United Plantations : Second Quarter Report 2022

Second Quarter Report

2022

UNITED PLANTATIONS BERHAD

(Company Registration No. 191701000045 (240 A))

Jendarata Estate  36009 Teluk Intan  Perak Darul Ridzuan  Malaysia

United Plantations Berhad

Condensed Consolidated Statement of Comprehensive Income for the

Six Months Ended 30 June 2022

(The figures have not been audited)

	-------------- Quarter ended 30 June ---------------		----------- 6 Months ended 30 June -----------
			Changes				Changes
(RM'000)	2022	2021	(%)		2022	2021	(%)
Revenue	701,258	481,869	45.5%	1,344,166	881,523	52.5%
Operating expenses	(442,988)	(305,259)	45.1%	(1,029,718)	(617,042)	66.9%
Other operating income	280	5,529	-94.9%	20,681	10,206	102.6%
Finance costs	(1,278)	(7)	18157.1%	(1,324)	(13)	10084.6%
Interest income	1,399	1,155	21.1%	2,459	2,351	4.6%
Share of results of joint venture	248	3,386	-92.7%	(594)	1,560	-138.1%
Profit before taxation	258,919	186,673	38.7%		335,670	278,585	20.5%
Income tax expense	(73,195)	(49,966)	46.5%	(88,336)	(66,168)	33.5%
Profit after taxation	185,724	136,707	35.9%		247,334	212,417	16.4%
Profit for the period	185,724	136,707	35.9%	247,334	212,417	16.4%
Net profit attributable to:
Equity holders of the parent	184,632	135,785	36.0%	244,325	210,610	16.0%
Non-controlling interests	1,092	922	18.4%	3,009	1,807	66.5%
	185,724	136,707	35.9%		247,334	212,417	16.4%
Earnings per share
(i) Basic - based on an average 414,784,984
(2021:414,784,984) ordinary shares (sen)	44.51	32.74	36.0%	58.90	50.78	16.0%
(ii) Fully diluted (not applicable)	-	-	-	-	-	-

The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes and the Annual Audited Financial Statements for the year ended 31 December 2021.

United Plantations Berhad • Second Quarter Report 2022 • 1/16

United Plantations Berhad

Condensed Consolidated Statement of Comprehensive Income for the

Six Months Ended 30 June 2022

(The figures have not been audited)

	-------------- Quarter ended 30 June	--------------	-------------- 6 Months ended 30 June	--------------
			Changes				Changes
(RM'000)	2022	2021	(%)	2022	2021	(%)
Profit for the period	185,724	136,707	35.9%	247,334	212,417	16.4%
Other comprehensive income:
Items that will be reclassified subsequently
to profit or loss:
Currency translation differences
arising from consolidation	2,204	(1,626)	235.5%	3,493	(2,422)	244.2%
Cash flow hedge
- changes in fair value	24,280	(37,407)	164.9%	(197,983)	(81,993)	141.5%
- transfers to profit or loss	58,369	30,333	92.4%	208,445	85,210	144.6%
Total Comprehensive income	270,577	128,007	111.4%		261,289	213,212	22.5%
Total comprehensive income attributable to:
Equity holders of the parent	269,375	127,168	111.8%	258,109	211,527	22.0%
Non-controlling interests	1,202	839	43.3%	3,180	1,685	88.7%
	270,577	128,007	111.4%		261,289	213,212	22.5%

The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes and the Annual Audited Financial Statements for the year ended 31 December 2021.

