FRASER AND NEAVE, LIMITED
(Company Registration No. 189800001R)
(Incorporated in the Republic of Singapore)
RESULTS FOR THE HALF YEAR ENDED 31 MARCH 2021
Financial Statements and Dividend Announcement
The Directors are pleased to make the following announcement of the unaudited results for the half year ended 31 March 2021.
PART I - INFORMATION REQUIRED FOR ANNOUNCEMENT OF HALF AND FULL YEAR RESULTS
1(a) An income statement and statement of comprehensive income, or a statement of comprehensive income, for the Group, together with a comparative statement for the corresponding period of the immediately preceding financial year.
1(a)(i) GROUP PROFIT STATEMENT | ||||||||
6 Months | 6 Months | |||||||
to 31/3/2021 | to 31/3/2020 | Change | ||||||
$'000 | $'000 | % | ||||||
Revenue | 988,560 | 969,443 | 2.0 | |||||
Cost of sales | (669,146) | (650,351) | 2.9 | |||||
Gross profit | 319,414 | 319,092 | 0.1 | |||||
Other income | 9,578 | 5,160 | 85.6 | |||||
Operating expenses | ||||||||
- | Distribution | (84,414) | (85,608) | (1.4) | ||||
- | Marketing | (78,571) | (87,363) | (10.1) | ||||
- | Administration | (63,023) | (66,072) | (4.6) | ||||
(226,008) | (239,043) | (5.5) | ||||||
Trading profit | 102,984 | 85,209 | 20.9 | |||||
Share of results of joint venture companies | 361 | 2,997 | (88.0) | |||||
Share of results of associated companies | 49,939 | 53,680 | (7.0) | |||||
Profit before interest and taxation ("PBIT") | 153,284 | 141,886 | 8.0 | |||||
Finance income | 900 | 2,088 | (56.9) | |||||
Finance cost | (12,285) | (12,542) | (2.0) | |||||
Net finance cost | (11,385) | (10,454) | 8.9 | |||||
Profit before taxation and exceptional items | 141,899 | 131,432 | 8.0 | |||||
Exceptional items | (1,271) | (199) | NM | |||||
Profit before taxation | 140,628 | 131,233 | 7.2 | |||||
Taxation | (22,892) | (25,666) | (10.8) | |||||
Profit after taxation | 117,736 | 105,567 | 11.5 | |||||
Attributable profit to: | ||||||||
Shareholders of the Company | 83,446 | 71,847 | 16.1 | |||||
Exceptional items | (1,035) | (199) | NM | |||||
82,411 | 71,648 | 15.0 | ||||||
Non-controlling interests | 35,325 | 33,919 | 4.1 | |||||
117,736 | 105,567 | 11.5 |
NM - Not meaningful
* Reclassification has been made to the comparative period to conform with current period's presentation.
