Wilmar International : 3rd Quarter 2018 Results

FINANCIAL HIGHLIGHTS

Revenue Net Profit Net Profit - excluding discontinued operations Core Net Profit EBITDA EPS - Basic (US cents per share) EPS - Fully diluted (US cents per share) EPS - Basic (US cents per share) - excluding discontinued operations EPS - Fully diluted (US cents per share) - excluding discontinued operations	3Q2018 US$'000	3Q2017 US$'000 Restated*	Change	9M2018 US$'000	9M2017 US$'000 Restated*	Change
	11,606,284 407,404 434,906 434,727 908,435 6.4 6.4 6.9 6.9	11,128,915 368,057 368,057 321,744 766,149 5.8 5.8 5.8 5.8	4.3% 10.7% 18.2% 35.1% 18.6% 10.3% 10.3% 19.0% 19.0%	33,573,120 927,081 954,583 970,069 2,166,750 14.7 14.7 15.1 15.1	32,298,352 768,999 768,999 650,811 1,774,089 12.2 12.2 12.2 12.2	3.9% 20.6% 24.1% 49.1% 22.1% 20.5% 20.5% 23.8% 23.8%
Net Tangible Asset (US$'000) Net Asset per share (US$ per share) Net Tangible Asset per share (US$ per share)				30.09.2018	31.12.2017	Change
				11,253,491 2.51 1.78	11,578,682 2.52 1.83	-2.8% -0.4% -2.7%

*Prior period figures were restated upon adoption of SFRS (I) 9 Financial Instruments and IFRS Convergence

1(a)(i) Consolidated Income Statement

Group			Group
Three months ended			Nine months ended
30.09.2018 US$'000	30.09.2017 US$'000 Restated*	Change	30.09.2018 US$'000	30.09.2017 US$'000 Restated*	Change
Revenue Cost of sales	11,606,284 (10,248,401)	11,128,915 (10,036,349)	4.3% -2.1%	33,573,120 (30,153,466)	32,298,352 (29,600,162)	3.9% -1.9%
Gross profit Other items of income Finance income Other operating income Other items of expense Selling and distribution expenses Administrative expenses Other operating expenses Finance costs Non-operating items Share of results of joint ventures Share of results of associates	1,357,883 123,008 32,182 (548,565) (178,442) (35,607) (237,492) 5,880 28,548 37,882	1,092,566 76,468 51,932 (477,206) (170,385) (27,067) (134,148) 51,071 3,761 47,518	24.3% 60.9% -38.0% -15.0% -4.7% -31.6% -77.0% -88.5% 659.1% -20.3%	3,419,654 344,163 124,288 (1,509,674) (549,026) (79,823) (586,402) (6,411) 30,943 126,537	2,698,190 173,944 154,727 (1,329,341) (512,887) (47,660) (366,696) 128,514 10,653 105,804	26.7% 97.9% -19.7% -13.6% -7.0% -67.5% -59.9% n.m. 190.5% 19.6%
Profit before tax from continuing operations Income tax expense	585,277 (134,121)	514,510 (119,503)	13.8% -12.2%	1,314,249 (282,545)	1,015,248 (198,969)	29.5% -42.0%
Profit from continuing operations, net of tax	451,156	395,007	14.2%	1,031,704	816,279	26.4%
Loss from discontinued operations, net of tax	(47,141)	-	n.m.	(47,141)	-	n.m.
Profit for the period	404,015	395,007	2.3%	984,563	816,279	20.6%

Attributable to:

Owners of the Company Profit from continuing operations, net of tax Loss from discontinued operations, net of tax Profit for the period attributable to owners of the Company Non-controlling interests Profit from continuing operations, net of tax Loss from discontinued operations, net of tax Profit for the period attributable to non-controlling interests	434,906 (27,502)	368,057 -	18.2% n.m.	954,583 (27,502)	768,999 -	24.1% n.m.
	407,404	368,057	10.7%	927,081	768,999	20.6%
	16,250 (19,639)	26,950 -	-39.7% n.m.	77,121 (19,639)	47,280 -	63.1% n.m.
	(3,389)	26,950	n.m.	57,482	47,280	21.6%
Profit for the period	404,015	395,007	2.3%	984,563	816,279	20.6%

