REG-New Britain Palm Oil NBPO Interim Results - Part 1Released: 06/08/2009
com:20090806:RnsF9672W
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RNS Number : 9672W
New Britain Palm Oil Limited
06 August 2009
6 August 2009
NEW BRITAIN PALM OIL LIMITED
("NBPOL" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009 (UNAUDITED)
New Britain Palm Oil Limited (LSE: NBPO), a large scale integrated industrial
producer of palm oil in Australasia, today announces its unaudited interim
results for the period ended 30 June 2009.
Financial highlights
* Profit before tax excluding IAS 41 (biological assets) of USD 41.9 million
(H12008: USD 68.1 million)
* Revenue of USD 161.5 million (H12008: USD 175.9 million)
* Profit before tax excluding IAS 41 (biological assets)and revenue, adjusted
for the late shipment of palm oil after the period end, would have been USD 49.2
million and USD 168.8 million respectively
* Basic EPS excluding IAS 41 of USD 21.2 cents per share (H12008: USD 35.3
cents per share)
* Strong balance sheet with cash balance of USD 48.3 million at half year end,
providing opportunities for further growth
* Cash inflow from operations of USD 45.8 million (H1 2008: USD 53.8 million)
Operational highlights
* During the first half of 2009, a record total of 767,199 tonnes of fresh
fruit bunches were processed up 15% (H1 2008: 667,008 tonnes)
* Total oils produced by the Company in the period was 190,187 tonnes - with
174,566 tonnes of Crude Palm Oil and 15,621 tonnes of Palm Kernel Oil (H1 2008:
154,143 tonnes and 13,939 tonnes respectively)
* CPO prices moved upwards from around $550/tonne at the start of 2009 to
levels above $800 for a short time in April, and have since drifted back to
current levels of approximately USD 700/tonne
* In the first six months the company has averaged sales of USD 730/tonne of
CPO (H1 2008: USD 983/tonne)
* As at 30 June 2009, NBPOL had made sales and 'forward sales' of approximately
254,800 tonnes of all oils at an average price of USD 752/tonne
* The Company's crude palm oil extraction rate for the period was 22.75% (FY
2008: 23.1%)
* Commenced operations on our new plantation at Silovuti to the west of Kimbe
* The integrated palm oil processing facility in the UK is still on track to
commence refining fully traceable and sustainable palm oil for the EUat the end
of Q1 2010 with approximately half the works complete
* Good progress made in the construction of new methane capture ponds at two
mill sitesthat will reduce reliance on mineral oil, reduce greenhouse gas
emissions and produce excess electricity for sale to the grid
Commenting on the results, Mr Nick Thompson, Chief Executive Officer, said:
"New Britain Palm Oil enjoyed a good performance in the first half of 2009 but
these results reflect lower world oil prices compared to the same period last
year.
World CPO prices have improved from the start of the year with good demand
particularly from India. Whilst the price of palm oil products, like all
commodities, is difficult to predict, stocks held in the global supply chain are
still relatively low at one and a half months usage and we have made good sales
into the second half and also into 2010.
NBPOL's oils are fully traceable and sustainable and are well positioned to
satisfy the market's requirement for these oils as well as speciality fats and
oils that will also be traceable and sustainable once the Liverpool refinery
commences operations early in 2010.
The Company also maintains a strong balance sheet to support further investment
in, and growth of, its operations. NBPOL continues to trade in line with the
board's expectations and the board remains confident of delivering further
growth and progress."
Enquiries:
New Britain Palm Oil Limited Tel: +44(0)20 7074 1800
Nick Thompson
Alan Chaytor
David Dann
Kreab Gavin Anderson (Financial PR Adviser) Tel: +44(0)20 7074 1800
James Benjamin / Anthony Hughes Email: nbpol@kreabgavinanderson.com
Website: www.nbpol.com.pg
NEW BRITAIN PALM OIL LIMITED
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009 (UNAUDITED)
New Britain Palm Oil enjoyed a good performance in the first half of 2009 with
profit before tax of USD 41.9 million (excluding IAS 41 (biological assets))
compared to USD 68.1 million in the same period last year and USD 106.3 million
for the 2008 full year. This result reflects lower oil prices compared to the
same period last year. At the end of the period approximately 34,000 tonnes of
crude and refined palm oil were on hand, equating to USD 7.3 million of
additional profits which will be accounted for on shipment.
