TIDMNBPO
RNS Number : 0592G
New Britain Palm Oil Limited
27 February 2015
27 February 2015
NEW BRITAIN PALM OIL LIMITED
("NBPOL", the "Group" or the "Company")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014
(UNAUDITED)
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 unaudited preliminary results for the year
ended 31 December 2014.
Financial Results
-- Revenue increased 10.6% to USD 617.9 million (2013: USD 558.7
million) reflecting an increase in total oils shipped to customers
and higher prices
-- Profit before tax increased 574.6% to USD 116.7 million*
(2013: USD 17.3 million*) excluding the changes in fair value of
biological assets under IAS 41 but including the net gains of USD
2.8 million on agricultural products transferred to inventories at
balance date. Including the changes in fair value of biological
assets under IAS 41, the statutory profit before tax as reported in
the statement of comprehensive income is USD 105.1 million (2013:
USD 71.0 million)
-- Net foreign exchange losses of USD 10.1 million (as compared
to losses of USD 17.5 million in 2013) including non-cash
unrealised exchange losses on restatement of USD borrowings of USD
13.6 million (2013: USD 23.2 million)
-- A non-cash gain of USD 8.4 million was recognised during the
year as a result of the acquisition of 95% of the issued share
capital of PT Timbang Deli Indonesia
-- Earnings Per Share attributable to ordinary shareholders
increased 570.3% to USD 49.6 cents* (2013: USD 7.4 cents*)
-- Earnings Before Interest, Tax and Depreciation ("EBITDA")
increased 97.4% to USD 191.1 million* (2013: USD 96.8 million*)
-- Gross margin of 40.9% (2013: 34.4%) reflecting the impact of
higher selling prices and continued depreciation in the Papua New
Guinea Kina against the US Dollar
-- Average selling price achieved for crude palm oil ("CPO")
during the year was USD 889/tonne (2013: USD 868/tonne)
-- Average selling price achieved for palm kernel oil ("PKO")
during the year was USD 1,276/tonne (2013: USD 965/tonne)
-- As at the year end, the Group had made forward sales of CPO
of approximately 70,000 tonnes of its 2014 production at an average
price of USD 750/tonne; as at 25 February 2015 the forward sales of
CPO of the Group were approximately 129,000 tonnes at an average
price of USD 722/tonne
-- Net cash generated from operating activities of USD 106.0
million (2013: USD 142.6 million) reflecting an increase in working
capital items of USD 60.7 million including an increase in trade
and other receivables of USD 65.8 million (2013: a decrease of USD
46.2 million including a decrease in trade and other receivables of
USD 33. 4 million)
-- Capital expenditure decreased 5.8% to USD 66.6 million (2013: USD 70.7 million)
-- The Group had cash holdings at the end of 2014 of USD 17.0
million and short term borrowings of USD 15.3 million equating to a
net cash position of USD 1.7 million (2013: net cash position of
USD 8.7 million)
-- The Group's total borrowings at the end of 2014 decreased
9.1% to USD 247.8 million (2013: USD 272.6 million)
-- A final dividend for 2013 of USD 5 cents per share was paid
in April 2014 and an interim dividend for 2014 of USD 15 cents per
share was paid in November 2014
* IAS 41 is an accounting standard that requires the company to
value the oil palm trees over their entire future lifetime of 20
plus years. The fair value movements year-on-year under IAS 41 are
non-cash items and therefore are not used by management when
measuring the company's operational performance because they are
not reflective of the underlying business. Management believes that
the inclusion of these adjusted profitability measures (excluding
IAS 41 fair value changes) are useful to investors because they
provide a means of evaluating the Group's operating performance and
results from period to period on a comparable basis not otherwise
apparent when the impact of the changes in fair value of biological
assets under IAS 41 is included. Management also believes that this
inclusion is useful in facilitating comparisons between the Group
and other companies in the industry, some of whom are not required
to comply with IAS 41. Refer to notes 3 and 4 for a reconciliation
of the adjusted measures to those including the impact of IAS
