1773 ＹＴＬ 2021-05-31 14:30:00
2021年６月期第３四半期（2021年１月～2021年３月）決算短信 [pdf]
2021 年５月 31 日
2021 年６月期第３四半期（2021 年１月～2021 年３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 古波藏 惇
弁護士 中田 和輝
電話 (03)6775-1000
四半期報告書
提 出 予 定 日 2021 年６月 25 日
1. 本国における決算発表日 2021 年５月 28 日（金曜日）
2. 業績
第３四半期（2021 年１月から３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 4,219,794 千リンギット 4,813,551 千リンギット -12.34%
純 利 益 （ 税 引 後 ） 93,460 千リンギット 129,594 千リンギット -27.88%
一 株 当 り 利 益 0.21 セン 0.28 セン -25.00%
今期累積額（2020 年７月から 2021 年３月までの９ヶ月）
当期（未監査） 前期（未監査） 増減率
売上高または営業収入 12,990,321 千リンギット 15,642,020 千リンギット -16.95%
純 利 益 （ 税 引 後 ） 227,608 千リンギット 325,877 千リンギット -30.16%
一 株 当 り 利 益 0.37 セン 0.59 セン -37.29%
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 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 0.21 セン、前年同期が 0.28 センであ
った。今期累積額については、当期が 0.37 セン、前年同期が 0.59 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. (92647-H)
Incorporated in Malaysia
Interim Financial Report
31 March 2021
YTL CORPORATION BERHAD
Company No. 92647-H)
Incorporated in Malaysia
Interim Financial Report
31 March 2021
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 - 33
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 March 2021.
The figures have not been audited.
CONDENSED CONSOLIDATED INCOME STATEMENT
Individual Quarter Cumulative Quarter
Current Preceding Year
Year Corresponding
Quarter Quarter 9 Months Ended
31.03.2021 31.03.2020 31.03.2021 31.03.2020
RM'000 RM'000 RM'000 RM'000
Revenue 4,219,794 4,813,551 12,990,321 15,642,020
Cost of sales (3,331,206) (3,830,886) (10,392,414) (12,467,210)
Gross profit 888,588 982,665 2,597,907 3,174,810
Other operating income 78,177 114,913 258,669 330,750
Other operating expenses (503,660) (548,511) (1,458,968) (1,816,872)
Profit from operations 463,105 549,067 1,397,608 1,688,688
Finance costs (386,643) (469,368) (1,163,953) (1,445,929)
Share of results of associated
companies and joint ventures 118,202 104,202 294,707 312,057
Profit before taxation 194,664 183,901 528,362 554,816
Taxation (101,204) (54,307) (300,754) (228,939)
Profit for the period 93,460 129,594 227,608 325,877
Attributable to:-
Owners of the parent 22,430 29,524 39,817 62,371
Non-controlling interests 71,030 100,070 187,791 263,506
Profit for the period 93,460 129,594 227,608 325,877
Earnings per share
Basic (Sen) 0.21 0.28 0.37 0.59
Diluted (Sen) 0.21 0.28 0.37 0.59
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.
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 9 Months Ended
31.03.2021 31.03.2020 31.03.2021 31.03.2020
RM'000 RM'000 RM'000 RM'000
Profit for the period 93,460 129,594 227,608 325,877
Other comprehensive income/(loss) :-
Items that will not be reclassified
subsequently to income statement:-
- financial assets at fair value through
other comprehensive income (46,958) (8,357) (90,437) (8,582)
- foreign currency translation 203,359 (90,596) 225,061 (148,977)
Items that may be reclassified
subsequently to income statement:-
- cash flow hedges 145,733 (315,462) 347,321 (486,083)
- share of other comprehensive
(loss)/income of associated
company (3,208) - 16,416 -
- foreign currency translation 294,378 (131,823) 370,802 (184,037)
Other comprehensive income/
(loss) for the period, net of tax 593,304 (546,238) 869,163 (827,679)
Total comprehensive income/
(loss) for the period 686,764 (416,644) 1,096,771 (501,802)
Attributable to :-
Owners of the parent 346,251 (261,518) 531,111 (368,467)
Non-controlling interests 340,513 (155,126) 565,660 (133,335)
Total comprehensive income/
(loss) for the period 686,764 (416,644) 1,096,771 (501,802)
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.
