GOLDEN AGRI-RESOURCES LTD Half Year Financial Statement And Dividend Announcement FINANCIAL HIGHLIGHTS

Revenue

1st Half 2016

US$'000

(Restated) 1st Half 2015

US$'000

Change

%

2nd Qtr 2016

US$'000

(Restated) 2nd Qtr 2015

US$'000

Change

%

3,235,377

3,384,389

(4.4)

1,741,774

1,831,051

(4.9)

Gross Profit

425,627

458,294

(7.1)

163,259

254,688

(35.9)

EBITDA1

227,764

273,313

(16.7)

85,889

145,185

(40.8)

Net profit attributable to owners of the Company

133,613

7,207

1,753.9

39,522

10,439

278.6

Net profit per share (USD cents)

1.05

0.06

1,761.3

0.31

0.08

278.7

Notes:

  1. Earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortisation, net gain from changes in fair value of biological assets and foreign exchange gain/(loss).

  2. Certain comparative figures have been restated to account for retrospective adjustments arising from the adoption of amended IAS 16 and IAS 41. Please refer to Note 5 for further details.

PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS

1(a) An income statement and statement of comprehensive income for the group together with a comparative statement for the corresponding period of the immediately preceding financial year

UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDED 30 JUNE 2016

1st Half 2016

US$'000

(Restated) 1st Half 2015

US$'000

Change

%

2nd Qtr 2016

US$'000

(Restated) 2nd Qtr 2015

US$'000

Change

%

Revenue

3,235,377

3,384,389

(4.4)

1,741,774

1,831,051

(4.9)

Cost of sales

(2,809,750)

(2,926,095)

(4.0)

(1,578,515)

(1,576,363)

0.1

Gross profit

425,627

458,294

(7.1)

163,259

254,688

(35.9)

Operating expenses

Selling expenses

(257,915)

(224,247)

15.0

(105,790)

(123,081)

(14.0)

General and administrative expenses

(148,291)

(146,941)

0.9

(78,513)

(78,963)

(0.6)

Total operating expenses

(406,206)

(371,188)

9.4

(184,303)

(202,044)

(8.8)

Operating profit/(loss)

19,421

87,106

(77.7)

(21,044)

52,644

n.m.

Other income/(expenses)

Financial income

12,258

16,600

(26.2)

6,368

8,493

(25.0)

Financial expenses

(64,448)

(64,581)

(0.2)

(32,264)

(32,648)

(1.2)

Share of results of associated companies, net of tax

(161)

(169)

(4.7)

(135)

(113)

19.5

Share of results of joint ventures, net of tax

5,366

4,393

22.1

1,839

2,614

(29.6)

Foreign exchange gain/(loss), net

30,640

(53,505)

n.m.

(21,243)

(18,545)

14.5

Other operating income, net

23,255

27,799

(16.3)

13,698

6,499

110.8

6,910

(69,463)

n.m.

(31,737)

(33,700)

(5.8)

Profit/(Loss) before tax

26,331

17,643

49.2

(52,781)

18,944

n.m.

Tax

110,844

(11,116)

n.m.

96,356

(8,837)

n.m.

Profit for the period

137,175

6,527

2001.7

43,575

10,107

331.1

Attributable to:

Owners of the Company

133,613

7,207

1753.9

39,522

10,439

278.6

Non-controlling interests

3,562

(680)

n.m.

4,053

(332)

n.m.

137,175

6,527

2001.7

43,575

10,107

331.1

Notes:

  1. n.m. - not meaningful.

  2. Certain comparative figures have been restated to account for retrospective adjustments arising from the adoption of amended IAS 16 and IAS 41. Please refer to Note 5 for further details.

