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Company Presentation – 4Q and FY 2014 Results27 February 2015
Integrated Agribusiness with Leading Brands
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Presentation Outline
11 Business OverviewBusiness Overview
22 Plantation Highlights Plantation Highlights
33 Financial Highlights Financial Highlights
44 Strategies and ExpansionStrategies and Expansion
55 AppendixAppendix
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Section 1 Business Overview
Integrated Agribusiness with Leading Brands
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Integrated and Diversified Agribusiness Group
Capturing value across the entire supply chainUpstream Downstream
R&D / Seed Breeding Plantations Mills Edible oils and
fats Distribution
33m oil palm seeds p.a.
Develops sugar varieties
33m oil palm seeds p.a.
Develops sugar varieties
22 palm oil mills at capacity 5.7m MT p.a.
2 sugar mills/refineries in Indonesia at capacity 2.2m MT p.a. ; 1 sugar mill in Brazil at capacity 3.8m MT p.a.
4 crumb/ 3 sheet rubber factories
22 palm oil mills at capacity 5.7m MT p.a.
2 sugar mills/refineries in Indonesia at capacity 2.2m MT p.a. ; 1 sugar mill in Brazil at capacity 3.8m MT p.a.
4 crumb/ 3 sheet rubber factories
Leading market share in Indonesia branded cooking oil and margarine marketsStrong sales and marketing expertise and extensive distribution network, serving ~370,000 retail outlets in IndonesiaLeverage on Indofood’s 1,100 stock points5 refineries at capacity: 1.4m MT p.a.
Leading market share in Indonesia branded cooking oil and margarine marketsStrong sales and marketing expertise and extensive distribution network, serving ~370,000 retail outlets in IndonesiaLeverage on Indofood’s 1,100 stock points5 refineries at capacity: 1.4m MT p.a.
* As of 31 Dec 2014
Diversified crops IndonesiaPalm: 246,055Ha
Production FY14CPO: 956,000MTPK: 218,000MTIndonesiaCane: 13,062HaBrazilSugar Cane: 47,554Ha
Rubber: 21,697Ha
Diversified crops IndonesiaPalm: 246,055Ha
Production FY14CPO: 956,000MTPK: 218,000MTIndonesiaCane: 13,062HaBrazilSugar Cane: 47,554Ha
Rubber: 21,697Ha
Integrated Agribusiness with Leading Brands
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Total Nucleus Oil Palm Planted Area
New Plantings ≈ 60,000 Ha in Last 5 Years (2010 – 2014)
155,40076%
158,16373%
176,10576%
177,09974%
185,18175%
49,66424%
58,67427%
54,81324%
62,82226%
60,87425%
2010 2011 2012 2013 2014
Oil Palm Planted Area ‐ Nucleus
Immature
Mature
in Ha
205,064 216,837 230,918 239,921 246,055
14,072 13,884 13,383
9,791
6,350
2010 2011 2012 2013 2014
Oil Palm New Planting in Ha
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Section 2 Plantation Highlights
Integrated Agribusiness with Leading Brands
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Planted Area
Oil Palm Average Age ≈ 13 years
(1) As at 31 Dec 2014, the Group has ≈ 86,890 Ha of planted oil palm plasma area. Where 478 Ha were new planting in FY14.
(2) FY14 new plantings for oil palm were 6,350 Ha vs. 9,791 Ha in FY13.
Mature area increased by 9,749 Ha in FY14.
