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

29

Notes

The Group

Six months

Six months

Full year

Full year

ended

ended

Change

ended

ended

Change

31/12/2022

31/12/2021

31/12/2022

31/12/2021

$'000

$'000

%

$'000

$'000

%

Revenue

3

292,446

148,763

96.6

491,120

300,806

63.3

Cost of sales

(120,815)

(75,196)

60.7

(204,822)

(144,506)

41.7

Gross profit

171,631

73,567

>100.0

286,298

156,300

83.2

Marketing expenses

(3,567)

(1,441)

>100.0

(6,508)

(3,760)

73.1

Administrative expenses

(43,459)

(33,265)

30.6

(77,552)

(63,735)

21.7

Other operating expenses

(6,739)

(2,090)

>100.0

(13,961)

(7,254)

92.5

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

79,342

172,214

(53.9)

156,957

231,868

(32.3)

197,208

208,985

(5.6)

345,234

313,419

10.2

Finance expenses

4

(72,745)

(60,160)

20.9

(126,305)

(110,170)

14.6

Finance income

5

27,389

4,569

>100.0

32,718

7,263

>100.0

Other gains/ (losses) - net

6

109,375

(80,359)

n.m

149,500

(72,309)

n.m

Profit before tax

7

261,227

73,035

>100.0

401,147

138,203

>100.0

Tax expense

8

(41,581)

(22,996)

80.8

(53,878)

(36,495)

47.6

Profit after tax

219,646

50,039

>100.0

347,269

101,708

>100.0

Other comprehensive income

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

Foreign operations:

- currency translation differences

(107,901)

19,133

n.m.

(147,239)

26,204

n.m.

Share of other comprehensive income of equity-accounted investees:

- currency translation differences

(100,875)

36,309

n.m.

(141,340)

51,899

n.m.

- other reserves

1,865

-

n.m.

3,820

-

n.m.

Cash flow hedges:

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

(17,088)

4,427

n.m.

7,811

11,352

(31.2)

- hedging reserve reclassified to profit or loss

(1,568)

8,899

n.m.

2,025

20,740

(90.2)

(225,567)

68,768

n.m.

(274,923)

110,195

n.m.

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

Share of other reserves of an equity-accounted investee

2,131

(4,220)

n.m.

651

(4,220)

n.m.

Net change in fair value of investments at fair value

through other comprehensive income, net of tax

6(vi)(b)

(38,227)

(2,748)

>100.0

(102,408)

(4,946)

>100.0

(36,096)

(6,968)

>100.0

(101,757)

(9,166)

>100.0

Other comprehensive income, net of tax

(261,663)

61,800

n.m.

(376,680)

101,029

n.m.

Total comprehensive income for the period

(42,017)

111,839

n.m.

(29,411)

202,737

n.m.

Profit/(Loss) attributable to:

Owners of the Company

101,158

50,889

98.8

189,857

80,943

>100.0

Perpetual securities holders

1,094

-

n.m.

2,093

-

n.m.

Non-controlling interests

117,394

(850)

n.m.

155,319

20,765

>100.0

219,646

50,039

>100.0

347,269

101,708

>100.0

Total comprehensive income attributable to:

Owners of the Company

(93,920)

100,457

n.m.

(115,144)

156,083

n.m.

Perpetual securities holders

1,094

-

n.m.

2,093

-

n.m.

Non-controlling interests

50,809

11,382

>100.0

83,640

46,654

79.3

(42,017)

111,839

n.m.

(29,411)

202,737

n.m.

