Anglo-Eastern Plantations PLC AGM Statement (1731D)
24 June 2019 - 6:21PM
UK Regulatory
TIDMAEP
RNS Number : 1731D
Anglo-Eastern Plantations PLC
24 June 2019
24 June 2019
Anglo-Eastern Plantations PLC
("AEP" or the "Company")
AGM Statement
The 34th Annual General Meeting of Anglo-Eastern Plantations PLC
will be held at the offices of UHY Hacker Young LLP, Quadrant
House, 6(th) Floor, 4 Thomas More Square, London E1W 1YW at 11am
today.
At the meeting, the Chairman will comment on current operational
performance and development as well as the outlook for the
remainder of 2019.
Operational and financial performance
For the first five months ended 31 May 2019, our own production
of fresh fruit bunches ("FFB") was 392,000mt, a decrease of 5%
compared to the same period in 2018 (five months to May 2018:
411,100mt). Lower crop production observed in Riau and Bengkulu was
similarly experienced by other planters. Harvesting in Indonesia
was also interrupted by the Presidential election and a higher
number of public holidays in April and May 2019. FFB bought in was
340,600mt, a 12% decline in comparison with the same period in 2018
(five months to May 2018: 388,800mt). External crop purchases were
lower consisitent with lower crop production by other planters in
the first half of 2019. Total Crude Palm Oil ("CPO") produced was
149,100mt, 9% lower than the corresponding period in 2018 (five
months to May 2018: 163,880mt).
The CPO ex-Rotterdam price averaged $531/mt for the first five
months to 31 May 2019, 20% lower than the average price of $667/mt
recorded in the first five months of 2018.
AEP balance sheet remains strong.
Development
AEP has plantations across Indonesia and Malaysia, amounting to
some 128,200 hectares, of which approximately 70,400 hectares
(including Plasma) are planted. The Group's new planting for the
first five months ended 31 May 2019 was 667 hectares (including
plasma) (five months to May 2018: 463 hectares).
Earthworks for the seventh mill in North Sumatera are still in
progress amidst delay caused by high rainfall. The sinking and
uneven settlement of soil at site have delayed the start of civil
works. Meantime earthwork at the fourth biogas plant in North
Sumatera is expected to be completed by end of second quarter of
2019.
Outlook
The CPO price ex-Rotterdam closed at $496/mt on 11 June 2019,
representing a 4% decrease from the start of the year at $517/mt.
Palm oil prices are at a large discount to soybean oil, although it
remains volatile. The Group expects the CPO price to remain soft
due to likely higher output and inventories across the market.
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
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END
AGMCKQDDFBKKFAB
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