TIDMNBPO
RNS Number : 2157L
New Britain Palm Oil Limited
03 July 2014
3 July 2014
New Britain Palm Oil Limited
("NBPOL", the "Group" or the "Company")
OPERATIONAL UPDATE
New Britain Palm Oil Limited (LSE: NBPO), one of the world's
largest fully integrated producers of sustainable palm oil,
announces the following operational update.
Production
In the second quarter of 2014 the Group processed 684,485 tonnes
of Fresh Fruit Bunches ("FFB"), some 14.2% higher than the same
period last year, including 198,346 tonnes from smallholders (2013:
173,968 tonnes).
This takes the Group's total FFB production for the first half
of 2014 to 1,303,365 tonnes, some 12.3% higher than the first half
of 2013, including 361,238 tonnes from smallholders (2013: 329,874
tonnes).
Crude Palm Oil ("CPO") extraction rates during the half averaged
22.30%, as compared to the corresponding period in 2013 of 21.95%.
As a result of higher FFB production and higher extraction rates,
approximately 290,650 tonnes of CPO was produced in the first half
of 2014, some 14.1% higher than the same period last year. Palm
Kernel Oil ("PKO") production for the half was approximately 29,000
tonnes, some 14.4% higher than the same period last year.
Oil shipments
The Group shipped 142,923 tonnes of CPO, PKO and refined oils
during the second quarter of 2014 at an average price of USD
1,018/tonne compared to 141,027 tonnes in the second quarter of
2013 at an average price of USD 913/tonne.
This takes the Group's total shipped tonnage for the first half
of 2014 to 292,362 tonnes of CPO, PKO and refined oils at an
average price of USD 987/tonne, compared to 284,552 tonnes during
the first half of 2013 at an average price of USD 907/tonne.
Summary table
Period Q2 2014 Q2 2013 +/-- H1 2014 H1 2013 +/-
FFB processed (tonnes) 684,485 599,374 +14.2% 1,303,365 1,160,499 +12.3%
-------- -------- ------- ---------- ---------- -------
CPO produced (tonnes)* 153,619 132,875 +15.6% 290,650 254,633 +14.1%
-------- -------- ------- ---------- ---------- -------
PKO produced (tonnes)* 15,495 13,450 +15.2% 29,000 25,345 +14.4%
-------- -------- ------- ---------- ---------- -------
Oil shipments (tonnes) 142,923 141,027 +1.3% 292,362 284,552 +2.7%
-------- -------- ------- ---------- ---------- -------
Average price achieved
(USD/tonne) 1,018 913 +11.5% 987 907 +8.7%
-------- -------- ------- ---------- ---------- -------
*Approximate figures subject to final reconciliation
The average prices achieved for CPO and PKO during the first
half of 2014 were USD 937/tonne and USD 1,325/tonne respectively,
compared to USD 889/tonne and USD 934/tonne respectively for the
first half of 2013.
As at the end of June, the Group had 81,000 tonnes of CPO sold
or priced forward for 2014 at an average price of USD
908/tonne.
Renewal of major customer supply agreements
We are pleased to announce that our UK subsidiary, New Britain
Oils, has recently renewed a number of multi-year supply agreements
that together represent approximately 35% of the refinery's
existing capacity utilisation. This, plus new orders into the
bakery sector in particular, re-affirms the Board's view of the
refinery's positive contribution to the Group's performance.
Nick Thompson, Chief Executive Officer, commented:
"FFB and oil production in the first half showed a significant
improvement year-on-year and is in line with our market guidance.
The month of May was a particularly productive month, with the
Group processing a record 260,087 tonnes of FFB through our mills.
In the same month, we also shipped a record 85,304 tonnes of oil,
reflecting the Group's strong production as well as the timing of
shipments.
We are very pleased to have successfully renewed several major
supply contracts with customers of our Liverpool Refinery. Having
many iconic British brands made with NBPOL's palm oil is
recognition not only of the growing consumer trend towards using
segregated, traceable and certified sustainable palm but also of
NBPOL's reputation as a credible, trusted supplier."
Enquiries:
New Britain Palm Oil Limited Tel (UK): +44 (0)20 7472 5936
Nick Thompson (Chief Executive Tel (Singapore): +65 6227 6247
Officer)
Alan Chaytor (Executive Director)
Amir Mohareb (Chief Financial Officer)
Ben Oakley (Corporate Development
and IR)
Newgate Communications (PR Adviser) Tel: +44 (0)20 7680 6550
James Benjamin Email: nbpol@newgatecomms.com
Clotilde Gros
Georgia Lewis
Website: www.nbpol.com.pg
Notes to editors:
NBPOL is a large scale integrated industrial producer of
sustainable palm oil in Australasia, headquartered in Papua New
Guinea ('PNG'). It has over 79,800 hectares of planted oil palm
estates, over 7,700 hectares of sugar cane and a further 9,200
hectares of grazing pasture; twelve oil mills; two refineries, one
in PNG, and one in Liverpool, UK; and a seed production and plant
breeding facility. The Company is listed on both the Main Market of
the London Stock Exchange and on the Port Moresby Stock Exchange in
PNG.
NBPOL is fully vertically integrated, producing its own seed
(which it also sells globally), planting, cultivating and
harvesting its own land, and processing and refining palm oil (both
in PNG and the UK). It also contracts directly with its end
customers in the EU and arranges shipping of its products.
NBPOL has high regard for the importance of its sustainability
credentials. It has achieved 100% certification of all estates,
mills and smallholders to the Roundtable on Sustainable Palm Oil
('RSPO') standard. NBPOL continues to be active in proving its
performance through its certification to ISO 14001 and its close
involvement with other innovative initiatives. The Company is a
certified supplier of sustainable palm oil from its entire
production base in PNG and Solomon Islands, under the RSPO
guidelines."
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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