Half Yearly Report
20 August 2010
Anglo-Eastern Plantations PLC
("AEP" or the "Group")
Interim Results for the six months ended 30 June 2010
Anglo-Eastern Plantations PLC, which owns approximately 141,000 hectares of plantation land, primarily in Indonesia, is pleased to announce the interims results for the six months to 30 June 2010.
Financial Highlights
· Revenue of $77.9m (H1 2009: $57.4m)
· Operating profit for the period was $26.1m ( H1 2009: $23.5m)
· Profit before tax increased to $26.7m from $24.0m in the first half of 2009
· Basic earnings per share were 42.0cts (H1 2009: 35.6cts)
· Net cash at 30 June 2010 was $27.1m compared with $36.8m at the year end and $24.6m at 30 June 2009
Commercial Highlights
· The market average price for crude palm oil for the period was $805/mt compared to an average of $650/mt for the first half of 2009
· Total own crop production was 266,190 mt a decline of 6% the same period last year
For further information, contact:
|
Anglo-Eastern Plantations plc |
|
|
Dato' John Lim Ewe Chuan
|
+44 (0)20 7216 4600 +603 2715 0118 |
|
Charles Stanley Securities |
|
|
Russell Cook |
+44 (0)20 7149 6000 |
Chairman's interim statement
Operational and financial performance
For the first half year ended 30 June 2010, revenue was $77.9 million compared to $57.4 million for the same period in 2009. This generated an operating profit of $26.1 million (2009: $23.5 million), an increase of 11%. Profit before tax was $26.7 million, compared to $24.0 million for the same period in 2009.
The increase in revenue and operating profit is mainly due to the higher CPO price registered in the 1H 2010 due to the improved global economic conditions and from a strengthening of Indonesian Rupiah. In the first half of 2010, the CPO price average around $805/mt, 24% higher than the 2009 average first half price of $650/mt.
With a net cash position, the Group's balance sheet remains strong while cash flow remains healthy. As at 30 June 2010 the Group's total cash balance was $49.4 million (2009: $57.9 million) with total borrowings of $22.3 million (2009: $33.3 million), giving a net cash position of $27.1million, a slightly improved position when compared to 30 June 2009 of $24.6 million, but down from $36.8 million at 31 December 2009, as a result of higher capital expenditure and repayment of some long term loan. There was no new borrowings in the period since 31 December 2009.
Earnings per share were 42.0cts (2009: 35.6cts).
New acquisition during the period
During this period we acquired PT Kahayan with the initial "Izin Lokasi" area of 17,500 ha in Central Kalimantan, Indonesia.
Operating costs
The operating costs for the Indonesian operations were higher in the 1H 2010 compared to the same period in 2009. This is due to the appreciation of Indonesian Rupiah and overall increase in fertiliser costs. Going forward, the operating cost are expected to increase further due to the increasing fertiliser costs planned in the second half of 2010. Corporate tax rate in Indonesia was reduced to 25% in 2010 (2009-28%) which will result in tax saving.
|
Production and Sales |
|
|
|
|
|
2010 |
2009 |
2009 |
|
|
6 months |
6 months |
Year |
|
|
to 30 June |
to 30 June |
to 31 Dec |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
mt |
mt |
mt |
|
Oil palm production |
|
|
|
|
FFB |
|
|
|
|
- all estates |
266,190 |
283,366 |
617,582 |
|
- bought-in or processed for third parties |
200,305 |
224,463 |
435,463 |
|
Saleable CPO |
92,684 |
102,852 |
213,159 |
|
Saleable palm kernels |
23,039 |
25,152 |
52,050 |
|
|
|
|
|
|
Oil palm sales |
|
|
|
|
CPO |
91,507 |
97,609 |
210,549 |
|
Palm kernels |
22,649 |
25,762 |
53,253 |
|
FFB sold outside |
15,519 |
14,303 |
32,491 |
|
|
|
|
|
|
Rubber production |
320 |
352 |
757 |
Total FFB production in 1H 2010 was 266,190 mt, down 6% compared to the same period last year due largely to a 16% decline in FFB production from Bengkulu estates. The crops on the hilly terrain made them less resilient to changing weather patterns and resulted in slower recovery from El Nino induced drought of 2006 and 2007.
