TIDMAEP
RNS Number : 3178X
Anglo-Eastern Plantations PLC
27 August 2015
Anglo-Eastern Plantations Plc
("AEP", "Group" or "Company")
Announcement of interim results for six months ended 30 June
2015
Anglo-Eastern Plantations Plc, and its subsidiaries are a major
producer of palm oil and rubber with plantations across Indonesia
and Malaysia amounting to some 128,000 hectares, has today released
its results for the six months ended 30 June 2015.
Financial Highlights
2014 2014 2014
6 months 6 months 12 months
to 30 to 30 to 31
June June Dec
$ m $ m $ m
(unaudited) (unaudited (audited)
& restated)
Revenue 104.0 130.0 251.3
Profit before tax
- before biological
asset ("BA") adjustment 22.0 43.2 85.0
- after BA adjustment 5.0 66.3 51.2
EPS, after BA adjustment 5.91cts 103.66cts 77.61cts
Total Net Assets 481.8 552.0 518.0
Enquiries:
Anglo-Eastern Plantations
Plc
Dato' John Lim Ewe Chuan 020 7216 4621
Charles Stanley Securities
Russell Cook / Karri
Vuori 020 7149 6000
Chairman's Interim Statement
I am pleased to present the interim results for the Group for
the six months to 30 June 2015.
Following a significant decline in Crude Palm Oil ("CPO") prices
in the first half, revenue for the six months to 30 June was $104.0
million compared to $130.0 million for the first six months of
2014. At the same time the Group was subject to an increase in
operating expenses which has resulted in a gross profit of $25.0
million compared to $45.1 million in the six months to June 2014.
Overall profits before tax, excluding the adjustment arising from a
revaluation of the Group's Biological Asset ("BA adjustment"), fell
from $43.2 million to $22.0 million for the period.
Fresh Fruit Bunches ("FFB") production for the first half of
2015 was 1% lower at 388,600mt compared to the same period last
year. The slight decline in production was mainly attributed to the
replanting of old palms and time taken for crop harvest to return
to normal after the effects of the flood in North Sumatera in
December last year. The Group continued to buy external crops to
maximise the utilization of its mills. The Group has maintained a
competitive pricing policy for bought-in crops, which increased by
9% from 310,900mt for last year to 338,400mt.
Operational and financial performance
For the six months ended 30 June 2015, revenue was $104.0
million, a decrease of 20% (1H 2014: $130.0 million). Gross margins
for the period dropped from 35% to 24% reflecting higher operating
expenses and a 26% decrease in average CPO price in the first half
of 2015 compared to the same period in the previous year. In the
same period, Indonesian Rupiah weakened by 11% against the US
Dollar.
During the first six months of 2015 the CPO price averaged at
$663/mt, 26% lower compared to $895/mt for first half of 2014.
The CPO price for the first half remained weak. The current CPO
price stayed around $515/mt which was far lower than the 10-year
average CPO price at $750/mt. As a result the directors have
benchmarked the 10-year average CPO price assumptions against
market expectations and have adopted the CPO price of $650/mt of
biological assets to represent a more sustainable CPO price over
the long term. This is supported by the World Bank Commodities
Price Forecast for palm oil for 2015 at $670/mt. This has resulted
in a negative adjustment of $17.0 million from the BA adjustment
(1H 2014: positive $23.1 million). The operating profit after BA
adjustment for the period fell to $4.6 million (1H 2014: $63.9
million) while profit before tax was $5.0 million compared to the
$66.3 million achieved for the same period in 2014.
The resulting earnings per share for the period were reduced 94%
at 5.91cts (1H 2014: 103.66cts).
The Group's balance sheet remains strong and cash flow remains
healthy. Net assets at 30 June 2015 were $481.8 million compared to
$518.0 million at 31 December 2014. The decline was attributable
largely to the adjustment in value of the Biological Assets and a
weaker Rupiah.
As at 30 June 2015 the Group's total cash balance was $110.9
million (1H 2014: $115.8 million) with total borrowings of $34.8
million (1H 2014: $35.0 million), giving a net cash position of
$76.1 million, compared to $80.8 million as at 30 June 2014.
With the current low CPO prices, the five subsidiaries with over
11,100ha of newly matured oil palms, out of 17,300ha planted in
Bengkulu, Bangka and Kalimantan are expected to be profitable in
about three to four years when the FFB yield reach the optimum
level. The decline in cash reflects the need to sustain and finance
the loss making subsidiaries as the yield of newly matured
plantations catches up with operating expenses.
