SAVOLA GROUP COMPANY SAVOLA GROUP COMPANY
(A Saudi Joint Stock Company)
CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS - (UNAUDITED)
For the three-month and nine-month periods ended September 30, 2022
together with the Independent Auditor's Review Report
SAVOLA GROUP COMPANY
(A Saudi Joint Stock Company)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS - (UNAUDITED) For the three-monthand nine-monthperiods ended September 30, 2022
INDEX | Page | |
Independent auditor's report on review of the condensed consolidated interim financial | - | |
statements | ||
Condensed Consolidated Statement of Financial Position | 1 | |
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | 2 - 3 | |
Condensed Consolidated Statement of Changes in Equity | 4 | - 5 |
Condensed Consolidated Statement of Cash Flows | 6 | - 7 |
Notes to the Condensed Consolidated Interim Financial Statements | 8 - 31 |
KPMG Professional Services | ﺔﻳﻧﻬﻣﻟﺍ ﺕﺍﺭﺎﺷﺗﺳﻼﻟ ﻲﺟ ﻡﺇ ﻲﺑ ﻲﻛ |
Zahran Business Center | ﻝﺎﻣﻋﻸﻟ ﻥﺍﺭﻫﺯ ﺯﻛﺭﻣ |
Prince Sultan Street | ﻥﺎﻁﻠﺳ ﺭﻳﻣﻷﺍ ﻉﺭﺎﺷ |
P.O. Box 55078 | |
٥٥٠٧٨ ﺏ.ﺹ | |
Jeddah 21534 | |
٢١٥٣٤ ﻩﺩـﺟ | |
Kingdom of Saudi Arabia | |
Commercial Registration No 4030290792 | ﺔﻳﺩﻭﻌﺳﻟﺍ ﺔﻳﺑﺭﻌﻟﺍ ﺔﻛﻠﻣﻣﻟﺍ |
Headquarters in Riyadh | ٤٠٣٠٢٩٠٧٩٢ ﻡﻗﺭ ﻱﺭﺎﺟﺗ ﻝﺟﺳ |
ﺽﺎﻳﺭﻟﺍ ﻲﻓ ﻲﺳﻳﺋﺭﻟﺍ ﺯﻛﺭﻣﻟﺍ | |
Independent auditor's report on review of condensed consolidated interim financial statements
To the Shareholders of Savola Group Company
Introduction
We have reviewed the accompanying September 30, 2022 condensed consolidated interim financial statements of Savola Group Company ("the Company") and its subsidiaries ("the Group") which comprises:
- the condensed consolidated statement of financial position as at September 30, 2022;
- the condensed consolidated statement of profit or loss and other comprehensive income for the three- month and nine-month periods ended September 30, 2022;
- the condensed consolidated statement of changes in equity for the nine-month period ended September 30, 2022;
- the condensed consolidated statement of cash flows for the nine-month period ended September 30, 2022; and
- the notes to the condensed consolidated interim financial statements.
Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with IAS 34, 'Interim Financial Reporting' that is endorsed in the Kingdom of Saudi Arabia. Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' that is endorsed in the Kingdom of Saudi Arabia. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing that are endorsed in the Kingdom of Saudi Arabia, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying September 30, 2022 condensed consolidated interim financial statements of Savola Group Company and its subsidiaries are not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting' that is endorsed in the Kingdom of Saudi Arabia.