CPO prices moved upwards from around $550/tonne at the start of 2009 to levels
above $800 for a short time in April, and have since drifted back to current
levels of approximately USD 700/tonne. Demand for CPO remains high as palm oil
remains attractively priced versus other oils and palm oil stocks are still at
relatively low levels compared to usage. During the first six months, the
Company has averaged sales of USD 730/tonne of CPO compared to USD 983/tonne for
the same period last year.
Cropping levels have been in line with expectations and pleasingly crops are
still high at the start of the second half of 2009. Oil production is still some
13% higher than the same period in 2008 although oil extraction rates were a
little dissapointing at 22.75% due largely to unusual rainfall patterns that
affected harvesting rounds at various times.
The Company's balance sheet remains strong with good cashflow from operations
allied to funds in hand which are being used to finance expansionary activities.
The downstream palm oil processing facility that is currently being built in the
UK is approximately half complete and on budget and on time. This facility will
produce fully traceable and sustainable refined palm oil products for key
customers in the EU at the end of Q1 2010. Key experienced staff members to
operate the facility have already been employed. The Company as part of its
commitment as a sustainable palm oil producer and under its obligations to the
Roundtable on Sustainable Palm Oil (RSPO) is commencing work at its subsidiaries
in the Solomon Islands and at Ramu Agri Industries Limited (RAIL) to have them
also certified with full RSPO accreditation. Full accreditation across all
operations of the Company is a key component of our long term strategy.
Excellent progress has been made integrating RAIL into NBPOL's operations since
its acquisition in September 2008 including harmonisation of agricultural
standards, working conditions as well as budgeting and reporting methods. Palm
oil production at RAIL is increasing and irrigation options are currently being
explored that ought to improve yields further. The sugar season at RAIL has been
encouraging with cane production in line with expectations.
Following the receipt of the necessary permits work has commenced on our new
plantation at Silovuti with felling and levelling of a temporary campsite and
once the site is levelled and drained the camp will be shipped by barge and set
up. Demarcation of boundaries and clearing of road traces has also commenced. A
total of 250 hectares is expected to be planted in 2009 out of a total available
area of approximately 4,500 hectares with the balance to be planted in the next
three to four years.
On 25 July 2009, the main plantation office building in the Solomon Islands at
Tetere was destroyed by fire. There was no loss of life or injury and the
Company's plantation and milling operations were not affected. An investigation
is currently in progress and rebuilding efforts are already successfully
underway.
Results
Revenue declined by 8% over the comparative period to USD 161.5 million (H1
2008: USD 175.9 million) as prices have reduced from the high levels experienced
in the same period last year. Total oils shipped in the first six months is up
6.2% with 167,221 tonnes compared to 157,311 tonnes shipped for the
corresponding period last year.
Gross margin was USD 82.4 million, a decline of 18% from USD 100.6 million for
the same period last year.
During the first half of 2009, a total of 767,199 tonnes of fresh fruit bunches
were processed compared to 667,008 for the same period last year with fruit
production up over 15% across New Britain and the Solomons Islands and with RAIL
processing just over 18,000 tonnes of fresh fruit bunches compared to nothing at
RAIL for the same period last year. Harvesting rounds are generally at
acceptable levels and rainfall has been more than adequate in both Papua New
Guinea and the Solomon Islands.
Seed revenues were lower than expectations with USD 1.8 million compared to USD
4.3 million for the first half of 2008 as a result of low demand from Indonesia
primarily caused by the global financial crisis that has restricted and
continues to restrict oil palm expansion in that country. However stronger
orders for later in the year are now coming in as the Indonesian buyers are
returning to the market after nearly a year of almost no new plantings. Seed
stocks are high enough to meet this demand.
