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FIRST QUAQuarterly reaudited.
CONDENSFOR THE F
Revenue
Cost of sale
Gross prof
Other incom
Other expe
Profit from
Finance cos
Share of resand asso
Profit befo
Taxation
Profit for th
Profit/(loss)
Equity ho
Non-cont
Earnings peattributabthe Comp
- Basic
- Diluted
(The Condstatements
Genting P10th Floor, Wisma
ARTERLY Report on con
ED CONSOFINANCIAL
es
fit
me
nses
m operations
st
sults in joint ciates
re taxation
he financial
) attributable
olders of the C
rolling intere
er share (senble to equity hpany:
densed Consfor the finan
PlantationsGenting, Jalan Sulta
REPORTnsolidated re
LIDATED INPERIOD EN
s
ventures
period
to:
Company
ests
n) for profit holders of
solidated Incncial year end
Berhad (349
an Ismail, 50250 Kua
sults for the
NCOME STANDED 31 MA
INDICurre
YeQuar
31/03/20RM'0
400,2
(236,0------------
164,1
22,4
(54,9------------
131,6
(15,2
6,0------------
122,4
(33,8------------
88,6------------
80,08,5
------------88,6
=======
10.=======
9.=======
come Statemded 31 Dece
993-X)
la Lumpur, Malaysia
1
first quarter
ATEMENT ARCH 2017 IVIDUAL QUentearrter
PrCo
017000
224
030)-----
194
427
923)-----
698
283)
041-----
456
805)-----
651-----
059592-----
651===
.04===
.68===
ment should ember 2016)
. T: 03-21782255/23
r ended 31 M
UARTER receding Yeaorrespondin
Quarte31/03/201
RM'00
260,87
(170,20-------------
90,66
21,82
(63,31-------------
49,17
(16,86
6,18-------------
38,49
(10,44-------------
28,05-------------
26,98
1,06-------------
28,05=======
3.4=======
3.3=======
be read in
3332255 F: 03-2164
March 2017.
CUarnger
CurrY
To-D16 31/03/200 RM'
72 400,
06) (236,---- ----------66 164,
26 22,
15) (54,---- ----------77 131,
69) (15,
84 6,---- ----------92 122,
41) (33,---- ----------51 88,---- ----------
88 80,63 8,---- ----------51 88,== ======
44 10== ======
31 9== ======
conjunction
41032 http://www.ge
The figures
UMULATIVE rent
YearDate
PrCo
2017 '000
,224
,030) -------,194
,427
,923) -------,698
,283)
,041 -------,456
,805) -------,651 -------
,059 ,592 -------,651 ====
0.04====
9.68====
n with the a
entingplantations.com
have not be
PERIODreceding yeorrespondin
Perio31/03/201
RM'00
260,87
(170,20-------------
90,66
21,82
(63,31-------------
49,17
(16,86
6,18-------------
38,49
(10,44-------------
28,05-------------
26,98
1,06-------------
28,05=======
3.4=======
3.3=======
udited finan
m
een
arngod1600
72
06)----66
26
15)----77
69)
84----92
41)----51----
88
63----51==
44==
31==
cial
CONDENSFOR THE F
Profit for th
Other com net of tax
Items that subsequ
Cash flow
Foreign cdifferen
Total compfor the fin
Total compattributab
Equity ho
Non-cont
(The Condeaudited fina
ED CONSOFINANCIAL
he financial
prehensive x:
will be reclaently to pro
w hedge
currency trannces
prehensive inancial peri
rehensive inble to:
olders of the C
rolling intere
ensed Consancial statem
LIDATED STPERIOD EN
period
income/(los
assifiedofit or loss:
slation
income/(losiod
come/(loss)
Company
ests
solidated Staments for the
TATEMENTNDED 31 MA
INC
Q31/0
R
ss),
-----
-----
ss)
===
-----
===
atement of Cfinancial yea
2
OF COMPRARCH 2017
NDIVIDUAL QCurrent
YearQuarter
PC
3/2017RM'000
88,651
1,598
6,716------------
8,314------------
96,965=======
88,458
8,507------------
96,965=======
Comprehensiar ended 31 D
REHENSIVE
QUARTERPreceding YeCorrespondi
Quar31/03/20
RM'0
28,0
(2,63
(69,69-----------
(72,32-----------
(44,27=======
(49,84
5,5-----------
(44,27=======
ive Income sDecember 2
INCOME
CUearingrter
Cu
To-016 31/03/000 RM
051 88
30) 1
93) 6----- --------
23) 8----- --------
72) 96=== =====
44) 88
572 8----- --------
72) 96=== =====
should be re016)
MULATIVE rrent Year
-Date
PrecCor
/2017 M'000
8,651
1,598
6,716---------
8,314---------
6,965=====
8,458
8,507---------
6,965=====
ead in conju
PERIODceding yearrresponding
Period31/03/2016
RM'000
28,051
(2,630)
(69,693)----------------
(72,323)----------------
(44,272)=========
(49,844)
5,572----------------
(44,272)=========
unction with
r
60
the
CONDENSAS AT 31 M
ASSETS
Non-currenProperty, Land heldInvestmePlantationLeaseholIntangibleJoint ventAssociateAvailableOther nonDeferred
