1773 ＹＴＬ 2021-09-09 11:40:00
2021年６月期（2020年７月～2021年６月）年次決算短信 [pdf]
2021 年９月９日
2021 年６月期（2020 年７月～2021 年６月）年次決算短信
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１－１－１
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 古波藏 惇
弁護士 中田 和輝
電話 (03) 6775-1000
1. 本国における決算発表日 2021 年９月８日（水曜日）
2. 業績
決算期（連結）
当期（未監査） 前期（再表示） 増減率
売上高または営業収入 17,356,196 千リンギット 19,178,449 千リンギット -9.50％
純 利 益 （ 税 引 後 ） －327,481 千リンギット 4,658 千リンギット ―
一 株 当 り 利 益 －3.47 セン -1.78 セン ―
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 2.5 セン ０セン
合 計 2.5 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-3.47 セン、前期が-1.78 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。
(4) 前期の数値は修正再表示されている。
YTL CORPORATION BERHAD
Company No. 198201012898 (92647-H)
Incorporated in Malaysia
Interim Financial Report
30 June 2021
YTL CORPORATION BERHAD
Company No. 198201012898 (92647-H)
Incorporated in Malaysia
Interim Financial Report
30 June 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 - 32
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Interim financial report on consolidated results for the financial year ended 30 June 2021.
The figures have not been audited.
CONDENSED CONSOLIDATED INCOME STATEMENT
Individual Quarter Cumulative Quarter
Current Preceding Year
Year Corresponding
Quarter Quarter 12 Months Ended
30.06.2021 30.06.2020 30.06.2021 30.06.2020
RM'000 RM'000 RM'000 RM'000
Revenue 4,365,875 3,536,429 17,356,196 19,178,449
Cost of sales (3,712,117) (3,127,573) (14,104,531) (15,594,783)
Gross profit 653,758 408,856 3,251,665 3,583,666
Other operating income 730,085 292,894 988,754 623,644
Other operating expenses (983,522) (367,596) (2,442,490) (2,184,468)
Profit from operations 400,321 334,154 1,797,929 2,022,842
Finance costs (391,369) (414,818) (1,555,322) (1,860,747)
Share of results of associated
companies and joint ventures 101,209 (54,858) 395,916 257,199
Profit/(loss) before taxation 110,161 (135,522) 638,523 419,294
Taxation (665,250) (185,697) (966,004) (414,636)
(Loss)/profit for the period/year (555,089) (321,219) (327,481) 4,658
Attributable to:-
Owners of the parent (408,505) (251,592) (368,688) (189,221)
Non-controlling interests (146,584) (69,627) 41,207 193,879
(Loss)/profit for the period/year (555,089) (321,219) (327,481) 4,658
Loss per share
Basic (Sen) (3.84) (2.38) (3.47) (1.78)
Diluted (Sen) (3.84) (2.38) (3.47) (1.78)
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 12 Months Ended
30.06.2021 30.06.2020 30.06.2021 30.06.2020
RM'000 RM'000 RM'000 RM'000
(Loss)/profit for the period/year (555,089) (321,219) (327,481) 4,658
Other comprehensive income/(loss) :-
Items that will not be reclassified
subsequently to income statement:-
- re-measurement of post-
employment benefit obligations 354,633 (183,829) 354,633 (183,829)
- financial assets at fair value through
other comprehensive income (6,281) (26,762) (96,718) (35,344)
- foreign currency translation (22,306) 143,675 202,755 (5,302)
Items that may be reclassified
subsequently to income statement:-
- cash flow hedges 106,309 336,596 453,630 (149,487)
- share of other comprehensive
(loss)/income of associated
company (3,318) (256,748) 13,098 (256,748)
- foreign currency translation (102,828) 166,618 267,974 (17,419)
Other comprehensive income/(loss)
for the period/year, net of tax 326,209 179,550 1,195,372 (648,129)
Total comprehensive (loss)/
income for the period/year (228,880) (141,669) 867,891 (643,471)
Attributable to :-
Owners of the parent (265,128) (288,838) 265,983 (657,305)
Non-controlling interests 36,248 147,169 601,908 13,834
Total comprehensive (loss)/
income for the period/year (228,880) (141,669) 867,891 (643,471)
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
30.06.2021 30.06.2020
RM'000 RM'000
ASSETS
Non-current Assets
Property, plant and equipment 32,317,106 30,499,583
Right of use assets 1,500,738 1,636,035
Investment properties 1,971,143 1,811,126
Investment in associated companies
and joint ventures 4,375,597 4,382,017
Investments 305,206 404,911
Development expenditure 1,056,364 1,128,221
Intangible assets 8,478,714 8,631,094
Trade, other receivables and contract assets 1,845,419 1,421,410
Derivative financial instruments 26,461 10,585
51,876,748 49,924,982
Current Assets
Inventories 989,703 2,184,363
Property development costs 321,238 140,857
Trade, other receivables and contract assets 3,910,122 3,432,600
