Degroof analyst presentation February The Connection to the world of Sustainable Tropical Agriculture
|
|
- Joleen Lee
- 5 years ago
- Views:
Transcription
1 Degroof analyst presentation February 2018 The Connection to the world of Sustainable Tropical Agriculture
2 Summary SIPEF group Company profile SIPEF group Expansion SIPEF group Productions & prices SIPEF group Financial performance Peer review
3 SIPEF group Company profile The Connection to the world of Sustainable Tropical Agriculture Agriculture 1st segment of the supply chain - commodities Tropical Recent industrialised countries Sustainable Audited certifications Connection Publicly quoted
4 SIPEF group Company profile The Connection to the world of Sustainable Tropical Agriculture Continuous production Continuous crops Diversified in product Palm oil : basic commodity for food (and recently energy) Rubber : cyclic business - tire industry Diversified in origin Indonesia : leading producing country within Asian market PNG : export oriented with strong agronomical basics
5 SIPEF group Company profile
6 SIPEF group Company profile - Indonesia
7 SIPEF group Company profile Papua New Guinea
8 SIPEF group Planted hectares summary 31 December 2017 Palm Rubber Tea Bananas Other Total % Group share Indonesia % PNG % Ivory coast % % % 89% 8% 2% 1% 0% 100% Group share
9 Summary SIPEF group Company profile SIPEF group - Expansion SIPEF group Productions & prices SIPEF group Financial performance Peer review
10 SIPEF group Strategy and expansion SIPEF group= Ha planted (group share) Focus on core-business Palmoil Rubber Bananas Tea Indonesia Papua New Guinea Focus on Sustainable Agriculture (RSPO) Expansion of existing activities Acquisition of new investments Balanced leverage 9
11 SIPEF group Strategy and expansion Indonesia Beneficial interest from Ha (dec 2017) to Ha (by 2027) Further expansion to Ha Musi Rawas/South Sumatra expansion Further expansion of Ha in PT Dendymarker to a total of Ha Both in oil palm and rubber PNG Beneficial interest from (dec 2016) to Ha (by 2027) Finalize palm oil expansion with an additional Ha In area where we are operating Ivory Coast Beneficial interest from 732 (dec 2016) to 984 Ha (by 2027) Additional bananas development of 252 Ha 10
12 Expansion Increase in Ha (Beneficial interest) Ha Ha % Ha Ha Ha Ha North Sum North Sum expansion Bengkulu Bengkulu expansion PNG PNG expansion Musi Rawas Dendy Marker Ivory Coast Ivory Coast expansion
13 SIPEF group Musi Rawas expansion Sumatra 12
14 SIPEF group Musi Rawas progress December 2017 Isin Locasi Own Plasma Total Compensated/acquired % To do % Total potential % Own Plasma Total Planted/cleared % To do % Total potential %
15 Expansion Musi Rawas compensated area December 2017 okt/11 dec/11 feb/12 apr/12 jun/12 aug/12 okt/12 dec/12 feb/13 apr/13 jun/13 aug/13 okt/13 dec/13 feb/14 apr/14 jun/14 aug/14 okt/14 dec/14 feb/15 apr/15 jun/15 aug/15 okt/15 dec/15 feb/16 apr/16 jun/16 aug/16 okt/16 dec/16 feb/17 apr/17 jun/17 aug/17 okt/17 dec/17 Cumulative Compensated Area (Ha). AKL ARU AMR 12000, , , , , ,00 0,00
16 Hectares Expansion Musi Rawas planted area up to December Cumulative Planted Area (Ha) AKL ARU AMR
17 Summary SIPEF group Company profile SIPEF group Expansion SIPEF group Productions & prices SIPEF group Financial performance Peer review
18 SIPEF group December production In Tonnes: Dec 2017 Dec 2016 YoY% Palm oil own - Tolan Tiga Group ,8% - UMW/TUM Group ,5% - PT Agro Muko ,5% - PT Dendymarker Hargy Oil Palms ,6% Total palm oil own ,6% Total palm oil outgrowers ,7% Total palm oil ,2% In Tonnes: Dec 2017 Dec 2016 YoY% Total rubber ,0% Total tea ,3% Total bananas ,1%
19 SIPEF group Vegetable oil prices 2006/ / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Palm Oil and its main competitors (weekly prices) PALM OIL (CIF N.W. Europe) SOYA OIL (FOB Dutch mill) RAPESEED OIL (FOB Dutch mill)
20 SIPEF group CPO price - CIF Rotterdam USD 850 CPO prices Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
21 SIPEF group Rubber price FOB Malaysia - USD 3000 Rubber prices Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
22 SIPEF group Tea prices FOB Indonesia - USD 3300 Tea prices Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
23 Palm oil in the world Population growth In the coming 40 years, mankind will have to produce more food than in the previous years put together Population growth will have a huge impact on future food demands Rising middle class is causing diet changes in developing countries Agricultural land is increasingly becoming scarcer
24 Palm oil in the world Oil and fat consumption
25 Palm oil in the world Land input Increased demand for meat/fat/processed foods Increased demand for biofuel Decreasing Agricultural land per capita Disposable income growth in developing countries
26 Palm oil in the world Vegetable oils 2014/15: 201,7 million tonnes 1994/95: 93,1 million tonnes 21% 30% 16% 5% 37% 8% 21% 13% 23% 6% 9% 11% Palm oil Rape oil Palm kernel and coconut oil Soya oil Sunflower oil Other oils/animal fats Palm oil Rape oil Palm kernel and coconut oil Soya oil Sunflower oil Other oils/animal fats Source: oilworld.de, May 2015