41
Operational Results
-- During the year, a total of 2,331,756 tonnes of fresh fruit
bunches ("FFB") were processed (2013: 2,085,670 tonnes), including
641,559 tonnes from smallholders (2013: 589,524 tonnes)
-- The Group's CPO extraction rate for the year was 22.35% (2013: 22.15%)
-- The Group's palm product extraction rate for the year was 27.87% (2013: 27.50%)
-- Total oil production was 574,124,856 tonnes (2013: 507,856
tonnes), with 521,204 tonnes of CPO produced and 52,920 tonnes of
PKO produced (2013: 462,060 tonnes and 45,796 tonnes
respectively)
-- Oil shipments (CPO, PKO and refined oils, excluding sales
from the Liverpool refinery) were 565,769 tonnes (2013: 517,731
tonnes)
-- In 2014, the Group completed 1,183hectares of new plantings
(with a further 1,479 hectares under preparation) and 2,743
hectares of replanting
-- CPO prices traded during the year between USD 675 and USD
935/tonne, starting the year at USD 785/tonne, increasing to USD
935/tonne during the year and ending at around USD 700/tonne with
current prices trading at approximately USD 700/tonne
-- Ramu Agri Industries Limited harvested 314,623 tonnes of
sugar cane (2013: 320,467 tonnes), yielding 31,122 tonnes of sugar
(2013: 30,208 tonnes)
-- Seed sales of 4.3 million seeds (2013: 6.9 million seeds)
-- The Liverpool refinery recorded strong EBITDA growth of 19.1%
year-on-year driven by gross margin expansion and increased sales
volumes
Corporate Actions and Other Events
-- 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 (the
"Offer")
-- 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
-- On 18 February 2015, Sime Darby Plantation declared the Offer
to be free from all of the conditions specified in Section 12.1 of
the Offer Document dated 23 October 2014 (as amended) and the Offer
became unconditional
-- On 25 February 2015 and following the closing of the Offer,
for which total acceptances representing approximately 98.8% of
NBPOL's voting shares have been received by Sime Darby Plantation,
NBPOL announced its intention to apply to the UK Listing Authority
and the London Stock Exchange requesting the cancellation of
trading in NBPOL ordinary shares (in the form of depositary
interests) on the London Stock Exchange's market for listed
securities and of the listing of the shares on the Official List of
the UK Listing Authority. Pursuant to Listing Rule 5.2.11, the
cancellation notice period has now commenced and cancellation is
expected to take effect from 8:00 am (London time) on 25 March
2015
-- On 11 December 2014, a settlement was reached with Pacific
Rim Plantation Services Pte Limited, a company majority owned and
controlled by Alan Chaytor, and with Alan Chaytor himself. Mr
Chaytor resigned from his directorship and employment with NBPOL
effective 11 December 2014. The full and final settlement relates
to historic rates which had been charged to NBPOL.Subsequent to
year end, the Company brought in-house the management of its
post-production commercial activities including all shipping,
sales, marketing and hedging operations as well as downstream
refinery management
-- On 19 February 2015, the Company issued 1,500,838 new
ordinary shares pursuant to the terms of its Long-Term Incentive
Plan ("LTIP") to LTIP Participants in accordance with the LTIP
Rules. Following the issue of the new ordinary shares, the
Company's share capital consists of a total of 151,548,942 ordinary
shares
Antonio Monteiro de Castro, Chairman of New Britain Palm Oil
Limited, commented:
"As these preliminary results are expected to be our final set
of financial results presented to the London market, I would like
to take this opportunity to thank our shareholders for their
support over the years, and also our employees for their continued
commitment to the business."
Enquiries:
New Britain Palm Oil Limited Tel (Singapore): +65 6227
Nick Thompson (Chief Executive 6247
Officer)
Amir Mohareb (Chief Financial
Officer)
Ben Oakley (Corporate Development
and IR)
Newgate (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 81,500 hectares of planted oil palm
estates, over 7,500 hectares of sugar cane and a further 9,150
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 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.
