First Resources Ltd. (singapore) · SGX:EB5
First Resources Ltd. (singapore) — First Resources — Q1 2015 Earnings Presentation
23 slides from First Resources Ltd. (singapore)'s earnings presentation, July 2015
Slide 1: First Resources Limited Investor Presentation
First Resources Limited Investor Presentation July 2015 Delivering Growth and Returns
Slide 2: Table of Contents
Table of Contents Group Overview 3 1Q2015 Financial Highlights 8 1Q2015 Operational Highlights 14 Group Updates 19 2
Slide 3: Group Overview
aie, Group Overview RESOURCES
Slide 4: A Fast-Growing Plantation Group
A Fast-Growing Plantation Group… Profile Locations Plantations are located in the Riau, East Kalimantan and West Kalimantan Established in 1992; listed on provinces of Indonesia Singapore Exchange in Dec 2007 Market Capitalization of ~ S$3.3 billion as at end-Jun 2015 Assets 196,551 ha of plan
Slide 5: With a Strong Growth Profile
With a Strong Growth Profile Strong growth expected from existing plantation assets due to young age profile Young Plantation Profile Expected Growth from Existing Asset Base CPO Production (‘000 tonnes) Estimated production potential based on current planted hectarage Data as at 31 Mar 2015 Prime P
Slide 6: Growth Strategy: Building on our Core Expertise
Growth Strategy: Building on our Core Expertise Develop and maintain high-quality plantation assets, and ensure Upstream Agri- optimal milling capacity in line with FFB production growth Business Focus To achieve sustainable production growth Maintain our low-cost structure through best-in-cla
Slide 7: A Leading Plantation Group with Integrated Operations
A Leading Plantation Group with Integrated Operations Throughout the Value Chain Plantations Milling Processing Activity Fresh Fruit Bunches Crude Palm Oil RBDPO Crude Products Palm Kernel PFAD Glycerine RBD Olein PKE RBD Stearin PKO Biodiesel 196,551 ha of plantations 13 C
Slide 8: 1Q2015 Financial Performance
1Q2015 Financial Performance
Slide 9: Income Statement Highlights
Income Statement Highlights US$’ million 1Q2015 1Q2014 Change Sales 96.3 177.9 (45.9%) Cost of sales (38.2) (103.1) (62.9%) Gross profit 58.0 74.8 (22.4%) EBITDA(1) 53.4 67.4 (20.7%) Net profit attributable to owners of the Company 27.7 45.0 (38.5%) Gross profit margin 60.3% 42.0% EBITDA margin 55.5
Slide 10: Segmental Results
Segmental Results US$’ million 1Q2015 1Q2014 Change Sales Plantations and Palm Oil Mills 107.8 135.7 (20.6%) • Crude Palm Oil 92.9 122.1 (23.9%) • Palm Kernel 12.9 13.6 (4.9%) • Fresh Fruit Bunches 1.9 - n.m. Refinery and Processing 23.3 100.2 (76.8%) Inter-segment elimination (34.8) (58.0) (40.1%)
Slide 11: Segmental Sales and EBITDA – 1Q2015
Segmental Sales and EBITDA – 1Q2015 Sales EBITDA The Group’s Plantations and Palm Oil Mills segment remains the main contributor to EBITDA Note : Sales and EBITDA by business segment is stated before inter-segment elimination 11
Slide 12: Segmental Sales Volume
Segmental Sales Volume 1Q2015 1Q2014 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 147,567 164,871 (10.5%) • Palm Kernel 33,592 33,831 (0.7%) Refinery and Processing 41,848 128,370 (67.4%) Sales volumes decreased due to lower purchases of palm oil products from th
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 31 Mar 2015 31 Dec 2014 Total Assets 1,957.1 1,997.9 Cash and bank balances 356.6 350.9 Total Liabilities 880.3 882.1 Borrowings and debt securities(1) 540.3 583.1 Total Equity 1,076.9 1,115.8 Net Debt 183.7 232.2 Net Debt(2)/Total Equity 0.17x 0.21x Net Debt(2)
Slide 14: 1Q2015 Operational Performance
1Q2015 Operational Performance
Slide 15: Production Highlights
Production Highlights 1Q2015 1Q2014 Change Production FFB harvested (tonnes) 580,563 501,074 15.8% • Nucleus 519,250 446,451 16.3% • Plasma 61,313 54,623 12.2% FFB purchased (tonnes) 68,974 76,317 (9.6%) CPO (tonnes) 145,220 131,474 10.5% PK (tonnes) 33,440 31,153 7.3% Efficiency FFB Yield (tonnes/h
Slide 16: Production Trends
Production Trends FFB Production CPO Production 16
Slide 17: Oil Palm Plantation Area
Oil Palm Plantation Area As at 31 Mar 2015 As at 31 Mar 2014 As at 31 Dec 2014 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 167,710 85% 152,498 86% 165,936 - Mature 125,062 64% 114,143 64% 114,377 - Immature 42,648 21% 38,355 22% 51,559 Planted Plasma 28,841 15% 25,720 14% 28,
Slide 18: Oil Palm Plantation Age Profile
Oil Palm Plantation Age Profile As at 31 Mar 2015 Age Profile Age Area (ha) % of Total Old 0-3 years (Immature) 51,687 26% 22% Immature 26% 4-7 years (Young) 52,690 27% 8-17 years (Prime) 49,090 25% Prime 25% ≥ 18 years (Old) 43,084 22% Young 27% Total 196,551 100% Weighted average age of ~ 9 years
Slide 19: Group Updates
fait Group Updates RESOURCES
Slide 20: Updates
Updates Increasing CPO milling capacity 13th CPO mill in Riau was commissioned in 1Q2015 14th CPO mill is under construction in West Kalimantan; expected to be ready in 2H2016 Outlook Weakness in crude oil and soybean oil prices, coupled with slowing demand in China, continued to exert pre
Slide 21: Sustainability Updates
Sustainability Updates On 1st July, 2015 – Introduced the Sustainable Palm Oil Policy No Development on High Carbon Stock forest and High Conservation Value areas No development on Peat areas (regardless of depth) No Exploitation of local communities as well as people Observe a strict zero
Slide 22: Disclaimer
Disclaimer This presentation has been prepared by First Resources Limited (“Company”) for informational purposes, and may contain projections and forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on curr
Slide 23: Contact Information
Contact Information For further information, please contact: Investor Relations [email protected] First Resources Limited 8 Temasek Boulevard #36-02 Suntec Tower Three Singapore 038988 Tel: +65 6602 0200 Fax: +65 6333 6711 Website: www.first-resources.com 23