BUMITAMA AGRI LTD. Unaudited Financial Statements for the Third Quarter (“3Q”) and Nine Months (“9M”) Ended 30 September 2016 1(a)(i) Income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year. n.m. – not meaningful Additional Information n.m. – not meaningful 2016 2015 Restated Change 2016 2015 Restated Change IDR million IDR million (%) IDR million IDR million (%) Revenue 1,494,687 1,178,887 26.8% 4,359,596 4,094,064 6.5% Cost of sales (1,069,799) (823,133) 30.0% (3,277,902) (2,976,992) 10.1% Gross profit 424,888 355,754 19.4% 1,081,694 1,117,072 -3.2% 28.4% 30.2% -1.8% 24.8% 27.3% -2.5% Interest Income 34,644 37,719 -8.2% 119,655 104,819 14.2% Selling expense (50,842) (46,753) 8.7% (128,289) (140,212) -8.5% General and administrative expense (34,175) (45,003) -24.1% (145,601) (149,306) -2.5% Finance cost (39,128) (34,354) 13.9% (123,944) (111,359) 11.3% Foreign exchange gain / (loss) 25,598 (19,493) n.m. 71,216 (51,747) n.m. Other expenses (51,497) (9,939) 418.1% (63,246) (23,156) 173.1% Other income 2,616 2,433 7.5% 11,358 12,523 -9.3% Share of gain / (loss) of associate companies 1,199 (6,587) n.m. (14,891) (52,760) -71.8% Profit before income tax 313,303 233,777 34.0% 807,952 705,874 14.5% Income tax expense (75,599) (52,373) 44.3% (183,239) (152,217) 20.4% Profit for the period 237,704 181,404 31.0% 624,713 553,657 12.8% 15.9% 15.4% 0.5% 14.3% 13.5% 0.8% Attributable to: Owners of the Company 206,423 159,779 29.2% 543,508 487,599 11.5% Non-controlling interests 31,281 21,625 44.7% 81,205 66,058 22.9% 237,704 181,404 31.0% 624,713 553,657 12.8% Check 9 Months 3rd Quarter Group 2016 2015 Restated Change 2016 2015 Restated Change IDR million IDR million (%) IDR million IDR million (%) Profit before income tax 313,303 233,777 34.0% 807,952 705,874 14.5% Depreciation and amortisation 128,991 104,227 23.8% 352,180 304,159 15.8% Foreign exchange loss / (gain) (25,598) 19,493 n.m. (71,216) 51,747 n.m. Finance cost 39,128 34,354 13.9% 123,944 111,359 11.3% Interest income (34,644) (37,719) -8.2% (119,655) (104,819) 14.2% EBITDA 421,180 354,132 18.9% 1,093,205 1,068,320 2.3% 3rd Quarter 9 Months Group
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THIRD QUARTER FINANCIAL STATEMENT AND DIVIDEND … · 2017. 2. 14. · BUMITAMA AGRI LTD. Unaudited Financial Statements for the Third Quarter (“3Q”) and Nine Months (“9M”)
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BUMITAMA AGRI LTD.
Unaudited Financial Statements for the Third Quarter (“3Q”) and Nine Months (“9M”)
Ended 30 September 2016
1(a)(i) Income statement (for the group) together with a comparative statement for the
corresponding period of the immediately preceding financial year.
n.m. – not meaningful
Additional Information
n.m. – not meaningful
20162015
RestatedChange 2016
2015
RestatedChange
IDR million IDR million (%) IDR million IDR million (%)
Item that will not be reclassified subsequently to profit or loss:
Fair value reserve on derivative - - - (51,529) - (51,529)
Total comprehensive income for the period - - 23,420 (51,529) 334,086 305,977
Distribution to owners:
Dividends on ordinary shares - - (261,097) - - (261,097)
Buy-back of ordinary shares - (5,736) - - - (5,736)
Closing balance at 30 September 2015 1,807,045 (5,736) 60,699 (106,754) 889,356 2,644,610
Group
------ Attributable to owners of the Company ------
Non- controlling
interests Total equity
Company
------ Attributable to owners of the Company ------
Page 8 of 18
1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus
issue, share buy-backs, exercise of share options or warrants, conversion of other issues
of equity securities, issue of shares for cash or as consideration for acquisition or for any
other purpose since the end of the previous period reported on. State also the number of
shares that may be issued on conversion of all the outstanding convertibles, as well as the
number of shares held as treasury shares, if any, against the total number of issued
shares excluding treasury shares of the issuer, as at the end of the current financial period
reported on and as at the end of the corresponding period of the immediately preceding
financial year.
As of 30 September 2016, the number of issued shares was 1,757,531,844 shares, of which
2,255,300 shares were held by the Company as treasury shares (30 September 2015:
1,757,531,844 issued shares, of which 754,400 were held as treasury shares).
1(d)(iii) To show the total number of issued shares excluding treasury shares as at the end of the
current financial period and as at the end of the immediately preceding year.
The Company’s total number of issued shares excluding treasury shares as at 30 September
2016 and 31 December 2015 were 1,755,276,544 shares.
