kencana agri limited operating profit 294 30,971 -99%...
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KENCANA AGRI LIMITED (Registration Number: 200717793E)
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UNAUDITED FINANCIAL STATEMENT ANNOUNCEMENT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
1 (a) (i) Income statement (for the Group) together with a comparative statement for the corresponding period of the immediately preceding financial year.
Income Statement
2013 2012 Change
US$'000 US$'000 %
Revenue 284,914 301,886 -6%
Cost of sales (256,041) (264,037) -3%
Gross profit 28,873 37,849 -24%
10,989 17,734 -38%
Distribution costs (4,800) (7,817) -39%
Administrative expenses (11,462) (13,080) -12%
Other charges, net (23,306) (3,715) 527%
Operating profit 294 30,971 -99%
Financial income 543 342 59%
Financial expense (10,448) (6,641) 57%
(2,377) 54 n/m
Profit/(loss) before income tax (11,988) 24,726 n/m
Income tax benefit/(expense) 1,245 (7,422) n/m
Net profit/(loss) for the year (10,743) 17,304 n/m
n/m : not meaningful
Jan - Dec
Gain from fair value changes of biological and other assets, net
Share of results of joint venture
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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1 (a) (ii) Net profit/(loss) is arrived at after charging / (crediting) the following significant items:
2013 2012 Change
US$'000 US$'000 %
Depreciation and amortisation expense 7,157 5,608 28%
Foreign exchange loss, net 22,517 4,756 373%
Interest expense 10,448 6,641 57%
Interest income (543) (342) 59%
- (6) n/m
Gain from fair value changes of biological assets and other assets, net (10,989) (17,734) -38%
Provision for doubtful debt 900 - n/m
Underprovision of tax in prior year - 444 n/m
Additional information :
(6,588) 18,420 n/m
n/m : not meaningful
Jan - Dec
Gain on disposal of property, plant, and equipment
EBITDA (excluding gain from fair value changes of biological assets)
1 (a) (iii) Statement of comprehensive income (for the Group) together with a comparative statement for the corresponding period of the immediately preceding financial year.
Statement of comprehensive income
2013 2012 Change
US$'000 US$'000 %
Net profit/(loss) for the year (10,743) 17,304 n/m
Items that may be reclassified subsequently to profit or loss:
(48,768) (16,162) 202%
(920) - n/m
Total comprehensive (losses)/income for the year (60,431) 1,142 n/m
n/m : not meaningful
Exchange differences on translating IDR functional currency to US dollar
presentation currency and foreign operation's financial statements
Actuarial losses on post employment benefits
Jan - Dec
Other comprehensive income
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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1 (b) (i) A statement of financial position (for the issuer and Group), together with a comparative statement
as at the end of the immediately preceding financial year.
As at 31/12/2013 As at 31/12/2012 As at 31/12/2013 As at 31/12/2012
US$'000 US$'000 US$'000 US$'000
ASSETS
Current assets:
Cash and cash equivalents 14,208 7,603 1,501 991
Trade and other receivables 32,888 51,011 27,160 38,935
Inventories 12,087 17,404 - -
Other assets 13,929 10,033 - -
Financial assets - 910 - -
Total current assets 73,112 86,961 28,661 39,926
Non-current assets:
Investments in Subsidiaries - - 44,584 56,198
Investments in Joint Ventures 5,406 4,550 5,389 4,655
Other receivables 4,811 2,444 - -
Property, plant and equipment 90,466 98,736 - -
Investment property 2,486 2,512 - -
Biological assets 270,302 292,169 - -
Land use rights 34,893 37,848 - -
Other assets 942 1,249 - -
Total non-current assets 409,306 439,508 49,973 60,853
TOTAL ASSETS 482,418 526,469 78,634 100,779
LIABILITIES AND EQUITY
Current liabilities:
Income tax payables 2,200 2,483 61 56
Trade and other payables 55,215 45,400 108 202
Finance leases 1,795 2,021 - -
Other financial liabilities 46,325 58,397 - -
Total current liabilities 105,535 108,301 169 258
Non-current liabilities:
Trade and other payables 22,585 13,890 - -
Deferred tax liabilities 23,935 33,161 - -
Finance leases 1,275 1,721 - -
Other financial liabilities 160,115 139,860 - -
Other liabilities 3,429 2,323 - -
Total non-current liabilities 211,339 190,955 - -
Capital and reserves:
Share capital 93,860 93,860 93,860 93,860
Other reserves 2,628 2,628 - -
Reserve on defined benefit plan (920) - - -
Retained earnings 133,549 145,501 994 1,902
Translation reserves (63,678) (14,910) (16,389) 4,759
Equity attributable to the owners of the company 165,439 227,079 78,465 100,521
Non-controlling interests 105 134 - -
Total equity 165,544 227,213 78,465 100,521
TOTAL LIABILITIES AND EQUITY 482,418 526,469 78,634 100,779
Group Company
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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1 (b) (ii) Aggregate amount of Group’s borrowings and debt securities.