The cost of fruit from smallholders has reduced in line with the crude palm oil
price. In the first half of 2009, we have paid USD 16.6 million compared to USD
34.1 million for the same period last year. Land royalties paid to incorporated
landowner groups with whom we have long-term leases were also lower than the
same period last year, as they are also based on fruit prices. In the first half
of 2009, a total of USD 1.5 million was paid in royalties which is a reduction
of 44% from USD 2.7 million paid in the same period last year.
Operating costs have generally been contained with some good savings on
fertiliser being made compared to last year although some fertiliser costs
remain at historically high prices. Fuel prices have also had a pleasing impact
on costs as they remained at reasonable levels. During the first half we saved
USD 3.9 million on fuel for transport and power generation. Usage of fuel was
lower by volume resulting from the operations of the centralised power plant.
Good progress has also been made with the first two methane capture plants that
once commissioned will further reduce reliance on diesel fuel for power
generation as well as reducing our carbon footprint and producing electricity
for sale to the grid.
Distribution costs excluding RAIL are 5% lower than the corresponding period
last year, reflecting lower freight costs. Administrative expenses rose
significantly from USD 16.8 million in H1 2008 to USD 26.0 million in H1 2009
due mainly to inclusion of RAIL administrative expenses in 2009 of USD 5.2
million, although salaries were also higher with a higher bonus payment to
senior staff in H1 2009.
Operating profit including IAS 41 was USD 94.5 million compared to USD 74.4
million for the comparative period reflecting the effect of IAS 41 gains in the
year to date being USD 52.9 million compared to USD 8.2 million in H1 2008.
Interest income on the Company's cash balances has been lower than H1 2008 as
the group has utilised funds for expansion combined with lower interest rates.
Interest expense has increased to $1.4 million compared to $0.5 million in the
corresponding period last year due to the inclusion of RAIL's loans in the
group's position this period.
Tax expense for the period was USD 27.7 million compared to USD 20.4 million for
the same period last year.
Profit after tax for the period was USD 67.1 million including IAS 41 and USD
30.1 million excluding IAS 41 compared to H1 2008 of USD 56.0 million including
IAS 41 and USD 50.2 million excluding IAS 41. Profit after tax for the whole of
2008 excluding IAS 41 was USD 76.4 million. At the end of June there were 34,041
tonnes of oil in stock that had there been a ship in June to take the oil, would
have added an additional profit of $7.3 million for the period.
Earnings per share for the six months ended 30 June 2009 including the effects
of IAS 41 improved from 37.4 cents in H1 2008 to US 46.1 cents for H1 2009. This
reflects the higher IAS 41 effect at the end of June 2009. Earnings per share
excluding IAS 41 were US 21.2 cents compared to US 35.3 cents for the same
period last year reflecting the drop in CPO prices from the very high levels
experienced in H1 2008.
'Other comprehensive income' of USD (8,573) are movements that under accounting
convention were previously included in statement of changes in equity under
reserves, now however they are included in the Group Statement of Comprehensive
Income but are not included in calculating EPS.
Balance sheet
The Company's balance sheet remains strong with cash reserves of $48.3 million
and total borrowings of USD 56.4 million of which USD 40.3 million came with the
addition of RAIL. NBPOL generates significant free cash flow which is being used
mainly to fund expansion both in terms of processing capacity and new
plantations.
Trade and other receivables are lower at USD 58.2 million compared to USD 62.3
for the first half of 2008. This reflects the lower value of sales and also the
timing of shipments. Trading terms, being tied to standard Federation of Oils,
Seeds and Fats Associations Ltd ("FOSFA International") contracts, remain
unchanged.
Inventories increased by 70% to USD 54.0 million compared to USD 31.7 million at
the end June 2008, reflecting mainly the high oil stocks as well as the addition
of RAIL which has high spare parts inventories as well as sugar stocks together
totalling USD 19.1 million.
Derivative financial instruments showed significant reductions both in current
and non current liabilities. The current liability amount of derivative
financial instruments reduced from USD 16.2 million to USD 0.3 million while the
non current liability reduced from USD 10.1 million to USD 0.2 million. These
reductions are due to fact that there is little exposure on our hedge book
compared to the same period last year.
