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

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Interim Management Statement

26 May 2015 09:48

RNS Number : 2071O
Anglo-Eastern Plantations PLC
26 May 2015
 



26 May 2015

 

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 63,830 hectares are planted, today announces its Interim Management Statement in respect of the period since 31 December 2014.

 

Operational and financial performance

 

For the first three months ended 31 March 2015, our own production of fresh fruit bunches ("FFB") was 172,200mt, a decrease of 5% compared to the same period in 2014 (3M14: 180,630mt). FFB bought-in was 127,900mt, which represents a decrease of 5% in comparison with the same period in 2014 (3M14: 135,300mt). Total Crude Palm Oil ("CPO") produced was 58,200mt, 9% lower than the corresponding period in 2014 (3M14: 64,000mt).

 

CPO CIF Rotterdam price averaged $669/mt for the first three months to 31 March 2015. This represents a decrease of 26% from the average of $904/mt recorded in the first quarter of 2014 and is within our expected price range of $600/mt to $800/mt for the first half of 2015.

 

The Group's balance sheet remains strong with the Company continuing to achieve positive cash flow generation. The Company's Long Term Development Loans totalled $34.9m as at 31 March 2015 (3M14: $35.0m). The decrease was due to repayment of loans.

 

Development

 

New planting by the Group for the first three months ended 31 March 2015 was 356 hectares (3M14: 427 hectares). As indicated in the preliminary announcement on 30 April 2015, new plantings remain behind schedule due to delays in finalising settlement of land compensation with villagers in Bengkulu, Bangka and Kalimantan. The villagers seek compensation beyond what the Group considered fair and reasonable resulting in protracted negotiations.

 

The mill construction in Central Kalimantan is progressing on schedule. This mill with an initial capacity of 45mt/hr is expected to be operational by the end of second quarter of 2015.

 

 

Outlook

 

The CPO price closed at $655/mt in mid-May 2015, representing a 7% decrease from the start of the year. The Australian Bureau of Meteorology has recently predicted a moderate-to-strong El Nino with increased intensify from September 2015. It reported that it is likely to create drier conditions in Indonesia and parts of South East Asia. Historically El Nino will result in lower rainfall in palm oil producing regions which would result in lower CPO inventory and lead to higher CPO prices. Nevertheless its effect, if any, is likely to be felt post 2015.

 

In the near term, the upside on CPO price may be limited in view of seasonally higher production and high stockpiles. The Board remains cautious but expects profitability and cash flow to remain in line with management forecasts for 2015.

 

 

 

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
 
 
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