Current asProperty InventorieTax recovTrade andAmounts
and othDerivativeAvailableCash and
Assets cla
TOTAL ASS
(The Condefinancial sta
ED CONSOMARCH 201
nt assets plant and eq
d for propertynt propertiesn developmed land use rie assets tures es-for-sale finan-current asstax assets
sets developmenesverable d other receidue from joi
her related coe financial as-for-sale fina
d cash equiva
assified as h
SETS
ensed Consoatements for
LIDATED ST7
quipment y developmesentghts
ancial assetssets
t costs
ivables nt ventures, ompanies ssets ancial assetsalents
held for sale
olidated Statr the financial
TATEMENT
ent
associates
tement of Finl year ended
3
OF FINANC
inancial Posid 31 Decemb
CIAL POSITI
ition should ber 2016)
ION
A31/03/
RM
1,72025525
2,50045534821
141493
--------
5,335--------
582112
380
2
5001,5192,686
--------
2,686--------
8,02=====
be read in c
AS AT /2017 M'000
0,979 5,444 5,368 0,909 5,498 4,315 2,530 1,905 1,539 4,361 3,061 ----------
5,909 ----------
8,311 1,603 2,476 0,262
2,830 1,319 0,001 9,219 6,021
-----------
6,021 ----------
1,930 ======
conjunction w
AuditedAS AT
31/12/2016RM'000
1,728,093254,82525,517
2,465,927495,75834,62877,89412,501
143,17014,36192,556
-----------------
5,345,230-----------------
50,006174,27813,112
504,758
4,139424
500,0061,260,2662,506,989
6,034-----------------
2,513,023-----------------
7,858,253==========
with the audi
3577884
0
6-
0-
6828
946694-
3-
3=
ited
CONDENSAS AT 31 M
EQUITY ANEquity attr
Share capReserves
Non-contro
Total equit
Non-currenBorrowingProvisionDerivativeDeferred Deferred
Current liaTrade andAmountsBorrowingDerivativeTaxation
Total liabil
TOTAL EQ
NET ASSET
(The Condfinancial sta
ED CONSOMARCH 201
ND LIABILITibutable to epital
s
olling intere
ty
nt liabilities gs for retiremee financial liatax liabilitiesincome
bilitiesd other payadue to ultima
gse financial lia
ities
QUITY AND L
TS PER SHA
densed Consatements for
LIDATED ST7 (Continued
TIESequity holde
ests
ent gratuities abilitys
ables ate holding a
abilities
LIABILITIES
ARE (RM)
solidated Star the financial
TATEMENTd)
ers of the C
and other rel
atement of Fil year ended
4
OF FINANC
ompany
ated compan
inancial Posd 31 Decemb
CIAL POSITI
nies
ition should ber 2016)
ION
AS31/03/2
RM
4574,280----------
4,737296
----------
5,034
2,34613
1105
8----------
2,475----------
3811
111
16----------
511----------
2,987----------
8,021======
be read in c
S AT 2017 3'000
7,794 0,088 --------
7,882 6,850 --------
4,732
6,587 3,710
,943 5,189 8,493 --------
5,922 --------
,539 ,234 ,757
-6,746 --------
,276 --------
7,198 --------
,930 =====
5.91
conjunction w
Audited AS AT
31/12/2016RM'000
397,0194,278,515-----------------
4,675,534289,688
-----------------
4,965,222
2,315,70812,469
2,07397,179
8,493-----------------
2,435,922-----------------
412,3502,072
29,097574
13,016-----------------
457,109-----------------
2,893,031-----------------
7,858,253==========
5.89
with the audiited
CO
ND
ENS
FOR
TH
E F
Bal
ance
at 1
Tota
l com
preh
perio
d
Issu
e of
sha
re
Effe
cts
aris
ing
the
Gro
up
Appr
opria
ti o- S
peci
al s
ing
year
end
ed
Bal
ance
at 3
1
The
new
Co
Con
sequ
ent
Act.
Und
er th
the
cred
it of
(The
Con
den
2016
)
SED
CO
NSO
LID
FIN
AN
CIA
L PE
R
Janu
ary
2017
hens
ive
inco
me
for
es u
pon
exer
cise
of
g fro
m c
hang
es in
c
on: le-ti
er d
ivid
end
pai d
31 D
ecem
ber 2
016
1 M
arch
201
7
ompa
nies
Act
20 1
ly, a
ny a
mou
nt s
the
tran
sitio
nal p
r oits
sha
re p
rem
ium
n sed
Con
solid
ateD
ATE
D S
TATE
MR
IOD
EN
DED
3
R 3
the
finan
cial
fwar
rant
s
com
posi
tion
of
d fo
r the
fina
ncia
l 6
(11
sen)
4
16 (
"the
Act")
cam
andi
ng to
the
cred
ovis
ion
in S
ectio
n m
acc
ount
for p
urp
d S
tate
men
t of C
hMEN
T O
F C
HA
N1
MA
RC
H 2
017
Shar
eC
apita
lSh
are
Prem
ium
RM
’000
R
M’0
00
397,
019
356,
384
--
60,7
75
14,0
08
--
--
457,
794
370,
392
me
into
effe
ct fr
od i
t of a
com
pany
's61
8(3)
of t
he A
ctp o
ses
as s
et o
ut in
hang
es in
Equ
ity NG
ES IN
EQ
UIT
Y7 m
War
rant
sR
eser
ve
Re
valu
a tR
ese
RM
’000
RM
’ 0
417
1,01
518
, 0
--
8 (1
3,08
8)
- -
- -
215
7,92
718
,0
m 3
1 Ja
nuar
y 20
s sh
are
prem
ium
t,
a co
mpa
ny m
ayn
that
sec
tion.
