Slide 1: SIPEF Analyst presentation February 13, 2025
SIPEF Analyst presentation February 13, 2025 1
Slide 2: Summary
Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group - Prospects
Slide 3: The Connection to the world of Sustainable Tropical Agriculture
The Connection to the world of Sustainable Tropical Agriculture 3
Slide 4: SIPEF business strategy is built on controlled growth as an upstream player
SIPEF business strategy is built on controlled growth as an upstream player and be the preferred supplier of traceable, sustainable, high-quality products looking at diversification into the targeted markets 4
Slide 5: SIPEF at a glance
SIPEF AT A GLANCE Belgium USD 444 million Headquarters Total sales in FY2024 1919 More than More than 23.000 50.000 T employees of bananas produced More than Listed on the 360.000 T of CPO produced EURONEXT stock exchange 100% Rainforest alliance CERTIFIED RSPO COMPLIANT 5
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Slide 7: Planted hectares per 31 December 2024
PLANTED HECTARES PER 31 DECEMBER 2024 Hectares 2024 Indonesia PNG Ivory Coast 100% Palm 71.951 13.550 0 85.500 Rubber 0 0 0 0 Bananas 0 0 1.257 1.257 Horticulture 0 0 0 0 Total planted 71.951 13.550 1.257 86.757 7
Slide 8: Planted hectares - South Sumatra
PLANTED HECTARES - SOUTH SUMATRA EVOLUTION OWN PALM HECTARES - SOUTH SUMATRA 30.000 25.000 20.000 15.000 10.000 5.000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 South Sumatra Group 8
Slide 9: Own CPO productions - South Sumatra
OWN CPO PRODUCTIONS - SOUTH SUMATRA EVOLUTION OWN CPO PRODUCED - SOUTH SUMATRA 180.000 160.000 140.000 120.000 100.000 80.000 60.000 40.000 20.000 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 South Sumatra Group 9
Slide 10: Evolution planted hectares palm
EVOLUTION PLANTED HECTARES PALM EVOLUTION OWN PALM HECTARES +235% 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0 Tolan Tiga Group Agro Muko Group Hargy Oil Palm Ltd. UMW Group South Sumatra Group 10
Slide 11: Evolution own CPO productions
EVOLUTION OWN CPO PRODUCTIONS 500.000 tons EVOLUTION OWN CPO PRODUCED 550.000 +381% 500.000 450.000 400.000 350.000 300.000 250.000 200.000 150.000 100.000 50.000 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 12: Evolution total CPO productions
EVOLUTION TOTAL CPO PRODUCTIONS Total CPO production 600.000 tons 600 000 30 582 31 235 31 341 31 177 29 602 27 637 24 966 500 000 166 636 172 589 175 322 175 835 21 609 157 558 144 593 16 267 129 033 103 066 400 000 84 120 57 366 57 682 57 245 56 284 56 439 56 503 56 019 55 600 60 058 55 004 300 00
Slide 13: Evolution turnover - equity - NFP - result
EVOLUTION TURNOVER - EQUITY – NFP - RESULT 1.000 800 600 Turnover In MUSD Equity 400 Net financial position Result, share of the Group 200 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -200 13
Slide 14: Summary
Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group - Prospects
Slide 15: Palm oil a leader in the vegetable oil market
PALM OIL A LEADER IN THE VEGETABLE OIL MARKET
Slide 16: Vegetable oil production
VEGETABLE OIL PRODUCTION 2024 261 MT 1994 93.1 MT 19% 32% 15% 5% 34% 9% 20% 5% 8% 11% 12% 23% 16 Source: Oilworld
Slide 17: Palm oil production in the world
PALM OIL PRODUCTION IN THE WORLD 2024 Palm oil production Total of 79,4 Mn tonnes 6% Indonesia 5% 2% 4% Malaysia Thailand 23% 60% Africa Middle & South America Other countries 17 Source: Oilworld
