First Resources Ltd. (singapore) · SGX:EB5

First Resources Ltd. (singapore) — First Resources — FY2012 Earnings Presentation

25 slides from First Resources Ltd. (singapore)'s earnings presentation, Feb 27, 2013

1. Slide 1: Full Year and Fourth Quarter 2012 Results Presentation

   First Resources Limited Full Year and Fourth Quarter 2012 Results Presentation 27 February 2013 | Singapore Delivering Growth and Returns

2. Slide 2: Table of Contents

   Table of Contents Executive Summary 3 Financial Performance 5 Operational Performance 13 Growth Strategy 19 2

3. Slide 3: Executive Summary: Record-Breaking Year

   Executive Summary Record-Breaking Year  Record Financial Performance  Record-high EBITDA of US$322.8 million in FY2012, an increase of 9.5%  Record-high Underlying Net Profit of US$211.3 million, an increase of 25.5%  Driven mainly by higher sales volumes  Record Production Volumes and Yield 

4. Slide 4: Executive Summary: Dividend

   Executive Summary Dividend  Proposing final dividend of 2.75 Singapore cents per share  Interim dividend of 1.25 Singapore cents per share paid in September 2012, bringing total FY2012 dividend to 4.00 Singapore cents per share Dividend Payout FY2012 FY2011 FY2010 FY2009 FY2008 Interim Dividend Pe

5. Slide 5: Financial Performance

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6. Slide 6: Income Statement Highlights

   Income Statement Highlights US$ million FY2012 FY2011 Change 4Q2012 4Q2011 Change Sales 603.4 494.6 22.0% 134.1 158.2 (15.2%) Cost of sales (221.2) (148.7) 48.7% (41.9) (46.4) (9.6%) Gross profit 382.2 345.9 10.5% 92.2 111.9 (17.6%) Gains arising from changes in fair 35.8 39.2 (8.7%) 35.8 39.2 (8.7%

7. Slide 7: Segmental Results

   Segmental Results US$ million FY2012 FY2011 Change 4Q2012 4Q2011 Change Sales Plantations and Palm Oil Mills 504.4 441.1 14.4% 129.9 129.0 0.7% • Crude Palm Oil 455.0 388.6 17.1% 120.2 118.8 1.2% • Palm Kernel 49.4 52.5 (5.9%) 9.6 10.2 (5.1%) Refinery and Processing 243.2 175.5 38.6% 36.8 66.4 (44.6

8. Slide 8: Segmental Sales and EBITDA – FY2012

   Segmental Sales and EBITDA – FY2012 Sales(1) EBITDA Refinery and Processing – 32.5% Refinery and Processing – 9.3% Plantations and Palm Oil Mills – 67.5% Plantations and Palm Oil Mills – 90.7%  The Plantations and Palm Oil Mills segment remains the Group’s main earnings driver. (1) Sales by busines

9. Slide 9: Segmental Sales Volume

   Segmental Sales Volume Tonnes FY2012 FY2011 Change 4Q2012 4Q2011 Change Sales Volume Plantations and Palm Oil Mills(1) • Crude Palm Oil 516,012 422,598 22.1% 142,861 129,463 10.3% • Palm Kernel 123,774 96,177 28.7% 32,469 26,989 20.3% Refinery and Processing 223,809 141,690 58.0% 37,403 53,128 (29.6

10. Slide 10: Review of Key Performance Metrics

    Review of Key Performance Metrics Performance Metrics FY2012 FY2011 Change Unit Cash Cost of Production, Ex-Mill(1) US$238 US$221 - Per tonne of nucleus CPO produced Unit EBITDA(2) US$653 US$658 - Per tonne of nucleus CPO produced Unit EBITDA(2) - Per hectare of mature nucleus plantation(3) U$3,570

11. Slide 11: Balance Sheet Highlights

    Balance Sheet Highlights US$ million 31 Dec 2012 31 Dec 2011 Total Assets 1,930.9 1,500.1 Cash and bank balances 404.7 210.4 Total Liabilities 773.3 571.7 Borrowings and debt securities(1) 538.2 349.6 Total Equity 1,157.6 928.4 Net Debt(2) 133.5 139.2 Net Debt(2)/Total Equity 0.12x 0.15x Net Debt(2)