Th
shou
ld b
e re
ad i n
5
Y e - tion
erve
Fair
Valu
eR
eser
ve
R E Dif
0 00
RM
’000
R
063
40,6
79
- -
- -
- -
- -
6340
,679
017
and
abol
ishe
dac
coun
t sha
ll be
cy
with
in tw
enty
-fou
e ba
lanc
e of
RM
4
n co
njun
ctio
n w
ith Res
erve
on
xcha
nge
ffere
nces
Cas
h Fl
ow
Hed
geR
eser
vR
M’0
00
RM
’000
13,1
35
(1,2
79
6,87
0 1,
529
--
--
--
20,0
05
250
d th
e co
ncep
t of
com
e pa
rt of
the
cur
mon
ths
upon
th45
7.8
milli
on in
sh
the
audi
ted
fina n
e veTr
easu
ry
Shar
esR
etEa
r0
RM
’000
R
M
)(1
,372
)3,
6
9 -
- -
- -
- -
(
0(1
,372
)3,
6
auth
oris
ed s
hare
com
pany
's s
hare
he
com
men
cem
enar
e ca
pita
l rep
res
ncia
l sta
tem
ents
fo
tain
ed
rnin
gsTo
tal
M’0
00
RM
’000
6 81,
890
4,67
5,53
4
80,0
59
88,4
58
- 61
,695
--
(87,
805)
(87,
805
674,
144
4,73
7,88
2
e ca
pita
l and
par
ca
pita
l pur
suan
t tnt
of t
he A
ct, u
se
sent
s 80
2.0
milli
o n
or th
e fin
anci
al y
e
Non
-co
ntro
lling
In
tere
sts
T EqR
M’0
00
RM
428
9,68
84,
96
8 8,
507
9
5 -
6
- (1
,345
) (
5)-
(8
229
6,85
05,
03
valu
e of
sha
re c
t o S
ectio
n 61
8(2)
th
e am
ount
sta
ndn
ordi
nary
sha
res.
ar e
nded
31
Dec
eTota
l qu
it yM
’000
5,22
2
6,96
5
1,69
5
1,34
5)
7,80
5)
4,73
2
apita
l. of
the
ding
to
. embe
r
CO
ND
ENFO
R T
HE
Bal
ance
at
Tota
l com
pfin
anci
al
Issu
e of
sh
Tran
sfer
du
rese
rve
Buy-
back
o
Bal
ance
at
(The
Con
dD
ecem
berNSE
D C
ON
SOL
E FI
NA
NC
IAL
P
t 1 J
anua
ry 2
016
p reh
ensi
ve in
com
e/(
perio
d
ares
upo
n ex
erci
se
u e to
real
isat
ion
of r
o f s
hare
s
t 31
Mar
ch 2
016
dens
ed C
onso
lida
r 201
6)
IDA
TED
STA
TEER
IOD
EN
DED
<- Sh Cap
RM
391,
(loss
) for
the
of w
arra
nts
1,
r eva
luat
ion
393,
ated
Sta
tem
ent o
f EMEN
T O
F C
HA
D 3
1 M
AR
CH
201
------
------
------
------
--
hare
pi
tal
Shar
ePr
emiu
mW R
’000
R
M’0
00
331
255,
205
1
- -
948
34,6
45
- -
- -
279
289,
850
1
Cha
nges
in E
qui tA
NG
ES IN
EQ
U17
(Con
tinue
d)
------
------
------
Attr
ib
War
rant
sR
eser
ve
Re-
va
luat
ion
Res
erve
RM
’000
R
M’0
00
89,7
20
33,9
73
- -
(6,4
04)
-
- (6
63)
- -
83,3
16
33,3
10
t y s
houl
d be
read
6
ITY
buta
ble
to e
quity
h
n e
Fair
Valu
eR
eser
ve
Re
Ex Diff
0 R
M’0
00
R
40,6
79
(3
- (7
-
) - -
40,6
79
(11
in c
onju
nctio
n w
ith old
ers
of th
e C
omes
erve
on
xcha
nge
fere
nces
Cas
h Fl
oH
edge
Res
erv e
RM
’000
R
M’0
00
3 9,8
02)
(1,0
58)
75,4
02)
(1,4
30
- -
- -
- -
1 5,2
04)
(2,4
88
th th
e au
dite
d fin
ampa
ny --
------
------
---
ow eTr
easu
ry
Shar
es
Ret
aEa
rn0
RM
’000
R
M
) (1
,155
) 3,
350
) -
2 6
- -
(109
)
) (1
,264
) 3,
378
anci
al s
tate
men
ts ---
------
------
------
->
aine
d ni
ngs
Tota
l ’0
00
RM
’000
0,41
8 4,
219,
311
6,98
8 (4
9,84
4)
- 30
,189
663
-
- (1
09)
8,06
9 4,
199,
547
for t
he fi
nanc
ial y
Non
-co
ntro
lling
In
tere
sts
T EqR
M’0
00
RM
285,
280
4,50
4
)5,
572
(44
- 30
-
)-
290,
852
4,49
0
year
end
ed 3
1
Tota
l qu
ity
M’0
00
4,59
1
4,27
2)
0,18
9 -
(109
)
0,39
9
CONDENSFOR THE
CASH FLOProfit beforeAdjustment Deprecia Finance Interest Investme Net unre Share of Gain on Write off Other ad
Operating Changes in Net chan Net chan
Cash geneTax paid
Net cash g
CASH FLOPurchasPlantatioLeasehoLand heInterest InvestmeProceedProceedDividend
Net cash u
(The Condestatements
SED CONSFINANCIA
OWS FROM Oe taxationts for: ation and amcostincomeent income ealised exchaf results in jodisposal of s
f of receivabldjustments
profit beforn working capnge in currennge in curren
erated from od (net of tax r
generated fro
OWS FROM Ie of property
on developmold land use ld for properreceived ent income
ds received frds from dispod received fro
used in inves
ensed Consofor the finan
SOLIDATEDAL PERIOD
OPERATING
mortisation
ange loss oint ventures subsidiaries les
e changes ipital: nt assets nt liabilities
operations refund)
om operatin
INVESTING y, plant and eent rights rty developm
rom disposalosal of propeom associate
sting activit
olidated Statncial year end
D STATEMEENDED 31
G ACTIVITIE
and associa
n working c
ng activities
ACTIVITIESequipment
ent
l of subsidiarrty, plant andes
ties
tement of Caded 31 Dece
7
ENT OF CA MARCH 2
ES
ates
capital
S
riesd equipment
ash Flows shember 2016)
ASH FLOW2017
hould be rea
WS
R
-
-
-
-
-
d in conjunc
2017RM’000
122,456
21,990 15,283 (9,778) (3,928) 2,366
(6,041) (640)
1,634 1,852
22,738 --------------- 145,194
89,380 (16,771) 72,609
--------------- 217,803 (21,929)
---------------
195,874 ---------------
(6,151) (43,867)
(3,966) (2,277) 9,778 3,928
14,507 89
2,000
(25,959) ---------------
ction with the
2016 RM’00
38,49
24,9916,86