Slide 18: Land use for vegetable oils in hectares
LAND USE FOR VEGETABLE OILS IN HECTARES 350.000.000 300.000.000 250.000.000 200.000.000 150.000.000 100.000.000 50.000.000 0 1976 2001 2019 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
Slide 19: Palm oil myths
Palm oil myths As a demonstration a video will be played https://npo.nl/start/serie/alles-op- tafel/seizoen-1/alles-op-tafel_6/ The Connection to the world of Sustainable Tropical Agriculture 19
Slide 20: Resources used per vegetable oil
RESOURCES USED PER VEGETABLE OIL 20
Slide 21: Area of land needed to meet global vegetable demand per oil (2019)
AREA OF LAND NEEDED TO MEET TOTAL GLOBAL VEGETABLE DEMAND PER VEGETABLE OIL (2019) IN MILLION OF HECTARES Palm oil 77 Sunflower oil 312 Rapeseed 318 Soybean oil 478 Olive oil 818 Coconut oil 830 Groundnut oil 1.590 Cottonseed oil 1.860 Sesameseed oil 2.940 0 500 1.000 1.500 2.000 2.500 3.000 21 Sour
Slide 22: Future potential
Future potential
Slide 23: Oil and fat consumption per capita
OIL AND FAT CONSUMPTION PER CAPITA Oil and fat per capita consumtion (in Kg) 90 81,19 = 3 billion people 80 78,72 74,61 70 59,43 60 55,77 52,37 50 39,05 40 35,54 30,26 30 27,81 25,52 25,86 21,46 20,13 20 17,47 15,57 13,75 14,04 10 0 EU-28 USA China India Indonesia Pakistan Nigeria Brazil World 2022
Slide 24: Summary
Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group - Prospects
Slide 25: Group productions - crude palm oil
GROUP PRODUCTIONS – CRUDE PALM OIL Palm Oil Dec-24 Dec-23 Variance Own Tolan Tiga Group 63 551 64 044 -0,77% Umbul Mas Wisesa Group 33 827 34 832 -2,89% Agro Muko Group 76 658 82 490 -7,07% South Sumatra Group 60 058 50 202 19,63% Hargy Oil Palms 67 125 90 060 -25,47% Total own 301 219 321 629 -6,35
Slide 26: Monthly group productions - crude palm oil 2024
MONTHLY GROUP PRODUCTIONS – CRUDE PALM OIL 2024 45.000 40.000 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0 January February March April May June July August September October November December Mtd LY Mtd CY Est CY 26
Slide 27: HOPL recovery - 2023 planting (immature)
HOPL recovery – 2023 planting (immature) Nov 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Dec 2024 Jan 2025
Slide 28: HOPL recovery - 2014 planting (mature)
HOPL recovery– 2014 planting (mature) Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025
Slide 29: Group productions - bananas
GROUP PRODUCTIONS – BANANAS Bananas Dec-24 Dec-23 Variance Azaguie 9 922 11 702 -15,21% Agboville 8 938 8 003 11,68% Motobé 6 165 6 424 -4,03% Lumen 19 389 12 676 52,96% Akoudje 6 624 2 171 205,11% Total Bananas 51 038 40 976 24,56% 29
Slide 30: Bull and bear
BULL AND BEAR MDEX Rating Bullish inputs Bearish inputs Palm Oil Steady / - Palm stocks in Mal are tight at end - Palm oil is still too expensive correction of year, but likely growing a little. - Exports dropped off a cliff for Jan and Feb - Malaysia suffering floods - India taking less than 50% of
Slide 31: CPO prices 2023 - 2024
CPO PRICES 2023 – 2024 Crude Palm Oil in $/mt MDEX Source: Bursa Malaysia 1.150 1.100 1.050 1.000 950 900 850 800 750 700 January February March April May June July August September October November December 2024 2023 31
Slide 32: Spread crude palm oil - soybean oil
1.000 $ 1.200 $ 1.400 $ 1.600 $ 1.800 $ 2.000 $ 400 $ 600 $ 800 $ 2012M01 2012M04 2012M07 2012M10 2013M01 2013M04 2013M07 2013M10 2014M01 2014M04 2014M07 2014M10 2015M01 2015M04 2015M07 2015M10 2016M01 2016M04 2016M07 2016M10 2017M01 2017M04 2017M07 2017M10 CPO 2018M01 2018M04 2018M07 2018M10 2019M0
