1773 ＹＴＬ 2021-02-26 14:00:00
2021年６月期第２四半期（2020年10月～2020年12月）決算短信 [pdf]
2021 年２月 26 日
2021 年６月期第２四半期（2020 年 10 月～2020 年 12 月）決算短信
会 社 名 ワイ・ティー・エル・コーポレーション・バーハッド
株式銘柄コード (1773)
本 店 所 在 地 マレーシア 55100 クアラルンプール
ジャラン・ブキット・ビンタン 205
メナラ・ワイ・ティー・エル 33 階
所 属 部 東証１部（外国）
決 算 期 本決算：年１回（６月） 中間決算：四半期ごと
問 い 合 せ 先 東京都千代田区大手町一丁目１－１
大手町パークビルディング
アンダーソン・毛利・友常法律事務所外国法共同事業
弁護士 森下 国彦
弁護士 日髙 英太朗
弁護士 川端 彩華
弁護士 古波藏 惇
弁護士 中田 和輝
電話 (03)6775-1000
四半期報告書
2021 年３月 26 日
提 出 予 定 日
1. 本国における決算発表日 2021 年２月 25 日（木曜日）
2. 業績
第２四半期（10 月から 12 月までの３ヶ月）（連結）
当期（未監査） 前期（未監査） 増減率
売上高または営業収入 4,591,699 千リンギット 5,543,805 千リンギット -17.17%
純 利 益 （ 税 引 後 ） 85,448 千リンギット 95,990 千リンギット -10.98%
一 株 当 り 利 益 0.15 セン 0.17 セン -11.76%
今期累積額（７月から 12 月までの６ヶ月）（連結）
当期（未監査） 前期（未監査） 増減率
売上高または営業収入 8,770,527 千リンギット 10,828,469 千リンギット -19.00%
純 利 益 （ 税 引 後 ） 134,148 千リンギット 196,283 千リンギット -31.66%
一 株 当 り 利 益 0.16 セン 0.31 セン -48.39%
配当金の推移
当期 前期 備 考
第１四半期 ０セン ０セン
第２四半期 ０セン ０セン
第３四半期 ０セン
第４四半期 ０セン
合 計 ０セン ０セン
3. 概況・特記事項・その他
(1) 純利益（税引後）は法人税考慮後・少数株式持分損益考慮前利益に基づき算出されている。
(2) 上記１株当り利益は基本的利益である。希薄化後１株当り利益は、当期が 0.15 セン、前期が 0.17 センであった。
今期累積額については、当期が 0.16 セン、前期が 0.31 センであった。これらの１株当り利益は法人税考慮後・
少数株主持分考慮後利益に基づき算出している。
(3) 売上高または営業収入および純利益（税引後）の数値は百の位を四捨五入している。
YTL CORPORATION BERHAD
Company No. 198201012898 (92647-H)
Incorporated in Malaysia
Interim Financial Report
31 December 2020
YTL CORPORATION BERHAD
Company No. 198201012898 (92647-H)
Incorporated in Malaysia
Interim Financial Report
31 December 2020
Page No.
Condensed Consolidated Income Statement 1
Condensed Consolidated Statement of Comprehensive Income 2
Condensed Consolidated Statement of Financial Position 3-4
Condensed Consolidated Statement of Changes in Equity 5-6
Condensed Consolidated Statement of Cash Flows 7-9
Notes to the Interim Financial Report 10 - 29
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Interim financial report on consolidated results for the financial period ended 31 December 2020.
The figures have not been audited.
CONDENSED CONSOLIDATED INCOME STATEMENT
Individual Quarter Cumulative Quarter
Current Preceding Year
Year Corresponding
Quarter Quarter 6 Months Ended
31.12.2020 31.12.2019 31.12.2020 31.12.2019
RM'000 RM'000 RM'000 RM'000
Revenue 4,591,699 5,543,805 8,770,527 10,828,469
Cost of sales (3,694,628) (4,397,800) (7,061,208) (8,636,324)
Gross profit 897,071 1,146,005 1,709,319 2,192,145
Other operating income 113,772 66,705 180,492 215,837
Other operating expenses (513,685) (656,374) (955,308) (1,268,361)
Profit from operations 497,158 556,336 934,503 1,139,621
Finance costs (398,163) (485,082) (777,310) (976,561)
Share of results of associated
companies and joint ventures 97,857 115,563 176,505 207,855
Profit before taxation 196,852 186,817 333,698 370,915
Taxation (111,404) (90,827) (199,550) (174,632)
Profit for the period 85,448 95,990 134,148 196,283
Attributable to:-
Owners of the parent 16,094 17,540 17,387 32,847
Non-controlling interests 69,354 78,450 116,761 163,436
Profit for the period 85,448 95,990 134,148 196,283
Earnings per share
Basic (Sen) 0.15 0.17 0.16 0.31
Diluted (Sen) 0.15 0.17 0.16 0.31
The Condensed Consolidated Income Statement should be read in conjunction with the audited annual financial statements for the
year ended 30 June 2020 and the accompanying explanatory notes attached to the interim financial statements.
1
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Individual Quarter Cumulative Quarter
Current Preceding Year
Year Corresponding
Quarter Quarter 6 Months Ended
31.12.2020 31.12.2019 31.12.2020 31.12.2019
RM'000 RM'000 RM'000 RM'000
Profit for the period 85,448 95,990 134,148 196,283
Other comprehensive income/(loss) :-
Items that will not be reclassified
subsequently to income statement:-
- financial assets at fair value through
other comprehensive income 73 1,007 (43,479) (225)
- foreign currency translation 57,876 73,224 21,702 (58,381)
Items that may be reclassified
subsequently to income statement:-
- cash flow hedges 166,754 162,239 201,588 (170,621)
- share of other comprehensive
income of associated company 11,055 - 19,624 -
- foreign currency translation 117,598 100,606 76,424 (52,214)
Other comprehensive income/
(loss) for the period, net of tax 353,356 337,076 275,859 (281,441)
Total comprehensive income/
(loss) for the period 438,804 433,066 410,007 (85,158)
Attributable to :-
Owners of the parent 232,454 212,314 184,860 (106,949)
Non-controlling interests 206,350 220,752 225,147 21,791
Total comprehensive income/
(loss) for the period 438,804 433,066 410,007 (85,158)
The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the audited annual financial
statements for the year ended 30 June 2020 and the accompanying explanatory notes attached to the interim financial statement.