(11,99(5,0110,53(6,18
(6928,51
-----------67,00
40,2054
40,74-----------107,75(16,86
-----------
90,88-----------
(46,53(52,03
(3,93(3,4311,99
5,01
5
(88,87-----------
e audited fina
00
92
926993)16)3484)
--
91)11----03
074047----5068)----
82----
30)37)36)38)9316
-55
-
77)----
ancial
CONDENSFOR THE F
CASH FLOProceedProceedRepaymFinance DividendBuy-bac
Net cash g
Net increasCash and cEffect of cu
Cash and c
(The Condestatements
ED CONSOFINANCIAL
OWS FROM Fds from bank ds from issue
ment of bank cost paid
d paid ck of shares
generated fro
se in cash acash equivaurrency tran
cash equiva
ensed Consofor the finan
LIDATED STPERIOD EN
FINANCINGborrowings
e of shares uborrowings a
om financin
and cash eqalents at begnslation
alents at end
olidated Statncial year end
TATEMENTNDED 31 MA
ACTIVITIES
pon exerciseand transacti
ng activities
uivalents ginning of fi
d of financia
tement of Caded 31 Dece
8
OF CASH FARCH 2017 (
S
e of warrantsion costs
nancial per
al period
ash Flows shember 2016)
FLOWS (Continued)
s
iod
hould be rea
20RM
13361(5
(10(87
91---------
2611,260
(2----------1,519
=====
d in conjunc
017M’000
3,386 1,695 5,549) 0,578)7,805)
-
1,149 ---------
1,064 0,266 2,111) --------- 9,219 =====
ction with the
2016RM’000
87,53330,189
(12,656)(10,702)
-(109)
94,255----------------
96,2601,424,897
(13,521)----------------1,507,636=========
e audited finaancial
GENTING PNOTES TO- FIRST QU
I) Com
(a)
PLANTATIOO THE INTERUARTER EN
pliance with
Accounting
The interimFinancial RListing Reqbeen reviewEngagemenAuditor of th
The interimGroup for computatioannual audadoption of January 201
- Amend
- AmendLosses
The adoptiofinancial inf
Malaysian
On 19 Novapproved a
The MFRSbeginning o141 “Agricuparent, sign
On 8 SeptBoard’s deTransitionin
The GroupMFRS Framfinancial stamounts rebe made re
ONS BERHARIM FINANCDED 31 MA
h Financial R
g Policies a
m financial reReporting” anquirements. Twed by the Cnts (“ISRE”) he Entity.
m financial rethe financian adopted fo
dited financianew FRSs an
17:
ments to FR
ments to FR.
on of these formation of t
Financial R
vember 2011accounting fra
Frameworkon or after 1 ulture” and ICnificant inves
tember 2015eferral of IFRng Entities to
falls within mework fromatements, th
eflecting the aetrospectively
ADCIAL REPOR
RCH 2017
Reporting S
and Methods
port is unaudnd paragrapThe financiaCompany’s 2410 – Rev
port should l year endeor the interimal statementnd amendme
RS 107 “State
RS 112 “Inco
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10
b) Seasonal or Cyclical Factors
Fresh fruit bunches (“FFB”) production is seasonal in nature. Production of FFB normally peaks in the second half of the year but this cropping pattern can be affected by changes in weather conditions.
c) Unusual Items Affecting Assets, Liabilities, Equity, Net Income or Cash Flow
There were no unusual items affecting the assets, liabilities, equity, net income or cash flows of the Group for the current quarter ended 31 March 2017.
d) Material Changes in Estimates
There were no significant changes made in estimates of amounts reported in previous financial year.
e) Changes in Debt and Equity Securities
During the financial period ended 31 March 2017, the paid-up share capital of the Company was increased by RM60.8 million by way of allotment and issuance of 7,960,400 new ordinary shares of 50 sen each arising from the exercise of 7,960,400 warrants.
Other than the above, there were no other issuance, cancellation, repurchase, resale or repayment of debts or equity securities for the financial period ended 31 March 2017.
f) Dividend Paid
A special single-tier dividend of 11 sen per ordinary share of 50 sen each amounting to RM87.8 million was paid on 27 March 2017 for the financial year ended 31 December 2016.
g) Segment Information
The segments are reported in a manner that is more consistent with the internal reporting provided to the chief operating decision maker whereby the Group’s business is considered from both geographical and industry perspective. The performance of the operating segments is based on a measure of adjusted earning before interest, tax, depreciation and amortisation (EBITDA). This measurement basis excludes the effects of non-recurring items from the reporting segments such as fair value gains and losses, impairment losses, gain or loss on disposal of assets and assets written off. Interest income and finance costs are not included in the result for each operating segment.