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
31.03.2021 30.06.2020
RM'000 RM'000
ASSETS
Non-current Assets
Property, plant and equipment 32,301,929 30,499,583
Right of use assets 1,540,781 1,636,035
Investment properties 1,842,241 1,811,126
Investment in associated companies
and joint ventures 4,338,826 4,382,017
Investments 302,682 404,911
Development expenditure 1,163,149 1,128,221
Intangible assets 8,647,375 8,631,094
Trade, other receivables and contract assets 1,572,659 1,421,410
Derivative financial instruments 11,578 10,585
51,721,220 49,924,982
Current Assets
Inventories 2,009,893 2,184,363
Property development costs 299,017 140,857
Trade, other receivables and contract assets 4,027,781 3,432,600
Derivative financial instruments 224,732 74,259
Income tax assets 99,529 134,459
Investments 2,741,590 2,301,989
Amount due from related parties 76,079 53,694
Fixed deposits 11,080,033 10,396,221
Cash and bank balances 2,069,757 1,265,011
22,628,411 19,983,453
TOTAL ASSETS 74,349,631 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.
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
31.03.2021 30.06.2020
RM'000 RM'000
EQUITY
Share capital 3,467,555 3,467,555
Other reserves 985,176 512,535
Retained profits 8,604,159 8,982,083
Less : Treasury shares, at cost (54,450) (501,837)
Equity Attributable to Owners of the Parent 13,002,440 12,460,336
Non-Controlling Interests 3,470,960 3,149,593
TOTAL EQUITY 16,473,400 15,609,929
LIABILITIES
Non-current liabilities
Long term payables and contract liabilities 1,434,594 1,288,626
Bonds & borrowings 34,959,001 32,248,322
Lease liabilities 1,431,110 1,447,352
Grants and contributions 673,806 596,669
Deferred tax liabilities 2,333,537 2,164,004
Post-employment benefit obligations 924,339 910,898
Derivative financial instruments 2,392 15,401
41,758,779 38,671,272
Current Liabilities
Trade, other payables and contract liabilities 4,752,383 3,678,272
Derivative financial instruments 41,048 174,944
Amount due to related parties 47,880 39,212
Bonds & borrowings 10,869,085 11,317,556
Lease liabilities 80,624 176,495
Income tax liabilities 177,987 98,873
Provision for liabilities and charges 148,445 141,882
16,117,452 15,627,234
TOTAL LIABILITIES 57,876,231 54,298,506
TOTAL EQUITY AND LIABILITIES 74,349,631 69,908,435
Net Assets per share (RM) 1.19 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.
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 MARCH 2021
9 Months Ended
31.03.2021 31.03.2020
RM'000 RM'000
Cash flows from operating activities
Profit before tax 528,362 554,816
Adjustment for :-
Amortisation of contract costs 2,502 6,284
Amortisation of deferred income (4,113) -
Amortisation of grants and contributions (12,953) (15,154)
Amortisation of intangible assets 54,065 44,063
Depreciation of property, plant and equipment 1,228,451 1,280,379
Depreciation of right-of-use assets 169,179 115,801
Dividend income (18,338) (7,263)
Fair value changes of derivatives - 16,152
Fair value changes of investments 18,838 (20,444)
Gain on disposal of investments (24,669) (1,161)
Impairment loss 17,501 60,789
Interest expense 1,163,953 1,445,929
Interest income (128,266) (225,209)
Net gain on disposal of property, plant and equipment (13,000) (10,807)
Property, plant and equipment written off 3,272 9,192
Provision for post-employment benefits 35,889 40,652
(Write back of)/Provision for liabilities and charges (3,506) 1,664
Share option expenses 3,490 3,867
Share of results of associated companies and
joint ventures (294,707) (312,057)
Unrealised loss/(gain) on foreign exchange 49,491 (100,255)
Other non cash items 6,692 (6,423)
Operating profit before changes in working capital 2,782,133 2,880,815
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.
