
Financial expenses		(82,518)	(70,277)	17.4
Share of results of associated companies, net of tax		2,008	1,026	95.7
Share of results of joint ventures, net of tax		13,443	(113)	n.m.
Foreign exchange loss		(8,771)	(48,253)	(81.8)
Other operating income/(expense)		30,767		(3,982)	n.m.
		(33,898)	(114,271)	(70.3)
Exceptional item
Impairment loss of investment in a joint venture		-		(5,372)	(100.0)
Profit/(Loss) before tax	E5	258,811	(107,946)	n.m.
Tax	E6	(85,128)		(38,515)	121.0
Profit/(Loss) for the period		173,683	(146,461)	n.m.
Attributable to:
Owners of the Company		153,214	(156,870)	n.m.
Non-controlling interests		20,469		10,409	96.6
		173,683		(146,461)	n.m.

Note: n.m. - not meaningful.

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1. Condensed interim consolidated income statement and consolidated statement of comprehensive income (cont'd)

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2021
		1st Half		1st Half
		2021	2020
		US$'000		US$'000
Profit/(Loss) for the period	173,683	(146,461)
Other comprehensive income/(loss):
Items that will not be reclassified subsequently to profit or loss:
Actuarial gain/(loss) on post-employment benefits	503	(1,907)
Share of other comprehensive income of:
A joint venture	5	-
An associated company	12	2
Changes in fair value of financial assets at fair value through other
comprehensive income	74,519	(48,314)
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences on consolidation	(5,420)	(15,050)
Share of other comprehensive loss of:
Joint ventures	(1,018)	(2,020)
Associated companies	(411)		(104)
Other comprehensive income/(loss), net of tax	68,190		(67,393)
Total comprehensive income/(loss) for the period, net of tax	241,873	(213,854)
Total comprehensive income/(loss) attributable to:
Owners of the Company	223,207	(220,237)
Non-controlling interests	18,666		6,383
		241,873		(213,854)

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 loss and exceptional item ("EBITDA")

		1st Half		1st Half
		2021	2020	Change
		US$'000		US$'000	%
Earnings before tax, non-controlling interests, interest	522,718	189,225	176.2
on borrowings, depreciation and amortisation, net
gain/(loss) from changes in fair value of biological
assets, foreign exchange loss and exceptional item
("EBITDA")
Interest on borrowings	(80,751)	(68,726)	17.5
Depreciation and amortisation	(176,929)	(166,938)	6.0
Net gain/(loss) from changes in fair value of biological	2,544	(7,882)	n.m.
assets
Foreign exchange loss	(8,771)	(48,253)	(81.8)
Exceptional item	-	(5,372)	(100.0)
Profit/(Loss) before tax
258,811	(107,946)	n.m.

Note: n.m. - not meaningful.

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B	Condensed interim statements of financial position
UNAUDITED STATEMENTS OF FINANCIAL POSITION
				Group		Company
			As at			As at		As at		As at
			30/6/2021	31/12/2020	30/6/2021	31/12/2020
		Note	US$'000			US$'000		US$'000		US$'000
Assets
Current Assets
Cash and cash equivalents	E9	466,769	402,921	188	515
Short-term investments	E10	574,409	694,508	-	-
Trade receivables		598,546	737,203	-	-
Other current assets	E11	459,340	501,127	2,895	2,761
Biological assets		89,042	86,498	-	-
Inventories		1,349,568			935,459		-		-
			3,537,674	3,357,716	3,083	3,276
Non-Current Assets
Long-term receivables and assets	E12	177,944	213,629	-	-
Long-term investments	E14	968,571	872,642	175,612	163,592
Subsidiary companies		-	-	3,429,024	3,429,024
Associated companies		24,775	23,359	-	-
Joint ventures		165,385	152,942	-	-
Investment properties		106	107	-	-
Property, plant and equipment		2,637,315	2,709,883	-	-
Bearer plants		1,379,520	1,416,734	-	-
Deferred tax assets		151,778	180,517	-	-
Intangible assets		196,974			198,851		-		-
			5,702,368			5,768,664		3,604,636		3,592,616
Total Assets		9,240,042			9,126,380		3,607,719		3,595,892

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B Condensed interim statements of financial position (cont'd)

UNAUDITED STATEMENTS OF FINANCIAL POSITION (cont'd)
			Group			Company
			As at	As at		As at		As at
			30/6/2021			31/12/2020	30/6/2021	31/12/2020
	Note	US$'000	US$'000		US$'000		US$'000
Liabilities and Equity
Current Liabilities
Short-term borrowings	E15	1,666,854			1,792,049	-	-
Bonds and notes payable	E15	96,054			153,859	-	-
Lease liabilities	E15	14,334			18,396	-	-
Trade payables			596,271			604,360	-	-
Other payables	E13	390,368			297,693	1,616	1,794
Taxes payable			48,214			22,820		-		-
			2,812,095			2,889,177	1,616	1,794
Non-Current Liabilities
Bonds and notes payables	E15	213,163			113,195	-	-
Long-term borrowings	E15	1,047,926			1,042,740	-	-
Lease liabilities	E15	21,422			24,881	-	-
Deferred tax liabilities			153,916			154,676	-	-
Long-term payables and liabilities			366,169			470,097		289,774		231,813
			1,802,596			1,805,589		289,774		231,813
Total Liabilities			4,614,691			4,694,766		291,390		233,607
Equity Attributable to Owners of the Company
Issued capital	E16	320,939			320,939	320,939	320,939
Share premium			1,216,095			1,216,095	1,850,965	1,850,965
Treasury shares	E16	(37,517)			(37,517)	(37,517)	(37,517)
Other paid-in capital			184,318			184,318	-	-
Other reserves
Option reserve			31,471			31,471		31,471		31,471
Currency translation reserve			(15,808)			(10,411)		-		-
Fair value reserve			139,131			64,612		(91,453)		(91,453)
PRC statutory reserve			4,330			4,330		-		-
Other reserve			36,334			35,463		-		-
			195,458			125,465	(59,982)	(59,982)
Retained earnings			2,544,148			2,436,627		1,241,924		1,287,880
			4,423,441			4,245,927	3,316,329	3,362,285
Non-Controlling Interests			201,910			185,687		-		-
Total Equity			4,625,351			4,431,614		3,316,329		3,362,285
Total Liabilities and Equity			9,240,042			9,126,380		3,607,719		3,595,892

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