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1 TH PLANTATIONS BERHAD (Company No: 12696-M) 4 th 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
26

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

Jul 17, 2020

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Page 1: 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

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

Page 2: 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

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

Page 3: 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

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

Page 4: 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

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%

Page 5: 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

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

Page 6: 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

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

Page 7: 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

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

Page 8: 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

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

Page 9: 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

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

Page 10: 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

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

Page 11: 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

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

Page 12: 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

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%

Page 13: 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

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

Page 14: 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

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)

Page 15: 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

15 TH PLANTATIONS BERHAD

(Company No: 12696-M)

Progress Update – PT PKP Acquisition Completed

Page 16: 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

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

Page 17: 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

17 TH PLANTATIONS BERHAD

(Company No: 12696-M)

Outlook – Higher production, improved prices

Page 18: 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

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

Page 19: 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

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

(%)

Page 20: 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

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)

Page 21: 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

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

Page 22: 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

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

Page 23: 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

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 [email protected]

TH PLANTATIONS BERHAD

(Company No: 12696-M)

Page 24: 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

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

Page 25: 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

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

Page 26: 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

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