27 Palm oil in the world Comparison to other oils Resources used per vegetable oil:
28 Palm oil in the world Palm oil production 2014/15 - Palm oil world production 1% 6% 1% 4% 3% Palm oil production is primarily done in Asia: Indonesia and Malaysia represent 85% of the world s palm oil production 32% 53% Oceania includes our subsidiary Hargy Palm Oils Ltd Total Sipef production represents 0,44% of the world production. Indonesia Malaysia Thailand Africa Oceania South America Oth countries Source: oilworld.de, May 2015
29 Palm oil in the world Palm oil consumption 2014/15 World consumption 0% 11% 14% 2% 2% 6% Asia and the Middle-east consists mainly of China, India, Indonesia, Malaysia and Pakistan Africa consists mainly of Nigeria, Egypt, Ghana and Kenya Very limited CPO consumption in North and South America 65% Europe Russia North America South America Asia and the middle east Africa Oceania Source: oilworld.de, May 2015
30 Palm oil in the world Sustainable palm oil 2,29 Million Ha RSPO certified production area
31 Summary SIPEF group Company profile SIPEF group Expansion SIPEF group Productions & prices SIPEF group Financial performance Peer review
32 SIPEF group Sales Consolidated gross margin Total consolidated turnover (including corporate) December 2017: KUSD December 2016: KUSD ,8% ,6% ,3% 20,7% ,9% ,9% 23,2% 20,8% Palm Rubber Tea Bananas 2016 Sales 2016 Gross Margin 2017 Sales 2017 Gross Margin
33 SIPEF group Gross profit per product Gross profit (December YTD) In KUSD 2017 in % 2016 in % Palm ,9% ,6% Rubber ,8% 48 0,1% Tea ,9% 842 1,1% Bananas ,2% ,8% Corporate and others ,2% ,4% Total ,0% ,0%
34 SIPEF group Profit and loss statement Profit and loss (December YTD) In KUSD (management presentation) Gross Profit Services and administration Other operating income/(charges) Financial income Financial charges Exchange result Profit before tax Tax Profit after tax Share of associates and JV s Result from continuing operations Remeasurement gain PT Agro Muko acquisition Profit for the period Share of the group Share of the group before remeasurement gain PT AM
35 SIPEF group Financial performance Consolidated balance sheet Consolidated Balance Sheet of the Sipef group is strongly impacted by 4 elements: Capital increase 24/05/2017 of 97,1 MUSD Reclassification of land rights from intangible to tangible fixed assets Acquisition of PT Agro Muko Acquisition of PT Dendymarker (provisional Purchase Price Allocation )
36 SIPEF group Financial performance Consolidated balance sheet Impact of acquisitions PT AM PT DIL Total Goodwill Biological assets Other non current assets Cash Other current assets Total assets P&L (remeasurement gain) Other equity Deferred tax liabilities Other non current liabilities Current liabilities Purchase price Total liabilities
37 SIPEF group Consolidated balance sheet Balance sheet In KUSD (condensed) Dec 2017 Dec 2016 Goodwill Biological assets- bearer plants Other fixed assets Investments in associates Net assets held for sale Net current assets, net of cash Net cash position Total net assets Shareholders equity, group share Non controlling interest Provisions and deferred tax liabilities Total net liabilities
38 SIPEF group Consolidated cash flow Cash Flow In KUSD (management presentation) Cash flow from operating activities Change in net working capital Income taxes paid Cash flow from operating activities after tax Acquisitions intangible and tangible assets Dividends received from associated companies Sales of PP&E and financial assets Recurring free cash flow Acquisition financial assets Equity transactions with non-controlling parties Capital Increase Other financing activities Net increase in investments, cash and cash equivalents
39 SIPEF group Split acquisition of financial assets PT AM PT DIL Total Total acquisition price Advance paid in Available liquidity Net impact Presentation in cash flow - Acquisition financial assets Equity transactions with NCI Net impact
40 SIPEF group Dividend history Dividend History Sipef 1,80 1,60 32% 32% 30% 31% 31% 30% 35% 30% 1,40 1,20 23% 22% 24% 21% 25% 25% 25% 25% 1,00 17% 20% 0,80 1,50 1,70 1,70 1,60 15% 0,60 1,10 1,25 1,25 1,25 10% 0,40 0,80 0,80 0,20 0,30 0,30 0,40 0,60 5% 0, EUR/share Pay-out 0%
41 SIPEF group Historical evolution NFP, equity and turnover In MUSD Turnover 300 Equity USD Net financial position USD Result, share of the Group * *2013* Restatement for IAS41R 40
42 SIPEF group 2018 prospects We maintain the expected 9% total rise in annual palm oil production for the SIPEF group; We are positive that prices will remain steady, certainly for the first half of the year; 41% of the expected palm oil production for 2018 was sold at an average price of USD 741 per tonne CIF Rotterdam, premiums included; Capex for 2018 will be primarily expansion in South Sumatra and replacement capex; The acquisition price for 100% of the shares of BDM-ASCO was set at EUR 35 million. SIPEF will realise a gain of approximately USD 7 million. Gross proceeds of KUSD will contribute to the further reduction in the debt position of the Sipef Group.
