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    2050   SA0007879162

SAVOLA GROUP COMPANY

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2021 3rd Quarter Results

10/27/2021 EDT

SAVOLA GROUP COMPANY

(A Saudi Joint Stock Company)

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS - (UNAUDITED)

For the three-month and nine-month periods ended September 30, 2021

together with the Independent Auditor's Review Report

SAVOLA GROUP COMPANY

(A Saudi Joint Stock Company)

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS - (UNAUDITED) For the three-monthand nine-monthperiods ended September 30, 2021

INDEX

Page

Independent auditor's report on review of the condensed consolidated interim financial

-

statements

Condensed Consolidated Statement of Financial Position

1

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

2 - 3

Condensed Consolidated Statement of Changes in Equity

4

- 5

Condensed Consolidated Statement of Cash Flows

6

- 7

Notes to the Condensed Consolidated Interim Financial Statements

8 - 31

KPMG Professional Services

ةينهملا تاراشتسلال يج مإ يب يك

Zahran Business Center

لامعلأل نارهزلا زكرم

Prince Sultan Street

ناطلس ريملأا عراش

P.O. Box 55078

55078 ب.ص

Jeddah 21534

21534 هدـج

Kingdom of Saudi Arabia

ةيدوعسلا ةيبرعلا ةكلمملا

Headquarter in Riyadh

ضايرلا يسيئرلا زكرملا

Commercial Registration No 4030290792

4030290792 مقر يراجت لجس

Independent auditor's report on review of condensed

consolidated interim financial statements

To the Shareholders of Savola Group Company

Introduction

We have reviewed the accompanying September 30, 2021 condensed consolidated interim financial statements of Savola Group Company ("the Company") and its subsidiaries ("the Group") which comprises:

  • the condensed consolidated statement of financial position as at September 30, 2021;
  • the condensed consolidated statement of profit or loss and other comprehensive income for the three- month and nine-month periods ended September 30, 2021;
  • the condensed consolidated statement of changes in equity for the nine-month period ended September 30, 2021;
  • the condensed consolidated statement of cash flows for the nine-month period ended September 30, 2021; and
  • the notes to the condensed consolidated interim financial statements.

Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with IAS 34, 'Interim Financial Reporting' that is endorsed in the Kingdom of Saudi Arabia. Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' that is endorsed in the Kingdom of Saudi Arabia. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing that are endorsed in the Kingdom of Saudi Arabia, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying September 30, 2021 condensed consolidated interim financial statements of Savola Group Company and its subsidiaries are not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting' that is endorsed in the Kingdom of Saudi Arabia.

For KPMG Professional Services

____________________

Nasser Ahmed Al Shutairy License No. 454

Jeddah, 27 October 2021

Corresponding to 21 Rabi Al Awal, 1443H

KPMG Professional Services a professional closed joint stock company registered in the Kingdom of Saudi Arabia with the paid-up capital of SAR 15,000,000. Previously known as KPMG Al Fozan & Partners Certified Public Accountants. A member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited.

نازوفلا يج مإ يب يك ةكرش" قباسلا مسلاا نم ةكرشلا مسا رييغت مت دقو،لماكلاب عوفدم يدوعس ريال )15000000( اهلامسأر ةيدوعسلا ةيبرعلا ةكلمملا يف ةلجسم ةلفقم ةمهاسم ةينهم ةكرش ،ةينهملا تاراشتسلال يج مإ يب يك

ايناطيرب يف ةلجسم ةكرش ،ةيملاعلا يج مإ يب يك ـل ةعباتلاو ةلقتسملا يج مإ يب يك تاكرش ةكبش يف كيرش ريغ وضع ةكرش يهو .م2021/03/21 خيراتب يلاحلا مسلاا ىلإ "نوينوناق نوعجارمو نوبساحم هاكرشو

Commercial Registration of the headquarter in Riyadh is 1010425494.

SAVOLA GROUP COMPANY (A Saudi Joint Stock Company)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Expressed in thousands of Saudi Riyal unless otherwise stated)

September 30,

December 31,

2021

2020

Note

(Unaudited)

(Audited)

ASSETS

Property, plant and equipment

6,057,855

6,250,713

Right-of-use assets

3,590,802

3,912,128

Intangible assets and goodwill

1,001,390

900,735

Investment property

53,424

57,018

Equity-accounted investees

5

9,100,118

9,054,136

Investments at fair value through other comprehensive income

6

595,290

387,196

Long term deposits

7,563

7,547

Derivative

1,046

2,311

Deferred tax asset

21,409

29,800

Non-current assets

20,428,897

20,601,584

Inventories

3,328,599

3,067,033

Trade receivables

1,480,242

1,182,226

Prepayments and other receivables

1,381,441

1,111,371

Investments at fair value through profit or loss

6

27,132

2,792

Cash and bank balances

4

1,355,859

1,093,378

Current assets

7,573,273

6,456,800

TOTAL ASSETS

28,002,170

27,058,384

EQUITY

Share capital

7

5,339,807

5,339,807

Shares held under employees' share based payment plan

8

(30,433)

