Anglo-Eastern Plantations PLC AGM Statement (2278S)
June 25 2018 - 2:00AM
UK Regulatory
TIDMAEP
RNS Number : 2278S
Anglo-Eastern Plantations PLC
25 June 2018
25 June 2018
Anglo-Eastern Plantations Plc
("AEP" or the "Group")
AGM Statement
The 33rd Annual General Meeting of Anglo-Eastern Plantations Plc
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. AEP owns, operates and develops plantations in Indonesia and
Malaysia, amounting to some 128,200 hectares producing mainly palm
oil and some rubber of which approximately 68,600 hectares are
planted.
At the meeting, the Chairman will comment on current operational
performance and development as well as the outlook for the
remainder of 2018.
Operational and financial performance
For the first five months ended 31 May 2018, our own production
of fresh fruit bunches ("FFB") was 411,110mt, an increase of 10%
compared to the same period in 2017 (five months to May 2017:
374,330mt). FFB bought in was 388,840mt, 6% lower in comparison
with the same period in 2017 (five months to May 2017: 412,900mt).
External crop purchases were lower as competition among new mills
intensified in 2018. Total Crude Palm Oil ("CPO") produced was
163,880mt, 2% higher than the corresponding period in 2017 (five
months to May 2017: 160,320mt).
The CPO ex-Rotterdam price averaged $667/mt for the first five
months to 31 May 2018, 11% lower than the average price of $751/mt
recorded in the first five months of 2017.
AEP's balance sheet remains strong with the Group continuing to
generate positive cash flow.
Development
The Group's new planting for the first five months ended 31 May
2018 was 463 hectares (five months to May 2017: 809 hectares). As
reported previously, and also in our 2017 Annual Report, new
plantings remain behind schedule due to delays in finalising
settlement of land compensation with villagers in South Sumatera,
Bangka and Kalimantan. The villagers are seeking compensation
beyond what the Group considers fair and reasonable resulting in
protracted negotiations. Replanting of c.418 hectares of aging oil
palm in North Sumatera which began in May 2018 should be completed
by the year end.
The Biogas plant in Kalimantan has been completed. The remaining
electrical works for a transmission line to connect to the national
grid will start once the contract for power supply to the State
Electricity Board is approved by the Ministry for Renewable
Energy.
Earthwork on the seventh mill of 60mt/hr and a fourth biogas
plant in North Sumatera has just started and is progressing
well.
Outlook
The CPO price ex-Rotterdam closed at $665/mt on 11 June 2018,
representing a 2% decrease from the start of the year. The Group
expects the CPO price to be soft due to weak demand and likely
higher output and inventories across the market.
For further enquiry, contact:
Anglo-Eastern Plantations
Plc
Dato' John Lim Ewe
Chuan +44 (0)20 7216 4621
Panmure Gordon (UK)
Limited
Dominic Morley +44 (0)20 7886 2954
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END
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