First Resources Ltd. (singapore) · SGX:EB5
First Resources Ltd. (singapore) — First Resources — FY2010 Earnings Presentation
21 slides from First Resources Ltd. (singapore)'s earnings presentation, Mar 1, 2011
Slide 1: Full Year and Fourth Quarter 2010 Results Presentation
First Resources Limited Full Year and Fourth Quarter 2010 Results Presentation 1 March 2011 | Singapore Delivering Growth and Returns
Slide 2: Executive Summary: Financials
Executive Summary Financials Significant EBITDA Growth as Group Benefits from Robust Prices Record-high EBITDA of US$203.7 million in FY2010, an increase of 67.2% (FY2009: US$121.9 million) EBITDA margin increased to 61.8% in FY2010 (FY2009: 55.7%) Average selling prices of CPO and PK signif
Slide 3: Executive Summary: Operations
Executive Summary Operations Record FFB and CPO production volumes Strong production volumes in 2H2010 more than offset the initial decline in 1H2010 CPO extraction rate of 23.6% is still one of the highest in the industry Underperformed 10% y-o-y growth target due to tree stress and weather
Slide 4: Executive Summary: Capital Management
Executive Summary Capital Management Dividend Proposed final dividend of 1.90 Singapore cents per share Interim dividend of 1.00 Singapore cents per share paid in September 2010 Dividend Payout History since IPO FY2010 FY2009 FY2008 Interim Dividend Per Share (Singapore cents) 1.00 1.00 1.40 F
Slide 5: Financial Highlights
mee Financial Highlights RESOURCES
Slide 6: Income Statement Highlights
Income Statement Highlights US$ million FY2010 FY2009 Change 4Q2010 4Q2009 Change Sales 329.9 218.9 50.7% 117.7 67.2 75.1% Gross profit 212.2 130.5 62.6% 76.5 42.8 78.9% Gains arising from changes in fair 49.5 44.3 11.8% 49.5 44.3 11.8% value of biological assets Profit from operations 237.0 156.4 5
Slide 7: Review of Key Performance Metrics
Review of Key Performance Metrics Performance Metrics FY2010 FY2009 Change Unit Cash Cost of Production, Ex-Mill(1) US$221 US$176 - Per tonne of Nucleus CPO produced Unit G&A Expenses US$44 US$45 - Per tonne of Nucleus CPO produced Unit EBITDA US$596 US$369 - Per tonne of Nucleus CPO produced Unit E
Slide 8: Balance Sheet Highlights
Balance Sheet Highlights US$ million 31 Dec 2010 31 Dec 2009 Total Assets 1,235.1 1,012.6 Cash and bank balances 209.0 179.6 Total Liabilities 490.2 419.8 Interest Bearing Debts(1) 305.7 285.3 Total Equity 744.9 592.8 Net Debt(2)/Total Equity 0.13x 0.18 x Net Debt(2)/EBITDA 0.47x 0.85 x EBITDA/Inter
Slide 9: Operational Highlights
Operational Highlights RESOURCES
Slide 10: Production Highlights
Production Highlights FY2010 FY2009 Change 4Q2010 4Q2009 Change Production FFB Total (tonne) 1,584,910 1,544,332 2.6% 484,607 445,081 8.9% FFB Nucleus 1,447,595 1,393,384 3.9% 442,273 401,544 10.1% FFB Plasma 137,315 150,948 (9.0%) 42,333 43,537 (2.8%) CPO (tonne) 376,922 368,631 2.2% 116,288 108,34
Slide 11: Production Trends
Production Trends FFB Production ‘000 tonnes 500 442 436 402 400 371 322 300 299 300 271 200 100 38 44 41 42 32 37 27 28 0 1Q2009 2Q2009 3Q2009 4Q2009 1Q2010 2Q2010 3Q2010 4Q2010 FFB Nucleus FFB Plasma CPO Production ‘000 tonnes 125 116 108 109 98 100 85 77 80 72 75 50 25 0 1Q2009 2Q2009 3Q2009 4Q20
Slide 12: Plantation Area
Plantation Area Investing for growth – added 11,913 ha in 2010 As at 31 Dec 2010 As at 31 Dec 2009 Change Area (ha) % of Total Area (ha) Area (ha) Planted Nucleus 107,664 89% 96,858 10,806 - Mature 69,404 57% 63,684 5,720 - Immature 38,260 32% 33,174 5,086 Planted Plasma 13,166 11% 12,059 1,107 - Ma
Slide 13: Consistent and Disciplined Expansion
Consistent and Disciplined Expansion Growth in Planted Area CPO Production ‘000 ‘000 tons hectares 120 400 100 300 80 60 200 40 100 20 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Strategy of consistent and disciplined planting a key driver to sustainable production growth 13
Slide 14: Age Profile
Age Profile As at 31 Dec 2010 Age Area (Ha) % of Total 0-3 years (Immature) 42,203 35% 4-7 years (Young) 23,754 20% 8-17 years (Prime) 53,375 44% ≥ 18 years (Old) 1,498 1% Total 120,830 100% Weighted average age of ~ 8 years 14
Slide 15: Group Updates
Group Updates RESOURCES
Slide 16: Capital Investments in FY2011
Capital Investments in FY2011 Target new plantings of ~15,000 ha Mainly in West Kalimantan province Maintenance of ~ 34,200 ha of immature plantations New CPO Mills Completion of 9th mill in Riau (45 tonne/hour capacity) Start construction of 10th and 11th mill, one in Riau and one in We
Slide 17: Group Updates: Acquisition of Landbank in East Kalimantan
Group Updates Acquisition of landbank in East Kalimantan Group looking to acquire sizeable land concessions, located in East Kalimantan to support future planting programme Land concessions located in zone designated for plantation development (Areal Penggunaan Lain or APL) Completion of the
Slide 18: Group Updates: Placement by Eight Capital
Group Updates Placement by Company and controlling shareholder, Eight Capital Placement was done on 19 Jan 2011 Aimed at increasing free float, improving trading liquidity and broadening institutional shareholding base Shareholding structure post placement as follows (as at 28 Feb 2011) No.
Slide 19: 5-Year Strategy: Focused on our Core Expertise
5-Year Strategy: Focused on our Core Expertise Expand To continue a disciplined and diligent planting programme – key to Plantation ensuring sustainable production growth Footprint Long-term target of producing one million tonnes of CPO per annum To maintain our low-cost structure through best
Slide 20: 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 21: Contact Information
Contact Information For 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 6788 Fax: +65 6333 6711 Website: www.first-resources.com 21