Ytl Corp Bhd.MYX: YTL

Quarterly Report Q3 FY 2024

May 23, 2024 at 10:21 AM UTC · Issued by Ytl Corp Bhd.

YTL CORPORATION BERHAD

Company No. 198201012898 (92647-H)

Incorporated in Malaysia

Interim Financial Report

31 March 2024

YTL CORPORATION BERHAD

Company No. 198201012898 (92647-H)

Incorporated in Malaysia

Interim Financial Report

31 March 2024

	Page No.
Condensed Consolidated Income Statement		1
Condensed Consolidated Statement of Comprehensive Income		2
Condensed Consolidated Statement of Financial Position	3 - 4
Condensed Consolidated Statement of Changes in Equity	5 - 6
Condensed Consolidated Statement of Cash Flows	7	- 9
Notes to the Interim Financial Report	10	- 29

YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H)) (Incorporated in Malaysia)

INTERIM FINANCIAL REPORT

Interim financial report on consolidated results for the quarter and year-to-date ended 31 March 2024.

The figures have not been audited.

CONDENSED CONSOLIDATED INCOME STATEMENT

	Quarter Ended				Year-To-Date
	31.03.2024	31.03.2023	31.03.2024	31.03.2023
	RM'000			RM'000			RM'000	RM'000
Revenue	7,207,394	7,329,021	22,258,498	20,410,230
Cost of sales	(5,113,029)		(5,578,703)		(15,517,961)	(16,362,113)
Gross profit	2,094,365	1,750,318	6,740,537	4,048,117
Other operating income	165,917	193,491	392,348	366,116
Other operating expenses	(673,396)		(606,044)		(1,904,900)	(1,777,435)
Profit from operations	1,586,886	1,337,765	5,227,985	2,636,798
Finance costs	(647,136)	(619,084)	(2,004,658)	(1,676,174)
Share of results of associated
companies and joint ventures	139,481		97,072		345,850	345,695
Profit before taxation	1,079,231	815,753	3,569,177	1,306,319
Taxation	(246,920)		(156,350)		(766,863)	(326,638)
Profit for the period	832,311	659,403	2,802,314	979,681
Attributable to:-
Owners of the parent	496,231	414,143	1,607,172	547,672
Non-controlling interests	336,080		245,260		1,195,142	432,009
Profit for the period	832,311	659,403	2,802,314	979,681
Earnings per share
Basic (Sen)	4.53		3.78		14.66	5.00

Diluted (Sen)	4.43	3.76	14.37	4.98

The Condensed Consolidated Income Statement should be read in conjunction with the audited annual financial statements for the year ended 30 June 2023 and the accompanying explanatory notes to the interim financial statements.

YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H)) (Incorporated in Malaysia)

INTERIM FINANCIAL REPORT

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		Quarter Ended		Year-To-Date
		31.03.2024	31.03.2023	31.03.2024	31.03.2023
		RM'000		RM'000		RM'000	RM'000
Profit for the period	832,311	659,403	2,802,314	979,681
Other comprehensive income/(loss) :-
Items that will not be reclassified
subsequently to income statement:-
- financial assets at fair value through
other comprehensive income	27,411	(4,943)	111,810	(3,125)
- foreign currency translation	79,359	110,659	89,653	207,161
Items that may be reclassified
subsequently to income statement:-
- cash flow hedges	186,037	(40,445)	204,832	(575,156)
- share of other comprehensive income/
(loss) of associated company	24,524	(8,672)	5,207	(45,930)
- foreign currency translation	124,204	170,028	142,012	315,704
Other comprehensive income/
(loss) for the period, net of tax		441,535		226,627		553,514	(101,346)
Total comprehensive income
for the period	1,273,846	886,030	3,355,828	878,335
Attributable to :-
Owners of the parent	750,895	553,142	1,918,035	496,800
Non-controlling interests		522,951		332,888		1,437,793	381,535
Total comprehensive income
for the period	1,273,846	886,030	3,355,828	878,335

The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the audited annual financial statements for the year ended 30 June 2023 and the accompanying explanatory notes to the interim financial statement.

YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H)) (Incorporated in Malaysia)

INTERIM FINANCIAL REPORT

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

			Unaudited			Audited
			As at			As at
	31.03.2024	30.06.2023
ASSETS			RM'000			RM'000

Non-current Assets
Property, plant and equipment	37,048,594	35,330,655
Right-of-use assets	1,474,923	1,524,877
Investment properties	1,956,112	1,966,666
Investment in associated companies and joint ventures	4,268,111	4,241,291
Investments	830,405	533,169
Development expenditure	792,330	786,093
Intangible assets	9,527,064	9,428,412
Post-employment benefit assets	65,495	64,314
Deferred tax assets	329,250	353,268
Trade, other receivables and contract assets	3,007,011	3,020,606
Derivative financial instruments	9,564	2,879
	59,308,859			57,252,230
Current Assets
Inventories	1,157,090	1,219,606
Property development costs	699,085	443,555
Trade, other receivables and contract assets	6,134,058	5,932,534
Derivative financial instruments	122,652	18,824
Income tax assets	110,515	108,352
Investments	2,107,865	1,986,392
Amount due from related parties	80,310	73,223
Fixed deposits	12,422,559	11,195,322
Cash and bank balances	1,626,851	3,230,331
		24,460,985			24,208,139
TOTAL ASSETS
83,769,844		81,460,369

The Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited annual financial statements for the year ended 30 June 2023 and the accompanying explanatory notes to the interim financial statements.

YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H)) (Incorporated in Malaysia)

INTERIM FINANCIAL REPORT

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued

			Unaudited				Audited
			As at				As at
	31.03.2024	30.06.2023
EQUITY AND LIABILITIES			RM'000				RM'000

Share capital	3,468,705	3,467,555
Other reserves	2,138,208	1,761,203
Retained profits	10,457,952	9,291,387
Less : Treasury shares, at cost	(54,452)	(54,452)
Equity Attributable to Owners of the Parent	16,010,413				14,465,693
Non-controlling interests	6,763,951	5,647,540
Total Equity		22,774,364				20,113,233
Non-current liabilities	1,961,641	1,852,574
Long term payables and contract liabilities
Bonds & borrowings	40,684,030	38,654,949
Lease liabilities	1,179,650	1,094,322
Grants and contributions	733,877	699,025
Deferred tax liabilities	3,774,902	3,773,208
Post-employment benefit obligations	39,680	38,426
Provision for liabilities and charges	23,233	22,483
Derivative financial instruments	2,739	9,654
		48,399,752			46,144,641
Current Liabilities				6,429,732
Trade, other payables and contract liabilities	6,424,654
Derivative financial instruments	19,949	110,828
Amount due to related parties	34,296	37,970
Bonds & borrowings	5,220,812	7,799,243
Lease liabilities	114,212	260,388
Income tax liabilities	660,466	439,911
Provision for liabilities and charges	121,339	124,423
		12,595,728			15,202,495
TOTAL LIABILITIES	60,995,480	61,347,136
TOTAL EQUITY AND LIABILITIES
83,769,844		81,460,369

Net Assets per share (RM)		1.46	1.32

YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER AND YEAR-TO-DATE ENDED 31 MARCH 2024

Group

At 1 July 2023

Profit for the period

Other comprehensive income Total comprehensive income

for the period

Changes in composition of the Group Dividends paid

Exercise of share option Share option expenses

At 31 March 2024

			Attributable to Owners of the Parent				Non-
	Share		Retained		Treasury		Other		controlling	Total
	capital		profits		shares		reserves	Total	interests	equity
	RM'000		RM'000		RM'000		RM'000	RM'000	RM'000	RM'000
3,467,555	9,291,387	(54,452)	1,761,203	14,465,693	5,647,540	20,113,233

	-	1,607,172	-	-	1,607,172	1,195,142	2,802,314
	-	-	-	310,863	310,863	242,651	553,514
-	1,607,172	-	310,863	1,918,035	1,437,793	3,355,828
-	(2,032)	-	(28)	(2,060)	1,570	(490)
-	(438,575)	-	-	(438,575)	(341,456)	(780,031)
1,150	-	-	(400)	750	(8)	742
-	-	-	66,570	66,570	18,512	85,082

3,468,705	10,457,952	(54,452)	2,138,208	16,010,413	6,763,951	22,774,364

The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the audited annual financial statements for the year ended 30 June 2023 and the accompanying explanatory notes to the interim financial statements.

YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER AND YEAR-TO-DATE ENDED 31 MARCH 2023

Group

At 1 July 2022

Profit for the period Other comprehensive loss

Total comprehensive income/(loss) for the period

Capital repayment upon liquidation of a non-wholly owned subsidiary

Changes in composition of the Group Dividends paid

Share options expenses

At 31 March 2023

			Attributable to Owners of the Parent				Non-
	Share		Retained		Treasury		Other		controlling	Total
	capital		profits		shares		reserves	Total	interests	equity
	RM'000		RM'000		RM'000		RM'000	RM'000	RM'000	RM'000
3,467,555	8,531,991	(54,452)	993,435	12,938,529	4,580,735	17,519,264

	-	547,672	-	-	547,672	432,009	979,681
	-	-	-	(50,872)	(50,872)	(50,474)	(101,346)
-	547,672	-	(50,872)	496,800	381,535	878,335
-	-	-	-	-	(171)	(171)
-	(90)	-	-	(90)	1,901	1,811
-	(328,923)	-	.	(328,923)	(256,683)	(585,606)
-	-	-	16,605	16,605	4,363	20,968

3,467,555	8,750,650	(54,452)	959,168	13,122,921	4,711,680	17,834,601

YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H)) (Incorporated in Malaysia)

INTERIM FINANCIAL REPORT

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE QUARTER AND YEAR-TO-DATE ENDED 31 MARCH 2024

	Year-To-Date
	31.03.2024	31.03.2023
	RM'000		RM'000
Cash flows from operating activities
Profit before tax	3,569,177	1,306,319
Adjustment for :-
Adjustment on fair value of investment properties	216	(445)
Amortisation of contract costs	1,345	746
Amortisation of deferred income	(13,546)	(11,951)
Amortisation of grants and contributions	(4,422)	(4,138)
Amortisation of intangible assets	52,146	49,847
Depreciation of property, plant and equipment	1,288,672	1,134,673
Depreciation of right-of-use assets	138,350	151,022
Dividend income	(4,493)	(2,902)
Fair value changes of financial assets	(17,277)	(7,039)
Impairment loss	91,022	68,071
Interest expense	2,004,658	1,676,174
Interest income	(707,384)	(283,979)
Net gain on disposal of investments	(2,841)	(1,709)
Net gain on disposal of property, plant and equipment	(18,751)	(13,942)
Net (gain)/loss on disposal of associated companies	(11,420)	1,042
Property, plant and equipment written off	3,937	4,989
Provision for post-employment benefits	28,742	36,682
Share of results of associated companies and joint ventures	(345,850)	(345,695)
Share option expenses	68,247	23,188
Unrealised gain on foreign exchange	(45,410)	(82,072)
Other non cash items	(2,287)	(2,483)
Operating profit before changes in working capital
6,072,831		3,696,398

The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the audited annual financial statements for the year ended 30 June 2023 and the accompanying explanatory notes to the interim financial statements.

YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H)) (Incorporated in Malaysia)

INTERIM FINANCIAL REPORT

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE QUARTER AND YEAR-TO-DATE ENDED 31 MARCH 2024 - continued

	Year-To-Date
	31.03.2024	31.03.2023
	RM'000		RM'000
Changes in working capital:-
Inventories	(169,434)	(93,392)
Property development costs	(22,040)	(3,850)
Receivables, deposits and prepayments	49,345	(848,381)
Payables and accrued expenses	(95,206)	930,852
Related parties balances	(8,485)	(5,517)
Cash generated from operations
5,827,011		3,676,110
Dividend received	439,381	449,209
Interest paid	(1,474,674)	(1,260,189)
Interest received	706,891	282,498
Payment to a retirement benefits scheme	(27,333)	(124,937)
Income tax paid	(495,244)	(273,005)
Net cash from operating activities
4,976,032		2,749,686
Cash flows from investing activities
Acquisition of subsidiaries	(1,646)	(74)
Additional investment in associated company	(40,905)	(8,225)
Development expenditure incurred	(11,162)	(28,643)
Grants received in respect of infrastructure assets	26,242	24,430
Maturities/(placements) of income funds	31,652	(415,000)
Proceeds from disposal of property, plant & equipment	18,208	38,247
Proceeds from disposal of associated companies	25,000	9,694
Proceeds from disposal of investments	7,795	577,069
Proceeds from finance lease receivables	2,805	2,836
Purchase of intangible assets	(32,865)	(48,358)
Purchase of investment properties	(37,829)	(2,505)
Purchase of investments	(290,626)	(10,036)
Purchase of property, plant & equipment	(2,811,246)	(1,745,937)
Purchase of right-of-use assets	-	(55)
Repayments for participation investment	179,316	-
Loan to joint ventures	-	(166,753)
Net cash used in investing activities
(2,935,261)		(1,773,310)