Feronia Inc. Reports 2013 Results
23 Aprile 2014 - 2:00PM
Marketwired
Feronia Inc. Reports 2013 Results
TORONTO, ONTARIO--(Marketwired - Apr 23, 2014) - Feronia Inc.
("Feronia" or the "Company") (TSX-VENTURE:FRN) today released its
audited financial results for the year ended December 31, 2013. All
amounts in this release are expressed in US dollars unless
otherwise indicated.
2013 Highlights
- Produced 8,269 tonnes of Crude Palm Oil ("CPO") (2012: 7,044)
from 45,015 tonnes of fruit (2012: 38,596 tonnes), a year-over-year
increase of 17.4%
- Replanted 5,007 hectares ("ha") of oil palm (2012: 3,924
ha)
- Fresh fruit bunch ("FFB") yield of 7.1 tonnes per ha (2012: 6.1
tonnes per ha) on a like-for-like basis excluding Yaligimba, a
year-over-year increase of 16.4%
- Increase in oil extraction rate ("OER") to 18.47% (2012:
18.25%) on a like-for-like basis excluding Yaligimba
- Yaligimba CPO mill completed and commissioned on October 18,
2013 and contributing to revenue for the first time
- Formed an Environmental, Social and Governance ("ESG")
Committee and devised, documented and secured funding for an
Environmental and Social Action Plan ("ESAP") which was commenced
in November
- Revenue of $6.7 million (2012: $7.1 million) including from the
sale of:
- 7,404 tonnes of CPO at an average price of $768 per tonne
(2012: 6,993 tonnes at $906 per tonne)
- 362 tonnes of Palm Kernel Oil ("PKO") at an average price of
$756 per tonne (2012: 431 tonnes at $1,084 per tonne)
- 606 tonnes of locally grown and processed rice sold exclusively
into the domestic market
- Arable Farming division commenced sales of rice grown on the
Company's farm and became an approved supplier to Heineken N.V. in
the DRC.
- Demonstrated commercial rice yields from mechanised harvesting
at arable farm
- Closed two non-brokered private placements for aggregate gross
proceeds of $39 million
- Hired new Chief Financial Officer and Managing Director of Palm
Oil
- Net loss attributable to Feronia was $(10.1m) or $(0.03) per
share, compared to a loss of $(6.7m) or $(0.04) per share in
2012
Subsequent Events
- Commenced 2014 replanting of 5,000 ha of oil palm on March 15,
2014
Ravi Sood, Chairman of Feronia Inc. commented: "In
2013 the Company achieved several key initiatives. In October the
new palm oil mill at Yaligimba was commissioned, enabling
production from 3,757 ha of existing mature palms at that location
in the short-term and providing the processing capacity necessary
for the long-term growth of the plantation. In November we reached
our 2013 re-planting target of 5,000 ha of oil palms, one of the
largest planting programmes in the world and the largest in Africa.
With our existing mature palms we increased yields by approximately
17% with a commensurate increase in CPO production.
"The Company completed two further equity financings during
the year each led by a strategic investor. The addition of CDC
Group plc ("CDC"), the UK's development finance arm, and the
African Agriculture Fund, one of Africa's pre-eminent private
equity funds, as major investors has strengthened our governance,
financial stability, and access to additional funding for future
requirements, a major factor in de-risking our operation.
"Coincident with the CDC-led financing, we created a new ESG
Committee comprised of independent directors to monitor progress
and issues related to ESG matters and report directly to the Board
of Directors. Moreover, we created and implemented an Environmental
and Social Action Plan with ring-fenced funding provided in the
form of a loan from CDC, against the objectives defined in the
plan.
"We continued to add to our management team securing a Chief
Financial Officer with the experience and capability to lead the
Company through its next phase of growth and a Managing Director
Palm Oil with the background and skills needed to continue the
positive operating momentum and assist with our increased focus on
ESG-related objectives. We also re-instated a Management Training
Programme, which had produced many of the DRC's finest executives,
most of whom are still with the Company.
"In 2014, we will continue to drive value creation in our
palm oil division through new plantings and increasing yields
through the utilisation of best practices, improved harvesting and
evacuation, and the application of fertiliser. We will also make
marginal improvements to our processing capacity and efficiency
through further investment in our palm oil mills. In our arable
farming division, we will continue to focus on yields and are
investigating mechanisms to fund the growth of this operation
without diluting shareholders."
About Feronia Inc.
- Feronia Inc. is a large-scale commercial farmland and
plantation operator in the Democratic Republic of the Congo
("DRC").
- The Company uses modern agricultural practices to operate and
develop its oil palm plantations and arable farming business
division.
- Feronia believes in the immense agricultural potential of the
DRC for high-quality foodstuffs and edible oils given its ideal
climate, excellent soil and highly skilled and experienced
workforce.
- Feronia's management team is comprised of senior
agriculturalists with extensive experience in managing both
plantations and large-scale mechanized farming operations in
emerging markets.
- Feronia is committed to sustainable agriculture, environmental
protection and providing support for local communities.
- For more information please see www.feronia.com
Cautionary Notes
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as
"anticipates", "plans", "proposes", "estimates", "intends",
"expects", "believes", "may" and "will". There can be no assurance
that such statements will prove to be accurate; actual results and
future events could differ materially from such statements. Factors
that could cause actual results to differ materially include, among
others: risks related to foreign operations (including various
political, economic and other risks and uncertainties), the
interpretation and implementation of the"Loi Portant Principes
Fondamentaux Relatifs A L'Agriculture", termination or non-renewal
of concession rights or expropriation of property rights, political
instability and bureaucracy, limited operating history, lack of
profitability, lack of infrastructure in the DRC, high inflation
rates, limited availability of debt financing in the DRC,
fluctuations in currency exchange rates, competition from other
businesses, reliance on various factors (including local labour,
importation of machinery and other key items and business
relationships), the Company's reliance on one major customer, lower
productivity at the Company's plantations and arable farming
operations, risks related to the agricultural industry (including
adverse weather conditions, shifting weather patterns, and crop
failure due to infestations), a shift in commodity trends and
demands, vulnerability to fluctuations in the world market, the
lack of availability of qualified management personnel and stock
market volatility. Details of the risk factors relating to Feronia
and its business are discussed under the heading "Risks and
Uncertainties" in Feronia's annual Management discussion and
analysis for the year ended December 31, 2013, a copy of which is
available on the Company's SEDAR profile at www.sedar.com. Most of
these factors are outside the control of the Company. Investors are
cautioned not to put undue reliance on forward-looking information.
Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Feronia Inc.Ravi SoodExecutive Chairman(647)
987-7663Ravi.Sood@feronia.comFeronia Inc.Paul DulieuInvestor
Relations Manager44 (0)7554
521421Paul.Dulieu@feronia.comwww.feronia.com
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