2
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
As at As at
31.12.2020 30.06.2020
RM'000 RM'000
ASSETS
Non-current Assets
Property, plant and equipment 31,403,919 30,499,583
Right of use assets 1,557,212 1,636,035
Investment properties 1,861,678 1,811,126
Investment in associated companies
and joint ventures 4,302,229 4,382,017
Investments 320,845 404,911
Development expenditure 1,140,646 1,128,221
Intangible assets 8,501,894 8,631,094
Trade, other receivables and contract assets 1,509,157 1,421,410
Derivative financial instruments 4,556 10,585
50,602,136 49,924,982
Current Assets
Inventories 2,041,942 2,184,363
Property development costs 227,043 140,857
Trade, other receivables and contract assets 3,869,966 3,432,600
Derivative financial instruments 122,527 74,259
Income tax assets 93,673 134,459
Investments 3,047,873 2,301,989
Amount due from related parties 77,815 53,694
Fixed deposits 9,545,944 10,396,221
Cash and bank balances 1,766,749 1,265,011
20,793,532 19,983,453
TOTAL ASSETS 71,395,668 69,908,435
The Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited annual financial
statements for the year ended 30 June 2020 and the accompanying explanatory notes attached to the interim financial statements.
3
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION – continued
Unaudited Audited
As at As at
31.12.2020 30.06.2020
RM'000 RM'000
EQUITY
Share capital 3,467,555 3,467,555
Other reserves 681,023 512,535
Retained profits 8,538,064 8,982,083
Less : Treasury shares, at cost (42,362) (501,837)
Equity Attributable to Owners of the Parent 12,644,280 12,460,336
Non-Controlling Interests 3,212,479 3,149,593
TOTAL EQUITY 15,856,759 15,609,929
LIABILITIES
Non-current liabilities
Long term payables and other contract liabilities 1,381,806 1,288,626
Bonds & borrowings 33,947,347 32,248,322
Lease liabilities 1,512,123 1,447,352
Grants and contributions 633,001 596,669
Deferred tax liabilities 2,248,044 2,164,004
Post-employment benefit obligations 882,915 910,898
Derivative financial instruments 5,622 15,401
40,610,858 38,671,272
Current Liabilities
Trade, other payables and other contract liabilities 4,516,629 3,678,272
Derivative financial instruments 68,382 174,944
Amount due to related parties 35,837 39,212
Bonds & borrowings 9,939,860 11,317,556
Lease liabilities 53,905 176,495
Income tax liabilities 165,015 98,873
Provision for liabilities and charges 148,423 141,882
14,928,051 15,627,234
TOTAL LIABILITIES 55,538,909 54,298,506
TOTAL EQUITY AND LIABILITIES 71,395,668 69,908,435
Net Assets per share (RM) 1.15 1.17
The Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited annual financial
statements for the year ended 30 June 2020 and the accompanying explanatory notes attached to the interim financial statements.
4
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2020
Attributable to Owners of the Parent Non-
Share Retained Treasury Other Controlling Total
capital profits shares reserves Total interests equity
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 July 2020 3,467,555 8,982,083 (501,837) 512,535 12,460,336 3,149,593 15,609,929
Profit for the period - 17,387 - - 17,387 116,761 134,148
Other comprehensive income - - - 167,473 167,473 108,386 275,859
Total comprehensive income
for the period - 17,387 - 167,473 184,860 225,147 410,007
Changes in composition of the Group - 15,681 - - 15,681 (49,005) (33,324)
Dividend paid - - - - - (113,256) (113,256)
Purchase of treasury shares - - (18,225) - (18,225) - (18,225)
Share dividend - (477,700) 477,700 - - - -
Share option expenses - - - 1,356 1,356 - 1,356
Subsidiary's share option lapsed - 613 - (341) 272 - 272
At 31 December 2020 3,467,555 8,538,064 (42,362) 681,023 12,644,280 3,212,479 15,856,759
The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the audited annual financial statements for the year ended 30 June 2020 and the accompanying
explanatory notes attached to the interim financial statements.
5
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2019
Attributable to Owners of the Parent Non-
Share Retained Treasury Other Controlling Total
capital profits shares reserves Total interests equity
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 July 2019, as previously reported 3,340,111 9,488,302 (472,793) 907,066 13,262,686 7,631,855 20,894,541
Effects of adopting MFRS 16 - (2,532) - - (2,532) (7,276) (9,808)
At 1 July 2019, as restated 3,340,111 9,485,770 (472,793) 907,066 13,260,154 7,624,579 20,884,733
Profit for the period - 32,847 - - 32,847 163,436 196,283
Other comprehensive loss - - - (139,796) (139,796) (141,645) (281,441)
Total comprehensive income/(loss)
for the period - 32,847 - (139,796) (106,949) 21,791 (85,158)
Changes in composition of the Group - 320,348 - - 320,348 (312,864) 7,484
Dividend paid - (426,770) - . (426,770) (299,037) (725,807)
Issue of share capital 114,623 - - - 114,623 - 114,623
Purchase of treasury shares - - (22,860) - (22,860) - (22,860)
Share option expenses - - - 1,460 1,460 - 1,460
Subsidiary's share option lapsed - 167 - (92) 75 - 75
At 31 December 2019 3,454,734 9,412,362 (495,653) 768,638 13,140,081 7,034,469 20,174,550
The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the audited annual financial statements for the year ended 30 June 2020 and the accompanying
explanatory notes attached to the interim financial statements.
6
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2020
6 Months Ended
31.12.2020 31.12.2019
RM'000 RM'000
Cash flows from operating activities
Profit before tax 333,698 370,915
Adjustment for :-
Amortisation of contract costs 1,927 4,554
Amortisation of grants and contributions (11,530) (9,754)
Amortisation of intangible assets 34,896 11,363
Depreciation of property, plant and equipment 804,146 881,934
Depreciation of right-of-use assets 89,200 75,115
Dividend income (13,682) (5,489)
Fair value changes of derivatives - (311)
Fair value changes of investments (8,965) (39,194)
Gain on disposal of investments (24,740) -
(Write back of impairment)/impairment loss (22,938) 35,500
Interest expense 777,310 976,561
Interest income (78,294) (154,073)
Net gain on disposal of property, plant and equipment (5,506) (7,568)
Property, plant and equipment written off 1,483 6,759
Provision for post-employment benefits 23,805 27,167
Provision for liabilities and charges 1,536 1,481
Share option expenses 2,460 2,645
Share of results of associated companies and
joint ventures (176,505) (207,855)
Unrealised gain on foreign exchange 73,196 (18,533)
Other non cash items 7,939 (6,838)
Operating profit before changes in working capital 1,809,436 1,944,379
The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the audited annual financial statements
for the year ended 30 June 2020 and the accompanying explanatory notes attached to the interim financial statements.