Cashflow and capital expenditure
Net cash inflow from operating activities was USD 45.8 million compared to USD
53.8 million for the same period last year Investing activities increased from
USD 22.2 million for H1 2008 to USD 43.1 million this year as a result of
increased capital expenditure including upgrading Mosa and Kumbango mills as
well as building the downstream processing plant in the UK. The net cash
movement after financing activities including payment of the May dividend of USD
20.1 million was a reduction of USD 18.0 million compared to an increase to June
2008 of USD 9.7 million as the company continues to expand. The Company ended
the period with USD 40.0 million net cash in hand (H1 2008: USD 144.7 million)
having started the year with net cash balances of USD 54.9 million.
Outlook
World CPO prices have improved from the start of the year with good demand
particularly from India. Whilst the prices of palm oil products, like all
commodities, is difficult to predict, stocks held in the global supply chain are
still relatively low at one and a half months usage and we have made good sales
into the second half and also into 2010. NBPOL is still well positioned to
benefit from the continued strong demand for palm oil products, and in
particular the increasing requirement for them to be fully traceable and
sustainable.
NBPOL continues to trade in line with the board's expectations and the board
remains confident of delivering further growth and progress.
NEW BRITAIN PALM OIL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 JUNE 2009
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
Notes 30 June 2009 30 June 2008 31 December 2008
USD'000 USD'000 USD'000
Revenue 2 161,503 175,907 352,219
Cost of sales (79,106) (75,276) (165,817)
Gross profit 82,397 100,631 186,402
Net gain/(loss) arising from changes in fair value of 4 52,905 8,185 (77,476)
biological assets
Other income 2 5,565 1,715 1,399
Distribution costs (20,402) (19,384) (42,118)
Administrative expenses (26,005) (16,795) (45,161)
Operating profit 94,460 74,352 23,046
Interest income 822 1,861 3,860
Finance costs (1,359) (537) (1,606)
Net finance costs (537) 1,324 2,254
Share of profit from joint venture 859 658 3,505
Profit before income tax 94,782 76,334 28,805
Income tax expense (27,679) (20,368) (6,605)
Profit for the period 67,103 55,966 22,200
Other comprehensive income
Cash flow hedges (15,680) 687 42,256
Currency translation differences 2,403 9,987 13,103
Income tax relating to components of other comprehensive 4,704 (206) (12,677)
income
Other comprehensive income for the period, net of tax (8,573) 10,468 42,682
Total comprehensive income for the period 58,530 66,434 64,882
Profit for the period is attributable to:
Equity holders of the company 66,823 54,204 21,245
Minority interest 280 1,762 955
67,103 55,966 22,200
Total comprehensive income for the period is attributable
to:
Equity holders of the company 58,250 64,672 63,927
Minority interest 280 1,762 955
58,530 66,434 64,882
Earnings per share for profit for the period attributable 9 $ $ $
to the equity holders of the company:
- Basic 0.461 0.374 0.147
- Diluted 0.461 0.374 0.147
Earnings before net gain/(loss) arising from changes in fair value of biological assets are shown in Note 9.