Earnings per share for profit/(loss) for the period

attributable to the owners of the Company

Weighted average number of ordinary shares in issue

- basic

857,342,842

874,660,363

863,728,801

877,303,475

- diluted *

857,342,842

875,349,508

863,728,801

899,343,085

Basic earnings per share (cents)

11.80

5.82

21.98

9.23

Diluted earnings per share (cents)*

11.80

5.82

21.98

9.21

Note

The Group

The Company

31/12/2022

31/12/2021

31/12/2022

31/12/2021

$'000

$'000

$'000

$'000

ASSETS

Cash and cash equivalents

327,846

518,858

121,614

233,529

Trade and other receivables

64,249

64,250

978,445

1,109,479

Inventories

1,659

892

179

95

Other investments

52,664

81,090

-

-

Development properties

37,967

27,530

-

-

Other assets

101,235

115,783

47,162

12,800

Loans to subsidiaries

-

-

912,430

1,118,194

Derivative assets

6,390

-

-

-

Current assets

592,010

808,403

2,059,830

2,474,097

Intangible assets and goodwill

10

58,394

30,676

-

-

Interests in equity-accounted investees

11

1,521,522

1,668,203

-

-

Investments in subsidiaries

-

-

967,494

808,235

Loans to subsidiaries

-

-

13,348

-

Other investments

119,032

297,404

-

-

Other assets

5,593

4,847

907

769

Investment properties

12

5,404,659

4,568,462

-

-

Property, plant and equipment

13

1,760,752

1,651,297

602,545

626,823

Deferred tax assets

2,047

1,247

3,255

2,405

Derivative assets

23,059

960

222

-

Non-current assets

8,895,058

8,223,096

1,587,771

1,438,232

Total assets

9,487,068

9,031,499

3,647,601

3,912,329

LIABILITIES

Trade and other payables

179,139

145,500

124,280

80,250

Borrowings

14

578,643

418,781

-

10,000

Provision

24,656

23,775

-

-

Loans from subsidiaries

-

-

301,412

507,620

Current tax liabilities

87,363

72,076

5,162

5,137

Deferred income

3,439

682

-

-

Lease liabilities

6,456

6,172

26,473

25,856

Derivative liabilities

494

1,545

-

-

Current liabilities

880,190

668,531

457,327

628,863

Borrowings

14

2,388,483

2,406,062

18,955

39,698

Deferred income

309

2,666

-

-

Deferred tax liabilities

145,009

143,849

-

-

Other payables

60,726

44,955

1,304

410

Lease liabilities

38,302

34,757

653,723

671,048

Provision

-

4,204

-

-

Derivative liabilities

-

7,077

-

-

Non-current liabilities

2,632,829

2,643,570

673,982

711,156

Total liabilities

3,513,019

3,312,101

1,131,309

1,340,019

Net Assets

5,974,049

5,719,398

2,516,292

2,572,310

EQUITY

Share capital

15

470,546

634,852

470,546

634,852

Other reserves

(252,625)

(69,233)

(16,179)

(148,016)

Accumulated profits

3,470,549

3,284,337

2,061,925

2,085,474

Equity attributable to owners of the Company

3,688,470

3,849,956

2,516,292

2,572,310

Perpetual securities

33,282

-

-

-

Non-controlling interests

2,252,297

1,869,442

-

-

Total equity

5,974,049

5,719,398

2,516,292

2,572,310

Attributable to Owners of the Company

Non-

Share

Other

Accumulated

Perpetual

controlling

Total

THE GROUP

Notes

capital

reserves

profits

Total

securities

interests

equity

$'000

$'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 year

Profit for the year

-

-

189,857

189,857

2,093

155,319

347,269

Other comprehensive income

Foreign operations:

- currency translation differences

-

(68,188)

-

(68,188)

-

(79,051)

(147,239)

Share of other comprehensive income of equity-accounted investees:

- currency translation differences

-

(141,340)

-

(141,340)

-

-

(141,340)

- other reserves

-

2,499

-

2,499

-

1,972

4,471

Net change in fair value of investments at fair value through

other comprehensive income, net of tax

-

(102,408)

-

(102,408)

-

-

(102,408)

Cash flow hedges:

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

-

3,526

-

3,526

-

4,285

7,811

- hedging reserve reclassified to profit or loss

-

910

-

910

-

1,115

2,025

Total other comprehensive income, net of tax

-

(305,001)

-

(305,001)

-

(71,679)

(376,680)

