18 slides from First Resources Ltd. (singapore)'s earnings presentation, May 15, 2012
Slide 1: First Quarter 2012 Results Presentation
First Resources Limited First Quarter 2012 Results Presentation 15 May 2012 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 – 1Q2012
Executive Summary – 1Q2012 Strong Financial Performance EBITDA increased by 36.7% to US$80.3 million Net profit increased by 60.2% to US$49.0 million Boosted primarily by higher sales volume High Production Growth Fresh fruit bunches (FFB) and crude palm oil (CPO) production volumes incr
Slide 4: Financial Performance
Financial Performance RESOURCES
Slide 5: Income Statement Highlights
Income Statement Highlights US$’ million 1Q2012 1Q2011 Change Sales 164.9 90.8 81.7% Cost of sales (70.7) (27.4) 157.8% Gross profit 94.3 63.3 48.8% EBITDA(1) 80.3 58.7 36.7% Net profit attributable to owners of the Company 49.0 30.6 60.2% Gross profit margin 57.2% 69.8% EBITDA margin 48.7% 64.7%
Slide 6: Segmental Results
Segmental Results US$’ million 1Q2012 1Q2011 Change Sales Plantations and Palm Oil Mills 125.6 96.4 30.3% • Crude Palm Oil 109.4 80.8 35.4% • Palm Kernel 16.2 15.7 3.7% Refinery and Processing 69.9 3.6 1,822.8% Inter-segment elimination (30.6) (9.3) 229.2% 164.9 90.8 81.7% EBITDA Plantations and Pal
Slide 7: Segmental Contribution – 1Q2012
Segmental Contribution – 1Q2012 Sales(1) EBITDA Refinery and Processing - 35.8% Refinery and Processing - 7.2% Plantations and Palm Oil Mills - 64.2% Plantations and Palm Oil Mills - 92.8% The Group’s Plantation and Palm Oil Mills segment remains the main contributor to EBITDA (1) Sales by busines
Slide 8: Segmental Sales Volume
Segmental Sales Volume 1Q2012 1Q2011 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 121,061 90,160 34.3% • Palm Kernel 33,639 19,974 68.4% Refinery and Processing 64,911 1,339 4,747.7% Higher sales volume of crude palm oil and palm kernel due to higher production v
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 31 Mar 2012 31 Dec 2011 Total Assets 1,552.7 1,500.1 Cash and bank balances 258.9 210.4 Total Liabilities 583.6 571.7 Interest bearing debts(1) 351.1 349.6 Total Equity 969.1 928.4 Net Debt(2)/Total Equity 0.10 x 0.15 x Net Debt(2)/EBITDA(3) 0.29 x 0.47 x EBITDA
Slide 10: Operational Performance
Operational Performance RESOURCES
Slide 11: Operational Highlights
Operational Highlights 1Q2012 1Q2011 Change Production FFB Total (tonnes) 457,418 373,536 22.5% • Nucleus 411,365 337,965 21.7% • Plasma 46,053 35,571 29.5% CPO (tonnes) 110,168 88,021 25.2% PK (tonnes) 25,769 20,070 28.4% Efficiency FFB Yield (tonnes/ha) 4.8 4.4 CPO Yield (tonnes/ha) 1.2 1.0 CPO Ex
Slide 12: Production Trends
Production Trends FFB Production ‘000 tonnes 600 510 503 500 436 442 411 400 374 338 299 300 271 200 100 27 28 41 42 36 38 47 52 46 0 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 FFB Nucleus FFB Plasma ‘000 tonnes CPO Production 150 132 133 125 111 116 110 99 100 88 71 78 75 50 25
Slide 13: Plantation Area
Plantation Area Investing for growth – added 2,666 ha in 1Q2012 As at 31 Mar 2012 As at 31 Mar 2011 As at 31 Dec 2011 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 115,579 86% 111,102 89% 113,143 - Mature 82,006 61% 74,704 60% 74,704 - Immature 33,573 25% 36,398 29% 38,439 Plan
Slide 14: Plantation Age Profile
Plantation Age Profile As at 31 Mar 2012 Age Profile Age Area (ha) % of Total Old 6% 0-3 years (Immature) 40,618 30% Immature Prime 30% 4-7 years (Young) 31,187 23% 41% 8-17 years (Prime) 55,081 41% ≥ 18 years (Old) 8,031 6% Young 23% Total 134,917 100% Weighted average age of ~ 9 years 14
Slide 15: Group Updates
Group Updates RESOURCES
Slide 16: Group Updates
Group Updates Convertible Bonds (CB) status as at 14 May 2012 US$91.5 million of the CB has been converted with US$8.5 million outstanding 106,211,428 new shares has been issued pursuant to the conversions; total number of issued shares stands at 1,574,670,649 Integrated Processing Complex
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