SAVOLA GROUP COMPANY SAVOLA GROUP COMPANY
(A Saudi Joint Stock Company)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS - (UNAUDITED)
For the three-month period and year ended December 31, 2021
together with the Independent Auditor's Review Report
SAVOLA GROUP COMPANY
(A Saudi Joint Stock Company)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS - (UNAUDITED) For the three-monthperiod and year ended December 31, 2021
INDEX | Page | |
Independent auditor's report on review of the condensed consolidated interim financial | - | |
statements | ||
Condensed Consolidated Statement of Financial Position | 1 | |
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | 2 - 3 | |
Condensed Consolidated Statement of Changes in Equity | 4 | - 5 |
Condensed Consolidated Statement of Cash Flows | 6 | - 7 |
Notes to the Condensed Consolidated Interim Financial Statements | 8 - 37 |
KPMG Professional Services | ةينهملا تاراشتسلال يج مإ يب يك |
Zahran Business Center | لامعلأل نارهزلا زكرم |
Prince Sultan Street | ناطلس ريملأا عراش |
P.O. Box 55078 | |
55078 ب.ص | |
Jeddah 21534 | |
21534 هدـج | |
Kingdom of Saudi Arabia | |
ةيدوعسلا ةيبرعلا ةكلمملا | |
Commercial Registration No 4030290792 | |
4030290792 مقر يراجت لجس | |
Headquarters in Riyadh | ضايرلا يف يسيئرلا زكرملا |
Independent auditor's report on review of condensed
consolidated interim financial statements
To the Shareholders of Savola Group Company
Introduction
We have reviewed the accompanying December 31, 2021 condensed consolidated interim financial statements of Savola Group Company ("the Company") and its subsidiaries ("the Group") which comprises:
- the condensed consolidated statement of financial position as at December 31, 2021;
- the condensed consolidated statement of profit or loss and other comprehensive income for the three- month period and year ended December 31, 2021;
- the condensed consolidated statement of changes in equity for the year ended December 31, 2021;
- the condensed consolidated statement of cash flows for the year ended December 31, 2021; and
- the notes to the condensed consolidated interim financial statements.
Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with IAS 34, 'Interim Financial Reporting' that is endorsed in the Kingdom of Saudi Arabia. Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' that is endorsed in the Kingdom of Saudi Arabia. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing that are endorsed in the Kingdom of Saudi Arabia, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying December 31, 2021 condensed consolidated interim financial statements of Savola Group Company and its subsidiaries are not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting' that is endorsed in the Kingdom of Saudi Arabia.
For KPMG Professional Services
______________________
Nasser Ahmed Al Shutairy License No. 454
Jeddah, February 1, 2022
Corresponding to Jumada Al Thani 29, 1443H
KPMG Professional Services, a professional closed joint stock company registered in the Kingdom of Saudi Arabia. With the paid-up capital of (25,000,000) SAR. (Previously known as "KPMG Al Fozan & Partners Certified Public Accountants") A non-partner member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
نوعجارمو نوبساحم هاكرشو نازوفلا يج مإ يب يك ةكرش" ًاقباس ةامسملا ،لماكلاب عوفدم يدوعس ريال )25,000,000( هلام سأر ،ةيدوعسلا ةيبرعلا ةكلمملا يف ةلجسم ،ةلفقم ةمهاسم ةينهم ةكرش ةينهملا تاراشتسلال يج مإ يب يك ةظوفحم قوقحلا عيمج .نامضب ةدودحم ةيزيلجنا ةكرش ،ةدودحملا ةيملاعلا يج مإ يب يك ـل ةعباتلاو ةلقتسملا يج مإ يب يك تاكرشل ةيملاعلا ةكبشلا يف كيرش ريغ وضع يه و ."نوينوناق
Commercial Registration of the headquarters in Riyadh is 1010425494.
