Company Registration No. 196300438C
UOL GROUP LIMITED
(Incorporated in Singapore. Registration Number: 196300438C)
AND ITS SUBSIDIARIES
CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE FIRST HALF YEAR ENDED 30 JUNE 2022
CONTENTS | ||
Page | ||
1 | Consolidated Income Statement | 2 |
2 | Consolidated Statement of Comprehensive Income | 3 |
3 | Statements of Financial Position - Group and Company | 4 |
4 | Consolidated Statement of Changes in Equity | 5 |
5 | Statement of Changes in Equity - Company | 6 |
6 | Consolidated Statement of Cash Flows | 7 |
7 | Notes to the Condensed Interim Financial Statements | 8 |
8 | Other information required by Listing Rule Appendix 7.2 | 19 |
- Page 1 -
UOL GROUP LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
For the first half year ended 30 June 2022
The Group | ||||
First half year ended 30 June | ||||
Note | 2022 | 2021 | + / (-) | |
(restated) | ||||
$'000 | $'000 | % | ||
Revenue | 5 | 1,534,292 | 1,130,602 | 36 |
Cost of sales | (1,026,689) | (749,243) | (37) | |
Gross profit | 507,603 | 381,359 | 33 | |
Other income | ||||
- Finance income | 5 | 5,641 | 6,730 | (16) |
- Miscellaneous income | 5 | 12,517 | 16,310 | (23) |
Expenses | ||||
- Marketing and distribution | 6 | (64,397) | (52,187) | (23) |
- Administrative | 6 | (54,775) | (46,426) | (18) |
- Finance | 6 | (46,590) | (27,765) | (68) |
- Other operating | ||||
• Impairment loss on financial assets | 6 | (273) | (5,250) | 95 |
• Others | 6 | (60,014) | (53,878) | (11) |
Share of loss of associated companies | (1,892) | (6,936) | 73 | |
Share of profit of a joint venture company | 17,666 | 2,329 | 659 | |
Profit before fair value and other gains/(losses) and income tax | 315,486 | 214,286 | 47 | |
Other gains | 6 | 6 | - | n.m. |
Fair value gains/(losses) on the Group's investment properties | 317,057 | (15,194) | 2,187 | |
Profit before income tax | 6 | 632,549 | 199,092 | 218 |
Income tax expense | 7 | (53,193) | (44,988) | (18) |
Net profit | 579,356 | 154,104 | 276 | |
Attributable to: | ||||
Equity holders of the Company | 371,036 | 91,343 | 306 | |
Non-controlling interests | 208,320 | 62,761 | 232 | |
579,356 | 154,104 | 276 | ||
The above net profit attributable to equity holders of the Company can be analysed as follows:
Attributable profit before fair value gains/(losses) Other gains
Fair value gains/(losses) on the Group's investment properties Net attributable profit
181,069 | 108,228 | 67 |
6 | - | n.m. |
189,961 | (16,885) | 1,225 |
371,036 | 91,343 | 306 |
Legend
+ / (-) : variances with + / (-) impact to profit
n.m. : not meaningful
- Page 2 -
UOL GROUP LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the first half year ended 30 June 2022
The Group | |||||
First half year ended 30 June | |||||
Note | 2022 | 2021 | + / (-) | ||
$'000 | $'000 | % | |||
Net profit | 579,356 | 154,104 | 276 | ||
Other comprehensive income/(loss): | |||||
Items that may be reclassified subsequently to profit or loss: | |||||
Cash flow hedges | 49,868 | 5,410 | 822 | ||
Currency translation differences arising from consolidation of foreign | |||||
operations | 9(a) | (42,334) | 20,431 | (307) | |
