Investor Relations – Financial Highlights

Short Management Discussion and Analysis

Key movements in Q4/24

Y-on-Y highlights, Q4-2024 against Q4-2023:

• Sales volume has slight decreased by 5%, driven by slower export sales. Domestic sales volume accounted for 74%, up from the prior year’s 70% of total sales.
• Sales revenue has increased by 2%, mainly attributed to the increase in the average selling price by 7%.
• Cost of Goods Sold has increased by 5%, from higher raw material costs.
• The value and margin of EBITDA have decreased, due to domestic market conditions.
• Loss for the period has increased, from higher interest cost.
• Total liabilities and debt have increased by 14% and 17%, respectively, due to new facility agreement.
• Debt/Equity has increased by 53%, 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, Q4-2024 against Q3-2024:

• Sales volume has increased by 18%, contributed by 52% higher export sales volume. Export sales volume accounted for 26%, up from the prior quarter’s 20% of total sales.
• Sales revenue has increased by 12% primarily due to an increase in the sales volume by 18%.
• Cost of Goods Sold has increased by 4%, from higher in production volume.
• The value and margin of EBITDA have increased, from higher sales revenue and operational efficiency in raw material and energy.
• Loss for the period has decreased, from higher sales revenue compared to the prior quarter.
• Total liabilities and debt have increased by 3% and 0.4%, respectively, due to higher working capital requirement from the prior quarter.
• Debt/Equity has increased by 8%, 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, FY-2024 against FY-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 0.3%, mainly attributed to the decrease in the sales volume by 3%.
• Cost of Goods Sold has increased by 5%, from increase in raw material costs.
• The value and margin of EBITDA have decreased, due to domestic market conditions.
• Loss for the period has increased, from higher interest cost.
• Total liabilities and debt have increased by 14% and 17%, respectively, due to new facility agreement.
• Debt/Equity has increased by 53%, due to lower equity which was attributed by the Loss for the period and higher debt due to new facility agreement.

Notes:

– On 31 December 2024, the Total Debt of IDR 7,466 billion consisted of around USD 68.5 million and IDR 6,359 billion.

– Cost of Debt (Pre-Tax) has slight increased in Q4-2024, from 6.3% (Q2/24), 6.4% (Q3/24), to 6.7% (Q4/24), in light of the current high interest rate.