7
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2020 - continued
6 Months Ended
31.12.2020 31.12.2019
RM'000 RM'000
Changes in working capital:-
Inventories 53,208 663,664
Property development costs (25,269) (40,196)
Receivables, deposits and prepayments (547,791) (47,969)
Payables and accrued expenses 1,009,797 (232,872)
Related parties balances 14,830 (9,993)
Cash generated from operations 2,314,211 2,277,013
Dividend received 228,642 199,920
Interest paid (703,473) (990,481)
Interest received 80,525 162,601
Payment to a retirement benefits scheme (107,049) (24,843)
Income tax paid (74,607) (142,010)
Net cash from operating activities 1,738,249 1,482,200
Cash flows from investing activities
Acquisition of subsidiaries (142) (114,395)
Additional investment in associated company (23,200) -
Development expenditure incurred (9,807) (62,568)
Grants received in respect of infrastructure assets 32,811 37,033
Maturities of deposits maturing more than 90 days 97,637 -
Net placement of income funds (371,958) -
Proceeds from disposal of property, plant & equipment 17,311 21,366
Proceeds from disposal of investments 27,241 3,978
Proceeds from finance lease receivables 2,401 -
Purchase of property, plant & equipment (985,405) (829,005)
Purchase of right-of-use assets (10,621) -
Purchase of investment properties (43,140) (74,873)
Purchase of intangible assets (97) (69,760)
Purchase of investments (340,060) (105,268)
Shareholder loans (45,842) (46,880)
Net cash used in investing activities (1,652,871) (1,240,372)
The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the audited annual financial statements
for the year ended 30 June 2020 and the accompanying explanatory notes attached to the interim financial statements.
8
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2020 - continued
6 Months Ended
31.12.2020 31.12.2019
RM'000 RM'000
Cash flows from financing activities
Dividend paid - (426,770)
Dividend paid to non-controlling interests
by subsidiaries (113,256) (299,037)
Repurchase of own shares by the company (at net) (18,226) (22,860)
Repurchase of subsidiaries' shares by subsidiaries (33,212) (1)
Proceeds from bonds 740,000 -
Proceeds from borrowings 1,265,119 1,877,611
Proceeds from issue of shares - 114,623
Repayment of bonds - (10,000)
Repayment of borrowings (1,963,905) (1,297,521)
Repayment of lease liabilities (180,109) (181,094)
Net cash used in financing activities (303,589) (245,049)
Net changes in cash and cash equivalents (218,211) (3,221)
Effects of exchange rate changes (6,479) 42,214
Cash and cash equivalents
at beginning of the financial year 11,100,066 11,763,827
Cash and cash equivalents at end of the financial period 10,875,376 11,802,820
Cash and cash equivalent comprise :-
Fixed deposit with licensed bank 9,545,944 10,560,252
Cash and bank balances 1,766,749 1,287,997
Deposits with maturity 90 days and more (437,224) -
Bank overdraft (93) (45,429)
10,875,376 11,802,820
The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the audited annual financial statements
for the year ended 30 June 2020 and the accompanying explanatory notes attached to the interim financial statements.
9
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes:-
Disclosure requirements pursuant to MFRS 134
The Condensed consolidated interim financial statements should be read in conjunction with the audited
financial statements of the Group for the year ended 30 June 2020.
A1. Accounting Policies and Methods of Computation
The interim financial report is unaudited and has been prepared in accordance with Malaysian
Financial Reporting Standard (“MFRS”) 134: “Interim Financial Reporting” and Chapter 9, part
K paragraph 9.22 of the Main Market Listing Requirements of the Bursa Malaysia Securities
Berhad (“Bursa Securities”).
The explanatory notes contained herein provide an explanation of the events and transactions that
are significant to the understanding of the changes in the financial position and performance of
the Group since the financial year ended 30 June 2020.
The accounting policies and methods of computations adopted by the Group in this interim
financial report are consistent with those adopted in the annual audited financial statements for
the financial year ended 30 June 2020.
The adoption of MFRSs, amendments to MFRSs and IC interpretation which were effective for
financial year beginning on or after 1 July 2020 do not have significant financial impact to the
Group.
A2. Seasonality or Cyclicality of Operations
The business operations of the Group are not materially affected by any seasonal or cyclical
factors.
A3. Disaggregation of revenue
Individual Quarter Cumulative Quarter
Current Preceding Year
Year Corresponding
Quarter Quarter 6 Months Ended
31.12.2020 31.12.2019 31.12.2020 31.12.2019
RM'000 RM'000 RM'000 RM'000
Utilities
Sale of electricity 1,461,997 1,601,727 2,850,418 3,282,188
Sale of clean water, treatment
and disposal of waste water 934,877 890,125 1,808,631 1,745,943
Sale of steam 41,595 38,124 87,522 92,633
Broadband and
telecommunications revenue 93,894 96,032 193,236 191,350
Others 43,980 75,058 88,126 240,937
2,576,343 2,701,066 5,027,933 5,553,051
10
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
A3. Disaggregation of revenue - continued
Individual Quarter Cumulative Quarter
Current Preceding Year
Year Corresponding
Quarter Quarter 6 Months Ended
31.12.2020 31.12.2019 31.12.2020 31.12.2019
RM'000 RM'000 RM'000 RM'000
Cement and building
materials industry
Sale of cement and related products 1,149,948 1,391,075 2,203,439 2,546,777
Others 3,734 4,127 9,691 9,671
1,153,682 1,395,202 2,213,130 2,556,448
Construction
Construction contracts revenue 573,630 570,190 1,003,560 1,011,140
Hotel operations
Hotel room and food and beverages 98,838 429,529 207,906 745,342
Others 1,579 5,612 4,646 10,646
100,417 435,141 212,552 755,988
Property
Property development projects 43,953 169,627 49,047 387,115
Sale of land held for
property development 26,501 - 26,501 -
Others 3,524 4,495 7,381 9,352
73,978 174,122 82,929 396,467
Information technology &
e-commerce related business
Media and advertising services 922 1,037 1,699 2,144
Others 7 - 30 32
929 1,037 1,729 2,176
Management services & others
Operation and maintenance services 21,710 18,952 43,556 63,738
Food and beverages operations 962 5,597 2,518 11,189
Others 24,924 32,957 52,569 54,210
47,596 57,506 98,643 129,137
Other sources
Rental income 34,148 155,222 67,684 312,250
Interest income 24,336 50,058 48,866 106,505
Dividend income 6,640 4,261 13,501 5,307
65,124 209,541 130,051 424,062
Total revenue 4,591,699 5,543,805 8,770,527 10,828,469
11
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
A4. Exceptional or Unusual Items
During the current financial quarter, there was no item of an exceptional or unusual in nature that
affects the assets, liabilities, equity, net income or cash flows of the Group.
