Sipef Analyst Presentation

SIPEF
Analyst presentation
February 13, 2020
The Connection to the world of Sustainable Tropical Agriculture 1

Summary
1. SIPEF Group – Company profile
2. SIPEF Group – Palm oil in the world
3. SIPEF Group – Volcanic eruption PNG
4. SIPEF Group – Expansion
5. SIPEF Group – Productions & prices
6. SIPEF Group – Financial performance
7. Peer review
2
The Connection to the world of Sustainable Tropical Agriculture
SIPEF group – Company profile
Agriculture • 1st segment of the supply chain - commodities
Tropical • Recent industrialised countries
Sustainable • Audited certifications
Connection • Publicly quoted

Continuous • Continuous crops

production
• Palm oil : basic commodity for food (and recently

Diversified in energy)
product • Rubber : cyclic business - tire industry
• Indonesia : leading producing country within Asian

Diversified in market
origin • PNG : export oriented with strong agronomical basics

Worldwide

Indonesia
6
Papua New Guinea

Planted hectares summary 100% – 31 December 2019
Total Group
2019 Palm Rubber Tea Bananas Other % of total
planted share
Indonesia 60 506 6 159 1 768 0 0 68 433 82% 61 768
PNG 13 707 0 0 0 0 13 707 17% 13 707
Ivory Coast 0 0 0 796 31 827 1% 827
Total 74 213 6 159 1 768 796 31 82 967 100% 76 302
% of total 89% 7% 2% 1% 0% 100%
Group share 68 595 5 284 1 596 796 31 76 302

Summary
7. Peer review
9
SIPEF group – Palm oil in the world
Palm oil in the world - Population growth
• In the coming 40 years, mankind will have to produce more food than in the
previous 10 000 years put together
• Population growth will have a

huge impact on future food
demands
• Rising middle class is causing diet

changes in developing countries
• Agricultural land is increasingly

becoming scarcer

Oil and fat consumption
Oil and fat consumption per capita (in Kg) Source: Oilworld
80
72,58
70 67,32
59,43
60
55,77 54,95
+55% 49,47
50
39,05
40
35,54
29,93
30 27,55
25,52 26,07 25,86
21,46
20 18,29
15,57 15,15 14,04
10
0
EU-28 USA China India Indonesia Pakistan Nigeria Brazil World
2018 2012
11
Palm oil in the world - Land input
• Increased demand for

meat/fat/processed foods
• Increased demand for biofuel
• Decreasing Agricultural land per

capita
• Disposable income growth in

developing countries

Palm oil in the world - Comparison to other oils
Resources used per vegetable oil:

Palm oil in the world - Vegetable oils
Source: Oilworld
2019 : 234,7 million Ton 1994/95: 93,1 million tonnes
Palm oil
Others 32% Palm oil
19% 16%
Palm kernel and coconut

oil
5%
Other oils/animal
fats
37%
Soya oil
21%
Sunflower oil
9%
Soybean oil Palm kernel and

Rapeseed oil Rape oil
24% coconut oil Sunflower oil
11% 11%
6% 9%
Palm oil Soybean oil Palm oil Soya oil Rape oil
Rapeseed oil Sunflower oil Sunflower oil Palm kernel and coconut oil Other oils/animal fats
14
Palm oil in the world - Palm oil production
2019 Palm oil production Source: Oilworld

Total of 75,6 Mn tonnes
Middle & South America Other countries
4% 7%
Africa
2%
Thailand
4%
Indonesia
Malaysia 57%
26%
Indonesia Malaysia Thailand Africa Middle & South America Other countries
15
Palm oil in the world - Sustainability
• Palm oil remains confronted with a European perception problem

based on
• Health issues
• No fat <-> moderate use of saturated fat
• Saturated fats – only 50% saturated and no transfats
• Environmental issues
• Deforestation – most efficient vegetable oil/hectare of land
• Sustainable Development Goals – Palm Oil covers the majority of it!