As at 31/12/2013 As at 31/12/2012
US$'000 US$'000
Amount due within one year
Secured 30,096 38,581
Unsecured 18,024 21,837
Total 48,120 60,418
Amount due more than one year
Secured 161,390 141,581
Total 161,390 141,581
The unsecured borrowings are covered by corporate guarantees of the Company whereas the secured borrowings are secured by certain inventories, trade receivables, land rights, investment property, biological assets, and property, plant and equipment of the Group.
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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1 (c) A statement of cash flows (for the Group), together with a comparative statement for the corresponding period of the immediately preceding financial year.
2013 2012
US$'000 US$'000
Cash flows from operating activities
Profit/(loss) before tax (11,988) 24,726
Adjustments for :
Depreciation and amortisation expense 7,157 5,608
Interest expense 10,448 6,641
Interest income (543) (342)
Gain from fair value changes of biological and other assets, net (10,989) (17,734)
Gain on disposal of property, plant and equipment - (6)
596 (271)
(295) (639)
Share of results of equity-accounted joint ventures 2,377 (54)
Post employment benefits 1,345 786
Net effect of exchange rate changes in consolidating entities 10,560 1,021
Operating profit before changes in working capital 8,668 19,736
Inventories 5,317 (3,933)
Trade and other receivables 16,961 3,977
Other assets (3,589) (3,401)
Trade and other payables 16,437 (6,635)
Net cash flows from operations before tax 43,794 9,744
Income taxes paid (738) (4,222)
Net cash flows from operating activities 43,056 5,522
Cash flows used in investing activities
Investments in joint venture (1,000) (1,550)
Purchase of property, plant and equipment (20,018) (19,892)
Purchase of investment property - (2,526)
Additions to biological assets (25,110) (25,555)
Purchase of land rights (6,852) (13,121)
Interest received 543 342
Proceed from disposals of property, plant, and equipment 35 66
Net cash flows used in investing activities (52,402) (62,236)
Cash flows from financing activities
Proceeds from borrowings 152,577 105,186
Repayment of borrowings (115,432) (46,953)
Receipt from non-controlling interests (29) 134
Finance lease payment (2,437) (1,496)
Dividend paid (1,209) (1,855)
Interest paid (17,519) (14,708)
Net cash flows from financing activities 15,951 40,308
Net increase/(decrease) in cash and cash equivalents 6,605 (16,406)
Cash and cash equivalents at the beginning of the year 7,603 23,551
Cash and cash equivalents at the end of the year 14,208 7,145
Cash and cash equivalents included in consolidated cash flow consist of the following:
Balance as in balance sheet 14,208 7,603
Less : Bank overdrafts - (458)
Cash and cash equivalents at the end of year 14,208 7,145
Jan - Dec
Unrealised (gain)/loss on foreign exchange currency forward
Unrealised (gain)/loss on fair value of commodity contracts
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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1 (d) (i) A statement (for the issuer and Group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.