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 MARCH 2021 - continued
9 Months Ended
31.03.2021 31.03.2020
RM'000 RM'000
Changes in working capital:-
Inventories 40,835 667,573
Property development costs (28,649) (35,616)
Receivables, deposits and prepayments (762,910) (245,958)
Payables and accrued expenses 1,177,082 294,481
Related parties balances (13,716) 1,777
Cash generated from operations 3,194,775 3,563,072
Dividend received 394,245 315,143
Interest paid (939,902) (1,395,304)
Interest received 100,805 239,091
Payment to a retirement benefits scheme (119,608) (116,665)
Income tax paid (152,947) (227,629)
Net cash from operating activities 2,477,368 2,377,708
Cash flows from investing activities
Acquisition of subsidiaries (276) (140,142)
Additional investment in associated company (23,984) -
Development expenditure incurred (14,169) (101,401)
Grants received in respect of infrastructure assets 69,431 74,739
Net increase in deposits maturing more than 90 days (1,052,851) -
(Net placement)/Maturities of income funds (371,958) 73,000
Proceeds from disposal of property, plant & equipment 37,700 31,741
Proceeds from disposal of investments 4,480 7,927
Proceeds from finance lease receivables 3,589 -
Purchase of property, plant & equipment (1,425,701) (1,259,120)
Purchase of right-of-use assets (7,613) -
Purchase of investment properties - (121,292)
Purchase of intangible assets (97) (221,304)
Purchase of investments (24,457) (100,386)
Shareholder loans (62,205) (75,029)
Net cash used in investing activities (2,868,111) (1,831,267)
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.
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 MARCH 2021 - continued
9 Months Ended
31.03.2021 31.03.2020
RM'000 RM'000
Cash flows from financing activities
Dividend paid - (426,770)
Dividend paid to non-controlling interests
by subsidiaries (167,825) (588,886)
Repurchase of own shares by the company (at net) (30,313) (29,043)
Repurchase of subsidiaries' shares by subsidiaries (38,047) (2)
Proceeds from bonds 2,385,080 -
Proceeds from borrowings 1,030,057 3,455,709
Proceeds from issue of shares - 127,445
Repayment of bonds - (10,000)
Repayment of borrowings (2,380,654) (2,528,864)
Repayment of lease liabilities (272,349) (275,532)
Net cash from/(used in) financing activities 525,949 (275,943)
Net changes in cash and cash equivalents 135,206 270,498
Effects of exchange rate changes 258,778 87,778
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 11,494,050 12,122,103
Cash and cash equivalent comprise :-
Fixed deposit with licensed bank 11,080,033 10,771,351
Cash and bank balances 2,069,757 1,403,615
Deposits with maturity 90 days and more (1,655,697) -
Bank overdraft (43) (52,863)
11,494,050 12,122,103
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.