Slide 33: Summary
Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group - Prospects
Slide 34: December gross margin in KUSD
DECEMBER GROSS MARGIN IN KUSD Gross margin palm Gross margin bananas 45.000 42.807 450.000 405.380 40.000 396.270 400.000 35.000 350.000 32.290 30.000 300.000 25.000 250.000 200.000 20.000 156.774 149.632 150.000 15.000 100.000 10.000 40% 37% 5.83540% 50.000 5.000 4.271 14% 13% 0 0 2024 2023 2024 20
Slide 35: Income statement - December 2024 (1/2)
INCOME STATEMENT – DECEMBER 2024 (1/2) In KUSD Act. 2024 Act. 2023 Diff Gross margin Palm 156.774 149.632 7.141 Rubber -5.006 -5.861 855 Tea 118 139 -21 Bananas 5.835 4.271 1.564 Horticulture -37 86 -123 G&A including corporate -46.528 -44.799 -1.729 Other operating -657 4.509 -5.166 Operating resul
Slide 36: Income statement - December 2024 (2/2)
INCOME STATEMENT – DECEMBER 2024 (2/2) KUSD Act. 2024 Act. 2023 Diff Operating result 110.499 107.978 2.521 Finance income/charges -1.364 -270 -1.094 Exchange -5.277 1.108 -6.385 Financial result -6.640 839 -7.479 Profit before tax 103.859 108.817 -4.958 Tax -25.851 -31.128 5.277 Profit after tax 78
Slide 37: Balance sheet - December 2024
BALANCE SHEET – DECEMBER 2024 In KUSD (management presentation) 31/12/2024 31/12/2023 Biological assets (depreciated costs) - bearer plants 320 851 326 656 Goodwill 104 782 104 782 Other fixed assets 458 282 426 965 Receivables > 1 year 45 581 34 229 Assets held for sale 7 126 13 520 Net current ass
Slide 38: Cashflow - December 2024
CASHFLOW– DECEMBER 2024 In KUSD (management presentation) 31/12/2024 31/12/2023 Cash flow from operating activities before change in net working capital 162 900 162 768 Change in net working capital 1 768 16 080 Income taxes paid - 31 625 -56 216 Cash flow from operating activities after change in n
Slide 39: Evolution non-recurring net tax position
EVOLUTION NON-RECURRING NET TAX POSITION • The evolution of the net tax position can be split into: 2019 2020 2021 2022 2023 2024 Indonesia 7 908 409 -10 214 -3.242 6 877 5 906 PNG 6 635 6 907 -7 770 -28.690 -9 180 - 3 302 Europe + IC -236 -237 108 -408 -1 378 - 1 663 Total 14 307 7 079 -17 877 -32
Slide 40: Value per hectare
VALUE PER HECTARE Sensitivity December 2024 Stock price @ USD per hectare 40,00 4.543 50,00 5.842 60,00 7.142 70,00 8.441 80,00 9.740 90,00 11.039 BOOKVALUE PER HECTARE = 10 183 USD/Ha 40
Slide 41: Summary
Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group - Prospects
Slide 42: Prospects - 13/02/2025
PROSPECTS – 13/02/2025 ❖Production ➢ Strong 2025 expected due to recovering productions in Indonesia and PNG ➢ Significant pick-up expected in PNG as of May 2025 ➢ Favorable weather conditions in 2024 will contribute to crop improvements across regions ➢ 300.000 tons CPO production in Indonesia expe
Slide 43: Prospects - 13/02/2025
PROSPECTS – 13/02/2025 ❖Results ➢ 24% of the projected palm oil volume sold at USD 1 051 per tonne EMG ❑ PNG 62% at 1 098 USD /tonne EMG ❑ Indonesia 7% at 861 USD/tonne EMG ➢ Sales prices continue to be impacted by local export levy/taxes in Indonesia ➢ Unit production cost of palm remains under con
Slide 44: The Connection to the world of Sustainable Tropical Agriculture
The Connection to the world of Sustainable Tropical Agriculture 44