UIE's Annual Report 2022

On Thursday 2 March 2023, UIE Plc. ("UIE") announced its Annual Report 2022.

UIE’s net result was USD 22.1 million negative in 2022 compared to the net profit of USD 108.2 million in 2021, due mainly to a significant fair value decrease of USD 74.0 million in the Schörling investment. However, the negative result does not reflect the underlying performance of UIE's portfolio companies, as UP reported a new record-high net profit, and all the Schörling portfolio companies reported strong annual results.

UIE's Business Reporting Highlights 2022:

UP:

• UIE’s share of UP’s result increased by 9% to USD 65.7 million
• UP recorded a record-high net profit of MYR 606 million
• In local currency, UP's result increased by 16% due to higher selling prices of CPO and PK. However, measured in USD, a weaker MYR devalued the increase by 9%

Schörling:

• The fair value of UIE’s investment in Schörling amounted to USD 189.8 million at the end of 2022 - a decrease of USD 74.0 million, or 28%, since year-end 2021
• The decrease is due to the turmoil experienced in global equity markets during 2022 as well as significantly weaker SEK

Greenbridge:

• The fair value of UIE’s investment in Greenbridge amounted to USD 43.3 million at the end of 2022. In May 2022, UIE invested an additional USD 16.9 million in a capital increase
• The fair value adjustment in 2022 amounted to a decrease of USD 8.1 million, mainly due to valuation parameters affected negatively by the general turmoil in global equity markets

Other:

• Other items generated a net loss of USD 6.2 million, primarily representing losses deriving from the liquidity reserves (USD 25 million at year-end 2022) invested in a diversified and liquid portfolio of equities and bonds