Anglo-Eastern Plantations PLC AGM Statement (8823C)
16 Junho 2023 - 3:00AM
UK Regulatory
TIDMAEP
RNS Number : 8823C
Anglo-Eastern Plantations PLC
16 June 2023
16 June 2023
Anglo-Eastern Plantations Plc
("AEP" or the "Company")
AGM Statement
The 38th Annual General Meeting of Anglo-Eastern Plantations Plc
will be held at the offices of UHY Hacker Young LLP, 6(th) floor
Quadrant House, 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 2023.
Operational and financial performance
For the first five months ended 31 May 2023, our own production
of fresh fruit bunches ("FFB") from continuing operations was
420,300mt, a decrease of 5% compared to the same period in 2022
(five months to May 2022: 443,800mt on a like-for-like basis). FFB
production from discontinued operations was 12,200mt against
17,000mt for the corresponding period last year. The plantations in
Kalimantan with younger palms performed reasonably well, up 4%
against last year while plantations with older palms in North
Sumatera, Riau and Bengkulu experienced a large drop in production
of between 9% to 20%. The production in Bengkulu was also affected
by replanting activities which reduced matured areas by 1,675
hectares replanted from 2022 to May 2023. Lower production in
Sumatera was mainly due to seasonal variation and a shift in crop
pattern as the same was experienced by our neighbouring
plantations. Rainfall levels were better than last year, except for
Riau and Kalimantan.
FFB bought in was 404,000mt, a decrease of 13% in comparison
with the same period last year (five months to May 2022:
466,000mt). Lower external crop bought in was due to lower crop
production of all the plantations in the region, inline with the
drop in our own plantations. Total Crude Palm Oil ("CPO")
production for the first five months of 2023 was 169,200mt, 10%
lower than the corresponding period in 2022 (five months to May
2022: 187,000mt) .
The CPO ex-Rotterdam price averaged $1,006/mt for the first five
months to 31 May 2023, 39% lower than the average price of the
corresponding period in 2022 (first five months to May 2022:
$1,650/mt). Similarly, the average ex-mill price of CPO achieved
was $768/mt, a 28% decline compared to the corresponding period in
2022 (first five months to May 2022: $1,064/mt). The lower CPO
price was due to the lack of demand caused by the high inventory of
vegetable oil stocks especially a glut in sunflower and canola
leading to CPO trading at a premium against some of the
softoils.
Development
AEP has plantations across Indonesia and Malaysia, amounting to
approximately 90,700 hectares from continuing operations, of which
approximately 68,570 hectares including plasma are planted. For
discontinued operations, AEP has 37,300 hectares of plantations in
which 7,750 hectares including plasma are planted. The Group's new
planting and replanting including Plasma for the first five months
ended 31 May 2023 was 916 hectares (five months to May 2022: 371
hectares).
As previously announced, the Group expects a delay in completion
to the operational date for the newly built, seventh mill in North
Sumatera, Indonesia. This is following the incident at the HPP mill
causing a tragic loss of lives of four employees of the contractor,
while they were working on the Anaerobic Tank Digester. The HPP
plantation's operation in the production of FFB is unaffected by
this incident, and the Group expects no financial impact as a
result of this incident of the delay. The police are still
conducting their investigation into the cause of the explosion and
the Group continues to expect the delay in handing over will be
approximately six months.
The design of the earthworks for the site selected for the
construction of the second mill in Kalimantan has been completed.
Work will start after the approval of the Environmental Impact
Assessment ("EIA") which is now at the stage of evaluation by the
Department of Environment ("DOE"). The approval of the EIA is
expected to be received in Q3 2023.
Outlook
The CPO price ex-Rotterdam closed at $890/mt on 2 June 2023,
representing a decrease of 16% from the start of the year at
$1,060/mt. We expect a further reduction in CPO prices as crop
production improves further in the second half of the year .
Note: The information communicated in this announcement is
inside information for the purposes of Article 7 of Market Abuse
Regulation 596/2014 as it forms part of domestic law by virtue of
the European Union (Withdrawal) Act 2018.
For further enquiry, contact:
Anglo-Eastern Plantations Plc
Dato' John Lim Ewe Chuan +44 (0)20 7216 4621
Panmure Gordon (UK) Limited
Dominic Morley / Amrit Mahbubani +44 (0)20 7886 2500
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGMNKPBDBBKDCAD
(END) Dow Jones Newswires
June 16, 2023 02:00 ET (06:00 GMT)
Anglo-eastern Plantations (LSE:AEP)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Anglo-eastern Plantations (LSE:AEP)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024