th Quarter 2013 - ChartNexusir.chartnexus.com/thplantation/doc/presentation/THP... · Overview of Profit & Loss (FY13) (RM ‘000) FY13 FY12 Revenue 469,952 Revenue up by 25%375,846
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1 TH PLANTATIONS BERHAD
(Company No: 12696-M)
4th Quarter 2013 Analyst/Investor Briefing 26 Feb 2014 3.00pm
TH PLANTATIONS BERHAD
(Company No: 12696-M) Presented by: Radin Rosli Radin Suhadi Plantations Director
Aizzura Ab Rahim Investor Relations
2 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Performance highlights
23.86 MT/Ha (+11% YoY)
FFB Yield/Ha
+66% YoY
CPO Production
+49% YoY
FFB Production
+45% YoY
PK Production
20.05%
Oil Extraction Rate
+26% YoY
EBITDA*
+25% YoY
Revenue
+15% YoY
Profit After Tax*
FY13 highlights
* Excluding RM101m surplus over fair value of net assets from 2012 acquisitions
3.62 sen per share (50% of PATAMI)
Proposed Dividend
3 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Area Statement – as at 31 December 2013
Oil Palm Peninsular Sabah Sarawak Total
Mature 11,531 7,792 13,549 32,871
Immature 7,003 729 18,883 26,615
Total planted 18,533 8,521 32,432 59,486
In course of planting 785 5,517 6,302
Rubber Sabah
Mature -
Immature 2,982
Total planted 2,982
In course of planting 3,200
Mature Oil Palm 34%
Immature Oil Palm 27%
Immature Rubber
3%
Immature Teak 5%
In-course of Planting
10%
Infra & Others 21%
Total land bank: 97,712 Ha
>25 years (Old
Mature)
20 - 25 (Old
Mature) 10 - 19 (Prime
Mature)
4 - 9 (Young
Mature)
42%
25% 18%
15%
Average age: 14 years
4 TH PLANTATIONS BERHAD
(Company No: 12696-M)
A closer look at revenue
Avg Mature Area (ha) 2
4,3
92
32
,76
3
FY12 FY13
+34%
FFB Production (MT)
52
4,6
65
78
1,5
77
FY12 FY13
+49%
CPO Production (MT)
98
,97
5
16
4,5
29
FY12 FY13
+66%
FFB Processed (MT)
48
9,7
89
82
0,3
95
FY12 FY13
+67%
CPO Sales (MT)
99
,70
6
16
8,4
46
FY12 FY13
+69%
PK Production (MT)
27
,15
1
39
,34
3
FY12 FY13
+45%
5 TH PLANTATIONS BERHAD
(Company No: 12696-M)
A closer look at revenue
FFB Yield (MT/ha)
21
.51
23
.86
FY12 FY13
+11%
KER (%)
5.5
4
4.8
0
FY12 FY13
-0.74 ppt
OER (%)
20
.21
20
.05
FY12 FY13
-0.16 ppt
6 TH PLANTATIONS BERHAD
(Company No: 12696-M)
FFB contribution by region
33%
43%
24%
2013
47%
19%
34%
2012
Peninsular
Sabah
Sarawak
Peninsular Sabah
Sarawak
Higher contribution from the Sarawak region following acquisitions made in 2012
7 TH PLANTATIONS BERHAD
(Company No: 12696-M)
CPO prices 17% lower than last year
ASP FY13 FY12
CPO RM2,200 RM2,661
PK RM1,294 RM1,602
FFB RM362 RM472
-17%
-19%
-23%
Sabah Sarawak
Sales Tax 7.5% 5%
Discount RM80 RM80
ASP 4Q13 4Q12
CPO RM2,323 RM2,038
PK RM1,524 RM1,113
FFB RM409 RM327
+14%
+37%
+25%
Sabah Sarawak
Sales Tax 7.5% 5%
Discount RM30-40 RM20-30
However, 4Q13 prices stronger than previous year
8 TH PLANTATIONS BERHAD
(Company No: 12696-M)
1,3
19
1,1
48
FY12 FY13
CPO Production Cost (RM/MT)
-13%
Higher efficiency has led to lower production cost/MT
Ave
rage
24
8
18
4
FY12 FY13
Estate Production Cost (RM/MT)
-26%
58
57
FY12 FY13
Mill Manufacturing Cost (RM/MT)
-2%
*excl depreciation *excl depreciation
*excl depreciation
9 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Overview of Profit & Loss (FY13)
(RM ‘000) FY13 FY12
Revenue 469,952 375,846
Sales of CPO 370,946 265,335
Sales of PK 52,197 41,752
Sales of FFB 30,058 45,342
Management fees 17,110 23,344
Dividends 91 74
Cost of Sales (353,762) (262,511)
Gross Profit 116,190 113,335
Other Expenses
Admin expenses (17,630) (16,561)
Other operating expenses (7,354) (7,599)
Zakat (278) 119
Finance costs (24,115) 10,287
Other Income 4,232 106,844
Profit Before Tax 71,045 185,851
Tax 5,458 (18,316)
Profit After Tax 76,502 167,535
EBITDA 171,093 135,597
Gross Profit before amortisation 171,583 139,886
Revenue up by 25%
EBITDA up by 26% Gross profit excl amort up by 23%
