Fraser and Neave : (1.30mb)

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Financial Results (v13)									RELEASED
Reference No. FRA-29042024-00004							Created by FRASER & NEAVE HOLDINGS BHD on 29 Apr 2024 at 10:51:32 AM
								Submitted by FRASER & NEAVE HOLDINGS BHD on 30 Apr 2024 at 5:48:02 PM
COMPANY INFORMATION SECTION
Announcement Type			New Announcement	Amended Announcement
Company Name		FRASER & NEAVE HOLDINGS BHD
Stock Name		F&N
Stock Code	3689
Board		Main Market
CONTACT DETAIL
Contact Person				Designation		Contact No		Email Address
FRASER & NEAVE HOLDINGS BHD						012-2337664		[e-mail]
MAIN
General Information
Financial Year End			30 Sep 2024
Quarter			2 Qtr
Quarterly report for the financial			31 Mar 2024
period ended
The figures			have not been audited
Remarks
Please attach the full Quarterly
		No		File Name					Size
Report here
		1		Interim Q2 FY24 Quarterly Announcement_for immediate release.pdf		515.5KB

DEFAULT CURRENCY

Currency

Malaysian Ringgit (MYR)

Part A2 : SUMMARY OF KEY FINANCIAL INFORMATION

Summary of the Key Financial Information for the financial period ended

31 Mar 2024

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INDIVIDUAL PERIOD

CUMULATIVE PERIOD

CURRENT YEAR

PRECEDING YEAR

CURRENT YEAR TO

PRECEDING YEAR

QUARTER

CORRESPONDING

DATE

CORRESPONDING

QUARTER

PERIOD

31 Mar 2024

31 Mar 2023

31 Mar 2024

31 Mar 2023

[dd/mm/yyyy]

[dd/mm/yyyy]

[dd/mm/yyyy]

[dd/mm/yyyy]

$$'000

$$'000

$$'000

$$'000

1. Revenue

1,352,385

1,206,623

2,685,267

2,425,109

2. Profit/(loss) before Tax

204,400

119,703

409,910

342,111

3. Profit/(loss) for the period

165,720

101,964

335,896

299,817

4. Profit/(loss) attributable to ordinary

165,409

101,177

336,146

299,975

equity holders of the parent

5. Basic earnings/(loss) per share

45.20

27.60

91.80

81.90

(Subunit)

6. Proposed/Declared dividend per share

30.00

27.00

30.00

27.00

(Subunit)

AS AT END OF CURRENT QUARTER

AS AT PRECEDING FINANCIAL YEAR END

7. Net assets per share attributable to

9.5600

9.1200

ordinary equity holders of the parent ($$)

Remarks

In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.

Example for the subunit as follows:

Country

Base unit

Subunit

Malaysia

Ringgit

Sen

United States

Dollar

Cent

United Kingdom

Pound

Pence

Part A3 : ADDITIONAL INFORMATION (This Information is for Exchange's Internal Use only)

