M. P. Evans Group PLC Crop and production (7036M)
16 Gennaio 2023 - 8:00AM
UK Regulatory
TIDMMPE
RNS Number : 7036M
M. P. Evans Group PLC
16 January 2023
M. P. EVANS GROUP PLC
("THE GROUP")
2022 crop and production
M.P. Evans Group PLC, the producer of sustainable Indonesian
palm oil, is pleased to announce the following crop and production
information for the year ended 31 December 2022:
2022 Increase 2021
Tonnes % Tonnes
Crop of fresh fruit bunches
("ffb")
Own crops 905,400 12 809,700
Scheme-smallholder crops 265,700 16 229,300
Independent crops purchased 340,600 4 327,200
------------ --------- ----------
1,511,700 11 1,366,200
============ ========= ==========
Production*
Crude palm oil ("CPO") 341,700 9 312,900
Palm kernels ("PK") 73,800 10 67,100
============ ========= ==========
*- figures include production from the Group's crop sold to
third-party mills.
Crop and production increased once again in 2022, as the Group's
oil-palm estates continue to mature and yields rise, and management
in Indonesia strive for operational excellence in both estate and
milling operations. Even after another year of increase, further
production growth from the Group's existing areas is still to
come.
During 2022, the Group achieved an average mill-gate price for
its CPO of US$854 per tonne compared with US$810 in the previous
year, an increase of 5%. Prices for palm kernels averaged US$611
per tonne (mill gate), 15% higher than the US$533 in 2021. CPO
pricing moderated somewhat in the second half of 2022 from the very
high levels seen in the first half of the year, and moving into
early 2023, the Group has recently achieved mill-gate prices of
approximately US$750 per tonne, which remain strong compared to
historic levels.
The Group remains committed to the production of certified
sustainable palm oil and is close to completing its sixth palm-oil
mill at its Musi Rawas project in South Sumatra. This mill will
process the increasing amount of crop being harvested from that
estate. The Group is also pleased to report that it received total
sustainability premia of US$7.5 million related to the sale of its
certified sustainable output, 74% higher than the US$4.3 million
received in 2021, reflecting in particular a strong increase in
premia available for sustainably produced palm kernels.
Over the course of 2022, the Group continued to be strongly cash
generative. The remaining net debt at the start of the year of
US$5.4 million was eliminated, and even after ongoing capital
investment, an increased dividend and restarting the share buyback
programme, net cash was over US$30 million by the end of the year.
This supports the Group's stated strategy of acquiring additional
plantation land. A number of potential acquisitions remain under
review.
Considering the reported crop growth, the strong CPO price
environment observed in the year, and the ongoing cash generation,
the board remains committed to its policy to hold or increase its
dividend, under which it has an unbroken track record of more than
thirty years.
M.P. Evans executive chairman, Peter Hadsley-Chaplin, commented:
"The Group has achieved another significant increase in crop
processed which, in conjunction with the high price environment in
the year, will form the basis for an excellent result. We
anticipate further crop increases from the Group's first-class
estates and, with the Musi Rawas mill soon to be commissioned, we
look forward to another productive and successful year in
2023."
Enquiries:
M.P. Evans Group PLC Telephone: +44 (0) 1892 516333
Peter Hadsley-Chaplin, Chairman
Matthew Coulson, Chief executive
Luke Shaw, Chief financial officer
Peel Hunt LLP (Nomad and joint Telephone: +44 (0) 20 7418 8900
broker)
Dan Webster, Andrew Clark, Lalit Bose
finnCap (Joint broker) Telephone: +44 (0) 20 7220 0500
Tim Redfern, Harriet Ward
Hudson Sandler (Financial PR) Telephone: +44 (0) 20 7796 4133
Charlie Jack, Francis Kerrigan, Amelia Craddock
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