246,055 Ha 153,921 Ha 92,135 Ha
24% 29%17%
6%5%
8%
46% 35%64%
24% 31%11%
Group SIMP Lonsum
Immature 4-6 years 7-20 years > 20 years
In Ha 31 Dec 2014 31 Dec 2013 Change
IndonesiaPlanted Area 300,050 292,768 7,282
Planted Oil Palm(1) 246,055 239,921 6,134 - SIMP 153,921 150,076 3,845 - Lonsum 92,135 89,845 2,290
Planted Other crops 53,995 52,847 1,148 Rubber 21,697 21,759 (62)- SIMP 4,409 4,409 - - Lonsum 17,288 17,350 (62)Sugar cane - SIMP 13,062 11,645 1,417 Cocoa & tea - Lonsum 3,067 3,384 (317)Industrial timber - SIMP 16,169 16,059 110
Brazil Sugar cane - CMAA 47,554 42,517 5,037 - Company-owned 24,292 20,755 3,537 - Third party 23,262 21,762 1,500
(2)
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Oil Palm Plantation Highlights
Achieved flattish production in 4Q14 yoy, partly affected by the dry weather in North and Central Sumatra during 1Q this yearFY14 FFB nucleus production growth driven by higher production from South Sumatra and Kalimantan
FY14 FY13 YoYGrowth 4Q14 4Q13 YoY
Growth 3Q14 QoQGrowth
PRODUCTION
Mature Area (Ha) 185,181 177,099 5% 185,181 177,099 5% 185,187 0%
FFB ('000 MT) 4,372 3,761 16% 1,140 1,135 0% 1,216 (6%) - Nucleus ('000 MT) 3,259 2,895 13% 852 852 0% 919 (7%) - External ('000 MT) 1,112 866 28% 288 284 2% 297 (3%)
CPO ('000 MT) 956 810 18% 249 245 1% 264 (6%)
PK ('000 MT) 218 187 16% 58 57 1% 60 (4%)
PRODUCTIVITY
FFB Yield – Nucleus (MT/Ha) 17.6 16.3 4.6 4.8 5.0
CPO Yield – Nucleus (MT/Ha) 3.9 3.6 1.0 1.1 1.1
CPO Extraction Rate (%) 22.4 22.1 22.5 22.3 22.1
PK Extraction Rate (%) 5.1 5.1 5.2 5.2 5.0
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Oil Palm Production TrendsGrowth
FFB - NucleusFY14 YoY : 13%4Q14 YoY : 0%4Q14 QoQ : (7%)
FFB - ExternalFY14 YoY : 28%4Q14 YoY : 2%4Q14 QoQ : (3%)
CPOFY14 YoY : 18%4Q14 YoY : 1%4Q14 QoQ : (6%)190 210
239 241
182 174 209
245 210
234 264 249
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
'000 MT
CPO Production
630 703
825 815
628 637 778
852 706
782 919
852
255 257 294 328 216 161 205
284 252 274 297 288
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
'000 MT
FFB Production
FFB - Nucleus FFB - External
45% 55% 44% 56% 46% 54%
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Sugar Plantation Highlights
(1) Harvested cane related to Komering sugar cane plantation
(2) Of the 47,554 Ha planted sugar cane, 51% owned by CMAA and 49% contracted to 3rd party farmers
INDONESIA FY14 FY13 YoYGrowth 4Q14 4Q13 YoY
Growth 3Q14 QoQGrowth
Planted Area (Ha) 13,062 11,645 12% 13,062 11,645 12% 12,829 2% Sugar Cane Harvested (‘000 MT)(1) 701 758 (7%) 0 226 n/m 332 n/m
Sugar Production (‘000 MT) 66 78 (15%) 3 30 (89%) 33 (90%) From sugar cane
- South Sumatra Plantation 54 53 1% 0 15 n/m 25 n/m
- Java (LPI's share) 13 9 38% 3 3 0% 8 (60%) From raw sugar 0 16 n/m 0 12 n/m 0 -
BRAZIL Apr 14- Dec 14
Apr 13- Dec 13
Planted Area (Ha)(2) 47,554 42,517
Sugar Cane Harvested (‘000 MT) 3,511 3,025
Raw Sugar Production ('000 MT) 224 187
Ethanol ('000 M3) 145 136
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Section 3 Financial Highlights
Integrated Agribusiness with Leading Brands
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Results Summary
* EBITDA excluding biological asset gains/(losses) and forex gains/(losses)
Financial Highlights4Q14 revenue up 12% yoy on higher sales volume ofCPO, but this was partly offset by lower ASP of palmproduct. EBITDA down 3% yoy on higher operatingexpenses and share of losses of associates.Achieved a good set of FY14 results on positivecontribution from the Plantation Division. In line withthis, EBITDA and attributable profit up 30% and 45%yoy.
Operational HighlightsAchieved strong production growth for FY14 with FFBnucleus production up 13% yoy to 3,259,000 tonnes.This was mainly attributable to strong growth fromnewly matured estates in South Sumatra andKalimantan.FY14 CPO production grew 18% to 956,000 tonnesarising from higher nucleus production and higherpurchases of FFB from external parties.
