18 slides from First Resources Ltd. (singapore)'s earnings presentation, May 11, 2015
Slide 1: First Quarter 2015 Results Presentation
First Resources Limited First Quarter 2015 Results Presentation 11 May 2015 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 – 1Q2015
Executive Summary – 1Q2015 Weaker Financial Performance Net profit came in at US$27.7 million, a decrease of 38.5% EBITDA came in at US$53.4 million, a decrease of 20.7% Overall results impacted by lower palm oil prices and sales volumes Continued Production Growth Fresh fruit bunches (F
Slide 4: Financial Performance
mea, Financial Performance RESOURCES
Slide 5: Income Statement Highlights
Income Statement Highlights US$’ million 1Q2015 1Q2014 Change Sales 96.3 177.9 (45.9%) Cost of sales (38.2) (103.1) (62.9%) Gross profit 58.0 74.8 (22.4%) EBITDA(1) 53.4 67.4 (20.7%) Net profit attributable to owners of the Company 27.7 45.0 (38.5%) Gross profit margin 60.3% 42.0% EBITDA margin 55.5
Slide 6: Segmental Results
Segmental Results US$’ million 1Q2015 1Q2014 Change Sales Plantations and Palm Oil Mills 107.8 135.7 (20.6%) • Crude Palm Oil 92.9 122.1 (23.9%) • Palm Kernel 12.9 13.6 (4.9%) • Fresh Fruit Bunches 1.9 - n.m. Refinery and Processing 23.3 100.2 (76.8%) Inter-segment elimination (34.8) (58.0) (40.1%)
Slide 7: Segmental Sales and EBITDA – 1Q2015
Segmental Sales and EBITDA – 1Q2015 Sales EBITDA Refinery and Processing – 17.8% Refinery and Processing – 2.7% Plantations and Palm Oil Mills – 82.2% Plantations and Palm Oil Mills – 97.3% The Group’s Plantations and Palm Oil Mills segment remains the main contributor to EBITDA Note : Sales and E
Slide 8: Segmental Sales Volume
Segmental Sales Volume 1Q2015 1Q2014 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 147,567 164,871 (10.5%) • Palm Kernel 33,592 33,831 (0.7%) Refinery and Processing 41,848 128,370 (67.4%) Sales volumes decreased due to lower purchases of palm oil products from th
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 31 Mar 2015 31 Dec 2014 Total Assets 1,957.1 1,997.9 Cash and bank balances 356.6 350.9 Total Liabilities 880.3 882.1 Borrowings and debt securities(1) 540.3 583.1 Total Equity 1,076.9 1,115.8 Net Debt 183.7 232.2 Net Debt(2)/Total Equity 0.17x 0.21x Net Debt(2)
Slide 10: Operational Performance
aie Operational Performance RESOURCES
Slide 11: Production Highlights
Production Highlights 1Q2015 1Q2014 Change Production FFB harvested (tonnes) 580,563 501,074 15.8% • Nucleus 519,250 446,451 16.3% • Plasma 61,313 54,623 12.2% FFB purchased (tonnes) 68,974 76,317 (9.6%) CPO (tonnes) 145,220 131,474 10.5% PK (tonnes) 33,440 31,153 7.3% Efficiency FFB Yield (tonnes/h
Slide 12: Production Trends
Production Trends FFB Production ‘000 tonnes 800 695 700 616 591 594 600 519 448 446 477 500 395 400 300 200 49 62 64 55 49 81 74 61 100 42 0 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 FFB Nucleus FFB Plasma CPO Production ‘000 tonnes 195 200 174 173 170 175 135 145 150 127 131 1
Slide 13: Oil Palm Plantation Area
Oil Palm Plantation Area As at 31 Mar 2015 As at 31 Mar 2014 As at 31 Dec 2014 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 167,710 85% 152,498 86% 165,936 - Mature 125,062 64% 114,143 64% 114,377 - Immature 42,648 21% 38,355 22% 51,559 Planted Plasma 28,841 15% 25,720 14% 28,
Slide 14: Oil Palm Plantation Age Profile
Oil Palm Plantation Age Profile As at 31 Mar 2015 Age Profile Age Area (ha) % of Total Old 0-3 years (Immature) 51,687 26% 22% Immature 26% 4-7 years (Young) 52,690 27% 8-17 years (Prime) 49,090 25% Prime 25% ≥ 18 years (Old) 43,084 22% Young 27% Total 196,551 100% Weighted average age of ~ 9 years
Slide 15: Group Updates
aie Group Updates RESOURCES
Slide 16: Updates
Updates Increasing CPO milling capacity 13th CPO mill in Riau was commissioned in 1Q2015 14th CPO mill is under construction in West Kalimantan; expected to be ready in 2H2016 Outlook Weakness in crude oil and soybean oil prices, coupled with slowing demand in China, continued to exert pre
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 6602 0200 Fax: +65 6333 6711 Website: www.first-resources.com 18