*Prior period figures were restated upon adoption of SFRS (I) 9 Financial Instruments and IFRS Convergence

n.m. - not meaningful 2/28

1(a)(ii) Consolidated Statement of Comprehensive Income

Group			Group
Three months ended			Nine months ended
30.09.2018 US$'000	30.09.2017 US$'000 Restated*	Inc/(Dec) US$'000	30.09.2018 US$'000	30.09.2017 US$'000 Restated*	Inc/(Dec) US$'000
Profit after tax	404,015	395,007	9,008	984,563	816,279	168,284
Other comprehensive income - Items that will not be reclassified subsequently to income statement Fair value adjustment on available-for-sale financial assets Gain on disposal of available-for-sale financial assets - Items that may be reclassified subsequently to income statement Foreign currency translation Fair value adjustment on cash flow hedges Fair value adjustment on forward elements of forward contracts Other comprehensive income from continuing operations, net of tax	17,384 -	2,653 -	14,731 -	(31,078) 4,766	31,240 -	(62,318) 4,766
	17,384	2,653	14,731	(26,312)	31,240	(57,552)
	(397,403) (3,388) (22,427)	142,856 (32,830) 2,471	(540,259) 29,442 (24,898)	(605,605) 14,160 (50,858)	385,596 69,616 25,343	(991,201) (55,456) (76,201)
	(423,218)	112,497	(535,715)	(642,303)	480,555	(1,122,858)
	(405,834)	115,150	(520,984)	(668,615)	511,795	(1,180,410)
Other comprehensive gain from discontinued operations, net of tax	760	-	760	760	-	760
Total comprehensive income	(1,059)	510,157	(511,216)	316,708	1,328,074	(1,011,366)

Attributable to:

Owners of the Company	28,514	465,983	(437,469)	308,847	1,253,180	(944,333)
Non-controlling interests	(29,573)	44,174	(73,747)	7,861	74,894	(67,033)
(1,059)	510,157	(511,216)	316,708	1,328,074	(1,011,366)

*Prior period figures were restated upon adoption of SFRS (I) 9 Financial Instruments and IFRS Convergence

1(b)(i) Balance Sheets

Group			Company
30.09.2018 US$'000	31.12.2017 US$'000 Restated*	01.01.2017 US$'000 Restated*	30.09.2018 US$'000	31.12.2017 US$'000
ASSETS Non-current assets Property, plant and equipment Bearer plants Intangible assets Investment in subsidiaries Investment in joint ventures Investment in associates Available-for-sale financial assets Deferred tax assets Derivative financial instruments Other financial receivables Other non-financial assets Current assets Inventories Trade receivables Other financial receivables Other non-financial assets Derivative financial instruments Financial assets held for trading Other bank deposits Cash and bank balances Assets of disposal group classified as held for sale+ TOTAL ASSETS	9,157,344 673,539 4,603,900 - 1,033,120 2,519,752 569,680 409,894 23,723 200,621 69,993	8,755,926 722,197 4,384,910 - 1,151,946 2,275,850 568,078 321,463 5,651 112,047 55,108	8,297,098 726,725 4,365,736 - 1,051,425 1,851,985 700,705 312,403 32,633 205,832 52,262	41,798 - - 9,086,090 124,230 36,644 - - - 405,725 -	3,263 - - 9,084,592 209,636 36,644 - - - 410,271 -
	19,261,566	18,353,176	17,596,804	9,694,487	9,744,406
	7,368,483 4,194,656 8,813,460 1,796,446 748,636 345,194 1,372,247 1,848,591	8,223,606 4,101,058 5,354,750 1,153,055 368,166 421,328 1,502,726 1,454,708	7,022,310 4,087,069 2,354,502 1,201,458 546,885 316,632 2,721,885 1,184,881	- - 4,542,714 5,584 - - - 2,733	- - 3,965,710 1,457 - - - 3,037
	26,487,713 840,107	22,579,397 -	19,435,622 -	4,551,031 -	3,970,204 -
	27,327,820	22,579,397	19,435,622	4,551,031	3,970,204
	46,589,386	40,932,573	37,032,426	14,245,518	13,714,610