Share Capital Retained Earnings
Reserve on Post
Employment Benefits
Translation
Reserve Other Reserves Total
Non-Controlling
Interests Total Equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance as at 1/1/2013 93,860 145,501 - (14,910) 2,628 227,079 134 227,213
Issue of share capital - - - - - - - -
Capital injection from non-controlling interest - - - - - - - -
Total comprehensive income - (loss) - (10,743) (920) (48,768) - (60,431) (29) (60,460)
Dividend - (1,209) - - - (1,209) - (1,209)
Balance as at 31/12/2013 93,860 133,549 (920) (63,678) 2,628 165,439 105 165,544
Balance as at 1/1/2012 93,860 130,052 - 1,252 2,628 227,792 - * 227,792
Share capital from non-controlling interest - - - - - - 134 134
Total comprehensive income - (loss) - 17,304 - (16,162) - 1,142 - * 1,142
Dividend - (1,855) - - - (1,855) - * (1,855)
Balance as at 31/12/2012 93,860 145,501 - (14,910) 2,628 227,079 134 * 227,213
COMPANY Share Capital Retained Earnings
Reserve on Post
Employment Benefits
Translation
Reserve Total Equity
US$'000 US$'000 US$'000 US$'000 US$'000
Balance as at 1/1/2013 93,860 1,902 - 4,759 100,521
Total comprehensive income - (loss) - 302 - (21,148) (20,846)
Dividend - (1,209) - - (1,209)
Balance as at 31/12/2013 93,860 994 - (16,389) 78,465
Balance as at 1/1/2012 93,860 3,621 - 11,468 108,949
Total comprehensive income - (loss) - 136 - (6,709) (6,573)
Dividend - (1,855) - - (1,855)
Balance as at 31/12/2012 93,860 1,902 - 4,759 100,521
* Less than US$1,000
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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1 (d) (ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles, as well as the number of shares held as treasury shares, if any, against the total number of issued shares excluding treasury shares of the issuer, as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year.
Not Applicable 1 (d) (iii) To show the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year.
Total number of issued shares (the Company has not held any treasury shares):
As at 31 December 2013 As at 31 December 2012
1,148,044,720 1,148,044,720
1 (d) (iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on.
Not applicable.
2. Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice.
The financial statements have not been audited or reviewed by the auditors.
3. Where the figures have been audited or reviewed, the auditors’ report (including any qualifications or emphasis of a matter).
Not applicable.
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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4. Whether the same accounting policies and methods of computation as in the issuer’s most recently audited annual financial statements have been applied.
The same accounting policies and methods of computation have been applied in these unaudited financial statements as those applied in the most recently audited financial statements as at 31 December 2012, except for the adoption of the new revised FRS which became effective for the financial year beginning on or after 1 January 2013 and the change in the frequency of recognition of the fair value changes in biological assets. The adoption of the new and revised FRS (including its consequential amendments) and interpretations have no significant impact on the Group’s and the Company’s financial statements.
5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change.
Refer to note 4. 6. Earnings per ordinary share of the Group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends.
2013 2012
US Cents US Cents
Earnings per share for the year
(a) based on weighted average number of shares (0.94) 1.51
(b) based on a fully diluted basis (0.94) 1.51
Weighted number of shares 1,148,044,720 1,148,044,720
Jan - Dec
7. Net asset value (for the issuer and Group) per ordinary share based on the total number of issued shares excluding treasury shares of the issuer at the end of the (a) current financial period reported on and (b) immediately preceding financial year.
As at 31/12/2013 As at 31/12/2012 As at 31/12/2013 As at 31/12/2012
US Cents US Cents US Cents US Cents
Net asset value per ordinary share 14.42 19.79 6.83 8.76
Number of shares outstanding 1,148,044,720 1,148,044,720 1,148,044,720 1,148,044,720
Group Company
Net assets value per ordinary share for 31 December 2013 and 31 December 2012 are calculated based on value of net assets as at 31
December 2013 and 31 December 2012 respectively, divided by the total number of issued shares of 1,148,044,720.
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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8. A review of the performance of the Group, to the extent necessary for a reasonable understanding of the Group’s business. It must include a discussion of the following (a) any significant factors that affected the turnover, costs, and earnings of the Group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and (b) any material factors that affected the cash flow, working capital, assets or liabilities of the Group during the current financial period reported on.
Revenue and profit
The Group’s revenue decreased by 6% from US$301.9 million in 2012 to US$284.9 million in 2013. The decrease was mainly due to lower average selling price (ASP) for CPO (decreased from US$816 to US$717). Sales volume increased only marginally by 0.3% from 330,380MT to 331,235MT. The Group’s OP for 2013 decreased from a profit of US$30.9 million to US$294k and NPAT decreased from a profit of US$17.3 million to a loss of US$10.7 million. The decrease in OP in this year was mainly due to lower revenue achieved as mentioned above, significantly higher foreign exchange losses incurred (increased by US$17.8 million) and lower fair value gain on biological assets reported (decreased by US$6.5 million). The weakening of the IDR against the US$ resulted in the Group incurring exchange losses amounting to US$22.5 million. In addition, the Group also incurred losses in the logistics & bulking and power generation businesses as disclosed in note 14.