A5. Changes in estimates of amounts reported
There was no significant change in estimates of amounts reported in prior interim periods or prior
financial years.
A6. Changes in Debt and Equity Securities
There was no issuance, cancellation, repurchase, resale and repayment of debts and equity
securities except for the following :-
During the current financial quarter and financial period to date, the Company repurchased
23,699,100 ordinary shares from the open market for a total consideration of RM18,225,622. The
share buyback transactions were financed by internally generated funds. The shares purchased are
held as treasury shares in accordance with Section 127(6) of the Companies Act 2016.
During the current financial quarter and period to date, a total of 354,982,768 treasury shares
amounting RM477,700,310.90 were distributed on 12 November 2020 to the shareholders on the
basis of one (1) treasury shares for every 30 ordinary shares held as at 28 October 2020.
As at 31 December 2020, the number of treasury shares held was 41,622,950 ordinary shares.
A7. Dividend paid
There was no dividend paid during the current financial quarter.
A8. Segmental Information
The Group has seven reportable segments as described below:
(a) Construction
(b) Information technology & e-commerce related business
(c) Cement and building materials industry
(d) Property investment & development
(e) Management services & others
(f) Hotel operations
(g) Utilities
Management monitors the operating results of business segments separately for the purpose of
making decisions about resources to be allocated and of assessing performance.
12
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
A8. Segment Information - continued
Inter-segment pricing is determined based on a negotiated basis.
The Group’s segmental result for the financial period ended 31 December 2020 is as follows:-
Information Cement and
technology building Property Management
& e-commerce materials investment & services &
Construction related business industry development others Hotels Utilities Elimination Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
External revenue 1,003,560 1,729 2,213,994 152,692 158,067 212,552 5,027,933 - 8,770,527
Inter-segment revenue 17,928 1,499 15,665 59,712 33,387 2,958 6,346 (137,495) -
Total revenue 1,021,488 3,228 2,229,659 212,404 191,454 215,510 5,034,279 (137,495) 8,770,527
Segment results
Profit/(loss) from operations 106,106 (707) 315,870 (62,334) 210,574 (73,183) 438,177 - 934,503
Finance costs (777,310)
157,193
Share of profit of associated companies & joint ventures 176,505
Profit before taxation 333,698
Finance costs 777,310
Depreciation and amortisation 918,639
EBITDA * 2,029,647
* Included a fair value gain of RM9.0 million and write back of impairment of RM22.9 million.
13
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
A8. Segment Information - continued
Inter-segment pricing is determined based on a negotiated basis.
The Group’s segmental result for the financial period ended 31 December 2019 is as follows:-
Information Cement and
technology building Property Management
& e-commerce materials investment & services &
Construction related business industry development others Hotels Utilities Elimination Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
External revenue 1,011,140 2,175 2,557,882 723,409 224,697 756,115 5,553,051 - 10,828,469
Inter-segment revenue 11,165 2,868 10,782 106,977 157,314 7,862 8,134 (305,102) -
Total revenue 1,022,305 5,043 2,568,664 830,386 382,011 763,977 5,561,185 (305,102) 10,828,469
Segment results
Profit from operations 117,401 2,389 164,502 136,202 328,872 104,944 285,311 - 1,139,621
Finance costs (976,561)
163,060
Share of profit of associated companies & joint ventures 207,855
Profit before taxation 370,915
Finance costs 976,561
Depreciation and amortisation 963,212
EBITDA * 2,310,688
* Included a fair value gain of RM39.5 million and impairment loss of RM35.5 million.
14
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
A9. Changes in the Composition of the Group
There were no significant changes in the composition of the Group for the current financial
period ended 31 December 2020, including business combinations, acquisition or disposal of
subsidiaries and long-term investments, restructurings and discontinuing operations except for
the following:-
• On 10 September 2020, P.T. YTL Harta Indonesia (“YTL Harta Indonesia”) was
incorporated by YTL Jawa O & M Holdings B.V. and P.T. YTL Jawa Timur (the indirect
subsidiaries of YTL Power International Berhad (“YTL Power”)) with the shareholdings
of 95% and 5%, respectively. As a result, YTL Harta Indonesia became an indirect
subsidiary of YTL Power and the Company.
YTL Harta Indonesia was incorporated in Indonesia with an issued share capital of
Rp2,500,000,000 comprising 2,500 ordinary shares to undertake industrial estate business
activities.
• On 19 October 2020, Ben Tre Fico-YTL Cement Limited (“Ben Tre Fico”) was
incorporated as a wholly-owned subsidiary of FICO Tay Ninh Cement Joint Stock
Company, an indirect subsidiary of YTL Cement Berhad. Ben Tre Fico will be
principally involved in manufacture and sale of ordinary portland cement and blended
cement.
• On 27 November 2020, Dials At Brabazon Management Company Limited (“Dials At
Brabazon”) and Navigator At Brabazon Management Company Limited (“Navigator At
Brabazon”) were incorporated as wholly-owned subsidiaries of YTL Homes Limited (an
indirect wholly-owned subsidiary of the Company). As a result, Dials At Brabazon and
Navigator At Brabazon became indirect wholly-owned subsidiaries of the Company.