Derivative financial instruments 263,719 74,259
Income tax assets 183,060 134,459
Investments 2,473,454 2,301,989
Amount due from related parties 86,275 53,694
Fixed deposits 11,520,059 10,396,221
Cash and bank balances 2,149,970 1,265,011
21,897,600 19,983,453
TOTAL ASSETS 73,774,348 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
30.06.2021 30.06.2020
RM'000 RM'000
EQUITY
Share capital 3,467,555 3,467,555
Other reserves 851,460 512,535
Retained profits 8,490,289 8,982,083
Less : Treasury shares, at cost (54,451) (501,837)
Equity Attributable to Owners of the Parent 12,754,853 12,460,336
Non-Controlling Interests 3,538,537 3,149,593
TOTAL EQUITY 16,293,390 15,609,929
LIABILITIES
Non-current liabilities
Long term payables and other contract liabilities 1,453,418 1,288,626
Bonds & borrowings 35,694,970 32,248,322
Lease liabilities 1,390,604 1,447,352
Grants and contributions 693,331 596,669
Deferred tax liabilities 3,067,901 2,164,004
Post-employment benefit obligations 481,745 910,898
Derivative financial instruments 713 15,401
42,782,682 38,671,272
Current Liabilities
Trade, other payables and other contract liabilities 4,838,908 3,678,272
Derivative financial instruments 34,074 174,944
Amount due to related parties 38,355 39,212
Bonds & borrowings 9,366,078 11,317,556
Lease liabilities 91,626 176,495
Income tax liabilities 159,925 98,873
Provision for liabilities and charges 169,310 141,882
14,698,276 15,627,234
TOTAL LIABILITIES 57,480,958 54,298,506
TOTAL EQUITY AND LIABILITIES 73,774,348 69,908,435
Net Assets per share (RM) 1.16 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 YEAR ENDED 30 JUNE 2021
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
(Loss)/profit for the year - (368,688) - - (368,688) 41,207 (327,481)
Other comprehensive income - 197,070 - 437,601 634,671 560,701 1,195,372
Total comprehensive (loss)/income
for the year - (171,618) - 437,601 265,983 601,908 867,891
Changes in composition of the Group - 28,860 - - 28,860 58,110 86,970
Dividends paid - - - - - (271,074) (271,074)
Purchase of treasury shares - - (30,314) - (30,314) - (30,314)
Share dividend - (477,700) 477,700 - - - -
Share option expenses - - - 13,512 13,512 - 13,512
Share option lapsed - - - (91,580) (91,580) - (91,580)
Subsidiary's share option lapsed - 128,664 - (20,608) 108,056 - 108,056
At 30 June 2021 3,467,555 8,490,289 (54,451) 851,460 12,754,853 3,538,537 16,293,390
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 YEAR ENDED 30 JUNE 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 2019 3,340,111 9,466,735 (472,793) 907,066 13,241,119 7,597,274 20,838,393
(Loss)/profit for the year - (189,221) - - (189,221) 193,879 4,658
Other comprehensive loss - (101,908) - (366,176) (468,084) (180,045) (648,129)
Total comprehensive (loss)/income
for the year - (291,129) - (366,176) (657,305) 13,834 (643,471)
Changes in composition of the Group - 311,615 - - 311,615 (3,820,251) (3,508,636)
Conversion of ICULS - (79,524) - (46,825) (126,349) - (126,349)
Dividends paid - (426,770) - . (426,770) (641,264) (1,068,034)
Issue of share capital 127,444 - - - 127,444 - 127,444
Purchase of treasury shares - - (29,044) - (29,044) - (29,044)
Share options expenses - - - 19,343 19,343 - 19,343
Share option lapsed - 527 - (527) - - -
Subsidiary's share option lapsed - 629 - (346) 283 - 283
At 30 June 2020 3,467,555 8,982,083 (501,837) 512,535 12,460,336 3,149,593 15,609,929
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 YEAR ENDED 30 JUNE 2021
12 Months Ended
30.06.2021 30.06.2020
RM'000 RM'000
Cash flows from operating activities
Profit before tax 638,523 419,294
Adjustment for :-
Adjustment on fair value of investment properties (19,437) 12,808
Amortisation of contract costs 3,043 7,842
Amortisation of deferred income (5,924) (5,209)
Amortisation of grants and contributions (18,487) (15,166)
Amortisation of intangible assets 79,506 69,606
Depreciation of property, plant and equipment 1,652,663 1,554,423
Depreciation of right-of-use assets 170,952 193,895
Dividend income (19,348) (10,083)
Fair value changes of derivatives - 16,765
Fair value changes of financial assets 374,687 (25,976)
Gain on disposal/derecognition of subsidiaries (447,925) (258,506)
Gain on disposal of investments (28,485) (1,172)
Impairment loss 116,840 184,115
Interest expense 1,555,322 1,860,747
Interest income (169,758) (279,072)
