Unaudited Condensed Consolidated Balance ?· Unaudited Condensed Consolidated Statement of Cash Flows…

Download Unaudited Condensed Consolidated Balance ?· Unaudited Condensed Consolidated Statement of Cash Flows…

Post on 19-Aug-2018

212 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

  • QUARTERLY REPORT On the consolidated results for the first quarter ended 30 September 2017

    The Directors are pleased to announce the following:

    Unaudited Condensed Consolidated Statement of Profit or Loss Amounts in RM million unless otherwise stated

    The unaudited Condensed Consolidated Statement of Profit or Loss should be read in conjunction with the accompanying explanatory notes and the audited financial statements for the financial year ended 30 June 2017.

    Quarter ended

    30 September

    Note 2017 2016 % 2016

    (as previously

    stated)

    (restated) +/(-)

    Continuing operations Revenue A7 8,144 6,934 17.5 6,874 Other operating income 238 83 143 Operating expenses (8,033) (6,803) (6,803) Other gains 3 38 38

    Operating profit B5 352 252 39.7 252

    Share of results of joint ventures 12 11 11 Share of results of associates (8)

    Profit before interest and tax A7 356 263 35.4 263

    Finance income 50 122 122 Finance costs B5 (30) (73) (73)

    Profit before tax 376 312 20.5 312

    Tax expense B6 (101) (52) (52)

    Profit from continuing operations 275 260 5.8 260

    Discontinuing operations Profit from discontinuing operations 1,119 319 238

    Profit for the period 1,394 579 140.8 498

    Attributable to owners of: - the Company

    - from continuing operations 248 216 14.8 216 - from discontinuing operations 1,068 306 249.0 227

    1,316 522 152.1 443 - perpetual sukuk 31 31 31 - non-controlling interests 47 26 24

    Profit for the period 1,394 579 140.8 498

    Sen Sen Sen

    Basic earnings per share attributable to owners of the Company

    B13

    - from continuing operations 3.6 3.4 5.9 3.4 - from discontinuing operations 15.7 4.8 227.1 3.6

    Total 19.3 8.2 135.4 7.0

  • SIME DARBY BERHAD (Company No: 752404-U)

    2

    Unaudited Condensed Consolidated Statement of Comprehensive Income Amounts in RM million unless otherwise stated

    The unaudited Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying explanatory notes and the audited financial statements for the financial year ended 30 June 2017.

    Quarter ended

    30 September

    2017 2016 (restated)

    % +/(-)

    2016 (as

    previously stated)

    Profit for the period 1,394 579 498

    Other comprehensive (loss)/income

    Continuing operations Items that will be reclassified subsequently to profit or

    loss: Currency translation differences 5 245 245 Net changes in fair value of cash flow hedges (8) (20) (20) Share of other comprehensive income of joint ventures and

    associates 2 (8) (8) Tax credit 3 8 8

    2 225 225

    Reclassified to profit or loss currency translation differences on repayment of net investment (31) 14 14

    Reclassified changes in fair value of cash flow hedges to: - profit or loss 7 30 30 - inventories 11 4 4 Tax expense (5) (9) (9)

    (16) 264 (106.1) 264

    Other comprehensive (loss)/income from discontinuing

    operations (114) 206 204

    Total other comprehensive (loss)/income (130) 470 468

    Total comprehensive income for the period 1,264 1,049 20.5 966

    Attributable to owners of: - the Company - from continuing operations 269 598 (55.0) 603 - from discontinuing operations 926 396 133.8 310

    1,195 994 20.2 913 - perpetual sukuk 31 31 31 - non-controlling interests 38 24 22

    Total comprehensive income for the period 1,264 1,049 20.5 966

  • SIME DARBY BERHAD (Company No: 752404-U)

    3

    Unaudited Condensed Consolidated Statement of Financial Position Amounts in RM million unless otherwise stated

    Unaudited Audited

    Note As at

    30 September 2017 As at

    30 June 2017 Non-current assets Property, plant and equipment 5,606 5,624 Prepaid lease rentals 362 359 Investment properties 332 317 Joint ventures 1,163 1,131 Associates 643 652 Investments 118 100 Intangible assets 1,613 1,684 Deferred tax assets 543 611 Tax recoverable 155 160 Derivatives B10(a) 35 44 Receivables and pension assets 214 171

    10,784 10,853

    Current assets Inventories 6,973 7,103 Tax recoverable 59 67 Derivatives B10(a) 81 97 Receivables and contract assets 4,042 3,886 Prepayments 660 466 Bank balances, deposits and cash 1,888 2,072

    13,703 13,691

    Property, plant and equipment held for sale 478 667

    Disposal groups 43,230 42,469

    Total assets 68,195 67,680 Equity Share capital 9,299 9,299 Reserves 29,239 28,044

