UEM Sunrise : 2023 Q1

UEM SUNRISE BERHAD

Registration No. 200801028815 (830144-W)

Incorporated In Malaysia

QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2023

THE FIGURES HAVE NOT BEEN AUDITED

I(A). CONDENSED CONSOLIDATED INCOME STATEMENT

			INDIVIDUAL QUARTER	CUMULATIVE QUARTER
				Preceding year	Three		Three
			Current year		corresponding	months		months
			quarter		quarter	to		to
		Note	31/03/2023	31/03/2022		31/03/2023	31/03/2022
			RM'000		RM'000	RM'000		RM'000
1. (a)	Revenue		240,778	416,451		240,778	416,451
(b)	Cost of sales		(134,662)		(317,587)		(134,662)		(317,587)
(c)	Gross profit		106,116	98,864		106,116	98,864
(d)	Other income		13,041	13,410		13,041	13,410
(e)	Expenses		(55,699)	(59,652)		(55,699)	(59,652)
(f)	Finance costs		(34,036)	(34,936)		(34,036)	(34,936)
(g)	Foreign exchange gain		3,169	6,662		3,169	6,662
(h)	Share of net results of associates		(693)	1,169		(693)	1,169
(i)	Share of net results of joint ventures		(4,281)		10,262		(4,281)		10,262
(j)	Profit before income tax		27,617	35,779		27,617	35,779
(k)	Income tax expense	14	(11,845)		(16,575)		(11,845)		(16,575)
(l)	Profit for the period		15,772	19,204		15,772	19,204
Attributable to:
(m) Owners of the Parent		15,354	19,020		15,354	19,020
(n)	Non-controlling Interests		418		184		418		184
	Profit for the period		15,772	19,204		15,772	19,204
2. Earning per share based on
1(m) above	21	0.30 sen		0.38 sen	0.30 sen		0.38 sen

The condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the Annual Audited Financial Statements for the year ended 31 December 2022 and the accompanying explanatory notes attached to this quarterly announcement.

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UEM SUNRISE BERHAD

Registration No. 200801028815 (830144-W)

Incorporated In Malaysia

I(B). CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Profit for the period

Other comprehensive (expense)/income to be reclassified to profit

or loss in subsequent period:

INDIVIDUAL QUARTER	CUMULATIVE QUARTER
	Preceding year	Three	Three
Current year	corresponding	months	months
quarter	quarter	to	to
31/03/2023	31/03/2022	31/03/2023	31/03/2022
RM'000	RM'000	RM'000	RM'000
15,772	19,204	15,772	19,204

Foreign currency translation differences for foreign operations

Total other comprehensive (expense)/ income for the period, net of tax

Total comprehensive (expense)/ income for the period

Attributable to:

Owners of the Parent

Non-controlling Interests

Total comprehensive (expense)/ income for the period

(17,256)			20,029
(17,256)	20,029
(1,484)	39,233
(1,942)	39,073
458	160
(1,484)	39,233

(17,256)		20,029
(17,256)	20,029
(1,484)	39,233
(1,942)	39,073
458	160
(1,484)	39,233

The condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the Annual Audited Financial Statements for the year ended 31 December 2022 and the accompanying explanatory notes attached to this quarterly announcement.

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UEM SUNRISE BERHAD

Registration No. 200801028815 (830144-W)

Incorporated In Malaysia

I(C). REMARKS TO CONDENSED CONSOLIDATED INCOME STATEMENT

		INDIVIDUAL QUARTER	CUMULATIVE QUARTER
			Preceding year	Three	Three
		Current year	corresponding	months	months
		quarter	quarter	to	to
	Note	31/03/2023	31/03/2022	31/03/2023	31/03/2022
		RM'000	RM'000	RM'000	RM'000
Profit before income tax is arrived
at after charging/(crediting):
Finance costs		34,036	34,936	34,036	34,936
Depreciation		12,752	13,563	12,752	13,563
Interest income		(8,392)	(4,857)	(8,392)	(4,857)
(Gain)/loss on foreign exchange:
- unrealised		(3,171)	(6,613)	(3,171)	(6,613)
- realised		2	(49)	2	(49)
Dividend income from investment
at fair value through profit or loss		34	(25)	34	(25)
Write back of impairment
of receivables		-	(556)	-	(556)
Net allowance for doubtful debts		307	(15)	307	(15)
Loss on disposal of subsidiaries	(a)	-	479	-	479