43 Summary SIPEF group Company profile SIPEF group Expansion SIPEF group Productions & prices SIPEF group Financial performance Peer review
44 Peer review Disclaimer The information contained in this section is provided for your general information only and is not designed nor intended to offer anything more than information only. The information with respect to the companies included in the Peer Review was retrieved from publicly available information being annual reports and company websites on the one hand and from analyst reports we received on the other hand. In some cases we had to give our own interpretation to the available information in order to get comparable indicators. As a consequence of using different sources combined with giving our own interpretation to the available information, the information may not always be correct and SIPEF does not accept any liability for loss and damage that may arise from relying upon this information. 43
45 Peer review Owned Planted Oil Palm Hectares in KHa (2016) Sime Darby 603 Golden Agri-Resources 386 Felda Global Ventures 341 Salim Ivomas Pratama Wilmar International Astra Agro Lestari Kuala Lumpur Kepong IOI Corporation First Resources Eagle High Plantations Genting Plantations Bumitama Plantation Integrated Sipef London Sumatra Indon 95 Socfinaf 86 Sampoerna Agro 82 Anglo Eastern Plantations 64 SIPEF 61 R.E.A. Holdings Socfinasia Var % Total ,2% MP Evans 27 Sipef 58,32 60,64 4,0% 44
46 Peer review Age Profile : Average Age Planted Hectares (2016) Golden Agri-Resources 15,0 Felda Global Ventures 14,5 Socfinasia 14,3 Astra Agro Lestari 14,1 Salim Ivomas Pratama 14,0 London Sumatra Indon 14,0 IOI Corporation Sime Darby 13,6 13,2 Plantation Sampoerna Agro 12,5 Integrated Wilmar International 12,0 Kuala Lumpur Kepong 12,0 Sipef R.E.A. Holdings 10,4 Socfinaf 10,0 Genting Plantations 10,0 First Resources 10,0 SIPEF 9,9 Anglo Eastern Plantations 9,9 Bumitama MP Evans Eagle High Plantations 7,5 7,4 8, Var % Average 11,6 11,7 1,2% Sipef 9,8 9,9 0,8% 45
47 Peer review FFB Yields MT/ha (2016) SIPEF Socfinasia IOI Corporation 21,4 22,4 22,2 Kuala Lumpur Kepong MP Evans Sime Darby Golden Agri-Resources Astra Agro Lestari Wilmar International Genting Plantations First Resources Anglo Eastern Plantations 19,8 19,1 18,8 18,8 18,4 18,4 17,5 17,3 16,9 Plantation Integrated Sipef R.E.A. Holdings London Sumatra Indon Salim Ivomas Pratama Bumitama Felda Global Ventures 14,9 14,7 14,7 14,6 14,5 Socfinaf Sampoerna Agro Eagle High Plantations 8,8 12,9 12, Var % Average 19,3 16,9-12,4% Sipef 22,6 22,4-1,0% 46
48 Peer review Extraction Rate from FFB to CPO (2016) MP Evans Eagle High Plantations 23,8% 24,1% SIPEF Socfinasia R.E.A. Holdings Bumitama First Resources London Sumatra Indon Kuala Lumpur Kepong Golden Agri-Resources Socfinaf Sime Darby Salim Ivomas Pratama Genting Plantations IOI Corporation 23,0% 22,9% 22,8% 22,7% 22,5% 22,5% 22,3% 22,2% 22,0% 21,9% 21,8% 21,5% 21,5% Plantation Integrated Sipef Astra Agro Lestari 21,0% Anglo Eastern Plantations 20,9% Sampoerna Agro Felda Global Ventures Wilmar International 20,8% 20,7% 20,4% Var % Average 22,2% 22,1% -0,6% Sipef 22,9% 23,0% 0,5% 47
49 Peer review CPO Yields MT/ha (2016) SIPEF Socfinasia 5,14 5,09 IOI Corporation MP Evans Kuala Lumpur Kepong 4,42 4,60 4,59 Golden Agri-Resources 4,16 Sime Darby 4,12 First Resources 3,89 Astra Agro Lestari 3,85 Plantation Genting Plantations 3,76 Wilmar International 3,74 Integrated Anglo Eastern Plantations 3,54 R.E.A. Holdings 3,39 Sipef Bumitama 3,31 London Sumatra Indon 3,31 Salim Ivomas Pratama 3,19 Felda Global Ventures 3,00 Socfinaf Sampoerna Agro 2,84 2, Var % Average 4,29 3,74-12,9% Eagle High Plantations 2,10 Sipef 5,17 5,14-0,5% 48
50 Peer review Market Cap in MUSD (average over the fiscal year) Wilmar International Sime Darby IOI Corporation Kuala Lumpur Kepong Golden Agri-Resources Astra Agro Lestari First Resources Genting Plantations Felda Global Ventures Bumitama London Sumatra Indon Salim Ivomas Pratama Eagle High Plantations SIPEF Socfinasia MP Evans Socfinaf Plantation Integrated Sipef Anglo Eastern Plantations Sampoerna Agro R.E.A. Holdings * Restated: calculation of market cap based on average stock exchange of the fiscal year at the average exchange rate of the fiscal year 2015* 2016 Var % Total ,0% Sipef ,9% 49
51 Peer review Dividend Yields (Based on Average Market Cap 2016) Socfinasia MP Evans Sime Darby Astra Agro Lestari SIPEF London Sumatra Indon Salim Ivomas Pratama Kuala Lumpur Kepong Golden Agri-Resources Wilmar International Bumitama Genting Plantations IOI Corporation First Resources Sampoerna Agro Socfinaf Anglo Eastern Plantations Felda Global Ventures R.E.A. Holdings * 0,0% Eagle High Plantations * 0,0% 0,6% 0,6% 0,6% 2,7% 2,6% 2,3% 2,2% 2,2% 2,1% 2,0% 2,0% 2,0% 1,7% 1,3% 1,3% 3,4% 4,4% 4,7% Plantation Integrated Sipef * No dividend pay-out 50
52 Peer review Price Earnings Ratio (Based on Average Market Cap 2016) Socfinaf IOI Corporation Genting Plantations 23,3 Sime Darby 20,7 London Sumatra Indon 17,7 Socfinasia 16,6 First Resources 16,5 Kuala Lumpur Kepong 15,5 Wilmar International 15,3 Astra Agro Lestari 15,0 Sampoerna Agro 14,1 Salim Ivomas Pratama 13,2 Bumitama 13,0 SIPEF 12,0 MP Evans 10,9 Golden Agri-Resources 8,8 Anglo Eastern Plantations 7,6 Felda Global Ventures * 0,0 R.E.A. Holdings * 0,0 Eagle High Plantations * 0,0 * Not included as irrelevant (profit close to break-even or loss for the year) 46,9 52,2 Plantation Integrated Sipef 51
53 Peer review Net financial debt/equity Ratio (2016) Eagle High Plantations IOI Corporation Wilmar International Socfinaf Golden Agri-Resources R.E.A. Holdings Sampoerna Agro Bumitama Felda Global Ventures Salim Ivomas Pratama Sime Darby Kuala Lumpur Kepong Genting Plantations First Resources Astra Agro Lestari SIPEF London Sumatra Indon Anglo Eastern Plantations MP Evans Socfinasia 45,5% 40,6% 34,5% 31,6% 21,8% 20,5% 20,3% 9,5% -14,9% -18,9% -21,9% -32,5% 77,7% 73,0% 71,1% 66,3% 62,3% 57,8% 91,8% 133,3% Plantation Integrated Sipef 52
54 Questions
VFB happening 24 maart The Connection to the world of Sustainable Tropical Agriculture
VFB happening 24 maart 2018 The Connection to the world of Sustainable Tropical Agriculture Summary SIPEF group Company profile SIPEF group Palm oil in the world SIPEF group Expansion SIPEF group Financial
More informationAvH analyst presentation 25 November The Connection to the world of Sustainable Tropical Agriculture
AvH analyst presentation 25 November 2016 The Connection to the world of Sustainable Tropical Agriculture Summary SIPEF group Company profile Palm oil in the world SIPEF group Expansion SIPEF group Productions
More informationDISCLAIMER. Indofood Agri Resources Ltd.
