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									Company Presentation
     June 2010

This document and its contents are confidential and should not be copied, reproduced, distributed or passed on, directly or indirectly, to any other persons or
published in whole or in part for any purpose. The presentation and any further confidential information made available to you is being supplied to you by
Equatorial Palm Oil plc (the “Company”) solely for your information and may not be reproduced, forwarded to any other person or published, in whole or in part,
for any other purpose. This document and its contents have not been approved by an authorised person within the meaning of the Financial Services and
Markets Act 2000 and do not conform to the rules and regulations of the U.S. Securities and Exchange Commission and other regulatory bodies in the United
States. The securities mentioned herein have not been and will not be, registered under the Securities Act or under any U.S. State securities laws, and may
not be offered or sold in the United States unless they are registered under the Securities Act or pursuant to an exemption from or in a transaction not subject
to the registration requirements of the Securities Act.

This presentation is being distributed on request in or from the United Kingdom and the United States (as such term is defined in Regulation S under the U.S.
Securities Act of 1933, as amended (the “Securities Act”)) only to and are directed at (1) (a) persons who have professional experience in matters relating to
investments being investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the
“FPO”), (b) high net worth companies as defined in Article 49(2) of the FPO, (c) certified sophisticated investors as defined in Article 50(1) of the FPO or (d)
persons to whom it may otherwise lawfully be communicated (together “Relevant Persons”) and (2) persons within the United States who are “accredited
investors” as defined in Rule 501(a) of Regulation D under the Securities Act who are also “qualified institutional buyers” (“QIBs”) as defined in Rule 144A
under the Securities Act. In order to qualify as a certified sophisticated investor you must have a current certificate signed by a person authorised by the
Financial Services Authority to the effect that you are sufficiently knowledgeable to understand the risks associated with this particular type of investment and
you must have signed within the last 12 months a statement in the terms set out in Article 50(1)(b) of the FPO. The ordinary shares are available only to, and
any invitation, offer or agreement to subscribe, purchase or otherwise acquire the ordinary shares will be engaged in only with, Relevant Persons or Accredited
Investors. Any person who is not a Relevant Person or an Accredited Investor should not rely on this document nor take any action upon it, but should return it
immediately to the Company.

We urge you to review the carefully before making any investment decision. This presentation shall not constitute an offer to sell, or the solicitations of an offer
to buy, nor shall there be any sale of the securities mentioned herein in any State in which such offer, solicitation, or sale would be unlawful under the securities
laws of any such State. Neither the Securities and Exchange Commission, nor any state regulatory authority endorses this offering. This presentation must be
read in conjunction with the Admission Document and it contains only a synopsis of more detailed information to be made available in relation to the matters
described in this document and accordingly no reliance may be placed for any purpose whatsoever on the sufficiency or completeness of such information and
to do so could potentially expose you to a significant risk of losing all of the property invested by you. The proposals in the presentation are preliminary and are
subject to updating, completion, revision, amendment and verification, which may result in material changes. No reliance should be placed on any of the
information and no representation or warranty, express or implied, is given by the Company as to the accuracy of the information or opinions contained in this
document and, save in respect of fraud, no liability is accepted by the Company or any of its directors, members, officers, employees, agents or advisers for
any such information or opinions.

This presentation contains certain forward-looking information about the Company which are statements, beliefs, opinions or projections that are not historical
facts. By their nature, forward looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ
materially from those expressed or implied by the forward looking statements. Words such as “expect(s)”, “believe(s)”, “may”, “anticipate(s)”, “project(s)”,
“forecast” and similar expressions are intended to identify forward-looking statements. Forward looking statements contained in this document regarding past
trends or activities should not be taken as a representation that such trends or activities will continue in the future. Accordingly, results could differ from those
projected as a result of, among other factors, changes in economic and market conditions, changes in the regulatory environment and other business and
operational risks.

By attending the presentation and/or retaining these presentation materials you agree to be bound by the foregoing restrictions.

