First Resources Ltd. (singapore) · SGX:EB5
First Resources Ltd. (singapore) — First Resources — H1 2024 Earnings Presentation
17 slides from First Resources Ltd. (singapore)'s earnings presentation, Aug 14, 2024
Slide 1: First Resources Limited Half Year ended 30 June 2024 Results Presentation
First Resources Limited Half Year ended 30 June 2024 Results Presentation 14 August 2024 Delivering Growth and Returns
Slide 2: Table of Contents
Table of Contents Executive Summary 3 Financial Performance 4 Operational Performance 9 Group Updates 14 -2-
Slide 3: Executive Summary – 1H2024
Executive Summary – 1H2024 ◼ Financial Performance ➢ EBITDA grew 26.3% to US$167.8 million ➢ Underlying net profit came in at US$90.6 million, an increase of 33.8% ➢ Better financial performance mainly driven by higher production volumes and improved processing margins ◼ Operational Performance ➢ Fr
Slide 4: Financial Performance
Financial Performance
Slide 5: Income Statement Highlights
Income Statement Highlights US$’ million 1H2024 1H2023 Change Sales 457.2 448.8 1.9% Cost of sales (270.5) (291.8) (7.3%) Gross profit 186.7 157.0 18.9% Gain arising from changes in fair value of biological 17.1 4.8 255.6% assets EBITDA(1) 167.8 132.9 26.3% Net profit(2) 103.9 71.5 45.4% Underlying
Slide 6: Segmental Results
Segmental Results US$’ million 1H2024 1H2023 Change Sales Plantations and Palm Oil Mills 371.3 376.2 (1.3%) • Crude Palm Oil 328.7 338.8 (3.0%) • Palm Kernel 39.4 34.3 14.8% • Fresh Fruit Bunches 3.1 3.1 0.1% Refinery and Processing 335.2 339.2 (1.2%) Inter-segment elimination (249.3) (266.6) (6.5%)
Slide 7: Segmental Sales Volume
Segmental Sales Volume 1H2024 1H2023 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 424,611 436,076 (2.6%) • Palm Kernel 92,444 88,637 4.3% Refinery and Processing 438,112 445,020 (1.6%) ▪ Sales volumes included the effects of a net inventory drawdown of 44,000 tonne
Slide 8: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 30 Jun 2024 31 Dec 2023 Total Assets 1,759.2 1,774.8 Cash and bank balances 147.8 162.9 Total Liabilities 402.7 373.1 Borrowings and debt securities(1) 274.5 237.7 Total Equity 1,356.4 1,401.8 Net Debt(2) 126.7 74.9 Gross gearing ratio 0.20x 0.17x Net gearing ra
Slide 9: Operational Performance
Operational Performance
Slide 10: Production Highlights
Production Highlights 1H2024 1H2023 Change Production FFB harvested (tonnes) 1,648,455 1,556,775 5.9% • Nucleus 1,415,102 1,326,161 6.7% • Plasma 233,353 230,614 1.2% CPO (tonnes) 430,246 406,648 5.8% PK (tonnes) 93,602 88,234 6.1% Efficiency FFB Yield (tonnes/ha) 8.4 7.9 CPO Yield (tonnes/ha) 1.9 1
Slide 11: Production Trends
Production Trends ‘000 tonnes FFB Production 1000 892 909 900 836 745 772 747 800 701 645 669 700 625 600 500 400 300 200 132 141 131 124 149 134 110 123 108 107 100 0 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 FFB Nucleus FFB Plasma ‘000 tonnes 350 CPO Production 287 300
Slide 12: Oil Palm Plantation Area
Oil Palm Plantation Area As at 30 Jun 2024 As at 30 Jun 2023 As at 31 Dec 2023 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 176,810 83% 173,687 83% 177,930 - Mature 161,239 76% 161,373 77% 159,608 - Immature 15,571 7% 12,314 6% 18,322 Planted Plasma 35,449 17% 35,587 17% 35,49
Slide 13: Plantation Age Profile
Plantation Age Profile As at 30 Jun 2024 Age profile Age Area (ha) % of Total Immature 7% Young 0-3 years (Immature) 15,587 7% Old 7% 30% 4-7 years (Young) 15,210 7% 8-17 years (Prime) 118,488 56% ≥ 18 years (Old) 62,974 30% Prime 56% Total 212,259 100% Weighted average age of 14.6 years - 13 -
Slide 14: Group Updates
Group Updates
Slide 15: Updates
Updates ◼ Outlook ➢ Palm oil prices have been restrained by expectations of a seasonal production upswing in the second half of the year, while being supported by low inventories. Looking ahead, export demand may face pressure from competing oils like soy, whereas Indonesian’s local biodiesel mandat
Slide 16: 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 17: Contact Information
Contact Information If you need further information, please contact: Investor Relations investor@first-resources.com First Resources Limited 7 Temasek Boulevard #24-01 Suntec Tower One Singapore 038987 Tel: +65 6602 0200 Fax: +65 6333 6711 Website: www.first-resources.com - 17 -