The lower CPO production volume was mainly due to the lower yield and lower FFB production of the estates in 1H 2010.
Bought-in crops for the period were 200,305 mt, 11% lower than last year. Outside fruit continues to be available at prices which allow positive contributions to profit.
Commodity prices
The CPO price, which ended in December 2009 at around $780/mt, has continued its recovery trend since, reaching a high of about $850/mt, and averaged $805/mt for the first six months ended 30 June 2010 (2009: $650/mt). The impact of El Nino was more significant resulting in weaker production in Indonesia and Malaysia which lead to higher CPO price. However, with expected bumper soybean harvest from South America, seasonally higher palm oil output in the coming months and the narrowing price discount between RBD palm olein and soybean oil from Argentina will limit the upside potential for CPO price from the current level in the short term.
Rubber prices averaged around $2,922/mt (2009: $1,330/mt).
Development
The Group's planted areas at 30 June 2010 were:-
|
|
Total |
Mature |
Immature |
|
|
ha |
ha |
ha |
|
North Sumatra |
18,570 |
11,449 |
7,121 |
|
Bengkulu |
17,314 |
14,759 |
2,555 |
|
Riau |
4,960 |
4,960 |
0 |
|
South Sumatra |
757 |
0 |
757 |
|
Kalimantan |
2,359 |
0 |
2,359 |
|
Indonesia |
43,960 |
31,168 |
12,792 |
|
Malaysia |
3,696 |
3,510 |
186 |
|
Total : 30 June 2010 |
47,656 |
34,678 |
12,978 |
|
Total : 31 Dec 2009 |
44,743 |
34,593 |
10,150 |
|
Total : 30 June 2009 |
46,079 |
32,927 |
13,152 |
The Group's plantation development programme is behind schedule, with 2,900 ha already planted with oil palm seedlings during the first half-year of 2010. The slowdown in new planting is mainly due to the poor weather conditions and delay in planting in South Sumatera. The Group targets to commence planting another 3,000 ha of new areas in Bengkulu, North Sumatra and Kalimantan before year end. The Group's total landholding comprises 141,000 ha, of which the planted area now stands around 47,700 ha (2009: 45,000 ha).
The newly commissioned Sumindo mill started operations in May 2010. The oil extraction rate of 24.5% for our own estate crop was satisfactory. As production is stepped up, we will buy and process outside crop from mid July 2010
A moderate earthquake of 5.7 magnitude struck 152km South West of Bengkulu City in June 2010 but there was no injury and damage to the Group's employees and properties.
Director
Donald Low has relinquished his position as Acting Chief Executive with effect from 25 May 2010. The Board is continuing its process to identify a successor.
Dividend
As in previous years no interim dividend has been declared. A final dividend of 5.0 cents per share in respect of the year to 31 December 2009 was paid on 28 May 2010.
Outlook
Although the commodity prices were generally stable throughout the period, we remain cautious on the recovery of global economy going forward. Nevertheless, the board however remains confident of reporting a satisfactory profit level and cash flow for the second half of 2010.
Chan Teik Huat
Chairman
20 August 2010
Responsibility Statements
We confirm that to the best of our knowledge:
a) The interim financial statements have been prepared in accordance with IAS34; Interim Reporting as adopted by the European Union:
b) The Chairman's statement includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) The interim financial statements include a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).