SAVOLA GROUP COMPANY (A Saudi Joint Stock Company)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Expressed in thousands of Saudi Riyal unless otherwise stated)
December 31, | December 31, | |||
Note | 2021 | 2020 | ||
(Unaudited) | (Audited) | |||
ASSETS | ||||
Property, plant and equipment | 5,875,988 | 6,227,862 | ||
Right-of-use assets | 3,313,227 | 3,912,128 | ||
Intangible assets and goodwill | 4 & 12 | 1,857,275 | 911,810 | |
Investment property | 64,004 | 68,794 | ||
Equity-accounted investees | 6 | 8,986,236 | 9,054,136 | |
Investments at fair value through other comprehensive income | 7 | 475,425 | 387,196 | |
Long term deposits | 7,549 | 7,547 | ||
Derivative | 2,493 | 2,311 | ||
Deferred tax asset | 24,721 | 29,800 | ||
Non-current assets | 20,606,918 | 20,601,584 | ||
Inventories | 3,601,668 | 3,067,033 | ||
Trade receivables | 1,607,910 | 1,182,226 | ||
Prepayments and other receivables | 1,372,976 | 1,111,371 | ||
Investments at fair value through profit or loss | 7 | 27,069 | 2,792 | |
Cash and bank balances | 5 | 1,378,054 | 1,093,378 | |
Current assets | 7,987,677 | 6,456,800 | ||
TOTAL ASSETS | 28,594,595 | 27,058,384 | ||
EQUITY | ||||
Share capital | 8 | 5,339,807 | 5,339,807 | |
Share premium | 342,974 | 342,974 | ||
Shares held under employees' share based payment plan | 9 | (30,433) | (16,509) | |
Statutory reserve | 10 | 1,774,085 | 1,774,085 | |
General reserve | 4,000 | 4,000 | ||
Other reserves | (104,866) | (94,585) | ||
Effect of transactions with non-controlling interests without | ||||
change in control | (187,979) | (187,979) | ||
Foreign currency translation reserve | (1,899,084) | (1,966,648) | ||
Retained earnings | 2,843,687 | 3,036,997 | ||
Equity attributable to owners of the Company | 8,082,191 | 8,232,142 | ||
Non-controlling interests | 1,017,422 | 932,412 | ||
TOTAL EQUITY | 9,099,613 | 9,164,554 | ||
LIABILITIES | ||||
Loans and borrowings | 11 | 5,136,640 | 4,464,301 | |
Lease liabilities | 3,291,762 | 3,723,132 | ||
Employee benefits | 879,707 | 803,870 | ||
Long-term payables | 256,895 | 248,592 | ||
Derivative | 164,220 | 190,562 | ||
Provision against asset restoration | 148,006 | 146,466 | ||
Deferred tax liability | 140,707 | 133,051 | ||
Non-current liabilities | 10,017,937 | 9,709,974 | ||
Loans and borrowings | 11 | 3,324,513 | 2,436,015 | |
Lease liabilities | 565,903 | 642,881 | ||
Trade payables | 2,958,461 | 2,474,998 | ||
Accrued and other liabilities | 2,628,168 | 2,629,962 | ||
Current liabilities | 9,477,045 | 8,183,856 | ||
TOTAL LIABILITIES | 19,494,982 | 17,893,830 | ||
TOTAL EQUITY AND LIABILITIES | 28,594,595 | 27,058,384 |
The accompanying notes 1 to 23 form an integral part of these condensed consolidated interim financial statements.
1
SAVOLA GROUP COMPANY (A Saudi Joint Stock Company)
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(Expressed in thousands of Saudi Riyal unless otherwise stated)
Three-month period | Year ended | |||||||
ended December 31 | December 31 | |||||||
Note | 2021 | 2020 | 2021 | 2020 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||
Revenues | 17 | 6,746,380 | 5,184,705 | 24,660,278 | 21,701,941 | |||
Cost of revenues | 17 | (5,619,574) | (4,110,435) | (20,182,553) | (17,061,558) | |||
Gross profit | 1,126,806 | 1,074,270 | 4,477,725 | 4,640,383 | ||||
Share of results in investment in | ||||||||
equity-accounted investees, net of | ||||||||
zakat and tax | 107,808 | 123,375 | 557,066 | 704,148 | ||||
Administrative expenses | (241,817) | (242,419) | (884,792) | (852,787) | ||||
Selling and distribution expenses | (645,657) | (677,178) | (2,714,075) | (2,781,370) | ||||
Impairment loss | 12 | (421,866) | (49,550) | (421,866) | (49,550) | |||
Results from operating activities | (74,726) | 228,498 | 1,014,058 | 1,660,824 | ||||
Finance income | 48,565 | 45,089 | 88,282 | 79,423 | ||||
Finance cost | (150,486) | (171,389) | (577,087) | (621,243) | ||||
Net finance cost | (101,921) | (126,300) | (488,805) | (541,820) | ||||
Reversal of provision no longer | ||||||||
required | -- | -- | -- | 21,003 | ||||
Zakat and income tax expense | 13 | (38,920) | (36,463) | (128,681) | (118,711) | |||
Net (loss) / profit for the period / | ||||||||
year | (215,567) | 65,735 | 396,572 | 1,021,296 | ||||
Other Comprehensive Income | ||||||||
Items that will not be reclassified to | ||||||||
profit or loss | ||||||||
Re-measurements of the defined | ||||||||
benefit liability | (18,333) | 39,428 | (18,333) | (13,640) | ||||
Investments at fair value through other | ||||||||
comprehensive income - net change | ||||||||
in fair value | (119,864) | (35,866) | 50,720 | 39,606 | ||||
Items that are or may be reclassified | ||||||||
to profit or loss | ||||||||
Foreign operations - foreign currency | ||||||||
translation differences | 97,579 | (20,778) | 85,740 | (206,378) | ||||
Investment in equity accounted | ||||||||
investees - share of Other | ||||||||
Comprehensive Income | (15,104) | 25,510 | (60,408) | 39,430 | ||||
Cash flow hedges - effective portion of | ||||||||
changes in fair value | (27,702) | 1,458 | (7,498) | 5,772 | ||||
Other comprehensive (loss) / income | (83,424) | 9,752 | 50,221 | (135,210) | ||||
Total comprehensive (loss) / income | (298,991) | 75,487 | 446,793 | 886,086 | ||||
for the period / year |
The accompanying notes 1 to 23 form an integral part of these condensed
consolidated interim financial statements.
2
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SAVOLA Group Company SJSC published this content on 02 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2022 21:43:40 UTC.