1st Half 2016

US$' 0 0 0

(Restated) 1st Half 2015

US$' 0 0 0

2nd Qtr 2016

US$' 0 0 0

(Restated) 2nd Qtr 2015

US$' 0 0 0

Profit for the period

137,175

6,527

43,575

10,107

Other comprehensive income/(loss):

Items that may be reclassified subsequently to profit or loss:

Foreign currency translation differences on consolidation

(1,950)

(2,664)

(4,767)

1,119

Share of other comprehensive income/(loss) of a joint venture

1,210

(1,549)

155

(441)

Changes in fair value of cash flow hedges

1,370

(582)

628

1,074

Changes in fair value of available-for-sale financial assets

419

4,615

2,072

(1,549)

Equity portion of bonds

-

(264)

-

(264)

1,049

(444)

(1,912)

(61)

Items that will not be reclassified subsequently to profit or loss:

Actuarial (loss)/gain on post-employment benefits

(10,558)

441

(10,558)

-

Other comprehensive loss, net of tax

(9,509)

(3)

(12,470)

(61)

Total comprehensive income for the period, net of tax

127,666

6,524

31,105

10,046

Total comprehensive income/(loss) attributable to:

Owners of the Company

124,445

7,203

27,428

10,380

Non-controlling interests

3,221

(679)

3,677

(334)

127,666

6,524

31,105

10,046

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2016 ADDITIONAL INFORMATION Earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortisation, net gain from changes in fair value of biological assets and foreign exchange gain/(loss) ("EBITDA")

1st Half 2016

US$'000

(Restated) 1st Half 2015

US$'000

Change

%

2nd Qtr 2016

US$'000

(Restated) 2nd Qtr 2015

US$'000

Change

%

Earnings before tax, non- controlling interests, interest on borrowings, depreciation and amortisation, net gain from changes in fair value of biological assets and foreign exchange gain/(loss) ("EBITDA")

227,764

273,313

(16.7)

85,889

145,185

(40.8)

Interest on borrowings

(62,936)

(63,020)

(0.1)

(31,519)

(32,008)

(1.5)

Depreciation and amortisation

(174,286)

(148,808)

17.1

(88,891)

(75,718)

17.4

Net gain from changes in fair value of biological assets

5,149

9,663

(46.7)

2,983

30

n.m.

Foreign exchange gain/(loss), net

30,640

(53,505)

n.m.

(21,243)

(18,545)

14.5

Profit/(Loss) before tax

26,331

17,643

49.2

(52,781)

18,944

n.m.

Notes:

  1. Certain comparative figures have been restated to account for retrospective adjustments arising from the adoption of amended IAS 16 and IAS 41. Please refer to Note 5 for further details.

  2. n.m. - 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

UNAUDITED STATEMENTS OF FINANCIAL POSITION

Group

Company

(Restated)

(Restated)

As at

As at

As at

As at

As at

30/6/2016

31/12/2015

31/12/2014

30/6/2016

31/12/2015

US$'000

US$'000

US$'000

US$'000

US$'000

Assets

Current Assets

Cash and cash equivalents

157,853

243,616

329,560

90

95

Short-term investments

229,657

258,882

261,166

-

-

Trade receivables

476,818

462,152

525,816

-

-

Other current assets (note (a))

1,015,329

959,867

889,756

15

9

Inventories

888,995

740,918

850,723

-

-

2,768,652

2,665,435

2,857,021

105

104

Non-Current Assets

Long-term receivables and assets (note (b))

259,057

202,870

360,593

-

-

Long-term investments

828,094

815,252

804,318

333,300

323,550

Subsidiary companies

-

-

-

2,040,307

2,097,665

Associated companies

9,192

9,556

8,431

-

-

Joint ventures

61,384

55,771

56,167

-

-

Investment properties

1,059

1,113

1,227

-

-

Property, plant and equipment

2,840,550

2,842,292

2,551,664

-

-

Bearer plants

1,152,831

1,227,784

1,227,976

-

-

Deferred tax assets

192,306

56,523

27,036

-

-

Intangible assets

161,053

159,114

160,706

-

-

5,505,526

5,370,275

5,198,118

2,373,607

2,421,215

Total Assets

8,274,178

8,035,710

8,055,139

2,373,712

2,421,319

Note: Certain comparative figures have been restated and reclassified to account for retrospective adjustments arising from the adoption of amended IAS 16 and IAS 41. Please refer to Note 5 for further details.

gar - Golden Agri-Resources Ltd. published this content on 12 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 August 2016 01:32:07 UTC.

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