By order of the Board
Dato' John Lim Ewe Chuan
20 August 2010
Consolidated income statement
|
|
|
2010 6 months to 30 June (unaudited) |
2009 6 months to 30 June (unaudited) |
2009 year to 31 December (audited) |
||||||
|
|
Notes |
Result before BA adjustment $000 |
BA adjustment $000 |
Total $000 |
Result before BA adjustment $000 |
BA adjustment $000 |
Total $000 |
Result before BA adjustment $000 |
BA adjustment $000 |
Total $000 |
|
Continuing operations |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
77,925 |
- |
77,925 |
57,639 |
- |
57,639 |
150,080 |
- |
150,080 |
|
Cost of sales |
|
(51,137) |
- |
(51,137) |
(32,714) |
- |
(32,714) |
(88,202) |
- |
(88,202) |
|
Gross profit |
|
26,788 |
- |
26,788 |
24,925 |
- |
24,925 |
61,878 |
- |
61,878 |
|
Biological asset revaluation movement (BA adjustment) |
2 |
- |
422 |
422 |
- |
417 |
417 |
- |
888 |
888 |
|
Administration expenses |
|
(1,112) |
- |
(1,112) |
(1,871) |
- |
(1,871) |
(2,923) |
- |
(2,923) |
|
Operating profit |
|
25,676 |
422 |
26,098 |
23,054 |
417 |
23,471 |
58,955 |
888 |
59,843 |
|
Exchange profit/(losses) |
3 |
367 |
- |
367 |
252 |
- |
252 |
1,259 |
- |
1,259 |
|
Finance income |
|
903 |
- |
903 |
1,532 |
- |
1,532 |
3,202 |
- |
3,202 |
|
Finance costs |
4 |
(674) |
- |
(674) |
(1,220) |
- |
(1,220) |
(2,219) |
- |
(2,219) |
|
Profit before tax |
5 |
26,272 |
422 |
26,694 |
23,618 |
417 |
24,035 |
61,197 |
888 |
62,085 |
|
Tax |
6 |
(6,570) |
(126) |
(6,696) |
( 7,029) |
(117) |
(7,146) |
(16,667) |
(267) |
(16,934) |
|
Profit for the period |
|
19,702 |
296 |
19,998 |
16,589 |
300 |
16,889 |
44,530 |
621 |
45,151 |
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
- equity holders of the parent |
|
16,343 |
228 |
16,571 |
13,857 |
198 |
14,055 |
37,146 |
348 |
37,494 |
|
- minority interests |
|
3,359 |
68 |
3,427 |
2,732 |
102 |
2,834 |
7,384 |
273 |
7,657 |
|
|
|
19,702 |
296 |
19,998 |
16,589 |
300 |
16,889 |
44,530 |
621 |
45,151 |
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
- basic |
|
|
|
41.98cts |
|
|
35.6cts |
|
|
94.99cts |
|
- diluted |
|
|
|
41.93cts |
|
|
35.6cts |
|
|
94.99cts |
Consolidated statement of comprehensive income
|
|
|
2010 6 months to 30 June |
2009 6 months to 30 June |
2009 Year to 31 Dec |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
$000 |
$000 |
$000 |
|
Profit for the period |
|
19,998 |
16,889 |
45,151 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
Unrealised (loss)/surplus on revaluation of the estates |
|
(15,905) |
3,672 |
(12,320) |
|
Profit/(loss) on exchange translation of foreign operations |
|
9,216 |
5,827 |
41,058 |
|
Deferred tax on revaluation |
|
(639) |
108 |
(6,286) |
|
Other comprehensive income/(expense) for the period |
|
(7,328) |
9,607 |
22,452 |
|
Total comprehensive income for the period |
|
12,670 |
26,496 |
67,603 |
|
Attributable to: |
|
|
|
|
|
- equity holders of the parent |
|
11,423 |
21,550 |
52,172 |
|
- minority interest |
|
1,247 |
4,946 |
15,431 |
|
|
|
12,670 |
26,496 |
67,603 |
Consolidated balance sheet
|
|
|
2010 as at 30 June |
2009 as at 30 June |
2009 as at 31 Dec |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
Notes |
$000 |
$000 |
$000 |
|
Non-current assets |
|
|
|
|
|
Biological assets |
2 |
50,712 |
38,373 |
47,608 |
|
Property, plant and equipment |