3,749 4,192
13,280 14,9631,257 906
3,7985,149
Rp bnRevenueInter-segment
External
4Q13 4Q14
5,006 5,099+2%
+12%
FY13 FY14
17,07720,112
+13%
+18%
1,040 1,008
2,614
3,401
4Q13 4Q14 FY13 FY14
Rp BnEBITDA*
‐3%
+30%
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Sales Volume
FY14 CPO sales volume was higher yoy in line with production growthEOF reported positive volume growth in underlying branded products, but this was partly offset by lower coconut oil and bulk oil sales.
In '000 MT FY14 FY13 YoYGrowth 4Q14 4Q13 YoY
Growth 3Q14 QoQGrowth
Plantation
CPO 957 864 11% 288 235 23% 246 17%
Palm Kernel 193 190 1% 48 56 (15%) 54 (11%)
Sugar 73 76 (3%) 16 32 (49%) 33 (51%)
Rubber 16.0 15.9 1% 4.5 3.8 16% 3.6 23%
Oil Palm Seeds ('million) 9.2 17.9 (49%) 3.3 3.8 (15%) 2.6 27%
Edible Oils & Fats (EOF)
Cooking Oil, Margarine and Coconut Oil 755 790 (4%) 180 195 (8%) 172 5%
Integrated Agribusiness with Leading Brands
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Sales Volume Trend
Growth
CPOFY14 YoY : 11%4Q14 YoY : 23%4Q14 QoQ : 17%
PKFY14 YoY : 1%4Q14 YoY : (15%)4Q14 QoQ : (11%)
Edible Oils & FatsFY14 YoY : (4%)4Q14 YoY : (8%)4Q14 QoQ : 5%
182 220 217 209 208 225
195
235 213 210
246 288
49 45 56 53 45 43 46 56 45 47 54 48
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
'000 MT
CPO and PK - Sales Volume
CPO PK
206 217 196 189 182
215 198 195 189 215
172 180
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
'000 MT
Edible Oils & Fats - Sales Volume
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Average Selling Price (ASP) Trend
Growth
CPO FY14 YoY : 14%4Q14 YoY : (8%)4Q14 QoQ : (2%)
PK FY14 YoY : 44%4Q14 YoY : (6%)4Q14 QoQ : (11%)
RubberFY14 YoY : (18%)4Q14 YoY : (28%)4Q14 QoQ : (9%)
7,484 8,089
7,459 6,227 6,273 6,666
7,373
8,399 8,994 8,468
7,917 7,751
4,158 4,160 3,534
2,917 2,806 3,084 3,574
4,338
5,810 5,876 4,565
4,077
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
Rp / kgCPO and PK - ASP
CPO PK
32,784 28,649 26,625 25,755 27,052
22,230 22,933 24,549 23,890 18,096 19,409 17,574
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
Rp / kg
Rubber - ASP
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Financial Summary
* EBITDA excluding biological asset gains/(losses) and forex gains/(losses)** Operating profit excluding biological asset gains/(losses)
The Group delivered a good set of results for FY14 on strong contribution from the Plantation Division. In line with this, attributable profit up 45% yoy.
In Rp Bn FY14 FY13 YoY Growth 4Q14 4Q13 YoY
Growth 3Q14 QoQGrowth
Sales 14,963 13,280 13% 4,192 3,749 12% 3,602 16%
EBITDA* 3,401 2,614 30% 1,008 1,040 (3%) 737 37%
Operating profit** 2,536 1,692 50% 840 830 1% 424 98%
Gain arising from changes in FV of biological assets 60 62 (3%) 60 62 (3%) -
Net profit 1,328 921 44% 404 519 (21%) 207 96%
Attributable profit 759 523 45% 225 228 (1%) 125 81%
Attributable profit exclude biological assets gain
734 476 54% 200 180 11% -
EPS (fully diluted) - Rp 535 366 46% 159 159 0% 88 81%
EBITDA margin 23% 20% 24% 28% 20%
Operating profit margin 17% 13% 20% 22% 12%
Net profit margin 9% 7% 10% 14% 6%
Attributable profit margin 5% 4% 5% 6% 3%
Integrated Agribusiness with Leading Brands
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Segmental Results
(1) Net effects arising from elimination of unrealised profit of inter-division inventories, SFRS adjustment and regional office costs.