NEW BRITAIN PALM OIL LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2009
Unaudited Unaudited Audited
As at 30 June As at 30 June As at 31 December
2009 2008 2008
Notes USD'000 USD'000 USD'000
NON CURRENT ASSETS
Property, plant and equipment 3 357,827 202,641 326,817
Biological assets 4 117,391 144,002 67,732
Investment in joint venture 5,753 4,765 4,779
480,971 351,408 399,328
CURRENT ASSETS
Cash and cash equivalents 5 48,283 147,745 64,582
Trade and other receivables 58,175 62,274 62,512
Derivative financial instruments 7 - - 15,905
Biological assets 4 17,213 146 10,306
Inventories 53,966 31,720 51,280
177,637 241,885 204,585
TOTAL ASSETS 658,608 593,293 603,913
NON CURRENT LIABILITIES
Borrowings 6 45,745 14,528 45,322
Derivative financial instruments 7 166 10,093 -
Deferred income tax liabilities 92,917 73,959 86,084
138,828 98,580 131,406
CURRENT LIABILITIES
Borrowings 6 10,728 3,601 13,105
Trade and other payables 30,053 10,832 29,548
Derivative financial instruments 7 307 16,226 -
Current income tax liabilities 44,946 29,666 34,491
Dividends payable - 17,612 -
86,034 77,937 77,144
TOTAL LIABILITIES 224,862 176,517 208,550
NET ASSETS 433,746 416,776 395,363
SHAREHOLDERS' EQUITY
Issued capital 124,879 124,879 124,879
Other reserves 44,688 21,047 53,261
Retained earnings 259,729 265,873 213,053
429,296 411,799 391,193
Minority interest in equity 4,450 4,977 4,170
TOTAL EQUITY 433,746 416,776 395,363
NEW BRITAIN PALM OIL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO 30 JUNE 2009
Attributable to equity holders of the Company
Issued Other Retained Minority Total
Capital Reserves Earnings Total Interest Equity
Notes USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
Balance at 1 January 2008 124,879 10,579 231,801 367,259 3,215 370,474
Total comprehensive income for the period - 10,468 54,204 64,672 1,762 66,434
Dividends declared - - (20,132) (20,132) - (20,132)
- - (20,132) (20,132) - (20,132)
Balance at 30 June 2008 124,879 21,047 265,873 411,799 4,977 416,776
Total comprehensive income for the period - 32,214 (32,959) (745) (807) (1,552)
Dividends declared - - (19,861) (19,861) - (19,861)
- - (19,861) (19,861) - (19,861)
Balance at 31 December 2008 124,879 53,261 213,053 391,193 4,170 395,363
Total comprehensive income for the period - (8,573) 66,823 58,250 280 58,530
Dividends declared - - (20,147) (20,147) - (20,147)
- - (20,147) (20,147) - (20,147)
Balance at 30 June 2009 124,879 44,688 259,729 429,296 4,450 433,746
NEW BRITAIN PALM OIL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS TO 30 JUNE 2009
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 2009 30 June 2008 31 December 2008
Notes USD'000 USD'000 USD'000
CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customers 165,840 171,340 351,180
Cash payments to suppliers and employees (112,675) (118,854) (222,113)
53,165 52,486 129,067
Income tax paid (6,838) - (4,688)
Interest paid (1,359) (537) (1,606)
Interest received 822 1,861 3,860
Net cash generated from operating activities 45,790 53,810 126,633
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of investments - (361) -
Acquisition of subsidiary, net of cash acquired - - (63,391)
Purchase of property, plant and equipment (34,211) (18,791) (52,169)
Expenditure on plantation development (8,528) (2,684) (13,456)
Expenditure on biological assets (334) (402) (697)
Net cash used in investing activities (43,073) (22,238) (129,713)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from borrowings 466 - 1,318
Repayment of borrowings (1,032) (511) (3,892)
Dividends paid to company shareholders (20,147) (21,361) (61,472)
Net cash (used in)/generated from financing activities (20,713) (21,872) (64,046)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS AND BANK (17,996) 9,700 (67,126)
OVERDRAFTS
Effects of exchange rate changes on cash and cash equivalents 3,093 3,676 (9,292)
and bank overdrafts
Add : Cash and cash equivalents and bank overdrafts at the 54,863 131,281 131,281
beginning of the period
CASH AND CASH EQUIVALENTS AND BANK OVERDRAFTS AT THE END OF 5 39,960 144,657 54,863
THE PERIOD
RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH
GENERATED FROM OPERATING ACTIVITIES
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 2009 30 June 2008 31 December 2008
USD'000 USD'000 USD'000
Profit after income tax 67,103 55,966 22,200
Add/(less) non-cash items:
Depreciation and amortisation 11,334 8,973 20,143
Biological (gain)/loss (52,905) (8,185) 77,476
Net exchange differences 3,093 (3,676) 9,292
Exchange differences on translation of financial statements 2,084 1,776 1,354
Share of profit from joint venture (859) (658) (3,505)
Deferred income tax 2,129 1,926 (22,485)
Loss on disposal of non current assets - - -
Add/(less) movements in working capital items:
(Increase)/decrease in trade and other receivables 4,337 (6,307) 43
Increase/(decrease) in current income tax liabilities 10,455 17,927 22,753
Increase/(decrease) in trade and other payables 1,405 (388) 1,319
(Increase)/decrease in inventories (2,386) (13,544) (1,957)
Net cash generated from operating activities 45,790 53,810 126,633
NEW BRITAIN PALM OIL LIMITED
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS TO 30 JUNE 2009
1. STATEMENT OF ACCOUNTING POLICIES
New Britain Palm Oil Limited was incorporated on 19 May 1967, as a limited
liability company in Papua New Guinea. New Britain Palm Oil Limited and its
subsidiaries ("the Group") operate in the oil palm industry in Papua New Guinea,
the Solomon Islands, Indonesia, Singapore and Australia.
