Wilmar International : Second Quarter 2024 SGX Announcement

Company Registration No. 199904785Z

Wilmar International Limited and its Subsidiaries

Unaudited Condensed Interim Financial Statements For the six months ended 30 June 2024

Table of Contents
A. Financial highlights	Page 3
B. Unaudited condensed interim consolidated income statement	Page 4
C. Unaudited condensed interim consolidated statement of comprehensive income	Page 5
D. Unaudited condensed interim balance sheets	Page 6
E. Unaudited condensed interim statements of changes in equity	Page 8
F. Unaudited condensed interim consolidated cash flow statement	Page 11
G. Notes to the unaudited condensed interim consolidated financial statements	Page 13
H. Other information required by listing rule appendix 7.2	Page 28

A. Financial highlights

	6 months ended	6 months ended
	30 June 2024	30 June 2023
	("1H2024")	("1H2023")
	US$'000	US$'000	Change
Revenue	30,934,610	32,538,036	-4.9%
Profit Before Tax	742,183	697,729	6.4%
Net Profit	579,627	550,925	5.2%
Core Net Profit	606,251	577,227	5.0%
EBITDA	1,789,203	1,654,317	8.2%
EPS - Basic (US cents per share)	9.3	8.8	5.7%
EPS - Fully diluted (US cents per share)	9.3	8.8	5.7%
	30 June 2024	31 December 2023	Change
Net Tangible Asset (US$'000)	14,560,201	14,888,645	-2.2%
Net Asset per share (US$ per share)	3.17	3.23	-1.9%
Net Tangible Asset per share (US$ per share)	2.33	2.39	-2.5%

3

B. Unaudited condensed interim consolidated income statement

		6 months	6 months
		ended 30	ended 30
	Note	June 2024	June 2023
		US$'000	US$'000
Revenue	11	30,934,610	32,538,036
Cost of sales		(28,426,253)	(30,099,911)
Gross profit		2,508,357	2,438,125
Other items of income
Finance income		214,464	250,340
Other operating income		142,044	174,239
Other items of expense
Selling and distribution expenses		(924,162)	(1,064,853)
Administrative expenses		(571,629)	(581,949)
Other operating expenses		(67,660)	(88,401)
Finance costs		(612,234)	(599,734)
Non-operating items		(30,162)	(28,959)
Share of results of joint ventures		31,638	55,421
Share of results of associates		51,527	143,500
Profit before tax	4	742,183	697,729
Income tax expense	5	(146,715)	(109,136)
Profit after tax		595,468	588,593
Attributable to:
Owners of the Company		579,627	550,925
Non-controlling interests		15,841	37,668
		595,468	588,593

The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.

4

C. Unaudited condensed interim consolidated statement of comprehensive income

	6 months	6 months
	ended 30	ended 30
	June 2024	June 2023
	US$'000	US$'000
Profit after tax	595,468	588,593
Other comprehensive income:
Items that will not be reclassified subsequently to
income statement
Fair value change on investment securities at fair value through
other comprehensive income	4,293	25,398
	4,293	25,398
Items that may be reclassified subsequently to income
statement
Foreign currency translation	(521,683)	(706,111)
Fair value change on cash flow hedges	(25,535)	34,120
Fair value change on forward elements of forward contracts	16,174	2,887
	(531,044)	(669,104)
Other comprehensive income, net of tax	(526,751)	(643,706)
Total comprehensive income for the period	68,717	(55,113)
Attributable to:
Owners of the Company	94,563	(5,794)
Non-controlling interests	(25,846)	(49,319)
	68,717	(55,113)

The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.

5

D. Unaudited condensed interim balance sheets

	Group		Company
	30 June	31 December	30 June	31 December
Note	2024	2023	2024	2023
	US$'000	US$'000	US$'000	US$'000

