First Resources Ltd. (singapore) · SGX:EB5
First Resources Ltd. (singapore) — First Resources — Investor Presentation (April 2016)
25 slides from First Resources Ltd. (singapore)'s investor presentation, April 2016
Slide 1: First Resources Limited Investor Presentation
First Resources Limited Investor Presentation April 2016 Delivering Growth and Returns
Slide 2: Table of Contents
Table of Contents Group Overview 3 FY2015 Financial Performance 8 FY2015 Operational Performance 14 Growth Strategy and Updates 20 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 Capitalisation of ~S$3.1 billion as at 15 April 2015 Assets 207,575 ha of plan
Slide 5: With a Strong Growth Profile
With a Strong Growth Profile Strong growth expected from existing plantation assets due to young age profile Young Plantation Profile Expected Growth from Existing Asset Base CPO Production (‘000 tonnes) Estimated production potential based on current planted hectarage Data as at 31 Dec 2015 Prime P
Slide 6: Growth Strategy: Building on our Core Expertise
Growth Strategy: Building on our Core Expertise Develop and maintain high-quality plantation assets, and ensure Upstream Agri- optimal milling capacity in line with FFB production growth Business Focus To achieve sustainable production growth Maintain our low-cost structure through best-in-cla
Slide 7: A Leading Plantation Group with Integrated Operations
A Leading Plantation Group with Integrated Operations Throughout the Value Chain Plantations Milling Processing Activity Fresh Fruit Bunches Crude Palm Oil RBDPO Crude Products Palm Kernel PFAD Glycerine RBD Olein PKE RBD Stearin PKO Biodiesel 205,575 ha of plantations 13 C
Slide 8: FY2015 Financial Performance
FY2015 Financial Performance
Slide 9: Income Statement Highlights
Income Statement Highlights US$’ million FY2015 FY2014 Change 4Q2015 4Q2014 Change Sales 453.7 615.5 (26.3%) 130.9 176.7 (25.9%) Cost of sales (202.4) (292.1) (30.7%) (68.1) (74.7) (8.8%) Gross profit 251.2 323.4 (22.3%) 62.7 102.0 (38.5%) (Losses)/gains arising from changes in (2.5) 1.9 n.m. (2.5)
Slide 10: Segmental Results
Segmental Results US$’ million FY2015 FY2014 Change 4Q2015 4Q2014 Change Sales Plantations and Palm Oil Mills 421.5 515.9 (18.3%) 101.9 130.8 (22.1%) • Crude Palm Oil 362.4 450.9 (19.6%) 87.3 114.1 (23.4%) • Palm Kernel 52.8 59.6 (11.4%) 13.1 15.2 (13.8%) • Fresh Fruit Bunches 6.4 5.4 17.5% 1.4 1.5
Slide 11: Segmental Sales and EBITDA – FY2015
Segmental Sales and EBITDA – FY2015 SALES EBITDA The Group’s Plantations and Palm Oil Mills segment remains the main contributor to EBITDA Note : Sales and EBITDA by business segments are stated before inter-segment elimination 11
Slide 12: Segmental Sales Volume
Segmental Sales Volume FY2015 FY2014 Change 4Q2015 4Q2014 Change Sales Volume (tonne) Plantations and Palm Oil Mills(1) • Crude Palm Oil 669,435 658,803 1.6% 188,286 176,847 6.5% • Palm Kernel 159,610 142,594 11.9% 48,032 44,180 8.7% Refinery and Processing(2) 509,229 564,435 (9.8%) 206,504 154,327
Slide 13: Review of Key Performance Metrics
Review of Key Performance Metrics Performance Metrics FY2015 FY2014 Change Unit Cash Cost of Production, Ex-Mill(1) US$204 US$228 - Per tonne of Nucleus CPO produced Unit EBITDA(2) US$371 US$539 - Per tonne of Nucleus CPO sold Unit EBITDA(2) - Per mature Nucleus Hectare US$1,612 US$2,330 (1) Cash co
Slide 14: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 31 Dec 2015 31 Dec 2014 Total Assets 1,926.9 1,997.9 Cash and bank balances 205.4 350.9 Total Liabilities 881.5 882.1 Borrowings and debt securities(1) 495.0 583.1 Total Equity 1,045.4 1,115.8 Net Debt(2) 289.6 232.2 Gross Debt(1)/Total Equity 0.47x 0.52x Net De
Slide 15: FY2015 Operational Performance
FY2015 Operational Performance
Slide 16: Production Highlights
Production Highlights FY2015 FY2014 Change 4Q2015 4Q2014 Change Production FFB harvested (tonnes) 2,804,606 2,469,884 13.6% 742,686 667,203 11.3% • Nucleus 2,530,357 2,212,006 14.4% 668,382 593,807 12.6% • Plasma 274,249 257,878 6.3% 74,304 73,396 1.2% FFB purchased (tonnes) 291,093 345,479 (15.7%)
Slide 17: Production Trends
Production Trends FFB Production CPO Production Note: Data includes production contribution and mature hectarage from plantations that were acquired in 2015 17
Slide 18: Oil Palm Plantation Area
Oil Palm Plantation Area As at 31 Dec 2015 As at 31 Dec 2014 Area (ha) % of Total Area (ha) % of Total Planted Nucleus 178,338 86% 165,936 85% - Mature 128,042 62% 114,377 59% - Immature 50,296 24% 51,559 26% Planted Plasma 29,237 14% 28,631 15% - Mature 19,863 10% 17,843 9% - Immature 9,374 4% 10,7
Slide 19: Plantation Age Profile
Plantation Age Profile As at 31 Dec 2015 Age Age Profile Area (ha) % of Total Old 21% 0-3 years (Immature) 59,670 29% Immature 29% 4-7 years (Young) 55,844 27% Prime 8-17 years (Prime) 48,977 23% 23% ≥ 18 years (Old) 43,084 21% Young 27% Total 207,575 100% Weighted average age of ~ 9 years Note: Dat
Slide 20: Group Updates
fait Group Updates RESOURCES
Slide 21: Capital Investments in 2016
Capital Investments in 2016 Plantation Development New planting of oil palms and rubber Maintenance of immature oil palm and rubber plantations Property, Equipment and Others Infrastructure for plantation management CPO mills Completion of the 14th mill in West Kalimantan by 3Q2016 C
Slide 22: Dividend History
Dividend History Dividend Policy To distribute up to 30% of underlying net profit Dividend Payout FY2015 FY2014 FY2013 FY2012 FY2011 Interim Dividend Per Share (Singapore cents) 1.25 1.25 1.25 1.25 1.00 Final Dividend Per Share (Singapore cents) 1.25 (1) 2.30 3.25 2.75 2.50 Total Dividend Per Shar
Slide 23: Updates
Updates Outlook Palm oil prices have started to recover on supply disruption concerns due to prolonged dry weather in 2015 Fundamentals of the palm oil industry remains favourable, underpinned by supportive demand from the Indonesian biodiesel mandate and continued consumption growth from emer
Slide 24: 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 25: 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 25