INDIVIDUAL PERIOD

CUMULATIVE PERIOD

CURRENT YEAR

PRECEDING YEAR

CURRENT YEAR TO

PRECEDING YEAR

QUARTER

CORRESPONDING

DATE

CORRESPONDING

QUARTER

PERIOD

31 Mar 2024

31 Mar 2023

31 Mar 2024

31 Mar 2023

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			[dd/mm/yyyy]	[dd/mm/yyyy]	[dd/mm/yyyy]	[dd/mm/yyyy]
			$$'000	$$'000	$$'000	$$'000
	1.	Gross interest income	5,855	2,334	11,578	4,926
	2.	Gross interest expense	8,929	8,603	18,388	17,527
	Remarks
	OTHER CURRENCY
	Other Currency
	Part A2 : SUMMARY OF KEY FINANCIAL INFORMATION
	Summary of the Key Financial	31 Mar 2024
	Information for the financial period ended
			INDIVIDUAL PERIOD	CUMULATIVE PERIOD
			CURRENT YEAR	PRECEDING YEAR	CURRENT YEAR TO	PRECEDING YEAR
			QUARTER	CORRESPONDING	DATE	CORRESPONDING
				QUARTER		PERIOD
			[dd/mm/yyyy]	[dd/mm/yyyy]	[dd/mm/yyyy]	[dd/mm/yyyy]
			$$'000	$$'000	$$'000	$$'000
	1. Revenue
2.	Profit/(loss) before Tax
3.	Profit/(loss) for the period
4.	Profit/(loss) attributable to ordinary
	equity holders of the parent
5.	Basic earnings/(loss) per share
	(Subunit)
6.	Proposed/Declared dividend per share
	(Subunit)
			AS AT END OF CURRENT QUARTER	AS AT PRECEDING FINANCIAL YEAR END
7.	Net assets per share attributable to
	ordinary equity holders of the parent ($$)
	Remarks

In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.

Example for the subunit as follows:

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		Country	Base unit	Subunit
		Malaysia	Ringgit	Sen
		United States	Dollar	Cent
		United Kingdom	Pound	Pence

Part A3 : ADDITIONAL INFORMATION (This Information is for Exchange's Internal Use only)

INDIVIDUAL PERIOD	CUMULATIVE PERIOD
CURRENT YEAR	PRECEDING YEAR	CURRENT YEAR TO	PRECEDING YEAR
QUARTER	CORRESPONDING	DATE	CORRESPONDING
	QUARTER		PERIOD
[dd/mm/yyyy]	[dd/mm/yyyy]	[dd/mm/yyyy]	[dd/mm/yyyy]
$$'000	$$'000	$$'000	$$'000

1. Gross interest income
2. Gross interest expense Remarks

Copyright © 2015 Bursa Malaysia Berhad 13.1.3.14. All rights reserved.

Terms & Conditions of Use, Disclaimer and Linking Policy

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FRASER & NEAVE HOLDINGS BHD	No. 1, Jalan Bukit Belimbing 26/38,
Persiaran Kuala Selangor, Seksyen 26,
(Company No: 196101000155 (4205-V))
40400 Shah Alam, Selangor, Malaysia
(Incorporated in Malaysia)
Tel: [phone] Fax: [phone]
	For immediate release

QUARTERLY FINANCIAL REPORT

Second Quarter Ended 31 March 2024

The Directors are pleased to release the unaudited quarterly financial report for the quarter and six months ended 31 March 2024.

The contents of the financial report comprise the following attached unaudited condensed consolidated financial statements, explanatory notes and additional disclosures and these must be read in conjunction with the Group's audited financial statements for the financial year ended 30 September 2023:

Schedule A : Unaudited Condensed Consolidated Income Statement

Schedule B : Unaudited Condensed Consolidated Statement of Comprehensive Income

Schedule C : Unaudited Condensed Consolidated Statement of Financial Position

Schedule D : Unaudited Condensed Consolidated Statement of Cash Flows

Schedule E : Unaudited Condensed Consolidated Statement of Changes in Equity

Schedule F : Selected Explanatory Notes

Schedule G : Additional Disclosures

The unaudited quarterly financial report has been prepared in accordance with the accounting standard on interim financial reporting issued by the Malaysian Accounting Standards Board and contains additional disclosures prescribed by the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. Unless specified otherwise, the same accounting policies and methods of computation applied to the Group's financial statements for the previous financial year had been followed throughout this quarterly financial report.