Palm oil in the world - Sources for deforestation

Palm oil in the world – Commodity commitment

Palm oil in the world - Sustainable palm oil
3,05 Million Ha RSPO certified production area
RSPO Certified Ha (in KHa)

3 500
3 000
2 500
2 000
1 500
1 000
500
0

Number of certified production and/or operational units
Certificates 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
RSPO 2 4 6 6 6 7 10 10 11 11 11
ISCC 2 2 2 4 4 5 5 5 5 4
ISPO 5 5 5 5 6
RA 2 3 5 5
GLOBALG.A.P. 1 1 1 1 1 1 1 1 1 1 1 1 1 1
ISO 9001:2015 1 1
FSSC 22000 1
Fairtrade 1
FSC 0
TOTAL 1 1 1 3 7 9 9 11 12 21 23 25 28 30

Palm oil in the world - Biodiesel use of major feedstock (Mn T)
Biodiesel use of major feedstock (Mn T)

50,00
45,00
40,00 10,16
9,46
35,00
8,26 6,52
30,00 7,62
5,93 6,69
6,35
25,00 5,50 6,94
6,84
4,57 7,21
20,00 3,67 17,62
6,30 6,96
14,61
2,71 6,20
6,23 11,47
15,00 2,55 10,76
6,38 10,16
1,82 8,62
9,06
10,00 5,89 6,97
5,30
1,43 5,02
4,08
4,12 3,47 11,39
5,00 2,16 9,78 10,74
8,06 9,19
1,22 7,37 6,85 7,07 7,64
4,32 4,34 5,34
2,80
0,00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Soya oil Palm oil Rape oil Other oils

Biodiesel worldwide
Source: Oilworld
Biodiesel worldwide 2017
Biodiesel worldwide 2019
11%
10%
4%
4%
0%
31%
39%
6%
7%
1%
1%
14%
19%
27%
25%
Palm Oil Soya Oil Rapeseed Oil Sunflower Oil Palm oil Soya Rapeseed oil Sunflower oil
Tallow Coconut oil Other oils & fats Used cooking oil Tallow Coconut oil Other oils and fats Used cooking oil
22
Palm oil use for biodiesel EU
Source: Oilworld
2018 Palm oil use for biodiesel 2017 Palm oil use for biodiesel
Total of 14,2 Mn tonnes Total of 11,0 Mn tonnes
EU
27%
EU
35%
3,8 Mn tonnes 3,8 Mn tonnes
7,2 Mn tonnes
10,4 Mn tonnes
Non EU
65%
NON EU
73%
EU NON EU EU Non EU
23
Summary
7. Peer review
24
SIPEF group – Volcanic eruption PNG
Volcano eruption 2019 – Hargy Oil Palms

Volcano eruption 2019 – Hargy Oil Palms

Potential volume & hectare impact
• PNG volcanic eruption – potential impact on productive area
2019 2020 2021 2022 2023 Ha 2019 2020 2021 2022 2023
50% 100% 100% 100% 100%
Yield prognoses
Severe tall 0% 20% 40% 40% 80% 2,000 1,000 400 800 800 1,600
Severe young 20% 30% 50% 60% 100% 932 559 280 466 559 932
Significant 60% 50% 70% 90% 100% 1,334 1,067 667 934 1,201 1,334
Moderate 75% 60% 80% 95% 100% 722 632 433 578 686 722
Light 90% 100% 100% 100% 100% 1,306 1,241 1,306 1,306 1,306 1,306
No damage 100% 100% 100% 100% 100% 7,412 7,412 7,412 7,412 7,412 7,412
13,706 11,911 10,498 11,495 11,964 13,306
% of normal production 86.9% 76.6% 83.9% 87.3% 97.1%
Loss against normal production 13.1% 23.4% 16.1% 12.7% 2.9%
19/02/2020 The Connection to the world of Sustainable Tropical Agriculture 27

Volume impact in KUSD + price impact 2019
Strong decrease in volumes in HOPL triggered by:

o Adverse weather first semester
o 3 volcano eruptions
HOPL actual
2019 against
KUSD Actual 2018
Total sales price impact -13 032
Total volume impact -8 839
Total reduction gross margin HOPL -21 871

Summary
7. Peer review
29
SIPEF group – Expansion
Strategy & expansion
SIPEF group= 100.000 Ha planted
Focus on core-business
• Palmoil – Rubber – Bananas – Tea

• Indonesia – Papua New Guinea
Focus on ‘Sustainable Agriculture’ (RSPO)
Expansion of existing activities
Acquisition of new investments
Balanced leverage

