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
Attachments
- Original document
- Permalink
Disclaimer
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.