INTEGRATED PLANTATION WITH LEADING BRANDS Company Presentation Q 2008 Results 29 April 2008 DISCLAIMER This presentation was prepared solely and exclusively for the parties presently being invited for
More informationFY2017 Results. February 26, 2018
FY2017 Results February 26, 2018 Our background & development Registered capital increased to 12 MB Started International marine transportation ( Myanmar route ) Registered capital increased to 100 MB
More informationGlobal Network Investment Competition
Global Network Investment Competition 2017-18 Bhinneka Investment Group Juli Hartawan 1606938416 Julius V Sihombing 1606851075 Teja Amanda Putra 1606938901 Teuku Fahmi Ariandar 1606851693 Yulius Kurniawan
More informationANALYST BRIEFING FOR THE FOURTH QUARTER ENDED FEBRUARY 2017
ANALYST BRIEFING FOR THE FOURTH QUARTER ENDED 2016 22 FEBRUARY 2017 MSM Malaysia Holdings Berhad Analyst Briefing Q4 2016 22/2/2017 1 CONTENTS 01 02 03 04 05 Group Financial Highlights Performance Review
More informationANALYST BRIEFING FOR THE THIRD QUARTER ENDED NOV 2016
ANALYST BRIEFING FOR THE THIRD QUARTER ENDED 2016 21 NOV 2016 MSM Malaysia Holdings Berhad Analyst Briefing Q3 2016 21/11/2016 1 CONTENTS 01 02 03 04 05 Group Financial Highlights Performance Review Sugar
More information282m 75% +575m. Net sales Operating income before non-recurring items. Operating margin before non-recurring items. Net Loss.
First-Half 2009 Financial Highlights Net sales Operating income before non-recurring items Operating margin before non-recurring items Net Loss Net debt-to-equity ratio Free cash flow** 7,134m 282m 4.0%
More informationSoybean Oil Prices Diverge on Different Supply Situations
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 10-09 October 2009 Soybean Oil Prices Diverge on Different Supply Situations Soybean Oil Price ($/ton) $900 $850
More informationASTRA AGRO LESTARI PT (AALI IJ) BHINNEKA INVESTMENT GROUP
1-Nov-16 1-Dec-16 1-Jan-17 1-Feb-17 1-Mar-17 1-Apr-17 1-May-17 1-Jun-17 1-Jul-17 1-Aug-17 1-Sep-17 1-Oct-17 ASTRA AGRO LESTARI PT (AALI IJ) BHINNEKA INVESTMENT GROUP PT Astra Agro Lestari Tbk operates
More informationFY H1 Financial Results
FY2011 1 H1 Financial Results November 8, 2010 1 Copyright(C) 2010 Isuzu Motors Limited All rights reserved Contents Ⅰ. President and Representative Director : Susumu Hosoi :FY2011 H1 Financial Summary
More informationPalm Oil & Derivatives - Global Market Outlook ( )
Published on Market Research Reports Inc. (https://www.marketresearchreports.com) Home > Palm Oil & Derivatives - Global Market Outlook (2015-2022) Palm Oil & Derivatives - Global Market Outlook (2015-2022)
More informationINTEGRATED PLANTATION WITH LEADING BRANDS. Company Presentation - Q Results
INTEGRATED PLANTATION WITH LEADING BRANDS Company Presentation - Q1 2007 Results April 2007 DISCLAIMER This presentation was prepared solely and exclusively for the parties presently being invited for
More informationUnaudited Financial Statements for the Third Quarter ( 3Q ) and Nine Months ( 9M ) Ended 30 September 2017
BUMITAMA AGRI LTD. Unaudited Financial Statements for the Third Quarter ( 3Q ) and Nine Months ( 9M ) Ended 30 September 2017 1(a)(i) Income statement (for the group) together with a comparative statement
More informationU.S. Soybean Prices Fall as Buyers Focus Turns to South America
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 2-10 ruary 2010 U.S. Soybean Prices Fall as Buyers Focus Turns to South America $11.00 Daily U.S. Soybean Cash Price
More informationMonths Investor Presentation
2018 9 Months Investor Presentation 25.10.2018 Disclaimer Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about forward-looking information, expectations,
More informationDrought in South America to Limit Soybean Exports
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 2-09 ruary 2009 Drought in South America to Limit Soybean Exports Million Tons 16 14 12 10 8 6 4 2 Annual Change
More informationWeak Real to Boost Brazil s Soybean Exports in 2016
United States Department of Agriculture Foreign Agricultural Service October 2015 Weak Real to Boost Brazil s Soybean Exports in 2016 Brazil s exchange rate is having a significant impact on domestic and
More informationSoybean Trade Growth: A Story of Brazil, the United States, and China
United States Department of Agriculture Foreign Agricultural Service October 2017 Soybean Trade Growth: A Story of Brazil, the United States, and China 12-Month Soybean Export Growth Year Ending September
More informationFY2012. H1 Financial Results. November 8, Copyright(C) 2011 Isuzu Motors Limited All rights reserved
FY2012 H1 Financial Results November 8, 2011 1 Copyright(C) 2011 Isuzu Motors Limited All rights reserved Ⅰ. President and Representative Director : Susumu Hosoi :FY2012 H1 Financial Summary Outline Ⅱ.