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 9 Months Ended
31.03.2021 31.03.2020 31.03.2021 31.03.2020
RM'000 RM'000 RM'000 RM'000
Utilities
Sale of electricity 1,427,035 1,357,044 4,277,453 4,639,232
Sale of clean water, treatment
and disposal of waste water 909,086 878,169 2,717,717 2,624,112
Sale of steam 44,766 44,149 132,288 136,782
Broadband and
telecommunications revenue 151,536 112,000 344,772 303,350
Others 58,631 85,090 146,757 326,027
2,591,054 2,476,452 7,618,987 8,029,503
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 9 Months Ended
31.03.2021 31.03.2020 31.03.2021 31.03.2020
RM'000 RM'000 RM'000 RM'000
Cement and building
materials industry
Sale of cement and related products 1,028,214 1,018,622 3,231,653 3,565,399
Others 4,538 3,072 14,229 12,743
1,032,752 1,021,694 3,245,882 3,578,142
Construction
Construction contracts revenue 345,794 717,678 1,349,354 1,728,818
Hotel operations
Hotel room and food and beverages 102,488 289,518 310,394 1,034,860
Others 1,340 6,676 5,986 17,322
103,828 296,194 316,380 1,052,182
Property
Property development projects 23,461 49,161 72,508 436,276
Sale of land held for
property development - - 26,501 -
Others 3,689 3,916 11,070 13,268
27,150 53,077 110,079 449,544
Information technology &
e-commerce related business
Media and advertising services 969 1,155 2,668 3,299
Others 6 6 36 38
975 1,161 2,704 3,337
Management services & others
Operation and maintenance services 23,668 7,661 67,224 71,399
Food and beverages operations 1,055 3,644 3,573 14,833
Others 25,475 35,767 78,044 89,977
50,198 47,072 148,841 176,209
Other sources
Rental income 8,844 151,342 76,528 463,592
Interest income 54,897 47,107 103,763 153,612
Dividend income 4,302 1,774 17,803 7,081
68,043 200,223 198,094 624,285
Total revenue 4,219,794 4,813,551 12,990,321 15,642,020
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
17,050,000 and 40,749,100 ordinary shares from the open market for a total consideration of
RM12,087,682 and RM30,313,304, respectively. 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 period to date, a total of 354,982,768 treasury shares amounting to
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 March 2021, the number of treasury shares held was 58,672,950 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.
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 March 2021 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 1,349,354 2,704 3,247,155 217,785 237,890 316,446 7,618,987 - 12,990,321
Inter-segment revenue 33,312 2,184 20,980 87,777 162,090 4,448 11,403 (322,194) -
Total revenue 1,382,666 4,888 3,268,135 305,562 399,980 320,894 7,630,390 (322,194) 12,990,321
Segment results
Profit/(loss) from operations 181,307 (1,736) 435,453 (66,927) 282,625 (125,685) 692,571 - 1,397,608
Finance costs (1,163,953)
233,655
Share of profit of associated companies & joint ventures 294,707
Profit before taxation 528,362
Finance costs 1,163,953
Depreciation and amortisation 1,437,131
EBITDA * 3,129,446
* Included a fair value loss of RM18.8 million and impairment loss of RM17.5 million.
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 March 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 1,728,818 3,336 3,580,274 930,956 316,824 1,052,309 8,029,503 - 15,642,020
Inter-segment revenue 24,494 3,788 17,145 167,275 228,002 10,947 46,463 (498,114) -
Total revenue 1,753,312 7,124 3,597,419 1,098,231 544,826 1,063,256 8,075,966 (498,114) 15,642,020
Segment results
Profit from operations 171,078 2,162 242,019 267,485 440,672 128,004 437,268 - 1,688,688
Finance costs (1,445,929)
242,759
Share of profit of associated companies & joint ventures 312,057
Profit before taxation 554,816
Finance costs 1,445,929
Depreciation and amortisation 1,431,373
EBITDA * 3,432,118
* Included a fair value gain of RM4.3 million and impairment loss of RM60.8 million.
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 March 2021, 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, 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. As a result, Ben Tre Fico became an indirect subsidiary of the Company.
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 YTL Power. As a result, Dials At Brabazon and
Navigator At Brabazon became indirect wholly-owned subsidiaries of YTL Power and
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.
On 23 March 2021, YTL Arena (Filton) Limited (“YTL Arena (Filton)”) was
incorporated as a wholly-owned subsidiary of YTL Land and Property (UK) Ltd (“YTL
L&P UK”), an indirect wholly-owned subsidiary of YTL Power. As a result, YTL Arena
(Filton) became an indirect wholly-owned subsidiary of YTL Power and the Company.
YTL Arena (Filton) was incorporated in England and Wales with an issued share capital
of USD382.50 comprising 510 ordinary shares of USD0.75 each and is principally
involved in the activities of a holding company.
On 24 March, 2021, YTL Arena Limited (“YTL Arena”) was incorporated as a wholly-
owned subsidiary of YTL Arena (Filton). As a result, YTL Arena became an indirect
wholly-owned subsidiary of YTL Power and the Company.