Operating costs
The operating costs for the Indonesian operations were higher in
the first half of 2015 compared to the same period in 2014 mainly
due to an increase in wages, fertilisers, fuel and general upkeep
of plantations costs. Higher operating costs are also partly
attributed to a 9% increase in matured areas for the corresponding
period.
Production and Sales
2015 2014 2014
6 months 6 months Year
to 30 June to 30 June to 31 December
mt mt mt
Oil palm production
FFB
- all estates 388,600 393,900 857,400
- bought-in or processed
for third parties 338,400 310,900 626,200
Saleable CPO 141,300 141,700 294,100
Saleable palm kernels 33,500 33,100 68,300
Oil palm sales
CPO 144,900 145,000 299,400
Palm kernels 34,200 31,600 68,300
FFB sold outside 50,000 37,300 101,100
Rubber production 457 480 1,140
The palm oil mill in Kalimantan with an initial capacity of
45mt/hr has started commercial operations in June 2015. The Group's
six mills processed a total of 677,000mt in FFB for the first half
of 2015, a 1% increase compared to 667,500mt for the same period
last year.
Bought-in crops were 9% higher than last year due to competitive
pricing offered to FFB suppliers.
Significant capital expenditure is expected in the replanting of
over 1,400ha of old palms in North Sumatera which started in May
2015. Additional capital is required to replant 153ha of old rubber
trees with oil palm. The felling of old rubber trees in North
Sumatera began in June 2015.
Commodity prices
CPO price was fairly weak for the first half of 2015 and hit a
low of $610/mt in January 2015. The average CPO price for was
$663/mt, 26% lower than last year (1H 2014: $895/mt). The lower CPO
price was attributed to China's weak growth, abundance of vegetable
oil and the low crude oil prices which dampen the demand for
bio-diesel.
Rubber price averaged $1,388/mt, 24% lower than 2014 (1H 2014:
$1,823/mt).
Development
The Group's planted areas at 30 June 2015 comprised:
Total Mature Immature
ha ha ha
North Sumatera 19,228 17,333 1,895
Bengkulu 18,970 18,408 562
Riau 4,873 4,873 -
South Sumatera 3,983 1,086 2,897
Kalimantan 12,488 7,840 4,648
Bangka 514 - 514
Plasma 734 685 49
------- ------- ---------
Indonesia 60,790 50,225 10,565
Malaysia 3,696 3,380 316
------- ------- ---------
Total : 30 June 2015 64,486 53,605 10,881
------- ------- ---------
Total : 31 December
2014 63,470 48,127 15,343
------- ------- ---------
Total : 30 June 2014 62,037 48,991 13,046
------- ------- ---------
The Group's new planting for the first six months ended 30 June
2015 totalled 1,016ha compared to 941ha for same corresponding
period for 2014. The slower than anticipated rate of new planting
is due to protracted land compensation negotiations.
The Group remains optimistic that planting will pick up in the
second half of 2015. The Group's total landholding comprises some
128,000ha, of which the planted area stands around 64,486ha (1H
2014: 62,037ha).
Dividend
As in previous years no interim dividend has been declared. A
final dividend of 3.0 pence per share in respect of the year to 31
December 2014 was paid on 10 July 2015.
Outlook
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2015 08:00 ET (12:00 GMT)
The Australian Bureau of Meteorology has confirmed the
resurgence of a moderate to strong El Nino weather phenomenon for
2015. This was supported by other weather authorities in the United
States and Japan. The outcome of El Nino, which last occurred in
2009 to 2010, is expected to be droughts in parts of palm oil
producing countries like Indonesia and Malaysia. These two
countries are the world's biggest palm oil producers, accounting
for 86% of global palm oil supplies. According to reports, El Nino
is likely to hit and lower CPO output by at least 15% to 30% in the
next 12 to 24 months. But the seasonal high production in the
second half of 2015 is however likely to keep the upside of CPO
prices but analysts viewed the advent of El Nino to serve as a
catalyst to CPO prices.
The introduction of an export levy tax of $50/mt on CPO by the
Indonesian Government and a simpler export tax system expressed in
US dollar instead of a percentage of CPO price means that when the
CPO price is below $750/mt, the export tax levy will impact upon
the Group's profit. Nevertheless when CPO price recovers to above
$750/mt, the effective export tax rate will be lower providing some
relief to planters. The new export tax took effect from July
2015.