Inventories written down 2,157 43,744
Investment properties written off 8,916 7,675
Net gain on disposal of property, plant and equipment (43,604) (18,739)
Property, plant and equipment written off 18,347 51,896
Prospective expenditure written off 4,807 8,175
Provision for post-employment benefits 60,913 43,790
Write back of liabilities and charges (7,304) (4,437)
Share option expenses 15,063 21,637
Share of results of associated companies and joint ventures (395,916) (257,199)
Unrealised gain on foreign exchange (36,814) (96,052)
Other non cash items (1,752) 7,952
Operating profit before changes in working capital 3,506,985 3,532,753
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 YEAR ENDED 30 JUNE 2021 - continued
12 Months Ended
30.06.2021 30.06.2020
RM'000 RM'000
Changes in working capital:-
Inventories 228,120 638,001
Property development costs (113,462) 481
Receivables, deposits and prepayments (881,273) 650,974
Payables and accrued expenses 1,163,787 (312,633)
Related parties balances (33,438) (11,948)
Cash generated from operations 3,870,719 4,497,628
Dividend received 476,024 399,216
Interest paid (1,269,547) (1,723,489)
Interest received 169,788 311,049
Payment to a retirement benefits scheme (133,523) (129,759)
Income tax paid (274,356) (311,942)
Net cash from operating activities 2,839,105 3,042,703
Cash flows from investing activities
Acquisition of subsidiaries (279) (1,700)
Additional investment in associated company (23,984) (19,253)
Development expenditure incurred (26,789) (92,311)
Grants received in respect of infrastructure assets 54,283 49,342
Net decrease/(increase) in deposits maturing more than 90 days 544,576 (519,204)
(Net placement)/Maturities of income funds (301,958) 176,000
Proceeds from disposal of property, plant & equipment 86,734 42,521
Proceeds from disposal of investments 223,263 238,148
Net proceeds from/derecognition of subsidiaries 467,813 (245,871)
Proceeds from finance lease receivables 4,766 4,129
Purchase of intangible assets (31,108) (175,368)
Purchase of investment properties (8,056) (559,216)
Purchase of investments (914) (265,855)
Purchase of property, plant & equipment (1,813,266) (1,579,690)
Purchase of right-of-use assets (7,433) -
Shareholder loans (80,808) (94,651)
Net cash used in investing activities (913,160) (3,042,979)
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 YEAR ENDED 30 JUNE 2021 - continued
12 Months Ended
30.06.2021 30.06.2020
RM'000 RM'000
Cash flows from financing activities
Dividend paid - (426,770)
Dividend paid to non-controlling interests by subsidiaries (271,074) (641,264)
Repurchase of own shares by the company (at net) (30,314) (29,044)
Repurchase of subsidiaries' shares by subsidiaries (38,047) (2)
Proceeds from bonds 2,407,070 1,312,199
Proceeds from borrowings 1,070,218 5,514,829
Proceeds from issue of shares in subsidiary to
non-controlling interests 237,150 -
Repayment of bonds - (10,000)
Repayment of borrowings (2,821,146) (6,097,544)
Repayment of lease liabilities (268,106) (429,879)
Net cash from/(used in) financing activities 285,751 (807,475)
Net changes in cash and cash equivalents 2,211,696 (807,751)
Effects of exchange rate changes 332,216 143,990
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 year 13,643,978 11,100,066
Cash and cash equivalent comprise :-
Fixed deposit with licensed bank 11,520,059 10,396,221
Cash and bank balances 2,149,970 1,265,011
Deposits with maturity 90 days and more - (516,019)
Bank overdraft (26,051) (45,147)
13,643,978 11,100,066
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 12 Months Ended
30.06.2021 30.06.2020 30.06.2021 30.06.2020
RM'000 RM'000 RM'000 RM'000
Utilities
Sale of electricity 1,598,839 1,198,394 5,876,292 5,837,626
Sale of clean water, treatment
and disposal of waste water 1,054,506 855,178 3,772,223 3,479,290
Sale of steam 50,342 35,118 182,630 171,900
Broadband and
telecommunications revenue 182,201 93,508 526,973 396,858
Others 69,389 63,400 216,146 389,427
2,955,277 2,245,598 10,574,264 10,275,101
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 12 Months Ended
30.06.2021 30.06.2020 30.06.2021 30.06.2020
RM'000 RM'000 RM'000 RM'000
Cement and building materials industry
Sale of cement and related products 844,562 512,326 4,076,215 4,077,724
Others 1,821 1,736 16,049 14,479
846,383 514,062 4,092,264 4,092,203
Construction
