Last checked at 26 Aug 2011 07:00
Anglo-Eastern Plantations Plc
("AEP" or the "Group")
Interim results for the six months ended 30 June 2011
Anglo-Eastern Plantations Plc, which owns approximately 54,500 hectares of developed plantation land, primarily in Indonesia, is pleased to announce the interims results for the six months to 30 June 2011.
Financial Highlights
·; Revenue of $128.9m (1H 2010: $77.9m), an increase of 65%
·; Operating profit up 85% at $48.3 million (1H 2010: $26.1 million)
·; Profit before tax increased 88% to $50.3 million (1H 2010: $26.7m)
·; Basic earnings per share of 74.95cts (1H 2010: 41.98cts).
·; Net Cash at 30 June 2011 was $69.6mcompared with $48.8m at the year end and $27.1m at 30 June 2010
Commercial Highlights
·; The market average price for crude palm oil for the period was $1,198/mt compared to an average of $805/mt for the first half of 2010.
·; Total own crop production was 315,787mt, an increase of 19% compared to the same period last year.
·; Bought-in crops was 258,956mt, 29% higher compared to the same period last year.
For further information, contact:
Anglo-Eastern Plantations plc | |
Dato' John Lim Ewe Chuan
| +44 (0)20 7216 4621 +603 2715 0118 |
Charles Stanley Securities | |
Russell Cook/Luke Webster | +44 (0)20 7149 6000 |
Chairman's Interim Statement
Operational and financial performance
For the first half year ended 30 June 2011, revenue was up 65% at $128.9 million compared to $77.9 million for the same period in 2010. The operating profit was 85% higher at $48.3 million (1H 2010: $26.1 million) while profit before tax was $50.3 million, 88% higher compared to $26.7 million for the same period in 2010.
The increase in revenue and operating profit was mainly attributed to a 19% increase in Fresh Fruit Bunch ("FFB") harvested and higher Crude Palm Oil ("CPO") price throughout 1H 2011. FFB production for the first six months of 2011 was 315,787mt, compared to 266,190mt for 1H 2010. Bought-in crops for the same period was 258,956mt, 29% higher than last year of 200,305mt resulting in better utilization of Group's mills. The higher FFB production was due to improved weather conditions in Bengkulu resulting in better crop recovery and an additional 2,900ha of matured palms for harvesting. The CPO price averaged $1,198/mt for 1H 2011, 49% higher than the average for 1H 2010 of $805/mt.
The Group's balance sheet remains strong while cash flow remains healthy. As at 30 June 2011 the Group's total cash balance was $85.0 million (1H 2010: $49.4 million) with total borrowings of $15.4 million (1H 2010: $22.3 million), giving a net cash position of $69.6 million, an improved position when compared to 30 June 2010 of $27.1 million. There have been no new borrowings in the period since 31 December 2010.
Earnings per share were up 78% at 74.95cts (1H 2010: 41.98cts).
Operating costs
The operating costs for the Indonesian operations were higher in 1H 2011 compared to the same period in 2010. This was primarily due to larger volume of bought-in crops at higher price in tandem with better CPO price. The increased application of fertilisers, higher minimum wages rates and additional roads and bridges built for the evacuation of FFB also contributed to the higher operating costs.
Production and Sales | |||
2011 | 2010 | 2010 | |
6 months | 6 months | Year | |
to 30 June | to 30 June | to 31 December | |
(unaudited) | (unaudited) | (audited) | |
mt | mt | mt | |
Oil palm production | |||
FFB | |||
- all estates | 315,787 | 266,190 | 599,177 |
- bought-in or processed for third parties | 258,956 | 200,305 | 432,802 |
Saleable CPO | 113,854 | 92,684 | 204,630 |
Saleable palm kernels | 28,386 | 23,039 | 51,274 |
Oil palm sales | |||
CPO | 112,865 | 91,507 | 203,950 |
Palm kernels | 28,238 | 22,649 | 50,975 |
FFB sold outside | 15,356 | 15,519 | 34,102 |
Rubber production | 355 | 320 | 831 |
Total FFB processed in 1H 2011 was 574,743mt, up 23% compared to 466,495mt for the same period last year due largely to improved weather conditions in Bengkulu resulting in better crop recovery and the Group's additional matured palms for harvesting.
The 23% higher CPO production was mainly due to better utilization of the Group's mills, with higher internal crops and also relatively higher bought-in crops in 1H 2011.
