1. GROUP INCOME STATEMENT
3Q14 3Q13 + / (-) 9M14 9M13 + / (-)
Note $'000 $'000 % $'000 $'000 %
Continuing operations
Turnover 2a 2,973,994 3,069,468 3.2 8,230,271 7,823,483 5.2
Cost of sales 2a (2,724,933) (2,682,384) 1.6 (7,239,105) (6,879,902) 5.2
Gross profit 2a 291,610 344,535 18.1 991,166 943,581 5.0
General & administrative expenses 2b (90,104) (80,687) 11.7 (260,419) (237,593) 9.6
Other income 2c 51,577 131,675 (60.8) 85,644 193,335 (55.7)
Other expense (net) 2d (8,893) 11,138 NM (17,872) 2,702 NM
Finance income 2e 4,675 3,988 17.2 13,840 9,191 50.6
Finance costs 2e (12,244) (33,332) (63.3) (46,972) (100,156) (53.1)
Share of results of associates and joint ventures, net of tax 2f 25,312 28,688 (11.8) 122,819 91,542 34.2
Profit before tax 353,080 314,858 (10.8) 888,206 902,602 (1.6)
Tax expense 2g (52,434) (30,467) 72.1 (136,607) (120,708) 13.2
Profit for the period 322,613 262,424 (18.7) 751,599 781,894 (3.9)
Attributable to:
Owners of the Company 254,410 196,583 (22.7) 560,478 596,655 (6.1)
Non-controlling interests 68,203 65,841 (3.5) 191,121 185,239 3.2
322,613 262,424 (18.7) 751,599 781,894 (3.9)
Earnings per ordinary share (cents) 2h
- basic 10.86 14.15 (23.3) 30.98 33.31 (7.0)
- diluted 10.78 14.04 (23.2) 30.76 33.06 (7.0)
Economic value added 2i 108,864 115,193 5.8 350,097 383,882 (8.8)
semb corp financial result Q32014
well, turnover is increasing, except other income drop so much.
2c. Other income
3Q14 3Q13 + / (-) 9M14 9M13 + / (-)
$'000 $'000 % $'000 $'000 %
Other income (i) 51,577 131,675 (60.8) 85,644 193,335 (55.7)
Included in other income: -
Dividend income - - - 1,194 2,228 (46.4)
Gain on disposal of investments 36,990 - (100.0) - 39,243 (100.0)
Fair value gain on re-measurement of remaining
equity interest in associate 79,882 - (100.0) - 79,882 (100.0)
Fair value gain on re-measurement of pre-existing
equity interest in joint venture, which became a
subsidiary (ii) 3,792 - NM 3,792 - NM
Gain on sale of property, plant and equipment
and investment property (iii) 4,596 774 493.8 5,108 14,106 (63.8)
Gain on acquisition (iv) 13,505 - NM 13,505 - NM
GROUP GROUP
(i) The other income in 3Q13 included Utilities’ gain on its 20% equity interest sold through
Salalah’s IPO and fair value gain on re-measurements of its remaining 40% equity interest in
Salalah following Salalah’s IPO.
(ii) Fair value gain in 3Q14 was primarily due to Utilities’ fair value gain on re-measurement of its
step-up acquisition from 49% to 65% in TPCIL.
(iii) Gain on sale of property, plant and equipment and investment property mainly arose from
Utilities’ gain on land sales in UK operations.
(iv) Gain on acquisition arose when Utilities acquired additional interest in a joint venture where
the net assets value at the date when the acquisition took effect is higher than the
consideration paid.
