Golden Agri-Resources delivers record revenue and profit

The Group posted an all-time-high quarterly revenue of US$747 million, up 172% from a
year ago. Net profit attributable to shareholders for the quarter was also a record at
US$443 million, two times the profit recorded in the last corresponding quarter.
The outstanding performance was the result of higher CPO production and a surge in
CPO market prices of close to 100%. CPO production rose due to recovering weather
conditions following the effect of El Nino in the first half of 2007.
Sales volume for the quarter increased by 48% as a result of improved production and
delayed sales brought over from end-2007 (caused by bad coastal weather).
At the bottomline, there was a US$307 million net gain from changes in fair value of the
Group’s biological assets (after tax and minority interests). Excluding this gain and
exceptional items, the net profit for the quarter still grew by a robust 177% to US$136
million.
Mr Franky Widjaja, Group CEO, said that the Group has had an excellent start to the
year. “We are seeing a continuation of a Golden Era for Golden Agri and are reaping
the benefits of our large hectarage of oil palm plantation and our continual efforts to
improve yields and optimise resources. Our fresh fruit bunch yield and CPO extraction
rate are among the highest in the industry.”

OPERATIONAL HIGHLIGHTS
During the quarter, GAR increased its planted area to 364,000 hectares. On more than
244,000 hectares, or two thirds, of the planted area, the trees are between seven and 18
years of age, the prime producing years for oil palms. This large mature planted area
puts GAR in a strong position to capitalise on the historically high CPO prices.
GAR has maintained its production efficiency, raising palm products production by 31%
to 538,000 tons. The fresh fruit bunch yield has been recovered after the drought in late
2006 and early 2007, increasing by about 20% to 5.8 tons per hectare for the quarter.
The CPO extraction rate was stable at 23.43%.