More informationChina Soybean Imports Stagnant Despite Record Consumption as Production Rebounds
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 9-08 tember 2008 China Soybean Stagnant Despite Record Consumption as Rebounds Million Tons 60 50 40 30 20 10 0
More informationGENT PLANTATIONS BUY. From an implied MV/ha perspective. Company report. (Maintained) Rationale for report: Company Update PLANTATION
PLANTATION GENT PLANTATIONS (GENP MK) 15 March 2013 Company report Gan Huey Ling, CFA gan-huey-ling@ambankgroup.com 03 2036 2305 From an implied MV/ha perspective Rationale for report: Company Update BUY
More informationSharp Decline in Vegetable Oil Stocks Leads to Steeply Higher Prices
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 1-11 Sharp Decline in Vegetable Oil Leads to Steeply Higher Prices Commodity prices have been on an upward trend
More informationChina s Global Peanut Export Share Declines
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 07-13 China s Global Peanut Export Share Declines U.S. 10% Others 19% Argentina 17% U.S. 11% Others 16% Argentina
More informationIndian Soybean Meal Exports Unlikely to Recover in 2015/16
United States Department of Agriculture Foreign Agricultural Service November 2015 Indian Soybean Meal Exports Unlikely to Recover in Though once a significant regional exporter of soybean meal, India
More information1. Trends in the current fiscal year and previous fiscal year 3. Business overview 2. Secular trends in first quarter financial results
FY2/19 (March 2018~May 2018) Fact Book 1. Trends in the current fiscal year and previous fiscal year 3. Business overview (1) Performance overview P. 1 (1) No. of students at the end of month P. 6 (2)
More informationBrazil s Soybean Oil Exports Squeezed by Rising Biodiesel Demand
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 6-09 e 2009 Brazil s Soybean Oil Exports Squeezed by Rising Biodiesel Demand Soybean Oil Exports and Industrial
More informationGrowing Fuel Use Limits Exports of Soybean Oil by South America
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 11-09 ember 2009 Growing Fuel Use Limits of Soybean Oil by South America 2006/07 Soybean Oil Distribution Soybean
More informationPakistan Oilseed Processors Seize Opportunity to Crush Soybeans
United States Department of Agriculture Foreign Agricultural Service December 2015 Pakistan Oilseed Processors Seize Opportunity to Crush Soybeans Pakistan, long an importer of soybean meal, is transitioning
More informationArgentine Exporters Switch to Soybean Oil as Biodiesel Exports Fall
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 08-13 Argentine Exporters Switch to Soybean Oil as Biodiesel Exports Fall Argentina s soybean oil exports have surged
More information1 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
FY2012 Financial Results May 10, 2012 1 Copyright(C) 2012 Isuzu Motors Limited All rights reserved Contents Ⅰ. President and Representative Director : Susumu Hosoi FY2012 Overview Ⅱ. Director Director
More informationGrowing Soybean Oil Price Raises Oil s Contribution to Total Soybean Value
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 10-07 October 2007 Growing Soybean Oil Price Raises Oil s Contribution to Total Soybean Value Relative Share Value:
More informationRising Coconut Oil Prices Foreshadow Tight Supplies in 2007
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 2-07 ruary 2007 Rising Coconut Oil Prices Foreshadow Tight Supplies in 2007 800 Coconut Oil Price: CIF Rotterdam
More informationEarly-Season U.S. Soybean Meal Sales Surge
United States Department of Agriculture Foreign Agricultural Service November 2014 Early-Season U.S. Soybean Meal Sales Surge U.S. soybean meal export commitments (accumulated exports plus outstanding
More information2Q06 Results. Investor Relations
2Q06 Results Investor Relations Content 1. 2Q06 Key Results 2. Summarized Income Statement 3. Balance Sheet as of Jun. 2006 4. Outlook for 2006 5. Result & Outlook By Division Appendix : 2Q06 Results Breakdown
More informationAs China s Soybean Oil Imports Fall, Production Expands
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 10-10 October 2010 As China s Soybean Oil Fall, Expands 12 10 Million Metric Tons 8 6 4 2 0 2006/07 2007/08 China
More informationPalm and Soy Oil Use Expands at Expense of Other Oils
United States Department of Agriculture Foreign Agricultural Service September 2015 Revised on September 15, 2015 Palm and Soy Oil Use Expands at Expense of Other Oils As global demand for vegetable oil
More informationBlueScope Steel Limited Consolidated Financial Headlines
BlueScope Steel Limited Consolidated Financial Headlines 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2013 2013 2014 2014 2014 2015 2015 2015 2016 2016 2016 2017 2017 2017 2018 2018 2018 Total
More informationFISCAL YEAR MARCH 2018 FIRST HALF FINANCIAL RESULTS
FISCAL YEAR MARCH 2018 FIRST HALF FINANCIAL RESULTS PRESENTATION OUTLINE Highlights Fiscal Year March 2018 First Half Results Fiscal Year March 2018 Full Year Forecast Progress of Key Initiatives/ Business
More informationTOFAŞ Q ANALYST PRESENTATION
TOFAŞ Q1 2016 ANALYST PRESENTATION 03.05.2016 1 2016 Q1 AGENDA Highlights Turkish Automotive Industry Production & Capacity Utilization Domestic Market Developments Tofaş Domestic Market Performance Export
More informationResults for the Three Months ended June 30, 2018
Reference Translation Results for the Three Months ended June 30, 2018 July 31, 2018 AUTOBACS SEVEN CO., LTD. FY March 2019 Consolidated P/L Profit Loss/Gain: Net sales and gross profit decreased, and
