Anglo-Eastern Plantations PLC Trading Update (8571P)
February 23 2016 - 3:44AM
UK Regulatory
TIDMAEP
RNS Number : 8571P
Anglo-Eastern Plantations PLC
23 February 2016
23 February 2016
Anglo-Eastern Plantations Plc
("Anglo-Eastern" or "Company")
Trading Update
Anglo-Eastern Plantations Plc (AEP) 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 65,100 hectares are planted, today announces a
trading update ahead of the Company's preliminary results to 31
December 2015 which are expected to be announced in April 2016.
As announced during the course of 2015 the CPO CIF Rotterdam
price has traded at levels below the prices seen in 2014, in common
with most other commodities. The factors which impacted upon the
Company's interim results, lower CPO prices and an increase in
operating costs, continued into the second half of the year.
While production levels in 2015 have increased by 5% from
857,400mt in 2014 to 900,400mt, revenues for the year to December
2015 are expected to be approximately $196.5m (2014: $251.3m). In
addition to higher operating costs the Company will report a small
reduction in finance income and the impact of an adverse movement
in exchange rates. As a result the Company anticipates that Profits
before Tax, excluding any adjustment for the change in value of the
Company's Biological Assets, will be approximately $46.9 million
(2014: $85.0 million).
The Company has not yet quantified the value of the Biological
Assets ("BA") adjustment to be applied to the Company's profits, as
required under IAS 41, although the Company estimates that
following the BA adjustment that the Company will report a pre-tax
loss for the year. The Company emphasises that the BA adjustment is
a non cash item and that the Consolidated Balance Sheet remains
strong. Anglo Eastern reported net assets of $481.8 million at 30
June 2015, with cash of $110.9 million.
Enquiries:
Anglo-Eastern Plantations
Plc
Dato' John Lim Ewe Chuan 020 7216 4621
Panmure Gordon
Russell Cook
Jonathan Surr 020 7886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
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