The Board looks forward to reporting further progress in its
next Interim Management Statement.
Principal risks and uncertainties
With the downward trend of CPO prices and the continuing
weakening of the Indonesian Rupiah, the directors view the second
half of the year to be challenging. Other than these, the principal
risks and uncertainties have broadly remained the same since the
publication of the annual report for the year ended 31 December
2014.
A more detailed explanation of the risks relevant to the Group
is on pages 19 to 22 and from pages 80 to 84 of the 2014 annual
report which is available at www.angloeastern.co.uk.
Madam Lim Siew Kim
Chairman
27 August 2015
Responsibility Statements
We confirm that to the best of our knowledge:
a) The unaudited interim financial statements have been prepared
in accordance with IAS34: Interim Financial Reporting as adopted by
the European Union;
b) The Chairman's statement includes a fair review of the
information required by DTR 4.2.7R (an indication of important
events during the first six months and a description of the
principal risks and uncertainties for the remaining six months of
the year); and
c) The interim financial statements include a fair review of the
information required by DTR 4.2.8R (material related party
transactions in the six months ended 30 June 2015 and any material
changes in the related party transactions described in the last
Annual Report) of the Disclosure and Transparency Rules of the
United Kingdom Financial Services Authority.
By order of the Board
Dato' John Lim Ewe Chuan
27 August 2015
Condensed Consolidated Income Statement
2015 2014 2014
6 months to 30 June 6 months to 30 June Year to 31 December
(unaudited) (unaudited) (audited)
----------------------------------- ------------------------------------ ------------------------------------
Notes Result Result Result
Continuing before before before
operations BA BA BA BA BA BA
adjustment adjustment Total adjustment adjustment Total adjustment adjustment Total
$000 $000 $000 $000 $000 $000 $000 $000 $000
----------------- ------ ----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- ----------
Revenue 103,952 - 103,952 130,006 - 130,006 251,258 - 251,258
Cost of sales (78,924) - (78,924) (84,892) - (84,892) (164,666) - (164,666)
----------------- ------ ----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- ----------
Gross profit 25,028 - 25,028 45,114 - 45,114 86,592 - 86,592
Biological
asset
revaluation
movement (BA
adjustment) - (16,958) (16,958) - 23,103 23,103 - (33,718) (33,718)
Administration
expenses (3,478) - (3,478) (4,300) - (4,300) (7,747) - (7,747)
----------------- ------ ----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- ----------
Operating profit 21,550 (16,958) 4,592 40,814 23,103 63,917 78,845 (33,718) 45,127
Exchange
(losses)
/ gains (1,800) - (1,800) 413 - 413 852 - 852
Finance income 3,238 - 3,238 2,942 - 2,942 7,276 - 7,276
Finance expense 3 (1,004) - (1,004) (1,003) - (1,003) (2,019) - (2,019)
----------------- ------ ----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- ----------
Profit before
tax 4 21,984 (16,958) 5,026 43,166 23,103 66,269 84,954 (33,718) 51,236
Tax expense 5 (6,084) 4,240 (1,844) (11,918) (5,776) (17,694) (20,967) 8,429 (12,538)
----------------- ------ ----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- ----------
Profit for the
period 15,900 (12,718) 3,182 31,248 17,327 48,575 63,987 (25,289) 38,698
----------------- ------ ----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- ----------
Attributable
to:
- Owners of the
parent 12,805 (10,463) 2,342 25,879 15,209 41,088 52,422 (21,660) 30,762
-
Non-controlling
interests 3,095 (2,255) 840 5,369 2,118 7,487 11,565 (3,629) 7,936
----------------- ------ ----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- ----------
15,900 (12,718) 3,182 31,248 17,327 48,575 63,987 (25,289) 38,698
----------------- ------ ----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- ----------
Earnings per
share for
profit
attributable
to the owners
of the parent
during the
period
- basic 7 5.91cts 103.66cts 77.61cts
- diluted 7 5.90cts 103.54cts 77.53cts
Condensed Consolidated Statement of Comprehensive Income
2015 2014 2014
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
------------------------------------------------- ------------ ------------ ---------------
Profit for the period 3,182 48,575 38,698
-------------------------------------------------- ------------ ------------ ---------------
Other comprehensive income
Items may be reclassified to profit
or loss in subsequent periods:
(Loss) / Profit on exchange translation
of foreign operations (36,914) 12,403 (12,019)
