AGM Statement

RNS Number : 2538A

Anglo-Eastern Plantations PLC

31 July 2008

 



Thursday 31 July 2008

ANGLO-EASTERN PLANTATIONS PLC

AGM STATEMENT AND PROXY VOTES RECEIVED

'Further improvements in crop yields and profits over 2007'

AGM Chairman's Statement

The Annual General Meeting of Anglo-Eastern Plantations PLC ('Anglo-Eastern') (AEP.L), which owns

approximately 132,000 hectares of plantation land, and operates approximately 39,000ha of developed

plantations, will be held in London at midday today. At the meeting Mr. Chan Teik Huat, Chairman

and Chief Executive Officer, will comment on current trading as follows: 

'Crops of oil palm fresh fruit bunches in the six months to the end of June 2008 amounted to 265,000 tonnes (2007: 228,000 tonnes), an increase of some 16%. This increase reflects the recovery from the drought conditions that adversely affected crops in the first half of 2007, as well as the increasing maturity of the Bengkulu estates. 

Volumes of bought-in fruit have also increased considerably over 2007.  Overall these two factors led to a 38% increase in Crude Palm Oil ('CPO') output of 95,000 tonnes during the first six months compared to the 69,000 tonnes produced in 2007.

The average market price of CPO has continued to rise during 2008. On 1 January 2008 CPO was trading at $960/mt and today it is trading at $1010/mt. The average price for CPO over the first six months was $1,169/mt.

At the same time our costs have been adversely affected by higher petroleum and other

commodity input prices.  The Indonesian government has recently removed some petroleum subsidies and

this, coupled with higher fertiliser prices, which are linked to oil prices, has added to production costs. 

Nevertheless, the Board anticipates that the combination of higher oil production combined with the sustained favourable CPO price will result in the operating profit and profit before tax for the six months to 30 June 2008 being significantly higher than the same period in 2007.

Progress continues on the new projects in Kalimantan, Bengkulu and Bangka.  Land clearing is proceeding with

a target of 2,000 ha planted by the end of the year. 

Plans are well advanced for the two new 45mt/hr palm oil mills at Bengkulu and Cahaya Pelita Andhika, with

costs now likely to be about $10 million each.

On 23 June 2008 we announced a further acquisition of 30,000 ha of land in the province of South

Sumatra in Indonesia, for a total consideration of $7.7 million. This brings our total land area to 132,000 ha, of

which 63,000 ha is now available for planting.  These new areas, which we expect to fully plant by

2013, will bring the group's planted area to approximately 100,000 ha.'

Proxy Votes Received 

The results of proxy card votes received on resolutions to be put to the meeting are:

Number of valid proxy cards:                81

Issued share capital:                            39,976,272

Total voting rights:                                39,458,272

Number of votes per share:                 1

Resolution No. (as noted on proxy card)	Shares For	Shares Discretionary	Shares Against	Shares marked as Votes Withheld /Abstentions
1	22,998,940	38,949	826,537	0
2	23,825,477	38,949	0	0
3	21,668,125	38,949	2,098,873	58,479
4	23,802,033	38,949	23,444	0
5	23,701,878	38,949	123,599	0
6	23,035,899	38,949	774,733	14,845
7	23,825,477	38,949	0	0
8	23,825,473	38,949	4	0
9	23,825,473	38,949	4	0
10	23,825,477	38,949	0	0
11	23,804,857	38,949	1,161	19,459

Enquiries:

Anglo-Eastern Plantations Plc                                                                                                            020-7236 2838

David Smith (Finance Director)

Bankside Consultants Limited

Charles Ponsonby                                                                                                    020-7367 8851 / 07789-202 312

 

END

 

 

AGMFKKKQPBKDQON