18 slides from First Resources Ltd. (singapore)'s earnings presentation, May 14, 2013
Slide 1: First Quarter 2013 Results Presentation
First Resources Limited First Quarter 2013 Results Presentation 14 May 2013 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 – 1Q2013
Executive Summary – 1Q2013 Strong Financial Performance EBITDA increased by 16.8% to US$93.7 million Net profit increased by 29.9% to US$63.6 million Boosted primarily by higher sales volumes arising from the drawdown in inventory and realisation of some forward sales during the period Mod
Slide 4: Financial Performance
mea, Financial Performance RESOURCES
Slide 5: Income Statement Highlights
Income Statement Highlights US$’ million 1Q2013 1Q2012 Change Sales 174.6 164.9 5.9% Cost of sales (69.5) (70.7) (1.6%) Gross profit 105.1 94.3 11.5% EBITDA(1) 93.7 80.3 16.8% Net profit attributable to owners of the Company 63.6 49.0 29.9% Gross profit margin 60.2% 57.2% EBITDA margin 53.7% 48.7%
Slide 6: Segmental Results
Segmental Results US$’ million 1Q2013 1Q2012 Change Sales Plantations and Palm Oil Mills 143.6 125.6 14.4% • Crude Palm Oil 134.7 109.4 23.1% • Palm Kernel 8.9 16.2 (44.9%) Refinery and Processing 51.3 69.9 (26.6%) Inter-segment elimination (20.3) (30.6) (33.6%) 174.6 164.9 5.9% EBITDA Plantations a
Slide 7: Segmental Sales and EBITDA – 1Q2013
Segmental Sales and EBITDA – 1Q2013 Sales EBITDA Refinery and Processing – 26.3% Refinery and Processing – 10.6% Plantations and Palm Oil Mills – 73.7% Plantations and Palm Oil Mills – 89.4% The Group’s Plantations and Palm Oil Mills segment remains the main contributor to EBITDA Note : Sales and
Slide 8: Segmental Sales Volume
Segmental Sales Volume 1Q2013 1Q2012 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 145,024 121,061 19.8% • Palm Kernel 29,569 33,639 (12.1%) Refinery and Processing 54,832 64,911 (15.5%) Higher sales volumes due to the drawdown of inventory by approximately 45,000
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 31 Mar 2013 31 Dec 2012 Total Assets 1,998.4 1,930.9 Cash and bank balances 329.5 404.7 Total Liabilities 783.9 773.3 Borrowings and debt securities(1) 508.5 538.2 Total Equity 1,214.5 1,157.6 Net Debt 179.0 133.4 Net Debt(2)/Total Equity 0.15x 0.12x Net Debt(2)
Slide 10: Operational Performance
aie Operational Performance RESOURCES
Slide 11: Production Highlights
Production Highlights 1Q2013 1Q2012 Change Production FFB harvested (tonnes) 443,843 457,418 (3.0%) • Nucleus 394,757 411,365 (4.0%) • Plasma 49,086 46,053 6.6% FFB purchased (tonnes) 52,163 1,276 3,988.0% CPO (tonnes) 114,898 110,168 4.3% PK (tonnes) 26,617 25,769 3.3% Efficiency FFB Yield (tonnes/
Slide 12: Production Trends
Production Trends ‘000 tonnes FFB Production 600 569 510 503 518 500 436 442 427 411 395 400 374 338 299 300 271 200 100 52 56 73 69 49 27 28 41 42 36 38 47 46 0 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 FFB Nucleus FFB Plasma ‘000 tonnes CPO Producti
Slide 13: Oil Palm Plantation Area
Oil Palm Plantation Area Investing for growth – added 12,334 ha in 1Q2013 As at 31 Mar 2013 As at 31 Mar 2012 As at 31 Dec 2012 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 137,476 87% 115,579 86% 125,805 - Mature 104,415 66% 82,006 61% 85,888 - Immature 33,061 21% 33,573 25%
Slide 14: Plantation Age Profile
Plantation Age Profile As at 31 Mar 2013 Age Age Profile Area (ha) % of Total Old 8% 0-3 years (Immature) 37,837 24% Immature 24% Prime 4-7 years (Young) 50,602 32% 36% 8-17 years (Prime) 56,678 36% ≥ 18 years (Old) 13,620 8% Young 32% Total 158,737 100% Weighted average age of ~ 9 years 14
Slide 15: Group Updates
aie Group Updates RESOURCES
Slide 16: Operational Updates
Operational Updates Completion of the acquisition of Lynhurst Added ~ 8,000 hectares of oil palm assets and ~ 11,000 hectares of unplanted land bank Added one CPO mill, raising Group’s milling capacity to 4.05 million mt/annum Integrated Processing Complex at Bangsal Aceh, Riau Commissioni
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 6333 0200 Fax: +65 6333 6711 Website: www.first-resources.com 18