-------------------------------------------------- ------------ ------------ ---------------
Net other comprehensive (expense)
/ income may be reclassified to
profit or loss in subsequent periods (36,914) 12,403 (12,019)
-------------------------------------------------- ------------ ------------ ---------------
Items not to be reclassified to
profit or loss in subsequent periods:
Unrealised (loss) / gain on revaluation
of the estates (860) (704) 386
Deferred tax on revaluation 215 177 (96)
Remeasurements of retirement benefit
plan - - (680)
Deferred tax on retirement benefit - - 170
-------------------------------------------------- ------------ ------------ ---------------
Net other comprehensive expense
not being reclassified to profit
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or loss in subsequent periods (645) (527) (220)
-------------------------------------------------- ------------ ------------ ---------------
Total other comprehensive (expense)
/ income for the period, net of
tax (37,559) 11,876 (12,239)
Total comprehensive (expense) /
income for the period (34,377) 60,451 26,459
Attributable to:
- Owners of the parent (28,328) 50,718 21,188
- Non-controlling interests (6,049) 9,733 5,271
-------------------------------------------------- ------------ ------------ ---------------
(34,377) 60,451 26,459
------------------------------------------------- ------------ ------------ ---------------
Condensed Consolidated Statement of Financial Position
2015 2014 2014
as at 30 June as at 30 June as at 31 December
Notes (unaudited) (unaudited) (audited)
$000 $000 $000
----------------------------------------------- -------------- -------------- ------------------
Non-current assets
Biological assets 225,728 304,156 251,374
Property, plant and equipment 217,241 224,030 227,380
Receivables 3,044 5,857 3,007
------------------------------------------------ -------------- -------------- ------------------
446,013 534,043 481,761
----------------------------------------------- -------------- -------------- ------------------
Current assets
Inventories 8,248 9,817 7,846
Tax receivables 11,158 9,333 9,231
Trade and other receivables 8,153 10,261 8,807
Cash and cash equivalents 110,860 115,831 125,937
------------------------------------------------ -------------- -------------- ------------------
138,419 145,242 151,821
----------------------------------------------- -------------- -------------- ------------------
Current liabilities
Loans and borrowings (438) (196) (313)
Trade and other payables (22,660) (18,990) (21,010)
Tax liabilities (3,764) (7,845) (10,752)
Dividend payables (1,869) (20) (20)
------------------------------------------------ -------------- -------------- ------------------
(28,731) (27,051) (32,095)
----------------------------------------------- -------------- -------------- ------------------
Net current assets 109,688 118,191 119,726
------------------------------------------------ -------------- -------------- ------------------
Non-current liabilities
Loans and borrowings (34,375) (34,813) (34,625)
Deferred tax liabilities (34,929) (61,787) (44,368)
Retirement benefits - net liabilities (4,623) (3,593) (4,445)
------------------------------------------------ -------------- -------------- ------------------
(73,927) (100,193) (83,438)
----------------------------------------------- -------------- -------------- ------------------
Net assets 481,774 552,041 518,049
------------------------------------------------ -------------- -------------- ------------------
Condensed Consolidated Statement of Financial Position
(continued)
2015 2014 2014
as at 30 June as at 30 June as at 31 December
Notes (unaudited) (unaudited) (audited)
$000 $000 $000
Issued capital and reserves
attributable to owners of the
parent
Share capital 15,504 15,504 15,504
Treasury shares (1,171) (1,171) (1,171)
Share premium reserve 23,935 23,935 23,935
Share capital redemption reserve 1,087 1,087 1,087
Revaluation reserves 56,468 56,297 57,029
Exchange reserves (220,612) (171,007) (190,503)
Retained earnings 521,828 532,121 521,355
------------------------------------------- -------------- -------------- ------------------
397,039 456,766 427,236
Non-controlling interests 84,735 95,275 90,813
------------------------------------------- -------------- -------------- ------------------
Total equity 481,774 552,041 518,049
------------------------------------------- -------------- -------------- ------------------
Condensed Consolidated Statement of Changes in Equity
Attributable to owners of the parent
--------------------------------------------------------------------------------------------------------------------------------
Share
capital Foreign Non-controlling