    Attributable to owners of the Company 38,538 37,343

    Perpetual sukuk 2,198 2,230 Non-controlling interests 992 976

    Total equity A7 41,728 40,549

    Non-current liabilities Borrowings and finance lease obligation B9 547 1,251 Contract liabilities 108 104 Provisions 37 37 Deferred income 187 187 Deferred tax liabilities 318 338

    1,197 1,917

    Current liabilities Payables 4,642 4,348 Contract liabilities 1,110 1,319 Borrowings and finance lease obligation B9 2,243 1,954 Provisions 174 170 Tax payable 124 122 Derivatives B10(a) 14 11

    8,307 7,924

    Liabilities of disposal groups 16,963 17,290

    Total liabilities 26,467 27,131

    Total equity and liabilities 68,195 67,680

  • SIME DARBY BERHAD (Company No: 752404-U)

    4

    Unaudited Condensed Consolidated Statement of Financial Position (continued) Amounts in RM million unless otherwise stated

    Unaudited Audited

    As at

    30 September 2017 As at

    30 June 2017 Net assets per share attributable to owners of the Company (RM) 5.67 5.49

    The disposal groups are in respect of the assets and liabilities of Sime Darby Plantation Berhad and Sime Darby Property Berhad which are held for distribution to shareholders of the Company (see Note B7). The unaudited Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying explanatory notes and the audited financial statements for the financial year ended 30 June 2017.

  • SIME DARBY BERHAD (Company No: 752404-U)

    5

    Unaudited Condensed Consolidated Statement of Changes in Equity Amounts in RM million unless otherwise stated

    Share capital

    Share premium

    Capital reserve

    Legal reserve

    Hedging reserve

    Available- for-sale reserve

    Exchange reserve

    Retained profits

    Attributable to owners of

    the Company

    Perpetual sukuk

    Non- controlling

    interests Total

    equity Quarter ended 30 September 2017

    At 1 July 2017 9,299 207 74 (39) 48 1,058 26,696 37,343 2,230 976 40,549

    Total comprehensive income/(loss) for the period 5 (1) (125) 1,316 1,195 31 38 1,264

    Dividends paid (22) (22)

    Distribution paid (63) (63)

    At 30 September 2017 9,299 207 74 (34) 47 933 28,012 38,538 2,198 992 41,728

    Quarter ended 30 September 2016

    At 1 July 2016 3,164 2,602 212 69 (68) 54 356 26,006 32,395 2,230 965 35,590 Total comprehensive income/(loss) for the period 10 (15) 477 522 994 31 24 1,049

    Transfer between reserves (1) 1

    Issue of shares in a subsidiary 7 7

    Dividends paid (8) (8)

    Distribution paid (63) (63)

    At 30 September 2016 3,164 2,602 211 69 (58) 39 833 26,529 33,389 2,198 988 36,575

    Unaudited Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying explanatory notes and the audited financial statements for the financial year ended 30 June 2017.

  • SIME DARBY BERHAD (Company No: 752404-U)

    6

    Unaudited Condensed Consolidated Statement of Cash Flows Amounts in RM million unless otherwise stated Quarter ended

    30 September 2017 2016

    (restated)

    Cash flow from operating activities

    Profit for the financial year 275 260

    Adjustments for:

    Share of results of joint ventures and associates (4) (11)

    Finance income (50) (122)

    Finance costs 30 73

    Tax expense 101 52

    Net gain on disposal of assets and investments (166) (66)

    Depreciation and amortisation 157 135

    Other non-cash items 55 38

    398 359

    Changes in working capital:

    Inventories and rental assets 86 (64)

    Trade, other receivables and prepayments (353) (371)

    Trade, other payables and provisions 113 72

    Cash generated from/(used in) operations 244 (4)

    Tax paid (110) (73)

    Dividends received 7 6

    Operating cash from/(used in) continuing operations 141 (71)

    Operating cash from discontinuing operations 263 444

    Net cash from operating activities 404 373

    Investing activities

    Finance income received 50 122 Purchase of property, plant and equipment, investment properties,

    intangible assets and prepaid lease rentals

    (114)

    (193) Purchase/subscription of shares in a joint venture and investments (39) (31)

    Proceeds from sale of subsidiaries 90 Proceeds from sale of property, plant and equipment, investment

    property and prepaid lease rentals

    378

    60

    Advances to discontinuing operations (143) (5) Net (loans made to)/repayment of loans by joint ventures and

    associates

    (9)

    56

    Investing cash from continuing operations 123 99

    Investing cash from/(used in) discontinuing operations 337 (244)

    Net cash from/(used in) investing activities 460 (145)

  • SIME DARBY BERHAD (Company No: 752404-U)

