Company Announcements

Half-year Report

Source: RNS
RNS Number : 2018E
M. P. Evans Group PLC
16 September 2024
 

M.P. EVANS GROUP PLC

M.P. Evans Group PLC ("M.P. Evans" or "the Group"), a producer of sustainable Indonesian palm oil, announces its unaudited interim results for the six months ended 30 June 2024.

highlights

§ 5% increase in total crop processed to 759,700 tonnes (2023 - 721,100 tonnes)

§ 6% increase in total production of crude palm oil to 177,000 tonnes (2023 - 166,200 tonnes)

§ 2% increase in mill-gate CPO price to US$771 per tonne (2023 US$755 per tonne)

§ 24% increase in certified sustainable production to 119,500 tonnes (2023 - 96,500 tonnes)

§ 14% reduction in cost of Group palm product to US$458 per tonne (2023 US$535 per tonne)

§ 78% increase in operating profit to US$41.6 million (2023 US$23.4 million)

§ 81% increase in earnings per share to 44.9p (2023 - 24.8p)

§ 20% increase in interim dividend per share to 15p (2023 - 12.5p)

§ 1% net gearing with net debt US$7.3 million (2023 net cash US$2.5 million)

 

M.P. Evans chairman, Peter Hadsley-Chaplin, commented: "Following higher production and higher palm-oil prices, the board is delighted to report a significantly improved first-half profit, and a 20% increase in the interim dividend. The second half of the year has, thus far, seen palm-oil prices strengthen further and, accordingly, the Group is well placed for another strong result for 2024 as a whole."

 

16 September 2024

Enquiries:

M.P. Evans Group PLC

Telephone: +44 (0) 1892 516333

Peter Hadsley-Chaplin, chairman


Matthew Coulson, chief executive


Luke Shaw, chief financial officer




Cavendish Capital Markets (Nomad and broker)

Telephone: +44 (0) 20 7220 0500

Matt Goode, George Lawson (Corporate finance)


Tim Redfern, Harriet Ward (ECM)




Hudson Sandler (Financial PR)

Telephone: +44 (0) 20 7796 4133

Charlie Jack, Francis Kerrigan, Francesca Rosser


An analysts' meeting will be held today at 9:30am at the offices of Hudson Sandler, 25 Charterhouse Square, London EC1M 6AE

Overview

CPO production increased in the first half of 2024 to 177,000 tonnes and certified sustainable production increased by 24% compared to the same period in 2023, with all six of the Group's mills now accredited to produce sustainable palm oil. The Group continued to focus its efforts on being a responsible producer of Indonesian palm oil. Crop and production expanded once again, and all Group mills are producing and selling certified sustainable palm oil. The Group continued to plant new areas in the first half of 2024, both Group-owned, and for its associated scheme smallholders. In addition, the Group invested in replanting at its North Sumatran estates. Overall, the total planted area managed by the Group increased by over 300 hectares to 65,800 hectares by the end of June 2024.

The Group harvested 566,200 tonnes of fresh fruit bunches ("ffb") during the first half of the year, made up of 437,900 tonnes (2023 - 408,100 tonnes) of its own crop, and 128,300 tonnes (2023 - 124,900 tonnes) from its associated scheme-smallholder areas, increases of 7% and 3% respectively. Whilst the crops were particularly encouraging in the early months of 2024, consistent with many Indonesian producers, cropping levels slowed somewhat in the latter part of the first half. This is considered to be a reflection of broader agronomic and weather conditions but, as was the case in 2023, the Group continues to expect the harvest in the second half of the year to be higher than that achieved in the first six months.

Group management worked carefully during the first half of the year to manage the quality of independent crop being supplied to Group mills. Whilst the overall amount of independent crop processed by the Group increased by 3% to 193,500 tonnes (2023 - 188,100 tonnes), in some locations there was a decrease as mill management rejected crop of insufficient quality. This, along with the ongoing high quality of the input from Group-managed areas, resulted in an increase in the average extraction rate achieved in Group mills to 23.4% (2023 - 23.1%).

