OUE : Earnings Release

Item No.

TABLE OF CONTENTS

Page No.

Description

A

Condensed interim consolidated statement of profit or loss and other comprehensive

2

income

B

Condensed interim statements of financial position

3

C

Condensed interim statements of changes in equity

4

D

Condensed interim consolidated statement of cash flows

7

E

Notes to the condensed interim consolidated financial statements

9

F

Other information required by Listing Rule Appendix 7.2

27

Notes

The Group

Half year

Half year

ended

ended

30/06/2022

30/06/2021

Change

$'000

$'000

%

Revenue

3

198,674

152,043

30.7

Cost of sales

(84,007)

(69,310)

21.2

Gross profit

114,667

82,733

38.6

Marketing expenses

(2,941)

(2,319)

26.8

Administrative expenses

(34,093)

(30,470)

11.9

Other operating expenses

(7,222)

(5,164)

39.9

Share of results of equity-accounted investees, net of tax

77,615

59,654

30.1

148,026

104,434

41.7

Finance expenses

4

(53,560)

(51,170)

4.7

Finance income

5

5,329

3,854

38.3

Other gains - net

6

40,125

8,050

>100.0

Profit before tax

7

139,920

65,168

>100.0

Tax expense

8

(12,297)

(13,499)

(8.9)

Profit after tax

127,623

51,669

>100.0

Other comprehensive income

Items that are or may be reclassified subsequently to profit or loss:

Foreign operations:

- currency translation differences

(39,338)

7,071

n.m.

Share of other comprehensive income of equity-accounted investees:

- currency translation differences

(40,465)

15,590

n.m.

- other reserves

1,955

-

n.m.

Cash flow hedges:

- effective portion of changes in fair value of cash flow hedges

24,899

6,925

>100.0

- hedging reserve reclassified to profit or loss

3,593

11,841

(69.7)

(49,356)

41,427

n.m.

Items that will not be reclassified subsequently to profit or loss:

Share of other reserves of an equity-accounted investee

(1,480)

-

n.m.

Net change in fair value of investments at fair value

through other comprehensive income, net of tax

6(ii)(b)

(64,181)

(2,198)

>100.0

(65,661)

(2,198)

>100.0

Other comprehensive income, net of tax

(115,017)

39,229

n.m.

Total comprehensive income for the period

12,606

90,898

(86.1)

Profit attributable to:

Owners of the Company

88,699

30,054

>100.0

Non-controlling interests

38,924

21,615

80.1

127,623

51,669

>100.0

Total comprehensive income attributable to:

Owners of the Company

(21,224)

55,626

n.m.

Non-controlling interests

33,830

35,272

(4.1)

12,606

90,898

(86.1)

Earnings per share for profit for the period

attributable to the owners of the Company

Weighted average number of ordinary shares in issue

- basic

870,220,882

879,990,396

- diluted*

870,220,882

881,203,334

Basic earnings per share (cents)

10.19

3.42

Diluted earnings per share (cents)*

10.19

3.41

Note

The Group

The Company

30/6/2022

31/12/2021

30/6/2022

31/12/2021

$'000

$'000

$'000

$'000

ASSETS

Cash and cash equivalents

331,085

518,858

91,426

233,529

Trade and other receivables

59,359

64,250

1,096,277

1,109,479

Inventories

973

892

175

95

Other investments

113,373

81,090

-

-

Development properties

27,530

27,530

-

-

Other assets

156,545

115,783

12,654

12,800

Loans to subsidiaries

-

-

984,410

1,118,194

Derivative assets

1,066

-

-

-

Current assets

689,931

808,403

2,184,942

2,474,097

Intangible assets and goodwill

10

70,979

30,676

-

-

Interests in equity-accounted investees

1,503,717

1,668,203

-

-

Investments in subsidiaries

-

-

963,559

808,235

Other investments

174,402

297,404

-

-

Other assets

5,375

4,847

769

769

Investment properties

11

5,478,066

4,568,462

-

-

Property, plant and equipment

12

1,651,144

1,651,297

616,568

626,823

Deferred tax assets

1,247

1,247

2,873

2,405

Derivative assets

22,083

960

-

-

Non-current assets

8,907,013

8,223,096

1,583,769

1,438,232

Total assets

9,596,944

9,031,499

3,768,711

3,912,329

LIABILITIES

Trade and other payables

165,934

145,500

79,416

80,250

Borrowings

13

704,024

418,781

39,804

10,000

Provision

27,386

23,775

-

-

Loans from subsidiaries

-

-

305,300

507,620

Current tax liabilities

61,125

72,076

5,605

5,137

Deferred income

1,812

682

-

-

Lease liabilities

5,433

6,172

24,713

25,856

Derivative liabilities

227

1,545

-

-

Current liabilities

965,941

668,531

454,838

628,863

Borrowings

13

2,267,314

2,406,062

-

39,698

Deferred income

1,923

2,666

-

-

Deferred tax liabilities

156,023

143,849

-

-

Other payables

45,157

44,955

407

410

Lease liabilities

33,180

34,757

659,616

671,048

Provision

-

4,204

-

-

Derivative liabilities

229

7,077

-

-

Non-current liabilities

2,503,826

2,643,570

660,023

711,156

Total liabilities

3,469,767

3,312,101

1,114,861

1,340,019

Net Assets

6,127,177

5,719,398

2,653,850

2,572,310

EQUITY

Share capital

14

634,852

634,852

634,852

634,852

Other reserves

(198,264)