Bought-in crops for the period was 29% higher than last year. Outside fruit continues to be available at competitive prices which allow positive contributions to profit.
Commodity prices
The CPO price, which ended in December 2010 at around $1,195/mt, continued to strengthen, reaching a high of about $1,335/mt, and averaged $1,198/mt for the first six months ended 30 June 2011 (1H 2010: $805/mt). CPO prices peaked in 1Q 2011 on concerns over tight supplies and rising crude oil prices. Since then, CPO prices have corrected downwards by around 10%, following a strong recovery in palm-oil supplies and slower exports. Recently, China released its own stockpiles of edible oils and oilseeds to contain rising inflation.However, it is generally felt that the CPO price is likely to remain range bound in 3Q 2011 fuelled by pick-up in demand during Ramadan festivities, lower-than-expected soybean harvests from North America and rapeseed crops from Europe.
Rubber price averaged around $4,887/mt (1H 2010: $2,922/mt).
Development
The Group's planted areas at 30 June 2011 comprised:-
Total | Mature | Immature | |
ha | ha | ha | |
North Sumatra | 19,021 | 13,646 | 5,375 |
Bengkulu | 18,128 | 15,223 | 2,905 |
Riau | 4,960 | 4,960 | - |
South Sumatra | 1,896 | - | 1,896 |
Kalimantan | 6,805 | - | 6,805 |
Indonesia | 50,810 | 33,829 | 16,981 |
Malaysia | 3,696 | 3,696 | - |
Total : 30 June 2011 | 54,506 | 37,525 | 16,981 |
Total : 31 Dec 2010 | 52,322 | 37,259 | 15,063 |
Total : 30 June 2010 | 47,656 | 34,678 | 12,978 |
The Group's plantation development programme is behind schedule, with 2,184ha already planted with oil palm seedlings during the first half-year of 2011. The slowdown in new planting is due mainly to dry weather conditions resulting in delayed planting in South Sumatra and Central Kalimantan. The Group plans to continue planting 5,000ha of new areas in Bengkulu, South Sumatra and Central Kalimantan before year end. The Group's total landholding comprises 133,000ha, of which the planted area now stands around 54,506ha (1H 2010: 47,656ha).
The construction of two palm oil mills in North Sumatra and Central Kalimantan will commence by 4Q 2011. The upgrading of Blankahan palm oil mill from rated throughput of 25mt/hr to 40mt/hr will be completed by 3Q 2011.
Directors
On 31 January 2011, Mr. Chan Teik Huat retired as Non-Executive Chairman and Director of the Company. Madam Lim Siew Kim was appointed as Non-Executive Chairman upon the retirement of Mr. Chan.
Dividend
As in previous years no interim dividend has been declared. A final dividend of 5.0 cents per share in respect of the year to 31 December 2010 was paid on 28 June 2011.
Outlook
Although CPO price is forecasted to be lower for the 2H 2011 due to this year's good harvest, the board remains cautiously confident of reporting a continuing level of satisfactory profitability and cash flow for the second half of 2011.
Principal risks and uncertainties
The directors do not consider that the principal risks and uncertainties have changed since the publication of the annual report for the year ended 31 December 2010.
A more detailed explanation of the risks relevant to the Group is on pages 42 to 45 of the 2010 annual report which is available at www.angloeastern.co.uk.
Madam Lim Siew Kim
Chairman
26 August 2011
Responsibility Statements
We confirm that to the best of our knowledge:
a) The interim financial statements have been prepared in accordance with IAS34; Interim Reporting as adopted by the European Union:
b) The Chairman's statement includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) The interim financial statements include a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).