Crude palm oil ("CPO") has traded within a relatively narrow band during the first half of 2024, with cif Rotterdam prices between US$925 - US$1,100 per tonne, and averaging US$999 per tonne (2023 first half average US$986 per tonne). During the period, the Group achieved an average mill-gate price for its CPO output of US$771 per tonne (2023 US$755 per tonne).

Production costs have fallen in the first half of 2024 when compared to the same period in 2023, and have continued the trend observed in the second half of last year as fertiliser costs, one of the Group's largest input costs, have continued to fall from the peak observed around the end of 2022. The cost of production from the Group's own areas was US$458 per tonne (2023 US$535 per tonne). The Group's total cost of production, when all sources of crop are taken into consideration, was also lower than the first half of last year at US$529 per tonne (2023 US$574 per tonne). As in 2023, the Group's average cost of production is expected to fall during the second half of the year. This is partly as a result of rising production, but also reflects the fact that more than half of fertiliser application takes place in the first six months of the year.

In June 2024, the Group announced it had reached an agreement with one of its minority shareholders to acquire their 5% interest in the majority of the Group's Indonesian subsidiaries. By doing so, the Group effectively acquired approximately 1,700 hectares of its own high-quality planted areas. The agreement to acquire these areas during the year was based on US$9,000 per planted hectare, reflecting the fact that the Group was able to add to its majority holding at a price that allowed for a minority shareholding discount. This compares with the average independent valuation at the end of 2023 of the Group's majority-held plantings of US$18,400 per hectare. Whilst this transaction has a limited impact on the results for the first half of 2024, it will be earnings enhancing for the remainder of the year and beyond.

A combination of higher production and sales with lower unit costs has resulted in an improved margin, and a significantly higher gross profit of US$42.1 million (2023 US$23.1 million) during the first half of 2024. The Group continues to convert profits to cash, with cash generated by operating activities of US$48.4 million in the period. This cash has been put to good use, in accordance with the Group's strategy, to invest for ongoing long-term growth in the Group's existing operations, to acquire additional hectarage, repay debt, and fund over US$25 million of returns to Group shareholders through dividends and share buybacks.

The Group remains committed to being a responsible palm-oil producer. Both the absolute amount and proportion of certified CPO production increased in the first half of 2024, with 119,500 tonnes (2023 - 96,500 tonnes) produced, representing 68% (2023 - 58%) of the Group's total output, including that from independent mills. Further information on the Group's wider environmental, social and governance ("ESG") activities is included in two separate reports published in the first half of this year and both are available on the Group's website: one on ESG and one focusing on the Group's approach to managing and reducing its carbon emissions (the Taskforce on Climate-related financial disclosures, or TCFD, report).

Earnings per share increased to 44.9p in the first half of 2024, 81% higher than the 24.8p in the six months to June 2023. A combination of higher production and sales with lower costs resulted in this significant increase.

Update on recent acquisitions

During 2023, the Group added over 10,000 planted hectares to its portfolio, with acquisitions in both Sumatra and East Kalimantan. At Simpang Kiri, 2,100 hectares were added to the estate, and the total planted area is now 4,700 hectares. A significant part of this area continues to be productive and has added to the total crop harvested. As announced on acquisition, the Group is replanting some of the new area to help maximise yields in the longer term and, to date, 1,200 hectares have been, or are in the course of being, replanted.

At Kota Bangun, 8,300 hectares were acquired towards the end of 2023, made up of two separate estates, ABK and Nusantara (or NAS). Both are now being managed as part of the Group's Kota Bangun project with crop being sent for processing at one of the Group's two mills there. In the short term, the Group's management team is working hard to improve agronomic standards from those taken on at acquisition. As a result, the Group expects to see significant improvements in the coming years from these new areas, particularly given the underlying quality of the estates.

Dividends

The board is recommending an interim dividend for 2024 of 15p per share (2023 - 12.5p per share), an increase of 20%. This reflects the improved results for the first half of the year, with earnings per share up by 81%, but also the board's continuing confidence in the long-term prospects for the Group.

The Group has an unbroken track record, spanning more than thirty years, of maintaining or increasing normal dividends. As the Group's planted area continues to increase and the crop from those areas is processed in the Group's efficiently managed palm-oil mills, so it expects to deliver the robust cash flows that form the foundation for its progressive dividend policy.