11
g) Segment Information (Continued)
Segment analysis for the financial period ended 31 March 2017 is set out below:
Plantation Downstream Malaysia Indonesia Property Biotechnology Manufacturing Others Elimination Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
euneveR
- External 114,249 139,352 20,766 - 125,857 - - 400,224 - Inter segment 107,179 - - - - - (107,179) -
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- Total Revenue 221,428 139,352 20,766 - 125,857 - (107,179) 400,224
======== ======== ======== ======== ======== ======== ======== ========
Adjusted EBITDA 81,922 58,956 4,752 (3,093) (454) 2,115 - 144,198 Loss on disposal of
assets (19) - - - - - - (19)Gain on disposal of
subsidiaries - 640 - - - - - 640 Assets written off (725) - - (158) (26) - - (909)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- 019,341 - 511,2 )084( )152,3( 257,4 695,95 871,18
Depreciation and amortisation (13,318) (6,132) (235) (596) (1,709) - - (21,990)
Share of results in joint ventures and associates 1,304 - 4,737 - - - - 6,041
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- 69,164 53,464 9,254 (3,847) (2,189) 2,115 - 127,961
-------------- -------------- -------------- -------------- -------------- -------------- -------------- Interest income 9,778 Finance cost (15,283)
-------------- Profit before
654,221 noitaxat ======== stessA
Segment assets 1,505,575 3,428,662 471,136 171,452 470,390 501,969 - 6,549,184 Joint ventures - - 82,530 - - - - 82,530 Associates 11,528 - 506 - - (129) - 11,905
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- 1,517,103 3,428,662 554,172 171,452 470,390 501,840 - 6,643,619
-------------- -------------- -------------- -------------- -------------- -------------- -------------- Interest bearing
instruments 1,272,774
Deferred tax assets 93,061 Tax recoverable 12,476
-------------- Total assets 8,021,930
======== Liabilities Segment liabilities 82,209 151,836 142,544 2,588 11,671 16,071 - 406,919
-------------- -------------- -------------- -------------- -------------- -------------- -------------- Interest bearing
instruments 2,458,344 Deferred tax
liabilities 105,189
Taxation 647,61 -------------- 891,789,2 seitilibail latoT ========
h) Property, Plant and Equipment
During the current financial period ended 31 March 2017, acquisitions and disposals of property, plant and equipment by the Group were RM18.7 million and RM0.1 million respectively.
i) Material Events Subsequent to the End of Financial Year
There were no material events subsequent to the end of the financial period ended 31 March 2017 that have not been reflected in this interim financial report.
12
j) Changes in the Composition of the Group
Other than as disclosed in Note 7 in the Part II of this interim financial report, there were no other material changes in the composition of the Group for the current quarter ended 31 March 2017.
k) Changes in Contingent Liabilities or Contingent Assets
There were no significant changes in contingent liabilities or contingent assets since the last financial year ended 31 December 2016.
l) Capital Commitments
Authorised capital commitments not provided for in the interim financial statements as at 31 March 2017 are as follows:
latoT detcartnoC toN detcartnoC 000’MR 000’MR 000’MR
Property, plant and equipment 57,253 951,176 1,008,429 Leasehold land use rights 896 19,590 20,486 Plantation development 16,839 488,172 505,011 Intellectual property development 13,487 - 13,487
88,475 1,458,938 1,547,413
m) Significant Related Party Transactions
Significant related party transactions which were entered into on agreed terms and prices for the financial period ended 31 March 2017 are set out below:
Current Quarter 1Q 2017RM’000
i) Provision of shared services in relation to secretarial, tax, treasury and other services by Genting Berhad. 494
---------ii) Letting of office space and provision of related services by Oakwood
766.dhB ndS---------
iii) Purchase of air-tickets, hotel accommodation and other related services from Genting Malaysia Berhad. 17
---------iv) Provision of information technology and system implementation
services and rental of equipment by eGenting Sdn Bhd and Genting Information Knowledge Enterprise Sdn Bhd. 826
---------v) Provision of management services to Genting Simon Sdn Bhd by
Genting Awanpura Sdn Bhd. 127---------
vi) Letting of office space and provision of related services by PT Lestari Prop 808 .amatsevnI itre
---------vii) Sale of RBD palm products by Genting MusimMas Refinery Sdn Bhd
to Inter-Continental Oils & Fats Pte Ltd 55,513---------
13
n) Fair Value of Financial Instruments
The Group uses the following hierarchy for determining the fair value of all financial instruments carried at fair value:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs).
As at 31 March 2017, the Group’s financial instruments measured and recognised at fair value on a recurring basis are as follows:
1 leveL 000’MR Level 2 Level 3 Total
Financial assets Available-for-sale financia 045,146 935,141 100,005- stessa l
Derivative financial instruments - 1,319 - 1,319- 501,320 141,539 642,859
Financial liabilities
Derivative financial instruments - 1,943 - 1,943
The methods and valuation techniques used for the purpose of measuring fair value are unchanged compared with the previous financial year ended 31 December 2016.
The following table presents the changes in financial instruments classified within Level 3:
Available-for-sale financial assets RM’000
As at 1 January 2017 143,170
)136,1( secnereffid egnahcxe ngieroF
As at 31 March 2017 141,539
There have been no transfers between the levels of the fair value hierarchy during the current financial period ended 31 March 2017.