1(d)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury
shares as at the end of the current financial period reported on.
There were no treasury shares which were sold, transferred, disposed, cancelled or used in the
current financial period.
2. Whether the figures have been audited or reviewed and in accordance with which auditing
standard or practice.
The financial statements presented above have not been audited or reviewed by the Company’s
auditors.
3. Where the figures have been audited or reviewed, the auditors’ report (including any
qualifications or emphasis of a matter).
Not Applicable.
30-Sep-2016 30-Sep-2015
Number of shares held as treasury shares 2,255,300 754,400
Number of issued shares excluding treasury shares 1,755,276,544 1,756,777,444
Total number of issued shares 1,757,531,844 1,757,531,844
Company
As at
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4. Whether the same accounting policies and methods of computation as in the issuer’s
most recently audited annual financial statements have been applied.
The Group has applied the same accounting policies and methods of computation in the preparation of the financial statements as at 31 December 2015, except for the new and revised standard that are effective for annual periods beginning on or after 1 January 2016.
5. If there are any changes in the accounting policies and methods of computation, including
any required by an accounting standard, what has changed, as well as the reasons for,
and the effect of, the change.
Amendments to FRS 41 Agriculture – Bearer Plants The Group adopted the amendments to FRS 41 with effect from January 2016. Under the amendments, biological assets that meet the definition of bearer plants will no longer be within the scope of FRS 41, instead bearer plants will be measured under FRS 16 – Property, Plant and Equipment at accumulated cost (before maturity) using the cost model (after maturity). However, the agricultural produce growing on bearer plants will remain within the scope of FRS 41 to be measured at fair value less costs to sell. Based on its initial adoption on 1 January 2016, the Group’s total assets decreased by approximately IDR 1.9 trillion with a corresponding decrease in total equity. The Group has applied these amendments retrospectively; hence the financial statements of corresponding comparative period have been restated accordingly with the following impact:
As previously
reported Restated
9M2015 9M2015
IDR million IDR million
Cost of sales (2,816,105) (2,976,992)
Profit before income tax 866,761 705,874
Income tax expense (192,439) (152,217)
Profit for the period 674,322 553,657
Profit fot the period attributable to:
Owners of the Company 598,430 487,599
Non-controlling interests 75,892 66,058
As previously
reported Restated
31-Dec-15 31-Dec-15
IDR million IDR million
Biological assets 8,016,549 233,308
Bearer plants - 5,251,488
Deferred tax assets 392,732 1,025,670
Retained earnings 5,515,407 3,809,290
Equity attributable to owners of the Company 6,935,290 5,229,173
Non-controlling interests 653,213 460,515
Consolidated income statement
Consolidated statement of financial position
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6. Earnings per ordinary share of the group for the current financial period reported on and
the corresponding period of the immediately preceding financial year, after deducting any
provision for preference dividends; (a) based on weighted average number of shares and
(b) on fully diluted basis (detailing any adjustments made to the earnings)
7. Net asset value (for the issuer and group) per ordinary share based on the total number of
issued shares excluding treasury shares of the issuer at the end of the:
(a) Current financial period reported on; and
(b) Immediately preceding financial year.
2016 2015
Restated 2016 2015
Restated
Based on weighted average number of share (in IDR) 117 91 309 277
Weighted number of shares 1,757,153,644 1,757,282,762 1,757,153,644 1,757,447,904
3rd Quarter 9 Months
Earning per share for the period (weighted average number of shares)
30-Sep-201631 Dec 2015
Restated30-Sep-2016
31 Dec 2015
Restated
Net asset value per ordinary share (in IDR) 3,397 2,979 1,641 1,732
Number of issued shares * 1,755,276,544 1,755,276,544 1,755,276,544 1,755,276,544
* excluding Treasury Shares
Group Company
Net asset value per share
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8. A review of the performance of the group, to the extent necessary for a reasonable
understanding of the group’s business. It must include a discussion of the following:
(a) Any significant factors that affected the turnover, costs, and earnings of the group for
the current financial period reported on, including (where applicable) seasonal or
cyclical factors; and
(b) Any material factors that affected the cash flow, working capital, assets or liabilities of
the group during the current financial period reported on.
REVIEW OF INCOME STATEMENT
Overview
During the third quarter of the year (“3Q2016”) and nine months of the year (“9M2016”), the Group
recorded an increase in net profit after tax by 31.0% to IDR 238 billion and by 12.8% to IDR 625 billion,
respectively. The increase was mainly due to higher revenue, higher foreign exchange gain, and lower
share of loss of associate companies.
Revenue
Revenue increased by 26.8% to IDR 1,495 billion in 3Q2016 and 6.5% to IDR 4,360 billion in 9M2016,
compared to the previous corresponding period which is attributable to increase in average selling
price.
Sales of biodiesel during the period has improved and contributed approximately 5.1% to the Group’s
total revenue. This was in line with the improvement of sales volume and price for biodiesel.
Below is the year-on-year comparative of the Group’s revenue:
2016 2015 Change 2016 2015 Change
IDR million IDR million (%) IDR million IDR million (%)