(69,233)

(153,076)

(148,016)

Accumulated profits

3,372,740

3,284,337

2,172,074

2,085,474

Equity attributable to owners of the Company

3,809,328

3,849,956

2,653,850

2,572,310

Non-controlling interests

2,317,849

1,869,442

-

-

Total equity

6,127,177

5,719,398

2,653,850

2,572,310

Note

Attributable to Owners of the Company

Share

Other

Accumulated

Non-controlling

Capital

Reserves

Profits

Total

Interests

Total Equity

THE GROUP

$'000

$'000

$'000

$'000

$'000

$'000

At 1 January 2022

634,852

(69,233)

3,284,337

3,849,956

1,869,442

5,719,398

Total comprehensive income for the period

Profit for the period

-

-

88,699

88,699

38,924

127,623

Other comprehensive income

Foreign operations:

- currency translation differences

-

(18,220)

-

(18,220)

(21,118)

(39,338)

Share of other comprehensive income of equity-accounted investees:

- currency translation differences

-

(40,465)

-

(40,465)

-

(40,465)

- other reserves

-

(536)

-

(536)

1,011

475

Net change in fair value of investments at fair value through

other comprehensive income, net of tax

-

(64,181)

-

(64,181)

-

(64,181)

Cash flow hedges:

- effective portion of changes in fair value of cash flow hedges

-

11,862

-

11,862

13,037

24,899

- hedging reserve reclassified to profit or loss

-

1,617

-

1,617

1,976

3,593

Total other comprehensive income, net of tax

-

(109,923)

-

(109,923)

(5,094)

(115,017)

Total comprehensive income for the period

-

(109,923)

88,699

(21,224)

33,830

12,606

Transactions with owners, recognised directly in equity

Contributions by and distributions to owners

Own shares acquired

-

(5,060)

-

(5,060)

-

(5,060)

Dividends paid

-

-

(8,695)

(8,695)

(52,234)

(60,929)

Total contributions by and distributions to owners

-

(5,060)

(8,695)

(13,755)

(52,234)

(65,989)

Changes in ownership interests in subsidiaries

Acquisition of subsidiaries

16

-

-

-

-

386,178

386,178

Changes in ownership interests in subsidiaries without a change in control

-

2,577

3,845

6,422

80,633

87,055

Total changes in ownership interests in subsidiaries

-

2,577

3,845

6,422

466,811

473,233

Total transactions with owners

-

(2,483)

(4,850)

(7,333)

414,577

407,244

Share of reserves of an equity-accounted investee

-

(12,329)

258

(12,071)

-

(12,071)

Transfer from fair value reserve to accumulated profits

-

(4,296)

4,296

-

-

-

At 30 June 2022

634,852

(198,264)

3,372,740

3,809,328

2,317,849

6,127,177

Attributable to Owners of the Company

Share

Other

Accumulated

Non-controlling

Capital

Reserves

Profits

Total

Interests

Total Equity

THE GROUP

$'000

$'000

$'000

$'000

$'000

$'000

At 1 January 2021

693,315

(192,877)

3,239,566

3,740,004

1,916,810

5,656,814

Total comprehensive income for the period

Profit for the period

-

-

30,054

30,054

21,615

51,669

Other comprehensive income

Foreign operations:

- currency translation differences

-

3,412

-

3,412

3,659

7,071

Share of other comprehensive income of equity-accounted investees:

- currency translation differences

-

15,590

-

15,590

-

15,590

Net change in fair value of investments at fair value through

other comprehensive income, net of tax

-

(2,198)

-

(2,198)

-

(2,198)

Cash flow hedges:

- effective portion of changes in fair value of cash flow hedges

-

3,286

-

3,286

3,639

6,925

- hedging reserve reclassified to profit or loss

-

5,482

-

5,482

6,359

11,841

Total other comprehensive income, net of tax

-

25,572

-

25,572

13,657

39,229

Total comprehensive income for the period

-

25,572

30,054

55,626

35,272

90,898

Transactions with owners, recognised directly in equity

Contributions by and distributions to owners

Own shares acquired

-

(4,611)

-

(4,611)

-

(4,611)

Cancellation of treasury shares

(58,463)

58,463

-

-

-

-

Dividends paid

-

-

(8,788)

(8,788)

(45,948)

(54,736)

Total contributions by and distributions to owners

(58,463)

53,852

(8,788)

(13,399)

(45,948)

(59,347)

Changes in ownership interests in subsidiaries

Changes in ownership interests in subsidiaries without a change in control

-

-

(16,302)

(16,302)

(11,397)

(27,699)

Total changes in ownership interests in subsidiaries

-

-

(16,302)

(16,302)

(11,397)

(27,699)

Total transactions with owners

(58,463)

53,852

(25,090)

(29,701)

(57,345)

(87,046)

Share of reserves of an equity-accounted investee

-

(3,075)

2,953

(122)

-

(122)

At 30 June 2021

634,852

(116,528)

3,247,483

3,765,807

1,894,737

5,660,544