16 slides from First Resources Ltd. (singapore)'s earnings presentation, May 14, 2014
Slide 1: First Quarter 2014 Results Presentation
First Resources Limited First Quarter 2014 Results Presentation 14 May 2014 I Singapore Delivering Growth and Returns
Slide 2: Table of Contents
Table of Contents Executive Summary 3 Financial Performance 4 Operational Performance 10 2
Slide 3: Executive Summary – 1Q2014
Executive Summary – 1Q2014 Good Financial Performance Net profit came in at US$45.0 million, a decrease of 29.2% EBITDA came in at US$67.4 million, a decrease of 28.1% Declined compared to same period last year due to exceptionally strong 1Q2013 performance which was boosted by higher averag
Slide 4: Financial Performance
mea, Financial Performance RESOURCES
Slide 5: Income Statement Highlights
Income Statement Highlights US$’ million 1Q2014 1Q2013 Change Sales 177.9 174.6 1.9% Cost of sales (103.1) (69.5) 48.3% Gross profit 74.8 105.1 (28.9%) EBITDA(1) 67.4 93.7 (28.1%) Net profit attributable to owners of the Company 45.0 63.6 (29.2%) Gross profit margin 42.0% 60.2% EBITDA margin 37.9% 5
Slide 6: Segmental Results
Segmental Results US$’ million 1Q2014 1Q2013 Change Sales Plantations and Palm Oil Mills 135.7 143.6 (5.5%) • Crude Palm Oil 122.1 134.7 (9.3%) • Palm Kernel 13.6 8.9 52.0% Refinery and Processing 100.2 51.3 95.1% Inter-segment elimination (58.0) (20.3) 185.6% 177.9 174.6 1.9% EBITDA Plantations and
Slide 7: Segmental Sales and EBITDA – 1Q2014
Segmental Sales and EBITDA – 1Q2014 Sales EBITDA Refinery and Processing – 42.5% Refinery and Processing – 4.3% Plantations and Palm Oil Mills – 57.5% Plantations and Palm Oil Mills – 95.7% The Group’s Plantations and Palm Oil Mills segment remains the main contributor to EBITDA Note : Sales and E
Slide 8: Segmental Sales Volume
Segmental Sales Volume 1Q2014 1Q2013 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 164,871 145,024 13.7% • Palm Kernel 33,831 29,569 14.4% Refinery and Processing 128,370 54,832 134.1% Sales volumes increased, mainly driven by higher production volumes as well as
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 31 Mar 2014 31 Dec 2013 Total Assets 1,940.7 1,780.3 Cash and bank balances 311.2 272.2 Total Liabilities 768.2 740.1 Borrowings and debt securities(1) 492.5 489.7 Total Equity 1,172.5 1,040.1 Net Debt 181.3 217.6 Net Debt(2)/Total Equity 0.15x 0.21x Net Debt(2)
Slide 10: Operational Performance
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Slide 11: Production Highlights
Production Highlights 1Q2014 1Q2013 Change Production FFB harvested (tonnes) 501,074 443,843 12.9% • Nucleus 446,451 394,757 13.1% • Plasma 54,623 49,086 11.3% FFB purchased (tonnes) 76,317 52,163 46.3% CPO (tonnes) 131,474 114,898 14.4% PK (tonnes) 31,153 26,617 17.0% Efficiency FFB Yield (tonnes/h
Slide 12: Production Trends
Production Trends FFB Production ‘000 tonnes 700 616 569 591 600 518 500 427 448 446 411 395 400 300 200 46 56 73 69 49 62 64 55 100 42 0 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 FFB Nucleus FFB Plasma ‘000 tonnes CPO Production 200 174 173 175 155 145 150 127 131 125 110 115 1
Slide 13: Oil Palm Plantation Area
Oil Palm Plantation Area Investing for growth – added 7,622 ha in 1Q2014 As at 31 Mar 2014 As at 31 Mar 2013 As at 31 Dec 2013 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 152,498 86% 137,476 87% 148,727 - Mature 114,143 64% 104,415 66% 104,493 - Immature 38,355 22% 33,061 21%
Slide 14: Plantation Age Profile
Plantation Age Profile As at 31 Mar 2014 Age Profile Age Area (ha) % of Total Old 14% 0-3 years (Immature) 46,182 26% Immature 26% 4-7 years (Young) 50,624 28% Prime 32% 8-17 years (Prime) 56,618 32% ≥ 18 years (Old) 24,794 14% Young 28% Total 178,218 100% Weighted average age of ~ 8 years 14
Slide 15: 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 16: 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 16