Dials At Brabazon and Navigator At Brabazon were incorporated in England and Wales
as a company limited by guarantee without share capital and will be principally involved
in the management of real estate.
A10. Changes in Contingent Liabilities or Contingent Assets
There were no significant changes in the contingent liabilities of the Group since the last
financial year ended 30 June 2020.
A11. Subsequent Events
There were no items, transactions or events of material or unusual in nature during the period
from the end of the quarter under review to the date of this report.
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15
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
Disclosure requirements per Part A of Appendix 9B of the Bursa Securities Main Market Listing
Requirements
B1. Review of Performance
Individual Quarter Variance Cumulative Quarter Variance
31.12.2020 31.12.2019 % 31.12.2020 31.12.2019 %
RM'000 RM'000 +/- RM'000 RM'000 +/-
Revenue
Construction 573,630 570,190 1% 1,003,560 1,011,140 -1%
Information technology &
e-commerce related business 929 1,036 -10% 1,729 2,175 -21%
Cement and building materials industry 1,154,219 1,396,436 -17% 2,213,994 2,557,882 -13%
Property investment & development 108,540 335,251 -68% 152,692 723,409 -79%
Management services & others 77,654 104,610 -26% 158,067 224,697 -30%
Hotels 100,384 435,216 -77% 212,552 756,115 -72%
Utilities 2,576,343 2,701,066 -5% 5,027,933 5,553,051 -9%
4,591,699 5,543,805 8,770,527 10,828,469
Profit/(loss) before taxation
Construction 54,881 49,645 11% 100,919 116,427 -13%
Information technology &
e-commerce related business (507) 762 -167% (707) 2,389 -130%
Cement and building materials industry 131,493 49,543 165% 222,951 40,023 457%
Property investment & development (89,869) (20,150) -346% (106,528) (8,622) -1136%
Management services & others (65,491) 15,392 -525% (108,777) 5,738 -1996%
Hotels (53,998) 60,085 -190% (88,259) 96,284 -192%
Utilities 220,343 31,540 599% 314,099 118,676 165%
196,852 186,817 333,698 370,915
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16
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
For the current financial quarter under review, the Group revenue was RM4,591.7 million as
compared to RM5,543.8 million, recorded in the preceding year corresponding quarter. The Group
recorded a profit before tax of RM196.9 million for the current financial quarter. This represents an
increase of RM10.0 million or 5.4% as compared to a profit of RM186.8 million recorded in the
preceding year corresponding quarter.
For the current financial period under review, the Group revenue was at RM8,770.5 million as
compared to RM10,828.5 million, recorded in the preceding financial period ended 31 December
2019. The Group profit before taxation for the current financial period stood at RM333.7 million.
This represents a decrease of RM37.2 million or 10.0% as compared to a profit of RM370.9 million
recorded in the preceding year corresponding period.
Since the outbreak of Covid-19, the countries which the Group has operations have imposed
different level of restrictions to contain the spread of the virus and Malaysia are currently extended
its movement control order until 4 March 2021. The direct impact of the Covid-19 pandemic is
reflected in the performance of the respective operating business segments for the financial
quarter/period ended 31 December 2020 as compared to the preceding year corresponding
quarter/period are analysed as follows:
Construction
For the current financial quarter under review, the revenue was consistent to the comparative
quarter. However, the increase in profit before tax was principally due to progress in construction
works.
For the current financial period under review, the decrease in revenue and profit before tax was
principally due to the decrease in construction works and higher finance costs incurred.
Information technology & e-commerce related business
For the current financial quarter/period under review, the lower revenue was primarily due to the
lower revenue recorded by the content and digital media division following the impact of Covid-
19. However, the loss before tax was mainly due to lower revenue and interest income earned from
cash deposits.
Cement and building materials industry
For the current financial quarter/period under review, the revenue of the Cement division decreased
mainly attributable to lower demand in the Concrete and Quarry division. However, the
improvement in profit before tax was mainly due to the significant measures taken to reduce cost of
production and improved efficiency in our sales and distribution operations.
Property investment & development
For the current financial quarter/period under review, the decrease in revenue was mainly due to
the deconsolidation of the results of Starhill Global Real Investment Trust (“SGREIT”) and lower
sales recorded in The Fennel project undertaken by Sentul Raya Sdn. Bhd. and the 3-Orchard By-
The-Park project undertaken by YTL Westwood Properties Pte. Ltd. However, the loss before tax
was mainly due to lower unrealised foreign exchange gain on borrowings denominated in foreign
currencies recorded by YTL Hospitality REIT and lower share of profits from SGREIT following
the Covid-19 pandemic and rental variations mainly for its Singapore and Australian properties.
17
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
Management services & others
For the current financial quarter/period under review, decrease in revenue was mainly due to
lower interest income and an absence of technical services income recorded by YTL Power.
However, the loss before tax was principally attributable to an absence of fair value gain on
investments recorded by an offshore subsidiary, higher share of losses of an associated company
and lower revenue as mentioned above.
Hotels
For the current financial quarter/period under review, this segment was significantly impacted by
the lower operating results amidst extremely challenging conditions due to the unprecedented
disruption caused by the Covid-19 pandemic. Country borders in most jurisdictions in which the
hospitality businesses operate were closed to foreign travellers. Seminars and meetings were
restricted due to social distancing measures and adherence to standard operating procedures
issued by governments in these jurisdictions.
Utilities
For the current financial quarter under review, the performance of the divisions within the
Utilities segment is set out below:
• The Power Generation (Contracted) division recorded a lower revenue mainly due to the
lower energy payment recorded. The profit before taxation was consistent to the comparative
quarter.
• Multi utilities business (Merchant) division, revenue was consistent to the comparative
quarter. However, the improvement in profit before tax was mainly due to the higher retail
and vesting gross margins, higher fuel oil tank leasing rates, lower finance costs and a
recovery of impairment of receivables arising from an appeal against High Court’s decision.
• Water & sewerage division recorded higher revenue primarily due to an increase in
unregulated project income. However, the lower profit before taxation was mainly due to the
price reset as determined by the regulator and depreciation charges following additional
investment in capital expenditures.
• For Telecommunications division, revenue was consistent to the comparative quarter. The
improvement in loss before taxation was mainly due to lower depreciation charges.
However, its EBITDA continues to remain positive.