Page 2 of 17 | ||||
1(a)(ii) BREAKDOWN AND EXPLANATORY NOTES TO GROUP PROFIT STATEMENT | ||||
6 Months | 6 Months | |||
to 31/3/2021 | to 31/3/2020 | Change | ||
$'000 | $'000 | % | ||
Operating expenses | ||||
Included in operating expenses are: | ||||
Depreciation & amortisation | (45,734) | (44,135) | 3.6 | |
Write back of/(Allowance for) bad and doubtful debts | 124 | (147) | NM | |
Allowance for inventory obsolescence | (3,061) | (4,158) | (26.4) | |
Employee share-based expense | (2,077) | (2,696) | (23.0) | |
Other income | ||||
(Loss)/Gain on disposal of fixed assets | (8) | 70 | NM | |
Foreign exchange gain | 229 | 566 | (59.5) | |
Taxation | ||||
Over/(Under) provision of prior year taxation | 1,005 | (32) | NM | |
Exceptional items | ||||
Provision for restructuring and re-organisation cost | ||||
of operations | (1,271) | (199) | NM | |
PBIT as a percentage of revenue | 15.5% | 14.6% | |
Page 3 of 17 | ||||||||||||||
1(a)(iii) ADDITIONAL INFORMATION | ||||||||||||||
Revenue | PBIT | |||||||||||||
6 Months | 6 Months | 6 Months | 6 Months | |||||||||||
to 31/3/2021 | to 31/3/2020 | to 31/3/2021 | to 31/3/2020 | |||||||||||
$'000 | $'000 | $'000 | $'000 | |||||||||||
Group revenue and profit analysis | ||||||||||||||
By Business Activity | ||||||||||||||
Beverages | 250,256 | 233,812 | 21,828 | 7,596 | ||||||||||
Dairies | 617,883 | 609,230 | 128,173 | 139,229 | ||||||||||
Printing & publishing | 115,417 | 126,192 | (2,760) | (11,018) | ||||||||||
Others | 5,004 | 209 | 6,043 | 6,079 | ||||||||||
988,560 | 969,443 | 153,284 | 141,886 | |||||||||||
By Territory | ||||||||||||||
Singapore | 216,059 | 220,523 | 9,936 | 541 | ||||||||||
Malaysia | 357,607 | 347,848 | 21,628 | 23,081 | ||||||||||
Thailand | 351,336 | 350,576 | 71,173 | 73,022 | ||||||||||
Vietnam | 48 | 56 | 48,556 | 51,251 | ||||||||||
Others | 63,510 | 50,440 | 1,991 | (6,009) | ||||||||||
988,560 | 969,443 | 153,284 | 141,886 | |||||||||||
Attributable profit to | ||||||||||||||
shareholders of the Company | ||||||||||||||
6 Months | 6 Months | |||||||||||||
to 31/3/2021 | to 31/3/2020 | |||||||||||||
$'000 | $'000 | |||||||||||||
By Business Activity | ||||||||||||||
Beverages | 9,998 | 172 | ||||||||||||
Dairies | 86,270 | 91,571 | ||||||||||||
Printing & publishing | (3,428) | (11,478) | ||||||||||||
Others | (9,394) | (8,418) | ||||||||||||
83,446 | 71,847 | |||||||||||||
Exceptional items | (1,035) | (199) | ||||||||||||
82,411 | 71,648 | |||||||||||||
* Reclassification has been made to the comparative period to conform with current period's presentation.
Page 4 of 17 | ||||
1(a)(iii) STATEMENT OF COMPREHENSIVE INCOME | ||||
Group | ||||
6 Months | 6 Months | |||
to 31/3/2021 | to 31/3/2020 | |||
$'000 | $'000 | |||
Profit after taxation | 117,736 | 105,567 | ||
Other comprehensive income: | ||||
Items that may be reclassified subsequently to profit statement | ||||
Share of other comprehensive income of associated and joint venture companies | (917) | 4 | ||
Fair value changes on derivative financial instruments | 5,935 | (6,065) | ||
Currency translation differences | (56,426) | 59,534 | ||
(51,408) | 53,473 | |||
Items that will not be reclassified to profit statement | ||||
Fair value changes on equity investments measured at fair value through other | ||||
comprehensive income | (108) | (1,328) | ||
(108) | (1,328) | |||
Other comprehensive income for the period, net of taxation | (51,516) | 52,145 | ||
Total comprehensive income for the period | 66,220 | 157,712 | ||
Total comprehensive income attributable to: | ||||
Shareholders of the Company | 37,363 | 123,591 | ||
Non-controlling interests | 28,857 | 34,121 | ||
66,220 | 157,712 | |||
Page 5 of 17
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.