By order of the Board
Dato' John Lim Ewe Chuan
26 August 2011
Consolidated Income Statement
2011 6 months to 30 June (unaudited) | 2010 6 months to 30 June (unaudited) | 2010 Year to 31 December (audited) |
| ||||||||
Continuing operations
| Notes
| Result before BA adjustment$000 | BA adjustment$000 | Total$000 | Result before BA adjustment$000 | BA adjustment$000 | Total$000 | Result before BA adjustment$000 | BA adjustment$000 | Total$000 | |
Revenue | 128,896 | - | 128,896 | 77,925 | - | 77,925 | 187,233 | - | 187,233 | ||
Cost of sales | (78,463) | - | (78,463) | (51,137) | - | (51,137) | (118,641) | - | (118,641) | ||
Gross profit | 50,433 | - | 50,433 | 26,788 | - | 26,788 | 68,592 | - | 68,592 | ||
Biological asset revaluation movement (BA adjustment) | 2 | - | 240 | 240 | - | 422 | 422 | - | 18,429 | 18,429 | |
Administration expenses | (2,331) | - | (2,331) | (1,112) | - | (1,112) | (3,655) | - | (3,655) | ||
Operating profit | 48,102 | 240 | 48,342 | 25,676 | 422 | 26,098 | 64,937 | 18,429 | 83,366 | ||
Exchange profits | 3 | 875 | - | 875 | 367 | - | 367 | 657 | - | 657 | |
Finance income | 1,546 | - | 1,546 | 903 | - | 903 | 2,220 | - | 2,220 | ||
Finance expense | 4 | (415) | - | (415) | (674) | - | (674) | (1,205) | - | (1,205) | |
Profit before tax | 5 | 50,108 | 240 | 50,348 | 26,272 | 422 | 26,694 | 66,609 | 18,429 | 85,038 | |
Tax expense | 6 | (14,162) | (60) | (14,222) | (6,570) | (126) | (6,696) | (17,984) | (4,589) | (22,573) | |
Profit for the period | 35,946 | 180 | 36,126 | 19,702 | 296 | 19,998 | 48,625 | 13,840 | 62,465 | ||
Attributable to: | |||||||||||
- Owners of the parent | 29,471 | 163 | 29,634 | 16,343 | 228 | 16,571 | 39,375 | 11,954 | 51,329 | ||
- Non-controlling interests | 6,475 | 17 | 6,492 | 3,359 | 68 | 3,427 | 9,250 | 1,886 | 11,136 | ||
35,946 | 180 | 36,126 | 19,702 | 296 | 19,998 | 48,625 | 13,840 | 62,465 | |||
Earnings per share for profit attributable to the owners of the parent during the period |
| ||||||||||
- basic | 8 | 74.95cts | 41.98cts | 129.82cts |
| ||||||
- diluted | 8 | 74.63cts | 41.93cts | 129.27cts |
| ||||||
Consolidated Statement of Comprehensive Income
2011 | 2010 | 2010 | ||
6 months | 6 months | Year | ||
to 30 June | to 30 June | to 31 December | ||
(unaudited) | (unaudited) | (audited) | ||
$000 | $000 | $000 | ||
Profit for the period | 36,126 | 19,998 | 62,465 | |
Other comprehensive income: | ||||
Unrealised surplus / (loss) on revaluation of the estates | 11,847 | (15,905) |
121,908 | |
Profit on exchange translation of foreign operations |
21,668 |
9,216 |
14,193 | |
Deferred tax on revaluation | 3,035 | (639) | (26,482) | |
Other comprehensive income / (expense) for the period | 36,550 | (7,328) | 109,619 | |
Total comprehensive income for the period | 72,676 | 12,670 | 172,084 | |
Attributable to: | ||||
- Owners of the parent | 61,768 | 11,423 | 144,823 | |
- Non-controlling interests | 10,908 | 1,247 | 27,261 | |
72,676 | 12,670 | 172,084 |
Consolidated Statement of Financial Position
2011 | 2010 | 2010 | ||
as at 30 June | as at 30 June | as at 31 December | ||
Notes | (unaudited) | (unaudited) | (audited) | |
$000 | $000 | $000 | ||
Non-current assets | ||||
Biological assets | 2 | 72,125 | 50,712 | 68,593 |
Property, plant and equipment | 424,967 | 216,530 | 376,173 | |
Receivables | 1,531 | 1,677 | 1,494 | |
498,623 | 268,919 | 446,260 | ||
Current assets | ||||
Inventories | 9,143 | 8,366 | 6,820 | |
Tax receivables | 16,160 | 7,576 | 7,342 | |
Trade and other receivables | 4,723 | 3,082 | 3,356 | |
Cash and cash equivalents | 85,016 | 49,382 | 70,871 | |
115,042 | 68,406 | 88,389 | ||
Current liabilities | ||||
Loans and borrowings | (8,938) | (10,288) | (15,650) | |
Trade and other payables | (17,696) | (13,605) | (15,170) | |
Tax liabilities | (16,878) | (1,620) | (5,130) | |
