Investor Relations – Financial Highlights

Short Management Discussion and Analysis

Key movements in Q3/24

Y-on-Y highlights, Q3-2024 against Q3-2023:

• Sales volume has slight decreased by 3%, driven by slower export sales. Domestic sales volume accounted for 80%, up from the prior year’s 78% of total sales.
• Sales revenue has increased by 9%, mainly attributed to the increase in the average selling price by 12%.
• Cost of Goods Sold has increased by 16%, from increase in production volume, raw material costs, and depreciation expense.
• The value and margin of EBITDA have decreased, due to domestic market condition.
• Loss for the period has increased, linked to the higher cost of goods sold compared to the prior year and high interest rates.
• Total liabilities and debt have increased by 14% and 18%, respectively, due to new facility agreement.
• Debt/Equity has increased by 50%, due to lower equity which was attributed by the Loss for the period and higher debt due to new facility agreement.

Q-on-Q highlights, Q3-2024 against Q2-2024:

• Sales volume has slight decreased by 2%, contributed by 20% lower export sales volume. Domestic sales volume accounted for 80%, up from the prior quarter’s 76% of total sales.
• Sales revenue has decreased by 3% primarily due to a decrease in the sales volume by 2%.
• Cost of Goods Sold has increased by 5%, from increase in raw material costs, depreciation expense, and repair and maintenance.
• The value and margin of EBITDA have decreased, due to domestic market condition.
• Loss for the period has increased, linked to the higher cost of goods sold compared to the prior quarter.
• Total liabilities and debt have increased by 1% and 5%, respectively, due to higher working capital requirement from the prior quarter.
• Debt/Equity has increased by 15%, due to lower equity which was attributed by the Loss for the period and higher debt due to working capital requirement.

Y-on-Y highlights, 9M-2024 against 9M-2023:

• Sales volume has slight decreased by 3%, driven by slower export sales. Domestic sales volume accounted for 76%, up from the prior year’s 69% of total sales.
• Sales revenue has slight decreased by 1%, mainly attributed to the decrease in the sales volume by 3%.
• Cost of Goods Sold has increased by 5%, from increase in production volume, raw material costs, depreciation expense, and repair and maintenance.
• The value and margin of EBITDA have decreased, due to domestic market condition.
• Loss for the period has increased, linked to the higher cost of goods sold compared to the prior year and high interest rates.
• Total liabilities and debt have increased by 14% and 18%, respectively, due to new facility agreement.
• Debt/Equity has increased by 50%, due to lower equity which was attributed by the Loss for the period and higher debt due to new facility agreement.

Notes:

– On 30 September 2024, the Total Debt of IDR 7,435 billion consisted of around USD 81 million and IDR 6,203 billion.

– Cost of Debt (Pre-Tax) has slight increased in Q3-2024, from 6.3% (Q1/24), 6.3% (Q2/24), to 6.4% (Q3/24), in light of the current high interest.