By Order of the Board

Shah Alam, Selangor

30 April 2024

FRASER & NEAVE HOLDINGS BHD
Quarterly Financial Report : Quarter 2 2023/24				Page 2 of 29
Schedule A : Unaudited Condensed Consolidated Income Statement
For the quarter and six months ended 31 March 2024
		Individual 2nd quarter		Cumulative 2nd quarter
	RM'000	31/03/2024	31/03/2023	% chg	31/03/2024	31/03/2023	% chg
	Revenue	1,352,385	1,206,623	12.1%	2,685,267	2,425,109	10.7%
	Cost of sales	(912,897)	(876,101)		(1,826,026)	(1,756,605)
	Gross profit	439,488	330,522	33.0%	859,241	668,504	28.5%
	Other income	9,421	4,363		19,874	102,638
	Net gain/(loss) on impairment of
	financial instruments	606	(440)		635	(309)
	Operating expenses	(242,018)	(208,433)		(462,936)	(419,965)
	Operating profit	207,497	126,012	64.7%	416,814	350,868	18.8%
	Finance income	5,855	2,334		11,578	4,926
	Finance costs	(8,929)	(8,603)		(18,388)	(17,527)
	Share of profit of equity-accounted
	associate, net of tax ^	-	-		-	3,913
	Share of loss of equity-accounted
	joint venture, net of tax #	(23)	(40)		(94)	(69)
	Profit before tax	204,400	119,703	70.8%	409,910	342,111	19.8%
	Tax expense (Schedule G, Note 5)	(38,680)	(17,739)		(74,014)	(42,294)
	Profit for the period	165,720	101,964	62.5%	335,896	299,817	12.0%
	Profit for the period
	attributable to:			63.5%			12.1%
	Owners of the Company	165,409	101,177	336,146	299,975
	Non-controlling interests	311	787		(250)	(158)
	Profit for the period	165,720	101,964	62.5%	335,896	299,817	12.0%
	Basic earnings per ordinary share
	(sen) (Schedule G, Note 10)	45.2	27.6		91.8	81.9
	Diluted earnings per ordinary share
	(sen) (Schedule G, Note 10)	45.1	27.6		91.6	81.8

• The share of results of an associate for the cumulative quarter ended 31 March 2023 refers to Cocoaland Holdings Berhad and was derived from its unaudited management accounts for the period ended 31 October 2022. Cocoaland Holdings Berhad was accounted as a wholly-owned subsidiary from 4 November 2022.
• The share of results of a joint venture for the quarter refers to Vacaron Company Sdn Bhd and is derived from its unaudited management accounts for the quarter and six months ended 31 March 2024.

This Statement should be read in conjunction with the selected explanatory notes on Schedule F & G of this Report and the Group's audited financial statements for the financial year ended 30 September 2023.

FRASER & NEAVE HOLDINGS BHD
Quarterly Financial Report : Quarter 2 2023/24				Page 3 of 29
Schedule B : Unaudited Condensed Consolidated Statement of Comprehensive Income
For the quarter and six months ended 31 March 2024
		Individual 2nd quarter		Cumulative 2nd quarter
	RM'000	31/03/2024	31/03/2023	% chg	31/03/2024	31/03/2023	% chg
	Profit for the period	165,720	101,964	62.5%	335,896	299,817	12.0%
	Other comprehensive income,
	net of tax:
	Item that is or may be
	reclassified subsequently to
	profit or loss:
	Foreign currency translation
	differences for foreign operations	(39,755)	11,343		6,713	41,783
	Total comprehensive income for
	the period	125,965	113,307	11.2%	342,609	341,600	0.3%
	Total comprehensive income
	attributable to:
	Owners of the Company	125,654	112,520	11.7%	342,859	341,758	0.3%
	Non-controlling interests	311	787		(250)	(158)
		125,965	113,307	11.2%	342,609	341,600	0.3%

This Statement should be read in conjunction with the selected explanatory notes on Schedule F & G of this Report and the Group's audited financial statements for the financial year ended 30 September 2023.