YTL Arena was incorporated in England and Wales with an issued share capital of
GBP100.00 comprising 100 ordinary shares of GBP1.00 each and will be principally
involved in the development of building projects.
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
On 15 April 2021, YTL Arena (Filton) transferred its entire equity interest held in YTL
Arena to YTL Arena Holdings Limited.
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
Save for the following, 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:-
On 28 April 2021, Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd, a wholly-owned
subsidiary of the Company, incorporated a wholly-owned subsidiary known as YTL
Damansara 3 Sdn Bhd (“YTL Damansara”) with an issued share capital of RM1.00
comprising 1 ordinary share. YTL Damansara will be principally involved in property
investment and development.
On 7 May 2021, YTL Power incorporated a wholly-owned subsidiary known as YTL
Digital Capital Sdn Bhd (“YTL DC”) with an issued share capital of RM1.00 comprising
1 ordinary share. YTL DC will be principally involved in investment holding.
On 3 April 2021, YTL Arena Holdings Limited (“YTL Arena Holdings”) was
incorporated as a wholly-owned subsidiary of YTL L&P UK. As a result, YTL Arena
Holdings became an indirect wholly-owned subsidiary of YTL Power and the Company.
YTL Arena Holdings was incorporated in England and Wales with an issued share capital
of GBP510.00 comprising 510 ordinary shares of GBP1.00 each, and will be principally
involved in the activities of a holding company.
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YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
A12. Fair value measurement
The Group measures fair value using the following fair value hierarchy that reflects the
significance of the input used in making the measurements:
(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).
The following table presents the Group’s assets and liabilities that are measured at fair value as
at:-
Level 1 Level 2 Level 3 Total
RM'000 RM'000 RM'000 RM'000
31 March 2021
Assets
Financial assets at fair value
through profit and loss
- Income/equity funds - 2,747,498 - 2,747,498
- Equity investments 10,880 3,835 - 14,715
Derivative used for hedging - 236,310 - 236,310
Financial assets at fair value through
other comprehensive income 25,172 45 256,842 282,059
36,052 2,987,688 256,842 3,280,582
Liabilities
Financial liabilities at fair value
through profit and loss
- Trading derivatives - 1,410 - 1,410
Derivative used for hedging - 42,030 - 42,030
- 43,440 - 43,440
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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
31.03.2021 31.03.2020 % 31.03.2021 31.03.2020 %
RM'000 RM'000 +/- RM'000 RM'000 +/-
Revenue
Construction 345,794 717,678 -52% 1,349,354 1,728,818 -22%
Information technology &
e-commerce related business 975 1,161 -16% 2,704 3,336 -19%
Cement and building materials industry 1,033,161 1,022,392 1% 3,247,155 3,580,274 -9%
Property investment & development 65,093 207,547 -69% 217,785 930,956 -77%
Management services & others 79,823 92,127 -13% 237,890 316,824 -25%
Hotels 103,894 296,194 -65% 316,446 1,052,309 -70%
Utilities 2,591,054 2,476,452 5% 7,618,987 8,029,503 -5%
4,219,794 4,813,551 12,990,321 15,642,020
Profit/(loss) before taxation
Construction 73,903 52,541 41% 174,822 168,968 3%
Information technology &
e-commerce related business (1,030) (227) -354% (1,737) 2,162 -180%
Cement and building materials industry 78,357 19,061 311% 301,308 59,084 410%
Property investment & development (15,576) 55,295 -128% (125,705) 46,673 -369%
Management services & others (66,146) (53,341) -24% (171,322) (47,603) -260%
Hotels (60,484) 21,474 -382% (148,743) 117,758 -226%
Utilities 185,640 89,098 108% 499,739 207,774 141%
194,664 183,901 528,362 554,816
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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 RM4,219.8 million as
compared to RM4,813.6 million, recorded in the preceding year corresponding quarter. The Group
recorded a profit before tax of RM194.7 million for the current financial quarter. This represents an
increase of RM10.8 million or 5.9% as compared to a profit of RM183.9 million recorded in the
preceding year corresponding quarter.
