FORGING AHEAD - Tradewinds Plantation Berhad

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38 PERFORMANCE REVIEW CHAIRMAN’S STATEMENT INDUSTRY OVERVIEW The Malaysian Palm Oil Board in its overview of the domestic industry reported that crude palm oil (“CPO”) production declined by 3.3% to 16.99 million tonnes in 2010 from 17.56 million tonnes recorded the previous year. This was attributed mainly to adverse climatic conditions caused by TRADEWINDS PLANTATION BERHAD Annual Report 2010 the El Nino and La Nina phenomena. The hot and dry conditions caused by El Nino in the first half of the year and excessive rainfall in the second half due to La Nina impacted on the yield of fresh fruit bunches (“FFB”), contributing towards lower CPO production. The resulting floods in certain areas towards year-end also affected harvesting activities.
Notwithstanding the lower production, the palm oil industry benefited from higher prices in 2010 supported by sentiments related to tight supply of vegetable oils in the world market, low domestic palm oil stocks and firmer crude oil prices. The average CPO price in 2010 rose by 20.8% to R M 2 , 7 0 1 . 0 0 p e r t o n n e f r o m RM2,236.50 achieved in the previous year. The highest monthly average CPO price was attained in December at RM3,620.00, while the lowest was recorded in July at RM2,453.00. In line with the increase in CPO prices, the average price of palm kernel during the year under review rose sharply by 62.2% to RM1,735.50 per tonne. Exports of palm oil increased by 4.9% to 16.66 million tonnes from 15.88 million tonnes recorded in 2009. China remained the country’s biggest export market, with an off-take of 20.9% of total palm oil exports. Other main markets included Pakistan (12.8%), the European Union (12.4%), India (7.0%), United States of America (6.2%), Egypt (5.6%) and Japan (3.3%). FINANCIAL PERFORMANCE For the year ended 31 December 2010, revenue was posted at RM909.1 million, which is the highest recorded by the Group. This represents a 34.2% increase from RM677.4 million recorded in the previous year. The Group also achieved a 260.7% increase in profit before tax to RM282.4 million, against the RM78.3 million posted in 2009. The improved bottom-line results were mainly attributable to higher prices of palm products during the year. On the strength of these financial numbers, earnings per share has improved significantly to 29.63 sen. The Group’s improved financial numbers were reflected by its strong showing on Bursa Malaysia, and this has caught the attention of many analysts and research houses. Some analysts recognise the Company as a potential growth stock, singling out the Group’s favourable maturity profile of its plantation crop, new planting programme and earnings potential. Our counter has been on the uptrend throughout 2010, closing the year at RM3.39. DIVIDENDS PERFORMANCE REVIEW A first interim dividend of 5 sen per ordinary share less income tax of 2 5 % (2009:Nil) amounting to RM19,843,254 (2009:Nil) for the financial year ended 31 December 2010 was paid to the shareholders on 30 December 2010. On the back of the commendable results, the Board of Directors is pleased to propose a final dividend of 5 sen per share less income tax of 25% (2009:6 sen per share less income tax of 25%) amounting to RM19,843,254 (2009: RM23,811,904) for the financial year ended 31 December 2010. Subject to the approval of shareholders at the forthcoming Annual General Meeting, this will be payable on 28 July 2011. Pending approval of shareholders, the total dividend pay-out for the FY 2010 would amount to RM39,686,508 compared to RM23,811,904 in the previous financial year. TRADEWINDS PLANTATION BERHAD Annual Report 2010 39
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STRATEGIC REACH We are increasing t
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DIRECTORS’ REPORT The Directors h
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DIRECTORS’ BENEFITS Since the end
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SIGNIFICANT EVENTS DURING THE FINAN
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STATEMENT BY DIRECTORS In the opini
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REPORT ON OTHER LEGAL AND REGULATOR
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LIABILITIES Non-current liabilities
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Group Company 2010 2009 2010 2009 (
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Equity Share Share component Retain
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CASH FLOWS FROM INVESTING ACTIVITIE
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NOTES TO THE FINANCIAL STATEMENTS 3
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4. SIGNIFICANT ACCOUNTING POLICIES
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5. ADOPTION OF NEW FRSs AND AMENDME
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6. SIGNIFICANT ACCOUNTING ESTIMATES
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6. SIGNIFICANT ACCOUNTING ESTIMATES
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7. PROPERTY, PLANT AND EQUIPMENT (c
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9. INVESTMENTS IN SUBSIDIARIES (con
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11. INVESTMENT IN A JOINTLY CONTROL
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13. GOODWILL ON CONSOLIDATION At co
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15. TRADE AND OTHER RECEIVABLES FIN
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15. TRADE AND OTHER RECEIVABLES (co
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17. NON-CURRENT ASSETS HELD FOR SAL
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19. RESERVES (continued) (c) Supple
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21. BORROWINGS Current liabilities
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24. IRREDEEMABLE CONVERTIBLE UNSECU
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25. ISLAMIC DEBT SECURITIES - SECUR
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26. DEFERRED TAX (continued) Recogn
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27. TRADE AND OTHER PAYABLES Trade
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28. REVENUE Group Company 2010 2009
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30. PROFIT BEFORE TAX (continued) A
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32. EARNINGS PER ORDINARY SHARE ATT
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34. ACQUISITION OF SUBSIDIARIES 201
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34. ACQUISITION OF SUBSIDIARIES (co
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35. OPERATING SEGMENTS (continued)
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35. OPERATING SEGMENTS (continued)
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36. FINANCIAL INSTRUMENTS (continue
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36. FINANCIAL INSTRUMENTS (continue
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37. FINANCIAL RISk MANAGEMENT OBJEC
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38. RELATED PARTY DISCLOSURES (cont
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38. RELATED PARTY DISCLOSURES (cont
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42. SIGNIFICANT EVENTS SUBSEQUENT T
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44. OPENING STATEMENT OF FINANCIAL
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PLANTATION REvIEW OIL PALM 2010 200
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mATERIAL PROPERTIES Of TRADEWINDS P
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Company/ Location/Address HS(D) 389
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Company/ Location/Address Country L
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Company/ Location/Address Lot No. 0
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ANALySIS Of SHAREHOLDINgS AS AT 25
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LIST OF THIRTY (30) LARGEST SHAREHO
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ANALySIS Of IRREDEEmABLE cONvERTIBL
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SUBSTANTIAL ICULS HOLDER Name Direc
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SOUTHERN PENINSULAR REGION Regional
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MIRI REGION Regional Office c/o Lad
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Proxy Form I / We _________________
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