9M 2021 Financial Results

FINANCIAL STATEMENTS

Unaudited Condensed Consolidated Financial Statements

NOBLE GROUP HOLDINGS LIMITED (Incorporated in Bermuda with limited liability)

For the nine months ended 30 September 2021

FINANCIAL STATEMENTS

NOBLE GROUP HOLDINGS LIMITED

Condensed consolidated income statement and other comprehensive income For the nine months ended 30 September 2021

REVENUE

Cost of sales and services

Operating income/(loss) from supply chains

Profit/(loss) on supply chain assets

Share of profits and losses of:

Joint ventures

Associates

TOTAL OPERATING INCOME/(LOSS)

Other income net of other expenses

Selling, administrative and operating expenses

PROFIT/(LOSS) BEFORE INTEREST AND TAX

Finance income

Finance costs

LOSS BEFORE TAX

Taxation

LOSS FOR THE PERIOD

1 Jan to	1 Jan to
30 Sep 2021	30 Sep 2020
(unaudited)	(unaudited)
US$'000	US$'000
	(restated)
2,623,212	2,042,326
(2,519,631)	(2,092,959)
103,581	(50,633)
36,017	(58,313)
4,041	124
(20,780)	(94,339)
122,859	(203,161)
8,294	4,683
(77,763)	(105,161)
53,390	(303,639)
8,320	55,881
(132,905)	(131,837)
(71,195)	(379,595)
(1,001)	3,559
(72,196)	(376,036)

Attributable to:
Equity holders of the parent	(72,272)	(375,734)
Non-controlling interests	76	(302)
		(72,196)	(376,036)
OTHER COMPREHENSIVE INCOME
Net other comprehensive loss that may be reclassified to profit or loss in subsequent periods:
Share of other comprehensive income/(loss) of associates	(386)	727
Exchange differences on translation of foreign operations		(2,869)	862
Net other comprehensive loss that will not be reclassified to profit or loss in subsequent periods:
Net income/(loss) on equity instruments at fair value through other
comprehensive income ("FVOCI")	155	(22,942)
Remeasurement of post-employment benefit obligations		(199)	(26)
OTHER COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX		(3,299)	(21,379)
TOTAL OTHER COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX		(75,495)	(397,415)
Attributable to:
Equity holders of the parent	(75,571)	(397,113)
Non-controlling interests	76	(302)
		(75,495)	(397,415)

FINANCIAL STATEMENTS

NOBLE GROUP HOLDINGS LIMITED

Condensed consolidated statement of financial position 30 September 2021

NON-CURRENT ASSETS

Property, plant and equipment

Investments in joint ventures

Investments in associates

Equity instruments at FVOCI

Long term loans

Net investment in lease

Deferred tax assets

Total non-current assets

CURRENT ASSETS

Cash and cash equivalents Trade receivables

Prepayments, deposits and other receivables

Fair value gains on commodity and other derivative financial instruments Net investment in lease

Inventories Tax recoverable

Assets in subsidiaries classified as held for sale

Total current assets

CURRENT LIABILITIES

Trade and other payables and accrued liabilities Accrued interest on bonds

Fair value losses on commodity and other derivative financial instruments Lease liabilities

Bank debts Bonds Tax payable

Liabilities in subsidiaries classified as held for sale

Total current liabilities

NET CURRENT ASSETS/(LIABILITIES)

TOTAL ASSETS LESS CURRENT LIABILITIES

As at	As at
30 Sep 2021	31 Dec 2020
(unaudited)	(audited)
US$'000	US$'000
228,785	261,643
10,442	6,526
394,352	413,402
18,400	45,517
7,270	14,993
-	2,141
97,644	97,834
756,893	842,056
390,681	377,372
343,833	216,064
161,466	147,599
181,123	81,878
10,810	5,032
165,901	103,566
13,482	13,425
1,267,296	944,936
113	77
1,267,409	945,013
498,414	378,372
17,267	1,881
172,101	57,272
25,872	42,656
92,608	16,717
536,072	-
16,609	18,729
1,358,943	515,627
6,458	6,234
1,365,401	521,861
(97,992)	423,152
658,901	1,265,208
	continued/