|
216,530 |
181,393 |
200,414 |
|
Receivables |
|
1,677 |
1,677 |
1,677 |
|
|
|
268,919 |
221,443 |
249,699 |
|
Current assets |
|
|
|
|
|
Inventories |
|
8,366 |
6,343 |
3,720 |
|
Tax receivables |
|
7,576 |
1,864 |
5,181 |
|
Trade and other receivables |
|
3,082 |
2,892 |
2,582 |
|
Cash and cash equivalents |
|
49,382 |
57,878 |
63,761 |
|
|
|
68,406 |
68,977 |
75,244 |
|
Current liabilities |
|
|
|
|
|
Bank loans and other financial liabilities |
|
(10,288) |
(9,032) |
(9,424) |
|
Trade and other payables |
|
(13,605) |
(6,317) |
(5,077) |
|
Tax liabilities |
|
(1,620) |
(2,053) |
(4,291) |
|
|
|
(25,513) |
(17,402) |
(18,792) |
|
Net current assets |
|
42,893 |
51,575 |
56,452 |
|
Non-current liabilities |
|
|
|
|
|
Bank loans and other financial liabilities |
|
(12,012) |
(24,223) |
(17,589) |
|
Deferred tax liabilities |
|
(29,167) |
(28,290) |
(28,772) |
|
Retirement benefit, net liabilities |
|
(1,923) |
(1,679) |
(1,830) |
|
Net assets |
|
268,710 |
218,826 |
257,960 |
|
Equity |
|
|
|
|
|
Share capital |
|
15,504 |
15,504 |
15,504 |
|
Treasury shares |
|
(1,744) |
(1,744) |
(1,744) |
|
Share premium reserve |
|
23,935 |
23,935 |
23,935 |
|
Share capital redemption reserve |
|
1,087 |
1,087 |
1,087 |
|
Revaluation and exchange reserves |
|
(12,553) |
(14,588) |
(7,405) |
|
Retained earnings |
|
194,245 |
158,128 |
179,594 |
|
Equity attributable to equity holders of the parent |
|
220,474 |
182,322 |
210,971 |
|
Minority interests |
|
48,236 |
36,504 |
46,989 |
|
Total equity |
|
268,710 |
218,826 |
257,960 |
Consolidated Statement of Changes in Equity
|
|
Attributable to equity holders of the parent |
|||||||||
|
|
Share capital |
Treasury shares |
Share premium |
Share capital redemption reserve |
Re-valuation Reserve |
Foreign exchange reserve |
Retained earnings |
Total |
Minority interests |
Total equity |
|
|
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
|
Balance at 31 December 2008 |
15,504 |
(1,785) |
23,935 |
1,087 |
79,582 |
(101,665) |
144,073 |
160,731 |
31,558 |
192,289 |
|
Direct changes in equity for 2009 |
|
|
|
|
|
|
|
|
|
|
|
Unrealised loss on revaluation of estates |
- |
- |
- |
- |
(10,867) |
- |
- |
(10,867) |
(1,453) |
(12,320) |
|
Deferred tax on revaluation |
- |
- |
- |
- |
(1,536) |
(3,618) |
- |
(5,154) |
(1,132) |
(6,286) |
|
Gain on exchange translation |
- |
- |
- |
- |
- |
30,699 |
- |
30,699 |
10,359 |
41,058 |
|
Net income and expense recognised directly in equity |
- |
- |
- |
- |
(12,403) |
27,081 |
- |
14,678 |
7,774 |
22,452 |
|
Profit for year |
- |
- |
- |
- |
- |
- |
37,494 |
37,494 |
7,657 |
45,151 |
|
Total comprehensive income and expense for the year |
- |
- |
- |
- |
(12,403) |
27,081 |
37,494 |
52,172 |
15,431 |
67,603 |
|
Share option exercised |
- |
41 |
- |
- |
- |
- |
- |
41 |
- |
41 |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
(1,973) |
(1,973) |
- |
(1,973) |
|
Balance at 31 December 2009 |
15,504 |
(1,744) |
23,935 |
1,087 |
67,179 |
(74,584) |
179,594 |
210,971 |
46,989 |
257,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct changes in equity for six months to 30 June 2010 |
|
|
|
|
|
|
|
|
|
|
|
Unrealised loss on revaluation of estates |
- |
- |
- |
- |
(13,120) |
- |
- |
(13,120) |
(2,785) |
(15,905) |
|
Deferred tax on revaluation |
- |