BALANCE SHEETS | ||||||||||
Group | Company | |||||||||
As at | As at | As at | As at | |||||||
31/3/2021 | 30/9/2020 | 31/3/2021 | 30/9/2020 | |||||||
$'000 | $'000 | $'000 | $'000 | |||||||
SHARE CAPITAL AND RESERVES | ||||||||||
Share capital | 858,830 | 855,870 | 858,830 | 855,870 | ||||||
Reserves | 2,096,723 | 2,112,668 | 739,854 | 771,355 | ||||||
2,955,553 | 2,968,538 | 1,598,684 | 1,627,225 | |||||||
NON-CONTROLLING INTERESTS | 438,415 | 427,115 | - | - | ||||||
3,393,968 | 3,395,653 | 1,598,684 | 1,627,225 | |||||||
Represented by: | ||||||||||
NON-CURRENT ASSETS | ||||||||||
Fixed assets | 766,992 | 771,571 | 4,285 | 5,288 | ||||||
Investment properties | 16,820 | 17,075 | - | - | ||||||
Properties held for development | 17,850 | 18,114 | - | - | ||||||
Subsidiary companies | - | - | 2,172,879 | 2,172,844 | ||||||
Joint venture companies | 166,204 | 166,605 | 38,965 | 38,965 | ||||||
Associated companies | 2,657,215 | 2,668,602 | - | - | ||||||
Intangible assets | 144,199 | 133,695 | 827 | 652 | ||||||
Brands | 27,263 | 27,354 | 212 | 212 | ||||||
Other investments | 6,039 | 6,147 | 184,596 | 206,298 | ||||||
Other receivables | 1,331 | 2,272 | 138 | 249 | ||||||
Deferred tax assets | 5,038 | 4,516 | - | - | ||||||
3,808,951 | 3,815,951 | 2,401,902 | 2,424,508 | |||||||
CURRENT ASSETS | ||||||||||
Inventories | 260,896 | 296,724 | - | - | ||||||
Trade receivables | 315,204 | 271,823 | - | - | ||||||
Other receivables | 47,554 | 94,899 | 1,882 | 4,813 | ||||||
Related parties | 8,803 | 8,664 | 612 | 735 | ||||||
Subsidiary companies | - | - | 72,048 | 49,862 | ||||||
Joint venture companies | 1,214 | 1,179 | - | - | ||||||
Associated companies | 50 | 7 | - | 4 | ||||||
Cash and bank deposits | 354,350 | 285,479 | 10,014 | 8,622 | ||||||
988,071 | 958,775 | 84,556 | 64,036 | |||||||
Deduct: CURRENT LIABILITIES | ||||||||||
Trade payables | 172,838 | 161,122 | - | - | ||||||
Other payables | 219,725 | 211,759 | 11,798 | 13,850 | ||||||
Related parties | 6,479 | 4,891 | 163 | 220 | ||||||
Subsidiary companies | - | - | 25,884 | 5,174 | ||||||
Associated companies | 209 | 398 | - | - | ||||||
Lease liabilities | 12,961 | 14,268 | 2,232 | 2,353 | ||||||
Borrowings | 203,528 | 42,701 | - | - | ||||||
Provision for taxation | 51,513 | 49,639 | 5,011 | 4,296 | ||||||
667,253 | 484,778 | 45,088 | 25,893 | |||||||
NET CURRENT ASSETS | 320,818 | 473,997 | 39,468 | 38,143 | ||||||
Deduct: NON-CURRENT LIABILITIES | ||||||||||
Other payables | 24,883 | 30,262 | - | - | ||||||
Subsidiary companies | - | - | 841,322 | 833,019 | ||||||
Lease liabilities | 28,630 | 25,168 | 1,337 | 2,380 | ||||||
Borrowings | 636,057 | 795,888 | - | - | ||||||
Provision for employee benefits | 18,129 | 18,414 | - | - | ||||||
Deferred tax liabilities | 28,102 | 24,563 | 27 | 27 | ||||||
735,801 | 894,295 | 842,686 | 835,426 | |||||||
3,393,968 | 3,395,653 | 1,598,684 | 1,627,225 | |||||||
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Fraser and Neave Limited published this content on 10 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2021 09:41:01 UTC.