FINANCIAL STATEMENTS

NOBLE GROUP HOLDINGS LIMITED

Condensed consolidated statement of financial position 30 September 2021

	As at	As at
	30 Sep 2021	31 Dec 2020
	(unaudited)	(audited)
	US$'000	US$'000
NON-CURRENT LIABILITIES
Lease liabilities	10,733	65,267
Bank debts	-	5,345
Bonds	975,280	1,444,981
Total non-current liabilities	986,013	1,515,593
NET LIABILITIES	(327,112)	(250,385)
DEFICIENCY IN ASSETS
Equity attributable to equity holders of the parent
Issued capital	6,638	6,638
Contributed surplus	101,877	101,877
Capital securities	25,000	25,000
Reserves	(15,118)	(25,810)
Accumulated losses	(628,335)	(540,863)
	(509,938)	(433,158)
Preference shares to non-controlling interests in a subsidiary	180,000	180,000
Non-controlling interest	3,461	3,390
Non-controlling interests attributable to subsidiaries classified as held for sale	(635)	(617)
	182,826	182,773
TOTAL DEFICIENCY IN ASSETS	(327,112)	(250,385)

FINANCIAL STATEMENTS

NOBLE GROUP HOLDINGS LIMITED

Condensed consolidated statement of changes in equity

For the nine months ended 30 September 2021

				Attributable to equity holders of the parent
					Reserves
												Non-controlling
					Fair value					Preference		interests
				Share-	reserve of				shares to non-		attributable to
				based	equity	Exchange				controlling	Non-	subsidiaries
	Issued Contributed	Capital	payment	instruments	fluctuation	Other	Accumulated		interests in	controlling	classified as	Total
	capital	surplus	securities	reserve	at FVOCI	reserve	reserves	losses	Total	a subsidiary	interests	held for sale	equity
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
At 1 January 2020	6,638	101,877	25,000	554	(11,436)	(1,771)	(1,049)	(62,884)	56,929	180,000	3,541	1,452	241,922
Adjustment on correction of error (net of tax)	-	-	-	-	-	-	-	(15,080)	(15,080)	-	-	-	(15,080)
At 1 January 2020 (restated)	6,638	101,877	25,000	554	(11,436)	(1,771)	(1,049)	(77,964)	41,849	180,000	3,541	1,452	226,842
Loss for the period	-	-	-	-	-	-	-	(375,734)	(375,734)	-	(178)	(124)	(376,036)
Other comprehensive loss for the period, net of tax	-	-	-	-	(22,942)	1,589	(26)	-	(21,379)	-	-	-	(21,379)
Total comprehensive loss, net of tax	-	-	-	-	(22,942)	1,589	(26)	(375,734)	(397,113)	-	(178)	(124)	(397,415)
Share-based payments	-	-	-	384	-	-	-	-	384	-	-	-	384
Transfer of fair value reserve of equity instruments
designated at FVOCI	-	-	-	-	2,611	-	-	(2,611)	-	-	-	-	-
Capital securities dividend	-	-	-	-	-	-	-	(312)	(312)	-	-	-	(312)
At 30 September 2020 (unaudited)	6,638	101,877	25,000	938	(31,767)	(182)	(1,075)	(456,621)	(355,192)	180,000	3,363	1,328	(170,501)
At 1 January 2021 (unaudited)	6,638	101,877	25,000	1,234	(26,425)	4,261	(4,880)	(540,863)	(433,158)	180,000	3,390	(617)	(250,385)
Profit/(loss) for the period	-	-	-	-	-	-	-	(72,272)	(72,272)	-	94	(18)	(72,196)
Other comprehensive loss for the period, net of tax	-	-	-	-	155	(3,255)	(199)	-	(3,299)	-	-	-	(3,299)
Total comprehensive income/(loss), net of tax	-	-	-	-	155	(3,255)	(199)	(72,272)	(75,571)	-	94	(18)	(75,495)
Disposal of subsidiaries	-	-	-	-	-	(2,294)	-	-	(2,294)	-	(23)	-	(2,317)
Share-based payments	-	-	-	287	-	-	-	-	287	-	-	-	287
Transfer of fair value reserve of equity instruments
designated at FVOCI	-	-	-	-	15,998	-	-	(15,998)	-	-	-	-	-
Capital securities dividend written back	-	-	-	-	-	-	-	798	798	-	-	-	798
At 30 September 2021 (unaudited)	6,638	101,877	25,000	1,521	(10,272)	(1,288)	(5,079)	(628,335)	(509,938)	180,000	3,461	(635)	(327,112)