Anglo-Eastern Plantations PLC AGM Statement (3730H)
June 19 2013 - 3:30AM
UK Regulatory
TIDMAEP
RNS Number : 3730H
Anglo-Eastern Plantations PLC
19 June 2013
19 June 2013
Anglo-Eastern Plantations Plc
("AEP" or the "Group")
AGM Statement
The twenty-eighth Annual General Meeting of Anglo-Eastern
Plantations Plc, owns, operates and develops plantations in
Indonesia and Malaysia, amounting to some 126,000 hectares
producing mainly palm oil and some rubber of which approximately
59,650 hectares are planted, 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 2013 as follows:-
Operational and financial performance
For the first five months ended 31 May 2013, our own production
of fresh fruit bunches ("FFB") was 269,000mt, a decrease of 1%
compared to the same period in 2012 (1(st) five months
2012:273,000mt). FFB bought in was 142,500mt, 29% lower in
comparison with the same period in 2012 (1(st) five months
2012:201,600mt) due to higher rainfall recorded in estates in
Bengkulu region. Total Crude Palm Oil ("CPO") produced was
85,900mt, 9% lower than the corresponding period in 2012 (1(st)
five months 2012:93,900mt) due to lower bought-in crops.
CPO CIF Rotterdam price averaged U$852/mt for the first five
months to 31 May 2013, a decrease of 24% from the average of
U$1,115/mt recorded in the first five months of 2012.
AEP's balance sheet remains strong with the Company continuing
to achieve positive cash flow generation. The Company's Long Term
Development Loans totalled U$35m at 31 May 2013 (1(st) five months
2012:U$3.02m).
Development
The Group new planting for the first five months ended 31 May
2013 was 671 hectares (1(st) five months 2012:860 hectares). As
indicated in the preliminary announcement on 30 April 2013, new
plantings remain behind schedule due to protracted negotiations
over settlement of land compensation with villagers and a delay in
the issuance of land release permit (Izin Pelepasan) for two
plantations. However, one of these plantations has now obtained the
necessary permit in April 2013 and shall proceed to prepare the
land for planting.
As mentioned in the Interim Management Statement on 28 May 2013,
The biogas and biomass project planned for a mill in North Sumatera
is expected to cost up to U$4.5m. Production of the Dried Long
Fibres from the waste empty fruit bunch will start in the fourth
quarter of 2013. This project will utilize the mill waste to
produce saleable end products while mitigating significantly the
emission of biogas.
The earthworks for the mill in Kalimantan commenced in the
fourth quarter of 2012 while civil and mechanical works is expected
to begin in the third quarter of 2013. This mill is expected to be
completed in first quarter of 2015 with an initial capacity of 45mt
FFB/hr. The earthworks for a further mill in North Sumatera which
started in the first quarter of 2013 is expected to progress with
civil works in the fourth quarter of 2013. This mill is expected to
be completed by the second quarter of 2015 with a final capacity of
60mt FFB/hr.
Outlook
The CPO price ended May 2013 at U$860/mt, representing a 1%
decrease from its high of U$870/mt recorded in March 2013. The CPO
price has generally been stable throughout this period.
The Indonesian Rupiah depreciated by about 1% against 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.
Barring any further drop in commodity prices, the Board is
cautiously confident of reporting a satisfactory profit level and
cash flow for the remainder of 2013.
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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