Investor Relations – Financial Highlights

Short MD&A

Key movements in Q1/22

Y-on-Y highlights, Q1-2022 against Q1-2021:

• Sales volume has decreased by 2%, contributed by 4% lower export sales volume. Domestic sales volume accounted 83%, an increase from prior year 82% to total sales.
• Sales revenue has increased by 21% due to an increase in the average selling price by 24%.
• Cost of Goods Sold has increased by 25%, from higher raw material costs, energy costs and an increase in production volume by 5%.
• EBITDA’s value has increased by 6% from higher sales revenue and EBITDA’s margin has decreased by 13% from higher Cost of Goods Sold.
• Profit for the period has increased by 4%, due to appreciation of IDR-USD exchange rate.
• Total liabilities and debt have increased by 13% and 15%, due to subsidiary’s additional working capital requirements from increased in subsidiary’s production volume.
• Net Debt/EBITDA has decreased by 9% due to an increase of EBITDA and Debt/Equity has increased by 6% due to higher debt from additional working capital requirements.

Q-on-Q highlights, Q1-2022 against Q4-2021:

• Sales volume has decreased by 6%, due to 28% lower export sales volume. Domestic sales volume accounted 83%, an increase from prior quarter 78% to total sales.
• Sales revenue has decreased by 2% due to a decrease in the sales volume by 6%.
• Cost of Goods Sold has decreased by 5%, due to lower raw material and energy costs.
• EBITDA’s value and EBITDA’s margin have increased by 19% and 22%, from higher EBITDA.
• Profit for the period has increased by 88%, due to higher EBITDA.
• Total liabilities have increased by 7%, due to increased in current liabilities for dividend payment due in Apr/2022.
• Net Debt/EBITDA have decreased by 1% and Debt/Equity have increased 3% due to decrease in Equity for dividend distribution.

Notes:

• On 31 March 2022, the Total Debt of IDR 6,378 billion consisted of around USD 158 million and IDR 4,078 billion.
• Cost of Debt (Pre-Tax) has been increased in Q1-2022, from 3.2% (Q4/21) to 3.3% (Q1/22). The increase were mainly due to rising reference rates of USD denominated loans.