For KPMG Professional Services
______________________
Nasser Ahmed Al Shutairy License No. 454
Jeddah, October 31, 2022
Corresponding to Rabi Al Thani 6, 1444H
KPMG Professional Services, a professional closed joint stock company registered in the Kingdom of Saudi Arabia. With the paid-up capital of (25,000,000) SAR. (Previously known as "KPMG Al Fozan & Partners Certified Public Accountants") A non-partner member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
ﻥﻭﻌﺟﺍﺭﻣﻭ ﻥﻭﺑﺳﺎﺣﻣ ﻩﺎﻛﺭﺷﻭ ﻥﺍﺯﻭﻔﻟﺍ ﻲﺟ ﻡﺇ ﻲﺑ ﻲﻛ ﺔﻛﺭﺷ" ًﺎﻘﺑﺎﺳ ﺓﺎﻣﺳﻣﻟﺍ ،ﻝﻣﺎﻛﻟﺎﺑ ﻉﻭﻓﺩﻣ ﻱﺩﻭﻌﺳ ﷼ (٢٥٬٠٠٠٬٠٠٠) ﻪﻟﺎﻣ ﺱﺃﺭ ،ﺔﻳﺩﻭﻌﺳﻟﺍ ﺔﻳﺑﺭﻌﻟﺍ ﺔﻛﻠﻣﻣﻟﺍ ﻲﻓ ﺔﻠﺟﺳﻣ ،ﺔﻠﻔﻘﻣ ﺔﻣﻫﺎﺳﻣ ﺔﻳﻧﻬﻣ ﺔﻛﺭﺷ ﺔﻳﻧﻬﻣﻟﺍ ﺕﺍﺭﺎﺷﺗﺳﻼﻟ ﻲﺟ ﻡﺇ ﻲﺑ ﻲﻛ ﺔﻅﻭﻔﺣﻣ ﻕﻭﻘﺣﻟﺍ ﻊﻳﻣﺟ .ﻥﺎﻣﺿﺑ ﺓﺩﻭﺩﺣﻣ ﺔﻳﺯﻳﻠﺟﻧﺍ ﺔﻛﺭﺷ ،ﺓﺩﻭﺩﺣﻣﻟﺍ ﺔﻳﻣﻟﺎﻌﻟﺍ ﻲﺟ ﻡﺇ ﻲﺑ ﻲﻛ ـﻟ ﺔﻌﺑﺎﺗﻟﺍﻭ ﺔﻠﻘﺗﺳﻣﻟﺍ ﻲﺟ ﻡﺇ ﻲﺑ ﻲﻛ ﺕﺎﻛﺭﺷﻟ ﺔﻳﻣﻟﺎﻌﻟﺍ ﺔﻛﺑﺷﻟﺍ ﻲﻓ ﻙﻳﺭﺷ ﺭﻳﻏ ﻭﺿﻋ ﻲﻫ ﻭ ."ﻥﻭﻳﻧﻭﻧﺎﻗ
Commercial Registration of the headquarters in Riyadh is 1010425494.
SAVOLA GROUP COMPANY
(A Saudi Joint Stock Company)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Expressed in thousands of Saudi Riyal unless otherwise stated)
September 30, | December 31, | |||
Note | 2022 | 2021 | ||
(Unaudited) | (Audited) | |||
ASSETS | ||||
Property, plant and equipment | 5,791,974 | 5,872,464 | ||
Right-of-use assets | 3,213,671 | 3,313,227 | ||
Intangible assets and goodwill | 1,853,889 | 1,857,836 | ||
Investment property | 173,610 | 68,140 | ||
Equity-accounted investees | 5 | 9,080,342 | 8,986,236 | |
Investments at fair value through other comprehensive income | 6 | 365,759 | 475,425 | |
Derivative | -- | 2,493 | ||
Deferred tax asset | 28,229 | 28,803 | ||
Non-current assets | 20,507,474 | 20,604,624 | ||
Inventories | 4,416,729 | 3,601,683 | ||
Derivative | 355 | -- | ||
Trade receivables | 1,840,891 | 1,606,635 | ||
Prepayments and other receivables | 1,828,758 | 1,331,118 | ||
Investments at fair value through profit or loss | 6 | 47,396 | 27,069 | |
Cash and bank balances | 4 | 1,710,646 | 1,374,790 | |
Assets held for sale | 11 | 216,569 | -- | |
Current assets | 10,061,344 | 7,941,295 | ||
TOTAL ASSETS | 30,568,818 | 28,545,919 | ||
EQUITY | ||||
Share capital | 7 | 5,339,807 | 5,339,807 | |
Share premium | 342,974 | 342,974 | ||
Shares held under employees' share based payment plan | 8 | (51,862) | (30,433) | |
Statutory reserve | 9 | 1,774,085 | 1,774,085 | |
General reserve | 4,000 | 4,000 | ||
Other reserves | (364,803) | (104,866) | ||
Effect of transactions with non-controlling interests without | ||||
change in control | (187,979) | (187,979) | ||
Foreign currency translation reserve | (1,836,585) | (1,899,084) | ||
Retained earnings | 3,381,725 | 2,840,089 | ||
Equity attributable to owners of the Company | 8,401,362 | 8,078,593 | ||
Non-controlling interests | 1,119,308 | 1,013,220 | ||
TOTAL EQUITY | 9,520,670 | 9,091,813 | ||
LIABILITIES | ||||
Loans and borrowings | 10 | 4,845,839 | 5,136,640 | |
Lease liabilities | 3,164,610 | 3,288,518 | ||
Employee benefits | 889,194 | 857,358 | ||
Long-term payables | 255,364 | 256,895 | ||
Derivative | -- | 164,220 | ||
Provision against asset restoration | 149,704 | 148,006 | ||
Deferred tax liability | 125,267 | 144,349 | ||
Non-current liabilities | 9,429,978 | 9,995,986 | ||
