19 slides from First Resources Ltd. (singapore)'s earnings presentation, Aug 12, 2011
Slide 1: Half Year and Second Quarter 2011 Results Presentation
First Resources Limited Half Year and Second Quarter 2011 Results Presentation 12 August 2011 | Singapore Delivering Growth and Returns
Slide 2: Table of Contents
Table of Contents Executive Summary 3 Financial Performance 5 Operational Performance 11 Other Updates 16 2
Slide 3: Executive Summary – 6M2011
Executive Summary – 6M2011 Strong Financial Performance EBITDA increased by 58.9% to US$115.6 million; EBITDA margin increased to 60.5% Net profit increased by 88.4% to US$67.3 million Boosted by higher selling prices of crude palm oil (CPO) and palm kernel (PK) as well as higher sales volum
Slide 4: Executive Summary
Executive Summary Dividend Declared interim dividend of 1.00 Singapore cent per share The Company’s dividend policy is to distribute up to 30% of underlying net profit Dividend History FY2011 FY2010 FY2009 FY2008 Interim (SGD cents per share) 1.00 1.00 1.00 1.40 Final (SGD cents per share) n.a
Slide 5: 6M2011 Financial Performance
6M2011 Financial Performance
Slide 6: Income Statement Highlights
Income Statement Highlights US$’million 6M2011 6M2010 Change 2Q2011 2Q2010 Change Sales 191.1 124.1 54.0% 100.3 60.0 67.3% Cost of sales (54.6) (50.7) 7.6% (27.2) (24.8) 9.6% Gross profit 136.5 73.3 86.2% 73.2 35.2 107.8% EBITDA(1) 115.6 72.8 58.9% 56.9 34.9 63.3% Net profit attributable to 67.3 35.
Slide 7: Sales Volume
Sales Volume Tonnes 6M2011 6M2010 Change 2Q2011 2Q2010 Change Plantations and Palm Oil Mills Crude Palm Oil 177,896 155,835 14.2% 87,736 73,969 18.6% Palm Kernel 41,195 33,198 24.1% 21,221 16,047 32.2% Refinery and Processing 42,697 6,000 611.6% 41,358 6,000 589.3% Sales volume was lower than
Slide 8: Segmental Results
Segmental Results US$’million 6M2011 6M2010 Change 2Q2011 2Q2010 Change Sales Plantations and Palm Oil Mills 188.5 125.4 50.4% 92.1 61.3 50.3% Crude Palm Oil 158.6 112.3 41.3% 77.8 54.5 42.9% Palm Kernel 29.9 13.1 128.2% 14.3 6.9 108.5% Refinery and Processing 51.7 4.6 1,031.4% 48.1 4.6 951.8% I
Slide 9: Segmental Contribution – 6M2011
Segmental Contribution – 6M2011 Sales EBITDA Refinery and Processing Refinery and Processing 21.5% 3.4% 78.5% 96.6% Plantations and Palm Oil Mills Plantations and Palm Oil Mills Group’s refinery, fractionation and biodiesel plants (Refinery and Processing segment) have increased production and con
Slide 10: Balance Sheet Highlights
Balance Sheet Highlights US$’million 30 June 2011 31 Dec 2010 Total Assets 1,380.6 1,235.1 Cash and bank balances 128.3 209.0 Total Liabilities 522.0 490.2 Interest bearing debts(1) 344.5 305.7 Total Equity 858.6 744.9 Net Debt(2)/Total Equity 0.25x 0.13x Net Debt(2)/EBITDA(3) 0.93x 0.47x EBITDA/Int
Slide 11: 6M2011 Operational Performance
6M2011 Operational Performance
Slide 12: Operational Highlights
Operational Highlights 6M2011 6M2010 Change 2Q2011 2Q2010 Change Production FFB Total (tonne) 785,953 623,781 26.0% 412,417 326,099 26.5% Nucleus 712,080 569,557 25.0% 374,115 298,535 25.3% Plasma 73,873 54,224 36.2% 38,302 27,564 39.0% CPO (tonne) 186,718 149,294 25.1% 98,697 78,162 26.3% PK (t
Slide 13: Production Trends
Production Trends FFB Production ‘000 tonnes 500 442 436 402 400 371 374 322 338 300 299 300 271 200 100 37 38 44 41 42 38 32 27 28 36 0 1Q2009 2Q2009 3Q2009 4Q2009 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 FFB Nucleus FFB Plasma CPO Production ‘000 tonnes 125 111 116 108 98 99 100 85 88 77 78 71 75
Slide 14: Plantation Area
Plantation Area Investing for growth – added 6,053 ha in 6M2011 As at 30 June 2011 As at 30 June 2010 As at 31 Dec 2010 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 113,743 90% 101,804 89% 107,664 - Mature 74,704 59% 69,404 61% 69,404 - Immature 39,039 31% 32,400 28% 38,260 Pl
Slide 15: Plantation Age Profile
Plantation Age Profile As at 30 June 2011 Age Profile Age Old Area (ha) % of Total 4% Prime 42% 0-3 years (Immature) 41,187 32% Immature 32% 4-7 years (Young) 27,268 22% 8-17 years (Prime) 53,893 42% ≥18 years (Old) 4,535 4% Young 22% Total 126,883 100% Weighted average age of ~ 8 years 15
Slide 16: Group Updates
Group Updates RESOURCES
Slide 17: Group Updates
Group Updates Increased CPO milling capacity Group’s 9th CPO mill was commissioned in June 2011 Group’s total milling capacity extended to 540 tonnes of FFB per hour (or 3.24 million tonnes per annum) Group’s 10th and 11th CPO mills are under construction, expected to be ready by 2012 New
Slide 18: 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 19: 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 6333 6788 Fax: +65 6333 6711 Website: www.first-resources.com 19