First Resources Ltd. (Singapore) · SGX:EB5
First Resources Ltd. (Singapore) — First Resources — Q2 2014 Earnings Presentation
18 slides from First Resources Ltd. (Singapore)'s earnings presentation, Aug 13, 2014
Slide 1: Second Quarter 2014 Results Presentation
First Resources Limited Second Quarter 2014 Results Presentation 13 August 2014 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 – 6M2014
Executive Summary – 6M2014 Modest Financial Performance Net profit came in at US$71.1 million, a decrease of 29.8% EBITDA came in at US$125.7 million, a decrease of 19.8% Weaker performance recorded as compared to same period last year due to strong 1H2013 performance, which was boosted by h
Slide 4: Financial Performance
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Slide 5: Income Statement Highlights
Income Statement Highlights US$’ million 6M2014 6M2013 Change 2Q2014 2Q2013 Change Sales 290.1 294.3 (1.4%) 112.2 119.7 (6.3%) Cost of sales (154.4) (117.7) 31.2% (51.2) (48.1) 6.4% Gross profit 135.7 176.7 (23.2%) 60.9 71.5 (14.8%) EBITDA(1) 125.7 156.8 (19.8%) 58.3 63.1 (7.6%) Net profit attributa
Slide 6: Segmental Results
Segmental Results US$’ million 6M2014 6M2013 Change 2Q2014 2Q2013 Change Sales Plantations and Palm Oil Mills 244.5 265.7 (8.0%) 108.8 122.1 (10.9%) • Crude Palm Oil 215.0 247.8 (13.2%) 92.9 113.1 (17.9%) • Palm Kernel 27.3 17.9 52.5% 13.7 8.9 53.1% • Fresh Fruit Bunches 2.2 - n.m. 2.2 - n.m. Refine
Slide 7: Segmental Sales and EBITDA – 1H2014
Segmental Sales and EBITDA – 1H2014 Sales EBITDA Refinery and Processing – 41.6% Refinery and Processing – 14.5% Plantations and Palm Oil Mills – 58.4% Plantations and Palm Oil Mills – 85.5% The Group’s Plantations and Palm Oil Mills segment remains the main contributor to EBITDA Note : Sales and
Slide 8: Segmental Sales Volume
Segmental Sales Volume 6M2014 6M2013 Change 2Q2014 2Q2013 Variance Sales Volume (tonne) Plantations and Palm Oil Mills(1) • Crude Palm Oil 297,288 269,133 10.5% 132,417 124,109 6.7% • Palm Kernel 61,494 57,040 7.8% 27,663 27,471 0.7% Refinery and Processing 226,814 93,015 143.8% 98,444 38,183 157.8%
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 30 June 2014 31 Dec 2013 Total Assets 1,829.4 1,780.3 Cash and bank balances 211.4 272.2 Total Liabilities 749.0 740.1 Borrowings and debt securities(1) 501.3 489.7 Total Equity 1,080.4 1,040.1 Net Debt 290.0 217.6 Net Debt(2)/Total Equity 0.27x 0.21x Net Debt(2
Slide 10: Operational Performance
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Slide 11: Production Highlights
Production Highlights 6M2014 6M2013 Change 2Q2014 2Q2013 Change Production FFB harvested (tonnes) 1,026,287 934,500 9.8% 525,213 490,657 7.0% • Nucleus 923,110 842,989 9.5% 476,659 448,232 6.3% • Plasma 103,177 91,511 12.7% 48,554 42,425 14.4% FFB purchased (tonnes) 163,627 111,756 46.4% 87,310 59,5
Slide 12: Production Trends
Production Trends FFB Production ‘000 tonnes 700 616 569 591 600 518 448 477 500 427 446 411 395 400 300 200 46 56 73 69 49 62 64 55 49 100 42 0 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 FFB Nucleus FFB Plasma ‘000 tonnes CPO Production 200 174 173 175 155 145 135 150 127
Slide 13: Oil Palm Plantation Area
Oil Palm Plantation Area Investing for growth – added 13,325 ha in 1H2014 As at 30 June 2014 As at 30 June 2013 As at 31 Dec 2013 Area (ha) % of Total Area (ha) % of Total Area (ha) Planted Nucleus 157,045 85% 139,976 87% 148,727 - Mature 114,143 62% 104,415 65% 104,493 - Immature 42,902 23% 35,561
Slide 14: Plantation Age Profile
Plantation Age Profile As at 30 June 2014 Age Profile Age Area (ha) % of Total Old 13% 0-3 years (Immature) 51,885 28% Immature 28% 4-7 years (Young) 50,624 28% Prime 31% 8-17 years (Prime) 56,618 31% ≥ 18 years (Old) 24,794 13% Young 28% Total 183,921 100% Weighted average age of ~ 8 years 14
Slide 15: Group Updates
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Slide 16: Group Updates
Group Updates Outlook Palm oil prices have been weak due to slower growth in demand and price pressures from other competing edible oils Long-term fundamentals of the palm oil industry remains favorable with higher biodiesel blending mandate in Indonesia and demand growth from emerging markets
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