Construction contracts revenue 165,151 587,187 1,514,505 2,316,005
Hotel operations
Hotel room and food and beverages 119,082 69,100 430,619 1,113,986
Others 2,068 1,207 8,054 18,529
121,150 70,307 438,673 1,132,515
Property
Property development projects 161,451 41,770 233,959 478,046
Sale of land held for
property development - - 26,501 -
Others 3,494 3,945 14,564 17,213
164,945 45,715 275,024 495,259
Information technology &
e-commerce related business
Media and advertising services 507 202 3,175 3,500
Others 1 3 37 41
508 205 3,212 3,541
Management services & others
Operation and maintenance services 18,594 11,445 72,684 101,250
Food and beverages operations 1,027 790 3,858 14,659
Others 26,125 12,219 116,161 73,765
45,746 24,454 192,703 189,674
Other sources
Rental income 38,877 16,914 143,382 481,471
Interest income 26,830 30,275 103,358 183,887
Dividend income 1,008 1,712 18,811 8,793
66,715 48,901 265,551 674,151
Total revenue 4,365,875 3,536,429 17,356,196 19,178,449
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 year to date, the Company repurchased 1,000
and 40,750,100 ordinary shares from the open market for a total consideration of RM719 and
RM30,314,023, 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 financial year, 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 30 June 2021, the number of treasury shares held was 58,6732,950 ordinary shares.
A7. Dividend paid
There was no dividend paid during the current financial quarter/year.
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 year ended 30 June 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 1,514,505 3,212 4,093,703 431,590 303,698 435,224 10,574,264 - 17,356,196
Inter-segment revenue 54,756 3,211 23,968 115,167 221,398 6,921 18,853 (444,274) -
Total revenue 1,569,261 6,423 4,117,671 546,757 525,096 442,145 10,593,117 (444,274) 17,356,196
Segment results
Profit/(loss) from operations 235,294 (2,158) 738,086 (250,030) 328,083 (116,954) 865,608 - 1,797,929
Finance costs (1,555,322)
242,607
Share of profit of associated companies & joint ventures 395,916
Profit before taxation 638,523
Finance costs 1,555,322
Depreciation and amortisation 1,881,753
EBITDA * 4,075,598
* Included a fair value loss of RM355.3 million, impairment loss of RM116.8 million and inventories written down of RM2.2 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 year ended 30 June 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 2,316,005 3,541 4,095,174 995,254 371,709 1,121,665 10,275,101 - 19,178,449
Inter-segment revenue 29,509 4,820 22,658 211,727 240,993 12,481 66,423 (588,611) -
Total revenue 2,345,514 8,361 4,117,832 1,206,981 612,702 1,134,146 10,341,524 (588,611) 19,178,449
Segment results
Profit from operations 199,880 43 237,041 161,530 835,794 115,462 473,092 - 2,022,842
Finance costs (1,860,747)
162,095
Share of profit of associated companies & joint ventures 257,199
Profit before taxation 419,294
Finance costs 1,860,747
Depreciation and amortisation 1,805,391
EBITDA * 4,085,432
* Included a fair value loss of RM3.6 million, impairment loss of RM184.1 million and inventories written down of RM43.7 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 30 June 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 (“YTL Cement”). 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 YTL Cement
and 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.
15
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
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.
On 15 April 2021, YTL Arena (Filton) transferred its entire equity interest held in YTL
Arena to YTL Arena Holdings Limited. As a result, YTL Arena was re-organised to be a
wholly-owned subsidiary of YTL Arena Holdings and remain an indirect wholly-owned
subsidiary of YTL Power and the Company.
• 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 comprising 510 ordinary shares of GBP1.00 each, and will be principally
involved in the activities of a holding company.
• On 8 April 2021, Wessex Water Limited (“Wessex Water”), an indirect wholly-owned
subsidiary of YTL Power, acquired the remaining 49% equity interest, comprising 49 A
ordinary shares of GBP0.01 each in Albion Water Limited (“Albion Water”), at a
purchase price of GBP1.00. As a result, Albion Water became a wholly-owned subsidiary
of Wessex Water and indirect wholly-owned subsidiary of YTL Power and the Company.