FRASER & NEAVE HOLDINGS BHD
Quarterly Financial Report : Quarter 2 2023/24		Page 4 of 29
Schedule C : Unaudited Condensed Consolidated Statement of Financial Position
As at 31 March 2024
RM'000	31/03/2024	30/09/2023
Non-current assets
Property, plant and equipment	1,604,770	1,592,064
Right-of-use assets	375,803	359,766
Investment properties	63,000	63,000
Properties held for development	54,933	54,933
Intangible assets	433,296	433,366
Investment in a joint venture (Schedule F, Note 9)	87,617	87,711
Deferred tax assets	10,554	11,670
Current assets	2,629,973	2,602,510
Trade and other receivables	896,436	713,342
Inventories	844,040	764,182
Derivative financial assets (Schedule F, Note 18)	257	49
Cash and cash equivalents	1,067,735	1,031,534
	2,808,468	2,509,107
Total assets	5,438,441	5,111,617
Equity
Share capital and reserves	3,505,455	3,343,200
Non-controlling interests	9,648	8,401
Total equity	3,515,103	3,351,601
Non-current liabilities
Loans and borrowings (Schedule F, Note 18 and Schedule G, Note 7)	704,000	706,000
Lease liabilities	49,760	49,498
Employee benefits	34,865	35,471
Deferred tax liabilities	124,005	118,480
Current liabilities	912,630	909,449
Trade and other payables	825,275	724,761
Contract liabilities	120,342	85,267
Loans and borrowings (Schedule F, Note 18 and Schedule G, Note 7)	4,000	4,000
Lease liabilities	8,510	8,378
Current tax liabilities	52,552	28,137
Derivative financial liabilities (Schedule F, Note 18)	29	24
	1,010,708	850,567
Total liabilities	1,923,338	1,760,016
Total equity and liabilities	5,438,441	5,111,617
Net assets per share (RM)
attributable to owners of the Company	9.56	9.12

This Statement should be read in conjunction with the selected explanatory notes on Schedule F & G of this Report and the Group's audited financial statements for the financial year ended 30 September 2023.

FRASER & NEAVE HOLDINGS BHD
Quarterly Financial Report : Quarter 2 2023/24		Page 5 of 29
Schedule D : Unaudited Condensed Consolidated Statement of Cash Flows
For the six months ended 31 March 2024
	Cumulative 2nd quarter
RM'000	31/03/2024	31/03/2023
Cash flows from operating activities
Profit before tax	409,910	342,111
Add/(less) non-cash items:
- Depreciation of property, plant and equipment and amortisation of
intangible assets	62,217	55,586
- Depreciation of right-of-use assets	8,275	11,190
- Employee share-based expense	3,276	2,566
- Finance costs	18,388	17,527
- Finance income	(11,578)	(4,926)
- Intangible assets written off	-	98
- Net gain on disposal of property, plant and equipment	(72)	(266)
- Net (reversal of impairment loss)/impairment loss on property, plant and
equipment	(563)	31
- Property, plant and equipment written off	95	115
- Remeasurement gain of previously held equity interest in an associate	-	(89,256)
- Reversal of impairment loss on intangible assets	-	(294)
- Share of profit of equity-accounted associate, net of tax	-	(3,913)
- Share of loss of equity-accounted joint venture, net of tax	94	69
- Others	(560)	(621)
Changes in working capital	(123,958)	205,795
Tax paid	(42,479)	(36,220)
Net cash from operating activities	323,045	499,592
Cash flows from investing activities
Acquisition of intangible assets	(2,035)	(1,975)
Acquisition of property, plant and equipment	(69,054)	(59,422)
Acquisition of right-of-use assets	(18,293)	-
Acquisition of subsidiaries, net of cash and cash equivalent	-	(597,951)
Interest received	8,368	4,475
Investment in a joint venture	-	(500)
Proceeds from disposal of property, plant and equipment	333	812
Net cash used in investing activities	(80,681)	(654,561)
Cash flows from financing activities
Dividend paid to owners of the Company	(183,389)	(121,037)
Interest paid	(18,636)	(7,515)
Payment of lease liabilities	(5,739)	(8,786)
Proceeds from issue of shares by a subsidiary to a non-controlling
interest	1,497	-
Proceeds from loans and borrowings	-	500,000
Purchase of shares by Share Grant Plan ("SGP") Trust	(333)	(2,091)
Repayment of loans and borrowings	(2,000)	(38,575)
Net cash (used in)/from financing activities	(208,600)	321,996
Net increase in cash and cash equivalents	33,764	167,027
Effects of exchange rate fluctuations on cash and cash equivalents	2,437	23,807
Cash and cash equivalents at 1 October 2023/2022	1,031,534	461,887
Cash and cash equivalents at 31 March	1,067,735	652,721
Cash and bank balances	537,340	416,007
Short term deposits with licensed banks with a maturity period of
3 months or less	530,395	236,714
Cash and cash equivalents at 31 March	1,067,735	652,721

