HAP SENG PLANTATIONS HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
FOR THE FIRST QUARTER AND YEAR-TO-DATE ENDED 31 MARCH 2023
Quarter ended | Year-to-date ended | ||||||
31.3.2023 | 31.3.2022 | Increase/ | 31.3.2023 | 31.3.2022 | Increase/ | ||
RM'000 | RM'000 | (Decrease) | RM'000 | RM'000 | (Decrease) | ||
Revenue | 159,934 | 242,153 | (34%) | 159,934 | 242,153 | (34%) | |
Operating expenses | (132,638) | (144,415) | (132,638) | (144,415) | |||
Net other operating income | 5,001 | * 27,858 | 5,001 | * 27,858 | |||
Operating profit | 32,297 | 125,596 | (74%) | 32,297 | 125,596 | (74%) | |
Finance costs | (812) | (676) | (812) | (676) | |||
Profit before tax | 31,485 | 124,920 | (75%) | 31,485 | 124,920 | (75%) | |
Tax expense | (8,070) | (23,253) | (8,070) | (23,253) | |||
Profit and total comprehensive | |||||||
income for the period | 23,415 | 101,667 | (77%) | 23,415 | 101,667 | (77%) | |
Earnings per share (sen) | |||||||
Basic | 2.93 | 12.71 | (77%) | 2.93 | 12.71 | (77%) | |
Diluted | N/A | N/A | N/A | N/A |
- Net other operating income for the preceding year corresponding quarter and year-to-date ended 31 March 2022 included the gain on disposal of assets held for sale of RM18.8 million as disclosed in Note 5, Part B of this report.
The Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with
the Audited Financial Statements for the financial year ended 31 December 2022 and the accompanying explanatory notes attached to the Interim Financial Statements
QtrlyReport 31 Mar 2023 - HSP | Page 1 of 14 |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) | ||
AS AT 31 MARCH 2023 | ||
As at | As at | |
31.3.2023 | 31.12.2022 | |
RM'000 | RM'000 | |
(Audited) | ||
Non-current assets | ||
Property, plant and equipment | 1,730,708 | 1,732,233 |
Current assets | ||
Inventories | 124,117 | 119,545 |
Biological assets | 30,840 | 28,508 |
Receivables | 8,383 | 9,204 |
Current tax assets | 23,833 | 25,117 |
Money market deposits | 310,801 | 339,586 |
Cash and cash equivalents | 169,714 | 166,336 |
667,688 | 688,296 | |
TOTAL ASSETS | 2,398,396 | 2,420,529 |
Equity attributable to owners of the Company | ||
Share capital | 1,475,578 | 1,475,578 |
Merger reserves | (1,347,761) | (1,347,761) |
Retained earnings | 1,769,712 | 1,802,275 |
1,897,529 | 1,930,092 | |
Less: Treasury shares | (841) | (841) |
TOTAL EQUITY | 1,896,688 | 1,929,251 |
Non-current liabilities | ||
Deferred tax liabilities | 362,059 | 362,043 |
Lease liabilities | 58,377 | 57,861 |
420,436 | 419,904 | |
Current liabilities | ||
Payables | 71,303 | 61,282 |
Lease liabilities | 9,969 | 10,092 |
81,272 | 71,374 | |
TOTAL LIABILITIES | 501,708 | 491,278 |
TOTAL EQUITY AND LIABILITIES | 2,398,396 | 2,420,529 |
Net assets per share (RM) | 2.37 | 2.41 |
Number of shares net of treasury shares ('000) | 799,685 | 799,685 |
The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Audited Financial Statements for the financial year ended 31 December 2022 and the accompanying explanatory notes attached to the Interim Financial Statements
QtrlyReport 31 Mar 2023 - HSP | Page 2 of 14 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE YEAR-TO-DATE ENDED 31 MARCH 2023
Attributable to owners of the Company | |||||
Non-distributable | Distributable | ||||
Share | Merger | Retained | Treasury | Total | |
capital | reserves | earnings | shares | equity | |
RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | |
At 1 January 2023 | 1,475,578 | (1,347,761) | 1,802,275 | (841) | 1,929,251 |
Profit and total comprehensive income for the | |||||
period | - | - | 23,415 | - | 23,415 |
Dividends | - | - | (55,978) | - | (55,978) |
At 31 March 2023 | |||||
1,475,578 | (1,347,761) | 1,769,712 | (841) | 1,896,688 | |
At 1 January 2022 | 1,475,578 | (1,347,761) | 1,755,895 | (841) | 1,882,871 |
Profit and total comprehensive income for the | |||||
period | - | - | 101,667 | - | 101,667 |
Dividends | - | - | (123,951) | - | (123,951) |
At 31 March 2022 | |||||
1,475,578 | (1,347,761) | 1,733,611 | (841) | 1,860,587 | |