(43,512) | (25,513) | (35,950) | ||
Net current assets | 71,530 | 42,893 | 52,439 | |
Non-current liabilities | ||||
Loans and borrowings | (6,438) | (12,012) | (6,438) | |
Deferred tax liabilities | (61,900) | (29,167) | (61,293) | |
Retirement benefits - net liabilities | (2,673) | (1,923) | (2,305) | |
Net assets | 499,142 | 268,710 | 428,663 | |
Issued capital and reserves attributable to owners of the parent | ||||
Share capital | 15,504 | 15,504 | 15,504 | |
Treasury shares | (1,507) | (1,744) | (1,507) | |
Share premium reserve | 23,935 | 23,935 | 23,935 | |
Share capital redemption reserve | 1,087 | 1,087 | 1,087 | |
Revaluation and exchange reserves | 118,223 | (12,553) | 86,089 | |
Retained earnings | 256,717 | 194,245 | 229,060 | |
413,959 | 220,474 | 354,168 | ||
Non-controlling interests | 85,183 | 48,236 | 74,495 | |
Total equity | 499,142 | 268,710 | 428,663 |
Consolidated Statement of Changes in Equity
Attributable to owners of the parent | ||||||||||
Share capital | Treasury shares | Share premium | Share capital redemption reserve | Revaluation reserve | Foreign exchange reserve | Retained earnings | Total | Non-controlling interests | Total equity | |
$000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
Balance at 31 December 2009 | 15,504 | (1,744) | 23,935 | 1,087 | 67,179 | (74,584) | 179,594 | 210,971 | 46,989 | 257,960 |
Items of other comprehensive income | ||||||||||
Unrealised gain on revaluation of estates | - | - | - | - | 105,296 | - | - | 105,296 | 16,612 | 121,908 |
Deferred tax on revaluation of assets | - | - | - | - | (23,079) | - | - | (23,079) | (3,403) | (26,482) |
Gain on exchange translation | - | - | - | - | - | 11,277 | - | 11,277 | 2,916 | 14,193 |
Net income recognised directly in equity | - | - | - | - | 82,217 | 11,277 | - | 93,494 | 16,125 | 109,619 |
Profit for year | - | - | - | - | - | - | 51,329 | 51,329 | 11,136 | 62,465 |
Total comprehensive income and expense for the year |
- |
- |
- |
- |
82,217 |
11,277 |
51,329 |
144,823 |
27,261 |
172,084 |
Acquisition of subsidiary | - | - | - | - | - | - | - | - | 245 | 245 |
Share options exercised / Share based payment expense | - | 237 | - | - | - | - | 110 | 347 | - | 347 |
Dividends paid | - | - | - | - | - | - | (1,973) | (1,973) | - | (1,973) |
Balance at 31 December 2010 | 15,504 | (1,507) | 23,935 | 1,087 | 149,396 | (63,307) | 229,060 | 354,168 | 74,495 | 428,663 |
Items of other comprehensive income | ||||||||||
Unrealised gain on revaluation of estates | - | - | - | - | 11,289 | - | - | 11,289 | 558 | 11,847 |
Deferred tax on revaluation of assets | - | - | - | - | 2,755 | - | - | 2,755 | 280 | 3,035 |
Gain on exchange translation | - | - | - | - | - | 18,090 | - | 18,090 | 3,578 | 21,668 |
Net income recognised directly in equity | - | - | - | - | 14,044 | 18,090 | - | 32,134 | 4,416 | 36,550 |
Profit for period | - | - | - | - | - | - | 29,634 | 29,634 | 6,492 | 36,126 |
Total comprehensive income and expense for the period |
- |
- |
- |
- |
14,044 |
18,090 |
29,634 |
61,768 |
10,908 |
72,676 |
Dividends paid | - | - | - | - | - | - | (1,977) | (1,977) | (220) | (2,197) |
Balance at 30 June 2011 | 15,504 | (1,507) | 23,935 | 1,087 | 163,440 | (45,217) | 256,717 | 413,959 | 85,183 | 499,142 |
Consolidated Statement of Changes in Equity (continued)
Attributable to owners of the parent | ||||||||||
Share capital | Treasury shares | Share premium | Share capital redemption reserve | Revaluation reserve | Foreign exchange reserve | Retained earnings | Total | Non-controlling interests | Total equity | |
$000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
Balance at 31 December 2009 | 15,504 | (1,744) | 23,935 | 1,087 | 67,179 | (74,584) | 179,594 | 210,971 | 46,989 | 257,960 |
Items of other comprehensive income | ||||||||||
