Anglo-Eastern Plantations PLC Trading Statement (4432A)
29 May 2019 - 5:48PM
UK Regulatory
TIDMAEP
RNS Number : 4432A
Anglo-Eastern Plantations PLC
29 May 2019
29 May 2019
Anglo-Eastern Plantations PLC
("AEP" or the "Company")
Further On Trading Statement
It has come to the Company's attention that there were two
errors in its trading statement announced at 11.52am on 23 May 2019
under RNS 0127A. First, as set out in the first paragraph under
"Operational and financial performance", the Company's own
production of fresh fruit bunches for the first three months ended
31 March 2019 was 238,900mt, not 232,900mt as originally announced.
This represents an increase of 3% compared to the same period in
2018. Second, under the heading "Development", the reference to
AEP's planted acreage should have read 70,200 hectares instead of
66,900 hectares.
All other details remain unchanged. The full text of the amended
announcement is set out below.
"Anglo-Eastern Plantations PLC
("AEP" or the "Company")
Trading Statement
Anglo-Eastern Plantations, a major producer of palm oil and some
rubber across Indonesia and Malaysia, today announces a trading
update in respect of the first quarter since 31 December 2018.
Operational and financial performance
For the first three months ended 31 March 2019, our own
production of fresh fruit bunches ("FFB") was 238,900mt, an
increase of 3% compared to the same period in 2018 (3M18:
232,400mt). Our plantations in North Sumatera and Kalimantan
experienced a better harvest whereas our plantations in the
Bengkulu and Riau regions saw a drop in production. FFB bought-in
was 196,400mt (3M18: 211,900mt), a decrease of 7% in line with a
drop in FFB harvested in the same region, especially in Bengkulu as
compared to the same period in 2018. As a result, the Crude Palm
Oil ("CPO") produced was 88,100mt, 4% lower than the corresponding
period in 2018 (3M18: 91,400mt).
The CPO price ex-Rotterdam averaged $538/mt for the first three
months to 31 March 2019. This represents a decline of 20% from the
average price of $672/mt recorded in the first quarter of 2018 but
is above $517/mt, the prevailing price at the start of 2019.
The Group's balance sheet remains strong. The Company's Long
Term Development Loans totalled $18.8m as at 31 March 2019 (31
March 2018: $25.9m). The Group has net cash of $95.3m as at 31
March 2019.
Development
AEP has plantations across Indonesia and Malaysia, amounting to
some 128,200 hectares, of which approximately 70,200 hectares
(including Plasma) are planted. The Group's new planting for the
three months ended 31 March 2019 totalled 399 hectares (including
Plasma).
The biogas plant in Kalimantan is in full operation and has
started supplying electricity to the national grid from the end of
first quarter of this year.
Earthworks for the seventh mill in North Sumatera are still in
progress amidst delay caused by heavy rainfall. The building and
the infrastructure works are expected to commence in the latter
half of the year with completion expected at the end of 2021.
Outlook
The CPO price ex-Rotterdam started the year at $517/mt and
reached a peak of $570/mt in February 2019. Since then it has
trended downwards and closed at $514/mt on 31 March 2019. Palm oil
prices are at a large price discount to soybean oil, although it
remains volatile.
Note: The information communicated in this announcement is
inside information for the purposes of Article 7 of Market Abuse
Regulation 596/2014."
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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