Investor Relations – Financial Highlights

Short MD&A
Key movements in Q3/21

Y-on-Y highlights, Q3-2021 against Q3-2020:

• Sales volume has increased by 9%, contributed by 37% higher domestic sales volume. Domestic sales volume accounted 74%, an increase from prior year 59% to total sales.
• Sales revenue has increased by 60% due to an increase in the average selling price by 47% and sales volume by 9%
• Cost of Goods Sold has increased by 61%, from higher raw material costs and an increase in production volume by 15%.
• EBITDA’s value has increased by 43% from higher sales revenue and EBITDA’s margin has decreased by 11% from higher Cost of Goods Sold.
• Profit for the period has increased by 1,504%, due to appreciation of IDR-USD exchange rate.
• Total liabilities and debt have increased by 22% and 21%, due to additional loan to fund subsidiary’s refurbishment projects.
• Net Debt/EBITDA has decreased by 9% due to an increase of EBITDA and Debt/Equity has increased by 9% due to higher debt from additional working capital requirements.

Y-on-Y highlights, 9M-2021 against 9M-2020:

• Sales volume has increased by 9%, due to 35% higher domestic sales volume. Domestic sales volume accounted 79%, an increase from prior year 64% to total sales.
• Sales revenue has increased by 50% due to an increase in the average selling price by 38% and sales volume by 9%.
• Cost of Goods Sold has increased by 53%, from higher raw material costs and an increase in production volume by 10%.

• EBITDA’s value has increased by 35% from higher sales revenue and EBITDA’s margin has decreased by 10% from higher Cost of Goods Sold.
• Profit for the period has increased by 122%, due to higher EBITDA.
• Total liabilities and debt have increased by 22% and 21%, due to additional loan to fund subsidiary’s refurbishment projects.
• Net Debt/EBITDA has decreased by 9% due to an increase of EBITDA and Debt/Equity has increased by 9% due to higher debt from additional working capital requirements.

Q-on-Q highlights, Q3-2021 against Q2-2021:

• Sales volume has increased by 10%, due to 40% higher export sales volume. Domestic sales volume accounted 74%, a decrease from prior quarter 80% to total sales.
• Sales revenue has increased by 15% due to an increase in the average selling price by 4% and sales volume by 10%.
• Cost of Goods Sold has increased by 14%, due to higher raw material costs and an increase in production volume by 8%.
• EBITDA’s value has increased by 13% from higher sales revenue and EBITDA’s margin has decreased by 2% from higher Cost of Goods Sold.
• Profit for the period has increased by 21%, due to higher EBITDA.
• Total liabilities has decreased by 1% due to lower tax payable and total debt has increased by 1% due to additional working capital requirements.
• Net Debt/EBITDA and Debt/Equity have decreased by 7% and 2% due to increase of EBITDA and retained earnings.

Notes:

• On 30 September 2021, the Total Debt of IDR 6,248 billion consisted of USD 176 million and IDR 3,739 billion.
• Cost of Debt (Pre-Tax) has been decreased in Q3-2021, from 4.7% (Q3/20) to 3.2% (Q2/21), and finally to 3.1% (Q3/21). The decreases were mainly due to loan refinancing on better terms, and supports from lenders.