For the current financial period under review, the Group revenue was at RM12,990.3 million as
compared to RM15,642.0 million, recorded in the preceding financial period ended 31 March 2020.
The Group profit before taxation for the current financial period stood at RM528.4 million. This
represents a decrease of RM26.5 million or 4.8% as compared to a profit of RM554.8 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 under
third phase of the movement control order until 7 June 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 March 2021 as compared to the preceding year corresponding
quarter/period are analysed as follows:
Construction
For the current financial quarter/period under review, the decrease in revenue was principally due
to the progress of the construction works. Despite the lower revenue, the increase in profit before
tax was mainly due to lower expenses 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
pandemic. 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 under review, the marginal increase in revenue was mainly
attributable to an increase in selling price from the Cement business in the domestic market which
was partially offset by lower sales volume from international operations. However, the increase in
profit before tax was mainly due to higher margin as a result of the increase in selling price,
significant measures taken to reduce the cost of production, and improved efficiency in the sales
and distribution operations coupled with lower finance costs.
For the current financial period under review, the revenue decreased mainly attributable to lower
demand in the Concrete division coupled with lower sales volume from international operations.
The above was compensated partially by an increase in selling price from the Cement business in
the domestic market. Despite the lower revenue, the significant increase in profit before tax was
mainly due to reasons as mentioned above.
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YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
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 unrealised foreign exchange loss 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.
Management services & others
For the current financial quarter/period under review, decrease in revenue was mainly due to
lower interest income and technical services income recorded by YTL Power. However, the loss
before tax was principally attributable to higher share of losses of an associated company, fair
value loss on investments 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 while the capacity charge remains the same. However, the
lower profit before taxation was mainly due to the contribution to corporate social
responsibility programme.
• Multi utilities business (Merchant) division recorded higher revenue was primarily due to the
higher volume of electricity sold and increase in fuel oil price. However, the improvement in
profit before tax was mainly due to the higher retail margin.
• Water & sewerage division recorded higher revenue was 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.
• For Telecommunications division, higher revenue and improvement in loss before tax were
mainly due to increase in subscribers base resulting from the launch of affordable data plans
bolstered by partnership and collaborations.
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YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
Utilities – continued
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 Multi utilities business (Merchant) divisions:
• The Power Generation (Contracted) division recorded a lower revenue mainly due to the
lower energy payment recorded while the capacity charge remains the same. The lower profit
before taxation was mainly due to a one-off write-down of inventories.
• Multi utilities business (Merchant) division recorded a lower revenue was primarily due to
the absence of sales of fuel oil. However, profit before tax improved was mainly due to the
higher retail margin, 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.
B2. Comparison with Preceding Quarter
Current Preceding
Quarter Quarter Variance
31.03.2021 31.12.2020 %
RM'000 RM'000 +/-
Revenue 4,219,794 4,591,699 -8%
Profit before taxation 194,664 196,852 -1%
Profit after taxation 93,460 85,448 9%
The marginally lower profit before taxation as compared to the preceding quarter was primarily
attributable to lower profit contributed by all segments except for Construction and Property
investment & development 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 as well as the Construction
and Cement segments which re-commenced in stages as permitted where operations have
normalised.
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
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, 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.
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 when inter-state travel restrictions are lifted.
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.
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
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 latter part of the second half
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.
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 power generation is an essential service, electricity demand is expected to remain stable
despite the continuous control measures implemented by the Singapore government to curb
the 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.
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YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
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 the end of 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 in collaboration
with YTL Foundation, a charitable 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 partner tertiary education institutions
and also provided free mobile phones and YES 4G internet data plans to students from B40
families, thereby ensuring students have devices and 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 September 2021 as schools have
again closed due to the third wave of the pandemic.
YTL Communications has recently launched its YES Kasi Up programme in December
2020, 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.