Share Treasury Share redemption Revaluation exchange Retained interests Total
capital shares premium reserve reserve reserve earnings Total equity
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
---------------------------------------------------------- --------- ---------- --------- ----------- ------------- ---------- ---------- ---------- ----------------- -----------
Balance at 31 December
2013 15,504 (1,171) 23,935 1,087 56,767 (181,107) 493,031 408,046 85,964 494,010
Items of other comprehensive
income
* Unrealised gain on revaluation of estates, net of
tax - - - - 262 - - 262 28 290
* Remeasurement of retirement benefit plan, net of t
ax - - - - - - (440) (440) (70) (510)
* Loss on exchange translation of foreign operations - - - - - (9,396) - (9,396) (2,623) (12,019)
---------------------------------------------------------- --------- ---------- --------- ----------- ------------- ---------- ---------- ---------- ----------------- -------------
Total other comprehensive
income / (expenses) - - - - 262 (9,396) (440) (9,574) (2,665) (12,239)
Profit for year - - - - - - 30,762 30,762 7,936 38,698
---------------------------------------------------------- --------- ---------- --------- ----------- ------------- ---------- ---------- ---------- ----------------- -------------
Total comprehensive
income and expenses
for the year - - - - 262 (9,396) 30,322 21,188 5,271 26,459
Dividends paid - - - - - - (1,998) (1,998) (422) (2,420)
(MORE TO FOLLOW) Dow Jones Newswires
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---------------------------------------------------------- --------- ---------- --------- ----------- ------------- ---------- ---------- ---------- ----------------- -------------
Balance at 31 December
2014 15,504 (1,171) 23,935 1,087 57,029 (190,503) 521,355 427,236 90,813 518,049
Items of other comprehensive
income
* Unrealised loss on revaluation of estates, net of
tax - - - - (561) - - (561) (84) (645)
* Loss on exchange translation of foreign operations - - - - - (30,109) - (30,109) (6,805) (36,914)
---------------------------------------------------------- --------- ---------- --------- ----------- ------------- ---------- ---------- ---------- ----------------- -------------
Total other comprehensive
expenses - - - - (561) (30,109) - (30,670) (6,889) (37,559)
Profit for period - - - - - - 2,342 2,342 840 3,182
---------------------------------------------------------- --------- ---------- --------- ----------- ------------- ---------- ---------- ---------- ----------------- -------------
Total comprehensive
income and expenses
for the period - - - - (561) (30,109) 2,342 (28,328) (6,049) (34,377)
Dividend payable - - - - - - (1,869) (1,869) (29) (1,898)
Balance at 30 June
2015 15,504 (1,171) 23,935 1,087 56,468 (220,612) 521,828 397,039 84,735 481,774
---------------------------------------------------------- --------- ---------- --------- ----------- ------------- ---------- ---------- ---------- ----------------- -------------
Condensed Consolidated Statement of Changes in Equity
(continued)
Attributable to owners of the parent
----------------------------------------------------------------------------------------------------------------------------
Share
capital Foreign Non-controlling
Share Treasury Share redemption Revaluation exchange Retained interests Total
capital shares premium reserve reserve reserve earnings Total Equity
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
---------------------------------------------------------- --------- ---------- --------- ----------- ------------- ---------- ---------- -------- ----------------- ---------
Balance at 31 December
2013 15,504 (1,171) 23,935 1,087 56,767 (181,107) 493,031 408,046 85,964 494,010
Items of other comprehensive
income
* Unrealised loss on revaluation of estates, net of
tax - - - - (470) - - (470) (57) (527)
* Gain on exchange translation of foreign operations - - - - - 10,100 - 10,100 2,303 12,403
---------------------------------------------------------- --------- ---------- --------- ----------- ------------- ---------- ---------- -------- ----------------- ---------
Total other comprehensive
(expenses) / income - - - - (470) 10,100 - 9,630 2,246 11,876
Profit for period - - - - - - 41,088 41,088 7,487 48,575
---------------------------------------------------------- --------- ---------- --------- ----------- ------------- ---------- ---------- -------- ----------------- ---------
Total comprehensive
income and expenses
for the period - - - - (470) 10,100 41,088 50,718 9,733 60,451
Dividends paid - - - - - - (1,998) (1,998) (422) (2,420)
Balance at 30 June
2014 15,504 (1,171) 23,935 1,087 56,297 (171,007) 532,121 456,766 95,275 552,041