ASSETS
Non-current assets
Property, plant and equipment	6	15,648,206	15,766,141	112,459	114,858
Investment properties		260,058	248,304	-	-
Bearer plants		529,459	543,934	-	-
Intangible assets		5,207,458	5,284,193	-	-
Investment in subsidiaries		-	-	13,360,374	11,879,695
Investment in joint ventures		487,621	494,177	-	-
Investment in associates		2,999,013	2,973,915	13,677	13,677
Investment securities		439,580	439,718	-	-
Deferred tax assets		397,034	357,157	3,566	3,566
Derivative financial instruments	7	19,464	62,266	-	-
Other financial assets		128,366	126,514	98,056	102,992
Other non-financial assets		51,835	59,848	-	-
Other bank deposits		152,649	1,078,833	-	-
		26,320,743	27,435,000	13,588,132	12,114,788
Current assets
Inventories		10,575,248	11,801,743	-	-
Trade receivables		5,626,561	6,384,490	-	-
Other financial assets		3,326,870	4,648,624	4,429,059	5,995,110
Other non-financial assets		1,591,528	1,343,908	7,701	8,785
Derivative financial instruments	7	1,210,539	1,758,718	-	-
Investment securities		237,879	280,485	-	-
Other bank deposits		3,252,569	3,650,893	-	-
Cash and bank balances		3,575,945	4,504,831	4,437	1,598
		29,397,139	34,373,692	4,441,197	6,005,493
TOTAL ASSETS		55,717,882	61,808,692	18,029,329	18,120,281
EQUITY AND LIABILITIES
Current liabilities
Trade payables		2,504,825	2,894,223	-	-
Other financial liabilities		1,969,139	2,259,542	3,587,552	5,345,310
Other non-financial liabilities		318,225	558,257	-	-
Derivative financial instruments	7	722,194	1,545,228	-	32
Loans and borrowings	8	19,542,245	22,242,101	-	-
Income tax payables		143,466	156,916	-	-
		25,200,094	29,656,267	3,587,552	5,345,342
NET CURRENT ASSETS		4,197,045	4,717,425	853,645	660,151

The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.

6

D. Unaudited condensed interim balance sheets (continued)

	Group		Company
	30 June	31 December	30 June	31 December
Note	2024	2023	2024	2023
	US$'000	US$'000	US$'000	US$'000

Non-current liabilities
Other financial liabilities		250,139	217,529	5,275,000	3,140,163
Other non-financial liabilities		284,432	282,157	-	-
Derivative financial instruments	7	17,616	11,375	-	-
Loans and borrowings	8	7,272,645	8,459,699	62,143	70,666
Deferred tax liabilities		428,012	429,848	-	-
		8,252,844	9,400,608	5,337,143	3,210,829
TOTAL LIABILITIES		33,452,938	39,056,875	8,924,695	8,556,171
NET ASSETS		22,264,944	22,751,817	9,104,634	9,564,110
Equity attributable to owners
of the Company
Share capital	9	8,458,995	8,458,995	8,895,134	8,895,134
Treasury shares	9	(475,372)	(475,372)	(475,372)	(475,372)
Retained earnings		13,922,526	13,915,892	454,679	917,173
Other reserves		(2,138,490)	(1,726,677)	230,193	227,175
Equity attributable to owners		19,767,659	20,172,838	9,104,634	9,564,110
Non-controlling interests		2,497,285	2,578,979	-	-
TOTAL EQUITY		22,264,944	22,751,817	9,104,634	9,564,110
TOTAL EQUITY AND LIABILITIES		55,717,882	61,808,692	18,029,329	18,120,281

The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.

7

E. Unaudited condensed interim statements of changes in equity

		Attributable to owners of the Company
					Equity
					attributable
					to owners
					of the	Non-
	Share	Treasury	Retained	Other	Company,	controlling
	capital	shares	earnings	reserves	total	interests	Equity total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
2024
GROUP
Opening balance at 1 January 2024	8,458,995	(475,372)	13,915,892	(1,726,677)	20,172,838	2,578,979	22,751,817
Profit for the period	-	-	579,627	-	579,627	15,841	595,468
Other comprehensive income,
net of tax	-	-	-	(485,064)	(485,064)	(41,687)	(526,751)
Total comprehensive income for
the period	-	-	579,627	(485,064)	94,563	(25,846)	68,717
Grant of equity-settled share options	-	-	-	14,419	14,419	1,728	16,147
Share capital contributed by
non-controlling shareholders	-	-	-	-	-	8,675	8,675
Dividends on ordinary shares	-	-	(511,005)	-	(511,005)	-	(511,005)
Dividends paid to non-controlling
shareholders of subsidiaries	-	-	-	-	-	(52,382)	(52,382)
Net transfer to other reserves	-	-	(61,988)	61,988	-	-	-
Total contributions by and
distributions to owners	-	-	(572,993)	76,407	(496,586)	(41,979)	(538,565)
Acquisition of additional interest in
subsidiaries	-	-	-	(2,188)	(2,188)	(6,823)	(9,011)
Disposal/liquidation of subsidiaries	-	-	-	(968)	(968)	(7,046)	(8,014)
Total changes in ownership
interests in subsidiaries	-	-	-	(3,156)	(3,156)	(13,869)	(17,025)
Closing balance at 30 June 2024	8,458,995	(475,372)	13,922,526	(2,138,490)	19,767,659	2,497,285	22,264,944