(16,509)

Share premium

342,974

342,974

Statutory reserve

9

1,774,085

1,774,085

General reserve

4,000

4,000

Other reserves

48,453

(94,585)

Effect of transactions with non-controlling interests without

change in control

(187,979)

(187,979)

Foreign currency translation reserve

(1,977,374)

(1,966,648)

Retained earnings

3,112,811

3,036,997

Equity attributable to owners of the Company

8,426,344

8,232,142

Non-controlling interests

1,003,071

932,412

TOTAL EQUITY

9,429,415

9,164,554

LIABILITIES

Loans and borrowings

10

4,621,383

4,464,301

Lease liabilities

3,522,083

3,723,132

Employee benefits

831,120

803,870

Long-term payables

246,421

248,592

Derivative

197,442

190,562

Provision against asset restoration

148,190

146,466

Deferred tax liability

139,432

133,051

Non-current liabilities

9,706,071

9,709,974

Loans and borrowings

10

2,924,071

2,436,015

Lease liabilities

569,337

642,881

Trade payables

2,738,189

2,474,998

Accrued and other liabilities

2,635,087

2,629,962

Current liabilities

8,866,684

8,183,856

TOTAL LIABILITIES

18,572,755

17,893,830

TOTAL EQUITY AND LIABILITIES

28,002,170

27,058,384

The accompanying notes 1 to 21 form an integral part of these condensed consolidated interim financial statements.

1

SAVOLA GROUP COMPANY (A Saudi Joint Stock Company)

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

(Expressed in thousands of Saudi Riyal unless otherwise stated)

Note

Three-month period

Nine-month period

ended September 30

ended September 30

2021

2020

2021

2020

Revenues

15

6,048,464

4,587,276

17,913,898

16,517,236

Cost of revenues

15

(5,024,809)

(3,522,843)

(14,562,979)

(12,951,123)

Gross profit

1,023,655

1,064,433

3,350,919

3,566,113

Share of results in investment in

equity-accounted investees, net of

zakat and tax

149,006

224,694

449,258

580,773

Administrative expenses

(189,639)

(187,075)

(642,975)

(610,368)

Selling and distribution expenses

(681,259)

(662,795)

(2,068,418)

(2,104,192)

Results from operating activities

301,763

439,257

1,088,784

1,432,326

Finance income

11,260

6,504

39,717

34,334

Finance cost

(112,686)

(123,995)

(426,601)

(449,854)

Net finance cost

(101,426)

(117,491)

(386,884)

(415,520)

Reversal of provision no longer

required

--

21,003

--

21,003

Zakat and income tax expense

11

(29,978)

(18,861)

(89,761)

(82,248)

Net profit for the period

170,359

323,908

612,139

955,561

Other Comprehensive Income

Items that will not be reclassified to

profit or loss

Re-measurements of defined benefit

liability

--

--

--

(53,068)

Investments at fair value through

other comprehensive income - net

change in fair value

(77,946)

109,842

170,584

75,472

Items that are or may be

reclassified to profit or loss

Foreign operations - foreign

currency translation differences

(44,211)

39,406

(11,839)

(185,600)

Investment in equity accounted

investees - share of other

comprehensive income

(10,130)

25,458

(45,304)

13,920

Cash flow hedges - effective portion

6,996

9,320

20,204

4,314

of changes in fair value

Other comprehensive income /

(loss)

(125,291)

184,026

133,645

(144,962)

Total comprehensive income

45,068

507,934

745,784

810,599

for the period

The accompanying notes 1 to 21 form an integral part of these condensed

consolidated interim financial statements.

2

Disclaimer

SAVOLA Group Company SJSC published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 09:28:08 UTC.


© Publicnow 2021
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Sales 2022 24 561 M 6 547 M 6 547 M
Net income 2022 879 M 234 M 234 M
Net Debt 2022 8 753 M 2 333 M 2 333 M
P/E ratio 2022 23,3x
Yield 2022 2,60%
Capitalization 19 319 M 5 150 M 5 150 M
EV / Sales 2022 1,14x
EV / Sales 2023 1,11x
Nbr of Employees 17 500
Free-Float 69,6%
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Technical analysis trends SAVOLA GROUP COMPANY
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 36,25 SAR
Average target price 34,98 SAR
Spread / Average Target -3,51%
EPS Revisions
Managers and Directors
Waleed Fatani Group Chief Executive Officer
Wajid Usman Khan Group Chief Financial Officer
Sulaiman Abdulkader A. Mohsin Al-Muhaidib Non-Executive Chairman
Al-Nour Ali Saad Secretary, Executive Director-Legal & Compliance
Mohammad Nasr Executive Director-Investment
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