                                                  Mission Statement

“Equatorial Palm Oil Plc aims to be a sustainable, low-cost producer of crude
  palm oil in Africa through the reactivation and development of its existing
              plantations and agricultural land position in Liberia”

                       Equatorial Palm Oil (EPIC: PAL)

                                                                     Key Data

Share Price                 13.25p

Market                      AIM

Ticker                      PAL

Market Capitalisation       £10.86m

Ordinary Shares in issue    114.75m
                                                  Significant Shareholders

Nominated Advisor & Joint   Shore Capital &                                  BioPalm Energy Ltd

Broker                      Corporate Ltd                                    Chase Nominees

Joint Broker                Mirabaud Securities                              Joseph Jaoudi

                            LLP                                              Michael Frayne

                                                                             Harewood Nominees

                                                           Investment Overview

•   Land position of c.169,000 hectares with proven suitability for sustainable cultivation
    of oil palms for the production of crude palm oil („CPO‟)

•   10 year target of at least 50,000 hectares of oil palm planted & CPO production of
    250,000 tpa

•   Active development strategy focussed on early stage cash flow to deliver value to
    shareholders - project offers short-term cash flow with high longer term capital growth

•   Liberia is a newly politically stable country and a fast growing investment destination
    for multi-national corporations (Arcelor Mittal, Sime Darby)

•   Highly favourable valuation compared to listed peer group

•   Recently secured £5 million from investment by Indian conglomerate The Siva Group

•   Highly experienced management team with proven track record of managing growth
    and in particular, palm oil developments
         Palm oil is the most widely produced edible oil in the world, with demand increasing
                                                    Board & Senior Management

Michael Frayne                    15 years of experience in the resources sector, successfully establishing several UK and Australian
Executive Chairman                listed companies - founding director of Asia Energy plc

Peter Bayliss                     Over 20 years of experience in the oil palm sector, including 8 years in PNG with New Britain Palm Oil
                                  Development Ltd. Significant experience in large scale plantation development, particularly in
Managing Director                 Indonesia with SA SIPEF NV

Geoff Brown                       Former Chairman of New Britain Palm Oil & Plantations Director of Harrisons & Crosfield plc. Over 40
                                  years of experience in plantation management, including 10+ in Malaysia and 20+ in Indonesia as
Plantations Director              Managing Director of P.T. London Sumatra Indonesia

Joseph Jaoudi                     A qualified engineer who owned and operated the Palm Bay plantation in Liberia for over 10 years. He
Non Executive Director            also managed other significant businesses in Liberia and USA including biomass power generation

Anthony Samaha                    Chartered accountant ex Ernst & Young, experience in due diligence, capital raising, valuations, and
Non Executive Director            mergers and acquisitions. Anthony is a director of AIM listed, Altona Energy plc

Tim Daniel                        Qualified Chartered Accountant ex KPMG. Tim subsequently worked as an investment analyst with a
Chief Financial Officer           London-based hedge fund, focusing on the high yield bond market

Alan Yancy                        30 years extensive experience of Liberian business and politics and held senior positions in the
Manager Corporate Affairs         Liberian Sugar Corporation for 7 years

David Parker                      Five years in Liberia with one of his key roles advising the European Commission on the development
Manager of Small Holder Affairs   of rubber and oil palm plantations

                                                                       Market Dynamics

•   Growth facilitated by strong domestic and global demand for CPO:
     •   Import of CPO into West Africa is currently over 800,000 tonnes per annum
     •   Increasing population and improved standards of living – primary drivers in India and China
     •   Diet and preference - US has seen 30% annualised growth in demand in the last 7 years due to positive
         health findings
     •   Additional industrial demand underpinned by crude mineral oil price

•   Oil palm is indigenous to West Africa and with the application of SE Asian techniques and the
    latest seed genetics, Africa should again become a key player in world CPO market

•   Significant under-investment in West African oil palm industry compared to Malaysia and
    Indonesia due to historical reasons

•   Provides a comparably lower cost entry point for palm oil development and investment

•   High demand from large companies, including Sainsbury‟s and Unilever, which are now looking to
    develop sustainable palm oil

“CPO demand is projected to grow at 5-6% p.a. until 2015, driven by demand in Africa, India, China &
                          the US, in addition to renewable energy demand”

                                                                                                               Crude Palm Oil Price

                                            Price of CPO expected to remain robust in the short and medium term

CPO Rotterdam (US$/tonne)













