Anglo-Eastern Plantations PLC AGM Statement (2180J)
June 27 2017 - 02:00AM
UK Regulatory
TIDMAEP
RNS Number : 2180J
Anglo-Eastern Plantations PLC
27 June 2017
27 June 2017
Anglo-Eastern Plantations Plc
("AEP" or the "Group")
AGM Statement
The thirty-second Annual General Meeting of Anglo-Eastern
Plantations Plc, which owns, operates and develops plantations in
Indonesia and Malaysia, amounting to some 128,600 hectares
producing mainly palm oil and some rubber of which approximately
65,600 hectares are planted, will be held at the offices of UHY
Hacker Young LLP, Quadrant House, 6(th) Floor, 4 Thomas More
Square, London E1W 1YW at 11am today. At the meeting, the Chairman
will comment on current operational performance and development as
well as the outlook for the remainder of 2017.
Operational and financial performance
For the first five months ended 31 May 2017, our own production
of fresh fruit bunches ("FFB") was 374,330mt, an increase of 19%
compared to the same period in 2016 (five months to May 2016:
314,260mt). FFB bought in was 412,900mt, which was 105% higher in
comparison with the same period in 2016 (five months to May 2016:
201,160mt). The production of FFB and external crop purchases were
higher as the effects of drought and haze on the palm trees
subside. Total Crude Palm Oil ("CPO") produced was 160,320mt, 48%
higher than the corresponding period in 2016 (five months to May
2016: 108,510mt).
CPO CIF Rotterdam price averaged $751/mt for the first five
months to 31 May 2017, 13% higher compared to the average price of
$664/mt recorded in the first five months of 2016.
AEP's balance sheet remains strong with the Company continuing
to achieve positive cash flow generation.
Development
The Group's new planting for the first five months ended 31 May
2017 was 809 hectares (five months to May 2016: 427 hectares). As
reported previously and also recently in our 2016 Annual Report,
new plantings remain behind schedule due to delays in finalising
settlement of land compensation with villagers in Bengkulu, Bangka
and Kalimantan. The villagers are seeking compensation beyond what
the Group considers fair and reasonable resulting in protracted
negotiations.
The Biogas plant in the Kalimantan mill has been completed. At
this stage the trapped biogas is flared while waiting for the final
electrical works to be completed for the power generation. The
Biogas plant in the Bengkulu mill has been operating since second
quarter of 2017. The surplus electricity generated from the biogas
engines is sold to the state electricity company. These Biogas
projects will further reduce the carbon foot print of the
company.
Outlook
The CPO price closed at $720/mt on 6 June 2017, representing a
10% decrease from the start of the year. The Group expects the CPO
price to moderate as the CPO production picks up in the third
quarter of 2017.
For further enquiry, contact:
Anglo-Eastern Plantations
Plc
Dato' John Lim Ewe
Chuan +44 (0)20 7216 4621
Panmure Gordon
Andrew Godber +44 (0)20 7886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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