WH Group Limited — Earnings Release 2024

Mar 25, 2025

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

萬洲國際

WH GROUP

WH Group Limited

萬洲國際有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 288)

AUDITED FINANCIAL RESULTS

FOR THE YEAR ENDED 29 DECEMBER 2024 OF

SMITHFIELD FOODS, INC.

On 25 March 2025 after trading hours (Hong Kong time), Smithfield released its annual report for the year ended 29 December 2024.

Smithfield Foods, Inc. ("Smithfield") is a company incorporated in the Commonwealth of Virginia, the United States of America, whose shares are listed on the Nasdaq Global Select Market since 28 January 2025 (New York Time). As at the date of this announcement, WH Group Limited (the "Company") indirectly owns approximately 92.7% equity interest in Smithfield. On 25 March 2025, Smithfield filed its annual report with the U.S. Securities and Exchange Commission for the year ended 29 December 2024 (the "Smithfield Annual Report"). It is important to note that the audited consolidated financial results contained in the Smithfield Annual Report have been prepared in accordance with the accounting principles generally accepted in the United States of America (the "U.S."). The Company prepares its consolidated financial results in accordance with the IFRS Accounting Standards. Accordingly, Smithfield's results reported therein differ from Smithfield's results contained in the Company's consolidated financial statements, which include certain adjustments in order to conform to the IFRS Accounting Standards.

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SUMMARY OF RESULTS OF SMITHFIELD FOR THE YEAR ENDED 29 DECEMBER 2024

The audited consolidated statement of profit or loss and other comprehensive income for the year ended 29 December 2024 and the audited consolidated statement of financial position as at 29 December 2024 contained in the Smithfield Annual Report are provided below:

SMITHFIELD
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 29 December 2024

	Twelve Months Ended
	29 December 2024
US$ million (audited)	31 December 2023
US$ million (audited)	1 January 2023
US$ million (audited)
Sales	14,142	14,640	16,199
Cost of sales	12,244	13,751	14,704
Gross profit	1,897	889	1,495
Selling, general and administrative expenses	840	1,050	807
Operating gains	(60)	(105)	(429)
Operating profit (loss)	1,118	(56)	1,117
Interest expense, net	66	76	87
Non-operating gains	(9)	(3)	(18)
Income (loss) from continuing operations before income taxes	1,061	(129)	1,047
Income tax expense (benefit)	271	(41)	231
(Income) loss from equity method investments	(8)	46	6
Net income (loss) from continuing operations	798	(133)	811
Net income from continuing operations attributable to noncontrolling interests	14	5	11
Net income (loss) from continuing operations attributable to Smithfield	783	(138)	800
Income from discontinued operations before income taxes	184	185	97
Income tax expense from discontinued operations	13	30	27

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Twelve Months Ended
	29 December 2024
US$ million (audited)	31 December 2023
US$ million (audited)	1 January 2023
US$ million (audited)
Net income from discontinued operations	172	155	70
Net income from discontinued operations attributable to noncontrolling interests	2	—	—
Net income from discontinued operations attributable to Smithfield	170	155	70
Net income	970	23	881
Net income attributable to noncontrolling interests	17	5	11
Net income attributable to Smithfield	953	17	870
Net income (loss) per common share attributable to Smithfield:
Basic and diluted:
Continuing operations	2.06	(0.36)	2.10
Discontinued operations	0.45	0.41	0.18
Total	2.51	0.05	2.29
Weighted average shares outstanding
Basic	380,069,232	380,069,232	380,069,232
Diluted	380,069,232	380,069,232	380,069,232
Net income	970	23	881
Other comprehensive income (loss), net of tax:
Foreign currency translation	(53)	219	(59)
Pension accounting	(44)	16	44
Hedge accounting	(33)	(1)	(27)
Total other comprehensive income (loss)	(130)	234	(41)
Comprehensive income	839	256	839
Comprehensive income (loss) attributable to noncontrolling interest	(19)	31	22
Comprehensive income attributable to Smithfield	858	226	818

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SMITHFIELD
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 29 December 2024

| | As at 29 December 2024
US$ million (audited) | As at 31 December 2023
US$ million (audited) |
| --- | --- | --- |
| Current assets: | | |
| Cash and cash equivalents | 943 | 687 |
| Accounts receivable, net | 558 | 577 |
| Inventories, net | 2,412 | 2,536 |
| Current assets of discontinued operations | — | 958 |
| Prepaid expenses and other current assets | 290 | 163 |
| Total current assets | 4,202 | 4,921 |
| Property, plant and equipment, net | 3,176 | 3,347 |
| Goodwill | 1,613 | 1,627 |
| Intangible assets, net | 1,266 | 1,274 |
| Operating lease assets | 335 | 381 |
| Equity method investments | 202 | 191 |
| Long-term assets of discontinued operations | — | 1,347 |
| Other assets | 260 | 230 |
| Total assets | 11,054 | 13,317 |
| Current liabilities: | | |
| Accounts payable | 777 | 789 |
| Current portion of long-term debt and finance lease obligations | 3 | 27 |
| Current portion of operating lease obligations | 56 | 63 |
| Current liabilities of discontinued operations | — | 406 |
| Accrued expenses and other current liabilities | 871 | 1,166 |
| Total current liabilities | 1,706 | 2,450 |

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	As at 29 December 2024 US$’million (audited)	As at 31 December 2023 US$’million (audited)
Long-term debt and finance lease obligations	1,999	2,006
Long-term operating lease obligations	286	325
Deferred income taxes, net	518	474
Net long-term pension obligation	279	255
Long-term liabilities of discontinued operations	—	86
Other liabilities	208	235
Redeemable noncontrolling interests	225	246
Equity:
Shareholder’s equity:
Preferred stock, no par value, 100,000,000 shares authorized, no shares issued and outstanding	—	—
Common stock, no par value, 5,000,000,000 shares authorized, 380,069,232 issued and outstanding	—	—
Additional paid-in capital	3,102	4,152
Retained earnings	3,184	3,588
Accumulated other comprehensive loss	(452)	(500)
Total shareholder’s equity	5,834	7,241
Noncontrolling interests	—	—
Total equity	5,834	7,241
Total liabilities and equity	11,054	13,317

If you wish to review the Smithfield Annual Report in full, please visit www.sec.gov.

By order of the board of directors of

WH Group Limited

Wan Long

Chairman

Hong Kong, 25 March 2025

As at the date of this announcement, the executive directors of the Company are Mr. WAN Long, Mr. GUO Lijun, Mr. WAN Hongwei and Mr. MA Xiangjie; the non-executive director of the Company is Mr. JIAO Shuge; and the independent non-executive directors of the Company are Mr. HUANG Ming, Mr. LAU, Jin Tin Don and Ms. ZHOU Hui.