More informationQ Analyst Teleconference. 9 August 2018
9 August 218 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the
More informationStrong performance by the Bolloré Group s operating activities in 2018 Mr Cyrille Bolloré unanimously appointed Chairman and Chief Executive Officer
PRESS RELEASE 2018 results (1) March 14, 2019 Strong performance by the Bolloré Group s operating activities in 2018 Mr Cyrille Bolloré unanimously appointed Chairman and Chief Executive Officer Revenue:
More informationRegional Vegetable Oil Situation: Cut in Sun Oil Production, Imports Leaves North Africa & the Middle East Looking for Soy & Palm Oil to Fill Demand
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 09-07 tember 2007 Regional Vegetable Oil Situation: Cut in Sun Oil, Leaves North Africa & the Middle East Looking
More informationUnaudited Financial Statements for the Third Quarter ( 3Q ) and Nine Months ( 9M ) Ended 30 September 2014
BUMITAMA AGRI LTD. Unaudited Financial Statements for the Third Quarter ( 3Q ) and Nine Months ( 9M ) Ended 30 September 2014 1(a)(i) An Income statement (for the group) together with a comparative statement
More informationCB Industrial Product Holding Berhad Equipping Palm Oil Industries Around The World. CBIP Financial Highlights FY 2012
CB Industrial Product Holding Berhad Equipping Palm Oil Industries Around The World CBIP Financial Highlights FY 2012 Operational Highlights Leading engineering company specializing in construction and
More informationFirst Resources Limited First Quarter 2017 Results Presentation 11 May 2017
First Resources Limited First Quarter 2017 Results Presentation 11 May 2017 Delivering Growth and Returns Table of Contents Executive Summary 3 Financial Performance 4 Operational Performance 9 Growth
More informationDevaluation Energizes Argentine Soybean Crush
United States Department of Agriculture Foreign Agricultural Service March 2016 Devaluation Energizes Argentine Soybean Crush Argentina Quarterly Soybean Crush Volume Exchange Rate* and Constant Dollar
More informationUnaudited Financial Statements for the Second Quarter ( 2Q ) and First Half ( 1H ) Ended 30 June 2014
BUMITAMA AGRI LTD. Unaudited Financial Statements for the Second Quarter ( 2Q ) and First Half ( 1H ) Ended 30 June 2014 1(a)(i) Income statement (for the group) together with a comparative statement for
More informationFY16 results. Business updates. FY17 outlook. Nissan Motor Co., Ltd. May 11 th, 2017
Nissan Motor Co., Ltd. May 11 th, 2017 results Business updates FY17 outlook www.nissan-global.com Copyright NISSAN MOTOR CO., LTD. All rights reserved. 2 (TSE REPORT BASIS CHINA JV EQUITY BASIS) NET REVENUE
More informationFY2/18 2Q(March 2017~August 2018)
FY2/18 2Q(March 2017~August 2018) Fact Book 1. Trends in the current fiscal year and previous fiscal year 3. Business overview (1) Performance overview P.1 (1) No. of students at the end of month P.7 (2)
More informationCB Industrial Product Holding Berhad Equipping Palm Oil Industries Around The World. CBIP Financial Highlights 2Q 2012
CB Industrial Product Holding Berhad Equipping Palm Oil Industries Around The World CBIP Financial Highlights 2Q 2012 Operational Highlights Leading engineering company specializing in construction and
More informationSoybean and Oilseed Meal Import Prospects Higher as Severe Weather Damages EU Crops
Million Tons Million Tons Million Tons United States Department of Agriculture Foreign Agricultural Service August 2018 Soybean and Oilseed Meal Import Prospects Higher as Severe Weather Damages EU Crops
More information1 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
FY2013 H1 Financial Results November 7, 2012 1 Copyright(C) 2012 Isuzu Motors Limited All rights reserved Contents Ⅰ. President and Representative Director : Susumu Hosoi :FY2013 H1 Financial Summary Outline
More informationSecond quarter AB Volvo
1 VOLVO GROUP Strengthened focus on core business divests Volvo Aero Enterprise value of SEK 6.9 billion. Completion expected during the third quarter of 2012. acquires shares in Deutz AG Largest shareholder
More informationWhere next for vegetable oil prices?
Where next for vegetable oil prices? POTS Korea 2015 David Jackson, LMC International LMC International, 2015 1 The outline of this presentation We begin by looking at how oil demand in Korea is maturing.
More informationRESILIENCE MBM RESOURCES BERHAD ( V) Analyst Briefing 24 August 2017
RESILIENCE MBM RESOURCES BERHAD (284496-V) Analyst Briefing 24 August 217 1 1 DISCLAIMER The information and opinions contained in this presentation are provided as at the date of the document. Certain
More informationFinancial Data Supplement Q4 2017
Bank Financial Data Supplement Q4 2017 2 February 2018 Due to rounding, numbers presented throughout this document may not sum precisely to the totals we provide and percentages may not precisely reflect
More informationQ3 & 9M 2018 Results Presentation. October 24 th, 2018
Q3 & 9M 2018 Results Presentation October 24 th, 2018 Q3 & 9M HIGHLIGHTS & CATEGORY SPOTLIGHTS Gonzalve BICH 3Q and 9M 2018 Results Presentation 2 9 Months 2018 Key Messages Continued challenging trading
More informationFISCAL YEAR ENDED MARCH 2011 FINANCIAL RESULTS
FISCAL YEAR ENDED MARCH 211 FINANCIAL RESULTS Mazda Motor Corporation April 28, 211 Mazda MINAGI 1 PRESENTATION OUTLINE Highlights Fiscal Year Ended March 211 Results In Summary Question & Answer Session
More informationFISCAL YEAR MARCH 2018 FIRST QUARTER FINANCIAL RESULTS
FISCAL YEAR MARCH 2018 FIRST QUARTER FINANCIAL RESULTS PRESENTATION OUTLINE Highlights Fiscal Year March 2018 First Quarter Results Fiscal Year March 2018 Full Year Forecast Structural Reform Stage 2 Progress
