Investor Relations – Financial Highlights

Short MD&A

Key movements in Q1/23

Y-on-Y highlights, Q1-2023 against Q1-2022:

• Sales volume has decreased by 4%, contributed by 19% lower domestic sales volume. Domestic sales volume accounted for 70%, a decrease from the prior year 83% to total sales.
• Sales revenue has decreased by 30% due to a decrease in the average selling price by 27% and a decrease in the sales volume.
• Cost of Goods Sold has decreased by 24%, from lower raw material costs and a decrease in production volume by 10%.
• EBITDA’s value and EBITDA’s margin have decreased by 78% and 68%, from higher Cost of Goods Sold.
• Profit for the period has decreased by 141%, from higher interest expenses.
• Total liabilities and Total debt have decreased by 9% and 5% from repayment of long-term loans.
• Net Debt/EBITDA has increased by 150% due to lower trailing twelve months EBITDA. Debt/Equity has decreased by 3% due to lower debt from repayment of loans.

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Q-on-Q highlights, Q1-2023 against Q4-2022:

• Sales volume has increased by 12%, contributed by 20% higher export sales volume. Domestic sales volume accounted for 70%, a decrease from the prior quarter 72% to total sales.
• Sales revenue has increased by 8% due to a decrease in the average selling price by 3% and an increase in the sales volume.
• Cost of Goods Sold has decreased by 1%, due to NRV (Net Realizable Value) write downs.
• EBITDA’s value and EBITDA’s margin have increased by 210% and 202%, from lower Cost of Goods Sold.
• Profit for the period has increased by 64%, from gain on foreign exchange.
• Total liabilities has increased by 1% from dividend payable which will distributed on Apr 23 and total debt has decreased by 0.3% from repayment of loans.
• Net Debt/EBITDA has increased by 57% due to lower trailing twelve months EBITDA. Debt/Equity has increased by 3% due to lower equity from dividend distribution.

Notes:

• On 31 March 2023, the Total Debt of IDR 6,045 billion consisted of around USD 107 million and IDR 4,441 billion.
• Cost of Debt (Pre-Tax) has been increased in Q1-2023, from 3.8% (Q3/22), 4.5% (Q4/22), to 5.2% (Q1/23). The increase was mainly due to rising USD and IDR denominated loan reference rates.