For the current financial period under review, performance of the respective operating business
divisions was consistent with the notes mentioned above with the exception of the Power
generation (Contracted) and Water & sewerage divisions:
• The Power Generation (Contracted) division recorded a lower revenue mainly due to the
lower energy payment recorded. The lower profit before taxation was mainly due to a one-
off write-down of inventories.
• Water & sewerage division recorded a higher revenue primarily attributable to an increase in
unregulated project income and the strengthening of Great Britain Pound against Ringgit
Malaysia. However, the lower profit before taxation was mainly due to the price reset as
determined by the regulator and depreciation charges following additional investment in
capital expenditures.
18
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
B2. Comparison with Preceding Quarter
Current Preceding
Quarter Quarter Variance
31.12.2020 30.09.2020 %
RM'000 RM'000 +/-
Revenue 4,591,699 4,178,828 10%
Profit before taxation 196,852 136,846 44%
Profit after taxation 85,448 48,700 75%
The higher profit before taxation as compared to preceding quarter was primarily attributable to
the better performance in Multi utilities business (Merchant) segment following a recovery of
impairment of receivables arising from an appeal against High Court’s decision as well as
improved performance of the Construction and Cement and Building Materials segments.
B3. Audit Report of the preceding financial year ended 30 June 2020
The Auditors’ Report on the financial statements of the financial year ended 30 June 2020 did not
contain any qualification.
B4. Prospects
Globally, businesses are facing unprecedented social and economic challenges following the
Covid-19 pandemic. Countries where the Group operates continued with various movement
control regulations and laws and limited the operation of non-essential services. However, the
Group’s businesses have been cushioned by its Utilities segment which by its nature are essential
services that have continued to operate throughout the control period. The Construction and
Cement segments have re-commenced in stages as permitted and operations have normalised.
Furthermore, the ongoing progress in vaccine development and recent commencement of
vaccination programmes in most countries where the Group operates, including the roll-out of
Malaysia’s programme this week, are vital developments, providing the pathway for a return to
normalcy and economic recovery.
Construction
Construction operations have since re-commenced but under strict standard operating
procedures. Management has been proactive in taking actions to ensure construction work in
progress is on track and has also implemented stringent cost control measures.
Notwithstanding, this segment is expected to contribute positively based on its current order
book.
Information technology & e-commerce related business
This segment whose contribution is insignificant to the Group will have minimal impact to
the Group’s prospects even when the economy recovers from the Covid-19 pandemic.
19
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
Cement and building materials industry
Whist the short-term outlook may remain challenging due to the impact of the Covid-19
pandemic on public and private plans for new investments, the solid dynamics of the
Group’s main markets remain intact. Management is confident that the key growth drivers,
e.g. infrastructure requirements and demand for housing from urbanization, will continue to
underpin demand growth. The Cement division will also increase export volumes from its
dedicated Langkawi production facility.
Property investment & development
As a result of the unprecedented situation, it is not possible to forecast with any accuracy at
this stage how the Covid-19 pandemic will impact the property market and consumer
demand for property products. Notwithstanding, the Group will continue to embark on
marketing efforts and initiatives to unlock sales as well as undertake project launches.
Management services & others/Hotels
The short-term outlook for the hospitality industry remains challenging. Demand from
international business and leisure travellers is expected to remain subdued until containment
of the Covid-19 pandemic, after which management expect pent-up demand to fuel
recovery. The roll-out of vaccination programmes in many countries in the past few months
bodes well for the recovery of the global tourism and hospitality industry. In the near term,
demand is expected to come from the substitution of international travel with local travel due
to restrictions on overseas travel.
Utilities
The YTL Power Group has an 80% equity interest in PT Tanjung Jati Power Company
(“TJPC”), an independent power producer which is undertaking the development of Tanjung
Jati A, a 2 x 660 megawatt coal-fired power project in Java, Indonesia. TJPC has a 30-year
power purchase agreement with PT PLN (Persero), Indonesia’s state-owned electric utility
company, amended and restated in December 2015 and March 2018. In February 2020,
TJPC obtained the Business Viability Guarantee Letter from the Ministry of Finance of the
Republic of Indonesia and is working towards achieving financial close.
The YTL Power Group also has a 45% equity interest in Attarat Power Company (“APCO”),
which is developing a 554 megawatt (gross) oil shale fired power generation project in the
Hashemite Kingdom of Jordan. APCO has signed a 30-year Power Purchase Agreement
(including construction period of 3.5 years) with the National Electric Power Company
(“NEPCO”), Jordan’s state-owned utility, for the entire electrical capacity and energy of the
power plant, with an option for NEPCO to extend the Power Purchase Agreement to 40
years (from the commercial operation date of the project’s second unit). Construction has
commenced on the project with commercial operations for the first unit scheduled to
commence in the middle of the calendar year 2020 and the second unit in the last quarter of
the calendar year 2020. However, the global Covid-19 pandemic has led to a delay in the
project due to travel and movement restrictions imposed by the Government of Jordon with
commercial operations for both units now expected to be in the middle of the calendar year
2021. APCO has invoked the force majeure provisions under the Power Purchase Agreement
with NEPCO. As the effects of Covid-19 are still on-going, the force majeure provisions are
still in effect.
20
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
YTL Power Generation Sdn. Bhd. (“YTLPG”) commenced operations on 1 September 2017
for the supply of 585MW of capacity from the existing facility in Paka for a term of 3 years
10 months, which will be expiring on 30 June 2021.
As for the Multi utilities business (Merchant) division, electricity demand has gradually
improved as Singapore eases into Phase 3. A phase which allows social, cultural, religious
and business gatherings or events to resume with limited crowd sizes as part of the control
measures of Covid-19 pandemic.
The proposed acquisition of Tuaspring announced on 12 March 2020 which is currently
pending completion is a logical extension of the Group’s existing multi utilities operations.
The power plant and associated assets of Tuaspring, which is the newest combined cycle
power plant in Singapore, will, upon completion, be integrated into existing businesses and
expected to contribute positively to the future earnings of the Group. The proposed
acquisition was approved by the Energy Market Authority of Singapore (EMA) in May
2020; completion is now conditional on the approval from the Public Utilities Board of
Singapore and completion of financing.
This segment will continue to focus on customer service and diversification beyond the core
business into integrated multi-utilities supply.
