Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Halcyon Agri — FY2022 Earnings Presentation
20 slides from Singapore Exchange's earnings presentation, Feb 28, 2023
Slide 1: H2 and FY 2022 Results Presentation
H2 and FY 2022 Results Presentation 28 February 2023
Slide 2: Important Notice
Important Notice This presentation has been prepared by Halcyon Agri Corporation 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 ar
Slide 3: Natural rubber market situation since 2019
Natural rubber market situation since 2019 Movement of TSR20 prices since 2019 2,200 2019 2020 2021 2022 Dec 20: Mar 22: Oil prices Feb 20: COVID-19 spiked to 2,000 US stock market vaccine 13-year high plummeted over Mar 20: officially Oct 22: EU Dec 22: FED Jan 19: COVID-19 fears COVID-19 approved
Slide 4: Financial Highlights
Financial Highlights
Slide 5: FY2022 key financial highlights
FY2022 key financial highlights (Year-on-year comparison against FY2021) Volume Average selling price Gross profit 1,436,012 mT US$1,875 US$170.8m +9.4% Maintained ASP uptrend +4.8% Pre-tax profit US$7.1m Maintained profitability amid challenging macroeconomic environment Term debt EBITDA Operating
Slide 6: FY2022 results review – maintained profitability
FY2022 results review – maintained profitability For the full year ended 31 December FY2022 FY2021 ▲% Factors • Volumes continued its steady momentum, on the back of increasing Sales volume (mT) 1,436,012 1,313,193 9.4% downstream demand Average selling price (US$/mT) 1,875 1,873 0.1% • In line with
Slide 7: H2 2022 results review – continued momentum
H2 2022 results review – continued momentum For the half year ended 30 June H2 2022 H2 2021 ▲% Factors • The Group's sales volume improved due to quicker realisation of Sales volume (mT) 795,655 682,945 16.5% contractual volumes, as part of our working capital management strategy Average selling pri
Slide 8: Overview of Group's performance
Overview of Group’s performance Sales volume (MT) 1,313,193 1,436,012 795,655 630,248 682,945 640,357 H1 2021 H2 2021 H1 2022 H2 2022 FY2021 FY2022 EBITDA by segment (US$m) 67.4 64.2 46.3 31.3 36.1 17.9 3.6 0.9 10.5 30.9 48.7 6.6 19.1 20.5 11.8 28.2 44.3 25.7 22.4 31.3 18.6 8.9 (6.9) (9.0) (5.7) (7.
Slide 9: Halcyon Rubber Company (HRC)
Halcyon Rubber Company (HRC) Revenue (US$m)1 Sales Volume (mT)1 2,000 1,028.7 639,588 • As the preferred supplier, 549,341 969.6 508,128 515,236 HRC steady sales volume 1,500 946.3 in H2 2022 reflected the 1,000 Group’s sturdy customer 867.3 base. 500 • Amid macro uncertainty, 0 HRC is combating the
Slide 10: CMC International (CMCI)
CMC International (CMCI) Revenue (US$m)1 Sales Volume (mT)1 3,000 411.2 181,384 384.3 388.6 162,611 2,500 326.9 148,616 150,406 2,000 1,500 1,000 500 • Our market leadership and global connectivity enabled 0 H1 2021 H2 2021 H1 2022 H2 2022 H1 2021 H2 2021 H1 2022 H2 2022 us to serve our customers AS
Slide 11: CMC Plantations (CMCP)
CMC Plantations (CMCP) Revenue (US$m)1 Sales Volume (mT)1 2,500 30.7 2,000 25.0 19.9 1,500 14.7 • CMCP’s H2 2022 volume 1,000 largely improved, mainly 500 attributed to its tappings in new matured areas. - H1 2021 H2 2021 H1 2022 H2 2022 ASP (US$ per MT) • Excluding the effect of US$12.1m from vario
Slide 12: Balance sheet overview
Balance sheet overview US$ in millions 31-Dec-22 30-Jun-22 31-Dec-21 Assets partially funded by debt Total net working capital employed 740.2 774.8 724.1 Net working capital assets 555.7 664.7 627.2 Cash and cash equivalents 118.7 49.9 33.4 Loans receivable 64.4 60.2 63.5 Working capital loans 679.1
Slide 13: Cash flow
Cash flow Half year ended 31 Dec Full year ended 31 Dec US$m 2022 2021 2022 2021 Operating cash flows before working capital changes 27.5 19.7 56.0 40.8 Changes in working capital 58.4 (43.5) 9.2 (73.6) Interest received 0.9 0.3 0.9 0.8 Tax payment (1.9) (0.8) (4.7) (1.6) Net cash flow from operatin
Slide 14: Business and Strategic Highlights
Business and Strategic Highlights
Slide 15: Plantations business – H2 2022 highlights
Plantations business – H2 2022 highlights Group Plantation Profile1 (ha) Plantation yields2 (mT) Plantation Capex3 (US$m) Cumulative total since 31,420 13,404 13,946 H1 2019 964 121.8 1,216 17.7 16.5 15.6 Hectares (ha) 19,213 7,639 14.0 6,631 6,833 541 5,883 11.4 588 12,188 12,982 3,836 9.2 2,887 4,
Slide 16: Strategic development overview in FY2022
Strategic development overview in FY2022 1 2 Strengthened our industry leadership in ESG Creation of fully independent natural rubber digital platform • We have defined our Sustainability Performance Targets for HRC Group, surrounding energy and • Following a series of corporate exercise with water
Slide 17: Strategic entry of Hainan Rubber
Strategic entry of Hainan Rubber Mandatory General Cash Offer (“MGO”) Formal MGO launched on 3 February 2023 • In February 2023, China Rubber Investment Group Company Limited, a direct wholly-owned subsidiary of China Hainan Rubber Industry Group Co., Ltd (“Hainan Rubber”) completed its acquisition
Slide 18: Industry Outlook
Industry Outlook
Slide 19: NR Industry Outlook: Underlying Supply & Demand Dynamics
NR Industry Outlook: Underlying Supply & Demand Dynamics Positive Factors Counteracting Factors • The reopening of China’s economy with positive cross-border • Interest rates hikes, recession concerns, inflationary spillovers. environment and geopolitical tensions with downside risks may limit the a
Slide 20: Thank you!
Thank you! Follow us on social media! Linkedin: Halcyon Agri Twitter: @HalcyonAgri Wechat: HalcyonAgri Visit us: www.halcyonagri.com Email us: investor@halcyonagri.com