- |
- |
- |
112 |
(681) |
- |
(569) |
(70) |
(639) |
|
Profit on exchange translation |
- |
- |
- |
- |
- |
8,541 |
- |
8,541 |
675 |
9,216 |
|
Net income and expense recognised directly in equity |
- |
- |
- |
- |
(13,008) |
7,860 |
- |
(5,148) |
(2,180) |
(7,328) |
|
Profit for period |
- |
- |
- |
- |
- |
- |
16,571 |
16,571 |
3,427 |
19,998 |
|
Total comprehensive income and expense for the period |
- |
- |
- |
- |
(13,008) |
7,860 |
16,571 |
11,423 |
1,247 |
12,670 |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
(1,920) |
(1,920) |
- |
(1,920) |
|
Balance at 30 June 2010 |
15,504 |
(1,744) |
23,935 |
1,087 |
54,171 |
(66,724) |
194,245 |
220,474 |
48,236 |
268,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2008 |
15,504 |
(1,785) |
23,935 |
1,087 |
79,582 |
(101,665) |
144,073 |
160,731 |
31,558 |
192,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct changes in equity for six months to 30 June 2009 |
|
|
|
|
|
|
|
|
|
|
|
Unrealised surplus on revaluation of estates |
- |
- |
- |
- |
2,985 |
- |
- |
2,985 |
687 |
3,672 |
|
Deferred tax on revaluation |
- |
- |
- |
- |
(295) |
372 |
- |
77 |
31 |
108 |
|
Profit on exchange translation |
- |
- |
- |
- |
- |
4,433 |
- |
4,433 |
1,394 |
5,827 |
|
Net income and expense recognised directly in equity |
- |
- |
- |
- |
2,690 |
4,805 |
- |
7,495 |
2,112 |
9,607 |
|
Profit for period |
- |
- |
- |
- |
- |
- |
14,055 |
14,055 |
2,834 |
16,889 |
|
Total comprehensive income and expense for the period |
- |
- |
- |
- |
2,690 |
4,805 |
14,055 |
21,550 |
4,946 |
26,496 |
|
Share option exercised |
- |
41 |
- |
- |
- |
- |
- |
41 |
- |
41 |
|
Balance at 30 June 2009 |
15,504 |
(1,744) |
23,935 |
1,087 |
82,272 |
(96,860) |
158,128 |
182,322 |
36,504 |
218,826 |
Consolidated cash flow statement
|
Cash flows from operating activities |
|
2010 |
2009 |
2009 |
|
|
|
|
6 months |
6 months |
Year |
|
|
|
|
to 30 June |
to 30 June |
to 31 Dec |
|
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
|
$000 |
$000 |
$000 |
|
|
Profit before tax |
|
26,694 |
24,035 |
62,085 |
|
|
Adjustments for: |
|
|
|
|
|
|
Biological asset adjustment |
|
(422) |
(417) |
(888) |
|
|
Loss on disposal of tangible fixed assets |
|
6 |
12 |
21 |
|
|
Depreciation |
|
2,947 |
2,214 |
5,070 |
|
|
Share-based remuneration expense |
|
- |
- |
11 |
|
|
Retirement benefit provisions |
|
93 |
185 |
336 |
|
|
Net finance income |
|
(229) |
312 |
(983) |
|
|
Operating cash flow before changes in working capital |
|
29,089 |
26,341 |
65,652 |
|
|
(Increase)/decrease in inventories |
|
(4,646) |
(2,147) |
476 |
|
|
(Increase)/decrease in trade and other receivables |
|
(2,895) |
148 |
1,561 |
|
|
(Decrease)/increase in trade and other payables |
|
8,528 |
(4,432) |
(5,672) |
|
|
Cash flow from operations |
|
30,076 |
19,910 |
62,017 |
|
|
Interest paid |
|
(674) |
(1,220) |
(2,219) |
|
|
Overseas tax paid |
|
(11,763) |
(10,428) |
(27,169) |
|
|
Net cash flow from operations |
|
17,639 |
8,262 |
32,629 |
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
Acquisition of plantation assets |
|
(4,523) |
- |
- |
|
|
Property, plant and equipment |
|
|
|
|
|
|
- purchase |
|
(18,175) |
(15,110) |
(39,925) |
|
|
- sale |
|
486 |
28 |
108 |
|
|
Interest received |
|
903 |
1,532 |
3,202 |
|
|
Net cash used in investing activities |
