First Resources : FY2021 Results - Presentation

First Resources Limited

Full Year and Second Half 2021

Results Presentation

25 February 2022

Delivering Growth and Returns

Table of Contents

Executive Summary	3
Financial Performance	5
Operational Performance	13
Group Updates	18

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Executive Summary - FY2021

Delivers robust set of results with record revenue of US$1 billion

• Financial Performance
• • EBITDA came in at US$312.9 million, an increase of 20.7%
  • Underlying net profit came in at US$149.2 million, an increase of 53.8%
  • Better financial performance attributed to higher average selling prices and stronger sales volumes
• Operational Performance
• • Fresh fruit bunches (FFB) harvested increased by 2.9%
  • Crude palm oil (CPO) production volumes increased by 1.6%
  • Cash cost of production for nucleus CPO came in at US$250 per tonne (FY2020: US$221)

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Dividend Proposal

• Proposing final dividend of 5.10 Singapore cents per share
• • Interim dividend of 1.25 Singapore cent per share paid in September 2021, bringing full- year ordinary dividends to 6.35 Singapore cents per share
• Dividend policy
• • Revised last year to distribute up to 50% of underlying net profit annually, an increase from the 30% previously

		FY2021	FY2020	FY2019	FY2018	FY2017
Interim	(SGD cents per share)	1.25	1.00	0.625	1.25	1.25
Final	(SGD cents per share)	5.10	2.00	1.725	2.00	2.15
Special (SGD cents per share)	-	-	-	-	3.40
Total	(SGD cents per share)	6.35	3.00	2.350	3.25	6.80

% of Underlying Net Profit
- Ordinary dividend	50%	37%	31%	31%	29%
- Special dividend	-	-	-	-	29%

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Financial Performance