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    RE.   GB0002349065


Delayed Quote. Delayed London Stock Exchange - 06/18 11:35:27 am
54 GBX   --.--%
06/10R.E.A. HOLDINGS PLC  : Result of AGM
06/10R.E.A. HOLDINGS PLC : Trading Update
05/20R.E.A. HOLDINGS PLC  : Dividend payment in respect of 9 per cent cumulative preference shares
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

R.E.A. Holdings plc: Trading Update

06/10/2021 | 04:46am EDT
R.E.A. Holdings plc (RE.) 
R.E.A. Holdings plc: Trading Update 
10-Jun-2021 / 09:45 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 
(MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
R.E.A. Holdings plc ("REA" or the "company") - Trading update June 2021 
Key agricultural statistics for the 5 months to 31 May 2021 (with comparative figures for 2020) were as follows: 
                                2021    2020 
FFB crops (tonnes): 
Group harvested                 303,340 288,631 
Third party harvested           95,660  81,459 
Total                           399,000 370,090 
Production (tonnes): 
Total FFB processed             393,902 361,568 
CPO                             87,295  83,353 
Palm kernels                    18,565  18,044 
CPKO                            6,876   5,447 
Extraction rates (percentage): 
CPO                             22.2    23.1 
Palm kernel                     4.7     5.0 
CPKO                            38.5    39.8 
Rainfall (mm): 
Average across the estates      1,624   1,300 

As noted in the annual report for the year ended 31 December 2020, published on 27 April 2021, the impact of Covid-19 on the group's operations has been limited and continues to be so. Despite high rainfall and the end of Ramadan holiday period falling early in 2021, production since the start of 2021 has been at good levels, with the typical year end peak crop period extending into the first few months of the year.

Close focus on harvesting standards, backed by a range of measures including realignment of financial incentives to improve loose fruit recovery, has started to pay off resulting in a marked improvement in extraction rates to over 23 per cent for CPO in May. With contractors and spare parts now more readily available, the modification and expansion works to the group's mills are proceeding satisfactorily to completion which should further optimise processing efficiency.

CPO prices have remained firm supported by the favourable demand-supply balance for vegetable oils generally and, in particular, for palm oil where stocks have been depleted by low production in Malaysia. Opening the year at USD1,050 per tonne, CIF Rotterdam, after a brief drop back in early February to USD950 per tonne prices have edged up to reach a high for the year to date in mid May of USD1,295. Currently, CPO prices stand at USD1,140.

The Indonesian government has continued to maintain export duty and levy at the high levels introduced in the latter half of 2020. The average selling price for the group's CPO for the five months to the end of May 2021, on an FOB basis at the port of Samarinda, net of export levy and duty, was USD683 per tonne (2020: USD540 per tonne). The average selling price for the group's CPKO, for the same period, was USD1,006 per tonne (2020: USD650 per tonne).

The group's stone and coal interests have seen some positive developments since the start of the year. The andesite stone concession holding company, ATP, has recently agreed an easement to permit evacuation of stone - a critical pre-requisite to negotiating terms with a contractor. Meanwhile, at the coal concession holding company, IPA, preparations for resumption of mining have continued. Land compensation agreements with affected local individuals are being finalised, repairs to the 12km haul road from the concession to the IPA port are close to completion and the appointed contractor's equipment has been delivered to site. Signature of an agreement between IPA and a neighbouring coal company will add port revenue to expected mining revenue with the coal company concerned expected to start coal shipments through the port in the next few weeks. Discussions are under way with two other coal companies that may also utilise IPA's port facilities.

The proposals for replacement term loan facilities to be provided by the group's Indonesian bankers are advancing through the bank's approval process. Once these arrangements are finalised, other financing issues as outlined in the group's annual report can be addressed.

In line with their previously stated intention to pay the preference dividends arising during the year subject to CPO prices remaining at or around the levels current when the annual report was published, the directors have recently declared the payment of the fixed semi-annual preference dividend that falls due on 30 June 2021.

The group is now producing better cash flows, with CPO prices holding firm, and expects to report significantly improved trading results for the half year to 30 June 2021.


R.E.A Holdings plc

Tel: 020 7436 7877 -----------------------------------------------------------------------------------------------------------------------

ISIN:          GB0002349065 
Category Code: AGM 
TIDM:          RE. 
LEI Code:      213800YXL94R94RYG150 
Sequence No.:  110607 
EQS News ID:   1206540 
End of Announcement  EQS News Service 
Image link: 

(END) Dow Jones Newswires

June 10, 2021 04:45 ET (08:45 GMT)

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LONDON BRENT OIL 0.60% 73.64 Delayed Quote.41.20%
R.E.A. HOLDINGS PLC 0.00% 54 Delayed Quote.-7.30%
WTI 0.58% 71.809 Delayed Quote.47.13%
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Financials (USD)
Sales 2020 139 M - -
Net income 2020 -13,2 M - -
Net Debt 2020 167 M - -
P/E ratio 2020 -2,66x
Yield 2020 -
Capitalization 32,7 M 32,6 M -
EV / Sales 2019 2,23x
EV / Sales 2020 1,45x
Nbr of Employees 7 963
Free-Float 21,6%
Duration : Period :
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Last Close Price 0,54 
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Managers and Directors
Carol Elizabeth Gysin Managing Director & Executive Director
David John Blackett Chairman
Irene Chia Independent Non-Executive Director
Michael Anthony St. Clair-George Senior Independent Non-Executive Director
Rizal Satar Independent Non-Executive Director
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