|
(21,309) |
(13,550) |
(36,615) |
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
Dividends paid by parent company |
|
(1,920) |
- |
(1,973) |
|
|
Share options exercised |
|
- |
32 |
30 |
|
|
Repayment of existing long term loans |
|
(4,712) |
(4,320) |
(8,638) |
|
|
Finance lease repayment |
|
- |
(9) |
(13) |
|
|
Net cash used in financing activities |
|
(6,632) |
(4,297) |
(10,594) |
|
|
Decrease in cash and cash equivalents |
|
(10,302) |
(9,585) |
(14,580) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents less overdrafts |
|
|
|
|
|
|
At beginning of period |
|
63,761 |
69,442 |
69,442 |
|
|
Foreign exchange |
|
(4,077) |
(1,979) |
8,899 |
|
|
At end of period |
|
49,382 |
57,878 |
63,761 |
|
|
Comprising: |
|
|
|
|
|
|
Cash at end of period |
|
49,382 |
57,878 |
63,761 |
|
|
Overdraft at end of period |
|
- |
- |
- |
|
|
|
|
49,382 |
57,878 |
63,761 |
|
Notes to the interim statements
1. Basis of preparation of interim financial statements
This interim report does not constitute the AEP's statutory accounts. The information presented in relation to 31 December 2009 is extracted from the statutory financial statements for the year then ended and which have been delivered to the Registrar of Companies. The auditors' report on the statutory financial statements for the year ended 31 December 2009 was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report(s) and did not contain statements under S237(2) or (3) of the Companies Act 2006.
The interim statements for the six months ended 30 June 2010 and 30 June 2009 have neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. Those for the six months ended 30 June 2010 were approved by the board on 19 August 2010. The same accounting policies have been followed as in the last set of statutory accounts except for the adoption of IAS 1 revised and IFRS 8 which will be applied in the full annual financial statements. These new policies affect presentation only. These interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU, the requirements of the Disclosure and Transparency Rules issued by the Financial Services Authority and the accounting policies, and methods of computation as applied in the group's 2009 Annual Report and Accounts. The comparative figures for the year ended 31 December 2009 are an extract from the audited financial statements for the year. All comparative figures have been restated for the change in presentation as a result of the adoption of IAS 1 revised and IFRS 8.
In line with the Group's established accounting policy, the acquisition of PT Kahayan, being an entity comprising principally land with no active plantation business, has not been accounted for as a business combination. Accordingly, the consideration paid has been allocated between the identifiable assets and liabilities at the acquisition date.
2. Biological assets
Group fixed assets are valued in total on the same "value in use" basis as disclosed in the Group's accounting policies within the annual financial statements. Within this total, the value of biological assets has been estimated separately and, as required by IAS41, the movement in valuation surplus of biological assets has been charged or credited (BA adjustment) to the income statement for the relevant period.