ADDITIONMARCH 2
II) Compli
1) Per
The
RM’Rev
Pla
PrDo
ProPla
PrBioDoOtAdGaGaAs
EB
DeIntFinSh
Pr
TheperrefihighpalmIndoentMastocper
NAL INFOR017
iance with A
rformance A
e results of th
’Millionvenueantation - M
- Inroperty ownstream m
fit before taantation - Malaysia - Indonesia
roperty otechnology ownstream mthersdjusted EBITain on disposain on disposssets written
BITDA
epreciation aterest incomnance costhare of result
rofit before t
e Group posriod of the prned palm prher biodiesem product sonesia segmirely into exnufacturing cks. The Prriod was bols
RMATION R
Appendix 9(
Analysis
he Group are
Malaysia ndonesia
manufacturin
ax
manufacturin
TDAsal of assetssal of subsidoff
and amortisae
ts in joint ven
tax
ted a higherrevious yearroducts follol sales. Both
selling pricesment but forxternal salessegment foroperty segm
stered by add
REQUIRED
B) of Bursa
e tabulated b
g
g
siaries
tion
ntures and a
r revenue in r, largely drivwing the co
h the Plantats and higherr the Plantat as most ofr onward pro
ment’s revenditional contr
14
BY BURSA
Securities
below:
ssociates
the first quaven by the Dmmencemention-Malaysiar FFB prodution-Malaysiaf its CPO frocessing to ue was als
ribution recog
A SECURIT
Listing Req
CURRQUAR
2017
114.2139.3
20.8125.9400.2
======
81.959.0
4.7(3.1)(0.4)2.1
144.2-0.6
(0.9) ---------143.9
(22.0) 9.8
(15.3) 6.0
---------122.4
======
arter of the yDownstream nt of its refina and Plantauction leadina segment, rom Sabah refined palm
so lower yeagnised on co
TIES – FIR
uirements
RENTRTER %
2016 +/-
148.3 -254.0 >1035.0 -423.6 >10
260.9 +5======
49.1 +612.3 >1011.4 -5(5.0) -3(0.4)(4.8)62.6 >10
--
(0.4) >10---------
62.2 >10
(25.0) -112.0 -1
(16.9) -6.2 -
---------38.5 >10
======
ear (“1Q 201Manufacturi
nery operatioation-Indonesng to higher these positivoperations wm products ar-on-year a
ompletion of p
RST QUART
PRECED% QUARTE/- 4Q 201
23 294.100 163.141 28.700 27.553 513.4
======
67 147.100 69.259 12.838 (3.4
- (0.4- 16.2
00 241.5- 137.8- -
00 (81.4---------
00 297.9
2 (26.38 8.9
-9 (13.6-3 7.7
---------00 274.6
======
17”) against ng segment’ons in Lahasia segments
revenue frove elementswere sold towhere a po
as the previoprojects.
TER ENDE
INGER %6 +/-
-61-15
7 -285 >1004 -22=
-442 -158 -634) -94) -2 -875 -40
8 --
4) -99-
9 -52
3) -169 +106) +13
7 -22-
6 -55=
the correspo’s maiden sad Datu alons registered om the Plans did not trao the Downsortion was heous correspo
D 31
onding ales of
ng with higher tation-
anslate streameld as onding
15
1) Performance Analysis (Continued)
With the FFB production cycle moving into lower seasonal phase, CPO price continued to trade higher in the first two months of 2017 as national inventory level remained low. However, the CPO price weakened towards the latter part of 1Q 2017 as production data showed notable year-on-year improvements.
The Group’s FFB production recovered from a weather-induced decline in 1Q 2016, with the Plantation-Malaysia segment recording 19% improvement year-on-year while the Plantation-Indonesia segment posted a more pronounced increase of 48% supported by a broadly younger age profile coupled with the addition of new harvesting area. On aggregate, the Group’s FFB production was 29% higher year-on-year.
Current Quarter egnahC %61027102
Average Selling Price/tonne (RM) o Crude Palm Oil 3,053 2,273 +34 o Palm Kernel 3,097 1,866 +66
Production (MT’000)o Fresh Fruit Bunches 405 315 +29
Against the backdrop of stronger palm product selling prices and higher FFB production, the Plantation segment, covering both Malaysia and Indonesia, registered a marked improvement in EBITDA against the corresponding period of the previous year despite the element of unrealised profit during the quarter in relation to the inter segment sales of CPO to the Downstream Manufacturing segment which are held as stocks as at end of the quarter.
Whilst property sales remained comparable year-on-year, Property segment posted a lower EBITDA due to additional profits recognised in the previous corresponding quarter from the completion of projects.
The Biotechnology segment recorded a smaller loss during the quarter, reflective of its lower research and development spending year-on-year.
The Downstream Manufacturing segment posted a marginal loss in 1Q 2017 as the refinery was not operating at its optimum level but this was mostly mitigated by the improved contribution from biodiesel sales.
Changes in the “Others” category mainly reflect the impact of changes in the foreign currency translation position arising from foreign exchange movements.
2) Material Changes in Profit before Taxation for the Current Quarter as Compared with the Immediate Preceding Quarter
Pre-tax profit for 1Q 2017 was lower than the immediate preceding quarter due mainly to the combined factors of seasonal decline in FFB production, the adjustment for unrealised profit on CPO inter segment sales as mentioned above, the lower property profits and the reversal of the foreign currency translation position arising from the Group’s USD denominated cash reserves, from a gain in the previous quarter to a loss in 1Q 2017.
In addition to the above, the preceding quarter’s pre-tax profit was also boosted by the net effect of a gain from disposal of a parcel of plantation land in Semenyih amounting to RM131.8 million and the write-off of intangible assets amounting to RM80.1 million.
egnahC %6102 Q47102 Q1
Average Selling Price/tonne (RM) o Crude Palm Oil 3,053 2,858 +7 o Palm Kernel 3,097 2,794 +11
Production (MT’000)o Fresh Fruit Bunches 405 531 -24
16
3) Prospects
For the rest of 2017, the movements in palm product prices and crop production trends will significantly influence the performance of the Group’s Plantation segment. The palm oil market will continue to be determined by the overall supply and demand balance of the global edible oils market, changes in weather conditions and the resultant impact on crop productivity, currency movements, global economic conditions and the development in the implementation of biodiesel mandates, particularly in Malaysia and Indonesia.
On the production front, barring any weather anomalies, the Group expects its FFB production growth to continue to be driven by the addition of newly-mature areas and the progression of existing mature areas into higher yielding brackets at our Indonesian estates. However, the growth in output from our Malaysian estates is expected to be moderated by the escalation of replanting activities.