The decrease in NPAT was mainly due to the factors mentioned above and higher interest expense (increased by US$3.8 million) as a result of higher mature area and higher component of Indonesian Rupiah denominated loans compared to 2012 (interest rate for IDR denominated loans is higher than US$ loans). In addition, the Group’s joint venture incurred a loss of US$2.4 million mainly due to start-up cost and low utilisation of the refinery.
Cost of Operation
Total cost of sales decreased marginally by 3% compared to 2012 mainly due to the impact lower CPO prices for the CPO purchased from third parties in line with the decrease in selling prices. Margins however were reduced as costs decreased less proportionately.
The decrease in distribution cost was mainly due to lower CIF sales made in 2013. The administrative expenses decreased by 12% over that of 2012. The decrease was mainly due to lower employee related expenses and the effect the IDR depreciation against the US$.
Included in “Other charges, net” is a foreign exchange loss of US$22.5 million, which came mainly from the revaluation of US$ borrowings (1US$= IDR 9,670 at 31 December 2012, 1US$= IDR12,189 at 31 December 2013).
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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Review of financial position
The Group
Shareholders’ equity decreased to US$165.5 million as at 31 December 2013 mainly due to translation losses of US$48.8 million resulting from the depreciation of IDR against US$ for 2013 (from US$1: Rp9,670 to US$1: Rp12,189) and losses for the year of US$10.7 million.
As at 31 December 2013, the Group’s total current assets decreased by US$13.8 million to US$73.1 million. Save for the movement in cash and bank balances as explained in cash flow section below, the movement in current assets came mainly from:
a) decrease in trade receivables amounting to US$18.1 million as a result of the collection of 2012 receivables in 1Q2013 and translation effect,
b) decrease in inventories amounting to US$5.3 million which was mainly due to utilization of spare parts and fertiliser during the year and translation effect,
c) increase in advance payment (under “Other Assets”) of US$3.9 million and translation effect. This comprises mainly advance payment to contractors and suppliers for the development of new planted area, down payment for heavy equipment for mill expansion and purchase of raw materials.
Total non-current assets decreased by US$30.2 million to US$409.3 million. This was mainly due to:
a) decrease of US$8.2 million in property, plant and equipment. This was mainly due to spending on infrastructure and heavy equipment in our plantations offset by depreciation of US$6.0 million and translation effect,
b) decrease of US$21.9 million in the value of the biological assets, attributable mainly to expenditure incurred on new planting and on maintenance of immature plantations totalling US$24.4 million, capitalisation of interest and depreciation amounting to US$8.7 million, gain on fair value changes and translation effect,
c) decrease of US$2.9 million in land rights as a result of amortisation, offset by costs incurred on conversion of the land status and the translation effect.
Total current liabilities decreased by US$2.7 million to US$105.5 million. This was mainly due to decrease in short term borrowings (US$12.1 million), offset by increase in advances from customers and trade payables (US$9.8 million).
Total non-current liabilities increased by US$20.4 million to US$211.3 million. This was mainly due to the net increase of long term borrowing US$20.3 million.
Review of Group Cash flow
The closing cash and cash equivalents of the Group was US$14.2 million for 2013. The increase was mainly due to cash generated from operating and financing activities and offset by cash outflow to investments.
Operating cash flow was positive US$43.1 million mainly due to the collection of receivables and the increase in advances received from customers.
Cash from financing activities was also positive US$15.9 million mainly due to drawdown of the investment and short term loans offset by principal and interest repayments.
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.
Not applicable.
10. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the Group operates and any known factors or events that may affect the Group in the next reporting period and the next 12 months.
We expect palm oil prices to be well supported as a result of moderate supply growth and better demand coming from biodiesel usage in Indonesia. With increased mature area coming on stream we expect production to improve next year barring unfavourable weather conditions.