Unrealised loss on revaluation of estates | - | - | - | - | (13,120) | - | - | (13,120) | (2,785) | (15,905) |
Deferred tax on revaluation of assets | - | - | - | - | 112 | (681) | - | (569) | (70) | (639) |
Gain on exchange translation | - | - | - | - | - | 8,541 | - | 8,541 | 675 | 9,216 |
Net income recognised directly in equity | - | - | - | - | (13,008) | 7,860 | - | (5,148) | (2,180) | (7,328) |
Profit for period | - | - | - | - | - | - | 16,571 | 16,571 | 3,427 | 19,998 |
Total comprehensive income and expense for the period |
- |
- |
- |
- |
(13,008) |
7,860 |
16,571 |
11,423 |
1,247 |
12,670 |
Dividends paid | - | - | - | - | - | - | (1,920) | (1,920) | - | (1,920) |
Balance at 30 June 2010 | 15,504 | (1,744) | 23,935 | 1,087 | 54,171 | (66,724) | 194,245 | 220,474 | 48,236 | 268,710 |
Consolidated Statement Cash Flows
2011 | 2010 | 2010 | ||
6 months | 6 months | Year | ||
to 30 June | to 30 June | to 31 December | ||
(unaudited) | (unaudited) | (audited) | ||
$000 | $000 | $000 | ||
Cash flows from operating activities | ||||
Profit before tax | 50,348 | 26,694 | 85,038 | |
Adjustments for: | ||||
BA adjustment | (240) | (422) | (18,429) | |
Loss / (Profit) on disposal of tangible fixed assets | 73 | 6 | (50) | |
Depreciation | 4,678 | 2,947 | 8,953 | |
Retirement benefit provisions | 250 | 93 | 334 | |
Net finance income | (1,131) | (229) | (1,015) | |
Unrealised gain in foreign exchange | (823) | - | (755) | |
Tangible fixed assets written off | - | - | 12 | |
Share based payments expense | - | - | 112 | |
Operating cash flow before changes in working capital | 53,155 | 29,089 | 74,200 | |
Increase in inventories | (1,981) | (4,646) | (2,937) | |
Increase in trade and other receivables | (1,404) | (2,895) |
(591) | |
Increase in trade and other payables |
2,124 | 8,528 | 5,939 | |
Cash inflow from operations | 51,894 | 30,076 | 76,611 | |
Interest paid | (494) | (674) | (1,254) | |
Retirement benefit paid | (4) | - | (63) | |
Overseas tax paid | (10,524) | (11,763) | (18,959) | |
Net cash flow from operations | 40,872 | 17,639 | 56,335 | |
Investing activities | ||||
Property, plant and equipment | ||||
- purchase | (22,614) | (18,175) | (43,540) | |
- sale | 7 | 486 | 222 | |
Interest received | 1,546 | 903 | 2,220 | |
Acquisition of subsidiary | - | (4,523) | (4,645) | |
Net cash used in investing activities | (21,061) | (21,309) | (45,743) |
Consolidated Statement Cash Flows (continued)
2011 | 2010 | 2010 | ||
6 months | 6 months | Year | ||
to 30 June | to 30 June | to 31 December | ||
(unaudited) | (unaudited) | (audited) | ||
$000 | $000 | $000 | ||
Financing activities | ||||
Dividends paid by Company | (1,977) | (1,920) | (1,973) | |
Repayment of existing long term loans | (6,712) | (4,712) | (4,925) | |
Dividends paid to non-controlling interests |
(220) |
- |
- | |
Share options exercised | - | - | 235 | |
Net cash used in financing activities | (8,909) | (6,632) | (6,663) | |
Increase / (Decrease) in cash and cash equivalents | 10,902 | (10,302) | 3,929 | |
Cash and cash equivalents | ||||
At beginning of period | 70,871 | 63,761 | 63,761 | |
Foreign exchange | 3,243 | (4,077) | 3,181 | |
At end of period | 85,016 | 49,382 | 70,871 | |
Comprising: | ||||
Cash at end of period | 85,016 | 49,382 | 70,871 |
Notes to the interim statements
1. Basis of preparation of interim financial statements
These interim consolidated financial statements have been prepared in accordance with IAS 34,"Interim Financial Reporting", as adopted by the European Union. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2010 Annual Report. The financial information for the half years ended 30 June 2011 and 30 June 2010 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and has been neither audited nor reviewed by the Company's auditors.