Results for the period

Crops and production

Details of the Group's crops, production extraction rates and average selling prices for the first half of 2024 are shown in the following table:

6 months ended 

 

6 months ended 

Year ended 

30 June 

Increase/ 

30 June 

31 December 

2024 

(decrease) 

2023 

2023 

Tonnes 

Tonnes 

Tonnes 





Kota Bangun

138,900 

25 

110,900 

249,900 

Bangka

57,800 

57,900 

138,200 

Pangkatan group

79,100 

78,200 

185,000 

Bumi Mas

71,300 

(5)

75,200 

156,400 

Musi Rawas

57,400 

(7)

61,600 

128,900 

Simpang Kiri

33,400 

37 

24,300 

64,500 

437,900 

408,100 

922,900 





Kota Bangun

51,000 

10 

46,500 

100,500 

Bangka

33,200 

(4)

34,500 

85,200 

Pangkatan group

2,000 

186 

700 

2,600 

Bumi Mas

14,200 

13,400 

29,700 

Musi Rawas

27,700 

(7)

29,800 

60,200 

Simpang Kiri

200 

300 

128,300 

124,900 

278,500 





Kota Bangun

67,400 

66,300 

132,000 

Bangka

44,200 

(8)

48,100 

108,600 

Pangkatan group

20,700 

(30)

29,400 

52,600 

Bumi Mas

21,800 

(29)

30,500 

59,500 

Musi Rawas

39,400 

186 

13,800 

68,800 

193,500 

188,100 

421,500 

759,700 

721,100 

1,622,900 









Kota Bangun

59,700 

17 

51,200 

112,000 

Bangka

30,900 

(3)

31,700 

76,800 

Pangkatan group

22,600 

(7)

24,300 

54,500 

Bumi Mas

26,000 

(7)

28,000 

58,600 

Musi Rawas

29,500 

23 

23,900 

60,200 

 

168,700 

159,100 

362,100 





Kota Bangun

700 

200 

Musi Rawas

1,600 

1,600 

Simpang Kiri

7,600 

38 

5,500 

14,600 


8,300 

17 

7,100 

16,400 

177,000 

166,200 

378,500 





Kota Bangun

13,200 

21 

10,900 

24,200 

Bangka

7,900 

7,900 

19,000 

Pangkatan group

5,300 

5,300 

12,400 

Bumi Mas

4,900 

4,700 

10,300 

Musi Rawas

6,200 

44 

4,300 

11,400 


37,500 

13 

33,100 

77,300 

Third party mills





Kota Bangun

200 

Musi Rawas

400 

400 

Simpang Kiri

1,500 

36 

1,100 

2,900 


1,700 

13 

1,500 

3,300 

 

39,200 

13 

34,600 

80,600 






%

 

 



 

 



Kota Bangun - Bumi Permai

24.6 

23.9 

24.4 

Kota Bangun - Rahayu

22.2 

21.3 

21.3 

Bangka

22.8 

22.6 

23.1 

Pangkatan group

22.3 

22.4 

22.7 

Bumi Mas

24.2 

23.5 

23.9 

Musi Rawas

23.7 

(4)

24.6 

24.1 

23.4 

23.1 

23.4 

Third party mills





Kota Bangun

17.9 

20.0 

Musi Rawas

20.5 

20.5 

Simpang Kiri

22.4 

22.5 

22.5 














Kota Bangun - Bumi Permai

5.6 

5.4 

5.5 

Kota Bangun - Rahayu

4.6 

10 

4.2 

4.3 

Bangka

5.8 

5.6 

5.7 

Pangkatan group

5.2 

4.9 

5.2 

Bumi Mas

4.6 

15 

4.0 

4.2 

Musi Rawas

5.0 

14 

4.4 

4.5 


5.2 

4.8 

5.0 





Kota Bangun

4.9 

4.5 

Musi Rawas

4.7 

4.7 

Simpang Kiri

4.4 

(2)

4.5 

4.5 





US$ 

 

US$ 

US$ 

999 

986 

964 

771 

755 

729 

1,127 

12 

1,003 

981 

437 

410 

354 

Mill-gate prices

The average commodity price for CPO (cif Rotterdam) during the first half of 2024 was US$999 per tonne (2023 US$986 per tonne) with trading within approximately US$100 either side of this average. The Group sells its output based on 'mill-gate' pricing and so receives a lower price than the quoted cif Rotterdam amount, taking account of freight and insurance costs, but also allowing for the export taxes and levies that the Indonesian government imposes. These are charged based on well-established, graduated scales, and the government publishes updated tariffs each month. During the first half of 2024, the Group achieved an average mill-gate price for its CPO of US$771 per tonne, 2% higher than the US$755 per tonne in the six months to June 2023.

