GOLDEN AGRI-RESOURCES LTD GOLDEN AGRI-RESOURCES LTD
Full Year Financial Statement And Dividend Announcement
FINANCIAL HIGHLIGHTS
Full Year | Full Year | 2nd Half | 2nd Half | |||
2022 | 2021 | Change | 2022 | 2021 | Change | |
US$'000 | US$'000 | % | US$'000 | US$'000 | % | |
Revenue | 11,438,798 | 10,182,536 | 12.3 | 5,948,515 | 5,728,207 | 3.8 |
Gross Profit | 3,025,578 | 2,354,610 | 28.5 | 1,656,126 | 1,293,733 | 28.0 |
EBITDA1 | 1,826,109 | 1,214,017 | 50.4 | 1,018,748 | 691,299 | 47.4 |
Underlying profit 2 | 921,907 | 602,862 | 52.9 | 515,169 | 356,899 | 44.3 |
Net profit attributable to | ||||||
owners of the | ||||||
Company | 782,103 | 476,179 | 64.2 | 392,430 | 322,965 | 21.5 |
Earnings per share | ||||||
(USD cents) | 6.17 | 3.75 | 64.5 | 3.09 | 2.54 | 21.7 |
Proposed final dividend | ||||||
per share (SGD cents) | 0.991 | 1.077 | (8.0) | |||
Total dividend per | ||||||
share (SGD cents) | 1.791 | 1.605 | 11.6 | |||
Notes:
- Earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortisation, net (loss)/gain from changes in fair value of biological assets, foreign exchange gain/(loss) and exceptional item.
- Net profit attributable to owners of the Company excluding net effect of net gain or loss from changes in fair value of biological assets and depreciation of bearer plants, exceptional item and other non-operating items (foreign exchange gain or loss, net tax impact from tax-based asset revaluations, and other deferred tax income or expense).
A Condensed interim consolidated income statement and consolidated statement of comprehensive income
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
Full Year | Full Year | 2nd Half | 2nd Half | ||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||
Note | US$'000 | US$'000 | % | US$'000 | US$'000 | % | |||
Revenue | E4 | 11,438,798 | 10,182,536 | 12.3 | 5,948,515 | 5,728,207 | 3.8 | ||
Cost of sales | (8,413,220) | (7,827,926) | 7.5 | (4,292,389) | (4,434,474) | (3.2) | |||
Gross Profit | 3,025,578 | 2,354,610 | 28.5 | 1,656,126 | 1,293,733 | 28.0 | |||
Operating expenses | |||||||||
Selling expenses | (1,233,696) | (1,272,233) | (3.0) | (550,111) | (651,236) | (15.5) | |||
General and administrative | |||||||||
expenses | (336,653) | (353,790) | (4.8) | (162,035) | (206,619) | (21.6) | |||
Total operating expenses | (1,570,349) | (1,626,023) | (3.4) | (712,146) | (857,855) | (17.0) | |||
Operating profit | 1,455,229 | 728,587 | 99.7 | 943,980 | 435,878 | 116.6 | |||
Other income/(expenses) | |||||||||
Financial income | 33,861 | 23,015 | 47.1 | 26,599 | 11,842 | 124.6 | |||
Financial expenses | (186,508) | (164,833) | 13.1 | (102,268) | (82,315) | 24.2 | |||
Share of results of associated | |||||||||
companies, net of tax | 3,892 | 4,003 | (2.8) | 1,014 | 1,995 | (49.2) | |||
Share of results of joint ventures, | |||||||||
net of tax | 70,559 | 34,432 | 104.9 | 28,147 | 20,989 | 34.1 | |||
Foreign exchange gain/(loss) | 6,060 | 32,432 | (81.3) | (34,893) | 41,203 | n.m. | |||
Other operating | |||||||||
(expenses)/income | (147,783) | 68,815 | n.m. | (194,876) | 38,048 | n.m. | |||
(219,919) | (2,136) | n.m. | (276,277) | 31,762 | n.m. | ||||
Exceptional item | |||||||||
Allowance for impairment loss on | |||||||||
property, plant and equipment | (409) | (941) | (56.5) | (409) | (941) | (56.5) | |||
Profit before tax | E5 | 1,234,901 | 725,510 | 70.2 | 667,294 | 466,699 | 43.0 | ||
Income tax | E6 | (388,361) | (198,929) | 95.2 | (241,752) | (113,801) | 112.4 | ||
Profit for the year/period | 846,540 | 526,581 | 60.8 | 425,542 | 352,898 | 20.6 | |||
Attributable to: | |||||||||
Owners of the Company | 782,103 | 476,179 | 64.2 | 392,430 | 322,965 | 21.5 | |||
Non-controlling interests | 64,437 | 50,402 | 27.8 | 33,112 | 29,933 | 10.6 | |||
846,540 | 526,581 | 60.8 | 425,542 | 352,898 | 20.6 |
Note:
(1) n.m. - not meaningful.
