SAVOLA GROUP COMPANY

(A Saudi Joint Stock Company)

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS - (UNAUDITED) For the three-month period ended March 31, 2021 together with the Independent Auditor's Review Report

SAVOLA GROUP COMPANY

(A Saudi Joint Stock Company)

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS - (UNAUDITED) For the three-monthperiod ended March 31, 2021

INDEX

Page

Independent auditor's report on review of the condensed consolidated interim financial

-

statements

Condensed Consolidated Statement of Financial Position

1

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

2 - 3

Condensed Consolidated Statement of Changes in Equity

4 - 5

Condensed Consolidated Statement of Cash Flows

6 - 7

Notes to the Condensed Consolidated Interim Financial Statements

8 - 32

SAVOLA GROUP COMPANY (A Saudi Joint Stock Company)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Expressed in thousands of Saudi Riyal unless otherwise stated)

March 31,

December 31,

2021

2020

Note

(Unaudited)

(Audited)

ASSETS

Property, plant and equipment

6,309,757

6,361,632

Right-of-use assets

3,806,246

3,912,128

Intangible assets and goodwill

842,791

820,157

Investment property

25,875

26,677

Equity-accounted investees

5

9,178,436

9,054,136

Investments at fair value through other comprehensive income

6

524,263

387,196

Long term receivables

7,558

7,547

Derivative

1,781

2,311

Deferred tax asset

26,454

29,800

Non-current assets

20,723,161

20,601,584

Inventories

4,138,152

3,067,033

Trade receivables

1,768,631

1,182,226

Prepayments and other receivables

1,312,033

1,111,371

Investments at fair value through profit or loss

6

26,881

2,792

Cash and bank balances

4

1,165,345

1,093,378

Current assets

8,411,042

6,456,800

TOTAL ASSETS

29,134,203

27,058,384

EQUITY

Share capital

7

5,339,807

5,339,807

Shares held under employees' share based payment plan

8

(16,509)

(16,509)

Share premium

342,974

342,974

Statutory reserve

9

1,774,085

1,774,085

General reserve

4,000

4,000

Other reserves

32,557

(94,585)

Effect of transactions with non-controlling interests without

change in control

(187,979)

(187,979)

Foreign currency translation reserve

(1,972,641)

(1,966,648)

Retained earnings

3,190,823

3,036,997

Equity attributable to owners of the Company

8,507,117

8,232,142

Non-controlling interests

953,341

932,412

TOTAL EQUITY

9,460,458

9,164,554

LIABILITIES

Loans and borrowings

10

4,486,655

4,464,301

Lease liabilities

3,693,462

3,723,132

Employee benefits

813,614

803,870

Long-term payables

247,825

248,592

Derivative

184,750

190,562

Provision against asset restoration

147,035

146,466

Deferred tax liability

136,217

133,051

Non-current liabilities

9,709,558

9,709,974

Loans and borrowings

10

3,083,905

2,436,015

Lease liabilities

571,825

642,881

Trade payables

3,611,617

2,474,998

Accrued and other liabilities

2,696,840

2,629,962

Current liabilities

9,964,187

8,183,856

TOTAL LIABILITIES

19,673,745

17,893,830

TOTAL EQUITY AND LIABILITIES

29,134,203

27,058,384

The accompanying notes 1 to 20 form an integral part of these condensed consolidated interim financial statements.

1

SAVOLA GROUP COMPANY (A Saudi Joint Stock Company)

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

For the three-month period ended March 31,

(Expressed in thousands of Saudi Riyal unless otherwise stated)

Note

2021

2020

Revenues

15

5,953,570

5,922,884

Cost of revenues

15

(4,741,944)

(4,699,888)

Gross profit

1,211,626

1,222,996

Share of results of equity-accounted investees, net of zakat and

tax

128,469

135,104

Selling and distribution expenses

(719,740)

(740,945)

Administrative expenses

(247,644)

(208,670)

Results from operating activities

372,711

408,485

Finance income

15,438

11,717

Finance cost

(167,224)

(193,598)

Net finance cost

(151,786)

(181,881)

Profit before zakat and income tax

220,925

226,604

Zakat and income tax expense

11

(29,601)

(28,169)

Net profit for the period

191,324

198,435

Other Comprehensive Income / (Loss)

Items that will not be reclassified to profit or loss

Re-measurements of defined benefit liability

--

(23,079)

Investments at fair value through other comprehensive income

- net change in fair value

137,067

(60,571)

Items that are or may be reclassified to profit or loss

Foreign operations - foreign currency translation differences

(4,623)

(60,522)

Equity accounted investees - share of other comprehensive

income

(4,163)

(23,376)

Cash flow hedges - effective portion of changes in fair value

(9,394)

762

Other comprehensive income / (loss)

118,887

(166,786)

Total comprehensive income for the period

310,211

31,649

The accompanying notes 1 to 20 form an integral part of these condensed

consolidated interim financial statements.

2

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SAVOLA Group Company SJSC published this content on 28 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2021 10:24:06 UTC.