Business
Interim Management Statement
Interim Management Statement.
About this update from Aep Plantations Plc
[{"type":"text","content":"\n \nRNS Number : 6957Y Anglo-Eastern Plantations PLC 19 May 2016 \n\n19 May 2016\nAnglo-Eastern Plantations Plc\n(\"AEP\", \"Group\" or \"Company\")\n \nInterim Management Statement\n \nAnglo-Eastern Plantations Plc and its subsidiaries, which owns, operates and develops plantations in Indonesia and Malaysia, amounting to some 128,600 hectares producing mainly palm oil and some rubber of which approximately 65,200 hectares (including Plasma) are planted, today announces its Interim Management Statement in respect of the period since 31 December 2015.\n \n \nOperational and financial performance\n \nFor the first three months ended 31 March 2016, our own production of fresh fruit bunches (\"FFB\") was 187,000mt, an increase of 9% compared to the same period in 2015 (3M15: 172,200mt). Increased production was in line with higher matured planting from the Kalimantan plantations. FFB bought-in was 110,800mt, which represents a decrease of 13% in comparison with the same period in 2015 (3M15: 127,900mt). Total Crude Palm Oil (\"CPO\") produced was 63,200mt, 9% higher than the corresponding period in 2015 (3M15: 58,200mt) due to better oil extraction rate.\n \nCPO CIF Rotterdam price averaged $630/mt for the first three months to 31 March 2016. This represents a decrease of 6% from the average price of $669/mt recorded in the first quarter of 2015 but is above $560/mt being the price at the start of 2016.\n \nThe Group's balance sheet remains strong with the Company continuing to generate positive cash flow. The Company's Long Term Development Loans totalled $35.8m as at 31 March 2016 (31 March 2015: $34.9m). The increase is due to a loan drawdown in February 2016. The Group has net cash of $67.3m as at 31 March 2016.\n \n \nDevelopment\n \nThe Group's new planting for the three months ended 31 March 2016 totalled 186 hectares. As reported previously this was primarily due to delays in settlement with the villagers for land compensation payments. These negotiations are continuing and management is confident that some of these negotiations will be concluded successfully. The replanting of circa 1,500 hectares in North Sumatera will start in the second quarter of 2016 and should be completed by the year end.\n \nThe Biogas plant in Central Kalimantan is about 75% completed an...