---------------------------------------------------------- --------- ---------- --------- ----------- ------------- ---------- ---------- -------- ----------------- ---------
Condensed Consolidated Statement of Cash Flows
2015 2014 2014
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
----------------------------- ------------ ------------ ---------------
Cash flows from operating
activities
Profit before tax 5,026 66,269 51,236
Adjustments for:
BA adjustment 16,958 (23,103) 33,718
Loss on disposal of
tangible fixed assets 41 2 36
Depreciation 3,407 3,107 6,833
Retirement benefit
provisions 494 418 951
Net finance income (2,234) (1,939) (5,257)
Unrealised loss /
(gain) in foreign
exchange 1,800 (413) (852)
Tangible fixed assets
written off 86 6 135
Operating cash flow
before changes in
working capital 25,578 44,347 86,800
(Increase) / Decrease
in inventories (959) (1,145) 451
Decrease / (Increase)
in trade and other
receivables 971 (3,628) 664
Increase in trade
and other payables 2,999 3,312 5,929
----------------------------- ------------ ------------ -----------------
Cash inflow from operations 28,589 42,886 93,844
Interest paid (1,004) (1,003) (2,019)
Retirement benefit
paid (1) (6) (61)
Overseas tax paid (17,259) (10,309) (17,756)
----------------------------- ------------ ------------ -----------------
Net cash flow from
operations 10,325 31,568 74,008
----------------------------- ------------ ------------ -----------------
Investing activities
Property, plant and
equipment
- purchase (19,602) (17,589) (49,754)
- sale 19 34 156
Interest received 3,238 2,942 7,276
Net cash used in investing
activities (16,345) (14,613) (42,322)
----------------------------- ------------ ------------ -----------------
Condensed Consolidated Statement of Cash Flows (continued)
2015 2014 2014
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
------------------------------- ------------ ------------ ---------------
Financing activities
Dividends paid by
Company - (1,998) (1,998)
Finance lease repayment - (12) (20)
Dividends paid to
non-controlling interests (46) (398) (402)
Repayment of existing
long term loans (125) - (63)
Net cash used in financing
activities (171) (2,408) (2,483)
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------------------------------- ------------ ------------ ---------------
(Decrease) / Increase
in cash and cash equivalents (6,191) 14,547 29,203
Cash and cash equivalents
At beginning of period 125,937 98,738 98,738
Foreign exchange (8,886) 2,546 (2,004)
------------------------------- ------------ ------------ ---------------
At end of period 110,860 115,831 125,937
------------------------------- ------------ ------------ ---------------
Comprising:
Cash at end of period 110,860 115,831 125,937
------------------------------- ------------ ------------ ---------------
Notes to the interim statements
1. Basis of preparation of interim financial statements
These interim consolidated financial statements have been
prepared in accordance with IAS 34, "Interim Financial Reporting",
as adopted by the European Union. They do not include all
disclosures that would otherwise be required in a complete set of
financial statements and should be read in conjunction with the
2014 Annual Report. The financial information for the half years
ended 30 June 2015 and 30 June 2014 does not constitute statutory
accounts within the meaning of Section 434(3) of the Companies Act
2006 and has been neither audited nor reviewed pursuant to guidance
issued by the Auditing Practices Board.
Basis of preparation
The annual financial statements of Anglo-Eastern Plantations Plc
are prepared in accordance with IFRSs as adopted by the European
Union. The comparative financial information for the year ended 31
December 2014 included within this report does not constitute the
full statutory accounts for that period. The statutory Annual
Report and Financial Statements for 2014 have been filed with the
Registrar of Companies. The Independent Auditors' Report on the
Annual Report and Financial Statements for 2014 was unqualified,
did not draw attention to any matters by way of emphasis, and did
not contain a statement under 498(2) or 498(3) of the Companies Act
2006.
Changes in accounting standards
The same accounting policies, presentation and methods of
computation are followed in these condensed consolidated financial
statements as were applied in the Group's latest annual audited
financial statements.
After making enquiries, the directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue operations for the foreseeable future. For this reason,
they continue to adopt the going concern basis in preparing the
financial statements.
