First Resources Ltd. (Singapore) · SGX:EB5
First Resources Ltd. (Singapore) — First Resources — 9M2014 Earnings Presentation
18 slides from First Resources Ltd. (Singapore)'s earnings presentation, Nov 13, 2014
Slide 1: Nine Months and Third Quarter 2014 Results Presentation
First Resources Limited Nine Months and Third Quarter 2014 Results Presentation 13 November 2014 I Singapore Delivering Growth and Returns
Slide 2: Table of Contents
Table of Contents Executive Summary 3 Financial Performance 4 Operational Performance 10 Group Updates 15 2
Slide 3: Executive Summary – 9M2014
Executive Summary – 9M2014 Modest Financial Performance Net profit came in at US$114.2 million, a decrease of 25.2% EBITDA came in at US$205.1 million, a decrease of 15.4% Weaker performance as compared last year. 9M2013’s strong results was boosted by higher average selling prices achieved
Slide 4: Financial Performance
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Slide 5: Income Statement Highlights
Income Statement Highlights US$’ million 9M2014 9M2013 Change 3Q2014 3Q2013 Change Sales 438.9 447.4 (1.9%) 148.8 153.0 (2.8%) Cost of sales (217.4) (173.8) 25.1% (63.1) (56.2) 12.3% Gross profit 221.4 273.5 (19.1%) 85.7 96.9 (11.5%) EBITDA(1) 205.1 242.6 (15.4%) 79.4 85.8 (7.4%) Net profit attribut
Slide 6: Segmental Results
Segmental Results US$’ million 9M2014 9M2013 Change 3Q2014 3Q2013 Change Sales Plantations and Palm Oil Mills 385.1 414.5 (7.1%) 140.6 148.8 (5.5%) • Crude Palm Oil 336.8 384.3 (12.4%) 121.8 136.5 (10.8%) • Palm Kernel 44.4 30.2 47.1% 17.1 12.3 39.1% • Fresh Fruit Bunches 3.9 - n.m. 1.7 - n.m. Refin
Slide 7: Segmental Sales and EBITDA – 9M2014
Segmental Sales and EBITDA – 9M2014 Sales EBITDA Refinery and Processing – 44.3% Refinery and Processing – 12.7% Plantations and Palm Oil Mills – 55.7% Plantations and Palm Oil Mills – 87.3% The Group’s Plantations and Palm Oil Mills segment remains the main contributor to EBITDA Note : Sales and
Slide 8: Segmental Sales Volume
Segmental Sales Volume 9M2014 9M2013 Change 3Q2014 3Q2013 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 481,956 430,945 11.8% 184,668 161,812 14.1% • Palm Kernel 98,414 93,818 4.9% 36,920 36,778 0.4% Refinery and Processing 410,108 141,580 189.7% 183,294 48,565 277.
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 30 Sept 2014 31 Dec 2013 Total Assets 1,838.3 1,780.3 Cash and bank balances 202.8 272.2 Total Liabilities 749.4 740.1 Borrowings and debt securities(1) 492.4 489.7 Total Equity 1,089.0 1,040.1 Net Debt 289.6 217.6 Net Debt(2)/Total Equity 0.27x 0.21x Net Debt(2
Slide 10: Operational Performance
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Slide 11: Production Highlights
Production Highlights 9M2014 9M2013 Change 3Q2014 3Q2013 Change Production FFB harvested (tonnes) 1,802,681 1,612,016 11.8% 776,394 677,516 14.6% • Nucleus 1,618,199 1,458,592 10.9% 695,089 615,603 12.9% • Plasma 184,482 153,424 20.2% 81,305 61,913 31.3% FFB purchased (tonnes) 267,265 196,514 36.0%
Slide 12: Production Trends
Production Trends FFB Production ‘000 tonnes 800 695 700 616 569 591 600 518 448 446 477 500 411 427 395 400 300 200 56 73 69 49 62 64 55 49 81 100 46 42 0 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 FFB Nucleus FFB Plasma ‘000 tonnes CPO Production 225 195 200 174 1
Slide 13: Oil Palm Plantation Area
Oil Palm Plantation Area Investing for growth – added 17,725 ha in 9M2014 As at 30 Sept 2014 As at 30 Sept 2013 As at 31 Dec 2013 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 160,745 85% 144,207 87% 148,727 - Mature 114,143 60% 104,415 63% 104,493 - Immature 46,602 25% 39,792
Slide 14: Plantation Age Profile
Plantation Age Profile As at 30 Sept 2014 Age Profile Age Area (ha) % of Total Old 13% 0-3 years (Immature) 56,285 30% Immature 30% Prime 4-7 years (Young) 50,624 27% 30% 8-17 years (Prime) 56,618 30% ≥ 18 years (Old) 24,794 13% Young 27% Total 188,321 100% Weighted average age of ~ 8 years 14
Slide 15: Group Updates
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Slide 16: Group Updates
Group Updates Outlook Palm oil prices expected to remain soft due to weakening discretionary demand for biofuel caused by current narrow spreads between crude oil and vegetable oils as well as the sizeable on-going soybean harvest in the United States Expect year-on-year production volume grow
Slide 17: 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 18: 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 6333 0200 Fax: +65 6333 6711 Website: www.first-resources.com 18