TIDMNBPO
RNS Number : 2286Y
New Britain Palm Oil Limited
28 November 2014
28 November 2014
New Britain Palm Oil Limited
("NBPOL", the "Group" or the "Company")
THIRD QUARTER REPORT AND TRADING UPDATE
New Britain Palm Oil Limited (LSE: NBPO; POMSoX: NBO), one of
the world's largest fully integrated producers of sustainable palm
oil, today announces its third quarter report and trading update
for the period from 1 January 2014 to 30 September 2014.
Major financial and operational highlights in respect of the
nine months ended 30 September 2014 were as follows:
9 months ended 9 months ended
30 September 30 September
2014 2013
USD (m) USD (m)
Sales 503.0 431.3
Cost of Sales (285.3) (264.2)
--------------- ---------------
Gross Profit 217.7 167.1
Other Income 1.1 1.7
Net Gain on Recognition of Agricultural
Products 2.5 6.0
Net Foreign Exchange Losses* (3.8) (24.9)
Distribution Costs (57.8) (56.5)
Administrative Expenses (65.6) (67.6)
Net Finance Costs (6.3) (7.3)
--------------- ---------------
PBT (excluding IAS 41)** 87.8 18.5
FFB Produced - own plantations
(Mt) 1,295,760 1,156,250
FFB Processed (Mt) 1,802,157 1,620,000
CPO Produced (Mt) 400,672 356,085
PKO Produced (Mt) 40,624 35,411
Average CPO price per Mt achieved
(USD) 922 879
Average PKO price per Mt achieved
(USD) 1,327 938
(Note: PNG Kina-USD exchange rates for the nine months to 30
September 2014 and 30 September 2013 averaged 0.3882 and 0.4451
respectively)
* Net foreign exchange losses include approximately USD 1.8
million of unrealised non-cash foreign exchange losses (2013: USD
22.0 million losses).
** PBT in the first nine months of 2014, excluding unrealised
non-cash foreign exchange losses, was therefore USD 89.6 million
versus USD 40.5 million in the first nine months of 2013
Nick Thompson, Chief Executive Officer, stated:
"In the first nine months of 2014, the Group processed 1,802,157
tonnes of Fresh Fruit Bunches ("FFB"), some 11.2% higher than the
same period last year, including 506,397 tonnes from smallholders
(2013: 463,750 tonnes). Whilst allowing for the usual seasonal drop
in volumes during the third quarter, we have seen a strong recovery
in available FFB for harvest with increases in FFB production of
8.0% and 7.6% respectively from our estates and smallholders versus
the third quarter of 2013.
Crude Palm Oil ("CPO") extraction rates during the period
averaged 22.23%, as compared to the corresponding period in 2013 of
21.98%. As a result of higher FFB production and higher extraction
rates, 400,672 tonnes of CPO was produced, some 12.5% higher than
the same period last year. Palm Kernel Oil ("PKO") production was
40,624 tonnes, some 14.7% higher than the same period last
year.
The Group shipped 448,106 tonnes of CPO, PKO and refined oils
during the first nine months of 2014 at an average price of USD
972/tonne, compared to 417,702 tonnes in the first nine months of
2013 at an average price of USD 904/tonne. The greater volumes
shipped at higher average selling prices, together with a lower
PGK-USD exchange rate and the cost saving measures implemented in
the prior year have resulted in improved gross margins and improved
profitability when compared to the same period last year. However
the decision by the Central Bank of PNG in early June to
effectively increase the value of the PNG Kina by circa 18% has
increased our year to date unit cost of production per tonne of oil
by 8.8% when compared against our unit costs for the first half of
2014. Closing oil stocks at the end of September that will be
shipped in the fourth quarter reflect this higher cost which, when
coupled with lower selling prices, will negatively impact the
Group's profitability during the fourth quarter. Subsequent to the
Central Bank's intervention in June, the official reference rate
has been lowered in small increments, with the PNG Kina currently
trading at 0.3920 versus USD.
Palm oil prices during the first nine months of the year have
traded as high as USD 990 per tonne and as low as USD 680 per
tonne, their lowest level in nearly six years, driven by a record
supply of alternative vegetable oils, the absence of an "El Niño"
event and a weakening Chinese economy. Subsequent to period end,
prices have remained subdued and are currently trading at
approximately USD 715 per tonne. As at the date of this
announcement, the Group has sold forward 96,000 tonnes of CPO for
the remainder of 2014 at an average price of USD 767/tonne and a
further 33,000 tonnes into 2015 at USD 782/tonne.
On 9 October 2014, the Company received formal notification from
Sime Darby Plantation Sdn Bhd ("Sime Darby Plantation") of its
intention to make a cash offer for all the issued and to be issued
shares in NBPOL at a price of GBP 7.15 or PGK 28.79 per share.
On 23 October 2014, the Offer Document and the Target Company
Statement were dispatched to shareholders together with an
assessment of the merits of the Offer by the Independent Directors
of NBPOL. Following this assessment, the Independent Directors
unanimously recommended, in the absence of a superior proposal,
that NBPOL shareholders accept the offer. Please refer to the
Company's announcements dated 9 October, 23 October and 18 November
2014 for further information regarding the cash takeover offer.
On 21 November 2014, the Company paid a gross interim dividend
for 2014 of USD 15 cents per share to shareholders listed on the
Jersey and PNG registers on 17 October 2014.
Overall, the Group continues to trade in line with the Board's
expectations."
Enquiries:
New Britain Palm Oil Limited Tel (UK): +44 (0)20 7472 5936
Nick Thompson (Chief Executive Tel (Singapore): +65 6227 6247
Officer)
Alan Chaytor (Executive Director)
Amir Mohareb (Chief Financial Officer)
Ben Oakley (Corporate Development
and IR)
Newgate Communications (PR Adviser) Tel: +44 (0)20 7680 6550
James Benjamin Email: nbpol@newgatecomms.com
Clotilde Gros
Georgia Lewis
Website: www.nbpol.com.pg
Notes to editors:
NBPOL is a large scale integrated industrial producer of
sustainable palm oil in Australasia, headquartered in Papua New
Guinea ('PNG'). It has over 79,800 hectares of planted oil palm
estates, over 7,700 hectares of sugar cane and a further 9,200
hectares of grazing pasture; twelve oil mills; two refineries, one
in PNG, and one in Liverpool, UK; and a seed production and plant
breeding facility. The Company is listed on both the Main Market of
the London Stock Exchange and on the Port Moresby Stock Exchange in
PNG.
NBPOL is fully vertically integrated, producing its own seed
(which it also sells globally), planting, cultivating and
harvesting its own land, and processing and refining palm oil (both
in PNG and the UK). It also contracts directly with its end
customers in the EU and arranges shipping of its products.
NBPOL has high regard for the importance of its sustainability
credentials. It has achieved 100% certification of all estates,
mills and smallholders to the Roundtable on Sustainable Palm Oil
('RSPO') standard. NBPOL continues to be active in proving its
performance through its certification to ISO 14001 and its close
involvement with other innovative initiatives. The Company is a
certified supplier of sustainable palm oil from its entire
production base in PNG and Solomon Islands, under the RSPO
guidelines."
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEASFXASFLFFF
New Britain Palm Oil (LSE:NBPO)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
New Britain Palm Oil (LSE:NBPO)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