Loans and borrowings | 10 | 4,513,359 | 3,324,513 | |
Lease liabilities | 578,783 | 568,480 | ||
Trade payables | 3,336,040 | 2,907,854 | ||
Derivative | 150,011 | -- | ||
Accrued and other liabilities | 2,845,373 | 2,657,273 | ||
Liabilities classified as held for sale | 11 | 194,604 | -- | |
Current liabilities | 11,618,170 | 9,458,120 | ||
TOTAL LIABILITIES | 21,048,148 | 19,454,106 | ||
TOTAL EQUITY AND LIABILITIES | 30,568,818 | 28,545,919 |
The accompanying notes 1 to 21 form an integral part of these condensed consolidated interim financial statements.
1
SAVOLA GROUP COMPANY
(A Saudi Joint Stock Company)
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
(Expressed in thousands of Saudi Riyal unless otherwise stated)
Three-month period | Nine-month period | |||||||
ended September 30 | ended September 30 | |||||||
Note | 2022 | 2021 | 2022 | 2021 | ||||
Revenues | 17 | 7,072,405 | 6,048,464 | 21,450,061 | 17,913,898 | |||
Cost of revenues | 17 | (5,923,488) | (5,024,809) | (17,768,069) | (14,562,979) | |||
Gross profit | 1,148,917 | 1,023,655 | 3,681,992 | 3,350,919 | ||||
Share of results in investment in | ||||||||
equity-accounted investees, net of | ||||||||
zakat and tax | 170,706 | 149,006 | 563,386 | 449,258 | ||||
Administrative expenses | (238,347) | (189,639) | (716,604) | (642,975) | ||||
Selling and distribution expenses | (660,620) | (681,259) | (2,075,645) | (2,068,418) | ||||
Results from operating activities | 420,656 | 301,763 | 1,453,129 | 1,088,784 | ||||
Finance income | 19,777 | 11,260 | 54,177 | 39,717 | ||||
Finance cost | (197,852) | (112,686) | (560,737) | (426,601) | ||||
Net finance cost | (178,075) | (101,426) | (506,560) | (386,884) | ||||
Profit before zakat and income tax | 242,581 | 200,337 | 946,569 | 701,900 | ||||
Zakat and income tax expense | 13 | (40,547) | (29,978) | (158,624) | (89,761) | |||
Profit for the period | 202,034 | 170,359 | 787,945 | 612,139 | ||||
Other Comprehensive Income | ||||||||
Items that will not be reclassified to | ||||||||
profit or loss | ||||||||
Investments at fair value through | ||||||||
other comprehensive income - net | ||||||||
change in fair value | (36,379) | (77,946) | (137,806) | 170,584 | ||||
Items that may be reclassified to | ||||||||
profit or loss | ||||||||
Foreign operations - foreign | ||||||||
currency translation differences | 33,197 | (44,211) | 75,998 | (11,839) | ||||
Investment in equity accounted | ||||||||
investees - share of other | ||||||||
comprehensive income | (16,620) | (10,130) | (112,188) | (45,304) | ||||
Cash flow hedges - effective portion | 1,117 | 6,996 | (30,075) | 20,204 | ||||
of changes in fair value | ||||||||
Other comprehensive (loss) / | (18,685) | (125,291) | (204,071) | 133,645 | ||||
income | ||||||||
Total comprehensive income | 183,349 | 45,068 | 583,874 | 745,784 | ||||
for the period |
The accompanying notes 1 to 21 form an integral part of these condensed
consolidated interim financial statements.
2
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SAVOLA Group Company SJSC published this content on 01 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2022 06:15:38 UTC.