The annual financial statements of Anglo-Eastern Plantations Plc are prepared in accordance with IFRSs as adopted by the European Union. The comparative financial information for the year ended 31 December 2010 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2010 have been filed with the Registrar of Companies. The Independent Auditors' Report on that Annual Report and Financial Statement for 2010 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the Group's latest annual audited financial statements.
After making enquiries, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue operations for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
2. Biological assets
Group fixed assets are valued in total on the same "value in use" basis as disclosed in the Group's accounting policies in the annual financial statements. Within this total, the value of biological assets has been estimated separately and, as required by IAS41, the movement in valuation surplus of biological assets has been charged or credited (BA adjustment) to the income statement for the relevant period.
3. Foreign exchange
2011 | 2010 | 2010 | ||
6 months | 6 months | Year | ||
to 30 June | to 30 June | to 31 December | ||
(unaudited) | (unaudited) | (audited) | ||
Average exchange rates | ||||
Rp : $ | 8,743 | 9,174 | 9,080 | |
$ : £ | 1.62 | 1.53 | 1.55 | |
RM : $ | 3.03 | 3.29 | 3.22 | |
Closing exchange rates | ||||
Rp : $ | 8,576 | 9,083 | 9,010 | |
$ : £ | 1.61 | 1.50 | 1.57 | |
RM : $ | 3.02 | 3.24 | 3.08 |
4. Finance costs
2011 | 2010 | 2010 | ||
6 months | 6 months | Year | ||
to 30 June | to 30 June | to 31 December | ||
(unaudited) | (unaudited) | (audited) | ||
$000 | $000 | $000 | ||
Payable | 415 | 674 | 1,205 |
5. Segment information
North Sumatra | Bengkulu | South Sumatra | Riau | Bangka | Kalimantan | Total Indonesia | Malaysia | UK | Total | |
$000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
6 months to 30 June 2011 (unaudited) | ||||||||||
Total sales revenue (all external) | 51,052 | 46,320 | - | 26,563 | - | - | 123,935 | 3,970 | - | 127,905 |
Other income | 359 | 194 | - | 311 | - | - | 864 | 123 | 4 | 991 |
Total revenue | 51,411 | 46,514 | - | 26,874 | - | - | 124,799 | 4,093 | 4 | 128,896 |
Profit / (loss) before tax | 23,219 | 17,316 | - | 9,130 | - | - | 49,665 | 1,123 | (680) | 50,108 |
BA Movement | 240 | |||||||||
Profit for the period before tax per consolidated income statement | 50,348 | |||||||||
Total Assets | 208,710 | 185,911 | 55,287 | 69,946 | 11,472 | 42,227 | 573,553 | 38,011 | 2,101 | 613,665 |
Non-Current Assets | 165,983 | 144,400 | 53,632 | 53,260 | 11,316 | 39,904 | 468,495 | 28,765 | 1,363 | 498,623 |
$000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
6 months to 30 June 2010 (unaudited) | ||||||||||
Total sales revenue (all external) | 33,827 | 24,374 | - | 16,732 | - | - | 74,933 | 2,553 | - | 77,486 |
Other income | 336 | - | - | 91 | - | - | 427 | 12 | - | 439 |
Total revenue | 34,163 | 24,374 | - | 16,823 | - | - | 75,360 | 2,565 | - | 77,925 |
Profit / (loss) before tax | 13,467 | 6,964 | - | 5,390 | - | - | 25,821 | 311 | 140 | 26,272 |
BA Movement | 422 | |||||||||
Profit for the period before tax per consolidated income statement | 26,694 | |||||||||
Total Assets | 130,816 | 92,754 | 16,437 | 36,706 | 1,622 | 24,635 | 302,970 | 30,502 | 3,853 | 337,325 |
Non-Current Assets | 104,746 | 68,800 | 15,572 | 32,135 | 1,581 | 23,319 | 246,153 | 21,089 | 1,677 | 268,919 |
$000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
Year to 31 December 2010 (audited) | ||||||||||