7,534 | 25,841 | (71) | |||
Items that will not be reclassified subsequently to profit or loss: | |||||
Financial assets, at fair value through other comprehensive income | |||||
("FVOCI") - fair value (losses)/gains | 9(b) | (28,172) | 163,777 | (117) | |
Currency translation differences arising from consolidation of foreign | |||||
operations | (16,538) | 12,506 | (232) | ||
Other comprehensive (loss)/income, net of tax | (37,176) | 202,124 | (118) | ||
Total comprehensive income | 542,180 | 356,228 | 52 | ||
Attributable to: | |||||
Equity holders of the Company | 341,991 | 267,147 | 28 | ||
Non-controlling interests | 200,189 | 89,081 | 125 | ||
542,180 | 356,228 | 52 | |||
- Page 3 -
UOL GROUP LIMITED AND ITS SUBSIDIARIES | ||||||
STATEMENTS OF FINANCIAL POSITION - GROUP AND COMPANY | ||||||
As at 30 June 2022 | ||||||
The Group | The Company | |||||
Note | 30.06.22 | 31.12.21 | 30.06.22 | 31.12.21 | ||
$'000 | $'000 | $'000 | $'000 | |||
ASSETS | ||||||
Current assets | ||||||
Cash and bank balances | 1,435,867 | 1,489,683 | 5,183 | 9,582 | ||
Trade and other receivables | 196,235 | 191,941 | 4,933 | 5,768 | ||
Derivative financial instrument | 2,648 | 8 | - | - | ||
Developed properties held for sale | 10 | 535,070 | 690,188 | - | - | |
Development properties | 11 | 2,864,495 | 2,482,696 | - | - | |
Inventories | 2,889 | 2,488 | - | - | ||
Other assets | 161,341 | 138,436 | 1,792 | 600 | ||
Financial assets, at fair value through profit and loss ("FVPL") | 600 | - | - | - | ||
Current income tax assets | 294 | 1,123 | - | - | ||
5,199,439 | 4,996,563 | 11,908 | 15,950 | |||
Non-current assets | ||||||
Trade and other receivables | 132,740 | 158,978 | 742,950 | 795,452 | ||
Other assets | 105,185 | 108,395 | - | - | ||
Derivative financial instrument | 57,319 | 4,656 | - | - | ||
Financial assets, at FVOCI | 1,148,810 | 1,177,590 | 864,928 | 885,364 | ||
Investments in associated companies | 247,227 | 249,410 | - | - | ||
Investment in a joint venture company | 16,081 | - | - | - | ||
Investments in subsidiaries | - | - | 1,881,818 | 1,923,254 | ||
Investment properties | 12 | 11,821,405 | 11,512,665 | 606,423 | 577,101 | |
Property, plant and equipment | 2,917,800 | 2,966,898 | 1,694 | 1,850 | ||
Intangibles | 40,481 | 41,755 | 206 | 264 | ||
Deferred income tax assets | 55,990 | 58,061 | - | - | ||
16,543,038 | 16,278,408 | 4,098,019 | 4,183,285 | |||
Total assets | 21,742,477 | 21,274,971 | 4,109,927 | 4,199,235 | ||
LIABILITIES | ||||||
Current liabilities | ||||||
Trade and other payables | 13 | 599,655 | 832,049 | 273,803 | 262,499 | |
Current income tax liabilities | 75,233 | 86,494 | 6,661 | 7,340 | ||
Bank loans | 14(a) | 1,315,696 | 1,535,541 | 199,925 | 65,818 | |
Lease liabilities and trade financing | 24,141 | 24,408 | - | - | ||
Derivative financial instrument | - | 852 | - | 239 | ||
2,014,725 | 2,479,344 | 480,389 | 335,896 | |||
Non-current liabilities | ||||||
Trade and other payables | 197,239 | 203,267 | 2,467 | 3,515 | ||
Lease liabilities and trade financing | 34,709 | 37,582 | - | - | ||
Bank loans | 14(a) | 3,447,534 | 2,914,906 | 63,860 | 199,875 | |
2.33% unsecured fixed rate notes due 2028 | 398,353 | 398,288 | - | - | ||