Disclaimer:
This document includes statements that are forward-looking in
nature. Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of New Britain Palm Oil Limited to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Any such forward-looking statements speak only as of
the date of this document and New Britain Palm Oil Limited does not
undertake to update forward-looking statements to reflect events or
circumstances after that date. Information contained in this
document relating to the Group should not be relied upon as an
indicator of future performance.
NEW BRITAIN PALM OIL LIMITED
Consolidated Statement of Comprehensive Income (Unaudited)
For the year ended 31 December
2014 2013
USD'000 USD'000
Revenue 617,879 558,652
Cost of sales (365,131) (366,610)
------------------ -------------------
Gross profit 252,748 192,042
Net (loss)/gain arising
from changes in fair value
of biological assets (11,567) 53,678
Other income 39,603 2,342
Other gains/(losses) 1,017 (9,368)
Distribution costs (72,814) (71,767)
Administrative expenses (95,712) (86,344)
------------------ -------------------
Operating profit 113,275 80,583
Interest income 16 13
Finance costs (8,176) (9,614)
------------------ -------------------
Net finance costs (8,160) (9,601)
PROFIT BEFORE INCOME TAX 105,115 70,982
Income tax expense (36,492) (20,922)
------------------ -------------------
PROFIT FOR THE YEAR 68,623 50,060
================== ===================
Other comprehensive income/(loss)
Items that will subsequently
be reclassified to profit
and loss:
Cash flow hedges (4,097) 440
Currency translation differences (22,327) (148,929)
Income tax relating to
components of other comprehensive
income 1,229 (132)
------------------ -------------------
Other comprehensive income/(loss)
for the year, net of tax (25,195) (148,621)
------------------ -------------------
TOTAL COMPREHENSIVE INCOME/(LOSS)
FOR THE YEAR 43,428 (98,561)
================== ===================
Profit for the year is
attributable to:
Equity holders of the
Company 66,120 47,653
Non-controlling interest 2,503 2,407
------------------ -------------------
68,623 50,060
================== ===================
Total comprehensive income/(loss)
for the year is attributable
to:
Equity holders of the
Company 40,724 (104,429)
Non-controlling interest 2,704 5,868
------------------ -------------------
43,428 (98,561)
================== ===================
Earnings per share $ $
- Basic and diluted 0.443 0.319
NEW BRITAIN PALM OIL LIMITED
Consolidated Balance Sheet (Unaudited)
At 31 December
2014 2013
USD'000 USD'000
NON CURRENT ASSETS
Property, plant and equipment 736,569 755,425
Biological assets 349,662 370,206
Intangible assets 45,903 47,084
1,132,134 1,172,715
---------- ----------
CURRENT ASSETS
Cash and cash equivalents 16,956 30,925
Trade and other receivables 150,109 85,175
Biological assets 17,882 16,207
Inventories 156,236 171,411
Current income tax assets 2,112 -
Derivative financial
instruments - 4,096
343,295 307,814
---------- ----------
TOTAL ASSETS 1,475,429 1,480,529
---------- ----------
NON CURRENT LIABILITIES
Borrowings 164,479 179,934
Deferred income tax liabilities 295,293 286,999
459,772 466,933
---------- ----------
CURRENT LIABILITIES
Borrowings 83,333 92,698
Trade and other payables 49,787 47,918
Current income tax liabilities - 6,709
133,120 147,325
---------- ----------
TOTAL LIABILITIES 592,892 614,258
---------- ----------
NET ASSETS 882,537 866,271
========== ==========
SHAREHOLDERS' EQUITY
Issued capital 180,333 180,333
Other reserves 50,672 70,649
Retained earnings 635,451 599,298
866,456 850,280
Non-controlling interest
in equity 16,081 15,991
---------- ----------
TOTAL EQUITY 882,537 866,271
========== ==========
NEW BRITAIN PALM OIL LIMITED
Consolidated Statement of Changes in Equity (Unaudited)
Attributable to equity holders of
the Company
Issued Other Retained Non-Controlling Total
Capital Reserves Earnings Total Interest Equity
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
Balance at 1 January