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Condensed interim consolidated income statement and consolidated statement of comprehensive income
(cont'd)
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||
FOR THE YEAR ENDED 31 DECEMBER 2022 | ||||||||
Full Year | Full Year | 2nd Half | 2nd Half | |||||
2022 | 2021 | 2022 | 2021 | |||||
US$'000 | US$'000 | US$'000 | US$'000 | |||||
Profit for the year/period | 846,540 | 526,581 | 425,542 | 352,898 | ||||
Other comprehensive income/(loss): | ||||||||
Items that will not be reclassified subsequently to profit or loss: | ||||||||
Actuarial gain on post-employment benefits | 9,813 | 5,755 | 7,638 | 5,252 | ||||
Share of other comprehensive income/(loss) of: | ||||||||
A joint venture | - | 5 | - | - | ||||
An associated company | (11) | 9 | - | (3) | ||||
Changes in fair value of financial assets at fair value | ||||||||
through other comprehensive income | (233,770) | 45,577 | (259,555) | (28,942) | ||||
Items that may be reclassified subsequently to profit or loss: | ||||||||
Foreign currency translation differences on consolidation | (57,590) | (2,655) | (21,984) | 2,765 | ||||
Share of other comprehensive (loss)/income of: | ||||||||
Joint ventures | (3,790) | 499 | (1,762) | 1,517 | ||||
Associated companies | (1,732) | (138) | (1,338) | 273 | ||||
Other comprehensive (loss)/income, net of tax | (287,080) | 49,052 | (277,001) | (19,138) | ||||
Total comprehensive income for the | ||||||||
year/period, net of tax | 559,460 | 575,633 | 148,541 | 333,760 | ||||
Total comprehensive income attributable to: | ||||||||
Owners of the Company | 507,241 | 526,554 | 120,559 | 303,347 | ||||
Non-controlling interests | 52,219 | 49,079 | 27,982 | 30,413 | ||||
559,460 | 575,633 | 148,541 | 333,760 |
ADDITIONAL INFORMATION
Earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortisation, net (loss)/gain from changes in fair value of biological assets, foreign exchange gain/(loss) and exceptional item ("EBITDA")
Full Year | Full Year | 2nd Half | 2nd Half | |||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||
US$'000 | US$'000 | % | US$'000 | US$'000 | % | |||
Earnings before tax, non- | 1,826,109 | 1,214,017 | 50.4 | 1,018,748 | 691,299 | 47.4 | ||
controlling interests, interest on | ||||||||
borrowings, depreciation and | ||||||||
amortisation, net (loss)/gain from | ||||||||
changes in fair value of | ||||||||
biological assets and foreign | ||||||||
exchange gain/(loss) and | ||||||||
exceptional item ("EBITDA") | ||||||||
Interest on borrowings | (182,493) | (160,922) | 13.4 | (99,793) | (80,171) | 24.5 | ||
Depreciation and amortisation | (397,741) | (364,934) | 9.0 | (206,348) | (188,005) | 9.8 | ||
Net (loss)/gain from changes in fair | (16,625) | 5,858 | n.m. | (10,011) | 3,314 | n.m. | ||
value of biological assets | ||||||||
Foreign exchange gain/(loss) | 6,060 | 32,432 | (81.3) | (34,893) | 41,203 | n.m. | ||
Exceptional item | (409) | (941) | (56.5) | (409) | (941) | (56.5) | ||
Profit before tax | 1,234,901 | 725,510 | 70.2 | 667,294 | 466,699 | 43.0 | ||
Note:
(1) n.m. - not meaningful.
3
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Condensed interim statements of financial position
UNAUDITED STATEMENTS OF FINANCIAL POSITION
Group | Company | ||||||||
As at | As at | As at | As at | ||||||
31/12/2022 | 31/12/2021 | 31/12/2022 | 31/12/2021 | ||||||
Note | US$'000 | US$'000 | US$'000 | US$'000 | |||||
Assets | |||||||||
Current Assets | |||||||||
Cash and cash equivalents | E9 | 691,065 | 498,870 | 335 | 226 | ||||
Short-term investments | E10 | 454,048 | 167,147 | - | - | ||||
Trade receivables | 790,779 | 782,942 | - | - | |||||
Other current assets | E11 | 576,519 | 507,687 | 650,332 | 2,625 | ||||
Biological assets | 75,731 | 92,356 | - | - | |||||
Inventories | 1,570,356 | 1,383,155 | - | - | |||||
4,158,498 | 3,432,157 | 650,667 | 2,851 | ||||||
Non-Current Assets | |||||||||
Long-term receivables and assets | E12 | 128,508 | 170,533 | - | - | ||||
Long-term investments | E13 | 1,249,399 | 1,480,592 | 61,164 | 82,585 | ||||
Subsidiary companies | - | - | 2,509,861 | 3,429,024 | |||||
Associated companies | 22,399 | 25,592 | - | - | |||||
Joint ventures | 247,645 | 183,896 | - | - | |||||
Investment properties | 90 | 104 | - | - | |||||
Property, plant and equipment | 2,472,708 | 2,602,424 | - | - | |||||
Bearer plants | 1,347,635 | 1,396,471 | - | - | |||||
Deferred tax assets | 107,292 | 138,384 | - | - | |||||
Intangible assets | 167,898 | 177,958 | - | - | |||||
5,743,574 | 6,175,954 | 2,571,025 | 3,511,609 | ||||||
Total Assets | 9,902,072 | 9,608,111 | 3,221,692 | 3,514,460 |
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gar - Golden Agri-Resources Ltd. published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2023 00:24:09 UTC.