As for the Water & Sewerage division, Wessex Water continues to work towards the
investment commitments agreed with the regulator as part of its Price Review 2020-2025
(“PR19”). Over the last 5 years, Wessex Water’s investment in its regulated assets base
(“RAB”) increased from RM15.11 billion (GBP2.75 billion) to RM17.79 billion (GBP3.35
billion). The RAB value is expected to increase to RM20.66 billion (GBP3.89 billion) at the
end of the period, 31 March 2025 following the investment commitments agreed for PR19.
With the existing network in place, this segment will continue to expand its
telecommunications infrastructure business and subscriber base. In August 2020, Jalinan
Digital Negara (“JENDELA”), a plan to upgrade Malaysia’s digital communications
infrastructure formulated by the Government and the Malaysian Communications and
Multimedia Commission, was launched. Initial phases of the plan focus on expanding 4G
mobile broadband coverage and increasing broadband speeds, with the aim of shutting down
3G by 2021. As such, YTL Communications’ pure-4G YES network is well positioned to
continue to attract subscribers and meet the country’s digital infrastructure needs.
In response to the Covid-19 pandemic, YTL Communications and FrogAsia collaborated
with YTL Foundation, a not-for-profit foundation funded principally by the YTL Group,
launched the Learn from Home Initiative in March 2020 to enable students to learn from
home. Under the initiative, YTL Foundation provided free YES 4G SIM cards with 40GB of
data to students registered in government schools and certain tertiary education institutions
and also provided free mobile phones and YES 4G internet data plans to students from B40
families, thereby ensuring students have free access to sufficient data for online learning.
Online learning resources and lessons were also provided by FrogAsia to facilitate learning
from home. This initiative has been extended to 30 June 2021 as schools have again closed
due to the third wave of the pandemic.
21
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
YTL Communications has recently launched its YES Kasi Up programme offering the most
affordable data plans in the market. The programme includes a referral scheme that gives
cash rewards to subscribers for being referral ambassadors for YES. A partnership with
Shopee, the country’s largest e-commerce platform, rewards Shopee customers who are YES
subscribers with free data for money spent on Shopee, making data even more affordable and
accessible. By offering affordable data plans this segment is looking to increase its
subscriber base bolstered by partnerships and collaborations.
Despite the challenging outlook, the Group expects the performance of its business segments to
remain resilient as these segments’ operations are substantially essential in nature. The Group will
continue to closely monitor the related risks and impact on all business segments.
B5. Profit Forecast
The Group did not issue any profit forecast or profit guarantee for the current financial quarter.
B6. Profit for the period
Current Period
Quarter To Date
31.12.2020 31.12.2020
RM’000 RM’000
Profit for the period is stated after charging/(crediting):
Amortisation of grants and contributions (5,633) (11,530)
Amortisation of intangible assets 17,462 34,896
Depreciation of property, plant and equipment 401,768 804,146
Depreciation of right-of-use assets 45,108 89,200
Dividend income (6,785) (13,682)
Fair value changes of investments (1,216) (8,965)
Interest expense 398,163 777,310
Interest income (15,637) (29,428)
Loss on foreign exchange 39,412 44,605
Net gain on disposal of property, plant and equipment (3,588) (5,506)
Property, plant and equipment written off 248 1,483
Provision for liabilities and charges 888 1,536
(Write back of)/Allowance for impairment of inventories (1,004) 14,696
(Write back of)/Amortisation of contract costs (129) 1,927
Write back of impairment of receivables - net of reversal (54,750) (37,883)
Other than the above items, there were no other investment income, write off of receivables, gain
or loss on disposal of properties, impairment of assets and exceptional items for the current
financial quarter and financial period to date.
22
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
B7. Taxation
Taxation comprise the following:-
Current Period
Quarter To Date
31.12.2020 31.12.2020
RM’000 RM’000
In respect of current period
- Income tax 98,070 187,422
- Deferred tax 13,334 12,128
111,404 199,550
The higher effective tax rate of the Group as compared to the Malaysian statutory income tax rate
for the current financial quarter and financial period to date was mainly due to losses from certain
subsidiary companies, non-deductibility of certain expenses for tax purposes and partially offset
by income subjected to different tax jurisdictions.
B8. Corporate Developments
Corporate Proposals Announced and Pending Completion
As at the date of this report, being the latest practicable date, there are no corporate proposals
announced and pending completion, save for the following:-.
(i) On 12 March 2020, YTL Power and Taser Power, entered into a put and call option
agreement with Tuaspring Pte. Ltd. (“Tuaspring”) for the proposed acquisition of the
power plant and associated assets of Tuaspring by YTL PowerSeraya Pte. Limited, from
the receivers and managers of Tuaspring, for a total purchase consideration of SGD
331,452,000 to be settled as to SGD 230,000,000 in cash and SGD 101,452,000 comprising
ordinary shares and loan notes amounting to 7.54% of the post-acquisition equity in YTL
Utilities (S) Pte. Limited, the immediate holding company of YTL PowerSeraya Pte.
Limited (“Proposed Acquisition”).
Approval for the Proposed Acquisition from the Energy Market Authority of Singapore
was received on 20 May 2020. Completion is conditional inter alia on approval of the
Public Utilities Board of Singapore and completion of financing arrangements which are
currently pending.
23
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
B9. Group Borrowings and Debt Securities
The Group’s borrowings and debts securities as at 31 December 2020 are as follows:-
Secured Unsecured Total
RM'000 RM'000 RM'000
Current
Bankers' acceptances - 47,708 47,708
Bank overdrafts - 93 93
ICULS * - 2,184 2,184
Revolving credit 53,000 3,092,972 3,145,972
Term loans 102,531 6,341,372 6,443,903
Bonds - 300,000 300,000
155,531 9,784,329 9,939,860
Non-current
ICULS * - 2,417 2,417
Revolving credit 208,654 1,502,672 1,711,326
Term loans 2,258,823 9,230,984 11,489,807
Bonds 328,196 20,415,601 20,743,797
2,795,673 31,151,674 33,947,347
Total borrowings 2,951,204 40,936,003 43,887,207
* Irredeemable Convertible Unsecured Loan Stock ("ICULS")
Foreign currency borrowings included in the above are as follows :-
Foreign RM
Currency Equivalents
’000 ’000
US Dollar 666,626 2,675,170
Singapore Dollar 2,286,147 6,939,371
Sterling Pound 2,529,968 13,827,034
Japanese Yen 17,562,501 683,023
Thai Baht 1,990,000 266,640
Australia Dollar 486,519 1,503,149
Euro 422 2,081
25,896,468
Save for the borrowings of RM212.0 million, US Dollar 220.0 million, Sterling Pound 89.1
million, Yen 7.25 billion and Euro 0.42 million by subsidiary companies of which corporate
guarantees are provided by the Company, all other borrowings of subsidiary companies are on a
non-recourse basis to the Company.