Meanwhile, on the Property front, as market conditions are unlikely to improve in the near future, the Group’s focus will remain centred on ensuring that the range of new offerings are aligned with prevailing demand trends. The soft launch of the Group’s second Premium Outlets, Genting Highlands Premium Outlets, is targeted to be in June 2017.
The Biotechnology segment will continue to leverage on the prospective commercial value of its discoveries for the development of solutions and applications within specific targeted areas of prospective commercial value.
Aside from the continued production of biodiesel, the Downstream Manufacturing segment commenced operations of the Group’s maiden 600,000 metric tonnes per annum palm oil refinery in Lahad Datu where efforts are currently focused on extending the market reach for its products to improve capacity utilisation. Concurrently, global market developments will be closely evaluated in determining an opportune time to establish the proposed metathesis plant.
4) Variance of Actual Profit from Forecast Profit
The Group did not issue any profit forecast or profit guarantee for the financial period.
5) Taxation
Tax charge for the current quarter is set out below:
Current Quarter 1Q 2017 RM’000
Current taxation: - Malaysian income tax charge 25,793 - Foreign income tax charge 502 - Deferred tax charge 7,510
-----------33,805
======
The effective tax rate for the current quarter was higher than the statutory tax rate mainly due to expenses not deductible for tax purposes and tax losses of certain subsidiaries where deferred tax assets have not been recognised.
17
6) Profit before taxation
Profit before taxation has been determined after inclusion of the following charges and credits:
Current Quarter 1Q 2017 RM’000
:segrahC Finance cost 15,283 Depreciation and amortisation 21,990 Write off of receivables 1,634 Net foreign exchange loss 2,728 Loss on disposal of property, plant and equipment 19
=======
Credits: Interest income 9,778 Investment income 3,928 Gain on disposal of subsidiaries 640
=======
Other than the above, there were no provision for and write off of inventories, gain or loss on disposal of quoted or unquoted investments, impairment of assets and gain or loss on derivatives for the current quarter ended 31 March 2017.
7) Status of Corporate Proposals Announced
Proposed disposal of 95% equity interest in PT Permata Sawit Mandiri (“PT PSM”) to PT Suryaborneo Mandiri (“PT SBM”) for a total cash consideration of USD3,190,000 (“Proposed Disposal”)
On 25 January 2017, the Company announced that Palma Citra Investama Pte Ltd, a 73.685% indirect subsidiary of the Company, had on 25 January 2017 entered into a conditional sale and purchase agreement with PT SBM, a related party, for the purpose of disposing 950 Series A shares and 34,100 Series B shares of IDR1,000,000 each in PT PSM for a cash consideration of USD3,190,000.
The Company had on 16 March 2017 further announced that the Proposed Disposal has been completed on the same day. Following the completion of the Proposed Disposal, PT PSM has ceased to be an effective 70% owned indirect subsidiary of the Company.
8) Group Borrowings and Debt Securities
The details of the Group’s borrowings and debts securities as at 31 March 2017 are set out below:
Secured RM’000
Unsecured RM’000
Total RM’000
Borrowings Non-current Sukuk Murabahah denominated in
Ringgit Malaysia - 997,466 997,466
Term loans denominated in: United States Dollars (USD284,999,496) 1,261,265 - 1,261,265 Ringgit Malaysia 87,856 - 87,856
1,349,121 997,466 2,346,587 Current Term loans denominated in
United States Dollars (USD7,250,000) 32,085 - 32,085 Ringgit Malaysia 79,672 - 79,672
111,757 - 111,757
1,460,878 997,466 2,458,344
18
9) Outstanding Derivatives
As at 31 March 2017, the maturity analysis of the outstanding derivatives of the Group are summarised as follows:
Types of Derivative Contract/Notional Value
RM’000
Fair Value Assets/(Liabilities)
RM’000
Interest Rate Swaps 587,903 DSU 095 raey 1 naht sseL - )349,1( sraey 3 ot raey 1 -
Forward Foreign Currency Exchange 305,821 DSU 927 raey 1 naht sseL -
There is no significant change for the financial derivatives in respect of the following since the previous financial year ended 31 December 2016:
(a) the credit risk, market risk and liquidity risk associated with those financial derivatives;
(b) the cash requirements of the financial derivatives; and
(c) the policy in place for mitigating or controlling the risks associated with those financial derivatives.
10) Fair Value Changes of Financial Liabilities
As at 31 March 2017, the Group does not have any financial liabilities measured at fair value through profit or loss.
11) Changes in Material Litigation
There are no pending material litigations as at 22 May 2017.
12) Dividend Proposed or Declared
No dividend has been proposed or declared for the current quarter ended 31 March 2017.
13) Earnings per Share
Current Quarter 1Q 2017
erahs rep sgninrae cisaB )aProfit for the financial period attributable to equity holders of the Company (RM’000) 80,059
========== Weighted average number of ordinary shares in issue (’000) 797,009
========== Basic earnings per share (sen) 10.04
==========
erahs rep sgninrae detuliD )bProfit for the financial period attributable to equity holders of the Company (RM’000) 80,059
========== Adjusted weighted average number of ordinary shares in issue Weighted average number of ordinary shares in issue (’000) 797,009Adjustment for potential conversion of warrants (’000) 30,168
827,177==========
Diluted earnings per share (sen) 9.68==========
19
14) Realised and Unrealised Profits/Losses
The breakdown of the retained profits of the Group as at 31 March 2017 and 31 December 2016, into realised and unrealised profits, pursuant to a directive issued by Bursa Securities on 25 March 2010 and 20 December 2010 is as follows:
As at31/03/2017
As at 31/12/2016
RM’000 RM’000Total retained profits of Genting Plantations Berhad and its subsidiaries:
285,197,4 394,049,4 desilaeR -- Unrealised (14,494) 4,207
987,597,4 999,529,4 Total share of retained profits/(accumulated losses) from associates:
421,11 825,01 desilaeR - )647( )647( desilaernU -
Total share of retained profits/(accumulated losses) from joint ventures:
- Realised 75,115 70,478 546,678,4 698,010,5
Less: Consolidation adjustments (1,336,752) (1,194,755)
Total Group retained profits as per consolidated accounts 3,674,144 3,681,890
The determination of realised and unrealised profits is compiled based on Guidance on Special Matter No. 1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosure Pursuant to Bursa Securities Listing Requirements, issued by the Malaysian Institute of Accountants on 20 December 2010.
