Frasers Property : 1H FY2023 Financial Statements Announcement

FRASERS PROPERTY LIMITED AND ITS SUBSIDIARIES

Registration Number: 196300440G

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 6 MONTHS ENDED 31 MARCH 2023

Frasers Property Limited and its subsidiaries

Condensed Interim Financial Statements

For the 6 months ended 31 March 2023

TABLE OF CONTENTS

Item No.	Description	Page No.
A	Condensed Interim Consolidated Profit Statement		1
B	Condensed Interim Consolidated Statement of Comprehensive		2
	Income
C	Condensed Interim Statements of Financial Position		3
D	Condensed Interim Consolidated Statement of Changes in Equity	4	- 7
E	Condensed Interim Consolidated Statement of Cash Flows	8	- 9
F	Notes to the Condensed Interim Consolidated Financial	10	- 35
	Statements
G	Other Information Required by Listing Rule Appendix 7.2	36	- 44

Frasers Property Limited and its subsidiaries

Condensed Interim Financial Statements

For the 6 months ended 31 March 2023

CONDENSED INTERIM CONSOLIDATED PROFIT STATEMENT

FOR THE 6 MONTHS ENDED 31 MARCH 2023

	Note
REVENUE	3
Cost of sales
Gross Profit
Net other income/(losses)
Administrative expenses
TRADING PROFIT	4
Share of results of joint ventures and associates, net of tax
PROFIT BEFORE INTEREST, FAIR VALUE CHANGE,
TAXATION AND EXCEPTIONAL ITEMS ("PBIT")
Interest income
Interest expense
Net interest expense
PROFIT BEFORE FAIR VALUE CHANGE, TAXATION
AND EXCEPTIONAL ITEMS
Fair value change and gain on disposal
of investment properties
PROFIT BEFORE TAXATION AND EXCEPTIONAL ITEMS
Exceptional items	5
PROFIT BEFORE TAXATION
Taxation	6
PROFIT FOR THE FINANCIAL PERIOD
Attributable to:-
Owners of the Company
Holders of perpetual securities
Non-controlling interests
PROFIT FOR THE FINANCIAL PERIOD
Attributable profit:-
- Before fair value change and exceptional items
- Fair value change
- Exceptional items
Non-controlling interests before distributions to perpetual
securities holders
PROFIT FOR THE FINANCIAL PERIOD
EARNINGS PER SHARE	7
Basic earnings per share
Diluted earnings per share

6 months ended 31/03/2023 $'000

1,946,299

(1,142,569)

803,730

4,257

(193,195)

614,792

70,146

684,938

52,870

(249,094)

(196,224)

488,714

(4,421)

484,293

158

484,451

(64,673)

419,778

197,238

28,536

194,004

419,778

228,519

(2,718)

(27)

225,774

194,004

419,778

5.02¢

5.02¢

6 months ended 31/03/2022 $'000

1,683,560

(1,010,683)

672,877

14,726

(197,456)

490,147

35,905

526,052

28,718

(198,422)

(169,704)

356,348

173,937

530,285

4,488

534,773

(53,823)

480,950

129,621

28,536

322,793

480,950

117,599

36,221

4,337

158,157

322,793

480,950

3.31¢

3.28¢

Inc/(Dec)

%

15.6

13.0

19.4

(71.1)

(2.2)

25.4

95.4

30.2

84.1

25.5

15.6

37.1

N/M

(8.7)

(96.5)

(9.4)

20.2

(12.7)

52.2

0.0

(39.9)

(12.7)

94.3

N/M

N/M

42.8

(39.9)

(12.7)

