18 slides from First Resources Ltd. (singapore)'s earnings presentation, May 13, 2016
Slide 1: First Quarter 2016 Results Presentation
First Resources Limited First Quarter 2016 Results Presentation 13 May 2016 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 – 1Q2016
Executive Summary – 1Q2016 Weaker Financial Performance Net profit came in at US$5.3 million, a decrease of 77.9% EBITDA came in at US$29.8 million, a decrease of 44.3% Overall results were impacted by lower average selling prices despite higher sales volumes Crude palm oil (CPO) average s
Slide 4: Financial Performance
mea, Financial Performance RESOURCES
Slide 5: Income Statement Highlights
Income Statement Highlights US$’ million 1Q2016 1Q2015(2) Change Sales 113.1 96.3 17.5% Cost of sales (78.3) (43.0) 82.2% Gross profit 34.8 53.3 (34.7%) EBITDA(1) 29.8 53.4 (44.3%) Net profit attributable to owners of the Company 5.3 24.2 (77.9%) Gross profit margin 30.8% 55.3% EBITDA margin 26.3% 5
Slide 6: Segmental Results
Segmental Results US$’ million 1Q2016 1Q2015 Change Sales Plantations and Palm Oil Mills 86.2 107.8 (20.0%) • Crude Palm Oil 72.3 92.9 (22.2%) • Palm Kernel 12.3 12.9 (4.9%) • Fresh Fruit Bunches 1.7 1.9 (13.8%) Refinery and Processing 103.0 23.3 342.3% Inter-segment elimination (76.1) (34.8) 118.9%
Slide 7: Segmental Sales and EBITDA – 1Q2016
Segmental Sales and EBITDA – 1Q2016 Sales EBITDA Refinery and Processing – 54.4% Refinery and Processing – 12.1% Plantations and Palm Oil Mills – 45.6% Plantations and Palm Oil Mills – 87.9% Note : Sales and EBITDA by business segments are stated before inter-segment elimination 7
Slide 8: Segmental Sales Volume
Segmental Sales Volume 1Q2016 1Q2015 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 152,005 147,567 3.0% • Palm Kernel 34,759 33,592 3.5% Refinery and Processing 195,897 41,848 368.1% Higher sales volumes of processed palm based products reflects higher utilisation
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 31 Mar 2016 31 Dec 2015(5) Total Assets 1,601.9 1,568.2 Cash and bank balances 190.4 205.4 Total Liabilities 778.6 793.8 Borrowings and debt securities(1) 513.0 495.0 Total Equity 823.3 774.4 Net Debt 322.6 289.6 Gross Debt(1)/Total Equity 0.62x 0.64x Net Debt(2
Slide 10: Operational Performance
aie Operational Performance RESOURCES
Slide 11: Production Highlights
Production Highlights 1Q2016 1Q2015 Change Production FFB harvested (tonnes) 491,478 580,563 (15.3%) • Nucleus 439,311 519,250 (15.4%) • Plasma 52,167 61,313 (14.9%) FFB purchased (tonnes) 47,869 68,974 (30.6%) CPO (tonnes) 120,411 145,220 (17.1%) PK (tonnes) 29,077 33,440 (13.1%) Efficiency FFB Yie
Slide 12: Production Trends
Production Trends ‘000 tonnes FFB Production 900 771 800 695 668 700 594 571 600 519 446 477 439 500 400 300 200 54 49 81 73 61 61 78 74 52 100 0 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 FFB Nucleus FFB Plasma ‘000 tonnes CPO Production 225 210 195 200 173 170 175 159 145 150 1
Slide 13: Oil Palm Plantation Area
Oil Palm Plantation Area As at 31 Mar 2016 As at 31 Mar 2015 As at 31 Dec 2015 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 178,592 86% 167,710 85% 178,338 - Mature 136,797 66% 125,062 64% 128,042 - Immature 41,795 20% 42,648 21% 50,296 Planted Plasma 29,207 14% 28,841 15% 29,
Slide 14: Oil Palm Plantation Age Profile
Oil Palm Plantation Age Profile As at 31 Mar 2016 Age Profile Age Area (ha) % of Total Old 0-3 years (Immature) 49,203 23% 25% Immature 23% 4-7 years (Young) 53,665 26% 8-17 years (Prime) 53,545 26% Prime 26% Young ≥ 18 years (Old) 51,386 25% 26% Total 207,799 100% Weighted average age of ~ 10 years
Slide 15: Group Updates
aie Group Updates RESOURCES
Slide 16: Updates
Updates Outlook The recovery in palm oil prices has been largely driven by concerns over the impact from prolonged dry weather last year, which is suppressing industry-wide production. The recent higher prices is expected to improve our financial performance as compared to 1Q2016. While palm
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 investor@first-resources.com 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 18