2. Foreign exchange
2015 2014 2014
6 months 6 months Year
to 30 to 30
June June to 31 December
(unaudited) (unaudited) (audited)
Average exchange rates
Rp : $ 12,968 11,725 11,861
$ : GBP 1.52 1.67 1.65
RM : $ 3.64 3.27 3.27
Closing exchange rates
Rp : $ 13,332 11,855 12,385
$ : GBP 1.57 1.71 1.56
RM : $ 3.78 3.21 3.50
3. Finance costs
2015 2014 2014
6 months 6 months Year
to 30 to 30
June June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
Payable 1,004 1,003 2,019
------------ ------------ ---------------
4. Segment information
North South Total
Sumatera Bengkulu Sumatera Riau Bangka Kalimantan Indonesia Malaysia UK Total
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
6 months to 30 June 2015
(unaudited)
Total sales
revenue
(all external) 37,526 38,458 38 21,377 - 3,615 101,014 1,691 - 102,705
Other income 553 302 2 362 - - 1,219 28 - 1,247
--------- --------- --------- -------- ------- ----------- ---------- ---------
Total revenue 38,079 38,760 40 21,739 - 3,615 102,233 1,719 - 103,952
--------- --------- --------- -------- ------- ----------- ---------- --------- ------ ---------
Profit / (loss)
before tax 9,691 8,607 (517) 8,290 (11) (3,700) 22,360 (66) (310) 21,984
BA Movement (16,958)
Profit for the
period
before tax per
---------
consolidated
income
statement 5,026
---------
Depreciation (1,165) (1,087) (182) (270) (12) (585) (3,301) (106) - (3,407)
Inter-segment
transactions 1,835 (1,078) (380) (310) - (619) (552) 522 30 -
Income tax (2,751) (299) 553 (1,563) (24) 2,581 (1,503) (316) (25) (1,844)
Total Assets 187,402 141,718 55,931 71,733 12,774 87,273 556,831 23,186 4,415 584,432
Non-Current
Assets 136,701 107,573 54,404 34,508 12,614 81,321 427,121 17,699 1,193 446,013
Non-Current
Assets
- Additions 3,522 1,348 1,812 584 646 11,589 19,501 101 - 19,602
6 months to 30 June 2014 (unaudited)
Total sales
revenue
(all external) 48,753 53,335 38 21,787 - 3,002 126,915 2,215 - 129,130
Other income 283 373 - 220 - - 876 - - 876
Total revenue 49,036 53,708 38 22,007 - 3,002 127,791 2,215 - 130,006
--------- --------- --------- -------- ------- ----------- ---------- --------- ------ ---------
Profit / (loss)
before tax 17,056 18,182 (167) 8,848 (21) (728) 43,170 531 (535) 43,166
BA Movement 23,103
Profit for the
period
before tax per
---------
consolidated
income
statement 66,269
---------
Depreciation (1,092) (1,045) (203) (272) (16) (354) (2,982) (125) - (3,107)
Inter-segment
transactions 2,806 (1,704) (197) (490) - (921) (506) 476 30 -
Income tax (7,289) (3,722) (1,581) (2,095) (7) (2,653) (17,347) (66) (281) (17,694)
Total Assets 214,804 155,588 70,765 80,644 13,283 109,770 644,854 29,996 4,435 679,285
Non-Current
Assets 165,229 126,071 68,839 39,477 13,193 97,695 510,504 22,346 1,193 534,043
Non-Current
Assets
- Additions 3,298 1,615 2,466 605 420 9,138 17,542 47 - 17,589
North South Total
Sumatera Bengkulu Sumatera Riau Bangka Kalimantan Indonesia Malaysia UK Total
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Year to 31 December 2014 (audited)
Total sales
revenue
(all external) 97,135 95,886 102 44,912 - 7,416 245,451 4,253 - 249,704
Other income 813 697 3 37 - 2 1,552 2 - 1,554
--------- --------- --------- -------- ------- ----------- ---------- ---------
Total revenue 97,948 96,583 105 44,949 - 7,418 247,003 4,255 - 251,258
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2015 08:00 ET (12:00 GMT)
--------- --------- --------- -------- ------- ----------- ---------- --------- ------ ---------
Profit / (loss)
before tax 36,631 30,795 (552) 19,477 (57) (1,226) 85,068 255 (369) 84,954
BA Movement (33,718)
Profit for the
period
before tax per
---------
consolidated
income
statement 51,236
---------
Depreciation (2,385) (2,228) (411) (572) (33) (958) (6,587) (246) - (6,833)
Inter-segment
transactions 3,446 (2,331) (257) (671) - (1,443) (1,256) 962 294 -
Income tax (8,731) (5,775) 1,968 (4,589) 171 4,268 (12,688) 437 (287) (12,538)
Total Assets 202,284 153,418 58,008 84,263 13,078 92,854 603,905 25,398 4,279 633,582
Non-Current
Assets 149,187 121,171 56,539 39,756 12,845 82,236 461,734 18,834 1,193 481,761
Non-Current
Assets
- Additions 10,214 4,845 5,492 1,224 930 26,932 49,637 117 - 49,754
