Wilmar International : 4th Quarter 2016 Results

Revenue

4Q2016

4Q2015

Change

FY2016

FY2015

Change

US$'000

US$'000

US$'000

US$'000

Restated*

Restated*

11,947,192

9,431,171

26.7%

41,401,690

38,776,635

6.8%

Net Profit

560,772

330,150

69.9%

972,245

1,022,925

-5.0%

Core Net Profit

589,501

346,554

70.1%

976,604

1,136,415

-14.1%

EBITDA

845,730

613,838

37.8%

2,244,494

2,100,532

6.9%

EPS - Basic (US cents per share)

8.9

5.2

71.2%

15.4

16.1

-4.3%

EPS - Fully diluted (US cents per share)

8.9

5.2

71.2%

15.4

16.1

-4.3%

Net Tangible Asset (US$'000)

Net Asset per share (US$ per share)

Net Tangible Asset per share (US$ per share)

31.12.2016

31.12.2015

Restated*

Change

10,068,798

10,025,279

0.4%

2.29

2.28

0.4%

1.59

1.59

0.0%

Group

Group

Three months ended

Twelve months ended

31.12.2016

US$'000

31.12.2015

US$'000

Restated*

Change

31.12.2016

US$'000

31.12.2015

US$'000

Restated*

Change

Revenue

Cost of sales

11,947,192

(10,523,336)

9,431,171

(8,343,549)

26.7%

-26.1%

41,401,690

(37,391,071)

38,776,635

(34,867,211)

6.8%

-7.2%

Gross profit

1,423,856

1,087,622

30.9%

4,010,619

3,909,424

2.6%

Other items of income

Net loss arising from changes in fair

value of biological assets

(16,047)

(15,552)

-3.2%

(16,047)

(15,552)

-3.2%

Finance income

46,391

95,450

-51.4%

191,619

470,527

-59.3%

Other operating income

67,028

37,902

76.8%

157,953

139,396

13.3%

Other items of expense

Selling and distribution expenses

(483,151)

(444,782)

-8.6%

(1,806,434)

(1,677,771)

-7.7%

Administrative expenses

(178,075)

(173,994)

-2.3%

(680,675)

(696,461)

2.3%

Other operating expenses

(225,287)

(133,556)

-68.7%

(359,271)

(315,756)

-13.8%

Finance costs

(85,764)

(97,269)

11.8%

(348,531)

(444,176)

21.5%

Non-operating items

(18,715)

1,490

n.m.

9,844

(94,953)

n.m.

Share of results of joint ventures

(441)

3,621

n.m.

(11,682)

(6,673)

-75.1%

Share of results of associates

68,017

57,860

17.6%

152,558

111,337

37.0%

Profit before tax

597,812

418,792

42.7%

1,299,953

1,379,342

-5.8%

Income tax expense

23,348

(58,744)

n.m.

(206,294)

(281,993)

26.8%

Profit after tax

621,160

360,048

72.5%

1,093,659

1,097,349

-0.3%

Owners of the Company

560,772

330,150

69.9%

972,245

1,022,925

-5.0%

Non-controlling interests

60,388

29,898

102.0%

121,414

74,424

63.1%

621,160

360,048

72.5%

1,093,659

1,097,349

-0.3%

Group

Group

Three months ended

Twelve months ended

31.12.2016

US$'000

31.12.2015

US$'000

Restated*

Inc/(Dec) US$'000

31.12.2016

US$'000

31.12.2015

US$'000

Restated*

Inc/(Dec) US$'000

Profit after tax

621,160

360,048

261,112

1,093,659

1,097,349

(3,690)

Other comprehensive income

(389,577)

(54,054)

(335,523)

(498,608)

(834,223)

335,615

- Items that may be reclassified subsequently to

income statement

Foreign currency translation

Fair value adjustment on cash flow hedges

(11,754)

17,536

(29,290)

(45,613)

(111,703)

66,090

Fair value adjustment on available-for-sale financial

assets

(26,481)

(9,498)

(16,983)

(14,033)

43,647

(57,680)

Share of changes in equity transaction reserve of an

associate

(10,557)

-

(10,557)

(10,557)

-

(10,557)

(438,369)

(46,016)

(392,353)

(568,811)

(902,279)

333,468

- Item that will not be reclassified subsequently to

(4,500)

(9,824)

5,324

(4,500)

(9,824)

5,324

income statement

Loss on remeasurements of defined benefit plan

(4,500)

(9,824)

5,324

(4,500)

(9,824)

5,324

Total other comprehensive income, net of tax

(442,869)

(55,840)

(387,029)

(573,311)

(912,103)

338,792

Total comprehensive income

178,291

304,208

(125,917)

520,348

185,246

335,102

Owners of the Company

142,852

291,152

(148,300)

436,919

159,551

277,368

Non-controlling interests

35,439

13,056

22,383

83,429

25,695

57,734

178,291

304,208

(125,917)

520,348

185,246

335,102

Group

Company

31.12.2016

US$'000

31.12.2015

US$'000

Restated*

01.01.2015

US$'000

Restated*

31.12.2016

US$'000

31.12.2015

US$'000

ASSETS

8,297,098

8,983,482

9,477,284

2,389

1,485

Non-current assets

Property, plant and equipment

Bearer plants

726,725

742,282

796,252

-

-

Plasma investments

17,393

14,721

12,829

-

-

Intangible assets

4,365,736

4,368,860

4,401,908

-

-

Investment in subsidiaries

-

-

-

9,072,026

9,004,098

Investment in joint ventures

940,287

874,980

355,185

205,886

231,396

Investment in associates

1,963,123

1,856,422

1,770,045

40,444

41,347

Available-for-sale financial assets

700,705

650,042

592,245

-

-

Deferred tax assets

312,403

198,116

203,808

-

-

Derivative financial instruments

32,633

2,786

15,172

-

-

Other financial receivables

205,832

334,552

293,974

399,634

351,373

Other non-financial assets

34,869

33,171

31,489

-

-

17,596,804

18,059,414

17,950,191

9,720,379

9,629,699

Current assets

7,022,310

6,317,534

6,581,020

-

-

Inventories

Trade receivables

4,087,069

3,752,720

4,044,799

-

-

Other financial receivables

2,354,502

2,898,826

3,995,132

3,399,383

3,354,424

Other non-financial assets

1,152,019

1,253,509

1,478,001

342

1,622

Derivative financial instruments

546,885

567,221

755,826

-

-

Biological assets

49,439

65,486

81,038

-

-

Financial assets held for trading

316,632

304,694

261,470

-

-

Other bank deposits

2,721,885

2,410,281

5,452,091

-

-

Cash and bank balances

1,184,881

1,296,316

1,947,096

4,057

1,374

19,435,622

18,866,587

24,596,473

3,403,782

3,357,420

TOTAL ASSETS

37,032,426

36,926,001

42,546,664

13,124,161

12,987,119