2013 180,333 224,201 568,286 972,820 10,123 982,943
Total comprehensive
income for the
year - (152,082) 47,653 (104,429) 5,868 (98,561)
---------------- ---------- --------- ---------- ---------------- ---------
Currency translation
differences - (1,470) - (1,470) - (1,470)
Dividends paid - - (16,641) (16,641) - (16,641)
---------------- ---------- --------- ---------- ---------------- ---------
Balance at 31
December
2013 180,333 70,649 599,298 850,280 15,991 866,271
Total comprehensive
income for the
year - (25,396) 66,120 40,724 2,704 43,428
---------------- ---------- --------- ---------- ---------------- ---------
Currency translation
differences - (178) - (178) - (178)
Long term incentive
plan - 5,597 - 5,597 - 5,597
Dividends paid - - (29,967) (29,967) (2,614) (32,581)
---------------- ---------- --------- ---------------- ---------
Balance at 31
December
2014 180,333 50,672 635,451 866,456 16,081 882,537
---------------- ---------- --------- ---------- ---------------- ---------
NEW BRITAIN PALM OIL LIMITED
Consolidated Statement of Cash Flows (Unaudited)
2014 2013
USD'000 USD'000
CASH FLOW FROM OPERATING
ACTIVITIES
Cash receipts from customers 591,595 601,451
Cash payments to suppliers
and employees (454,001) (444,121)
---------- ----------
Cash generated from operations 137,594 157,330
Income tax paid (23,483) (5,082)
Interest paid (8,176) (9,614)
Interest received 16 13
---------- ----------
Net cash generated from operating
activities 105,951 142,647
========== ==========
CASH FLOW FROM INVESTING
ACTIVITIES
Purchase of property, plant
and equipment (42,450) (41,607)
Expenditure on plantation
development (21,812) (26,458)
Expenditure on biological
assets (2,352) (2,627)
---------- ----------
Net cash used in investing
activities (66,614) (70,692)
========== ==========
CASH FLOW FROM FINANCING
ACTIVITIES
Proceeds from borrowings 49,119 46,604
Repayment of borrowings (67,096) (77,866)
Dividends paid to company
shareholders (30,960) (14,522)
---------- ----------
Net cash from financing activities (48,937) (45,784)
========== ==========
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS
AND BANK OVERDRAFTS (9,602) 26,171
Effects of exchange rate
changes on cash and cash
equivalents and bank overdrafts 2,557 (652)
Add: Cash and cash equivalents
and bank overdrafts at the
beginning of the year 8,701 (16,818)
---------- ----------
CASH AND CASH EQUIVALENTS
AND BANK OVERDRAFTS AT THE
END OF THE YEAR 1,656 8,701
========== ==========
The following balances comprise cash and cash equivalents and
bank overdrafts at the end of the year:
Cash and bank balances 16,956 30,925
Short term borrowings (included
in current borrowings) (15,300) (13,247)
Bank overdraft (included
in current borrowings) - (8,977)
--------- ---------
1,656 8,701
========= =========
Reconciliation of Profit After Income Tax To Net Cash Generated
From Operating Activities (Unaudited)
2014 2013
USD'000 USD'000
Profit after income tax 68,623 50,060
Add/(less) non-cash items:
Depreciation and amortisation 66,286 69,921
Net loss/(gain) arising from changes in
fair value of biological assets 11,567 (53,678)
Net gain arising on recognition of agricultural
products (2,772) (8,159)
Gain on acquisition of subsidiary (8,369) -
Foreign currency exchange differences 13,565 23,186
Deferred income tax 17,718 15,142
Add/(less) movements in working capital items:
(Increase)/decrease in trade and other
receivables (65,717) 33,383
(Decrease)/increase in current income
tax liabilities (6,573) 944
Decrease in trade and other payables (5,020) (5,733)
Decrease in inventories 16,643 17,581
-------- --------
Net cash generated from operating activities 105,951 142,647
======== ========
NEW BRITAIN PALM OIL LIMITED
Notes to the financial statements
1. Basis of financial statements preparation
The financial information in this statement is prepared in
accordance with International Financial Reporting Standards
("IFRS") (and International Financial Reporting Interpretations
Committee ("IFRIC") interpretations).
