First Resources Ltd. (singapore) · SGX:EB5
First Resources Ltd. (singapore) — First Resources — Q2 2013 Earnings Presentation
19 slides from First Resources Ltd. (singapore)'s earnings presentation, Aug 13, 2013
Slide 1: First Resources Limited Half Year and Second Quarter 2013 Results Presentation
First Resources Limited Half Year and Second Quarter 2013 Results Presentation 13 August 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 – 6M2013
Executive Summary – 6M2013 Satisfactory Financial Performance in a Weak Price Environment EBITDA increased by 3.5% to US$156.8 million Net profit increased by 1.6% to US$101.3 million Overall performance supported by realisation of forward sales and lower export taxes during the period Mod
Slide 4: Financial Performance
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Slide 5: Income Statement Highlights
Income Statement Highlights US$’ million 6M2013 6M2012 Change 2Q2013 2Q2012 Change Sales 294.3 317.5 (7.3%) 119.7 152.6 (21.6%) Cost of sales (117.7) (135.7) (13.3%) (48.1) (65.1) (26.0%) Gross profit 176.7 181.8 (2.8%) 71.5 87.5 (18.3%) EBITDA(1) 156.8 151.5 3.5% 63.1 71.2 (11.4%) Net profit attrib
Slide 6: Segmental Results
Segmental Results US$’ million 6M2013 6M2012 Change 2Q2013 2Q2012 Change Sales Plantations and Palm Oil Mills 265.7 250.3 6.1% 122.1 124.8 (2.2%) • Crude Palm Oil 247.8 222.8 11.2% 113.1 113.5 (0.3%) • Palm Kernel 17.9 27.5 (35.0%) 8.9 11.3 (20.9%) Refinery and Processing 84.4 137.9 (38.8%) 33.1 68.
Slide 7: Segmental Sales and EBITDA – 6M2013
Segmental Sales and EBITDA – 6M2013 Sales EBITDA Refinery and Processing – 24.1% Refinery and Processing – 7.4% Plantations and Palm Oil Mills – 75.9% Plantations and Palm Oil Mills – 92.6% The Group’s Plantations and Palm Oil Mills segment remains the main contributor to EBITDA Note : Sales and E
Slide 8: Segmental Sales Volume
Segmental Sales Volume 6M2013 6M2012 Change 2Q2013 2Q2012 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 269,133 244,434 10.1% 124,109 123,373 0.6% • Palm Kernel 57,040 59,068 (3.4%) 27,471 25,429 8.0% Refinery and Processing 93,015 126,456 (26.4%) 38,183 61,545 (38.
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 30 June 2013 31 Dec 2012 Total Assets 1,960.7 1,930.9 Cash and bank balances 277.3 404.7 Total Liabilities 762.7 773.3 Borrowings and debt securities(1) 519.9 538.2 Total Equity 1,198.0 1,157.6 Net Debt 242.5 133.4 Net Debt(2)/Total Equity 0.20x 0.12x Net Debt(2
Slide 10: Operational Performance
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Slide 11: Production Highlights
Production Highlights 6M2013 6M2012 Change 2Q2013 2Q2012 Change Production FFB harvested (tonnes) 934,500 939,638 (0.5%) 490,657 482,220 1.7% • Nucleus 842,989 838,069 0.6% 448,232 426,704 5.0% • Plasma 91,511 101,569 (9.9%) 42,425 55,516 (23.6%) FFB purchased (tonnes) 111,756 16,104 594.0% 59,593 1
Slide 12: Production Trends
Production Trends ’000 tonnes FFB Production 600 569 510 503 518 500 436 442 427 448 411 395 400 374 338 299 300 271 200 100 52 56 73 69 49 27 28 41 42 36 38 47 46 42 0 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 FFB Nucleus FFB Plasma ’000 tonne
Slide 13: Oil Palm Plantation Area
Oil Palm Plantation Area Investing for growth – added 15,389 ha in 6M2013 As at 30 June 2013 As at 30 June 2012 As at 31 Dec 2012 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 139,976 86.5% 116,365 85.3% 125,805 - Mature 104,415 64.5% 82,031 60.1% 85,888 - Immature 35,561 22.0%
Slide 14: Plantation Age Profile
Plantation Age Profile As at 30 June 2013 Age Profile Age Old Area (ha) % of Total 9% Prime Immature 0-3 years (Immature) 40,892 25% 35% 25% 4-7 years (Young) 50,602 31% 8-17 years (Prime) 56,678 35% ≥18 years (Old) 13,620 9% Young 31% Total 161,792 100% 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 Commissioned the kernel crushing plant in June 2013 Construction of new refinery on track, expected to be operational by 4Q2013 2013 new plantings Achieved 6,755 hectares of oil palm and 898 hectares of rubber Majori
Slide 17: Sustainability Updates
Sustainability Updates Certification updates and plans Awaiting the issuance of ISPO(1) certificate for two estates; several other estates will undergo ISPO assessment this year 44,483 ha of our estates, one refinery and bulking facility were granted ISCC(2) certifications Conducting High Co
Slide 18: 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 19: 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 19