Increase in Ha (100%)
100.000
91 568 Ha 92 407 Ha
90.000
82 968 Ha
80 540 Ha
80.000 78 213 Ha
69 439 Ha
70.000
56 811 Ha
60.000
48 093 Ha
50.000
40.000
30.000
20.000
10.000
0
2005 2008 2016 2017 2018 2019 2023 2029
North Sum North Sum expansion Bengkulu Bengkulu expansion PNG PNG expansion Musi Rawas Dendy Marker Ivory Coast Ivory Coast expansion 31
Supply base (in hectares): own ha and outgrowers ha – 100%
140.000
120.000
23.029
23.029
23.029
23.029
23.029
23.029
23.029
23.029
22.755
100.000
22.208
21.370
80.000
60.000
92.385
92.407
92.407
92.407
92.220
91.747
91.568
90.244
87.542
84.985
82.968
40.000
20.000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Own ha Outside ha

Planted hectares and production of CPO (sale of FFB not included)
170%
+ 65%
160%
150%
140%
130%
120%
+ 19%
110%
100%
90%
80%
Palm Hectares Palm own production

100% CPO production (including plasma and outgrowers – NO FFB)
700.000
2029
600.000 Own: 481 Kton

Outg: 92 Kton
Total: 573 Kton
500.000
400.000
300.000
200.000
100.000
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Own Outgrowers 34
Musi Rawas expansion

South Sumatra – full scope of development
Latest update Musi rawas Dendymarker Total
Izin Lokasi HGU 23 834 17 793 41 627
Expansion Izin Lokasi 8 594 0 8 594
TOTAL HGU/IZIN 32 428 17 793 50 221
2019 Opening balance Planted / Cleared 10 653 8 730 19 383
2019 Additional Planted /Cleared 1 550 787 2 347
Total Planted / Cleared 12 203 9 517 21 720
Identified 9 840 1 073 10 913
Potential development 22 043 10 590 32 633
INTI 18 369 7 809 26 178
PLASMA 3 674 2 781 6 455

Summary
7. Peer review
37
SIPEF group – Productions & prices
Group production PALM OIL – December 2019
Palm Oil 2019 2018 Variance

Own
Tolan Tiga Group 70 489 72 492 -2,76%
Umbul Mas Wisesa Group 38 089 41 568 -8,37%
Agro Muko Group 82 007 85 219 -3,77%
South Sumatra Group 14 227 6 147 131,45%
Hargy Oil Palms 59 829 85 015 -29,63%
Total own 264 641 290 441 -8,88%
Outgrowers
Tolan Tiga Group 150 0 -
Umbul Mas Wisesa Group 151 63 139,68%
Agro Muko Group 3 541 3 091 14,56%
South Sumatra Group 1 023 2 490 -58,92%
Hargy Oil Palms 43 008 55 672 -22,75%
Total outgrowers 47 873 61 316 -21,92%
Total Palm Oil 312 514 351 757 -11,16%
Group production RUBBER – December 2019
Rubber 2019 2018 Variance
Own
Tolan Tiga Group* 972 1 383 -29,72%
Melania 2 379 2 976 -20,06%
Agro Muko 2 144 2 571 -16,61%
Total own 5 495 6 930 -20,71%
Outgrowers
Tolan Tiga Group* 831 1 052 -21,01%
Total Rubber 6 326 7 982 -20,75%

*Tolan Tiga Group rubber production have been split into own and outgrower production. The outgrower production consists of production from PT Timbang Deli.
The figures of prior year have been restated. 39
Group production TEA and BANANAS – December 2019
Tea 2019 2018 Variance
Melania 2 331 2 422 -3,76%
Total Tea 2 331 2 422 -3,76%
Bananas 2019 2018 Variance
Azaguie 1 4 976 4 530 9,85%
Azaguie 2 9 928 9 197 7,94%
Agboville 8 836 7 749 14,03%
Motobe 9 109 6 312 44,31%
Total Bananas 32 849 27 788 18,21%