This Statement should be read in conjunction with the selected explanatory notes on Schedule F & G of this Report and the Group's audited financial statements for the financial year ended 30 September 2023.

	FRASER & NEAVE HOLDINGS BHD
	Quarterly Financial Report : Quarter 2 2023/24									Page 6 of 29
	Schedule E : Unaudited Condensed Consolidated Interim Statement of Changes in Equity
	For the six months ended 31 March 2024
			<-------------------------------------------		Attributable to owners of the Company -------------------------------------------	>
			<----------------------------------------------		Non-distributable---------------------------------------------	>	Distributable
				Shares	Loss on
				held by	purchase		Share-based					Non-
			Share	SGP	of shares	Translation	Legal	Revaluation	Retained
			Trust	for SGP	payment		controlling		Total
	RM'000	capital	(Note a)	(Note b)	reserve	reserve	reserve	reserve	earnings	Total	interests		equity
	At 1 October 2023	816,770	(10,890)	(7,186)	83,502	17,129	9,934	2,282	2,431,659	3,343,200	8,401	3,351,601
	Total comprehensive income/(expense)	-	-	-	6,713	-	-	-	336,146	342,859	(250)	342,609
	Transactions with owners:
	Purchase of shares by SGP Trust		-	(333)	-	-	-	-	-	-	(333)	-	(333)
	Employee share-based expense		-	-	-	-	3,118	-	-	-	3,118	-	3,118
	Issue of shares by a subsidiary to a non-
	controlling interest		-	-	-	-	-	-	-	-	-	1,497	1,497
	Dividend to owners of the Company		-	-	-	-	-	-	-	(183,389)	(183,389)	-	(183,389)
	Total transactions with owners	-	(333)	-	-	3,118	-	-	(183,389)	(180,604)	1,497	(179,107)
	At 31 March 2024	816,770	(11,223)	(7,186)	90,215	20,247	9,934	2,282	2,584,416	3,505,455	9,648	3,515,103
	At 1 October 2022	816,770	(6,387)	(8,978)	41,565	15,539	9,934	-	2,114,080	2,982,523	1,866	2,984,389
	Total comprehensive income/(expense)	-	-	-	41,783	-	-	-	299,975	341,758	(158)	341,600
	Transactions with owners:
	Purchase of shares by SGP Trust		-	(2,091)	-	-	-	-	-	-	(2,091)	-	(2,091)
	Employee share-based expense		-	-	-	-	2,562	-	-	-	2,562	-	2,562
	Acquisition of subsidiaries		-	-	-	-	-	-	-	-	-	1,406	1,406
	Dividend to owners of the Company		-	-	-	-	-	-	-	(121,037)	(121,037)	-	(121,037)
	Total transactions with owners	-	(2,091)	-	-	2,562	-	-	(121,037)	(120,566)	1,406	(119,160)
	At 31 March 2023	816,770	(8,478)	(8,978)	83,348	18,101	9,934	-	2,293,018	3,203,715	3,114	3,206,829

Note a: The "Shares held by SGP Trust" relates to shares purchased by the Company for the SGP.

Note b: Upon vesting of share awards, there will be a difference between total purchase price paid by SGP Trust to acquire the shares from the open market and the fair value of the share awards granted to employees of subsidiaries. This difference will be consolidated into Group's consolidated financial statements as a deduction from equity and classified as "loss on purchase of shares for SGP" reserve.

This Statement should be read in conjunction with the selected explanatory notes on Schedule F & G of this Report and the Group's audited financial statements for the financial year ended 30 September 2023.