    7

    Unaudited Condensed Consolidated Statement of Cash Flows (continued) Amounts in RM million unless otherwise stated

    Quarter ended 30 September

    Note 2017 2016 (restated)

    Financing activities

    Proceeds from shares issued to non-controlling interest 7

    Finance costs paid (34) (82)

    Net borrowings (repaid)/raised (368) 18

    Distribution to perpetual sukuk holders (63)

    Dividends paid to non-controlling interests (1) (5)

    Financing cash used in continuing operations (403) (125)

    Financing cash used in discontinuing operations (115) (199)

    Net cash used in financing activities (518) (324)

    Net changes in cash and cash equivalents 346 (96)

    Foreign exchange differences (14) 67

    Cash and cash equivalents at beginning of the period 3,842 3,496

    Cash and cash equivalents at end of the period 4,174 3,467

    For the purpose of the Statement of Cash Flows, cash and cash

    equivalents comprised the following:

    Bank balances, deposits and cash 1,888 1,792

    Less:

    Bank overdrafts B9 (37) (37)

    Cash and cash equivalents from continuing operations 1,851 1,755

    Cash and cash equivalents from discontinuing operations 2,323 1,712

    4,174 3,467

    The unaudited Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying explanatory notes and the audited financial statements for the financial year ended 30 June 2017.

  • SIME DARBY BERHAD (Company No: 752404-U)

    8

    Explanatory Notes on the Quarterly Report 30 September 2017 Amounts in RM million unless otherwise stated EXPLANATORY NOTES This interim financial report is prepared in accordance with the requirements of paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and complies with the requirements of the Malaysian Financial Reporting Standard (MFRS) 134 Interim Financial Reporting and other MFRS issued by the Malaysian Accounting Standards Board (MASB). The interim financial report is unaudited and should be read in conjunction with the Groups audited annual financial statements for the financial year ended 30 June 2017.

    A. EXPLANATORY NOTES PURSUANT TO FRS 134

    A1. Basis of Preparation

    The accounting policies and presentation adopted for this interim financial report are consistent with those adopted for the audited annual financial statements for the financial year ended 30 June 2017, except as below.

    a) New accounting pronouncements

    i) Accounting pronouncements adopted for this interim financial report are set out below:

    Amendments to MFRS 12 (Annual Improvements to MFRSs 2014-2016 Cycle)

    Disclosure Initiative (Amendments to MFRS 107)

    Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to MFRS 112)

    The adoption of the new accounting standard and amendments to the standards do not have any significant impact to the Group.

    ii) Accounting pronouncements that are not yet effective are set out below:

    MFRS 9 Financial Instruments

    MFRS 16 Leases

    MFRS 17 Insurance Contracts

    Classification and Measurement of Share-based Payment Transactions (Amendments to MFRS 2)

    Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts (Amendments to MFRS 4)

    Amendments to MFRS 128 (Annual Improvements to MFRSs 2014 2016 Cycle)

    Transfers of Investment Property (Amendments to MFRS 140)

    IC Interpretation 22 Foreign Currency Translations and Advance Consideration

    IC Interpretation 23 Uncertainty over Income Tax Treatments

    iii) Accounting pronouncement where the effective date has been deferred to a date to be determined by the Malaysian Accounting Standards Board (MASB) is set out below:

    Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to MFRS 10 and MFRS 128)

    A2. Seasonal or Cyclical Factors

    The Groups operations are not materially affected by seasonal or cyclical factors except for the fresh fruit bunch production in the Plantation division (discontinuing operations) which may be affected by the vagaries of weather and cropping patterns.

    A3. Unusual Items Affecting Assets, Liabilities, Equity, Net Income or Cash Flows

    Except as disclosed in Note B1 and B2, there were no material unusual items affecting the Groups assets, liabilities, equity, net income or cash flows during the financial period under review.

  • SIME DARBY BERHAD (Company No: 752404-U)

    9

    Explanatory Notes on the Quarterly Report 30 September 2017 Amounts in RM million unless otherwise stated

    A4. Material Changes in Estimates

    There were no material changes in the estimates of amounts reported in the prior interim periods of the current financial year or the previous financial years that have a material effect on the results for the current quarter under review.

    A5. Debt and Equity Securities

    Save for the following, there were no issuances, cancellations, repurchases, resale and repayments of debt and equity securities during the financial year under review.

    RM4.5 billion Islamic Medium Term Notes and Islamic Commercial Papers Programme (IMTN/ICP)

    On 23 August 2017, the Company had completed the early redemption of the RM700 million outstanding Islamic Medium Term Notes following the consent obtained at the Extraordinary General Meeting of the noteholders held on 14 August 2017. On 29 September 2017, the Company novated the IMTN/ICP to Sime Darby Propert...

Recommended

View more >