3. Foreign exchange
|
|
|
2010 |
2009 |
2009 |
|
|
|
6 months |
6 months |
Year |
|
|
|
to 30 June |
to 30 June |
to 31 Dec |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
Average exchange rates |
|
|
|
|
|
Rp : $ |
|
9,174 |
11,000 |
10,158 |
|
$ : £ |
|
1.53 |
1.51 |
1.57 |
|
RM : $ |
|
3.29 |
3.59 |
3.52 |
|
|
|
|
|
|
|
Closing exchange rates |
|
|
|
|
|
Rp : $ |
|
9,083 |
10,208 |
9,400 |
|
$ : £ |
|
1.5 |
1.65 |
1.61 |
|
RM : $ |
|
3.24 |
3.52 |
3.42 |
4. Finance costs
|
|
|
2010 |
2009 |
2009 |
|
|
|
6 months |
6 months |
Year |
|
|
|
to 30 June |
to 30 June |
to 31 Dec |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
$000 |
$000 |
$000 |
|
Payable |
|
674 |
1,220 |
2,260 |
|
Capitalised |
|
- |
- |
(41) |
|
|
|
674 |
1,220 |
2,219 |
5. Segment information
|
|
North Sumatra |
Bengkulu |
South Sumatra |
Riau |
Bangka |
Kali-mantan |
Total Indonesia |
Malaysia |
UK |
Total |
|
|
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
|
6 months to 30 June 2010 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total sales revenue (all external) |
33,827 |
24,374 |
- |
16,732 |
- |
- |
74,933 |
2,553 |
- |
77,486 |
|
Other income |
336 |
- |
- |
91 |
- |
- |
427 |
12 |
- |
439 |
|
Total revenue |
34,163 |
24,374 |
- |
16,823 |
- |
- |
75,360 |
2,565 |
- |
77,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) before tax |
13,467 |
6,964 |
- |
5,390 |
- |
- |
25,821 |
311 |
140 |
26,272 |
|
BA Movement |
|
|
|
|
|
|
|
|
|
422 |
|
Profit for the year before tax per consolidated income statement |
|
|
|
|
|
|
|
|
|
26,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
130,816 |
92,754 |
16,437 |
36,706 |
1,622 |
24,635 |
302,970 |
30,502 |
3,853 |
337,325 |
|
Non-Current Assets |
104,746 |
68,800 |
15,572 |
32,135 |
1,581 |
23,319 |
246,153 |
21,089 |
1,677 |
268,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6 months to 30 June 2009 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total sales revenue (all external) |
30,660 |
19,491 |
- |
5,165 |
- |
- |
55,316 |
1,767 |
- |
57,083 |
|
Other income |
77 |
- |
- |
199 |
- |
- |
276 |
2 |
- |
278 |
|
Total revenue |
30,737 |
19,491 |
- |
5,364 |
- |
- |
55,592 |
1,769 |
- |
57,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) before tax |
11,737 |
8,859 |
- |
4,932 |
- |
- |
25,528 |
320 |
(2,230) |
23,618 |
|
BA Movement |
|
|
|
|
|
|
|
|
|
417 |
|
Profit for the year before tax per consolidated income statement |
|
|
|
|
|
|
|
|
|
24,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
130,057 |
72,451 |
14,218 |
29,834 |
1,451 |
10,113 |
258,124 |
27,406 |
4,890 |
290,420 |
|
Non-Current Assets |
87,912 |
59,778 |
13,855 |
27,851 |
1,407 |
9,535 |
200,338 |
19,428 |
1,677 |
221,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to 31 Dec 2009 (audited) |
|
|
|
|
|
|
|
|
|
|
|
Total sales revenue (all external) |
70,154 |
44,547 |
- |
30,191 |
- |
- |
144,892 |
4,084 |
- |
148,976 |
|
Other income |
584 |
- |
- |
358 |
- |
- |
942 |
162 |
- |
1,104 |
|
Total revenue |
70,738 |
44,547 |
- |
30,549 |
- |
- |
145,834 |
4,246 |
- |
150,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) before tax |
30,094 |
