18 slides from First Resources Ltd. (singapore)'s earnings presentation, Nov 13, 2013
Slide 1: Nine Months and Third Quarter 2013 Results Presentation
First Resources Limited Nine Months and Third Quarter 2013 Results Presentation 13 November 2013 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 – 9M2013
Executive Summary – 9M2013 Stable Financial Performance EBITDA decreased by 1.5% to US$242.6 million Net profit decreased by 6.9% to US$152.7 million Overall performance affected by lower average selling prices and foreign exchange (FX) losses Recovery in Nucleus Production Nucleus fresh
Slide 4: Financial Performance
mea, Financial Performance RESOURCES
Slide 5: Income Statement Highlights
Income Statement Highlights US$’ million 9M2013 9M2012 Change 3Q2013 3Q2012 Change Sales 447.4 469.3 (4.7%) 153.0 151.8 0.8% Cost of sales (173.8) (179.3) (3.0%) (56.2) (43.5) 29.0% Gross profit 273.5 290.0 (5.7%) 96.9 108.2 (10.5%) EBITDA(1) 242.6 246.3 (1.5%) 85.8 94.8 (9.5%) Net profit attributab
Slide 6: Segmental Results
Segmental Results US$’ million 9M2013 9M2012 Change 3Q2013 3Q2012 Change Sales Plantations and Palm Oil Mills 414.5 374.5 10.7% 148.8 124.2 19.8% • Crude Palm Oil 384.3 334.8 14.8% 136.5 111.9 22.0% • Palm Kernel 30.2 39.8 (24.2%) 12.3 12.3 0.2% Refinery and Processing 123.2 206.4 (40.3%) 38.8 68.5
Slide 7: Segmental Sales and EBITDA – 9M2013
Segmental Sales and EBITDA – 9M2013 Sales EBITDA Refinery and Processing – 22.9% Refinery and Processing – 6.0% Plantations and Palm Oil Mills – 77.1% Plantations and Palm Oil Mills – 94.0% The Group’s Plantations and Palm Oil Mills segment remains the main contributor to EBITDA Note : Sales and E
Slide 8: Segmental Sales Volume
Segmental Sales Volume 9M2013 9M2012 Change 3Q2013 3Q2012 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 430,945 373,151 15.5% 161,812 128,717 25.7% • Palm Kernel 93,818 91,305 2.8% 36,778 32,237 14.1% Refinery and Processing 141,580 186,406 (24.0%) 48,565 59,950 (19
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 30 Sept 2013 31 Dec 2012 Total Assets 1,757.5 1,930.9 Cash and bank balances 242.5 404.7 Total Liabilities 734.4 773.3 Borrowings and debt securities(1) 492.8 538.2 Total Equity 1,023.1 1,157.6 Net Debt 250.3 133.4 Net Debt(2)/Total Equity 0.24x 0.12x Net Debt(2
Slide 10: Operational Performance
aie Operational Performance RESOURCES
Slide 11: Production Highlights
Production Highlights 9M2013 9M2012 Change 3Q2013 3Q2012 Change Production FFB harvested (tonnes) 1,612,016 1,581,825 1.9% 677,516 642,187 5.5% • Nucleus 1,458,592 1,407,066 3.7% 615,603 568,997 8.2% • Plasma 153,424 174,759 (12.2%) 61,913 73,190 (15.4%) FFB purchased (tonnes) 196,514 51,214 283.7%
Slide 12: Production Trends
Production Trends ‘000 tonnes FFB Production 700 616 600 569 510 503 518 500 436 442 427 448 411 395 374 400 338 271 299 300 200 47 52 46 56 73 69 49 62 100 27 28 41 42 36 38 42 0 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 FFB Nucleus FFB
Slide 13: Oil Palm Plantation Area
Oil Palm Plantation Area Investing for growth – added 19,473 ha in 9M2013 As at 30 Sept 2013 As at 30 Sept 2012 As at 31 Dec 2012 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 144,207 87% 118,300 85% 125,805 - Mature 104,415 63% 82,031 59% 85,888 - Immature 39,792 24% 36,269 26
Slide 14: Oil Palm Plantation Age Profile
Oil Palm Plantation Age Profile As at 30 Sept 2013 Age Profile Age Old Area (ha) % of Total 8% Prime Immature 34% 0-3 years (Immature) 44,976 27% 27% 4-7 years (Young) 50,602 31% 8-17 years (Prime) 56,678 34% ≥18 years (Old) 13,620 8% Young 31% Total 165,876 100% Weighted average age of ~ 8 years 14
Slide 15: Group Updates
aie Group Updates RESOURCES
Slide 16: Operational Updates
Operational Updates Integrated Processing Complex at Bangsal Aceh, Riau Completion of new refinery on track, expected to be operational towards end of 4Q2013 2013 New Plantings New plantings target on track Achieved 10,839 hectares of oil palm and 1,571 hectares of rubber New plantings w
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