Bull & Bear
Rating Bullish inputs Bearish inputs

Palm Oil Bullish - Prod outlook in Malaysia expected to drop for 2020. Indo small - CORONA VIRUS – creates so much uncertainty – sell first and think later
Feb 750 growth at best. Driven by resting cycle, dry spell, haze and lack of attitude. Complete panic sell-off.
long term fertilizer. - Indian – Malaysian dispute impacting exports.
Mar 745
AMJ 730 - Other prod countries such as PnG, Latin America are also lower - Uncertainty impacts order flow!
JAS 700 (important for Rotterdam market). - Palm has lost its competitiveness vs soybean oil.
OND 675 - All in all, expected no growth in prod! - Palm is now a premium vs gasoil which will test the biodiesel mandates
- Food demand very good, particularly China is outperforming due to significantly…. a bearish flag. Indonesia seems to be committed and has
less domestic soy crushing and less lard. But Coronavirus can put the fund to support. EU could become a tested biodiesel environment.
logistics on hold. - South America good soybean crop, but less impact on oil as there is too
- India will have to buy but is limited to Indo supply. little meal demand.
- Indo B30 implementation seems to happen, government very
dedicated.
- B20 in Malaysia, B12 in Brazil…producing oil countries take control in
demand.
- Stocks in origin are lower by 2.5 to 3 mln mt.
- Palm oil needs to lose absolute demand, which is not happening at
$700 fob.
- End consumer is poorly covered.
Rubber Neutral - Leaf disease in Indonesia, Thailand and Vietnam…. impacting - Corona virus took the market back to the lows.
production. - The US-China trade war hurts the Chinese automobile industry, which
RSS3 1555
- Low price environment plays a bigger role then the shortage in production.
SIR10 1290
Tea Neutral - Low price environment - Kenyan prod above expectation and rain season was extended which is
good for production.
- Pakistan market is still suffering from new regulations regarding
imports…. Creating uncertainty.
- Unilever considering a sale of tea activities
CPO prices CIF Rotterdam 2018-2019 -2020
Crude Palm Oil in $/mt

CIF Rotterdam
850
800
750
700
650
600
550
500
450
J F M A M J J A S O N D
2018 2019 2020

42
400
600
800
1 000
1 200
1 400
1 600
2003M01
2003M04
2003M07
2003M10
2004M01
2004M04
2004M07
2004M10
2005M01
Palm-soy spread
2005M04
2005M07
2005M10
2006M01
2006M04
2006M07
2006M10
2007M01
2007M04
2007M07
2007M10
2008M01
2008M04
2008M07
2008M10
2009M01
2009M04
2009M07
2009M10
2010M01
2010M04
2010M07
2010M10
Palm oil
2011M01
2011M04
2011M07
2011M10
2012M01
2012M04
2012M07
Soybean oil
2012M10
2013M01
2013M04
2013M07
2013M10
2014M01
2014M04
2014M07
2014M10
2015M01
2015M04
2015M07
2015M10
2016M01
2016M04
2016M07
2016M10
2017M01
2017M04
2017M07
2017M10
2018M01
2018M04
2018M07
2018M10
2019M01
2019M04
2019M07
43
2019M10
RSS3 Rubber prices 2018-2019
RSS3 in $/mt
FOB Singapore
2 000
1 800
1 600
1 400
1 200
1 000
2018 2019 2020

Tea prices 2018-2019
Tea in $/mt
average auction Mombasa
3 150
2 950
2 750
2 550
2 350
2 150
1 950
1 750
2018 2019 2020

Summary
7. Peer review
46
SIPEF group – Financial performance
Sales – consolidated gross margin
300 000
250 000 240 057
210 251
200 000
150 000
100 000
28,7%
50 000
16,4%
22 024
17 119
11 699 10 330 16,3% 21,3%
-9,1% -21,7% 5 454 5 072
11,5% -7,3%
0
Palm Rubber Tea Bananas
-50 000
2018 Sales 2018 Gross Margin 2019 Sales 2019 Gross Margin
47
Gross margin – Results before tax
In KUSD (condensed) 31/12/2019 31/12/2018 % diff

Gross margin per product
Palm 34 445 68 800 -50%
Rubber -2 244 -1 065 111%
Tea - 370 627 -159%
Bananas and flowers 4 697 2 794 68%

Corporate 634 941 -33%
Total gross margin 37 162 72 096 -48%

General and administrative expenses + other -31 481 -31 759
Other operating income/(charges) - 741 2 352
Financial income/(charges) -5 002 -3 457
Discounting Sipef-CI 1 689 2 031
Exchange differences - 775 -1 666
Profit before tax 852 39 597
Net profit after tax + tax expense detail
In KUSD (condensed) 31/12/2019 31/12/2018