*Prior year figures were restated upon adoption of SFRS (I) 9 Financial Instruments and IFRS Convergence

+Disposal group classified as held for sale - The discontinued operations relate to the Brazilian sugar operations held by our newly acquired subsidiary, Shree Renuka Sugars Limited ("Renuka"). Renuka has 2 entities, Renuka do Brasil ("RDB") and Renuka Vale do Ivai ("RVDI") operating in Brazil. The Board of the 2 operating entities had filed for protection under Judicial Recovery Law in Brazil on 28 September 2015. Renuka management has expressed its disinterest in continuing with the Brazilian operations and committed to carry out the above judicial reorganisation for the 2 entities. As such, both RDB and RVDI are classified as discontinued operations/held for sale, to reflect the discontinued operations separately.

1(b)(i) Balance Sheets (continued)

Group			Company
30.09.2018 US$'000	31.12.2017 US$'000 Restated*	01.01.2017 US$'000 Restated*	30.09.2018 US$'000	31.12.2017 US$'000
EQUITY AND LIABILITIES Current liabilities Trade payables Other financial payables Other non-financial liabilities Derivative financial instruments Loans and borrowings Tax payables Liabilities directly associated with disposal group classified as held for sale+ NET CURRENT ASSETS Non-current liabilities Other financial payables Other non-financial liabilities Derivative financial instruments Loans and borrowings Deferred tax liabilities TOTAL LIABILITIES NET ASSETS Equity attributable to owners of the Company Share capital Treasury shares Retained earnings Other reserves Non-controlling interests TOTAL EQUITY TOTAL EQUITY AND LIABILITIES	1,858,032 1,522,489 402,997 355,490 18,826,023 154,431	1,094,846 1,397,906 400,616 503,797 16,130,316 159,648	1,500,254 1,348,963 571,077 495,322 12,689,019 118,511	- 3,774,100 - - - -	- 2,896,464 - - - -
	23,119,462 1,187,138	19,687,129 -	16,723,146 -	3,774,100 -	2,896,464 -
	24,306,600	19,687,129	16,723,146	3,774,100	2,896,464
	3,021,220 54,077 140,564 47,437 5,114,289 389,709	2,892,268 69,220 156,990 25,199 3,696,224 312,712	2,712,476 51,314 118,185 107,133 4,331,240 322,443	776,931 - - - 313,209 -	1,073,740 - - - 323,000 -
	5,746,076	4,260,345	4,930,315	313,209	323,000
	30,052,676 16,536,710	23,947,474 16,985,099	21,653,461 15,378,965	4,087,309 10,158,209	3,219,464 10,495,146
	8,458,995 (154,089) 9,115,887 (1,563,402)	8,458,995 (156,209) 8,673,275 (1,012,469)	8,458,995 (175,312) 7,832,213 (1,681,362)	8,895,134 (154,089) 1,196,713 220,451	8,895,134 (156,209) 1,544,230 211,991
	15,857,391 679,319	15,963,592 1,021,507	14,434,534 944,431	10,158,209 -	10,495,146 -
	16,536,710	16,985,099	15,378,965	10,158,209	10,495,146
	46,589,386	40,932,573	37,032,426	14,245,518	13,714,610

*Prior year figures were restated upon adoption of SFRS (I) 9 Financial Instruments and IFRS Convergence

+Disposal group classified as held for sale - The discontinued operations relate to the Brazilian sugar operations held by our newly acquired subsidiary, Shree Renuka Sugars Limited ("Renuka"). Renuka has 2 entities, Renuka do Brasil ("RDB") and Renuka Vale do Ivai ("RVDI") operating in Brazil. The Board of the 2 operating entities had filed for protection under Judicial Recovery Law in Brazil on 28 September 2015. Renuka management has expressed its disinterest in continuing with the Brazilian operations and committed to carry out the above judicial reorganisation for the 2 entities. As such, both RDB and RVDI are classified as discontinued operations/held for sale, to reflect the discontinued operations separately.