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YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
B6. Profit for the period
Current Period
Quarter To Date
31.03.2021 31.03.2021
RM’000 RM’000
Profit for the period is stated after charging/(crediting):
Allowance for impairment of inventories 568 15,264
Allowance for/(Write back of) impairment
of receivables - net of reversal 30,289 (7,594)
Amortisation of contract costs 575 2,502
Amortisation of grants and contributions (1,423) (12,953)
Amortisation of intangible assets 19,169 54,065
Depreciation of property, plant and equipment 424,305 1,228,451
Depreciation of right-of-use assets 79,979 169,179
Dividend income (4,656) (18,338)
Fair value changes of investments 27,803 18,838
Interest expense 386,643 1,163,953
Interest income (22,244) (51,672)
(Gain)/Loss on foreign exchange (20,147) 24,458
Net gain on disposal of property, plant and equipment (7,494) (13,000)
Property, plant and equipment written off 1,789 3,272
Write back of liabilities and charges (5,042) (3,506)
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.
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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
31.03.2021 31.03.2021
RM’000 RM’000
In respect of current period
- Income tax 89,639 277,061
- Deferred tax 11,565 23,693
101,204 300,754
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:-.
(a) 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.
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YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
Corporate Proposals Announced and Pending Completion - continued
(b) On 15 April 2021, Maybank Investment Bank Berhad (“Maybank IB”) announced that
Malayan Cement Berhad (“MCB”), a subsidiary of YTL Cement Berhad (“YTL Cement”)
proposes to undertake the issuance of up to 85,000,000 new ordinary shares in MCB
(“Placement Shares”) representing approximately 10% of the total number of issued shares
of MCB as at 14 April 2021 (“Proposed Placement”).
The Proposed Placement will be undertaken in accordance with the authority granted to
MCB under the general mandate to issue new ordinary shares not exceeding 20% of the
total number of issued ordinary shares of MCB for the time being pursuant to Sections 75
and 76 of the Companies Act, 2016, the approval of which was obtained from the
shareholders of MCB at its 70th annual general meeting (“AGM”) held on 1 December
2020 and shall continue to be in force until the conclusion of the next AGM of MCB.
The application for the listing and quotation of the Placement Shares was approved by
Bursa Securities via its letter dated 23 April 2021.
The Proposed Placement is pending completion as of the date of this report.
(c) On 12 May 2021, RHB Investment Bank Berhad (“RHB Investment Bank”) announced on
behalf of the Company that YTL Cement, a subsidiary of the Company has entered into a
conditional share sale and purchase agreement with MCB, a subsidiary of YTL Cement, for
the disposal of its entire equity interest in the following companies which are involved in
cement and ready-mixed concrete businesses in Malaysia for a total consideration of
RM5,158 million (“Sale Consideration”), subject to certain adjustments (“Proposed
Disposal”):
(i) Buildcon Concrete Sdn Bhd;
(ii) Buildcon-Cimaco Concrete Sdn Bhd;
(iii) C.I. Readymix Sdn Bhd;
(iv) Mini-Mix Sdn Bhd;
(v) Pahang Cement Sdn Bhd and its wholly-owned subsidiary, Straits Cement Sdn Bhd;
(vi) Perak-Hanjoong Simen Sdn Bhd and its wholly-owned subsidiary, PHS Trading Sdn
Bhd;
(vii) Slag Cement Sdn Bhd;
(viii) Slag Cement (Southern) Sdn Bhd;
(ix) SMC Mix Sdn Bhd;
(x) YTL Cement Marketing Sdn Bhd;
(collectively referred to as the “Subject Companies”)
The Sale Consideration is to be satisfied in the following manner on completion:
(i) RM2,000 million in cash;
(ii) RM1,408 million through the issuance of 375,506,174 new ordinary shares in MCB
(“MCB Shares”) (“Consideration Shares”) at an issue price of RM3.75 per
Consideration Share; and
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
Corporate Proposals Announced and Pending Completion - continued
(iii) RM1,750 million through the issuance of 466,666,667 new irredeemable convertible
preference shares in MCB (“Consideration ICPS”) at an issue price of RM3.75 per
Consideration ICPS.