The disclosure of realised and unrealised profits above is solely for the purposes of complying with the disclosure requirements stipulated in the directive of Bursa Securities and should not be applied for any other purposes.
15) Disclosure of Audit Report Qualification and Status of Matters Raised
The audit report of the Group’s annual financial statements for the financial year ended 31 December 2016 did not contain any qualification.
16) Authorisation of Financial Statements
The condensed consolidated financial statements have been approved for issue in accordance with a resolution of the Board of Directors on 29 May 2017.
PRESS RE
GEN KUALA Lfor the fitax profit Revenueprevious refined palong wisegmentbunches Howeveren�rely Downstrewhere a The Propperiod w Overall, tRM3,053period of The Groweather- Against tPlanta�oimprovem Whilst plower EBfrom the The Biotlower res
ELEASE
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improved year, largel
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(“FFB”), rr, for the Plinto externaeam Manufpor�on was
perty segmewas bolstered
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up’s FFB p-induced dec
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technology ssearch and d
TATIONS RE
ay 29 – Genended 31 M5 million fro
by 53% to y driven by ts following
biodiesel sal higher palmesul�ng in anta�on-Maal sales as facturing ses held as stoc
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segment recdevelopmen
PORTS FIRS
n�ng PlantatMarch 2017 (om the corre
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m product sehigher rev
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ue was lownal contribut
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ncreased byprevious cor
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T QUARTER
tions Berhad(“1Q 2017”) esponding pe
million againtream Manu
encement of e Planta�onelling pricesvenue for
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oil (“CPO”) a, were signif
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duct selling playsia and onding perio
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maller loss year-on-year
FINANCIAL
d today repowith a thre
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nst the correufacturing se
its refinery n-Malaysia a and higher the Plantatposi�ve eleSabah oper
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orted its fine-fold increaprevious yea
esponding pegment’s maopera�ons iand Plantatproduc�on
tion-Indonesements did ra�ons wereo refined pa
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aving recov
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operty segmus correspon
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RESULTS
nancial resulase in its prear.
period of thaiden sales oin Lahad Dation-Indonesof fresh fru
sia segmennot translat
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Page 2 of 3
The Downstream Manufacturing segment posted a marginal loss in 1Q 2017 as the refinery was not opera�ng at its op�mum level but this was mostly mi�gated by the improved contribu�on from biodiesel sales. Changes in the “Others” category mainly reflect the impact of changes in the foreign currency transla�on posi�on arising from foreign exchange movements. For the rest of 2017, the movements in palm product prices and crop produc�on trends will significantly influence the performance of the Group’s Planta�on segment. On the produc�on front, barring any weather anomalies, the Group expects its FFB produc�on growth to con�nue to be driven by the addi�on of newly-mature areas and the progression of exis�ng mature areas into higher yielding brackets at our Indonesian estates. However, the growth at our Malaysian estates is expected to be moderated by the escala�on of replan�ng ac�vi�es. Meanwhile, on the Property front, as market condi�ons are unlikely to improve in the near future, the Group’s focus will remain centred on ensuring that the range of new offerings are aligned with prevailing demand trends. The so� launch of the Group’s second Premium Outlets, Gen�ng Highlands Premium Outlets, is targeted to be in June 2017. The Biotechnology segment will con�nue to leverage on the prospec�ve commercial value of its discoveries for the development of solu�ons and applica�ons within specific targeted areas of prospec�ve commercial value. Aside from the con�nued produc�on of biodiesel, the Downstream Manufacturing segment commenced opera�ons of the Group’s maiden 600,000 metric tonnes per annum palm oil refinery in Lahad Datu where efforts are currently focused on extending the market reach for its products to improve capacity u�lisa�on. A summary of the quarterly results is shown in Table 1.
Page 3 of 3
TABLE 1:
RM’ Million
1Q 2017
1Q 2016
% Revenue Planta�on - Malaysia 114.2 148.3 -23 Planta�on – Indonesia 139.3 54.0 >100 Property 20.8 35.0 -41 Downstream Manufacturing 125.9 23.6 >100 400.2 260.9 +53 Adjusted EBITDA Planta�on -Malaysia 81.9 49.1 +67 -Indonesia 59.0 12.3 >100 Property 4.7 11.4 -59 Biotechnology (3.1) (5.0) -38 Downstream Manufacturing (0.4) (0.4) - Others 2.1 (4.8) - 144.2 62.6 >100 Profit before tax 122.4 38.5 >100
Profit for the financial period
88.7 28.1 >100
Basic EPS (sen) 10.04 3.44 >100
About Gen�ng Planta�ons Berhad Gen�ng Planta�ons, a subsidiary of Gen�ng Berhad, commenced opera�ons in 1980. It has a landbank of about 64,850 hectares in Malaysia and some 163,000 hectares in Indonesia held through joint ventures. It owns seven oil mills in Malaysia and three in Indonesia, with a total milling capacity of 490 tonnes per hour. In addi�on, the Group has ventured into the manufacturing of downstream palm-based products. Gen�ng Planta�ons has also diversified into property development to unlock the value of its strategically-located landbank and has invested significantly in biotechnology in a major effort to apply genomics to increase crop produc�vity and sustainability. For more informa�on, visit www.gen�ngplanta�ons.com
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