• On 27 April 2021, YTL Cement (Hong Kong) Limited, a wholly-owned subsidiary of
YTL Cement disposed its 600,000,000 ordinary shares of RMB1.00 each in ZheJiang
Hangzhou Dama Cement Co., Ltd. (“Dama Cement”). As a result of the disposal, Dama
Cement ceased to be subsidiary of YTL Cement (Hong Kong) Limited and indirect
subsidiary of YTL Cement and the Company.
• 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 4 May 2021, Global Infrastructure Assets Sdn Bhd (“Global Infrastructure Assets”), a
wholly-owned subsidiary of YTL Infrastructure Holdings Sdn Bhd (“YTL
Infrastructure”), increased its share capital from RM1.00 to RM1,000,000 via an issuance
of 699,999 ordinary shares to YTL Infrastructure and 300,000 ordinary shares to
Serbanika Infrastructure Holdings Sdn Bhd, at an issue price of RM1.00 per share in cash.
As a result, Global Infrastructure Assets was re-organised to be a 70%-owned subsidiary
of YTL Infrastructure and remain an indirect subsidiary of YTL Power and the Company.
• 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.
16
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
• On 28 June 2021, YTL Land & Development Berhad (“YTL Land”), a subsidiary of the
Company disposed its 1,000,000 ordinary shares of SGD1.00 each in YTL Westwood
Properties Pte. Ltd. (“YTL Westwood”). As a result of the disposal, YTL Westwood
ceased to be subsidiary of YTL Land and indirect subsidiary of the Company.
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 17 August 2021, Business & Budget Hotels (Seberang Jaya) Sdn Bhd, an indirect
subsidiary of the Company, which is inactive and has no intention to carry on business or
operations in the future, has been placed under member’s voluntary winding-up pursuant
to Section 439(1)(b) of the Companies Act, 2016.
• On 17 August 2021, Extiva Communications Sdn Bhd, an indirect subsidiary of YTL
Power, which is inactive and has no intention to carry on business or operations in the
future, has been placed under member’s voluntary winding-up pursuant to Section
439(1)(b) of the Companies Act, 2016.
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17
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
30 June 2021
Assets
Financial assets at fair value
through profit and loss
- Trading derivatives - 42 - 42
- Income funds - 2,486,463 - 2,486,463
- Equity investments 12,342 6,483 - 18,825
Derivative used for hedging - 290,138 - 290,138
Financial assets at fair value through
other comprehensive income 24,616 45 248,711 273,372
36,958 2,783,171 248,711 3,068,840
Liabilities
Financial liabilities at fair value
through profit and loss
- Trading derivatives - 39 - 39
Derivative used for hedging - 34,748 - 34,748
- 34,787 - 34,787
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18
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
30.06.2021 30.06.2020 % 30.06.2021 30.06.2020 %
RM'000 RM'000 +/- RM'000 RM'000 +/-
Revenue
Construction 165,151 587,187 -72% 1,514,505 2,316,005 -35%
Information technology &
e-commerce related business 508 205 148% 3,212 3,541 -9%
Cement and building materials industr 846,548 514,900 64% 4,093,703 4,095,174 0%
Property investment & development 213,805 64,298 233% 431,590 995,254 -57%
Management services & others 65,808 54,885 20% 303,698 371,709 -18%
Hotels 118,778 69,356 71% 435,224 1,121,665 -61%
Utilities 2,955,277 2,245,598 32% 10,574,264 10,275,101 3%
4,365,875 3,536,429 17,356,196 19,178,449
Profit/(loss) before taxation
Construction 53,229 25,713 107% 228,051 194,681 17%
Information technology &
e-commerce related business (422) (2,121) 80% (2,159) 41 -5366%
Cement and building materials industr 261,340 (61,552) 525% 562,648 (2,468) 22898%
Property investment & development (238,750) (329,442) 28% (364,455) (282,769) -29%
Management services & others (81,488) 227,231 -136% (252,810) 179,628 -241%
Hotels 645 (21,195) 103% (148,098) 96,563 -253%
Utilities 115,607 25,844 347% 615,346 233,618 163%
110,161 (135,522) 638,523 419,294
For the current financial quarter under review, the Group revenue was RM4,365.9 million as
compared to RM3,536.4 million, recorded in the preceding year corresponding quarter. The Group
recorded a profit before tax of RM110.2 million for the current financial quarter. This represents an
increase of RM245.7 million or 181.3% as compared to a loss of RM135.5 million recorded in the
preceding year corresponding quarter.
For the current financial year under review, the Group revenue was at RM17,356.2 million as
compared to RM19,178.4 million, recorded in the preceding financial year ended 30 June 2020.
The Group profit before taxation for the current financial year stood at RM638.5 million. This
represents an increase of RM219.2 million or 52.3% as compared to a profit of RM419.3 million
recorded in the preceding year.
