First Resources Ltd. (singapore) · SGX:EB5
First Resources Ltd. (singapore) — First Resources — H1 2010 Earnings Presentation
17 slides from First Resources Ltd. (singapore)'s earnings presentation, Aug 13, 2010
Slide 1: Half Year and Second Quarter 2010 Results Briefing
First Resources Limited Half Year and Second Quarter 2010 Results Briefing 13 August 2010 | Singapore Delivering Growth and Returns
Slide 2: 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 3: Table of Contents
Table of Contents Executive Summary 4 Financial Highlights 5 Operational Highlights 11 Group Updates 15 3
Slide 4: Executive Summary – 1H2010
Executive Summary – 1H2010 EBITDA increased by 59.5% to US$72.8 million Lower than expected industry supply has helped keep selling prices buoyant Higher selling prices more than compensated for decline in sales volume EBITDA margin increased to 58.7% Net profit grew by 6.5% to US$35.7 mil
Slide 5: Financial Highlights
mee Financial Highlights RESOURCES
Slide 6: Income Statement Highlights
Income Statement Highlights US$ million 6M2010 6M2009 Change 2Q2010 2Q2009 Change Sales 124.1 90.1 37.7% 60.0 52.9 13.4% Cost of sales (50.8) (42.2) 20.4% (24.8) (23.3) 6.5% Gross profit 73.3 47.9 53.0% 35.2 29.6 18.7% Operating expenses (7.0) (6.5) 8.6% (3.6) (3.3) 6.9% Profit from operations 66.3
Slide 7: Review of Performance
Review of Performance Higher Sales Higher average selling prices more than compensated for decline in sales volume (see page 8) Higher Cost of Sales Higher maintenance costs as mature nucleus area increased by 16.4% compared to end of 1H2009 Higher harvesting costs, and plantation & mill g
Slide 8: Sales Breakdown
Sales Breakdown 6M2010 6M2009 Change 2Q2010 2Q2009 Change Sales Volume (tonne) Palm Oil 153,648 172,055 (10.7%) 71,782 93,538 (23.3%) Palm Kernel 33,198 39,045 (15.0%) 16,047 18,692 (14.2%) Average Selling Prices (US$/tonne) Palm Oil 722.0 463.6 55.7% 740.1 503.3% 47.0% Palm Kernel 395.3 263.8 49.9%
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights US$ million 30 Jun 2010 31 Dec 2009 Total Assets 1,063.2 1,012.6 Cash and bank balances 152.4 179.6 Total Liabilities 422.9 419.8 Interest Bearing Debts(1) 303.0 299.3 Total Equity Attributable to Equity Holders 609.3 563.7 Net Debt(2)/Equity(3) EBITDA 0.25 x 1,268.2 0.21 x
Slide 10: Committed to Consistent Dividend Payout
Committed to Consistent Dividend Payout Dividend Payout History since IPO 1H FY2010 FY2009 FY2008 Cash Dividend Per Share (Singapore cents) Interim 1.00 1.00 1.40 Final n.a. 1.18 - Total Dividend Per Share n.m. 2.18 1.40 Total Dividend Paid (S$ million) 14.5 31.7 20.5 % of Underlying Net Profit 30%
Slide 11: Operational Highlights
Operational Highlights RESOURCES
Slide 12: Production Highlights
Production Highlights 6M2010 6M2009 Change 2Q2010 2Q2009 Change Production FFB Total (tonne) 623,781 690,244 (9.6%) 326,099 358,259 (9.0%) FFB Nucleus 569,557 621,267 (8.3%) 298,535 321,677 (7.2%) FFB Plasma 54,224 68,977 (21.4%) 27,564 36,582 (24.7%) CPO (tonne) 151,749 162,262 (6.5%) 79,674 84,977
Slide 13: Plantation Area
Plantation Area Investing for growth - added 6,053 ha in 1H2010 As at 30 Jun 2010 As at 30 Jun 2009 As at 31 Dec 2009 Area (ha) % of Total Area (ha) Area (ha) Planted Nucleus 101,804 89% 88,810 96,858 - Mature 69,404 61% 59,608 63,684 - Immature 32,400 28% 29,202 33,174 Planted Plasma 13,166 11% 11,
Slide 14: Age Profile
Age Profile As at 30 June 2010 Age Profile Age Area (Ha) % of Total Old 1% 0-3 years (Immature) 36,895 32% Immature Prime 47% 32% 4-7 years (Young) 23,202 20% 8-17 years (Prime) 53,375 47% Young 20% ≥18 years (Old) 1,498 1% Total 114,970 100% Weighted average age of ~ 8 years 14
Slide 15: Group Updates
Group Updates RESOURCES
Slide 16: Group Updates
Group Updates Liability Management Completed refinancing of US$140.8 million USD Notes with Rp1.25 trillion IDR bank loans Reduced Group’s weighted average interest cost Debt maturity profile smoothened; no significant debt maturity until 2H2012 Downstream Facilities Fractionation plant
Slide 17: Contact Information
Contact Information For 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 17