Total sales revenue (all external) | 80,401 | 57,998 | - | 41,352 | - | - | 179,751 | 6,331 | - | 186,082 |
Other income | 660 | 123 | - | 350 | - | - | 1,133 | 8 | 10 | 1,151 |
Total revenue | 81,061 | 58,121 | - | 41,702 | - | - | 180,884 | 6,339 | 10 | 187,233 |
Profit / (loss) before tax | 35,003 | 17,401 | - | 13,879 | - | - | 66,283 | 1,616 | (1,290) | 66,609 |
BA Movement | 18,429 | |||||||||
Profit for the year before tax per consolidated income statement | 85,038 | |||||||||
Total Assets | 186,131 | 174,024 | 32,275 | 57,032 | 6,618 | 38,045 | 494,125 | 36,835 | 3,689 | 534,649 |
Non-Current Assets | 155,813 | 137,070 | 30,857 | 50,045 | 6,537 | 36,367 | 416,689 | 28,208 | 1,363 | 446,260 |
5. Segment information (continued)
In the 6 months to 30 June 2011, revenues from 4 customers of the Indonesian segment represent approximately $75.8m of the Group's total revenues. An analysis of these revenues is provided below:
2011 | 2010 | ||||
6 months | 6 months | ||||
to 30 June | to 30 June | ||||
(unaudited) | (unaudited) | ||||
Major Customers | $m | % | $m | % |
|
Customer 1 | 23.9 | 18.5 | 26.3 | 33.7 |
|
Customer 2 | 20.9 | 16.2 | 25.6 | 32.9 |
|
Customer 3 | 18.9 | 14.7 | 10.6 | 13.6 |
|
Customer 4 | 12.1 | 9.4 | 5.6 | 7.2 |
|
Total | 75.8 | 58.8 | 68.1 | 87.4 |
|
In year 2010, revenues from 4 customers of the Indonesian segment represent approximately $118.1m of the Group's total revenues. An analysis of these revenues is provided below:
2010 | ||
Year | ||
to 31 December | ||
(audited) | ||
Major Customers | $m | % |
Customer 1 | 40.7 | 21.7 |
Customer 2 | 26.9 | 14.4 |
Customer 3 | 26.3 | 14.0 |
Customer 4 | 24.2 | 12.9 |
Total | 118.1 | 63.0 |
6. Tax
2011 | 2010 | 2010 | ||
6 months | 6 months | Year | ||
to 30 June | to 30 June | to 31 December | ||
(unaudited) | (unaudited) | (audited) | ||
$000 | $000 | $000 | ||
Foreign corporation tax | 13,550 | 6,285 | 18,017 | |
Deferred tax adjustment | 672 | 411 | 4,556 | |
14,222 | 6,696 | 22,573 |
7. Dividend
The final and only dividend in respect of 2010, amounting to 5.0cts per share, or $1,976,954, was paid on 28 June 2011 (2009: 5.0cts per share, or $1,920,499, paid on 28 May 2010). In common with previous years no interim dividend has been declared.
8. Earnings per ordinary share (EPS)
2011 | 2010 | 2010 | ||
6 months | 6 months | Year | ||
to 30 June | to 30 June | to 31 December | ||
(unaudited) | (unaudited) | (audited) | ||
$000 | $000 | $000 | ||
Profit for the period attributable to owners of the Company before BA adjustment | 29,471 | 16,343 |
39,375 | |
Net BA adjustment | 163 | 228 | 11,954 | |
Earnings used in basic and diluted EPS | 29,634 | 16,571 |
51,329 | |
Number | Number | Number | ||
'000 | '000 | '000 | ||
Weighted average number of shares in issue in period | ||||
- used in basic EPS | 39,539 | 39,470 | 39,539 | |
- dilutive effect of outstanding share options | 166 | 53 |
166 | |
- used in diluted EPS | 39,705 | 39,523 | 39,705 | |
Shares in issue at period end | 39,976 | 39,976 | 39,976 | |
Less: Treasury shares | (437) | (506) | (437) | |
Shares in issue at period end excluding treasury shares | 39,539 | 39,470 | 39,539 | |
Basic EPS before BA adjustment | 74.54 | 41.41cts | 99.59cts | |
Basic EPS after BA adjustment | 74.95 | 41.98cts | 129.82cts | |
Dilutive EPS before BA adjustment | 74.22 | 41.35cts | 99.17cts | |
Dilutive EPS after BA adjustment | 74.63 | 41.93cts | 129.27cts |
9 Post balance sheet events
No major events or transactions have occurred between 30 June 2011 and the date of this report.