In Rp Bn FY14 FY13 YoY Growth 4Q14 4Q13 YoY
Growth 3Q14 QoQ Growth
Sales
Plantations 10,278 8,450 22% 2,833 2,737 3% 2,680 6%
Edible Oil & Fats 9,835 8,627 14% 2,266 2,269 (0%) 2,329 (3%)
Elimination & Adjustments (5,149) (3,798) 36% (906) (1,257) (28%) (1,407) (36%)
Total 14,963 13,280 13% 4,192 3,749 12% 3,602 16%
EBITDAPlantations 3,100 2,263 37% 765 1,088 (30%) 812 (6%)
EBITDA % 30% 27% 27% 40% 30%Edible Oil & Fats 200 393 (49%) 68 25 168% 44 53%
EBITDA % 2% 5% 3% 1% 2%
Elimination & Adjustments(1) 101 (41) n/m 175 (73) n/m (118) n/m
Sub-total 3,401 2,614 30% 1,008 1,040 (3%) 737 37%
Net Forex Gains/(Losses) (111) (201) n/m (50) (108) n/m (55) n/m
Total 3,290 2,414 36% 958 932 3% 682 40%
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By Geographical Location
FY14 FY13
Indonesia remained our dominant market with 90% of sales derived from the domestic market, mainly comprised of edible oil product, palm product, palm seeds and sugarExports to the United States and Europe mainly comprised of copra-based product and rubberWhile exports to Asia, Africa, Middle East & Oceania comprised of edible oil products
External Revenue Breakdown
Indonesia , 90%
Asia, 8%
Europe, 1%
Africa, Middle East & Oceania,
1%
Indonesia, 88%
Asia, 6%
Europe, 4%
America, 1%
Africa, Middle East & Oceania,
1%
Integrated Agribusiness with Leading Brands
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Financial Position
* Total equity includes shareholders funds and minority interests** Converted at Rp9,422/S$1
Balance Sheet (In Rp Bn) 31-Dec-14 31-Dec-13
TOTAL ASSETS 40,155 37,705Cash 3,586 3,803TOTAL LIABILITIES 16,437 14,872Interest Bearing Debt 9,817 8,795TOTAL EQUITY* 23,717 22,833
Net Debt / EBITDA Ratio 1.83x 1.91xNet Debt / Total Equity Ratio 0.26x 0.22xNet Assets Value per Share (in Rupiah) 10,322 9,876Net Assets Value per Share (in SGD) ** 1.10 1.03
Cash Flow (In Rp Bn) FY14 FY13
Net Cash Flow generated from Operating Activities 2,783 2,166Net Cash Flow used in Investing Activities (3,707) (4,830)Net Cash Flow generated from Financing Activities 690 1,119Net Increase (Decrease) in Cash & Cash Equivalents (234) (1,545)Net Effect of Changes in Forex 17 266
Sub-total (217) (1,279)Cash & Cash Equivalent - Beginning 3,803 5,082Cash & Cash Equivalent - Ending 3,586 3,803
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Section 4 Strategies and Expansion
Integrated Agribusiness with Leading Brands
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IndonesiaAchieved new plantings of 6,350 Ha for oil palm and 1,527 Ha for sugarcane
Expansion of plantation production facilitiesConstructed a 150MT/day PKO plant in Riau in 1Q 2014Constructed one 80MT/hour new mill in South Sumatra in 2Q 2014Expanded two 40MT/hour mills, one in South Sumatra to 60MT/hour and one in WestKalimantan to 80MT/hour in 4Q 2014Started construction for two 45MT/hour new mills in Kalimantan due for completion in 2015
On sustainability frontAchieved additional RSPO Certified CPO of 84,000 tonnes in 2014, bringing total CSPOproduction to 332,000 tonnes or 35% of 2014 productionAudited against Indonesian Sustainable Palm Oil (ISPO) system, and currently around45,000 tonnes or 5% of our total CPO production are certified under ISPOIndoAgri published its 2nd Sustainability Report in 2014
Expansion of downstream facilitiesConstructed a 200 MT/day margarine plant at Tanjung Priok in 2014
Outside IndonesiaCMAA in Brazil has expanded its cane crushing capacity from 3.0 million to 3.8 million MT/year inApril 2014CMAA achieved Bonsucro certification for 111,360 tonnes of sustainable sugarcane production,amounting to 3% of its total production in 2014
