Anglo-Eastern Plantations Regulatory News (AEP)

22 October 2024

Anglo-Eastern Plantations Plc

("AEP" or the "Company")

Trading Statement

Anglo-Eastern Plantations Plc, which owns, operates and develops plantations in Indonesia and Malaysia, today announces a trading update covering the nine months to 30 September 2024.

Operational and financial performance

For the first nine months ended 30 September 2024, production of our fresh fruit bunches ("FFB") was 764,800mt, a decrease of 9% compared to 841,960mt for the same period in 2023. This was primarily due to lower FFB yield from aged trees in Bengkulu where 2,264 hectares of old palm were felled in Bengkulu over the last two years. This is in line with the Group's replanting program to replenish old and Dura palms with Tenera seedlings of better quality to ensure higher FFB yields and better crude palm oil ("CPO") extraction in the longer term.

FFB bought-in was 733,150mt, a decrease of 9% in comparison to 805,030mt for the same period in 2023. The decline in external crop purchases was primarily driven by lower crop yields of surrounding plantations and smallholders in Bengkulu and Kalimantan.

Total CPO produced was 297,730mt, a decrease of 12% compared to 338,840mt for the corresponding period in 2023 due to lower FFB supplied from both our estates and bought-in crops.

The average price of CPO ex-Rotterdam was $1,040 per metric ton for the first nine months of 2024, reflecting a 6% increase compared to the $983 per metric ton average during the same period in 2023. Prices remain volatile, with CPO ex-Rotterdam closing at $1,160 per metric ton on 14 October 2024, up from $935 per metric ton at the beginning of the year.

The Group's average ex-mill CPO price for the first nine months also rose by 5% to $768 per metric ton from a $729 per metric ton average for the same period in 2023. Additionally, the average palm kernel price increased by 34%, reaching $459 per metric ton for the first nine months compared to $342 per metric ton for the same period in 2023.

Development

The Group's new planting and replanting for the first nine months of 2024 totalled 1,488 ha compared to 1,452 ha for the same period last year. In addition, Plasma planting for the period was 109 ha compared to 126 ha for the same period last year.

The Group's total landholding is 90,510 ha, of which the planted area stands at 68,501 ha with an estimated remaining plantable area of 9,200 ha.

The Group has submitted the environmental impact assessment ("EIA") for the eighth mill in Kalimantan and is now pending approval from the Ministry of Environment and Forestry.

The Group has also completed the acquisition of the remaining minority interests in the PT Bangka Malindo Lestari and PT Kahayan Agro Plantation for a consideration of US$400,000 on 4 October 2024. Following these transactions, the Company now holds 100% ownership of the issued share capital of all its Indonesian subsidiaries.

Outlook

CPO prices are expected to maintain but there is pressure in view of an expected higher Indonesian palm oil production for the remaining part of the year. However, the planned implementation of the Biodiesel B40 mandate in Indonesia is expected to boost domestic consumption, thereby tightening supply and supporting CPO prices.

 For further enquiry, contact:

Anglo-Eastern Plantations Plc +44 (0) 20 7216 4621

Dato' John Lim Ewe Chuan, Executive Director

Marcus Chan Jau Chwen, Executive Director (Corporate Affairs)

Kevin Wong Tack Wee, Group Chief Executive Officer

Panmure Liberum

Amrit Mahbubani / Freddie Wooding +44 (0) 20 3100 2000

Note: The information communicated in this announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.