Sales of the Group's PK were below US$400 per tonne at the start of the year, but pricing improved, particularly in the second quarter, and by the end of the first half prices had increased by over US$100 per tonne with some trades at over US$500 per tonne. The average price for the first half of 2024 was US$437 per tonne, 7% higher than the US$410 in the six months to June 2023.

Sustainability

The Group is a responsible producer of certified sustainable palm oil. All six of the Group's mills were certified producers throughout the period, in accordance with the requirements of the International Sustainability and Carbon Certification ("ISCC") scheme, and so received credits at all locations. As a long-standing member of the RSPO, the Group also works towards securing RSPO certification for all its mills. At the start of 2024, four of the six Group mills were RSPO accredited, and a fifth accreditation was granted in the first half of this year. The audit work to support the final, sixth, certification has taken place early in the second half of this year, and the Group expects to obtain the final approval for certification so that all mills will be RSPO accredited before the end of the year.

Being a producer of certified sustainable CPO and PK results in additional income to the Group, as customers are willing to pay a premium to secure assured inputs to their production process. The Group's sustainability income in the first half of 2024 was US$3.0 million, slightly lower than the US$3.2 million in the six months to June 2023. Whilst there was a significant increase in the Group's certified output, the average premia per tonne fell when compared to the same period of last year. The average premium for CPO when sold as certified was US$10.80 (2023 US$16.00) and the equivalent for PK was US$75.90 (2023 US$108.80). Notwithstanding the reduction in sustainability premia, the Group remains committed to the production of certified output and maintaining its sustainability credentials. A significant part of certified sustainable output ultimately comes to the EU, and falling premia may be a sign of some market uncertainty relating to the pending EU Deforestation Regulations (EUDR), due to come into effect at the start of 2025 and which will require companies to produce new documentation on product traceability. The Group is working towards compliance with the new requirements at its estate locations.

Costs

The cost of palm product produced from the Group's own areas reduced in the first half of 2024 to US$458 per tonne, significantly lower than the US$535 per tonne in the six months to June 2023. Unit costs fell for several reasons, but most significantly due to the fertiliser costs incurred in the first half of this year. Fertiliser pricing had been unusually high in 2023, but had returned towards more normal levels in 2024 and, in addition to this, based on the phasing of application, usage was a little lower in the first half of this year. In combination, these two variances were responsible for a fall of over US$50 per tonne. The Group also achieved some unit-cost savings in wage-related costs and other efficiency benefits from higher production, although there was some offset from higher costs at the recently acquired properties in East Kalimantan. Subject to output levels, unit costs are expected to fall further in the remainder of 2024.

The total cost of the Group's palm product, taking account of all sources of crop, was US$529 per tonne in the first half of the year (2023 US$574 per tonne). The fall in total cost per tonne was not quite as marked as the fall in cost per tonne from Group areas, as the total cost included the purchase of crop from independent suppliers. These costs were slightly higher than last year based on increased CPO prices, and in some cases also elevated due to an increase in competition for independent crop in certain locations.

Planting

The Group continues to invest in planting, both to increase the total area available for harvest, and to replant palms that come to the end of their productive lives to ensure yields are maintained for the longer term. In Musi Rawas, the Group is planting new areas, both for itself and for its associated scheme smallholders. A further 220 hectares have been planted during the first half of the year, bringing the total planted area there to over 10,500 hectares, and the Group expects to be at its target of 11,000 planted hectares at or around the end of this year. The Group also continues to work with smallholder farmers in northern Sumatra and membership in the co-operative schemes around the Pangkatan estates has increased in the first half of this year. An additional 190 hectares have been planted, bringing the total smallholder area there, including both Pangkatan and Simpang Kiri, to over 1,500 hectares.