2014 – Achievements
Integrated Agribusiness with Leading Brands
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Focus organic expansion on new plantings of oil palm and sugar plantations inIndonesia
Expansion of plantation production facilitiesFive new mills ranging from 30MT to 45MT/hour, of which two new mills in SouthSumatra and three mills Kalimantan. Three of these mills are expected to becompleted in 2016
Diversify into other crops, conducting corn hybrid variety trials in Berau, Kalimantan
Enhance agronomic strategies to improve yield and productivityIntroduce drones to capture accurate topographical data and real time images ofour plantationsImplement a fingerprint recognition system to authenticate the data entry ofworker’s daily activities across all estates.Install GPS devices on trucks for monitoring of harvesting and other logisticactivities
2015 – Strategies and Expansion
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Section 5 Appendix
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Corporate Structure
Note:(1) IndoAgri is 60.5% effectively owned by Indofood(2) Indofood has a direct interest of 6.5% in SIMP(3) Based on total number issued shares, excluding the following shares held in treasury as of 31 Dec 2014
• IndoAgri : 30,500,000• SIMP : 315,000,000• Lonsum : 2,900,000
59.5%
73.5%10.2%
Roxas
50.0%
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Planted AreaOil Palm
MatureImmature
RubberSugar CaneIndustrial TimberCocoa & TeaTotal Planted AreaFacilities Unit Capacity MT p.a Unit Capacity MT p.a Unit Capacity MT p.aOil Palm Seeds (mn seeds) 1 25 1 8 2 33 Palm Oil Mills 11 2,295,000 11 3,395,250 22 5,690,250 Crumb Rubber Facility 4 42,720 - - 4 42,720 Sheet Rubber Facility 3 11,100 - - 3 11,100 Sugar Mill & Refinery - - 2 2,160,000 2 2,160,000
Facilities Unit Capacity MT p.a Unit Capacity MT p.a Unit Capacity MT p.aCPO Refinery - - 5 1,425,000 5 1,425,000
LONSUM SIMP GROUPUPSTREAM UPSTREAM UPSTREAM
Hectare Hectare Hectare92,135 153,921 246,055 76,652 108,529 185,181 15,483 45,391 60,874 17,288 4,409 21,697
- 13,062 13,062 - 16,169 16,169
3,067 - 3,067 112,490 187,561 300,050
DOWNSTREAM DOWNSTREAM DOWNSTREAM
Integrated and Diversified Agribusiness Group
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2007
Key Growth Milestones
SIMP’s merger to become an integrated plantation businessKalimantan and South Sumatra acquisition, increasing land bank to ~224,000 haSIMP’s merger to become an integrated plantation businessKalimantan and South Sumatra acquisition, increasing land bank to ~224,000 ha2006
Injected 90% of SIMP into CityAxis via RTO, changed name to IndoAgri and listed on SGXAcquisition of 58.8% effective stake in Lonsum Total land bank of ~400,000 ha
Injected 90% of SIMP into CityAxis via RTO, changed name to IndoAgri and listed on SGXAcquisition of 58.8% effective stake in Lonsum Total land bank of ~400,000 ha
Acquired 60% stake in LPI – entering the Indonesian sugar businessAcquired 82,300 ha in South Sumatra & Central Kalimantan, landbank ~483,000 haAcquired 60% stake in LPI – entering the Indonesian sugar businessAcquired 82,300 ha in South Sumatra & Central Kalimantan, landbank ~483,000 ha2008
IFAR acquired 50% in CMAA in Brazil and 10.2% in RHI in PhilippinesAcquired ~73,000 ha of industrial forestry plantations in East KalimantanRSPO certification increased to 291,000 MT of CPO (36% of FY13 production and planted area)
