R.E.A. Holdings plc: Trading update (1693553)
02 Agosto 2023 - 1:00AM
UK Regulatory
R.E.A. Holdings plc (RE.)
R.E.A. Holdings plc: Trading update
02-Aug-2023 / 07:00 GMT/BST
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R.E.A. Holdings plc ("REA" or the "company") - Trading update
In advance of publication in September of the company's half yearly report to 30 June 2023, REA announces the following
trading update for the 6 months to 30 June 2023 (with comparative figures for 2022):
2023 2022
Fresh Fruit Bunch ("FFB") crops (tonnes):
Group harvested 346,216 321,993
Third party harvested 98,413 126,893
Total 444,629 448,886
Production (tonnes):
Total FFB processed 411,255 428,608
FFB sold 32,345 14,445
CPO 90,167 96,299
Palm kernels 20,300 20,578
CPKO 8,331 7,970
Extraction rates (percentage):
CPO 21.9 22.5
Palm kernel 4.9 4.8
CPKO* 39.6 39.5
Rainfall (mm):
Average across the estates 1,924 2,012
*Based on kernels processed
Opening the year at USD1,090 per tonne, CIF Rotterdam, CPO
prices weakened progressively through the first 6 months of the
year to a low of USD855 per tonne in early June 2023. With growth
in global production of CPO expected to remain generally slower
than in the past, dry crops in North America affecting soybean and
canola crops and the Russian / Ukrainian situation likely to
constrain sunflower seed exports, the immediate outlook for CPO
prices appears positive. Since the low point in June, the CPO price
has rallied and currently stands at USD960 per tonne.
The average selling price for the group's CPO for the six months
to the end of June 2023, including premia for certified oil, net of
export duty and levy, adjusted to FOB Samarinda, was USD746 per
tonne (2022: USD971 per tonne). The average selling price for the
group's CPKO, on the same basis, was USD875 per tonne (2022:
USD1,712 per tonne).
The combination of static production volumes in the first half
of 2023 and lower selling prices compared with 2022 will mean that
revenues for the six months to 30 June 2023 will be significantly
lower than in the comparable period of 2022.
The outlook for the second half of 2023 is more positive. The
average net selling price for the group's CPO for the second half
of 2022 was USD703 per tonne as compared with a current net local
market price of USD740 per tonne. Accordingly, if the current price
is maintained, revenue for the second half of 2023 may reasonably
be expected to exceed that of the second half of 2022. It is likely
that, as is normal, FFB crops will be weighted to the second
half.
The recent weakness of coal prices and the necessary costs
incurred to commence production of stone and sand has delayed the
expected recovery of loans made by the company to the group's stone
and coal interests. The logistical problems related to the opening
of the stone quarry have, however, been resolved and progress is
again being made towards initiating stone production and sales.
The fall in coal prices, if sustained, may make more difficult
the planned refinancing of loans to the stone and coal interests
which, when combined with the expected delay to normal recoveries
of those loans, will reduce the cash available to the group.
Accordingly, the directors will keep under review their intention
to pay in December 2023 the remaining arrears of preference
dividend (currently amounting to 7p per share) when the semi-annual
dividend arising on 31 December 2023 is paid.
In line with the timetable adopted in previous years, the
company's half yearly report for 2023 will be published in late
September 2023.
Enquiries:
R.E.A Holdings plc
Tel: 020 7436 7877
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Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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ISIN: GB0002349065
Category Code: TST
TIDM: RE.
LEI Code: 213800YXL94R94RYG150
Sequence No.: 261677
EQS News ID: 1693553
End of Announcement EQS News Service
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August 02, 2023 02:00 ET (06:00 GMT)
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