12. Slide 12: Biological Assets

    Biological Assets  Biological assets increased by US$88.1 million to US$844.0 million  Increase in biological assets due to new plantings, the acquisition of PT Gerbang Sawit Indah and fair valuation gains in 2012  Total nucleus planted area of 125,805 hectares of oil palm  Average value per nuc

13. Slide 13: Operational Performance

    aie Operational Performance RESOURCES

14. Slide 14: Operational Highlights

    Operational Highlights FY2012 FY2011 Change 4Q2012 4Q2011 Change Production FFB Total (tonnes) 2,168,983 1,898,565 14.2% 587,158 555,616 5.7% • Nucleus 1,924,743 1,725,374 11.6% 517,677 503,125 2.9% • Plasma 244,240 173,191 41.0% 69,481 52,491 32.4% CPO (tonnes) 525,831 452,113 16.3% 145,201 133,062

15. Slide 15: Production Trends

    Production Trends ’000 tonnes FFB Production 600 569 510 503 518 500 436 442 427 411 400 374 338 299 300 271 200 100 52 56 73 69 27 28 41 42 36 38 47 46 0 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 FFB Nucleus FFB Plasma ’000 tonnes CPO Production 175 155 145

16. Slide 16: Oil Palm Plantation Area

    Oil Palm Plantation Area Investing for growth – added 14,152 ha in FY2012 As at 31 Dec 2012 As at 31 Dec 2011 Change Area (ha) % of Total Area (ha) Area (ha) Planted Nucleus 125,805 86% 113,143 12,662 - Mature 85,888 59% 74,704 11,184 - Immature 39,917 27% 38,439 1,478 Planted Plasma 20,598 14% 19,1

17. Slide 17: Plantation Age Profile

    Plantation Age Profile As at 31 Dec 2012 Age Profile Age Area (ha) % of Total Old 5% 0-3 years (Immature) 48,222 33% Prime Immature 38% 33% 4-7 years (Young) 35,069 24% 8-17 years (Prime) 55,081 38% ≥ 18 years (Old) 8,031 5% Young 24% Total 146,403 100% Weighted average age of ~ 8 years 17

18. Slide 18: Consistent and Disciplined Expansion

    Consistent and Disciplined Expansion Total Planted Area CPO Production ’000 ’000 hectares tonnes 140 600 120 500 100 400 80 300 60 40 200 20 100 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 Strategy of consistent and disciplined planting a key driver to sustainable

19. Slide 19: Growth Strategy

    gen Growth Strategy RESOURCES

20. Slide 20: 5-Year Strategy: Building on our Core Expertise

    5-Year Strategy: Building on our Core Expertise  To continue a disciplined and diligent planting programme to ensure Expand sustainable production growth Plantation  To add milling capacity in line with the growth in FFB production Footprint  Aim to produce 1 million tonnes of CPO annually within

21. Slide 21: Leading Plantation Group with Integrated Operations Throughout the Value Chain

    To be a Leading Plantation Group with Integrated Operations Throughout the Value Chain Plantations Milling Processing Activity  Fresh Fruit Bunches  Crude Palm Oil  RBDPO  Crude Products  Palm Kernel  PFAD Glycerine  RBD Olein  PKE  RBD Stearin  PKO  Biodiesel  Current  Current  Curren

22. Slide 22: Operational Updates

    Operational Updates  Plantation Assets  Achieved new plantings of 10,125 ha of oil palm and 844 ha of rubber  Majority of new plantings carried out at the East and West Kalimantan provinces  Acquired 4,027 ha of nucleus palm oil plantation  CPO Mills  Commissioned two new mills (10th and 11th)

23. Slide 23: Capital Investments in FY2013

    Capital Investments in FY2013  Plantation Development  New plantings of ~ 15,000 to 20,000 ha of oil palms and 4,000 ha of rubber  Maintenance of existing immature oil palms  Property, Equipment and Others  Infrastructure for plantation management  CPO Mills  Construction of two new mills (13

24. Slide 24: 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

25. Slide 25: 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 6602 0200 Fax: +65 6333 6711 Website: www.first-resources.com 25

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