Anglo-Eastern Plantations PLC AGM Statement (4692R)
June 29 2015 - 3:30AM
UK Regulatory
TIDMAEP
RNS Number : 4692R
Anglo-Eastern Plantations PLC
29 June 2015
29 June 2015
Anglo-Eastern Plantations Plc
("AEP", the "Company" or the "Group")
AGM Statement
The thirtieth Annual General Meeting of Anglo-Eastern
Plantations Plc, 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
64,230 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 Board will make the
following statement on the current operational performance and
development as well as the outlook for the remainder of 2015:-
Operational and financial performance
For the first five months ended 31 May 2015, our own production
of fresh fruit bunches ("FFB") was 311,950mt, a decrease of 1%
compared to the same period in 2014 (five months to May 2014:
316,580mt). FFB bought in was 264,650mt, 5% higher in comparison
with the same period in 2014 (five months to May 2014: 251,500mt).
Total Crude Palm Oil ("CPO") produced was 111,400mt, 3% lower than
the corresponding period in 2014 (five months to May 2014:
114,270mt) due to lower extraction rate.
CPO CIF Rotterdam price averaged $662/mt for the first five
months to 31 May 2015, a decrease of 27% from the average of
$903/mt recorded in the first five months of 2014.
AEP's balance sheet remains strong with the Company continuing
to achieve positive cash flow generation. The Company's Long Term
Development Loans totaled $34.8m at 31 May 2015 (at 31 May 2014:
$35m).
Development
The Group new planting for the first five months was 760
hectares (five months to May 2014: 747 hectares). As indicated in
the preliminary announcement on 30 April 2015 and the Interim
Management Statement on 26 May 2015, new plantings remain behind
schedule due to delays in finalising settlement of land
compensation with villagers in Bengkulu, Bangka and Kalimantan. The
Company is continuing with the somewhat protracted negotiations
with the villagers' representatives, in full accordance with our
obligations under Indonesian law, to achieve a fair and reasonable
result for all parties.
The recently opened mill in Central Kalimantan has begun
processing its own in-house crops with an initial capacity of
45mt/hr. The mill is presently running below its full capacity
while rectifying the anticipated initial teething problems and to
fine tuning its operation. We expect the mill to be performing at
optimum capacity by September.
Outlook
The CPO price closed at $660/mt as at 15 June 2015, representing
a 6% decrease from the start of the year. The CPO price tumbled to
$610/mt in January 2015 due to lower import of CPO by India and
China, the two largest consumers, amidst a glut of soya oil.
The return of El Nino weather phenomenon since 2010 as
forecasted by the Australian Bureau of Meteorology could however
lift the CPO price. The extend of El Nino if it happens will induce
moderate to severe drought in palm oil producing regions resulting
in lower yield and crop production.
We anticipate that CPO price will remain generally stable and
the Board cautiously 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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