19
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
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 in Malaysia a nationwide full
movement control order was imposed on 1 June 2021 following a rise in Covid-19 cases across the
country. The direct impact of the Covid-19 pandemic is reflected in the performance of the
respective operating business segments for the financial quarter/year ended 30 June 2021 as
compared to the preceding year corresponding quarter/year are analysed as follows:
Construction
For the current financial quarter/year under review, the decrease in revenue was principally due to
the lower progress of the construction works. Despite the lower revenue, the increase in profit
before tax was mainly due to lower contract expenses incurred.
Information technology & e-commerce related business
For the current financial quarter under review, the increase in revenue was primarily attributable to
higher revenue recorded by the content and digital media division. However, the reduction in loss
before tax was mainly due to the absence of an impairment loss on goodwill.
For the current financial year 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 fair value loss on investment, lower
interest income earned from cash deposits and lower revenue as mentioned above.
Cement and building materials industry
For the current financial quarter under review, the significant increase in revenue was attributable
to increase in selling price and volume from all divisions.The increase in profit before tax was
mainly attributable to a gain from disposal of cement operation in China and the increase of selling
price and volume in Cement business coupled with lower finance costs.
For the current financial year under review, the revenue decreased marginally due to lower demand
in the Concrete business. Despite the lower revenue, the significant increase in profit before tax
was mainly due to the reasons as mentioned above.
Property investment & development
For the current financial quarter under review, the increase in revenue was mainly due to higher
sales recorded in the 3-Orchard By-The-Park project undertaken by YTL Westwood and Brabazon
project undertaken by YTL Property Holdings (UK) Ltd. (“YTL Property UK”). However, the
reduction in loss before tax was mainly due to a fair value gain on investment properties recorded
by YTL Property UK.
For the current financial year 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. However, the loss before tax was mainly due to an
impairment loss on vendor notes issued by YTL Westwood and lower unrealised foreign exchange
gain on borrowings denominated in foreign currencies recorded by YTL Hospitality REIT and was
partially offset by higher share of profits from SGREIT and the fair value gain on investment
properties as mentioned above.
20
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
Management services & others
For the current financial quarter under review, increase in revenue was mainly due to higher
distribution income received from investment in a fund by a foreign subsidiary of the Company.
Despite the higher revenue, the loss before tax was principally attributable to the contribution to a
corporate social responsibility programme and the absence of one-off gain on derecognition of
SGREIT.
For the current financial year under review, decrease in revenue was mainly due to lower interest
income recorded by YTL Power. However, the loss before tax was mainly due to the reasons as
mentioned above.
Hotels
For the current financial quarter under review, the increase in revenue was mainly due to higher
revenue contributed by Niseko Village K.K. in Japan, together with The Westin Perth, Brisbane
Marriott, Sydney Harbour Marriott and Melbourne Marriott in Australia. However, the
improvement in profit before tax was mainly due to unrealised foreign exchange gain on inter-
company balances.
For the current financial year under review, this segment recorded a decrease in revenue and loss
before taxation as it 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
profit before tax was consistent with the comparative quarter.
• 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 contributed primarily by growth in
the division’s unregulated business. However, the increase in profit before taxation was
mainly due to the lower allowance for impairment of receivables.
• For Telecommunications division, higher revenue and reduction in loss before tax were
mainly due to growth of the subscriber base resulting from the launch of affordable data
plans bolstered by partnerships and collaborations.
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21
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
Utilities – continued
For the current financial year under review, performance of the respective operating business
divisions was consistent with the notes mentioned above with the exception of the Power
generation (Contracted), Multi utilities business (Merchant) and Water & sewerage 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 higher revenue was primarily due to the
higher volume of electricity sold and increase in fuel oil price. 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 a successful appeal
against a High Court decision.
• Water & sewerage division recorded higher revenue was contributed primarily by growth in
the division’s in unregulated business. The lower profit before taxation was mainly due to the
price reset as determined by the regulator.
B2. Comparison with Preceding Quarter
Current Preceding
Quarter Quarter Variance
30.06.2021 31.03.2021 %
RM'000 RM'000 +/-
Revenue 4,365,875 4,219,794 3%
Profit before taxation 110,161 194,664 -43%
(Loss)/Profit after taxation (555,089) 93,460 -694%
The increase in revenue as compared to the preceding quarter was primarily attributable to the
better performance in Property investment & development, Management services & others,
Hotels and Utilities segments. The loss after taxation in the current quarter was due to the
recognition of deferred tax expenses arising from the increase in UK Corporation Tax rate from
19% to 25% with effect from 1 April 2023 as disclosed in Note B7.
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.
22
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
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.
