First Resources Ltd. (singapore) · SGX:EB5
First Resources Ltd. (singapore) — First Resources — FY2008 Earnings Presentation
22 slides from First Resources Ltd. (singapore)'s earnings presentation, Feb 27, 2009
Slide 1: Performance Presentation Full Year ended 31 Dec 2008
First Resources Limited P f Performance P Presentation t ti Full Year ended 31 Dec 2008 (“FY2008”) 27 Februaryy 2009 Singapore
Slide 2: Table of Contents
Table of Contents Notes to Presentation 3 FY2008 Fi Financial i l Performance P f 4 FY2008 Operational Performance 13 Outlook, Strategy and Company Updates 18 2
Slide 3: Notes on this Presentation
Notes on this Presentation We use Singapore Financial Reporting Standards for reporting Acquisitions in 2007 ¾ For FY2008, income statements included the results of PT Meridan Sejatisurya Plantation (PT MSSP), which effectively became a 94%-owned subsidiary after acquisitions of additional inter
Slide 4: FY2008 Financial Performance
FY2008 Financial Performance
Slide 5: FY2008 Executive Summary
FY2008 Executive Summary Net Profit EBITDA Gross Profit: Rp 1,860.5 bn. (US$ 191.5 mn.(1)) Rp bn EBITDA: Rp 1,790.8 bn. (US$ 184.3 mn.(1)) 2,000.00 , 1,790.8 Net Profit(2) : Rp 1,091.8 bn. (US$ 112.4 mn.(1)) 1,500.00 1 091 8 1,091.8 Gross Margin : 66.9% 1,000.00 897.3 EBITDA Margin : 64.3% 431.3 500
Slide 6: Income Statement Highlights
Income Statement Highlights Rp’ billion FY2008 FY2007 Change Revenue 2,782.9 1,691.4 64.5% Gross Profit 1 860 5 1,860.5 925 1 925.1 101 1% 101.1% Gains from Changes in Fair Value of Biological 377.7 156.5 141.2% Assets EBITDA 1 790 8 1,790.8 897 3 897.3 99 6% 99.6% Profit for the Period 1,151.6 626.
Slide 7: Continued Strong Growth In Profits and EBITDA
Continued Strong Growth In Profits and EBITDA Net Profit(1) and Net Underlying Profit(2) EBITDA Rp Billion Rp Billion Net Profit Net Underlying Profit 1,790.8 1,800 1,780 1,600 1,580 1,400 1,380 1,200 1,180 1,091.8 1,000 , 897.3 980 832.3 800 780 600 580 431.3 392.2 343.6 400 380 243.9 222.8 227.3 9
Slide 8: Summary of Significant Items in FY2008 Results
Summary of Significant Items in FY2008 Results The following items were booked in FY2008’s income statement Gains of Rp377.7 billion from changes in fair valuation of biological assets ¾ Due to adoption of income approach valuation for immature plantations (improvement in FRS 41) and additional ne
Slide 9: Review of FY2008 Performance
Review of FY2008 Performance B tt results Better lt ffrom operations ti due d tot ¾ increase in average selling prices; benefitted from forward CPO sales in early 2008 ¾ maintained ex-mill cash cost(1) of production for nucleus CPO at approximately USD200/ton ¾ i increase iin FFB FFB, CPO and d PK
Slide 10: FY2008 Sales Breakdown
FY2008 Sales Breakdown By Product By Domestic/Export PK Others 11.1% 0.0% Domestic Export 52.3% 47.7% CPO 88.9% Rp’ million Rp’ million CPO 2,472,070 Export 1,326,375 PK 309,522 Domestic 1,456,573 Others 1,356 Total 2,782,948 Total 2,782,948 10
Slide 11: Balance Sheet Highlights
Balance Sheet Highlights Low gearing & healthy cash balance Rp’ billion 31 Dec 2008 31 Dec 2007 Total Assets 7,812.3 6,246.7 Cash and cash equivalents 1 092 1 1,092.1 1 558 1 1,558.1 Total Liabilities 3,483.0 2,940.1 Interest Bearing Debts(1) 2,015.5 1,970.4 Total Equity Attributable to Equity Holde