The opportunity to add new planting at the areas acquired at Kota Bangun (ABK and NAS) is currently being reviewed. Additional planting will only be carried out if it can be done responsibly and sustainably, and the Group is working with its environmental consultants to complete the necessary assessments.

Replanting is progressing in the areas acquired at Simpang Kiri last year, where almost 1,000 hectares are currently being replanted. At the Pangkatan estates, 250 hectares of replanting is taking place as part of the ongoing programme there.

New land

Group management continues to be of the view that a planted area of up to 10-14,000 hectares supporting a 60-tonne per hour palm-oil mill is an efficient operation which can deliver attractive returns over the long term. Several of the Group's operations are at that stage already, or are working towards it, and some take in additional crop from external suppliers to increase mill utilisation. In those locations, the Group is continuing to review opportunities to add further planted land to its existing portfolio to maximise the benefit of its investment in milling capacity and to increase the proportion of its certified sustainable output.

Associated companies

The Group's 40%-owned Malaysian property development associate, Bertam Properties Sdn Berhad, had a good start to 2024 as it continued to develop and sell both high-quality and affordable homes and commercial properties in Penang, Malaysia. The Group's share of their profits for the first half of the year was US$0.3 million (2023 US$0.2 million). The Group's 38%-owned oil-palm associate in Indonesia, PT Kerasaan Indonesia, achieved a similar profit to the first half of last year, with the Group's share being US$0.5 million (2023 US$0.6 million)

Result

The Group recorded revenue of US$163.7 million in the first half of 2024 (2023 US$134.5 million), an increase of 22% on the previous period. The improvement in revenue is larger than the combined increase in production and pricing observed in the period as, due to the timing of dispatches, the Group experienced a fall in inventory during the period, in contrast to the first half of 2023 when inventory increased. The increase in extraction rates, both for CPO and PK, also added to revenue and profitability in the first half of the year. Gross margin was 26% (2023 - 17%), as the benefit of higher prices and volumes fed through to increased profitability. Additionally, the Group's lower cost per tonne helped to increase margins, and the Group benefited by approximately US$2 million from a weaker Indonesian rupiah in the first half of the year. Gross profit was US$42.1 million (2023 US$23.1 million).

There was an increase in other income during the period to US$1.7 million (2023 US$1.2 million) as the Group continues to generate more electricity for sale from the biogas facilities attached to its mills, and prices achieved for shell sales, ancillary to the main production process, increased. There was a small increase in the Group's finance cost in the period, to US$1.8 million (2023 US$1.7 million) as the Group took on new loans with its acquisitions towards the end of 2023, but the impact of this is being rapidly offset by the ongoing repayment of the Group's pre-existing term loans. The Group tax charge inevitably increased when compared to the first half of last year due to the higher profitability and, after accounting for the Group's share of associates' results, retained profits were 78% higher at US$31.7 million (2023 US$17.8 million).

CURRENT TRADING AND PROSPECTS

 

8 months ended

 

8 months ended

31 August 

Increase/

31 August 

2024 

(decrease)

2023 

Tonnes 

Tonnes 

593,900 

593,700 

170,900 

(5)

179,100 

263,500 

(1)

267,100 

1,028,300 

(1)

1,039,900 

During the two months to August 2024, the crops harvested from the Group's own areas and from the associated scheme-smallholder areas totalled 198,600 tonnes, an average of 99,300 tonnes each month. This is higher than the 94,400-tonne average experienced in the first half of the year. It is lower than the harvest for the two months to August 2023, hence the total crop for the eight months to August 2024 is now marginally lower than for the same period last year. This reflects the fact that the 2023 crop peak occurred in those months. Whilst the Group may be experiencing some delayed effect of the dry weather conditions in the latter part of 2023, based on the latest growing crop analysis, cropping levels are expected to increase in the coming months leading to a total crop available for processing for the whole year similar to that in 2023.