The address of New Britain Palm Oil Limited's registered office is Bebere
Plantation, Mosa, Kimbe, West New Britain Province, Papua New Guinea.
New Britain Palm Oil Limited is listed on the Port Moresby Stock Exchange and
the London Stock Exchange.
This consolidated interim financial information does not comprise statutory
accounts within the meaning of section 240 of the Companies Act 1985. Statutory
accounts for the year ended 31 December 2008 were approved by the Board of
Directors on 20 March 2009 and delivered to the Registrar of Companies. The
report of the auditors on those accounts was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement under section 237
of the Companies Act 1985.
This consolidated interim financial information for the six months ended 30 June
2009 has been prepared in accordance with the Disclosure and Transparency Rules
of the Financial Services Authority and with IAS 34, Interim Financial
Reporting, and is unaudited. The consolidated interim financial information
should be read in conjunction with the annual financial statements for the year
ended 31 December 2008, which have been prepared in accordance with IFRS.
(a) Accounting policies
Except as described below, the accounting policies applied in these consolidated
interim financial information are consistent with those of the annual financial
statements for year ended 31 December 2008, as described in those annual
financial statements.
The following new standards, amendments to standards or interpretations are
mandatory for the first time for the financial year beginning 1 January 2009,
and have been adopted by the Group:
IAS 1 (Revised), Presentation of financial statements
IAS 41 (Amendment), Agriculture
IFRS 3 (Revised), Business combinations
IAS 36 (Amendment), Impairment
IAS 39 (Amendment), Financial instruments; Recognition and measurement
IFRS 8, Operating segments
(b)Foreign currency translation
(i) Functional and presentation currency
Items included in these consolidated interim financial information are measured
using the currency of the primary economic environment in which the entity
operates ('the functional currency'). The consolidated interim financial
information is presented in US Dollars, which is New Britain Palm Oil Limited's
presentation currency and differs from its functional currency, the Papua New
Guinea Kina ("PNG Kina").
The balance sheets and statements of changes in equity are translated from PNG
Kina to US Dollars at the closing rate existing at the date of the balance
sheet, which at 30 June 2009 is PGK1.00 = USD 0.3780 (31 December 2008: PGK 1.00
= USD 0.3760).
The income statements and statements of cash flows are translated from PNG Kina
to US Dollars at the average exchange rates prevailing during the period, which
are considered to approximate the actual exchange rate at the date of each
transaction. The average exchange rate at 30 June 2009 is PGK1.00 = USD 0.358
(31 December 2008: PGK 1.00 = USD 0.3766).
2. REVENUE AND OTHER INCOME
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 2009 30 June 2008 31 December 2008
USD'000 USD'000 USD'000
Revenue
Sales revenue 150,861 194,274 379,165
Realisation of hedging instruments 10,642 (18,367) (26,946)
161,503 175,907 352,219
Other income
Foreign exchange gain 4,063 1,437 -
Other income 1,502 278 1,399
5,565 1,715 1,399
3. PROPERTY, PLANT AND EQUIPMENT
Plantation Land and Plant and Capital Total
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