20 slides from First Resources Ltd. (singapore)'s earnings presentation, Mar 1, 2010
Slide 1: First Resources Limited Full Year and Fourth Quarter 2009 Results Briefing
First Resources Limited Full Year and Fourth Quarter 2009 Results Briefing 1 March 2010 | Singapore Delivering Growth and Returns
Slide 2: Table of Contents
Table of Contents Executive Summary 3 FY2009 and 4Q2009 Financial Performance 6 FY2009 and 4Q2009 Operational Performance 10 Business Update 16 2
Slide 3: Executive Summary: Financials
Executive Summary Financials EBITDA declined by 23% to Rp1,268 billion (US$122.0 million) ¾ Strong increase in sales volume helped buffer decline in average selling prices ¾ EBITDA margin remains strong at 55.7% Net profit grew by 7% to Rp1,169 billion (US$112.5 million) ¾ Aided by gains from bi
Slide 4: Executive Summary: Operations
Executive Summary Operations Record CPO production volumes of 368,631 tons, up 14.2 % ¾ Exceeded target of 10% y-o-y growth ¾ Improved CPO extraction rate to 23.7% - one of the highest in the industry ¾ Newly mature area of ~ 9,200 ha Lowered cash cost of production to approx. US$180/ton (approx
Slide 5: Executive Summary: Capital Management
Executive Summary Capital Management Strengthened liquidity with ending cash balance of Rp1,688 billion (US$179.6 million) ¾ Raised US$100 million via inaugural convertible bond issue in September 2009 ¾ Funding for capex requirements in next few years U Upgraded d d ratings ti (1) by b Moody’s
Slide 6: FY2009 and 4Q2009 Financial Performance
FY2009 and 4Q2009 Financial Performance
Slide 7: Benefited from Stronger CPO Prices in 2H09
Benefited from Stronger CPO Prices in 2H09 FY2009 FY2008 Change 4Q2009 4Q2008 Change Rp billion (restated) (restated) Sales 2,276.7 2,782.9 (18.2%) 650.2 692.6 (6.1%) Cost of sales (919 7) (919.7) (922 5) (922.5) (0 3%) (0.3%) (233 7) (233.7) (272 0) (272.0) (14 1%) (14.1%) Gross profit 1,357.0 1,86
Slide 8: Successfully Lowered Cost of Production
Successfully Lowered Cost of Production One of the most efficient and lowest cost producers in the industry FY2009 Strong Best High 9 FFB Yield of 21.5 tons/ha M Management t P Practices ti O Operational ti l 9 Oil extraction rate of 23.6% Team Employed Yields 9 CPO Yield of 5.1 tons /ha FY2009 9 Rp
Slide 9: Strengthened Balance Sheet
Strengthened Balance Sheet Low gearing & healthy cash balance As at As at Rp billion 31 Dec 2009 31 Dec 2008 Cash and Cash Equivalents 1,688.2 1,092.1 Total Assets 9,497.8 7,815.3 Interest Bearing Debts(1) 2,817.2 2,015.5 Total Liabilities 3,923.3 3,484.4 Total Equity Attributable to Owners of the P
Slide 10: FY2009 and 4Q2009 Operational Performance
FY2009 and 4Q2009 Operational Performance
Slide 11: Record Production Volumes in FY2009
Record Production Volumes in FY2009 FY2009 FY2008 Ch Change 4Q2009 4Q2008 Ch Change Production FFB Total (ton) 1,544,332 1,403,794 10.0% 445,081 376,182 18.3% FFB Nucleus 1,393,384 1,243,747 12.0% 401,544 333,810 20.3% FFB Plasma 150,948 160,047 -5.7% 43,537 42,372 2.8% CPO (ton) 368 631 368,631 322
Slide 12: 5-Year Operational Track Record
5 Year Operational Track Record 5-Year FFB Production Prod ction CPO Production Prod ction ‘000 tons ‘000 tons 2,000 400 368.6 1,544.3 322.7 1 600 1,600 1 403 8 1,403.8 278 3 278.3 1,266.8 300 1,120.8 227.3 1,200 949.5 194.2 200 800 400 100 0 0 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 FFB Y
Slide 13: Added 13,676 Hectares of Plantations
Added 13,676 13 676 Hectares of Plantations Investing for growth As at 31 December 2009 As at 31 December 2008 Area (ha) % of Total Area (ha) % of Total Planted Nucleus 96,858 89% 84,076 88% - Mature 63,684 58% 54,915 58% - Immature aue 33,174 33, 31% 3 % 29,161 9, 6 30% Planted Plasma 12,059 11% 11
Slide 14: Consistent and Disciplined Expansion
Consistent and Disciplined Expansion G Growth th in i Planted Pl t d Area A Hectares 120,000 , 100,000 80,000 60,000 40,000 20,000 0 2003 2004 2005 2006 2007 2008 2009 Strategy of consistent and disciplined planting to ensure sustainable growth ~100,000 100 000 ha h off unplanted l t d landbank
Slide 15: Strong Plantation Maturity Profile
Strong Plantation Maturity Profile As at 31 December 2009 Age Profile Age Area (Ha) % of Total Old 0% Prime 49% Immature 0-3 years (Immature) 36,990 34% 34% 4-7 years (Young) 18,356 17% 8-17 years (Prime) 53,118 49% Young 17% ≥18 years (Old) 453 0% Total 108,917 100% Weighted average age of ~ 7.5 ye
Slide 16: Business Update
aii Business Update RESOURCES
Slide 17: Strategic Focus
Strategic Focus Expand Long-term target of 200,000 ha of planted oil palms Plantation Focus on organic new plantings Footprint p Increase Improve FFB yields via best agronomic practices Operational Improve CPO extraction rates Efficiency Sustain Cost Maintain M i t i low-cost l t structure
Slide 18: Capital Investment in FY2010
Capital Investment in FY2010 New plantings of 15,000-20,000 ha ¾ Mainly in West Kalimantan province Maintenance of ~ 30,000 ha of immature plantations Construction of new CPO mill ((9th mill)) ¾ Capacity of 45 ton/hour (or 270,000 tons of FFB p.a.) Complete construction of fractionation plan
Slide 19: Disclaimer
Disclaimer This presentation Thi t ti h has b been preparedd by b First Fi t Resources R Li it d (“Company”) Limited (“C ”) for f informational i f ti l purposes, and may contain projections and forward-looking statements that reflect the Company’s current views with respect to future events and fin
Slide 20: Contact Us
Contact Us For further information, please contact: Ms. Serene Lim Investor Relations Manager Email: serene.lim@first-resources.com / investor@first-resources.com DID: +65 6602 0202 First Resources Limited 8 Temasek Boulevard #36-02 Suntec Tower Three Singapore 038988 Tel: +65 6333 6788 Fax: +65 633