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
Since the imposition of the Full Movement Control Order (“FMCO”) and followed by
phases of National Recovery Plan (“PPN”), construction operations have faced disruption in
the supply chains and restrictions in the operational sites. With the speedy vaccination
programme implemented to revive the industry, 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
Construction activities and the corresponding demand of building materials were further
impacted by the Enhanced Movement Control Order from 3 to 16 July 2021 in 8 districts in
Selangor and several localities in Kuala Lumpur, and with most States continuing to have
strict movement restrictions. The National Recovery Plan, a four-phase exit strategy from the
Covid-19 crisis was announced on 15 June 2021 and the actions undertaken under the Plan is
expected to bring about a recovery to the economy and the construction sector in the medium
to longer term.
The Group maintains its views that the solid dynamics of its main markets remain intact and
is confident that the key growth drivers e.g. infrastructure requirements and demand for
housing from urbanisation, will continue to underpin demand growth in the longer term.
Property investment & development
As a result of the unprecedented Covid-19 pandemic, 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.
23
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
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.
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 was successfully completed 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.
24
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
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 enters the second year of its Price
Review (“PR19”), it continues to work towards delivering the investment commitments
agreed with the regulator. By the end of the Price Review, 31 March 2025, Wessex Water
will have delivered RM7.5 billion (GBP1.3 billion) of capital investment with a resulting
RAB value in excess of RM22.4 billion (GBP3.9 billion). Wessex Water continues to
explore low risk opportunities for organic growth within the wider UK group.
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 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 data plans to students from B40 families.
Online learning resources and lessons were also provided by FrogAsia to facilitate learning
from home.
On 5 May 2021, the Government of Malaysia launched the Jaringan Prihatin programme
under which the Government is providing subsidies of RM300 to B40 households and
RM180 to B40 individuals for device and data plans offered by participating service
providers. As this is a natural extension of the Learn From Home Initiative, YTL
Communications has collaborated with YTL Foundation to offer free smartphones and 12
month data plans to the households and individuals who qualify to receive the Jaringan
Prihatin subsidies. The Jaringan Prihatin programme was originally due to end on 31 July
2021 but has been extended by the Government to 30 September 2021.
YTL Communications’ YES Kasi Up programme which was launched in December 2020,
offers 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. The
on-going 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 and
bringing in new partners, this segment has increased its subscriber base significantly.
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.
25
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes – continued
B5. Profit Forecast
The Group did not issue any profit forecast or profit guarantee for the current financial quarter.
B6. Profit/(loss) for the period/year
Current Period
Quarter To Date
30.06.2021 30.06.2021
RM’000 RM’000
Profit for the period is stated after charging/(crediting):
Adjustment on fair value of investment properties (19,437) (19,437)
Allowance for impairment intangible assets 1,269 1,269
Allowance for impairment of inventories 1,385 16,649
Allowance for impairment of receivables - net of reversal 12,779 20,373
Amortisation of contract costs 541 3,043
Amortisation of deferred income (1,811) (5,924)
Amortisation of grants and contributions (6,534) (18,487)
Amortisation of intangible assets 25,441 79,506
Depreciation of property, plant and equipment 424,212 1,652,663
Depreciation of right-of-use assets 1,773 170,952
Dividend income (1,010) (19,348)
Fair value changes of financial assets 355,849 374,687
Interest expense 391,369 1,555,322
Interest income (14,728) (66,400)
Gain on foreign exchange (85,513) (61,055)
Gain on disposal of investments (3,816) (28,485)
Gain on disposal of subsidiaries (447,925) (447,925)
Net gain on disposal of property, plant and equipment (30,604) (43,604)
Property, plant and equipment written off 15,075 18,347
Write bck of liabilities and charges (3,798) (7,304)
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 year.
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26
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
30.06.2021 30.06.2021
RM’000 RM’000
In respect of current period/year
- Income tax 69,961 347,022
- Deferred tax 595,289 618,982
665,250 966,004
The UK Corporation Tax rate is due to increase from 19% to 25% with effect from 1 April
2023, resulting in a higher effective tax rate for the Group as compared to the Malaysian
statutory income tax rate for the current financial quarter and financial year. Consequently, the
deferred tax balances as at 30 June 2021 were re-measured at that date which resulted in a debit
to the income statement of RM540.5 million.
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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27
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 12 May 2021, RHB Investment Bank Berhad (“RHB Investment Bank”) announced on
behalf of the Company (“Initial Announcement”) that YTL Cement, a subsidiary of the
Company, has entered into a conditional share sale and purchase agreement with MCB
(“SSA”), a subsidiary of YTL Cement, for the disposal of its entire equity interest in its 10
companies and their respective subsidiaries 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”).
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
(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.