                                    Source: Bloomberg

                                                                     Palm Oil Products
Top Selling Products Containing Palm Oil

 Brand                                Manufacturer      Sales (£m)
 Warburtons                           Warburtons        709
 Hovis                                Premier Foods     405
 Cadbury Dairy Milk                   Cadbury           374
 Kingsmill                            ABF               363
 Persil                               Unilever          210
 Flora Spreads                        Unilever          200
 Galaxy                               Mars              185
 Young‟s Frozen Fish                  Young‟s           184
 Kit Kat                              Nestle            183
 Mr Kipling Cakes                     Premier Foods     174
 Wrigley‟s Extra                      Wrigley           170
 Birds Eye Poultry                    Birds Eye         130
 Maltesers                            Mars              130
 Mars                                 Mars              123
 Kellogg‟s Special K                  Kellogg‟s         122
 Ginsters                             Ginsters          114
 McVitie‟s Digestive                  United Biscuits   106
 Comfort                              Unilever          106
 Goodfella‟s Pizza                    Northern Foods    101
                                                      Project Locations
Plantations have excellent access to infrastructure and ports

                                    Land Position – Ideally Situated

•   Substantial land position of 169,000 hectares highly suitable for development of oil
    palm plantations

•   50 year lease ratified by the Government of Liberia

•   Three separate plantations of varying stages of development

•   Brownfield sites qualify production for „Sustainable Palm Oil‟ status for international
    export markets

•   Geographically well placed with established infrastructure, in close vicinity to deep
    water ports and suitable labour availability

•   Developed in tandem with active out growers programme; generating local support

       “It is increasingly difficult to acquire arable plantation land in Asia and thus it is
              imperative that new frontiers be sought to meet increasing demand.”
                   Ahmad Zubir Murshid, Chief Executive of Sime Darby
                                                        Opportunity in Liberia

•   New stable political regime under Ellen Johnson Sirleaf (US backed)

•   Highly encouraging economic outlook with international investment legislation

•   Significant private direct investments over the past 24 months include:
     •   Arcelor Mittal – US$1.5bn iron ore mine development
     •   Firestone Rubber – renewal of rubber estate concessions with expansion investment
     •   China Union – 25 year US$2.6bn mineral development agreement
     •   Sime Darby – 63 year oil palm/rubber agreement with development plan for 220,000ha

•   2010 GDP forecasted to grow at 11.2%; large agricultural sector

•   Political risk remains but international initiatives in place to mitigate

    “...China and the United States are investing in Liberia in a big way... We cannot wait
        until everything is perfect and then decide to invest. By then it will be too late.”
          Ahmad Zubir Murshid, Chief Executive of Sime Darby (November 2009)

                                        Achievements Since Listing

•   Commenced reactivation of 3,000 hectares of existing oil palm plantations at Palm
    Bay with a view to quickly establishing CPO production and generating early stage
    cash flow

•   Confirmed the initial order of 220,000 oil palm seeds with Unipalm – the seeds have
    been specifically cultivated for the West African palm

•   Commenced land preparation at Palm Bay and Butaw nurseries

•   Shipment of 5tph palm oil mill in transit for the Palm Bay Plantation – delivery
    expected by end of July

•   Embarked upon an active recruitment programme – workforce of circa. 200 people to
    implement strategy

•   £5 million finance from The Siva Group secured to accelerate development

                                                     Palm Oil Processing Mill

•   First palm oil processing mill in transit from Modipalm Engineering in Malaysia
     •   Expected to be delivered to Liberia by the end of July
     •   Mill will then be transported by road to Palm Bay Plantation

•   Production of CPO will provide early cash flow
     •   Produced from fruit from reactivation of 3,000 hectares at Palm Bay

•   Throughput of five tonnes of fresh fruit bunches per hour

•   Modipalm has more than 30 years experience manufacturing plant and machinery,
    equipment and parts for palm oil mills
                                                     Development Milestones