Whilst CPO has traded at similar levels (cif Rotterdam) to the first half of the year during July and August, the Group has been able to achieve prices at higher levels than the average for the six months to June, likely due to refiners' supply dynamics. The Group's year-to-date average mill-gate price for its CPO had increased to US$777 by the end of August, with some tenders for September delivery at over US$800 per tonne. Whilst current pricing may not persist if crops increase in the coming months, the levels reached thus far put the Group in a strong position for 2024 as a whole.

The board remains committed to the Group's strategy, with the Group increasing its planted hectarage in support of future sustainable growth, and with all mills producing certified sustainable palm oil. As demonstrated by the results for the current period, the Group continues to deliver healthy cash flows in support of attractive shareholder returns, and the prospects for the future remain very positive.

UNAUDITED CONSOLIDATED INCOME STATEMENT

 

Six months 

Six months 

Year

 

ended 

ended 

ended 

 

30 June 

30 June 

31 December 

 

2024 

2023 

2023 

Note

US$'000 

US$'000 

US$'000 

 

 


 

Revenue

3

163,737

134,469

307,368

Cost of sales


(121,628)

(111,331)

(228,915)

Gross profit

3

42,109

23,138

78,453

Gain on biological assets


185

1,025

551

Foreign-exchange gains/(losses)


640

582

(1,188)

Other administrative expenses


(3,120)

(2,590)

(5,443)

Other income


1,746

1,223

2,923

Operating profit


41,560

23,378

75,296

Finance income


523

600

1,348

Finance costs


(1,838)

(1,683)

(3,810)

Profit before taxation


40,245

22,295

72,834

Tax on profit on ordinary activities


(9,392)

(5,267)

(18,826)

Profit after tax


30,853

17,028

54,008

Share of associated companies' profit after tax

3

808

786

2,390

 

31,661

17,814

56,398

 




 




 

30,084

16,586

52,487

 

1,577

1,228

3,911

 

31,661

17,814

56,398

 


 

 

 

US cents

US cents 

US cents 

 




Basic earnings per 10p share

 

56.6

30.8

97.6

Diluted earnings per 10p share

 

56.3

30.7

97.2


 




 

Pence

Pence 

Pence 

 




Continuing operations

 

44.9

24.8

78.1

UNAUDITED CONSOLIDATED BALANCE SHEET

 

30 June 

30 June 

31 December 

 

2024 

2023 

2023 

Note

US$'000 

US$'000 

US$'000 

 

 


 

Goodwill

 

17,083

11,767

17,083

Other intangible assets

 

944

1,077

1,012

Property, plant and equipment


482,693

427,936

486,915

Investments in associates

 

10,418

11,654

10,003

Investments

 

57

58

59

Deferred-tax asset

 

1,180

1,020

1,138

Trade and other receivables

 

-

9,232

8,875


 

512,375

462,744

525,085

Current assets

 




Biological assets

 

3,973

4,114

3,788

Inventories

 

15,121

28,567

24,155

Trade and other receivables

 

24,370

29,905

23,853

Current-tax asset

 

9,990

5,740

8,673

Current-asset investments

 

213

-

270

Cash and cash equivalents

 

35,709

42,882

39,324


 

89,376

111,208

100,063

 

601,751

573,952

625,148

 


 


 

22,820

19,001

21,009

 

24,107

29,080

27,547

 

5,520

294

6,279

 

52,447

48,375

54,835

 

36,929

62,833

45,228

 




 

20,381

21,364

33,413

 

21,083

13,478

19,398

 

12,262

11,199

12,429

 

53,726

46,041

65,240

 

106,173

94,416

120,075

 

495,578

479,536

505,073

 




6

9,019

9,124

9,062

 

53,886

54,642

53,263

 

423,163

397,605

422,748

 




 

486,068

461,371

485,073

 

9,510

18,165

20,000

 

495,578

479,536

505,073

UNAUDITED STATEMENT OF CHANGES IN CONSOLIDATED EQUITY

 

 

 

 

 

Six months 

Six months 

Year 

 

ended 

ended 

ended 

 

30 June 

30 June 

31 December 

 

2024 

2023 

2023 

 

US$'000 

US$'000 

US$'000 


31,661

17,814

56,398


(426)

(1,352)

(1,306)


31,235

16,462

55,092


(3,516)

(5,129)

(9,678)


(23,341)

(20,760)