Gross profit up by 2.5%
PBT (excl FY12 other income) down by 16%
PAT (excl FY12 other income) up by 15%
Costs up by 35% in line with acquisitions and higher production
10 TH PLANTATIONS BERHAD
(Company No: 12696-M)
A closer look at costs
Cost of Sales FY13 FY12 Variance (%) Remarks
Estate Production Cost 144,420 130,134 +11% In line with higher production and better efficiencies (Note: lower unit production cost)
Overhead 26,458 23,562 +12% In line with major acquisitions
FFB Purchases 55,029 37,841 +45% In line with commissioning of RUPOM, inclusion of GPOM as well as efforts to increase mill utilisation
Mill Manufacturing Cost 46,643 28,374 +64% In line with higher production and new mills (Note: lower unit processing cost)
Depreciation – Estates 7,157 4,761 +50% In line with major acquisitions
Depreciation – Mill 12,171 7,858 +55% In line with major acquisitions
Amortisation 55,393 26,551 +109% In line with major acquisitions
Other Costs FY13 FY12 Variance (%) Remarks
Admin Expenses 17,630 16,561 +6% Costs related to acquisitions
Other operating expenses 6,142 6,311 -3% Minimal variance
Depreciation 1,212 1,289 -6% Minimal variance
Zakat 278 (119) n.m. Current assets > Current liabilities
Finance Cost 24,115 10,287 +134% Higher debt due to major acquisitions
11 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Performance highlights
+14% YoY +5% QoQ
CPO Realised Prices
+65% YoY +7% QoQ
CPO Production
+23% YoY -4% QoQ
FFB Production
+50% YoY +9% QoQ
PK Production
+37% YoY +25% QoQ
PK Realised Prices
+85% YoY +69% QoQ
EBITDA*
+56% YoY +19% QoQ
Revenue
+101% YoY +11% QoQ
Profit Before Tax*
4Q13 highlights
* Excluding RM101m surplus over fair value of net assets from 2012 acquisitions
12 TH PLANTATIONS BERHAD
(Company No: 12696-M)
A closer look at revenue indicators
Avg Mature Area (ha) 2
4,3
92
32
,76
3
32
,76
3
4Q12 4Q13 3Q13
+34%
FFB Production (MT)
17
6,1
80
21
7,3
67
22
7,4
07
4Q12 4Q13 3Q13
+23%
CPO Production (MT)
31
,89
8
52
,51
0
49
,13
0
4Q12 4Q13 3Q13
+65%
FFB Processed (MT)
15
7,1
53
26
4,0
85
24
1,2
91
4Q12 4Q13 3Q13
+68%
CPO Sales (MT) 3
6,7
36
53
,09
7
48
,56
8
4Q12 4Q13 3Q13
+45%
PK Production (MT)
8,3
75
12
,55
2
11
,49
3
4Q12 4Q13 3Q13
+50%
13 TH PLANTATIONS BERHAD
(Company No: 12696-M)
A closer look at revenue indicators
FFB Yield (MT/ha)
7.2
2
6.6
3 6.9
2
4Q12 4Q13 3Q13
-8%
KER (%)
5.3
3
4.7
5
4.7
6
4Q12 4Q13 3Q13
-0.58 ppt
OER (%)
20
.30
19
.88
20
.36
4Q12 4Q13 3Q13
-0.42 ppt
14 TH PLANTATIONS BERHAD
(Company No: 12696-M)
4.51 4.66
5.76
7.22
4.89
5.41
6.92 6.61
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
-
50,000
100,000
150,000
200,000
250,000
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Higher growth in FFB production seen FF
B P
rod
uct
ion
(M
T)
Post major acquisitions
FFB Y
ield
/he
ctare (MT/H
a)
15 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Progress Update – PT PKP Acquisition Completed
16 TH PLANTATIONS BERHAD
(Company No: 12696-M)
THP to develop oil palm plantation in Kalimantan
• Acquisition completed on 11 January 2014 • THP now owns 93% stake in PT Persada Kencana Prima • Approx 11,000 hectares of land bank • Development work commenced, nursery and land-clearing underway • Expect to fully develop in 3-4 years
17 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Outlook – Higher production, improved prices
18 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Outlook for FY14
Production expected to grow by 10% YoY
However, wet season in 4Q13 and current dry spell may affect production in near term
Unit production cost will continue to improve with more efficiency measures and higher productivity
CPO prices are expected to remain firm in 1H14 supported by lower stockpiles and increase in biodiesel demand
We will leverage on current levels of CPO price with forward sales of CPO