The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Audited Financial Statements for the financial year ended 31 December 2022 and the accompanying explanatory notes attached to the Interim Financial Statements
QtrlyReport 31 Mar 2023 - HSP | Page 3 of 14 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE YEAR-TO-DATE ENDED 31 MARCH 2023
Year-to-date ended
31.3.2023 31.3.2022
RM'000 RM'000
Cash flows from operating activities
Profit before tax
Adjustments for:
Non-cash items
Non-operating items
Dividend income
Net interest (income)/expense
Operating profit before working capital changes Net changes in working capital
Net tax paid
Net interest received/(paid)
Net cash generated from operating activities
Cash flows from investing activities
Dividend received from money market deposits Decrease/(Increase) in money market deposits Proceeds from disposal of property, plant and equipment Proceeds from disposal of assets held for sale Purchase of property, plant and equipment
Net cash generated from investing activities
Cash flows from financing activities
Dividends paid
Payment of lease liabilities
Net cash used in financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
31,485 124,920
19,107 11,155
- (18,865)
(1,375)(131)
- 96
48,822 117,175
6,270 (59,014)
(6,770) (25,275)
287(96)
48,609 32,790
1,375 | 131 |
30,151 | (38,117) |
108 | 41 |
- 84,925
(18,082) (16,066)
13,552 30,914
(55,978) (123,951)
(2,805) (2,083)
(58,783) (126,034)
3,378 (62,330)
166,336 121,040
169,714 58,710
Cash and cash equivalents comprise the following amounts: | ||
Deposits with licensed banks | 134,700 | 38,350 |
Cash in hand and at bank | 35,014 | 20,360 |
169,714 | 58,710 |
The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the Audited Financial Statements
for the financial year ended 31 December 2022 and the accompanying explanatory notes attached to the Interim Financial Statements
QtrlyReport 31 Mar 2023 - HSP | Page 4 of 14 |
Basis of Preparation
These interim financial statements have been prepared in accordance with the requirements of Malaysian Financial Reporting Standard ["MFRS"] 134, Interim Financial Reporting and paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ["Bursa Securities"], and should be read in conjunction with the Group's audited financial statements for the financial year ended 31 December 2022.
Part A: Explanatory Notes Pursuant to MFRS 134
-
Significant accounting policies
The accounting policies and presentation adopted by the Group in these interim financial statements are consistent with those adopted in the audited financial statements for the year ended 31 December 2022. - Comments on the seasonality or cyclicality of operations
Seasonal or cyclical factors affecting the operational performance of the Group include general climatic conditions, age profile of oil palms, the cyclical nature of annual production and the movements in commodity prices. - Nature and amount of items affecting assets, liabilities, equity, net income, or cash flows that are unusual because of their nature, size or incidence
Save for the information disclosed in this interim financial report, there were no unusual items affecting assets, liabilities, equity, net income or cash flow during the interim period. - Nature and amount of changes in estimates of amounts reported in prior interim periods of the current financial year or changes in estimates of amounts reported in prior financial years
There were no changes in estimates of amounts reported in prior financial years. - Issues, cancellations, repurchases, resale and repayments of debt and equity securities Share buyback by the Company
During the current quarter, there was no buyback of shares, resale nor cancellation of treasury shares.
As at 31 March 2023, the Company held a total of 314,800 ordinary shares as treasury shares and the issued share capital of the Company remained unchanged at 800,000,000 ordinary shares.
QtrlyReport 31 Mar 2023 - HSP | Page 5 of 14 |
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Hap Seng Plantations Holdings Bhd published this content on 30 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2023 08:51:11 UTC.