They have been prepared on the basis of the accounting policies
set out in the Group's 2013 Annual Report and have been
consistently applied throughout the year. Where necessary,
comparative figures have been adjusted to conform with changes in
presentation in the current year.
2. Status of financial information
This preliminary announcement does not constitute the Group's
consolidated statutory financial statements for the year ended 31
December 2014. This report is based on the accounts which are in
the process of being prepared and audited and which will be
approved by the Board and reported on by the auditors by 27 March
2015 and subsequently sent to shareholders and filed with the PNG
Registrar of Companies. Accordingly, the financial information
contained in this announcement is unaudited and does not have the
status of statutory accounts.
Financial information for the year ended 31 December 2013 has
been extracted from the audited financial statements as filed with
the PNG Registrar of Companies. The auditors' report on the full
financial statements for the year ended 31 December 2013 was
unqualified.
3. Reconciliation of reported Profit before tax
2014 2013
USD'000 USD'000
Profit before tax 105,115 70,982
Net loss/(gain) arising
from changes in fair value
of biological assets 11,567 (53,678)
-------- ---------
Profit before tax excluding
the effects of revaluing
biological assets under
IAS 41 116,682 17,304
======== =========
4. Earnings per share
2014 2013
USD'000 USD'000
Net profit attributable
to ordinary shareholders
used in basic and diluted
EPS 66,120 47,653
Net loss/(gain) arising
from changes in fair value
of biological assets attributable
to ordinary shareholders,
net of tax (*) 8,041 (36,572)
----------- -----------
Net profit attributable
to ordinary shareholders
before changes in fair
value of biological asset 74,161 11,082
=========== ===========
Weighted average number
of ordinary shares ('000)
used in basic and diluted
EPS 149,382 149,382
Basic EPS (USD/share) 0.443 0.319
Basic EPS before changes
in fair value of biological
assets (USD/share) 0.496 0.074
* The net (gain)loss arising from changes in fair value of biological
assets attributable to ordinary
shareholders, net of tax is reconciled to the income statement
as follows:
Net loss/(gain) arising
from changes in fair value
of biological assets 11,567 (53,678)
Income tax (credit)/expense (3,470) 16,103
-------- ---------
8,097 (37,575)
Attributable to:
Ordinary shareholders 8,041 (36,572)
Non-controlling interest 56 (1,003)
-------- ---------
8,097 (37,575)
5. Income tax
2014 2013
USD'000 USD'000
Income Tax Expense
Current tax 17,962 5,737
Deferred tax 17,718 15,142
Over provision in prior
years 812 43
-------- -----------
36,492 20,922
======== ===========
The income tax expense has
been calculated as follows:
Profit for the year 105,115 70,982
-------- -----------
Income tax at 30% 31,535 21,295
Tax effect of:
Non-deductible (assessable)
items 4,145 (415)
Over provision in prior
years 812 43
-------- -----------
Income tax expense 36,492 20,922
======== ===========
6. Exchange rates
Items included in the financial statements of each of the
Group's entities are measured using the currency of the primary
economic environment in which the entity operates. The consolidated
financial information is presented in US Dollars, which is New
Britain Palm Oil Limited's presentation currency and differs from
its functional currency, the Papua New Guinea Kina ("PNG
Kina").
The balance sheets and statements of changes in equity are
translated from PNG Kina to US Dollars at the closing rate existing
at the date of the balance sheet, which at 31 December 2014 is PGK
1.00 = USD 0.3855 (31 December 2013: PGK 1.00 = USD 0.3955).
The income statements and statements of cash flows are
translated from PNG Kina to US Dollars at the average exchange
rates prevailing during the period, which are considered to
approximate the actual exchange rate at the date of each
transaction. The average exchange rate at 31 December 2014 is PGK
1.00 = USD 0.3890 (31 December 2013: PGK 1.00 = USD 0.4313).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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