In the 6 months to 30 June 2015, revenues from 4 customers of
the Indonesian segment represent approximately $61.4m of the
Group's total revenues. In year 2014, revenues from 4 customers of
the Indonesian segment represent approximately $152.1m of the
Group's total revenues. An analysis of these revenues is provided
below:
2015 2014 2014
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$m % $m % $m %
Major Customers
Customer 1 19.7 18.9 28.9 22.2 47.9 19.1
Customer 2 16.9 16.2 21.3 16.4 45.5 18.1
Customer 3 14.7 14.2 19.6 15.2 33.5 13.3
Customer 4 10.1 9.7 17.9 13.7 25.2 10.1
----------------- --------- --------- ----------- -------- -------- --------
Total 61.4 59.0 87.7 67.5 152.1 60.6
----------------- --------- --------- ----------- -------- -------- --------
5. Tax
2015 2014 2014
6 months 6 months Year
to 30 to 30
June June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
Foreign corporation
tax - current year 8,155 12,415 22,855
Foreign corporation
tax - prior year - - 32
Deferred tax adjustment
- current year (6,311) 5,279 (10,402)
Deferred tax adjustment
- prior year - - 53
------------ ------------ ---------------
1,844 17,694 12,538
------------ ------------ ---------------
6. Dividend
The final and only dividend in respect of 2014, amounting to
3.0p per share, or $1,869,091 was paid on 10 July 2015 (2013: 3.0p
per share, or $1,997,614, paid on 17 June 2014). As in previous
years no interim dividend has been declared.
7. Earnings per ordinary share (EPS)
2015 2014 2014
6 months 6 months Year
to 30 to 30
June June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
Profit for the period
attributable to owners
of the Company before
BA adjustment 12,805 25,879 52,422
Net BA adjustment (10,463) 15,209 (21,660)
------------ ------------ ---------------
Earnings used in basic
and diluted EPS 2,342 41,088 30,762
------------ ------------ ---------------
Number Number Number
'000 '000 '000
Weighted average number
of shares in issue in
period
- used in basic EPS 39,636 39,636 39,636
- dilutive effect of
outstanding share options 43 48 43
------------ ------------ ---------------
- used in diluted EPS 39,679 39,684 39,679
------------ ------------ ---------------
Shares in issue at period
end 39,976 39,976 39,976
Less: Treasury shares (340) (340) (340)
------------ ------------ ---------------
Shares in issue at period
end excluding treasury
shares 39,636 39,636 39,636
------------ ------------ ---------------
Basic EPS before BA
adjustment 32.31cts 65.29cts 132.26cts
Basic EPS after BA
adjustment 5.91cts 103.66cts 77.61cts
Dilutive EPS before
BA adjustment 32.27cts 65.21cts 132.12cts
Dilutive EPS after
BA adjustment 5.90cts 103.54cts 77.53cts
8. Fair value measurement of financial instruments
The carrying amounts and fair values of the financial
instruments which are not recognised at fair value in the Statement
of Financial Position are exhibited below:
2015 2014 2014
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
Carrying Fair Carrying Fair Carrying Fair
amount value amount value amount value
$000 $000 $000 $000 $000 $000
Non-current
receivables
Due from non-controlling
interests 1,193 924 1,193 872 1,193 872
Due from cooperatives
under Plasma
scheme 1,612 1,527 4,396 3,945 1,557 1,397
Due from village
smallholder
schemes 239 220 268 247 257 237
--------- ------- --------- ------- --------- -------
3,044 2,671 5,857 5,064 3,007 2,506
--------- ------- --------- ------- --------- -------
Borrowings
due after
one year
Long term
loan 34,375 34,500 34,813 35,095 34,625 34,028
--------- ------- --------- ------- --------- -------
Financial instruments not measured at fair value includes cash
and cash equivalents, trade and other receivables, trade and other
payables, and borrowings due within one year.
Due to their short-term nature, the carrying value of cash and
cash equivalents, trade and other receivables, trade and other
payables and borrowings due within one year approximates their fair
value.
All non-current receivables and long term loan are classified as
Level 3 in the fair value hierarchy.
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