Profit before tax 852 39 597
Tax expense* -6 772 -14 155
Effective tax rate -794,8% -35,7%
Profit after tax -5 920 25 442

Share of results of associated companies -1 485 - 854
Gain on sale BDM-ASCO 0 7 376
Profit after tax after -7 404 31 964
Tax expense detail* KUSD

Theoretical tax charge 174
Impairments of deferred tax assets -4 321
Sipef CI capital gain 484
Withholding tax on interco interest -445
Impact thin cap rule in Indonesia -1 390
Other (rejected expenses) -1 274
Total tax charge -6 772
Consolidated balance sheet (management presentation)
In KUSD 31/12/2019 31/12/2018
Biological assets (depreciated costs) - bearer plants 306 342 283 712
Goodwill 104 782 104 782
Other fixed assets 365 412 364 480
Receivables > 1 year 13 442 11 112
Net current assets, net of cash 94 013 91 932
Net cash position -164 623 -121 443
Total net assets 719 368 734 576
Shareholders' equity, group share 628 686 644 509

Non controlling interest 34 325 34 250
Provisions and deferred tax liabilities 56 358 55 817
Total net liabilities 719 368 734 576
Outstanding CPO receivables

Financial covenant LT loan per 31 December 2019
• Level of financial covenant according to new LT loan dd August 2019: 3,5 X REBITDA as per
31/12/2019
• Waiver for testing was obtained from our bankers for end December 2019 because of too much
uncertainty as also highlighted in previous board meetings
• At December 31, 2019 debt/rebitda was 3,49x covenant respected
• Simulations show that for June 2020 and December 2020 no issues are expected
52
Cash flow (management presentation)
31/12/2019 31/12/2018 Diff

Cash flow from operations before working capital 48 226 81 899 -33 673
Working capital movements -1 646 -13 680 12 034
Taxes paid -14 692 -34 537 19 845
Cash flow from operations (a) 31 887 33 682 -1 795
Cash flow from investing -66 746 -69 728 2 982

Cash flow from desinvesting 7 108 2 671 4 437
Cash flow from sales BDM/Asco 0 20 463 -20 463
Investing activities (b) -59 638 -46 594 -13 044
Free cash flow (a+b) -27 751 -12 912 -14 839
Purchase own shares -854 -1 115 261

Dividend paid -6 495 -20 289 13 794
Interest paid -5 042 -3 430 -1 612
Financing activities (c) – excluding loans -12 391 -24 834 12 443
Increase/decrease cash (a+b+c) – excluding loans -40 142 -37 746 -2 396
NFP 31/12/2018 -121 443 -83 697 -37 746

Leasing impact -3 037 0 -3 037
Cash generation 2019 - LE 2019 -40 142 -37 746 -2 396
NFP 31/12/2019 -164 623 -121 443 -43 180
53
Value per hectare
Sensitivity 31/12/2019
Stock price @ USD per hectare
30,00 5 816
40,00 7 318
50,00 8 819
60,00 10 321
70,00 11 823
80,00 13 325
52,70 (04/02/2020) 9 225

54,80 (31/12/2019) 9 540
54
Summary
7. Peer review
55
Peer review
Disclaimer
The information contained in this section is provided for your general information only and is not
designed nor intended to offer anything more than information only.
The information with respect to the companies included in the Peer Review was retrieved from
publicly available information being annual reports and company websites on the one hand and
from analyst reports we received on the other hand. In some cases we had to give our own
interpretation to the available information in order to get comparable indicators.
As a consequence of using different sources combined with giving our own interpretation to the
available information, the information may not always be correct and SIPEF does not accept any
liability for loss and damage that may arise from relying upon this information.

Peer review
Principle assumptions
• Benchmark of main industrial competitors

• Age profile based on own ageing interpretation
• Market capitalization is calculated based on the average exchange rate & average share price of
the year
• Benchmark based on own CPO productions of competitors:
Tons
CPO own production benchmark (2018) 11.605.720
Worldwide production (Oilworld 2018) 72.875.000
• Representative sample of comparable industry competitors (2018): 31,9%

• Industrial comparable companies (50%)

