Last checked at 24 May 2010 15:35
24 May 2010
Anglo-Eastern Plantations PLC
("AEP" or "Group")
AGM Statement and Proxy Votes Received
The twenty-fifth Annual General Meeting of Anglo-Eastern Plantations Plc, which owns approximately 141,000 hectares of plantation land, primarily in Indonesia, and operates approximately 45,000 hectares of developed plantations, will be held at the offices of UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E1W 1YW at 11.00am today. At the meeting, the Chairman will comment on current operational performance and development as well as the outlook for the remainder of 2010 as follows:-
Operational and financial performance
For the first three months ended31 March 2010, our own production of fresh fruit bunches ("FFB") and bought in FFB decreased by 9% and 14% respectively, in comparison with the same period in 2009. Total Crude Palm Oil ("CPO") produced was 12% lower than the corresponding period in 2009 due to adverse weather conditions which had affected the FFB yield.
CPO CIF Rotterdam price averaged US$812 per metric tonne for the first three months to31 March 2010; an increase of 41% from the average of US$574/mt recorded in the first quarter of 2009.
AEP's balance sheet remains strong with the Company continuing to achieve strong cash flow generation and continuing to repay the Company's Long Term Development Loans which totalled US$24.7m at 31 March 2010.
Development
The Group's planting programme for the current year is running on schedule. 1,055 hectares have already been planted during the first three months of 2010. During this period we also acquired PT Kahayan with the initial "Izin Lokasi" area of 17,500.
Outlook
The CPO price ended at US$810/mt in March 2010, representing a 5% increase from its low of US$770/mt recorded in January 2010. Low interest rates, non-traditional monetary easing, extremely accommodative fiscal policy have generated considerable liquidity into the global economy. This, together with the increased demand from China and India has helped underpin the commodity prices.
The Indonesian Rupiah that went through a rather volatile period last year has strengthened against the US dollar in the current period. To mitigate exposure to currency exchange volatility, the group is continuing to manage its cash in dollar and local currency prudently, taking into consideration its dollar-denominated borrowings and operational cost currency requirements.
A 7.7 magnitude earthquake hit the northern parts of Sumatra in April 2010 but we are fortunate that there were no serious damages to our assets.
As the commodities price have remained generally stable throughout this period and the demand for the Group's products remains strong, the Board remains cautiously confident of reporting a satisfactory profit level and cash flow for the remainder of 2010.
Proxy Votes Received
The results of proxy card votes received on resolutions to be put to the meeting are :
Issued share capital : 39,976,272
Total voting rights : 39,470,272
Number of votes per share : 1
| Resolution No. (as noted on proxy card) | Shares For | Shares Discretionary | Shares Against | Shares marked as Votes Withheld/Abstentions |
| 1 | 24,154,048 | 941 | 20,893 | 5,000 |
| 2 | 24,174,941 | 941 | 0 | 5,000 |
| 3 | 24,064,810 | 941 | 23,985 | 91,146 |
| 4 | 23,843,096 | 941 | 202,539 | 134,306 |
| 5 | 24,174,937 | 941 | 4 | 5,000 |
| 6 | 23,981,896 | 941 | 181,642 | 16,403 |
| 7 | 24,174,941 | 941 | 0 | 5,000 |
| 8 | 23,937,144 | 941 | 176,046 | 66,751 |
| 9 | 23,988,610 | 941 | 185,946 | 5,385 |
| 10 | 24,174,941 | 941 | 0 | 5,000 |
| 11 | 23,883,682 | 941 | 291,259 | 5,000 |
For further enquiry, contact:
| Anglo-Eastern Plantations plc | Tel 020 7216 4600 |
| Donald H Low |
|
| Charles Stanley Securities | Tel 020 7149 6000 |
| Russell Cook / Carl Holmes |
|