The Proposed Disposal is subject to the following approvals being obtained:
(i) the approval of the shareholders of MCB for the Proposed Disposal at its
extraordinary general meeting to be convened; and
(ii) any other relevant authority and/or party, if required.
The Proposed Disposals are currently pending completion.
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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 March 2021 are as follows:-
Secured Unsecured Total
RM'000 RM'000 RM'000
Current
Bankers' acceptances - 12,930 12,930
Bank overdrafts - 43 43
ICULS * - 2,226 2,226
Revolving credit 53,000 2,632,445 2,685,445
Term loans 130,630 7,737,811 7,868,441
Bonds - 300,000 300,000
183,630 10,685,455 10,869,085
Non-current
ICULS * - 2,417 2,417
Revolving credit 188,654 1,590,408 1,779,062
Term loans 2,206,224 8,059,077 10,265,301
Bonds 328,196 22,584,025 22,912,221
2,723,074 32,235,927 34,959,001
Total borrowings 2,906,704 42,921,382 45,828,086
* Irredeemable Convertible Unsecured Loan Stock ("ICULS")
Foreign currency borrowings included in the above are as follows :-
Foreign RM
Currency Equivalents
’000 ’000
US Dollar 667,039 2,774,215
Singapore Dollar 2,276,403 7,027,256
Sterling Pound 2,827,850 16,145,044
Japanese Yen 17,583,821 659,763
Thai Baht 1,990,000 263,663
Australia Dollar 486,707 1,539,308
28,409,249
Save for the borrowings of RM230.3 million, US Dollar 220.0 million, Sterling Pound 90.8
million, Yen 7.25 billion and Euro 0.38 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.
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 March 2021, 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 939,576 208,488
- 1 year to 3 years 110,559 9,760
- More than 3 years - -
Currency forwards
- Less than 1 year 1,138,901 (24,804)
- 1 year to 3 years 142,297 (574)
- 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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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 March 2021 are as follows:
Fair value gain/(loss)
Type of Basis of
financial fair value Reason for the Current Period
liabilities measurement gain/(loss) quarter to date
31.03.2021 31.03.2021
RM’000 RM’000
Forward Foreign Foreign exchange rates (9) 39
foreign exchange differential between the
currency differential contracted rate and the
exchange between the market forward rate
contracts contracted rate which have moved
and the market (unfavourably against)/ in
forward rate favour of the Group
Fuel oil swap Fuel oil price Fuel oil price differential (740) 3,262
differential between the contracted
between the price and the market
contracted forward price which have
price and the moved (unfavourably
market forward against)/in favour of the
price Group
Total (749) 3,301
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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 9 Months Ended
31.03.2021 31.03.2020 31.03.2021 31.03.2020
Profit attributable to
owners of the parent (RM’000) 22,430 29,524 39,817 62,371
Weighted average number of
ordinary shares (‘000)
Weighted average number
of ordinary shares (‘000) 11,022,762 10,913,879 11,022,762 11,003,459
Less: Shares repurchased (389,957) (348,164) (389,123) (354,959)
10,632,805 10,565,715 10,633,639 10,648,500
Basic earnings per share (sen) 0.21 0.28 0.37 0.59
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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 9 Months Ended
31.03.2021 31.03.2020 31.03.2021 31.03.2020
Profit attributable to
owners of the parent (RM’000) 22,430 29,524 39,817 62,371
Weighted average number of
ordinary shares - diluted (‘000)
Weighted average number of 10,632,805 10,565,715 10,633,639 10,648,500
ordinary shares-basic
Effect of unexercised employees
share option scheme (“ESOS”) - - - -
10,632,805 10,565,715 10,633,639 10,648,500
Diluted earnings per share (sen) 0.21 0.28 0.37 0.59
Total cash expected to be received in the event of an exercise of all outstanding ESOS options
is RM513.881 million (2020: RM523.512 million). Accordingly, the Net Asset (“NA”) on a
proforma basis will increase by RM513.881 million (2020: RM523.512 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: 28 May 2021