More informationFISCAL YEAR MARCH 2015 THIRD QUARTER FINANCIAL RESULTS. Updated Mazda CX-5 (Japanese specification model)
FISCAL YEAR MARCH 2015 THIRD QUARTER FINANCIAL RESULTS Updated Mazda CX-5 (Japanese specification model) Mazda Motor Corporation February 4, 2015 1 PRESENTATION OUTLINE Highlights Fiscal Year March 2015
More informationKCB GROUP PLC INVESTOR PRESENTATION. Q FINANCIAL RESULTS
KCB GROUP PLC INVESTOR PRESENTATION. Q3 2018 FINANCIAL RESULTS MACRO-ECONOMIC HIGHLIGHTS Macro-Economic Highlights: Kenya KENYA 4.9% 5.3% GDP Growth Rate (%) 5.6% 5.8% 4.9% 6.3% 6.2% KENYA 2013 2014 2015
More information1 st Half 2018 Results. August 1 st, 2018
1 st Half 2018 Results August 1 st, 2018 H1 HIGHLIGHTS & CATEGORY SPOTLIGHTS Gonzalve BICH 2 First Half 2018 Key Messages Challenging market and business environment Continued investment in targeted Brand
More information2016/17 Global Olive Oil Production Down But Prices Stabilize
United States Department of Agriculture Foreign Agricultural Service November 2016 Global Olive Oil Down But Prices Stabilize Global Olive Oil and Stocks 4000 3500 5000 Extra Virgin Olive Oil Prices Stabilizing
More information2018 Q3 results. Millicom International Cellular S.A. Cable expansion accelerating. Mauricio Ramos, CEO Tim Pennington, CFO October 24 th, 2018
2018 Q3 results Cable expansion accelerating Mauricio Ramos, CEO Tim Pennington, CFO October 24 th, 2018 Millicom International Cellular S.A. Disclaimer This presentation may contain certain forward-looking
More informationCoconut Oil Prices Spike
United States Department of Agriculture Foreign Agricultural Service Coconut Oil Prices Spike Coconut oil prices have surged over the past year in contrast to the general downward trend in other vegetable
More informationRole of Oil Palm in Poverty Alleviation
Role of Oil Palm in Poverty Alleviation Zulkifli Alamsyah Agribusiness Department Faculty of Agriculture University of Jambi - Indonesia zalamsyah@unja,ac,id Presented in the Twentyfirst Session of the
More informationFISCAL YEAR MARCH 2018 THIRD QUARTER FINANCIAL RESULTS
FISCAL YEAR MARCH 2018 THIRD QUARTER FINANCIAL RESULTS PRESENTATION OUTLINE Highlights Fiscal Year March 2018 Nine Month Results Fiscal Year March 2018 Full Year Forecast Progress of Key Initiatives 1
More informationFY2/17 3Q(March 2016~November2016)
FY2/17 (March 2016~November2016) Fact Book 1. Trends in the current fiscal year and previous fiscal year 3. Business overview (1) Performance overview P. 1 (1) No. of students at the end of month P. 7
More informationBUSINESS YEAR 2007 RESULTS
BUSINESS YEAR 2007 RESULTS EVOLUTION OF THE STAINLESS STEEL WORLD PRODUCTION Million Mt. YEAR 2003 YEAR 2004 YEAR 2005 YEAR 2006 YEAR 2007 (estimated) 9.5 10.6 2.7 9.8 11.9 2.9 9.1 12.5 2.7 10.3 15.1 3.0
More informationFY2/18 (March 2017~February 2018)
FY2/18 (March 2017~February 2018) Fact Book 1. Trends in the current fiscal year and previous fiscal year 3. Business overview (1) Performance overview P. 1 (1) No. of students at the end of month P. 6
More informationThe Group is expected to continue benefiting from stable coal prices, but in the car market, competitive pressures are likely to intensify.
PRESS RELEASE 24th April 2018 PT ASTRA INTERNATIONAL TBK 2018 FIRST QUARTER FINANCIAL STATEMENTS Highlights Net earnings per share down 2 at 123 Lower market share for cars and motorcycles Higher coal
More informationIndia Soybean Meal Exports: Revised and Rebounding
United States Department of Agriculture Foreign Agricultural Service January 2017 India Soybean Meal Exports: Revised and Rebounding India Soybean Meal Exports Forecast to Rise in 8.0 Data Series Comparison
More informationUnaudited Financial Statements for the Fourth Quarter ( 4Q ) and Full Year Ended 31 December 2015
BUMITAMA AGRI LTD. Unaudited Financial Statements for the Fourth Quarter ( 4Q ) and Full Year Ended 31 December 2015 1(a)(i) Income statement (for the group) together with a comparative statement for the
More informationQ Financial Results
Q3 2018 Financial Results 1 Forward-looking statement The statements on the future in this presentation, including expected sales and earnings, are associated with risks and uncertainties and may be affected
More informationExplosive Growth in Vegetable Oil Demand Exacerbates Chinese Supply Deficit, Reliance on Imports. Imports
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 12-07 ember 2007 Million tons 35 Explosive Growth in Vegetable Oil Demand Exacerbates Chinese Supply Deficit, Reliance
More informationTOFAŞ RESULTS WEBCAST PRESENTATION
TOFAŞ 31.12.2017 RESULTS WEBCAST PRESENTATION 02.02.2018 AGENDA Highlights Turkish Automotive Industry Production Domestic Market Developments Tofaş Domestic Market Performance Export Markets & Tofaş Performance
More informationChina s Rapeseed Meal Imports Rise as Seed Imports Decline
United States Department of Agriculture Foreign Agricultural Service February 2017 China s Rapeseed Meal Rise as Seed Decline Trend in China Rapeseed 12-Month Moving Totals Trend In China Rapeseed Meal
More informationNissan Motor Co., Ltd. February 12 th, 2019
Nissan Motor Co., Ltd. February 12 th, 2019 NET REVENUE 2,875.5 3,045.7 OPERATING PROFIT *1 NET INCOME 301.6 FREE CASH FLOW (AUTO) NET CASH (AUTO) 1,311.4 1,334.4 US TAX REFORM 207.7 82.4 103.3 93.9 *2
More informationGlobal Monthly March 2019
Global Monthly March 19 Percent of world bonds outstanding 3 5 15 5 Jan-1 Jun-1 Nov-1 Apr-15 Sep-15 Feb-1 Jul-1 Dec-1 May-17 Oct-17 Mar-1 Aug-1 Dec-1 Mar-19 March 19 Percent, year-on-year 7 5 3 1 1Q1 1Q
More informationWhere are palm oil prices heading?