3.00% unsecured fixed rate notes due 2024 | 199,583 | 199,533 | - | - | ||
Derivative financial instrument | - | 229 | - | - | ||
Loans from non-controlling shareholders of subsidiaries | 174,061 | 168,421 | - | - | ||
Provision for retirement benefits | 3,811 | 3,772 | - | - | ||
Deferred income tax liabilities | 269,652 | 253,554 | 274 | 425 | ||
4,724,942 | 4,179,552 | 66,601 | 203,815 | |||
Total liabilities | 6,739,667 | 6,658,896 | 546,990 | 539,711 | ||
NET ASSETS | 15,002,810 | 14,616,075 | 3,562,937 | 3,659,524 | ||
Capital & reserves attributable to equity holders of | ||||||
the Company | ||||||
Share capital | 15 | 1,568,532 | 1,566,802 | 1,568,532 | 1,566,802 | |
Reserves | 931,757 | 960,059 | 691,726 | 711,246 | ||
Retained earnings | 7,885,835 | 7,641,462 | 1,302,679 | 1,381,476 | ||
10,386,124 | 10,168,323 | 3,562,937 | 3,659,524 | |||
Non-controlling interests | 4,616,686 | 4,447,752 | - | - | ||
TOTAL EQUITY | 15,002,810 | 14,616,075 | 3,562,937 | 3,659,524 | ||
- Page 4 -
UOL GROUP LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the first half year ended 30 June 2022
Note | |
The Group | |
2022 | |
Balance at 1 January 2022 | |
Profit for the period | |
Other comprehensive loss for the period | |
Total comprehensive (loss)/income for the period | |
Employee share option scheme | |
- value of employee services | |
- proceeds from shares issued | |
Dividends | 16 |
Total transactions with owners, recognised directly | |
in equity | |
Transfer upon liquidation of a subsidiary | |
Balance at 30 June 2022 | |
2021 | |
Balance at 1 January 2021 | |
Profit for the period | |
Other comprehensive income for the period | |
Total comprehensive income for the period |
Employee share option scheme
- value of employee services
- proceeds from shares issued
Dividends | 16 |
Issue of shares to non-controlling shareholders Total transactions with owners, recognised directly
in equity
Transfer upon disposal of investments
Balance at 30 June 2021
Non- | ||||
Share | Retained | controlling | Total | |
capital | Reserves | earnings | interests | equity |
$'000 | $'000 | $'000 | $'000 | $'000 |
1,566,802 | 960,059 | 7,641,462 | 4,447,752 | 14,616,075 |
- | - | 371,036 | 208,320 | 579,356 |
- | (29,045) | - | (8,131) | (37,176) |
- | (29,045) | 371,036 | 200,189 | 542,180 |
- | 750 | - | 33 | 783 |
1,730 | - | - | - | 1,730 |
- | - | (126,670) | (31,288) | (157,958) |
1,730 | 750 | (126,670) | (31,255) | (155,445) |
- | (7) | 7 | - | - |
1,568,532 | 931,757 | 7,885,835 | 4,616,686 | 15,002,810 |
1,563,860 | 753,145 | 7,471,136 | 4,313,007 | 14,101,148 |
- | - | 91,343 | 62,761 | 154,104 |
- | 175,804 | - | 26,320 | 202,124 |
- | 175,804 | 91,343 | 89,081 | 356,228 |
- | 751 | - | 34 | 785 |
2,511 | - | - | - | 2,511 |
- | - | (126,632) | (35,487) | (162,119) |
- | - | - | 800 | 800 |
2,511 | 751 | (126,632) | (34,653) | (158,023) |
- | (18,911) | 18,911 | - | - |
1,566,371 | 910,789 | 7,454,758 | 4,367,435 | 14,299,353 |
- Page 5 -
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UOL Group Limited published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 09:39:06 UTC.