11. Dividend
(a) Current Financial Period Reported On
Name of Dividend n/a
Dividend Type n/a
Dividend Amount per Share (cents) n/a
Tax rate n/a
(b) Corresponding Period of the Immediately Preceding Financial Year
Name of Dividend First and Final
Dividend Type Cash
Dividend Amount per Share (cents) 0.13 Singapore cents
Tax rate n/a
(c) Date payable
Not applicable.
(d) Books closure date
Not applicable.
12. If no dividend has been declared/recommended, a statement to that effect.
No dividend has been declared or recommended for the full year ended 31 December 2013.
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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13. If the Group has obtained a general mandate from shareholders for IPTs, the aggregate value of such transactions as required under Rule 920(1)(a)(ii). If no IPT mandate has been obtained, a statement to that effect.
Name of interested person
Aggregate value of all interested person
transactions during the period under review
(excluding transactions less than S$100,000 and
transactions conducted under shareholders’ mandate pursuant to Rule 920)
Aggregate value of all interested person
transactions conducted under shareholders’ mandate
pursuant to Rule 920 (excluding transactions less
than S$100,000)
2013 2013
US$’000 US$’000
Wilmar Group (Sales) – 22,678
Wilmar Group (Purchases) – 1,039
Wilmar Group (Services) – 268
PT Berkat Wahana Sukses (Services Received) – –
PT Berkat Wahana Sukses (Services Received, shareholders’ mandate obtained at EGM held on 26 April 2012) 2,120 –
PT Alamindo Sejahtera Persada (Services Received) 425 –
PT Alamindo Sejahtera Persada (Services Received, shareholders’ mandate obtained at EGM held on 26 April 2012) 1,855 –
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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14. Segmented revenue and results for business or geographical segments (of the Group) in the form presented in the issuer’s most recently audited annual financial statements, with comparative information for the immediately preceding year.
Twelve Months Ended 31 December 2013
Plantation
Logistic &
Bulking
Power
Generation Elimination Group
US$'000 US$'000 US$'000 US$'000 US$'000
Revenue by Segment:
Revenue from external customers 278,911 5,165 838 - 284,914
Inter-segment sales 61,063 746 24 (61,833) -
Total revenue 339,974 5,911 862 (61,833) 284,914
Results:
Segment results 3,160 (2,081) (3,150) - (2,071)
Other unallocated items (7,540)
Share of results of joint venture (2,377)
Loss before income tax (11,988)
Income tax benefit 1,245
Net loss for the year (10,743)
Twelve Months Ended 31 December 2012
Plantation
Logistic &
Bulking
Power
Generation Elimination Group
US$'000 US$'000 US$'000 US$'000 US$'000
Revenue by Segment:
Revenue from external customers 296,015 4,596 1,274 - 301,885
Inter-segment sales 92,809 1,502 171 (94,482) -
Total revenue 388,824 6,098 1,445 (94,482) 301,885
Results:
Segment results 30,997 (406) (629) - 29,962
Other unallocated items (5,290)
Share of results of joint venture 54
Profit before income tax 24,726
Income tax expense (7,422)
Net profit for the year 17,304
The Group operates predominantly in Indonesia.
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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15. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments.
Refer to note 8 and note 14.
16. A breakdown of sales
Increase/
2013 2012 (Decrease)
US$'000 US$'000 US$'000
(a) Sales reported for first half year 133,153 125,872 7,281
(b) Operating profit after tax before deducting
non-controlling interest reported for first half year 197 2,890 (2,693)
(c) Sales reported for second half year 151,761 176,014 (24,253)
(d) Operating profit/(loss) after tax before deducting
non-controlling interest reported for second half year (10,940) 14,414 (25,354)
GROUP
17. A breakdown of the total annual dividend (in dollar value) for the issuer’s latest full year and its previous full year as follows:
2013 2012
US$'000 US$'000
Ordinary, first and final - 1,209
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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18. Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(13). If there are no such persons, the issuer must make an appropriate negative statement.