Total comprehensive income for the year

-

(305,001)

189,857

(115,144)

2,093

83,640

(29,411)

Transactions with owners, recognised directly in equity

Contributions by and distributions to owners

Own shares acquired

-

(32,469)

-

(32,469)

-

-

(32,469)

Cancellation of treasury shares

15

(164,306)

164,306

-

-

-

-

-

Dividends paid

16

-

-

(17,303)

(17,303)

-

(97,866)

(115,169)

Redemption of perpetual securities

-

-

2,618

2,618

(26,980)

5,240

(19,122)

Distributions to perpetual securities holders

-

-

-

-

(1,482)

-

(1,482)

Total contributions by and distributions to owners

(164,306)

131,837

(14,685)

(47,154)

(28,462)

(92,626)

(168,242)

Changes in ownership interests in subsidiaries

Acquisition of subsidiaries

-

-

-

-

59,651

314,264

373,915

Changes in ownership interests in subsidiaries without a change in control

-

2,577

6,901

9,478

-

77,577

87,055

Total changes in ownership interests in subsidiaries

-

2,577

6,901

9,478

59,651

391,841

460,970

Total transactions with owners

(164,306)

134,414

(7,784)

(37,676)

31,189

299,215

292,728

Share of reserves of an equity-accounted investee

-

(7,249)

(1,417)

(8,666)

-

-

(8,666)

Transfer from fair value reserve to accumulated profits

-

(5,556)

5,556

-

-

-

-

At 31 December 2022

470,546

(252,625)

3,470,549

3,688,470

33,282

2,252,297

5,974,049

Attributable to Owners of the Company

Non-

Share

Other

Accumulated

Perpetual

controlling

Total

THE GROUP

Notes

capital

reserves

profits

Total

securities

interests

equity

$'000

$'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 year

Profit for the year

-

-

80,943

80,943

-

20,765

101,708

Other comprehensive income

Foreign operations:

- currency translation differences

-

17,422

-

17,422

-

8,782

26,204

Share of other comprehensive income of equity-accounted investees:

- currency translation differences

-

51,899

-

51,899

-

-

51,899

- other reserves

-

(4,220)

-

(4,220)

-

-

(4,220)

Net change in fair value of investments at fair value through

other comprehensive income, net of tax

-

(4,946)

-

(4,946)

-

-

(4,946)

Cash flow hedges:

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

-

5,372

-

5,372

-

5,980

11,352

- hedging reserve reclassified to profit or loss

-

9,613

-

9,613

-

11,127

20,740

Total other comprehensive income, net of tax

-

75,140

-

75,140

-

25,889

101,029

Total comprehensive income for the year

-

75,140

80,943

156,083

-

46,654

202,737

Transactions with owners, recognised directly in equity

Contributions by and distributions to owners

Own shares acquired

-

(13,864)

-

(13,864)

-

-

(13,864)

Redemption of convertible bonds

-

(4,641)

4,626

(15)

-

-

(15)

Cancellation of treasury shares

(58,463)

58,463

-

-

-

-

-

Dividends paid

16

-

-

(17,525)

(17,525)

-

(80,655)

(98,180)

Total contributions by and distributions to owners

(58,463)

39,958

(12,899)

(31,404)

-

(80,655)

(112,059)

Changes in ownership interests in subsidiaries

Changes in ownership interests in subsidiaries without a change in control

-

-

(14,332)

(14,332)

-

(13,367)

(27,699)

Total changes in ownership interests in subsidiaries

-

-

(14,332)

(14,332)

-

(13,367)

(27,699)

Total transactions with owners

(58,463)

39,958

(27,231)

(45,736)

-

(94,022)

(139,758)

Share of reserves of an equity-accounted investee

-

14,064

(14,459)

(395)

-

-

(395)

Transfer from fair value reserves to accumulated profits

-

(5,518)

5,518

-

-

-

-

At 31 December 2021

634,852

(69,233)

3,284,337

3,849,956

-

1,869,442

5,719,398