                 Initial 12 Months                                     12-24 Months

•     Ship first 5 tph palm oil mill from Malaysia   •   Field plant first oil palms out of nurseries
•     Increase local workforce to advance            •   Expand nurseries
                                                     •   Commence operations at River Cess, the
•     Reactivate 3,000 hectares at Palm Bay              third plantation site
•     Establish nurseries at Palm Bay and Butaw      •   Further land preparation for field planting
•     Prepare first 1,200 hectares of land for       •   Continual harvesting from reactivation
      planting - 600 ha each at Palm Bay & Butaw
                                                     •   Further develop associated & downstream
•     Commission palm oil mill                           infrastructure
•     Sales of CPO                                   •   Detailed surveys of expansion areas

                                                     •   Commence out growers program

     Strategic targets: 50,000 hectares of oil palm planted within 10 years & CPO production of
    250,000 tpa increasing to 100,000 ha planted - (current palm oil price $US790 CIF Rotterdam)


•   Committed to developing projects in a sustainable manner and is a member of
    Roundtable on Sustainable Palm Oil

•   Existing plantations are based on previously logged land so will not cause
    degradation to primary forested areas in Liberia.

•   Currently there are only 21 companies certified by RSPO - estimated that just 3% of
    the world‟s palm oil production is sustainable

•   Several large companies, including Sainsbury‟s and Unilever, are now looking to
    develop sustainable palm oil and are active with RSPO

                                                                                                            Peer Comparisons

                                   Market      Principal plantation   Position   Planted*    Production      Production     FFB Yield     CPO yield       Other assets

       Name             Ticker     (GBP)           location(s)          (ha)       (ha)     (FFB, tonnes)   (CPO, tonnes)   (tonnes/ha)   (tonnes/ha)

                        NBPO                                                                                                                            Sugar cane,
New Britain Palm Oil               763.8     Papua New Guinea         85,000     48,907      1,039,826        335,528         21.3           6.7
                        LN                                                                                                                              pasture

Anglo-Eastern           AEP                                                                                                                             Rubber
                                   184.7     Indonesia & Malaysia     100,000    45,000       617,582         213,159          13.7          4.7
Plantations             LN                                                                                                                              plantations

                                                                                                                                                        Beef cattle,
MP Evans Group                     176.3     Indonesia                70,466     25,700       562,800         106,400          21.9          4.1        Australia; real
                                                                                                                                                        estate, Malaysia

                        RE/                                                                                                                             Emerging coal
REA Holdings                       169.6     Indonesia                114,818    26,907       490,178         118,357          18.2          4.4
                        LN                                                                                                                              business

Asian Plantations                   33.1     Malaysia                 10,660      2,500           -               -              -             -

Equatorial Palm Oil                 10.0     Liberia                  168,947     3,000           -               -              -             -

Market data at close, 17 May

*Total planted area; may include both mature and immature land.

       Michael Frayne
  Equatorial Palm Oil Plc
      94 Jermyn Street
   London SW1Y 6JE
 Tel: +44 (0)20 7766 7500
 Fax: +44 (0)20 7766 7599
Mobile: +44 (0)7788 724 010

Recent Press

Recent Press

Recent Press

                                     Recent Press

Source: Starbiz - 10 November 2009
                                                              Recent Press

“As US deadlines for the banning of restaurant use of cooking oils containing trans-
fats approaches, palm oil producers' confidence is rising that 2010 will deliver higher
prices. Major grower IOI Corp Palm last week announced plantation expansions.
Palm has been steady around US$715 a tonne for the past month or so, a stability
which is attracting strong Pakistan and Middle East buying.”

 Source: Agriprods Nov 2009

                                                                           Why Agriculture? Why Palm Oil?
                              Per Capita Arable Land for Agriculture
Ha Arable Land per Person                 Source: FAO, Potashcorp                          •   Import of CPO into West Africa is currently
                                                                                               over 800,000 tonnes per annum and
        0.5                                                                                    demand continues to grow
        0.4                                                                                •   Palm oil has recently overtaken soya as the
                                                                                               most produced edible vegetable oil
        0.2                                                                                •   In 2007, for the first time in history the global
        0.1                                                                                    urban population exceeded the rural
                 1950       1960   1970       1980       1990       2000   2010F   2020F   •   If the same amount of food were to be
                                                                                               produced today, with the yields of 1961,
                                                                                               then the world would require an additional
                                                                                               970 million ha, or more than the total land
                                                                                               area of the United States
                                                                                           •   In the last 40 years, the area of global
                                                                                               agricultural land has grown by 10%
                                                                                           •   “It is increasingly difficult to acquire arable
                                                                                               plantation land in Asia and thus it is
                                                                                               imperative that new frontiers be sought to
                                                                                               meet increasing demand” - Ahmad Zubir
                                                                                               Murshid, Chief Executive of Sime Darby