United Plantations Berhad • Second Quarter Report 2022 • 2/16

United Plantations Berhad

Condensed Statement of Changes in Equity

for the Six Months Ended 30 June 2022

(The figures have not been audited)

	Attributable to Equity Holders of the Parent
S	T	R		C		C	T	T	N	T
h	r	e			r	o	o
e		a		a	a	o
a	t		s		p	t	t
a	a			n	a	n	a
r		h		i
e	s	i			t	s	l	-	l
n
	u		f		a	l		c	e
C	r	e		l	l	a		o	q
	o
a	y	d		r	t		n
	w	i		u
			e	o
p	s	p			t	i
			s			r
i	h		h	n		t
t	a	r		e			o	y
a	o	e	r	r		l
l	r	f			v	e		l
	e	i		d	s		n
		t			e
	s			g	e
		s		e	g
					r
					r	v	i
					e	e	n
						t
						s				e
						e
									r
						r				e
						v
									s
						e
									t
										s
(RM'000)
Balance at
1 January 2022	390,054	(18,668)	2,407,380		(109,825)	21,798	(15,935)	2,674,804	10,669	2,685,473
Total comprehensive
income for the period	-	-		244,325		10,462	-	3,322	258,109	3,180	261,289
Dividends,
representing
total transaction
with owners	-	-		(352,567)		-	-	-	(352,567)	-	(352,567)
Balance at
30 June 2022	390,054	(18,668)	2,299,138		(99,363)	21,798	(12,613)	2,580,346	13,849	2,594,195
Balance at
1 January 2021	390,054	(18,668)	2,288,440		(40,476)	21,798	(21,176)	2,619,972	10,931	2,630,903
Total comprehensive
income for the period	-	-		210,610		3,217	-	(2,300)	211,527	1,685	213,212
Purchase of treasury shares	-	-		-		-	-	-	-	-	-
Dividends,
representing
total transaction
owners	-	-		(269,610)		-	-	-	(269,610)	-	(269,610)
Dividends to non-
controlling shareholders
of a subsidiary	-	-		-		-	-	-	-	(1,042)	(1,042)
Balance at
30 June 2021	390,054	(18,668)	2,229,440		(37,259)	21,798	(23,476)	2,561,889	11,574	2,574,505

The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes and the Annual Audited Financial Statements for the year ended 31 December 2021.

United Plantations Berhad • Second Quarter Report 2022 • 4/16

United Plantations Berhad

Condensed Consolidated Statement of Financial Position as at 30 June 2022

(The figures have not been audited)

	30 June	31 December
(RM'000)	2022	2021
ASSETS
Non-Current Assets
Property, plant and equipment	1,222,589	1,209,944
Right-of-use assets	396,415	395,415
Associated company	50	50
Joint Venture	39,607	40,201
Goodwill	356,856	356,856
Other receivables	5,196	5,196
Deferred tax assets	3,154	2,705
Total non-current assets	2,023,867	2,010,367
Current Assets
Biological assets	63,399	48,044
Inventories	252,612	139,269
Trade & other receivables	522,952	437,386
Prepayments	6,264	7,420
Tax recoverable	27,312	21,989
Derivatives	8,358	10,837
Cash and bank balances	500,193	299,662
Short term funds	1,584	178,170
Total current assets	1,382,674	1,142,777
Total assets	3,406,541	3,153,144
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Share capital	390,054	390,054
Treasury shares	(18,668)	(18,668)
Other reserves	(90,178)	(103,962)
Retained profits	2,299,138	2,407,380
	2,580,346	2,674,804
Non-controlling interests	13,849	10,669
Total equity	2,594,195	2,685,473
Non-Current Liabilities
Deferred tax liabilities	133,650	136,671
Retirement benefit obligations	14,505	13,908
Derivatives	23,755	22,898
Total non-current liabilities	171,910	173,477
Current Liabilities
Trade & other payables	98,952	121,556
Tax payable	73,562	48,476
Retirement benefit obligations	2,341	2,341
Derivatives	130,581	121,820
Bank borrowings	335,000	1
Total current liabilities	640,436	294,194
Total liabilities	812,346	467,671
Total equity and liabilities	3,406,541	3,153,144
Net assets per share (RM)	6.22	6.44

The Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes and the Annual Audited Financial Statements for the year ended 31 December 2021.

United Plantations Berhad • Second Quarter Report 2022 • 3/16