Peer review
Own planted Oil Palm Hectares in KHa (2018)
Sime Darby 600

Golden Agri-Resources 394
Felda Global Ventures 339
Salim Ivomas Pratama 251
Wilmar International 230
Astra Agro Lestari 218
Kuala Lumpur Kepong 214
First Resources 180
Plantation
IOI Corporation 174
Genting Plantations 144 Integrated
Bumitama 132
Eagle High Plantations 126 Sipef
London Sumatra Indon 96
Socfinaf 91
Sampoerna Agro 84
SIPEF 72
2017 2018 Var %
Anglo Eastern Plantations 66
Total 3.546 3.528 -0,5%
Socfinasia 39 Sipef 69,30 71,50 3,2%
MP Evans 39
R.E.A. Holdings 37
Peer review
Age Profile: Average age planted hectares (2018)
Golden Agri-Resources 16,0

London Sumatra Indon 16,0
Astra Agro Lestari 15,3
Salim Ivomas Pratama 15,0
Socfinasia 14,5
Felda Global Ventures 14,3
IOI Corporation 14,0
R.E.A. Holdings 13,8
Plantation
Sime Darby 12,8
Kuala Lumpur Kepong 12,1
Integrated
Socfinaf 11,7
Wilmar International 11,0 Sipef
Sampoerna Agro 11,0
First Resources 11,0
Genting Plantations 10,7
Anglo Eastern Plantations 10,5
SIPEF 10,3
2017 2018 Var %
Bumitama 9,8 Average 11,97 12,31 2,9%
Eagle High Plantations 9,4 Sipef 10,26 10,32 0,6%
MP Evans 7,0

Peer review
FFB Yield – MT/ha (2018)
Socfinasia 24,4
SIPEF 22,2
Wilmar International 21,6
Plantation
Sime Darby 20,5
Bumitama 20,4
Integrated
MP Evans 19,3
Anglo Eastern Plantations 18,6 Sipef

Sampoerna Agro 15,0 2017 2018 Var %
Socfinaf 14,9 Average 17,8 19,5 9,2%
Eagle High Plantations 12,3 Sipef 23,9 22,2 -6,9%
Sipef including the South Sumatra Group as of 2018

Peer review
Extraction rate from FFB to CPO (2018)
MP Evans 23,5%
SIPEF 23,4%
London Sumatra Indon 23,0%
Socfinasia 22,9%
Eagle High Plantations 22,9%
First Resources 22,9%
R.E.A. Holdings 22,5%
Bumitama 22,1%
Plantation
Socfinaf 22,0%
Salim Ivomas Pratama 22,0%
Integrated
Golden Agri-Resources 21,9%
Kuala Lumpur Kepong 21,8%
Sipef
Sampoerna Agro 21,3%
Genting Plantations 21,3%
Sime Darby 21,0%
IOI Corporation 20,9%
Anglo Eastern Plantations 20,7%
2017 2018 Var %
Felda Global Ventures 20,5% Average 21,9% 21,8% -0,4%
Astra Agro Lestari 20,3% Sipef 23,4% 23,4% -0,2%
Wilmar International 20,0%

Peer review
CPO Yield – MT/ha (2018)
Socfinasia 5,59
SIPEF 5,19
MP Evans 4,54
Bumitama 4,51
Plantation
Integrated
Sime Darby 4,31
Sipef
Socfinaf 3,29 2017 2018 Var %
Average 3,91 4,26 8,9%
Sampoerna Agro 3,20
Sipef 5,58 5,19 -7,0%
Eagle High Plantations 2,82

Peer review
Market Cap in MUSD (2018)
Wilmar International 14.804

Sime Darby 9.081
IOI Corporation 7.060
Kuala Lumpur Kepong 6.594
Golden Agri-Resources 2.872
First Resources 1.947
Genting Plantations 1.929
Astra Agro Lestari 1.676
Plantation
Felda Global Ventures 1.415
Bumitama 883 Integrated
SIPEF 705
Sipef
London Sumatra Indon 591
Salim Ivomas Pratama 558
MP Evans 538
Eagle High Plantations 448
Anglo Eastern Plantations 363
Sampoerna Agro 306
2017 2018 Var %
Socfinasia 381
Total 2.765 2.630 -4,9%
Socfinaf 294 Sipef 750 705 -6,0%
R.E.A. Holdings 163

Peer review
Dividend Yields (based on average market cap 2018)
Socfinasia 5,5%
Bumitama 4,0%
Sime Darby 3,2%
Sampoerna Agro 2,9%
Astra Agro Lestari 2,7%
First Resources 2,0% Plantation
MP Evans 1,8% Integrated
London Sumatra Indon 1,5%