Where are palm oil prices heading? Grepalma Congress August 2016 2016 LMC International. All rights reserved. www.lmc.co.uk Palm oil is still tied to petroleum today. El Niño and the Chinese Strategic
More informationFY 2006 Third Quarter Review
FY 26 Third Quarter Review February 2, 27 Nissan Motor Co., Ltd 1 Agenda Third quarter news update Sales performance Financial results FY6 Outlook Sustainable growth 2 Third quarter news update Oct 1)
More information2010 1Q Investor Meeting. May 2010
2010 1Q Investor Meeting May 2010 This presentation contains preliminary figures which may be materially different from the final figures. While the statements in this presentation represent our current
More informationPT Astra International Tbk 2011 Full Year Financial Statements
To: Business Editor For immediate release PT Astra International Tbk 2011 Full Year Financial Statements The following announcement was issued today by the Company s 71%-owned subsidiary, Jardine Cycle
More informationDSN Group H Results Update
DSN Group H1 2018 Results Update DSN Group is a growing, green, producer of palm oil and wood products for global markets. Established in 1980, our plantation has now grown to more than 90,000 planted
More informationU.S. Soybean Exports Forecast to Reach Record
United States Department of Agriculture Foreign Agricultural Service July 2017 U.S. Soybean Exports Forecast to Reach Record 60 Accumulated Exports by Week Total Commitments of Soybeans as of End of June
More informationU.S. Soybeans Facing Stiff Competition from Brazil. Brazil Soybean Export Price (Dollars and Reals) and Exchange Rate
United States Department of Agriculture Foreign Agricultural Service June, 2018 U.S. Soybeans Facing Stiff Competition from Brazil Brazil Soybean Export Price (Dollars and Reals) and Exchange Rate FOB
More informationFY2/17 (March 2016~February 2017)
FY2/17 (March 2016~February 2017) Fact Book 1. Trends in the current fiscal year and previous fiscal year 3. Business overview (1) Performance overview P. 1 (1) No. of students at the end of month P. 7
More information2017 Rp bn. Net revenue 150, , Net income* 14,184 11, Net earnings per share As at 30th September 2017 Rp bn
31st October 2017 PT ASTRA INTERNATIONAL TBK 2017 THIRD QUARTER FINANCIAL STATEMENTS PRESS RELEASE Highlights Net earnings per share up 26 at 350 Increased market share for both cars and motorcycles Positive
More informationPort Botany Trade Statistics Bulletin. 1 July May 2017
Port Botany Trade Statistics Bulletin 1 July 2016 31 May 2017 YTD May 2017 Port Botany Container Trade Jul 2016 Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017
More informationFISCAL YEAR END MARCH 2013 FIRST HALF FINANCIAL RESULTS. New Mazda6 (Atenza)
FISCAL YEAR END MARCH 2013 FIRST HALF FINANCIAL RESULTS New Mazda6 (Atenza) Mazda Motor Corporation October 31, 2012 1 PRESENTATION OUTLINE Highlights Fiscal Year March 2013 First Half Results Fiscal Year
More informationCHARTS AND PRICE PROJECTIONS
CHARTS AND PRICE PROJECTIONS 18 / Charts and Price Projections: FAPRI 28 Agricultural Outlook Average Annual GDP Growth, 27-217 Percent Change 1 8 8.4 7.92 6 4 4.44 3.67 4.6 4.34 2 2.37 2.17 1.38 2.44
More informationCHARTS AND PRICE PROJECTIONS
CHARTS AND PRICE PROJECTIONS 18 / Charts and Price Projections: FAPRI 27 Agricultural Outlook Average Annual GDP Growth Percent Change 9 8 7 6 4 3 2 1 26-216 Canada China EU NMS EU- India Japan Latin America
More informationGlobal Monthly February 2018
Global Monthly February 18 3 1-year Treasury yields 1-year breakeven inflation rate 1 1 15 16 17 18 February 18 5 3 Global GDP growth Composite PMI (RHS) Index 56 5 5 1 5 1 13 1 15 16 17 18 3..5. 1.5 1.
More informationTOFAŞ RESULTS WEBCAST PRESENTATION
TOFAŞ 31.12.2016 RESULTS WEBCAST PRESENTATION 02.02.2017 1 WEBCAST AGENDA Highlights Turkish Automotive Industry Production Domestic Market Developments Tofaş Domestic Market Performance Export Markets
More informationENEL PUBLISHES 2018 SECOND QUARTER AND FIRST HALF GROUP OPERATING DATA REPORT
Media Relations Investor Relations T +39 06 8305 5699 T +39 06 8305 7975 F +39 06 8305 3771 F +39 06 8305 7940 ufficiostampa@enel.com investor.relations@enel.com enel.com enel.com ENEL PUBLISHES 2018 SECOND
More informationStrong Brazilian Soybean Sales Expected to Slow Rebound in Argentine Exports
United States Department of Agriculture Foreign Agricultural Service December 2018 Strong Brazilian Soybean Sales Expected to Slow Rebound in Argentine Exports Oct. 1 - Nov. 30 Brazil Soybean Exports (Million
More informationQ3 Results November 16, 2006 Analyst Presentation
Q3 Results 2006 November 16, 2006 Analyst Presentation Group Sales (in million Euro) Total Sales 2,395 +3.3% (+2.4%)* 2,474 Split per Business Group (YTD) Specialty Products 7% Q3 797 +1.0% (+2.5%)* 805
More informationJuly New Britain Palm Oil Limited
July 2009 New Britain Palm Oil Limited New Britain Palm Oil (NBPOL) New Britain Palm Oil Limited Large plantation company (over 46,000 hectares planted), producing palm oil, founded in 1967 Total land
More information