Slide 12: Financial Debt Profile
Financial Debt Profile Low refinancing risk in the next 2 years Rp’ billion 31 Dec 2008 31 Dec 2007 10.75% USD Notes due 2011 1,502.8 1,456.0 11 5% Rupiah bond due 2012 11.5% 493 7 493.7 490 3 490.3 Total Financial Debt 1,996.5 1,946.3 Less Cash & Cash Equivalents 1,092.1 1,558.1 Net Financial Debt
Slide 13: FY2008 Operational Performance
FY2008 Operational Performance
Slide 14: Operational Highlights
Operational Highlights FY2008 FY2007 Ch Change Production FFB Total (ton) 1,403,794 1,266,762 10.8% FFB Nucleus 1,243,747 1,131,179 10.0% FFB Plasma 160,047 135,583 18.0% CPO (ton) 322 678 322,678 278 340 278,340 15 9% 15.9% PK (ton) 76,332 63,470 20.3% Efficiency FFB Yield (ton/ha) 22.42 21.80 CPO
Slide 15: 5 Year Operational Track Record
5 Year Operational Track Record 5-Year FFB Production CPO Production ‘000 tons ‘000 tons 1,600 1,403.8 400 1,266.8 322.7 1 120 8 1,120.8 278 3 278.3 1,200 949.5 300 852.6 227.3 184.1 194.2 800 200 400 100 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 FFB Yield per Mature Hectare CPO Extracti
Slide 16: Plantation Area Statistics as at 31 Dec 2008
Plantation Area Statistics as at 31 Dec 2008 8,887 new hectares added in FY2008 Description Area (ha) % of Total Planted Area Profile 84,076 88.3% Plasma Plasma Planted Nucleus Immature Mature 4% Mature 54,915 57.7% 8% Nucleus Immature Immature 29,161 30.6% 30% Planted Plasma 11 165 11,165 11 7% 11.
Slide 17: Plantation Maturity Profile as at 31 Dec 2008
Plantation Maturity Profile as at 31 Dec 2008 Age Area (ha) % of Total Age Profile Old 0-3 years (Immature) 32,625 34.3% 0.0% Prime Immature 55.7% 34.3% 4-7 years (Young) 9,583 10.0% 8-17 years (Prime) 53 033 53,033 55 7% 55.7% ≥18 years (Old) - 0.0% Young 10.0% Total 95,241 100.0% Average plantatio
Slide 18: Outlook, Strategy & Company Updates
Outlook, Strategy & Company Updates
Slide 19: Outlook and Strategy
Outlook and Strategy While CPO prices Whil i expected t d tto b be llower iin 2009 versus 2008 2008, 2009 average expected to be comfortably above cash cost of production ¾ Expect consumption-based demand for CPO to remain resilient ¾ Low crude oil prices suggests insignificant contribution from b
Slide 20: Company Updates
Company Updates 2009 Capital C it l Expenditure E dit (Capex) (C ) ¾ New planting target of 8,000-12,000 hectares; continual reviews through FY2009 to balance between maintaining sufficient liquidity and achieving growth targets ¾ Continue maintenance programme of immature plantations ¾ Minimal ex
Slide 21: Disclaimer
Disclaimer The information Th i f ti contained t i d in i this thi document d t has h nott beenb i d independently d tl verified. ifi d No N representation t ti or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of t
Slide 22: Contact Us
Contact Us If you need d further f th information, i f ti please l contact: t t Serene Lim Investor Relations Manager Email: serene.lim@first-resources.com / investor@first-resources.com First Resources Limited 8 Temasek Boulevard #36-02 Suntec Tower Three Singapore 038988 Tel: +65 6333 6788 Fax: +6