Genting Bhd.MYX: GENTING

Singapore PLC – Results Announcement

· Issued by Genting Bhd.
FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR ENDED 31 DECEMBER 2016 PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF AND FULL YEAR ANNOUNCEMENTS 1(a)(i) A statement of comprehensive income (for the Group) together with a comparative statement for the corresponding period of the immediately preceding financial year. STATEMENT OF COMPREHENSIVE INCOME Fourth Quarter ended 31 December Full Year ended 31 December

2016

2015

Change

2016

2015

Change

$

%

%

Revenue 557,660 547,411 2 2,228,050 2,400,898 (7)

Cost of sales (346,687) (399,826) (13) (1,538,552) (1,708,244) (10)

Gross profit 210,973 147,585 43 689,498 692,654 (0)

Other operating income 89,150 23,990 >100 104,868 197,374 (47)

Fair value gain/(loss) on derivative

financial instruments- 35,119 (100) - (239,341) (100)

Administrative expenses (33,589) (48,124) (30) (159,660) (92,334) 73

- Prior years' property tax refund

1,505

-

NM

2,140

102,742

(98)

- Others

(35,094)

(48,124)

(27)

(161,800)

(195,076)

(17)

Selling and distribution expenses

(14,086)

(14,124)

(0)

(54,551)

(56,855)

(4)

Other operating expenses

(16,560)

(101,039)

(84)

(32,749)

(163,883)

(80)

Operating profit

235,888

43,407

>100

547,406

337,615

62

Finance costs

(8,822)

(14,530)

(39)

(44,553)

(54,523)

(18)

Share of results of joint ventures and

associate

(4,468)

(627)

>100

(6,234)

(3,828)

63

Profit before taxation 222,598 28,250 >100 496,619 279,264 78

Taxation (33,699) (6,291) >100 (112,072) (86,204) 30

Net profit for the financial period/year188,899 21,959 >100 384,547 193,060 99

NM: Not meaningful

STATE Fourth Quarter ended 31 December Full Year ended 31 December Other comprehensive (loss)/income, may be reclassified subsequently to profit or loss:

Available-for-sale financial assets

  • Fair value (loss)/gain

  • Reclassification to profit or loss

Foreign currency exchange differences Reclassification of foreign currency

exchange differences

Other comprehensive (loss)/income for the financial period/year, net of tax

Total comprehensive income for the financial period/year 2016 2015 Change 2016 2015 Change

%%

(4,738)

66,373

NM

(30,337)

(106,069)

(71)

2,087

79,616

(97)

10,395

150,376

(93)

(786)

981

NM

8,930

533

>100

3

581

(99)

3

451

(99)

(3,434)

147,551

NM

(11,009)

45,291

NM

185,465

169,510

9

373,538

238,351

57

Net profit/(loss) attributable to:

- Ordinary shareholders of the Company

159,188

(7,751)

NM

266,349

75,186

>100

- Holders of perpetual capital securities

29,711

29,711

-

118,198

117,875

0

- Non-controlling interests

-

(1)

(100)

-

(1)

(100)

188,899

21,959

>100

384,547

193,060

99

Total comprehensive income/(loss)

attributable to:

- Ordinary shareholders of the Company

155,754

139,800

11

255,340

120,477

>100

- Holders of perpetual capital securities

29,711

29,711

-

118,198

117,875

0

- Non-controlling interests

-

(1)

(100)

-

(1)

(100)

185,465

169,510

9

373,538

238,351

57

Fourth Quarter ended 31 December

Change

2016 2015 Full Year ended 31 December 2016 2015

Change

% %

Earnings/(loss) per share attributable to ordinary shareholders of the Company

Basic (Singapore cents)

1.33

(0.06)

NM

2.22

0.62

>100

Diluted (Singapore cents)

1.32

(0.06)

NM

2.21

0.62

>100

NM: Not meaningful

1(a)(ii) Included in the profit before taxation for the financial period are the following charges and credits: Fourth Quarter ended Full Year ended

31 December 31 December

2016

2015

Change

%

2016

2015

Change

%

Property, plant and equipment:

- Depreciation

(67,064)

(80,795)

(17)

(273,492)

(323,923)

(16)

- Net gain on disposal

843

391

>100

847

599

41

- Written off

(2,808)

(568)

>100

(5,464)

(9,283)

(41)

- Impairment (charged)/write-back

(10,047)

1,960

NM

(10,808)

(4,774)

>100

Amortisation of:

- Intangible assets

(5,896)

(4,458)

32

(23,207)

(20,226)

15

- Borrowing costs

(2,675)

(2,814)

(5)

(10,987)

(10,992)

(0)

Share-based payment

(635)

(4,238)

(85)

(10,741)

(20,079)

(47)

Impairment on:

- Trade receivables

(38,918)

(45,344)

(14)

(235,124)

(270,693)

(13)

- Other receivables (456) - NM (456) - NM

Impairment on asset classified as held

for sale- - NM (2,827) - NM

Gain on disposal of asset classified as

held for sale996 - NM 996 - NM

Impairment on available-for-sale

financial assets(3,706) - NM (13,649) (63,374) (78)

Gain/(loss) on disposal of available-

for-sale financial assets, net of

transaction costs

1,620

(79,800)

NM

3,241

(87,208)

NM

Fair value gain/(loss) on derivative

-

35,119

(100)

-

(239,341)

(100)

financial instruments

Inventory write-down

(23)

(85)

(73)

(147)

(227)

(35)

Finance charges

(6,147)

(11,716)

(48)

(33,566)

(43,531)

(23)

Net foreign exchange gain/(loss)

65,453

(22,633)

NM

15,866

121,378

(87)

Dividend income

-

5,926

(100)

-

12,760

(100)

Interest income

20,232

17,626

15

83,868

61,670

36

NM: Not meaningful

1(b)(i) A statement of financial position (for the issuer and Group), together with a comparative statement as at the end of the immediately preceding financial year. STATEMENTS OF FINANCIAL POSITION Group Company

31 December

2016

31 December

2015

31 December

2016

31 December

2015

Non-current assets

Property, plant and equipment

5,241,588

5,487,403

229

318

Intangible assets

146,321

101,020

-

-

Interests in joint ventures and associate Interests in subsidiaries

Deferred tax assets

50,908

- 26

129,972

- 1,743

- 1,982,495

-

- 2,286,551

-

Available-for-sale financial assets

163,365

207,347

-

-

Trade and other receivables

3,054

248,566

462,528

707,492

5,605,262

6,176,051

2,445,252

2,994,361

Current assets

Asset classified as held for sale

515,269

31,941

-

-

Inventories

61,510

57,186

-

-

Trade and other receivables

197,743

646,379

885,512

483,434

Restricted cash

103,088

113,223

-

-

Cash and cash equivalents

4,963,436

5,002,063

3,771,777

3,565,367

5,841,046

5,850,792

4,657,289

4,048,801

Less: Current liabilities

Liabilities classified as held for sale

3,576

-

-

-

Trade and other payables

349,663

412,372

238,576

239,279

Bank borrowings

182,469

164,224

-

-

Finance leases

3,121

2,606

-

-

Income tax liabilities

93,777

67,946

17,520

25

632,606

647,148

256,096

239,304

Net current assets

5,208,440

5,203,644

4,401,193

3,809,497

Total assets less current liabilities

10,813,702

11,379,695

6,846,445

6,803,858

Earlier from Genting Bhd

All Genting Bhd news releases