Name Age Family Relationship with any Director, Chief
Executive Officer and/or Substantial Shareholder
Current position and duties, and the year position was
first held
Details of changes in
duties held, if any, during the
year
Albert Maknawi
33 Son of Henry Maknawi (Executive Chairman & CEO) Nephew of Ratna Maknawi (Deputy CEO)
Chief Operating Officer 2011 - Oversee Group’s overall operational activities, including strategic planning for the Group. Head of Engineering and Processing 2004 - In charge of overseeing the Group’s overall engineering operations. Director of subsidiaries: 2010 PT. Bumi Permai Sentosa PT. Wira Sawit Mandiri PT. Wira Mas Permai PT. Indotrust PT. Cahaya Permata Gemilang PT. Sawindo Kencana PT. Kencana Agro Jaya 2008 PT. Pelayaran Asia Marine 2007 Sawindo Agri Pte. Ltd. PT. Listrindo Kencana PT. Belitung Energy PT. Sawindo Cemerlang 2011 PT. Delta Subur Permai PT. Sawit Tiara Nusa PT. Sawit Alam Permai
No Change
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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Name Age Family Relationship with any Director, Chief
Executive Officer and/or Substantial Shareholder
Current position and duties, and the year position was
first held
Details of changes in
duties held, if any, during the
year
2012 PT. Karunia Alam Makmur Director of Joint Venture Companies: 2010 Kencana LDC Pte. Ltd. LDC Kencana Trading Pte. Ltd. Director of subsidiary of Joint Venture Company 2010 PT. Dermaga Kencana Indonesia
Ajis Chandra
50 Brother-in-law of Henry Maknawi (Executive Chairman & CEO) Husband of Ratna Maknawi (Deputy CEO)
Head of Bulking & Logistics 2002-In charge of managing the bulking & logistics segment of the Group’s operations. Director of subsidiaries : 2010 PT. Bumi Permai Sentosa 2007 Kencana Logistics Pte. Ltd. 2003 PT. Pelayaran Asia Marine 2002 PT. Indotrust Director of Joint Venture Companies: 2010 Kencana LDC Pte. Ltd. LDC Kencana Trading Pte. Ltd.
No Change
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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Name Age Family Relationship with any Director, Chief
Executive Officer and/or Substantial Shareholder
Current position and duties, and the year position was
first held
Details of changes in
duties held, if any, during the
year
Director of subsidiary of Joint Venture Company 2010 PT. Dermaga Kencana Indonesia
Augyawati Joe
34 Niece of : - Henry Maknawi (Executive Chairman & CEO) - Ratna Maknawi (Deputy
CEO)
Head of Commercial 2008 – In charge of the Group’s sales. Director of the subsidiaries : 2010 PT. Bumi Permai Sentosa 2008 Kencana Bio-Energy Pte. Ltd. Sawindo Agri Pte. Ltd. Kencana Logistic Pte. Ltd. Kencana Plantations Pte. Ltd. Commissioner of subsidiaries : 2010 PT. Pelayaran Asia Marine PT. Indotrust Commissioner of subsidiary of Joint Venture Company 2010 PT. Dermaga Kencana Indonesia
No Change
Eddy Maknawi
51 Brother of Henry Maknawi (Executive Chairman & CEO) Brother of Ratna Maknawi (Deputy CEO)
Head of Procurement 2008 – in charge of the Group’s procurement. Director of subsidiaries : 2010 PT. Sawit Permai Lestari PT. Wira Palm Mandiri PT. Sawindo Kencana PT. Kencana Agro Jaya PT. Sawit Kaltim Lestari PT. Agro Eastborneo Kencana
No Change
KENCANA AGRI LIMITED (Registration Number: 200717793E)
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Name Age Family Relationship with any Director, Chief
Executive Officer and/or Substantial Shareholder
Current position and duties, and the year position was
first held
Details of changes in
duties held, if any, during the
year
PT. Agro Tirta Kencana PT. Indotrust PT. Pelayaran Asia Marine PT. Agro Sawitmas Lestari 2004 PT. Agro Inti Kencanamas 1997 PT. Alamraya Kencana Mas Commissioner of subsidiaries : 2010 PT. Wira Mas Permai PT. Palm Makmur Sentosa PT. Langgeng Nusa Makmur PT. Listrindo Kencana PT. Belitung Energy PT. Agro Mas Lestari 2007 PT. Sawindo Cemerlang PT. Wira Sawit Mandiri 2011 PT Sawit Alam Permai
BY ORDER OF THE BOARD
Kent Surya Finance Director 28 February 2014