Kuala Lumpur Kepong Berhad : Second Quarter 2022Ended 31 March 2022

KUALA LUMPUR KEPONG BERHAD

197301001526 (15043-V)

Interim Financial Report

For the second quarter ended 31 March 2022

KUALA LUMPUR KEPONG BERHAD

197301001526 (15043-V)

The Directors are pleased to announce the unaudited financial results of the Group for the second quarter ended 31 March 2022.

Condensed Consolidated Statement of Profit or Loss

For the second quarter ended 31 March 2022

(The figures have not been audited.)

			Individual Quarter		Cumulative Quarter
			3 months ended		6 months ended
			31 March		31 March
			2022	2021	+/(-)	2022	2021	+/(-)
			RM'000	RM'000	%	RM'000	RM'000	%
Revenue	6,382,551	4,508,712	41.6	13,211,419	8,808,505	50.0
Operating expenses	(5,669,805)	(4,054,859)	39.8	(11,629,678)	(7,961,959)	46.1
Other operating income	115,237	223,418	(48.4)	254,442	371,653	(31.5)
Finance costs	(79,665)	(57,485)	38.6	(154,699)	(115,745)	33.7
Net reversals of impairment on
financial assets	17,180	4,634	270.7	22,908	3,031	655.8
Share of results of associates	25,127	24,409	2.9	28,565	28,328	0.8
Share of results of joint ventures	(7,304)	444	N/M	5,466	9,342	(41.5)
Profit before taxation	783,321	649,273	20.6	1,738,423	1,143,155	52.1
Taxation	(171,040)	(129,223)	32.4	(448,589)	(215,398)	108.3
Net profit for the period	612,281	520,050	17.7	1,289,834	927,757	39.0
Attributable to:
Equity holders of the Company	546,570	490,439	11.4	1,145,894	847,847	35.2
Non-controlling interests	65,711	29,611	121.9	143,940	79,910	80.1
			612,281	520,050	17.7	1,289,834	927,757	39.0
			Sen	Sen		Sen	Sen
Earnings per share - basic	50.7	45.5		106.3	78.6
Earnings per share - diluted	N/A	N/A		N/A	N/A
N/M	-	Not meaningful
N/A	-	Not applicable

The Condensed Consolidated Statement of Profit or Loss should be read in conjunction with the Annual Financial Report for the year ended 30 September 2021.

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KUALA LUMPUR KEPONG BERHAD

197301001526 (15043-V)

Condensed Consolidated Statement of Other Comprehensive Income

For the second quarter year ended 31 March 2022

(The figures have not been audited.)

	Individual Quarter	Cumulative Quarter
	3 months ended	6 months ended
	31 March		31 March
	2022	2021	2022	2021
	RM'000	RM'000	RM'000	RM'000
Net profit for the period	612,281	520,050	1,289,834	927,757
Other comprehensive (loss)/income that
will be reclassified subsequently to
profit or loss
Currency translation differences	(9,221)	42,102	(26,116)	106,639
Share of other comprehensive income/(loss)
in associates	23,139	(51,556)	23,139	(51,556)
	13,918	(9,454)	(2,977)	55,083
Other comprehensive income that
will not be reclassified subsequently to
profit or loss
Net change in fair value of equity
instruments	148,621	28,346	172,361	64,902
Share of other comprehensive income in
associates	19,544	16,545	19,544	16,545
	168,165	44,891	191,905	81,447
Total other comprehensive income for the
period	182,083	35,437	188,928	136,530
Total comprehensive income for the period	794,364	555,487	1,478,762	1,064,287
Attributable to:
Equity holders of the Company	718,531	525,460	1,334,978	975,998
Non-controlling interests	75,833	30,027	143,784	88,289
	794,364	555,487	1,478,762	1,064,287

The Condensed Consolidated Statement of Other Comprehensive Income should be read in conjunction with the Annual Financial Report for the year ended 30 September 2021.

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KUALA LUMPUR KEPONG BERHAD

197301001526 (15043-V)

Condensed Consolidated Statement of Financial Position

As at 31 March 2022

(The figures have not been audited.)