51.7

53.0

1

Frasers Property Limited and its subsidiaries

Condensed Interim Financial Statements

For the 6 months ended 31 March 2023

CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	6 months ended		6 months ended
	31/03/2023	31/03/2022
	$'000	$'000
PROFIT FOR THE FINANCIAL PERIOD	419,778	480,950
OTHER COMPREHENSIVE INCOME
Items that may be reclassified subsequently to profit statement:
Effective portion of changes in fair value of cash flow hedges	(290,076)	213,384
Net change in fair value of cash flow hedges reclassified to profit or loss	98,175	13,843
Foreign currency translation	(184,283)	138,642
Share of other comprehensive (loss)/income of joint ventures and
associates	(18,827)	20,983
Realisation of reserves on disposal of an associate	-	399
	(395,011)	387,251
Items that will not be reclassified subsequently to profit statement:
Change in fair value of equity investments at fair value through
other comprehensive income	(3,614)	14,259
Total other comprehensive (loss)/income for the financial period,
net of tax	(398,625)	401,510
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD	21,153	882,460
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD
Attributable to:-
Owners of the Company	(122,560)	445,269
Holders of perpetual securities	28,536	28,536
Non-controlling interests	115,177	408,655
	21,153	882,460

2

Frasers Property Limited and its subsidiaries

Condensed Interim Financial Statements

For the 6 months ended 31 March 2023

CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

		Group		Company
	As at	As at		As at	As at
	31/03/2023	30/09/2022	31/03/2023	30/09/2022
Note	$'000	$'000	$'000	$'000

NON-CURRENT ASSETS

Investment properties	9
Property, plant and equipment
Investments in:
- Subsidiaries
- Joint ventures	10

- Associates

Other non-current assets Intangible assets Other receivables Deferred tax assets Derivative financial instruments

CURRENT ASSETS

24,644,984

2,176,763

-

2,678,032

1,222,050

108,342

577,064

472,166

112,572

389,342

32,381,315

24,358,388

2,126,433

-

1,835,377

1,086,787

80,783

586,675

733,927

115,226

624,633

31,548,229

2,220

15

1,101,715

500

-

29,367

-

5,232,140

-

83,712

6,449,669

2,220

17

1,101,715

500

-

25,751

-

5,178,621

-

84,778

6,393,602

Properties held for sale
Contract assets
Other current assets
Trade and other receivables
Derivative financial instruments
Bank deposits
Cash and cash equivalents
Assets held for sale	11

TOTAL ASSETS

CURRENT LIABILITIES

3,849,180

271,095

140,292

512,473

44,110

1,124

2,926,335

-

7,744,609

40,125,924

3,869,341

344,026

177,734

619,067

83,702

1,165

3,321,230

200,622

8,616,887

40,165,116

-

-

11

206,203

379

-

271,973

-

478,566

6,928,235

-

-

-

148,892

13,059

-

514,996

-

676,947

7,070,549

Trade and other payables
Contract liabilities
Derivative financial instruments
Provision for taxation
Lease liabilities
Loans and borrowings	12
Liabilities held for sale	11
NET CURRENT ASSETS
NON-CURRENT LIABILITIES
Other payables
Derivative financial instruments
Deferred tax liabilities
Lease liabilities
Loans and borrowings	12
NET ASSETS
SHARE CAPITAL AND RESERVES
Share capital	13
Retained earnings
Other reserves

Equity attributable to owners of the Company

NON-CONTROLLING INTERESTS -

Perpetual securities

1,743,896

225,511

9,130

418,207

31,079

3,430,906

-

5,858,729

1,885,880

476,152

107,128

1,120,871

798,444

13,078,898

15,581,493

18,685,702

2,987,858

7,649,508

(566,385)

10,070,981

896,134

1,757,851

155,779

15,861

438,097

28,795

3,826,891

36,695

6,259,969

2,356,918

483,325

34,579

1,134,392

811,864

12,062,445

14,526,605

19,378,542

2,987,858

7,456,563

(98,540)

10,345,881

1,244,172

456,474

-

379

2,271

-

-

-

459,124

19,442

286,850

83,712

-

-

-

370,562

6,098,549

2,987,858

3,082,533

28,158

6,098,549

-

437,349

-

13,059

2,447

-

-

-

452,855

224,092

246,767

84,778

-

-

-

331,545

6,286,149

2,987,858

3,120,542

177,749

6,286,149

-

	10,967,115	11,590,053	6,098,549	6,286,149
NON-CONTROLLING INTERESTS - Others	7,718,587	7,788,489	-	-
TOTAL EQUITY	18,685,702	19,378,542	6,098,549	6,286,149

3