Investor Relations – Financial Highlights

Short MD&A

Key movements in Q2/22

Y-on-Y highlights, Q2-2022 against Q2-2021:

• Sales volume has increased by 3%, contributed by 31% higher export sales volume. Domestic sales volume accounted 74%, a decrease from prior year 80% to total sales.
• Sales revenue has increased by 11% due to an increase in the average selling price by 8%.
• Cost of Goods Sold has increased by 14%, from higher raw material costs, energy costs and an increase in production volume by 5%.
• EBITDA’s value and EBITDA’s margin have decreased by 5% and 15%, from higher Cost of Goods Sold.
• Profit for the period has decreased by 29%, due to depreciation of USD-IDR exchange rate and increase in Cost of Goods Sold.
• Total liabilities and debt have increased by 5% and 8%, due to subsidiary’s additional working capital requirements from increased in subsidiary’s production volume.
• Net Debt/EBITDA has decreased by 7% due to higher in trailing twelve months EBITDA and Debt/Equity has increased by 1% due to higher debt from additional working capital requirements.

Q-on-Q highlights, Q2-2022 against Q1-2022:

• Sales volume has decreased by 1%, contributed by 11% lower domestic sales volume. Domestic sales volume accounted 74%, a decrease from prior quarter 83% to total sales.
• Sales revenue has decreased by 2% due to a decrease in the average selling price by 2%.
• Cost of Goods Sold has increased by 0.4%, from higher raw material costs and energy costs.
• EBITDA’s value and EBITDA’s margin have decreased by 23% and 21%, from lower sales revenue.
• Profit for the period has decreased by 51%, due to depreciation of USD-IDR exchange rate and increase in Cost of Goods Sold.
• Total Debt has increased by 5%, due to higher debt from additional working capital requirements, while Total liabilities has decreased by 1% due to the reduction of current liabilities from dividend payable.
• Net Debt/EBITDA have increased by 7% and Debt/Equity have increased 3% due to higher debt from additional working capital requirements

Y-on-Y highlights, H1-2022 against H1-2021

• Sales volume has increased by 0.5%, contributed by 14% higher export sales volume. Domestic sales volume accounted 79%, a decrease from prior year 81% to total sales.
• Sales revenue has increased by 16% due to an increase in the average selling price by 16%.
• Cost of Goods Sold has increased by 19%, from higher raw material costs, energy costs and an increase in production volume by 5%.
• EBITDA’s value has increased by 1% from higher sales revenue and EBITDA’s margin has decreased by 13% from higher Cost of Goods Sold.
• Profit for the period has decreased by 10%, due to an increase in Cost of Goods Sold and interest expense.
• Total liabilities and debt have increased by 5% and 8%, due to subsidiary’s additional working capital requirements from increased in subsidiary’s production volume.
• Net Debt/EBITDA has decreased by 7% due to higher in trailing twelve months EBITDA and Debt/Equity has increased by 1% due to higher debt from additional working capital requirements.

Notes:

• On 30 June 2022, the Total Debt of IDR 6,706 billion consisted of around USD 119 million and IDR 4,939 billion.
• Cost of Debt (Pre-Tax) has been increased in Q2-2022, from 3.2% (Q4/21), 3.3% (Q1/22), to 3.3% (Q2/22). The increase were mainly due to rising reference rates of USD denominated loans.