First Resources Ltd. (singapore) · SGX:EB5
First Resources Ltd. (singapore) — First Resources — FY2024 Earnings Presentation
23 slides from First Resources Ltd. (singapore)'s earnings presentation, Feb 28, 2025
Slide 1: Full Year and Second Half 2024 Results Presentation
First Resources Limited Full Year and Second Half 2024 Results Presentation 28 February 2025 Delivering Growth and Returns
Slide 2: Table of Contents
Table of Contents Executive Summary 3 Financial Performance 5 Operational Performance 13 Group Updates 18 -2-
Slide 3: Executive Summary – FY2024
Executive Summary – FY2024 Strong Earnings Growth with Record Production ◼ Financial Performance ➢ EBITDA of US$398.9 million, an increase of 41.4% ➢ Underlying net profit of US$228.8 million, an increase of 56.1% ➢ A strong performance underpinned by record production and higher palm oil prices ◼ O
Slide 4: Dividend Proposal
Dividend Proposal ◼ Proposing final dividend of 6.30 Singapore cents per share ➢ Interim dividend of 3.50 Singapore cent per share paid in September 2024, bringing full- year ordinary dividends to 9.80 Singapore cents per share FY2024 FY2023 FY2022 FY2021 FY2020 Interim (SGD cents per share) 3.50 2.
Slide 5: Financial Performance
Financial Performance
Slide 6: Income Statement Highlights
Income Statement Highlights US$’ million FY2024 FY2023 Change 2H2024 2H2023 Change Sales 1,038.8 980.6 5.9% 581.5 531.8 9.4% Cost of sales (593.1) (617.5) (4.0%) (322.5) (325.8) (1.0%) Gross profit 445.7 363.0 22.8% 259.0 206.0 25.7% Gain/(loss) arising from changes in 22.7 (1.1) n.m. 5.6 (5.9) n.m.
Slide 7: Segmental Results
Segmental Results US$’ million FY2024 FY2023 Change 2H2024 2H2023 Change Sales Plantations and Palm Oil Mills 923.5 850.6 8.6% 552.3 474.4 16.4% • Crude Palm Oil 804.0 767.0 4.8% 475.3 428.2 11.0% • Palm Kernel 113.0 76.1 48.4% 73.6 41.8 76.0% • Fresh Fruit Bunches 6.5 7.4 (12.4%) 3.4 4.3 (21.6%) Re
Slide 8: Segmental Sales Volume
Segmental Sales Volume FY2024 FY2023 Change 2H2024 2H2023 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 983,196 1,004,361 (2.1%) 558,585 568,285 (1.7%) • Palm Kernel 216,367 208,915 3.6% 123,923 120,278 3.0% Refinery and Processing 986,605 926,914 6.4% 548,493 481,8
Slide 9: Review of Key Performance Metrics
Review of Key Performance Metrics Performance Metrics FY2024 FY2023 Change Unit Cash Cost of Production, Ex-Mill(1) US$310 US$327 - Per tonne of Nucleus CPO produced Unit EBITDA(2) US$565 US$445 - Per tonne of Nucleus CPO sold Unit EBITDA(2) US$2,476 US$2,030 - Per mature Nucleus Hectare (1) Derived
Slide 10: Key Performance Metrics
Key Performance Metrics EBITDA and Cash Cost of Production US$/tonne 1,400 1,239 1,179 1,200 1,077 1,006 1,000 936 900 874 860 790 769 800 686 693 696 651 671 667 658 646 599 604 570 565 565 600 539 521 482 471 445 369 381 376 366 366 400 266 200 327 310 240 255 237 250 276 198 221 221 228 204 215 2
Slide 11: Key Performance Metrics
Key Performance Metrics EBITDA per Mature Nucleus Hectare(1) US$/ha 4,000 3,586 3,601 3,095 2,969 3,007 3,000 2,818 2,476 2,330 2,030 2,000 1,914 1,878 1,846 1,612 1,544 1,552 1,395 1,059 1,000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (1) Refers to EBITD
Slide 12: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 31 Dec 2024 31 Dec 2023 Total Assets 1,951.8 1,774.8 Cash and bank balances 157.2 162.9 Total Liabilities 464.3 373.1 Borrowings and debt securities(1) 270.1 237.7 Total Equity 1,487.5 1,401.8 Net Debt(2) 112.9 74.9 Gross gearing ratio 0.18x 0.17x Net gearing ra
Slide 13: Operational Performance
Operational Performance
Slide 14: Production Highlights
Production Highlights FY2024 FY2023 Change 2H2024 2H2023 Change Production FFB harvested (tonnes) 3,797,756 3,584,486 5.9% 2,149,301 2,027,711 6.0% • Nucleus 3,266,856 3,070,683 6.4% 1,851,754 1,744,522 6.1% • Plasma 530,900 513,803 3.3% 297,547 283,189 5.1% CPO (tonnes) 1,003,922 951,425 5.5% 573,6
Slide 15: Production Trends
Production Trends ‘000 tonnes FFB Production 1000 909 935 916 892 900 836 745 772 747 800 701 645 669 700 625 600 500 400 300 200 132 141 131 124 149 134 123 147 150 108 107 110 100 0 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 FFB Nucleus FFB Plasma ‘000 tonn
Slide 16: Oil Palm Plantation Area
Oil Palm Plantation Area As at 31 Dec 2024 As at 31 Dec 2023 Area (ha) % of Total Area (ha) % of Total Planted Nucleus 178,854 83% 177,930 83% - Mature 158,931 73% 159,608 75% - Immature 19,923 10% 18,322 9% Planted Plasma 36,274 17% 35,491 17% - Mature 35,433 17% 35,459 17% - Immature 841 0% 32 0%
Slide 17: Plantation Age Profile
Plantation Age Profile As at 31 Dec 2024 Age Age Profile Area (ha) % of Total Old Immature 0-3 years (Immature) 20,764 10% 10% 28% Young 4-7 years (Young) 15,210 7% 7% 8-17 years (Prime) 118,448 55% ≥ 18 years (Old) 60,706 28% Prime 55% Total 215,128 100% Weighted average age of 14.2 years - 17 -
Slide 18: Group Updates
Group Updates
Slide 19: Capital Investments in 2025
Capital Investments in 2025 ◼ Plantation Development ➢ Replanting of oil palms ➢ Conversion from rubber to oil palms ➢ Maintenance of immature oil palm plantations ◼ Property, Equipment and Others ➢ Infrastructure for plantation management ◼ CPO Mills ➢ Upgrading and maintenance of existing CPO mill
Slide 20: Updates
Updates ◼ RSPO Certifications ➢ In 2024, the Group received RSPO (Roundtable on Sustainable Palm Oil) certification for one additional subsidiary, covering 16,339 hectares of plantations in West Kalimantan. ➢ As at December 2024, we have received RSPO certifications for ten of our subsidiaries cover
Slide 21: Updates
Updates ◼ Outlook ➢ Closing the year with notable strength in 4Q2024, CPO prices averaged higher year-on- year in 2024, driven by increasing domestic consumption in Indonesia and lower-than- expected palm oil production. Looking ahead, Indonesia’s expansion of its biodiesel mandate from B35 to B40 i
Slide 22: 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 23: Contact Information
Contact Information If you need further information, please contact: Investor Relations investor@first-resources.com First Resources Limited 7 Temasek Boulevard #24-01 Suntec Tower One Singapore 038987 Tel: +65 6602 0200 Fax: +65 6333 6711 Website: www.first-resources.com - 23 -