	31 March		30 September
	2022	2021
	RM'000		RM'000
Assets
Property, plant and equipment	11,753,590	11,014,851
Right-of-use assets	1,370,844	1,316,628
Inventories	1,990,410	2,035,257
Goodwill on consolidation	329,696	327,417
Intangible assets	18,741	20,907
Investments in associates	2,035,660	1,777,894
Investments in joint ventures	164,196	179,649
Other investments	762,058	598,959
Other receivables	394,350	444,389
Deferred tax assets	337,111		338,660
Total non-current assets	19,156,656		18,054,611
Inventories	3,778,839	2,991,026
Biological assets	215,664	210,218
Trade and other receivables	3,098,251	3,167,272
Contract assets	45,861	7,448
Tax recoverable	28,242	25,021
Derivative financial assets	219,017	162,459
Short term funds	1,153,678	253,405
Cash and cash equivalents	2,818,357		3,205,971
Total current assets	11,357,909		10,022,820
Total assets	30,514,565	28,077,431
Equity
Share capital	1,379,249	1,375,695
Reserves	11,886,855		10,510,376
	13,266,104	11,886,071
Less: Cost of treasury shares	(24,504)		(26,809)
Total equity attributable to equity holders of the Company	13,241,600	11,859,262
Non-controlling interests	1,741,542		2,347,778
Total equity	14,983,142	14,207,040
Liabilities
Deferred tax liabilities	1,084,497	965,959
Lease liabilities	123,272	133,457
Deferred income	94,095	98,465
Provision for retirement benefits	560,238	559,576
Borrowings	7,248,832		5,612,880
Total non-current liabilities	9,110,934		7,370,337
Trade and other payables	1,928,335	2,734,106
Contract liabilities	142,114	120,584
Deferred income	8,585	8,598
Lease liabilities	23,686	24,975
Borrowings	3,771,434	3,152,482
Tax payable	225,500	221,142
Derivative financial liabilities	320,835		238,167
Total current liabilities	6,420,489		6,500,054
Total liabilities	15,531,423		13,870,391
Total equity and liabilities	30,514,565	28,077,431
Net assets per share attributable to equity holders
of the Company (RM)	12.28	11.00

The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Annual Financial Report for the year ended 30 September 2021.

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								KUALA LUMPUR KEPONG BERHAD
									197301001526 (15043-V)
	Condensed Consolidated Statement of Changes in Equity
		For the second quarter ended 31 March 2022
		(The figures have not been audited.)
			Attributable to the equity holders of the Company
			Exchange	Fair					Non-
	Share	Capital	fluctuation	value	Retained	Other	Treasury		controlling	Total
	capital	reserve	reserve	reserve	earnings	reserve	shares	Total	interests	Equity
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
At 1 October 2021	1,375,695	1,568,336	113,371	743,755	9,019,962	(935,048)	(26,809)	11,859,262	2,347,778	14,207,040
Net change in fair value of equity instruments	-	-	-	172,361	-	-	-	172,361	-	172,361
Transfer of reserves	-	69,776	-	-	(69,776)	-	-	-	-	-
Share of comprehensive income in associates	-	-	23,139	-	19,544	-	-	42,683	-	42,683
Currency translation differences	-	266	(26,226)	-	-	-	-	(25,960)	(156)	(26,116)
Total other comprehensive income/(loss) for the period	-	70,042	(3,087)	172,361	(50,232)	-	-	189,084	(156)	188,928
Profit for the period	-	-	-	-	1,145,894	-	-	1,145,894	143,940	1,289,834
Total comprehensive income/(loss) for the period	-	70,042	(3,087)	172,361	1,095,662	-	-	1,334,978	143,784	1,478,762
Acquisition through business combination	-	-	-	-	-	-	-	-	213,189	213,189
Expiry of unconditional mandatory general offer on
acquisition of remaining shares in a subsidiary	-	-	-	-	-	126,798	-	126,798	-	126,798
Purchase of shares from non-controlling interests	-	-	6	-	(25,492)	808,250	-	782,764	(834,142)	(51,378)
Issuance of shares to non-controlling interests	-	-	-	-	-	-	-	-	10	10
Surplus on capital reduction	-	(4,700)	-	-	4,700	-	-	-	-	-
Employees' share grant scheme	3,554	-	-	-	-	-	2,305	5,859	-	5,859
Effect of changes in shareholdings in subsidiaries	-	-	(2,552)	-	(2,984)	-	-	(5,536)	1,996	(3,540)
Dividend paid - FY2021 final	-	-	-	-	(862,525)	-	-	(862,525)	-	(862,525)
Dividends paid to non-controlling interests	-	-	-	-	-	-	-	-	(131,073)	(131,073)
Total transactions with owners of the Company	3,554	(4,700)	(2,546)	-	(886,301)	935,048	2,305	47,360	(750,020)	(702,660)
At 31 March 2022	1,379,249	1,633,678	107,738	916,116	9,229,323	-	(24,504)	13,241,600	1,741,542	14,983,142

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