IFAR acquired 50% in CMAA in Brazil and 10.2% in RHI in PhilippinesAcquired ~73,000 ha of industrial forestry plantations in East KalimantanRSPO certification increased to 291,000 MT of CPO (36% of FY13 production and planted area)
Raised Rp 730 billion 5-year Indonesian Rupiah BondRaised Rp 730 billion 5-year Indonesian Rupiah Bond2009
2013•Oil palm
•Sugar cane •Rubber
2011SIMP listed on IDX, raised Rp3.35 trillion for 20% placementSIMP listed on IDX, raised Rp3.35 trillion for 20% placement
IFAR has successfully grown its business to become one of the largest agribusiness groups in Indonesia
IFAR has successfully grown its business to become one of the largest agribusiness groups in Indonesia
RSPO certification 332,000 MT of CPO (35% of FY14 production)RSPO certification 332,000 MT of CPO (35% of FY14 production)2014
Integrated Agribusiness with Leading Brands
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CMAA acquisition completed in June 2013. Key rationale:Expansion of our presence into the sugar, ethanol and co-generation industry in BrazilSuperior technical know-how and best practices from Brazil that can be transferredback to IndoAgri’s Indonesia sugar operationsEarnings accretive investmentwith a strong local partner in an expanding business
Key Highlights:1 sugar cane factory with a total cane crushing capacity of 3.8m MT p.a.; supplementedby ethanol and co-generation plantsAs of Dec 2014, planted area was 47,554 Ha, of which 51% owned by CMAA.In 2014, harvested cane were 3.5 million MT, producing 224,000 MT of raw sugar and145,000 m3 ethanol
Overseas Expansion – CMAA Brazil (Minas Gerais Province)
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Geographical Presence
UnitCapacity p.a(MT FFB) Unit
Capacity p.a(MT Dry Rubber) Unit
Capacity p.a(MT Dry Rubber) Unit
Capacity p.a(MT Sugar Cane) Unit
Capacity p.a(MT CPO)
SIMP 11 3,395,250 ‐ ‐ ‐ ‐ 2 2,160,000 5 1,425,000 Lonsum 11 2,295,000 4 42,720 3 11,100 ‐ ‐ ‐ ‐ CMAA ‐ Brazil ‐ ‐ ‐ ‐ ‐ ‐ 1 3,800,000 ‐ ‐ Group 22 5,690,250 4 42,720 3 11,100 3 5,960,000 5 1,425,000
RefineryFacilities
Palm Oil Mill Crumb Rubber Facility Sheet Rubber Facility Sugar Mill & Refinery
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Production BreakdownFY14 FY13 YoY
Growth 4Q14 4Q13 YoYGrowth 3Q14 QoQ
GrowthPRODUCTIONMature Area 185,181 177,099 5% 185,181 177,099 5% 185,187 0% - SIMP (Ha) 108,529 102,155 6% 108,529 102,155 6% 108,529 0% - Lonsum (Ha) 76,652 74,944 2% 76,652 74,944 2% 76,658 0%
FFB 4,372 3,761 16% 1,140 1,135 0% 1,216 (6%) - Nucleus 3,259 2,895 13% 852 852 0% 919 (7%) - SIMP ('000 MT) 1,918 1,644 17% 522 469 11% 560 (7%) - Lonsum ('000 MT) 1,341 1,250 7% 331 383 (14%) 359 (8%)
- External 1,112 866 28% 288 284 2% 297 (3%) - SIMP ('000 MT) 567 454 25% 152 140 9% 144 6% - Lonsum ('000 MT) 567 477 19% 148 156 (5%) 155 (5%)
CPO 956 810 18% 249 245 1% 264 (6%) - SIMP ('000 MT) 513 414 24% 136 121 13% 145 (6%) - Lonsum ('000 MT) 443 396 12% 112 124 (10%) 119 (5%)
PK 218 187 16% 58 57 1% 60 (4%) - SIMP ('000 MT) 108 93 16% 29 27 10% 31 (4%) - Lonsum ('000 MT) 109 94 16% 28 30 (7%) 29 (4%)
PRODUCTIVITY
FFB Yield – Nucleus (MT/Ha) 17.6 16.3 4.6 4.8 5.0 - SIMP (MT/Ha) 17.7 16.1 4.8 4.6 5.2 - Lonsum (MT/Ha) 17.5 16.7 4.3 5.1 4.7
CPO Yield – Nucleus (MT/Ha) 3.9 3.6 1.0 1.1 1.1 - SIMP (MT/Ha) 3.8 3.4 1.0 1.0 1.1 - Lonsum (MT/Ha) 4.1 3.9 1.0 1.2 1.1
CPO Extraction Rate (%) 22.4 22.1 22.5 22.3 22.1 - SIMP (%) 21.7 21.3 21.8 21.7 21.4 - Lonsum (%) 23.2 22.9 23.5 23.0 23.0
PK Extraction Rate (%) 5.1 5.1 5.2 5.2 5.0 - SIMP (%) 4.6 4.8 4.7 4.8 4.5 - Lonsum (%) 5.7 5.5 5.9 5.6 5.7