(29,739)


(14,041)

-

-


168

119

554


(40,730)

(25,770)

(38,863)


505,073

488,844

488,844


495,578

479,536

505,073

UNAUDITED CONSOLIDATED CASH-FLOW STATEMENT

 

Six months 

Six months 

Year 

 

ended 

ended 

ended 

 

30 June 

30 June 

31 December 

 

2024 

2023 

2023 

Note 

US$'000 

US$'000 

US$'000 

Net cash generated by operating activities

7

48,380

20,411

83,642

Investing activities

 




Acquisition of subsidiaries, net of cash acquired

 

-

-

(34,516)

Purchase of property, plant and equipment

 

(9,555)

(23,824)

(38,282)

Purchase of intangible assets

 

(24)

-

(25)

Interest received

 

337

227

600

Increase in receivables from smallholder co-operatives

 

(22)

(2,973)

(6,161)

Bank deposits treated as current asset investments

 

-

-

(266)

Proceeds on disposal of property, plant and equipment

 

47

66

6,997

Net cash used by investing activities

 

(9,217)

(26,504)

(71,653)

Financing activities

 




Acquisition of non-controlling interests

5

(6,000)

-

-

Repayment of borrowings

 

(9,916)

(8,674)

(17,405)

Dividends paid to Company shareholders

 

(21,891)

(20,035)

(28,188)

Dividends paid to non-controlling interest

 

(145)

(72)

(155)

Buy back of Company shares

 

(3,516)

(5,129)

(9,678)

Net cash used by financing activities

 

(41,468)

(33,910)

(55,426)

Net decrease in cash and cash equivalents

 

(2,305)

(40,003)

(43,437)

Cash and cash equivalents at 1 January

 

39,324

82,503

82,503

Effect of foreign-exchange rates on cash and cash





equivalents

(1,310)

382

258

Net cash and cash equivalents at period end

 

35,709

42,882

39,324

NOTES TO THE INTERIM STATEMENTS

Plantation 

Property 

 

 

Indonesia 

Malaysia 

Other 

Total 

US$'000 

US$'000 

US$'000 

US$'000 

 

 


 

163,737

-

-

163,737

42,109

-

-

42,109

459

349

-

808

 

 

 

 





134,469

-

-

134,469

23,138

-

-

23,138

545

241

-

786

 

 

 

 





307,320

-

48

307,368

78,405

-

48

78,453

1,107

1,283

-

2,390

Six months

ended 

Six months

ended 

Year 

ended 

30 June 

30 June 

31 December 

2024 

2023 

2023 

US$'000 

US$'000 

US$'000 




-

20,035

20,035

-

-

8,153

21,891

-

-

21,891

20,035

28,188

30 June 

30 June 

31 December 

30 June 

30 June 

31 December 

2024 

2023 

2023 

2024 

2023 

2023 

Number 

Number 

Number 

US$'000 

US$'000 

US$'000 






53,289,690

54,230,888

54,230,888

9,062

9,179

9,179

-

50,000

50,000

-

6

6

(340,134)

(492,792)

(991,198)

(43)

(61)

(123)

52,949,556

53,788,096

53,289,690

9,019

9,124

9,062

Six months

ended 

Six months

ended 

Year

ended 

30 June 

30 June 

31 December 

2024 

2023 

2023 

US$'000 

US$'000 

US$'000 

41,560

23,378

75,296

(185)

(1,025)

(551)

534

1

259

(22)

(36)

(92)

13,196

11,840

24,102

92

90

180

593

115

905

168

119

554

 



55,936

34,482

100,653

9,035

(5,455)

1,023

(2,493)

5,005

11,814

(2,435)

1,107

(6,460)

60,043

35,139

107,030

-

-

3,566

(9,825)

(13,045)

(23,144)

(1,838)

(1,683)

(3,810)

48,380

20,411

83,642

 

30 June 

30 June 

31 December 

 

2024 

2023 

2023 

-     average

15,897

15,053

15,236

-     period end

16,375

14,993

15,397

-     average

4.73

4.46

4.56

-     period end

4.72

4.67

4.60

-     average

1.26

1.24

1.25

-     period end

1.26

1.27

1.27

 

 

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