18 slides from First Resources Ltd. (singapore)'s earnings presentation, Nov 13, 2015
Slide 1: First Resources Limited Third Quarter 2015 Results Presentation
First Resources Limited Third Quarter 2015 Results Presentation 13 November 2015 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 – 9M2015
Executive Summary – 9M2015 Modest Financial Performance Net profit came in at US$88.1 million, a decrease of 22.9% EBITDA came in at US$169.7 million, a decrease of 17.2% Overall results were impacted by weak selling prices of palm oil products and net build-up in inventory Continued Produ
Slide 4: Financial Performance
aaa Financial Performance RESOURCES
Slide 5: Income Statement Highlights
Income Statement Highlights US$’ million 9M2015 9M2014 Change 3Q2015 3Q2014 Change Sales 322.8 438.9 (26.4%) 107.8 148.8 (27.6%) Cost of sales (134.3) (217.4) (38.2%) (37.3) (63.1) (40.8%) Gross profit 188.5 221.4 (14.9%) 70.4 85.7 (17.8%) EBITDA(1) 169.7 205.1 (17.2%) 61.6 79.4 (22.4%) Net profit a
Slide 6: Segmental Results
Segmental Results US$’ million 9M2015 9M2014 Change 3Q2015 3Q2014 Change Sales Plantations and Palm Oil Mills 319.6 385.1 (17.0%) 93.3 140.6 (33.6%) • Crude Palm Oil 275.1 336.8 (18.3%) 81.1 121.8 (33.4%) • Palm Kernel 39.7 44.4 (10.6%) 11.0 17.1 (35.8%) • Fresh Fruit Bunches 4.9 3.9 25.5% 1.2 1.7 (
Slide 7: Segmental Sales and EBITDA – 9M2015
Segmental Sales and EBITDA – 9M2015 Sales EBITDA Refinery and Processing – 36.5% Refinery and Processing – 9.3% Plantations and Palm Oil Mills – 63.5% Plantations and Palm Oil Mills – 90.7% The Group’s Plantations and Palm Oil Mills segment remains the main contributor to EBITDA. Note : Sales and
Slide 8: Segmental Sales Volume
Segmental Sales Volume 9M2015 9M2014 Change 3Q2015 3Q2014 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 481,149 481,956 (0.2%) 163,278 184,668 (11.6%) • Palm Kernel 111,578 98,414 13.4% 38,057 36,920 3.1% Refinery and Processing 302,725 410,108 (26.2%) 137,196 183,2
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 30 Sept 2015 31 Dec 2014 Total Assets 1,837.5 1,997.9 Cash and bank balances 245.2 350.9 Total Liabilities 896.1 882.1 Borrowings and debt securities(1) 489.5 583.1 Total Equity 941.4 1,115.8 Net Debt 244.3 232.2 Net Debt(2)/Total Equity 0.26x 0.21x Net Debt(2)/
Slide 10: Operational Performance
aie Operational Performance RESOURCES
Slide 11: Production Highlights
Production Highlights 9M2015 9M2014 Change 3Q2015 3Q2014 Change Production FFB harvested (tonnes) 2,061,920 1,802,681 14.4% 849,087 776,394 9.4% • Nucleus 1,861,975 1,618,199 15.1% 771,344 695,089 11.0% • Plasma 199,945 184,482 8.4% 77,743 81,305 (4.4%) FFB purchased (tonnes) 243,439 267,265 (8.9%)
Slide 12: Production Trends
Production Trends FFB Production ‘000 tonnes 900 771 800 695 700 616 591 594 571 600 519 448 446 477 500 400 300 200 62 64 54 49 81 73 61 61 78 100 42 0 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 FFB Nucleus FFB Plasma CPO Production ‘000 tonnes 225 210 195 200 174 173 170
Slide 13: Oil Palm Plantation Area
Oil Palm Plantation Area As at 30 Sept 2015 As at 30 Sept 2014 As at 31 Dec 2014 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 176,592 86% 160,745 85% 165,936 - Mature 128,034 62% 114,143 60% 114,377 - Immature 48,558 24% 46,602 25% 51,559 Planted Plasma 29,039 14% 27,576 15% 2
Slide 14: Plantation Age Profile
Plantation Age Profile As at 30 September 2015 Age Profile Age Area (ha) % of Total Old 21% 0-3 years (Immature) 57,795 28% Immature 28% 4-7 years (Young) 55,775 27% Prime 8-17 years (Prime) 48,977 24% 24% ≥ 18 years (Old) 43,084 21% Young 27% Total 205,631 100% Weighted average age of ~ 9 years Not
Slide 15: Group Updates
aie Group Updates RESOURCES
Slide 16: Group Updates
Group Updates Outlook Recent recovery in palm oil prices was driven mainly by concerns over the current dry weather that could potentially disrupt supply. Coupled with the implementation of Indonesia’s biodiesel policy, the Group expects a moderate recovery in palm oil prices. On the productio
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