Production
Efficiency
CPO Price
19 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Key takeaway 1 – EBITDA reasonably sustained
40%
36%
39%
30% 30% 32%
42%
38%
18%
23%
36%
12%
7%
11%
15%
26%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
EBITDA
EBITDA Margin
PAT Margin
EBIT
DA
(R
M) EB
ITDA
margin
(%)
20 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Key takeaway 2 - FFB production to grow at CAGR of 14% in next 6 years
32
1,2
73
28
6,7
23
34
7,5
46
51
9,2
89
46
3,9
49
51
3,2
76
52
4,6
65
78
1,5
77
82
0,3
95
1,0
89
,89
6
1,2
08
,76
0
1,3
62
,49
0
1,4
82
,80
5
1,5
67
,65
8
22.43
19.89
14.40
21.48
20.58
22.39
21.51
23.86
21.36 21.91
22.57 22.89
23.95
24.69
14
16
18
20
22
24
26
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
FFB Production Yield
EBIT
DA
(R
M)
FFB Y
ield
(mt/h
a)
21 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Key takeaway 3 – Yield Improvement Programme extended
Estate Location MT/Ha Oil/Ha
Mamahat Kota Marudu 28.59 6.01
Kota Bahagia Keratong 27.24 5.57
Sg Mengah Keratong 25.10 5.15
Sg Ibok Kemaman 25.00
Sg Tenegang Lahad Datu 24.53
Gedong Serian 24.49 5.38
Bukit Lawiang Kluang 24.10
22 TH PLANTATIONS BERHAD
(Company No: 12696-M)
1,3
19
1,1
48
FY12 FY13
CPO Production Cost (RM/MT)
-13%
Key takeaway 4– Unit production cost to improve further
Ave
rage
24
8
18
4
FY12 FY13
Estate Production Cost (RM/MT)
-26%
58
57
FY12 FY13
Mill Manufacturing Cost (RM/MT)
-2%
*excl depreciation *excl depreciation
*excl depreciation
23 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Thank You
Our vision is to be an integrated and sustainable plantation player
with global recognition, promising premium quality products
For further information/queries, please email aizzura@thplantations.com
TH PLANTATIONS BERHAD
(Company No: 12696-M)
24 TH PLANTATIONS BERHAD
(Company No: 12696-M)
FFB contribution by region
33%
45%
22%
4Q2013
42%
24%
34%
4Q2012
Peninsular
Sabah
Sarawak
Peninsular Sabah
Sarawak
Higher contribution from the Sarawak region following acquisitions made in 2012
25 TH PLANTATIONS BERHAD
(Company No: 12696-M)
A closer look at costs
Cost of Sales 4Q13 4Q12 Variance (%) Remarks
Estate Production Cost 37,760 30,416 +24% In line with higher production and better efficiencies – lower unit production cost
Overhead 7,897 5,803 +36%
FFB Purchases 27,142 4,855 +459%
Mill Manufacturing Cost 15,802 8,507 +86% In line with higher production and new mills – lower unit processing cost
Depreciation – Estates 1,943 1,497 +30% In line with major acquisitions
Depreciation – Mill 3,738 2,188 +71% In line with major acquisitions
Amortisation 15,047 8,201 +83% In line with major acquisitions
Other Costs 4Q13 4Q12 Variance (%) Remarks
Admin Expenses 4,722 6,485 -27% Minimal variance
Other operating expenses 2,125 2,895 -27%
Depreciation 310 480 -35%
Zakat 278 (1,040) n.m. Current liabilities > current assets
Finance Cost 6,740 4,066 +66% Higher debt due to major acquisitions
26 TH PLANTATIONS BERHAD
(Company No: 12696-M)
Overview of Profit & Loss (4Q)
(RM ‘000) 4Q13 4Q12
Revenue 154,549 99,106
Sales of CPO 123,353 74,851
Sales of PK 20,232 9,236
Sales of FFB 5,231 10,182
Management fees 5,642 4,837
Dividends 91 -
Cost of Sales (110,644) (72,505)
Gross Profit 43,904 26,602
Other Expenses
Admin expenses (4,722) (6,485)
Other operating expenses (2,435) (3,374)
Zakat (278) 1,040
Finance costs (6,740) (4,066)
Other Income 1,073 102,580
Profit Before Tax 30,802 116,296
Tax 9,854 (17,477)
Profit After Tax 40,657 98,819
EBITDA 58,581 31,488
Gross Profit before amortisation 58,951 34,802
Revenue up by 56%
EBITDA up by 86% Gross profit excl amort up by 69%
PBT (excl other income from 4Q12) up by 105%
Gross profit up by 65%
Costs up by 53% in line with acquisitions and higher production
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