                                                                             Palm Oil

•   Extracted from the reddish palm fruit which is harvested and pressed into crude palm
    oil („CPO‟)

•   A healthy alternative to hydrogenated oils such as soya and sunflower oil

•   Used in foods – margarine, instant noodles, chocolate and processed foods

•   43 of top 100 food brands in UK contain palm oil

•   Soap, detergents, cosmetics & pharmaceuticals

         15 Year Old Plantation   Fresh Fruit Bunch        Individual Palm
                                        (FFB)                    Fruit
                                                                                 World Palm Oil Demand
                                                             World Palm Oil Demand
                         80,000                                                                                                                    18%
                         75,000                                                                                                                    17%
                         70,000                                                                                                                    16%
                         65,000                                                                                                                    15%
                         60,000                                                                                                                    14%
                         55,000                                                                                                                    13%
Consumption, mT(000's)

                                                                                                                                                          Annual Growth Rate, %
                         50,000                                                                                                                    12%
                         45,000                                                                                                                    11%
                         40,000                                                                                                                    10%
                         35,000                                                                                                                    9%
                         30,000                                                                                                                    8%
                         25,000                                                                                                                    7%
                         20,000                                                                                                                    6%
                         15,000                                                                                                                    5%
                         10,000                                                                                                                    4%
                          5,000                                                                                                                    3%
                             0                                                                                                                     2%

                                  Developed Economy Food Demand, mT (000s)           Industrial & Residual Demand, mT (000s)
                                  Developing Economy Food Demand, mT (000s)          Annual Growth Rates           Source: USDA, First Capitol Risk Management

                                                   Source: First Capitol Risk Management, LLC October 28, 2009                                                                    27
                                                  Palm Oil Demand in Africa 1996-08

                                       Palm Oil Demand in Africa 1996-2008




mT (1000's)






                      1996   1997   1998   1999   2000   2001    2002   2003     2004    2005    2006   2007    2008

                                       Food Use Consumption                    Industrial Consumption
                                                                                                               Source: USDA FAS

                                     Source: First Capitol Risk Management, LLC October 28, 2009                                  28
                                                        Stocks to Use & Price Forecast
                                                  Stocks to Use and Price Forecast
                   13%                                                                                                               $975

                   12%                                                                                                               $900

                   11%                                                                                                               $825

                   10%                                                                                                               $750

                   9%                                                                                                                $675
Stocks to Use, %

                   8%                                                                                                                $600

                                                                                                                                              Price, USD/mT
                   7%                                                                                                                $525

                   6%                                                                                                                $450

                   5%                                                                                                                $375

                   4%                                                                                                                $300

                   3%                                                                                                                $225

                   2%                                                                                                                $150

                   1%                                                                                                                $75

                   0%                                                                                                                $0

                         Stocks to Use Ratio, %         Low Price, USD/mT         Base Price, USD/mT           High Price, USD/mT
                                                                                                           Source: USDA, First Capitol Risk Management

                                             Source: First Capitol Risk Management, LLC October 28, 2009                                                      29
                                               A Low Cost Producer

EPO expects to be among the lowest cost producers of edible oils in the world
                      in terms of USD per tonnes

        US A S o y O il                                            460

           M a la ysia n
            P a lm O il

       B ra zil S o y O il                     230

        E P O Inte rna l
             E s t.

            Indo ne s ia
                                        16 5
             P a lm O il

        Source: ASI Global, Oil World

                                                  Out-grower Programme

 A successful out-grower programme will significantly expand production in addition to
                             company owned estates…

                        •   Increases rates of land under production
Company                 •   Additional feedstock to complement company owned estates
                        •   Low relative capex & opex to company owned estates

Dev Banks/              •   Access to alternate sources of funding via development banks
 Agencies               •   Technical support & lobbying also available

                    •       Provides additional benefits to local communities
 Liberia            •       Increases project momentum & support (Gov & local community)
                    •       Broadens tax base & participation


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