First Resources Ltd. (singapore) · SGX:EB5
First Resources Ltd. (singapore) — First Resources — FY2021 Earnings Presentation
22 slides from First Resources Ltd. (singapore)'s earnings presentation, Feb 25, 2022
Slide 1: Full Year and Second Half 2021 Results Presentation
First Resources Limited Full Year and Second Half 2021 Results Presentation 25 February 2022 Delivering Growth and Returns
Slide 2: Table of Contents
Table of Contents Executive Summary 3 Financial Performance 5 Operational Performance 13 Group Updates 18 -2-
Slide 3: Executive Summary – FY2021
Executive Summary – FY2021 Delivers robust set of results with record revenue of US$1 billion Financial Performance EBITDA came in at US$312.9 million, an increase of 20.7% Underlying net profit came in at US$149.2 million, an increase of 53.8% Better financial performance attributed to high
Slide 4: Dividend Proposal
Dividend Proposal Proposing final dividend of 5.10 Singapore cents per share Interim dividend of 1.25 Singapore cent per share paid in September 2021, bringing full- year ordinary dividends to 6.35 Singapore cents per share Dividend policy Revised last year to distribute up to 50% of underly
Slide 5: Financial Performance
Financial Performance
Slide 6: Income Statement Highlights
Income Statement Highlights US$’ million FY2021 FY2020 Change 2H2021 2H2020(4) Change Sales 1,032.3 660.4 56.3% 619.4 382.2 62.0% Cost of sales (570.7) (368.0) 55.1% (331.1) (203.9) 62.4% Gross profit 461.6 292.4 57.9% 288.3 178.3 61.7% Gains arising from changes in fair 16.0 3.9 312.4% 12.9 7.7 66.
Slide 7: Segmental Results
Segmental Results US$’ million FY2021 FY2020 Change 2H2021 2H2020 Change Sales Plantations and Palm Oil Mills 642.1 544.6 17.9% 378.1 290.2 30.3% • Crude Palm Oil 522.2 471.2 10.8% 311.9 249.8 24.9% • Palm Kernel 113.3 63.3 79.0% 62.5 35.4 76.8% • Fresh Fruit Bunches 6.6 10.2 (35.3%) 3.7 5.0 (26.1%)
Slide 8: Segmental Sales Volume
Segmental Sales Volume FY2021 FY2020 Change 2H2021 2H2020 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 911,239 870,433 4.7% 453,391 468,606 (3.2%) • Palm Kernel 213,530 195,634 9.1% 110,893 105,035 5.6% Refinery and Processing 1,171,795 1,078,105 8.7% 630,778 602,4
Slide 9: Review of Key Performance Metrics
Review of Key Performance Metrics Performance Metrics FY2021 FY2020 Change Unit Cash Cost of Production, Ex-Mill(1) US$250 US$221 - Per tonne of Nucleus CPO produced Unit EBITDA(2) US$366 US$366 - Per tonne of Nucleus CPO sold Unit EBITDA(2) US$1,552 US$1,395 - Per mature Nucleus Hectare (1) Derived
Slide 10: Key Performance Metrics: EBITDA and Cash Cost of Production
Key Performance Metrics EBITDA and Cash Cost of Production US$/tonne 1,179 1,200 1,077 1,000 936 874 860 790 800 769 686 693 651 671 667 658 646 599 604 600 570 565 539 521 482 471 400 369 381 376 366 366 266 200 240 255 228 237 230 250 198 221 221 204 215 217 221 176 0 2008 2009 2010 2011 2012 2013
Slide 11: Key Performance Metrics: EBITDA per Mature Nucleus Hectare
Key Performance Metrics EBITDA per Mature Nucleus Hectare(1) US$/ha 4,000 3,586 3,601 3,095 3,007 2,969 3,000 2,330 1,914 1,878 1,846 2,000 1,612 1,544 1,552 1,395 1,059 1,000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Improved unit EBITDA in FY2021 on stronger CPO price
Slide 12: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 31 Dec 2021 31 Dec 2020 Total Assets 1,873.6 1,785.9 Cash and bank balances 381.5 195.1 Total Liabilities 602.5 659.8 Borrowings and debt securities(1) 406.7 441.6 Total Equity 1,271.1 1,126.1 Net Debt 25.2 246.5 Gross Debt(1)/Total Equity 0.32x 0.39x Net Debt(2
Slide 13: Operational Performance
Operational @ O = = Son O c ® 0.
Slide 14: Production Highlights
Production Highlights FY2021 FY2020 Change 2H2021 2H2020 Change Production FFB harvested (tonnes) 3,367,668 3,273,584 2.9% 1,743,753 1,814,035 (3.9%) • Nucleus 2,940,434 2,903,800 1.3% 1,520,066 1,608,925 (5.5%) • Plasma 427,234 369,784 15.5% 223,687 205,110 9.1% CPO (tonnes) 869,241 855,668 1.6% 44
Slide 15: Production Trends
Production Trends ‘000 tonnes FFB Production 1000 893 900 807 830 798 779 800 700 720 722 700 654 655 666 629 600 500 400 300 200 119 98 107 97 107 111 112 70 77 87 81 84 100 0 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 4Q2020 1Q2021 2Q2021 3Q2021 4Q2021 FFB Nucleus FFB Plasma ‘000 tonnes CPO
Slide 16: Oil Palm Plantation Area
Oil Palm Plantation Area As at 31 Dec 2021 As at 31 Dec 2020 Area (ha) % of Total Area (ha) % of Total Planted Nucleus 178,733 84% 182,029 85% - Mature 162,560 76% 169,106 79% - Immature 16,173 8% 12,923 6% Planted Plasma 33,475 16% 31,432 15% - Mature 32,991 16% 30,818 15% - Immature 484 0% 614 0%
Slide 17: Plantation Age Profile
Plantation Age Profile As at 31 Dec 2021 Age Area (ha) % of Total 0-3 years (Immature) 16,657 8% 4-7 years (Young) 34,165 16% 8-17 years (Prime) 111,142 52% ≥ 18 years (Old) 50,244 24% Total 212,208 100% Weighted average age of ~ 13 years - 17 -
Slide 18: Group Updates
Group Updates
Slide 19: Capital Investments in 2022
Capital Investments in 2022 Plantation Development Replanting of oil palms Maintenance of immature oil palm plantations Property, Equipment and Others Infrastructure for plantation management CPO Mills Construction of our 19th mill Upgrading and maintenance of existing CPO mills Pr
Slide 20: Updates
Updates Outlook Palm oil prices rallied to record highs in the second half of 2021, fuelled by lower-than- expected supplies from key producing regions Malaysia and Indonesia, higher global energy prices and Indonesia’s continued commitment to its biodiesel mandate. In the near-term, global ve
Slide 21: 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 22: Contact Information
Contact Information If you need 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 - 22 -