20,443 |
- |
10,897 |
- |
- |
61,434 |
426 |
(663) |
61,197 |
|
BA Movement |
|
|
|
|
|
|
|
|
|
888 |
|
Profit for the year before tax per consolidated income statement |
|
|
|
|
|
|
|
|
|
62,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
137,127 |
84,455 |
15,695 |
41,832 |
1,572 |
13,572 |
294,253 |
27,761 |
2,929 |
324,943 |
|
Non-Current Assets |
101,182 |
66,462 |
15,047 |
30,782 |
1,528 |
13,067 |
228,068 |
19,954 |
1,677 |
249,699 |
In the 6 months to 30 June 2010, revenues from 4 customers of the Indonesian segment represent approximately $68.1m of the Group's total revenues. An analysis of these revenues is provided below:
|
Major Customers |
$ |
% |
|
Customer 1 |
26.3m |
33.7 |
|
Customer 2 |
25.6m |
32.9 |
|
Customer 3 |
10.6m |
13.6 |
|
Customer 4 |
5.6m |
7.2 |
|
Total |
68.1m |
87.4 |
In year 2009, revenues from 4 customers of the Indonesian segment represent approximately $118.2m of the Group's total revenues. An analysis of these revenues is provided below:
|
Major Customers |
$ |
% |
|
Customer 1 |
41.4m |
27.6 |
|
Customer 2 |
36.2m |
24.1 |
|
Customer 3 |
24.3m |
16.2 |
|
Customer 4 |
16.3m |
10.9 |
|
Total |
118.2m |
78.8 |
6. Tax
|
|
|
2010 |
2009 |
2009 |
|
|
|
6 months |
6 months |
Year |
|
|
|
to 30 June |
to 30 June |
to 31 Dec |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
$000 |
$000 |
$000 |
|
Foreign corporation tax |
|
6,285 |
6,773 |
16,034 |
|
Foreign withholding tax |
|
- |
- |
- |
|
Deferred tax adjustment |
|
411 |
373 |
900 |
|
|
|
6,696 |
7,146 |
16,934 |
7. Dividend
The final and only dividend in respect of 2009, amounting to 5.0cts per share, or $1,920,499, was paid on 28 May 2010 (2008: 5.0cts per share, or $1,973,514, paid on 7 August 2009). In common with previous years no interim dividend has been declared.
8. Earnings per share
|
|
|
2010 |
2009 |
2009 |
|
|
|
6 months |
6 months |
Year |
|
|
|
to 30 June |
to 30 June |
to 31 Dec |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
$000 |
$000 |
$000 |
|
Earnings before BA adjustment |
|
16,343 |
13,857 |
37,146 |
|
Net BA adjustment |
|
228 |
198 |
348 |
|
Earnings after BA adjustment |
|
16,571 |
14,055 |
37,494 |
|
|
|
|
|
|
|
|
|
Number |
Number |
Number |
|
|
|
000 |
000 |
000 |
|
Weighted average number of shares in issue in period |
|
|
|
|
|
- used in basic EPS |
|
39,470 |
39,470 |
39,470 |
|
- dilutive effect of outstanding share options |
|
53 |
34 |
- |
|
- used in diluted EPS |
|
39,523 |
39,504 |
39,470 |
|
Shares in issue at period end excluding 506,000 shares held in treasury |
|
39,470 |
39,470 |
39,470 |
|
|
|
|
|
|
|
Basic earnings per share before BA adjustment |
|
41.41 |
35.1cts |
94.11cts |
|
|
|
|
|
|
|
Basic earnings per share after BA adjustment |
|
41.98 |
35.6cts |
94.99cts |
9 Post balance sheet events
No major events or transactions have occurred between 30 June 2010 and the date of this report.
10 Report and Financial Information
Copies of the interim report for the Group for the period ended 30 June 2010 are available on the AEP website at www.angloeastern.co.uk.
This information is provided by RNS
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