Other than the above, there was no write-off of inventories, write-back of impairment of assets, exceptional items and reversal of provisions for the costs of restructuring.

1. On 18 March 2022, Sunrise Berhad, a wholly-owned subsidiary of the Company, completed the Share Sale and Purchase Agreement ("SSPA") with SCM Property Management Sdn Bhd ("Purchaser") for the disposal of 100% equity in SCM Property Services Sdn Bhd ("SCM") for a total sale consideration of RM1.7 million. Consequently, SCM ceased to be an indirect subsidiary of the Company ("SCM disposal").

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UEM SUNRISE BERHAD

Registration No. 200801028815 (830144-W)

Incorporated In Malaysia

II. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited	Audited
As at current	As at preceding

financial year end financial year end

ASSETS

1. Non-current assets

Property, plant and equipment Investment properties Right-of-use assets

Land held for property development Interests in associates

Interests in joint ventures Amounts due from joint ventures Goodwill

Deferred tax assets Long term receivables

2. Current assets

Property development costs Inventories held for sale Inventories under contract of sale Receivables

Contract assets

Amounts due from associates Amounts due from joint ventures Short term investments

Cash, bank balances and deposits

Assets classified as held for sale

31/03/2023

RM'000

401,740

776,445

20,755

5,149,506

833,304

886,242

156,982

621,409

274,221

362,316

9,482,920

991,088

175,650

97,068

634,051

319,125

10,211

104,320

157,015

1,100,671

3,589,199

22,473

31/12/2022

RM'000

407,260

780,014

21,831

5,158,456

844,980

891,191

156,982

621,409

283,003

360,295

9,525,421

978,702

203,005

102,096

672,969

374,672

612

103,473

45,005

1,025,551

3,506,085

22,397

Total assets

13,094,592

13,053,903

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UEM SUNRISE BERHAD

Registration No. 200801028815 (830144-W)

Incorporated In Malaysia

II. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONT'D)

	Note
EQUITY AND LIABILITIES
3. Equity attributable to Owners of the Parent
Share capital
Reserves
Merger relief reserve
Other reserves
Retained profits
4. Non-controlling Interests
Total equity
5. Non-current liabilities
Borrowings	16
Lease liabilities
Payables
Contract liabilities
Deferred income
Provisions
Deferred tax liabilities
6. Current liabilities
Provisions
Payables
Contract liabilities
Borrowings	16
Lease liabilities
Tax payable

Total liabilities

Total equity and liabilities

7. Net assets per share attributable to Owners of the Parent

Unaudited	Audited
As at current	As at preceding

financial year end financial year end

31/03/2023	31/12/2022
RM'000		RM'000
4,960,276		4,960,276
34,330		34,330
61,044		78,340
1,686,317		1,696,255
6,741,967		6,769,201
104,925		104,467
6,846,892		6,873,668
2,233,818		2,360,637
17,510		18,414
46,562		45,976
233,712		239,678
178,154		162,839
29,884		68,317
155,933		163,395
2,895,573		3,059,256
118,641		104,003
988,585		937,938
67,783		105,041
2,165,168		1,954,611
3,644		3,617
8,306		15,769
3,352,127		3,120,979
6,247,700	6,180,235
13,094,592	13,053,903
RM 1.33		RM 1.34

The condensed Consolidated Statement of Financial Position should be read in conjunction with the Annual Audited Financial Statements for the year ended 31 December 2022 and the accompanying explanatory notes attached to this quarterly announcement.

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