Our live Investing Matters Podcast Special which took place at the Master Investor Show discussing 'How undervalued is the UK stock market?', has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAnglo-Eastern Plantations Regulatory News (AEP)

Share Price Information for Anglo-Eastern Plantations (AEP)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 696.00
Bid: 690.00
Ask: 694.00
Change: 2.00 (0.29%)
Spread: 4.00 (0.58%)
Open: 696.00
High: 696.00
Low: 696.00
Prev. Close: 694.00
AEP Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Interim Management Statement

18 Nov 2014 08:00

RNS Number : 2978X
Anglo-Eastern Plantations PLC
18 November 2014
 



18 November 2014

Anglo-Eastern Plantations Plc

("AEP", "Group" or "Company")

 

Interim Management Statement

 

Anglo-Eastern Plantations Plc and its subsidiaries, which owns, operates and develops plantations in Indonesia and Malaysia, amounting to some 127,800 hectares producing mainly palm oil and some rubber of which approximately 62,560 hectares are planted, today announces its Interim Management Statement in respect of the period since 30 June 2014.

 

Operational and financial performance

 

For the first nine months ended 30 September 2014, our own production of fresh fruit bunches ("FFB") was 644,200mt, an increase of 13% compared to the same period in 2013 (9M13: 569,210mt). FFB bought-in was 481,500mt, which represents an increase of 40% in comparison with the same period in 2013 (9M13: 345,000mt). Total Crude Palm Oil ("CPO") produced was 225,100mt, 20% higher than the corresponding period in 2013 (9M13: 188,300mt) due to both higher FFB production and external FFB purchase.

 

CPO CIF Rotterdam price averaged $851/mt for the first nine months to 30 September 2014. This represents an increase of 1% from the average price of $845/mt recorded in the comparative period of 2013 but is below the $890/mt being the price at the start of 2014.

 

The Group's balance sheet remains strong with the Company continuing to generate positive cash flow. The Company's Long Term Development Loans totalled $35m as at 30 September 2014 (3Q13: $35m).

 

Development

 

The Group's new planting for nine months ended 30 September 2014 totalled 1,900 hectares, of which 440 hectares comprise of replanting, is behind our expected schedule. As reported previously this was due primarily to our objective of seeking a satisfactory settlement with villagers for land compensation payments. These negotiations are continuing and the Management is confident that some of these negotiations will be concluded successfully. A replanting program covering 1,430 hectares in North Sumatrawas necessary due to dropping yield as the trees are over 25 years of age.

 

Construction of the biogas and biomass project for the mill in North Sumatra has been completed and the plant has been fully commissioned. The facility is now in production. Besides producing dried long fibres for export, the plant will also produce biogas which reduce the mill dependence on electricity and at the same time mitigate the emission of greenhouse gas which is presently discharged from effluent treatment in the anaerobic lagoons.

 

The construction of the 45mt/hr palm oil mill in Central Kalimantan previously announced is expected to be commissioned in Q2 2015.

 

 

Outlook

 

CPO price closed at $730/mt on 11 November 2014, representing a 18% decrease from $890/mt from the start of the year. The CPO price has been on a downward trend from Q2 2014 due to higher global oilseeds supplies particularly from bumper harvest of soybean and rapeseed. CPO price further weakened as experts downgraded the probability of El Nino weather phenomenon in 2014 which would have reduced FFB production. The implementation of a higher mandatory 10% blending of biodiesel fuel in Indonesia was reported to be progressing slowly and has further dampened CPO price.

 

However the CPO price has picked up slightly recently and demand for the Group's products remains strong. The Board thereforeanticipates that performance for the remainder of 2014 will be satisfactory and in line with management expectations.

 

Notwithstanding the recent changes to the Listing Rules, AEP intends to continue to issue a quarterly statement to update shareholders of progress across the Group.

 

 

For further enquiry, contact:

 

Anglo-Eastern Plantations Plc

Dato' John Lim Ewe Chuan

 +44 (0)20 7216 4621

Charles Stanley Securities

Russell Cook

Karri Vuori

+44 (0)20 7149 6000

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSKMMMMNRKGDZG
Date   Source Headline
6th Mar 20247:00 amRNSTransaction in Own Shares
4th Mar 20247:00 amRNSTransaction in Own Shares
29th Feb 20247:00 amRNSTransaction in Own Shares
20th Feb 20247:00 amRNSTransaction in Own Shares
16th Feb 20247:00 amRNSTransaction in Own Shares
14th Feb 20247:00 amRNSTransaction in Own Shares
2nd Feb 20243:46 pmRNSFirst Commercial BioCNG Plant Completed
31st Jan 20247:00 amRNSTransaction in Own Shares
30th Jan 20247:00 amRNSTransaction in Own Shares
11th Jan 20247:00 amRNSTransaction in Own Shares
9th Jan 20247:00 amRNSTransaction in Own Shares
29th Dec 20239:05 amRNSTransaction in Own Shares
28th Dec 20237:00 amRNSTransaction in Own Shares
21st Dec 202312:31 pmRNSUpdate Statement on 2023 Annual GM Voting Results
21st Dec 20237:00 amRNSTransaction in Own Shares
18th Dec 20237:00 amRNSTransaction in Own Shares
15th Dec 20237:00 amRNSTransaction in Own Shares
14th Dec 20237:00 amRNSTransaction in Own Shares
13th Dec 20239:09 amRNSTransaction in Own Shares
8th Dec 20237:00 amRNSTransaction in Own Shares
4th Dec 20237:00 amRNSTransaction in Own Shares
30th Nov 20239:29 amRNSConsolidation of Holdings-Indonesian Subsidiaries
29th Nov 20237:00 amRNSTransaction in Own Shares
24th Nov 20237:00 amRNSTransaction in Own Shares
16th Nov 20237:00 amRNSTransaction in Own Shares
14th Nov 20237:00 amRNSTransaction in Own Shares
13th Nov 20237:00 amRNSTransaction in Own Shares
9th Nov 20237:00 amRNSTransaction in Own Shares
7th Nov 20237:00 amRNSTransaction in Own Shares
6th Nov 20237:00 amRNSTrading Statement
2nd Nov 20237:00 amRNSTransaction in Own Shares
31st Oct 20237:00 amRNSTransaction in Own Shares
25th Oct 20237:00 amRNSTransaction in Own Shares
20th Oct 20238:59 amRNSTransaction in Own Shares
19th Oct 20237:00 amRNSTransaction in Own Shares
12th Oct 20237:00 amRNSTransaction in Own Shares
10th Oct 20237:00 amRNSTransaction in Own Shares
6th Oct 20237:00 amRNSTransaction in Own Shares
5th Oct 20237:00 amRNSTransaction in Own Shares
28th Sep 20237:00 amRNSTransaction in Own Shares
26th Sep 20237:00 amRNSTransaction in Own Shares
25th Sep 20237:00 amRNSTransaction in Own Shares
19th Sep 202310:00 amRNSDividend Declaration
19th Sep 20237:00 amRNSTransaction in Own Shares
15th Sep 20238:59 amRNSTransaction in Own Shares
14th Sep 20237:00 amRNSTransaction in Own Shares
13th Sep 20237:00 amRNSTransaction in Own Shares
12th Sep 20237:00 amRNSTransaction in Own Shares
8th Sep 20237:00 amRNSTransaction in Own Shares
5th Sep 20237:00 amRNSTransaction in Own Shares

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.