On 26 July 2021, RHB Investment Bank announced that YTL Cement, has entered into a
supplemental letter with MCB to waive the condition precedent stipulated in the SSA in
relation to obtaining the approval from Bursa Securities for MCB to have a lower public
shareholding spread of 20% on completion of the Proposed Disposal pursuant to Paragraph
2.2 of Practice Note 19 of the Listing Requirements.
The waiver is made after taking into consideration that Bursa Securities has, via its letter
dated 21 July 2021, granted MCB a period of six months from the listing date of the
Consideration Shares to comply with the public shareholding spread requirement pursuant
to Paragraph 8.02(1) of the Listing Requirements where MCB must ensure that at least
25% of the total number of listed MCB shares are in the hands of public shareholders. At
stated in the Initial Announcement, MCB’s public shareholding spread is expected to
reduce to 21.37% upon listing of the Consideration Shares.
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.
On 30 August 2021, the shareholders of MCB approved the Proposed Disposal.
On 3 September 2021, both the Company and MCB announced that the SSA has become
unconditional. The Proposed Disposal is now pending completion.
28
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 30 June 2021 are as follows:-
Secured Unsecured Total
RM'000 RM'000 RM'000
Current
Bankers' acceptances - 30,864 30,864
Bank overdrafts - 26,051 26,051
ICULS * - 1,122 1,122
Revolving credit 59,500 2,576,636 2,636,136
Term loans 147,010 3,952,972 4,099,982
Bonds - 2,571,923 2,571,923
206,510 9,159,568 9,366,078
Non-current
ICULS * - 2,417 2,417
Revolving credit 176,188 1,512,083 1,688,271
Term loans 1,490,184 11,757,965 13,248,149
Bonds 328,196 20,427,937 20,756,133
1,994,568 33,700,402 35,694,970
Total borrowings 2,201,078 42,859,970 45,061,048
* Irredeemable Convertible Unsecured Loan Stock ("ICULS")
Foreign currency borrowings included in the above are as follows :-
Foreign RM
Currency Equivalents
’000 ’000
US Dollar 667,471 2,772,875
Singapore Dollar 2,033,741 6,284,666
Sterling Pound 2,833,639 16,306,742
Japanese Yen 18,345,524 689,792
Thai Baht 1,990,000 257,779
Australia Dollar 486,822 1,521,416
Euro 343 1,696
27,834,966
Save for the borrowings of RM241.2 million, US Dollar 220.0 million, Sterling Pound 90.8
million, Yen 8.0 billion and Euro 0.4 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.
29
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 30 June 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 1,161,491 250,582
- 1 year to 3 years 165,971 25,064
- More than 3 years - -
Currency forwards
- Less than 1 year 1,371,298 (20,936)
- 1 year to 3 years 228,301 683
- 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.
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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30
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 arising from fair value changes of financial liabilities for the current financial year
ended 30 June 2021 are as follows:
Fair value gain
Type of Basis of
financial fair value Current Period
liabilities measurement Reason for the gain quarter to date
30.06.2021 30.06.2021
RM’000 RM’000
Forward Foreign Foreign exchange rates 9 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 1,404 4,667
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 1,413 4,715
B11. Material litigation
There was no material litigation pending as at the date of this report.
B12. Dividend
The Board of Directors (“Board”) is pleased to declare an interim dividend of 2.5 sen per
ordinary share for the financial year ended 30 June 2021.
The book closure and payment dates in respect of the aforesaid dividend are 24 September 2021
and 12 October 2021, respectively.
The Board does not recommend a final dividend for the financial year ended 30 June 2021
(2020: nil).
31
YTL CORPORATION BERHAD (Company No. 198201012898 (92647-H))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
Notes: - continued
B13. Loss Per Share
i) Basic and diluted loss per share
The basic and diluted loss per share of the Group has been computed by dividing the net loss
attributable to owners of the parent for the financial quarter/year by the weighted average
number of ordinary shares in issue during the financial quarter/year as set out below:-
Individual Quarter Cumulative Quarter
Current Preceding Year
Year Corresponding
Quarter Quarter 12 Months Ended
30.06.2021 30.06.2020 30.06.2021 30.06.2020
Loss attributable to
owners of the parent (RM’000) (408,505) (251,592) (368,688) (189,221)
Weighted average number of
ordinary shares (‘000)
Weighted average number
of ordinary shares (‘000) 11,022,762 10,910,563 11,022,762 11,008,285
Less: Shares repurchased (372,907) (341,863) (395,256) (359,446)
10,649,855 10,568,700 10,627,506 10,648,839
Basic/diluted loss per share (sen) (3.84) (2.38) (3.47) (1.78)
By Order of the Board
HO SAY KENG
Secretary
Kuala Lumpur
Dated: 8 September 2021
32