24
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
B10. Derivatives Financial Instruments, Fair Value Changes of Financial Liabilities and Fair
Value hierarchy
(a) Derivatives Financial Instruments
As at 31 December 2020, the Group’s outstanding derivatives are as follows:
Type of Derivatives Contract/Notional Value Fair Value
RM’000 RM’000
Fuel oil swaps
- Less than 1 year 967,006 95,280
- 1 year to 3 years 78,254 4,193
- More than 3 years - -
Currency forwards
- Less than 1 year 1,089,621 (41,135)
- 1 year to 3 years 151,182 (5,259)
- More than 3 years - -
The Group entered into fuel oil swaps to hedge highly probable forecast physical fuel oil and
natural gas purchases that are expected to occur at various dates in the future. The fuel oil swaps
have maturity dates that match the expected occurrence of these transactions.
The Group entered into currency forwards to hedge highly probable forecast transactions
denominated in foreign currency expected to occur in the future. The currency forwards have
maturity dates that match the expected occurrence of these transactions.
The derivative financial instruments are stated at fair value based on banks’ quotes. The fair
value changes on the effective portion of the derivatives that are designated and qualify as cash
flow hedges are recognised in other comprehensive income. The gain or loss relating to the
ineffective portion is recognised immediately in profit or loss.
All derivative financial instruments are executed with creditworthy counter parties with a view
to limit the credit risk exposure of the Group.
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25
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
(b) Fair Value Changes of Financial Liabilities
The gains/(losses) arising from fair value changes of financial liabilities for the current
financial period ended 31 December 2020 are as follows:
Fair value gain
Type of Basis of
financial fair value Current Period
liabilities measurement Reason for the gains quarter to date
31.12.2020 31.12.2020
RM’000 RM’000
Forward Foreign Foreign exchange rates - 48
foreign exchange differential between the
currency differential contracted rate and the
exchange between the market forward rate
contracts contracted rate which have moved in
and the market favour of the Group
forward rate
Fuel oil swap Fuel oil price Fuel oil price differential (720) 4,002
differential between the contracted
between the price and the market
contracted forward price which have
price and the moved in favour of the
market forward Group
price
Total (720) 4,050
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26
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
(c) Fair Value Hierarchy
The table below analyses financial instruments carried at fair value, by valuation method.
The different levels have been defined as follows:
(a) Level 1 : Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
(b) Level 2 : Inputs other than quoted prices included within Level 1 that are observable
for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from
prices).
(c) Level 3: Inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
At the reporting date, the Group and the Company held the following financial instruments
carried at fair value on the statement of financial position:-
Level 1 Level 2 Level 3 Total
RM'000 RM'000 RM'000 RM'000
31 December 2020
Assets
Financial assets at fair value
through profit and loss
- Income/equity funds - 3,053,782 - 3,053,782
- Equity investments 10,880 3,671 - 14,551
Derivative used for hedging - 127,083 - 127,083
Financial assets at fair value through
other comprehensive income 22,920 44 277,421 300,385
33,800 3,184,580 277,421 3,495,801
Liabilities
Financial liabilities at fair value
through profit and loss
- Trading derivatives - 4,043 - 4,043
Derivative used for hedging - 69,961 - 69,961
- 74,004 - 74,004
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27
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
B11. Material litigation
There was no material litigation pending as at the date of this report.
B12. Dividend
No dividend has been declared for the current financial quarter.
B13. Earnings Per Share
i) Basic earnings per share
The basic earnings per share of the Group has been computed by dividing the net profit
attributable to owners of the parent for the financial quarter/period by the weighted average
number of ordinary shares in issue during the financial quarter/period as set out below:-
Individual Quarter Cumulative Quarter
Current Preceding Year
Year Corresponding
Quarter Quarter 6 Months Ended
31.12.2020 31.12.2019 31.12.2020 31.12.2019
Profit attributable to
owners of the parent (RM’000) 16,094 17,540 17,387 32,847
Weighted average number of
ordinary shares (‘000)
Weighted average number
of ordinary shares (‘000) 11,022,762 10,910,559 11,022,762 10,983,734
Less: Shares repurchased (380,807) (350,110) (376,857) (345,986)
10,641,955 10,560,449 10,645,905 10,637,748
Basic earnings per share (sen) 0.15 0.17 0.16 0.31
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28
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
B13. Earnings Per Share - continued
ii) Diluted earnings per share
The diluted earnings per share of the Group has been computed by dividing the net profit
attributable to owners of the parent for the financial quarter/period by the weighted average
number of ordinary shares in issue during the financial quarter/period as set out below:-
Individual Quarter Cumulative Quarter
Current Preceding Year
Year Corresponding
Quarter Quarter 6 Months Ended
31.12.2020 31.12.2019 31.12.2020 31.12.2019
Profit attributable to
owners of the parent (RM’000) 16,094 17,540 17,387 32,847
Weighted average number of
ordinary shares - diluted (‘000)
Weighted average number of 10,641,956 10,560,450 10,645,906 10,637,748
ordinary shares-basic
Effect of unexercised employees
share option scheme (“ESOS”) - - - -
10,641,956 10,560,450 10,645,906 10,637,748
Diluted earnings per share (sen) 0.15 0.17 0.16 0.31
Total cash expected to be received in the event of an exercise of all outstanding ESOS options
is RM517.186 million (2020: RM525.312 million). Accordingly, the Net Asset (“NA”) on a
proforma basis will increase by RM517.186 million (2020: RM525.312 million) resulting in an
increase in NA per share of RM0.05 (2020: RM0.05). In arriving at the diluted earnings per
share, NA and NA per share, no income has been accrued for the cash proceeds.
By Order of the Board
HO SAY KENG
Secretary
Kuala Lumpur
Dated: 25 February 2021
29