Sipef
SIPEF 1,0%
Socfinaf 0,7%
Anglo Eastern Plantations 0,4%
Felda Global Ventures
Salim Ivomas Pratama0,0%
R.E.A. Holdings0,0%
Eagle High Plantations0,0%

Peer review
Price Earning Ratio (based on average market cap 2018)
Socfinaf 52,4
SIPEF 31,0
Sime Darby 21,3
First Resources 16,2 Plantation
Socfinasia 12,5 Integrated
Bumitama 11,7
IOI Corporation 9,3 Sipef
MP Evans * 0,0
Sampoerna Agro * 0,0
Golden Agri-Resources *
Salim Ivomas Pratama *
Felda Global Ventures * 0,0
R.E.A. Holdings * 0,0
Eagle High Plantations * 0,0
* Not included as irrelevant (profit close to break-even or loss for the year)
Peer review
Net financial position/Equity Ratio (2018)
Eagle High Plantations 141,7%

Socfinaf 83,2%
R.E.A. Holdings 72,5%
Sampoerna Agro 70,0%
Felda Global Ventures 63,2%
Bumitama 54,7%
Plantation
Salim Ivomas Pratama 43,9%
Integrated
Sime Darby 37,6%
First Resources Sipef
28,5%
Astra Agro Lestari 24,0%
SIPEF 17,9%
Socfinasia 2,9%
MP Evans 1,5%
London Sumatra Indon* -20,0%
Anglo Eastern Plantations* -20,0%
* Cash surplus at the end of the year


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SIPEF

February 13, 2020

The Connection to the world of Sustainable Tropical Agriculture 1

2. SIPEF Group – Palm oil in the world

3. SIPEF Group – Volcanic eruption PNG

4. SIPEF Group – Expansion

5. SIPEF Group – Productions & prices

6. SIPEF Group – Financial performance

Agriculture • 1st segment of the supply chain - commodities

Tropical • Recent industrialised countries

Sustainable • Audited certifications

Connection • Publicly quoted

The Connection to the world of Sustainable Tropical Agriculture 3

Continuous • Continuous crops

• Palm oil : basic commodity for food (and recently

• Indonesia : leading producing country within Asian

The Connection to the world of Sustainable Tropical Agriculture 4

The Connection to the world of Sustainable Tropical Agriculture 5

The Connection to the world of Sustainable Tropical Agriculture 7

Indonesia 60 506 6 159 1 768 0 0 68 433 82% 61 768

PNG 13 707 0 0 0 0 13 707 17% 13 707

Ivory Coast 0 0 0 796 31 827 1% 827

Total 74 213 6 159 1 768 796 31 82 967 100% 76 302

% of total 89% 7% 2% 1% 0% 100%

Group share 68 595 5 284 1 596 796 31 76 302

2. SIPEF Group – Palm oil in the world

3. SIPEF Group – Volcanic eruption PNG

4. SIPEF Group – Expansion

5. SIPEF Group – Productions & prices

6. SIPEF Group – Financial performance

• Population growth will have a

• Rising middle class is causing diet

• Agricultural land is increasingly

The Connection to the world of Sustainable Tropical Agriculture 10

• Increased demand for

• Increased demand for biofuel

• Decreasing Agricultural land per

• Disposable income growth in

The Connection to the world of Sustainable Tropical Agriculture 12

Resources used per vegetable oil:

The Connection to the world of Sustainable Tropical Agriculture 13

Palm kernel and coconut

Soybean oil Palm kernel and

2019 Palm oil production Source: Oilworld

• Palm oil remains confronted with a European perception problem

The Connection to the world of Sustainable Tropical Agriculture 16

The Connection to the world of Sustainable Tropical Agriculture 17

The Connection to the world of Sustainable Tropical Agriculture 18

3,05 Million Ha RSPO certified production area

RSPO Certified Ha (in KHa)

The Connection to the world of Sustainable Tropical Agriculture 19

The Connection to the world of Sustainable Tropical Agriculture 20

Biodiesel use of major feedstock (Mn T)

Soya oil Palm oil Rape oil Other oils

The Connection to the world of Sustainable Tropical Agriculture 21

3,8 Mn tonnes 3,8 Mn tonnes

2. SIPEF Group – Palm oil in the world