The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.

8

E. Unaudited condensed interim statements of changes in equity (continued)

		Attributable to owners of the Company
					Equity
					attributable
					to owners
	Share	Treasury		Other	of the	Non-
	Retained	Company,	controlling
	capital	shares	earnings	reserves	total	interests	Equity total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
2023
GROUP
Opening balance at 1 January 2023	8,458,995	(475,882)	13,244,811	(1,242,188)	19,985,736	2,614,832	22,600,568
Profit for the period	-	-	550,925	-	550,925	37,668	588,593
Other comprehensive income,
net of tax	-	-	-	(556,719)	(556,719)	(86,987)	(643,706)
Total comprehensive income for
the period	-	-	550,925	(556,719)	(5,794)	(49,319)	(55,113)
Grant of equity-settled share options	-	-	-	13,599	13,599	1,906	15,505
Share capital contributed by
non-controlling shareholders	-	-	-	-	-	2,315	2,315
Reissuance of treasury shares
pursuant to exercise of share options	-	510	-	258	768	-	768
Dividends on ordinary shares	-	-	(514,091)	-	(514,091)	-	(514,091)
Dividends paid to non-controlling
shareholders of subsidiaries	-	-	-	-	-	(28,485)	(28,485)
Net transfer to other reserves	-	-	(34,875)	34,875	-	-	-
Total contributions by and
distributions to owners	-	510	(548,966)	48,732	(499,724)	(24,264)	(523,988)
Acquisition of additional interest in
subsidiaries	-	-	-	(49,440)	(49,440)	(53,661)	(103,101)
Disposal of subsidiaries	-	-	-	18	18	-	18
Total changes in ownership
interests in subsidiaries	-	-	-	(49,422)	(49,422)	(53,661)	(103,083)
Closing balance at 30 June 2023	8,458,995	(475,372)	13,246,770	(1,799,597)	19,430,796	2,487,588	21,918,384

The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.

9

E. Unaudited condensed interim statements of changes in equity (continued)

		Attributable to owners of the Company
					Equity
					attributable
					to owners of
		Treasury		Other	the
	Share	Retained	Company,
	capital	shares	earnings	reserves	total
	US$'000	US$'000	US$'000	US$'000	US$'000
2024
COMPANY
Opening balance at 1 January 2024	8,895,134	(475,372)	917,173	227,175	9,564,110
Profit for the period	-	-	48,511	-	48,511
Total comprehensive income for
the period	-	-	48,511	-	48,511
Grant of equity-settled share options	-	-	-	3,018	3,018
Dividends on ordinary shares	-	-	(511,005)	-	(511,005)
Total transactions with owners in their capacity
as owners	-	-	(511,005)	3,018	(507,987)
Closing balance at 30 June 2024	8,895,134	(475,372)	454,679	230,193	9,104,634

2023
COMPANY
Opening balance at 1 January 2023	8,895,134	(475,882)	1,591,114	217,581	10,227,947
Profit for the period	-	-	54,654	-	54,654
Total comprehensive income for
the period	-	-	54,654	-	54,654
Grant of equity-settled share options	-	-	-	4,809	4,809
Reissuance of treasury shares pursuant
to exercise of share options	-	510	-	258	768
Dividends on ordinary shares	-	-	(514,091)	-	(514,091)
Total transactions with owners in their capacity
as owners	-	510	(514,091)	5,067	(508,514)
Closing balance at 30 June 2023	8,895,134	(475,372)	1,131,677	222,648	9,774,087

The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.

10