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PRESS RELEASE PT DHARMA SATYA NUSANTARA Tbk Q4-2020

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PRESS RELEASE PT DHARMA SATYA NUSANTARA Tbk Q4-2020 PRESS RELEASE PT DHARMA SATYA NUSANTARA Tbk Q4-2020 PRODUCTION RESTORED & HIGH CPO PRICE BOOSTED DSNG’s PROFIT BY 168% JAKARTA, MARCH 5, 2021 - PT Dharma Satya Nusantara Tbk (“the Company”, “DSNG”) posted a 2020 profit of Rp 478 billion, rose by 168% compared to 2019 profit, following the increase in the Company's CPO average selling price in 2020. DSNG today released its audited Consolidated Financial Statements for the period of 31 December 2020. In 2020, DSNG booked a total revenue of Rp 6.7 trillion, an increase of 17% against 2019, out of which, the palm oil segment contributed around Rp 5.7 trillion or 20% higher than 2019. President Director of DSNG, Andrianto Oetomo, mentioned in today’s statement that many oil palm plantations across Malaysia and Indonesia, including the Company’s own plantations in Kalimantan, have experienced a production drop in Q3-2020 as the consequence of rainfall shortage caused by El Nino in 2019, resulting CPO price touched its highest over the last 8 years. However, the Company’s FFB production in Q4-2020 has strongly recovered close to the level in Q4-2019 and was 51% higher in comparison to the production in Q3-2020. “DSNG’s CPO average selling price in 2020 was Rp 8.1 million per ton, 26% higher than its 2019 CPO price of Rp. 6.5 million per ton. The high CPO price has driven the achievement of a higher operating profit margin,” said Andrianto Oetomo in his statement. In addition, Andrianto Oetomo added, the increase in profit was also driven by much lower financing costs following the conversion of some IDR-denominated loans into USD-denominated loans in April and May 2020. EBITDA-wise, 2020 EBITDA has increased by Rp 338 billion, from IDR 1.3 trillion in 2019 to become IDR 1.65 trillion in 2020, majorly contributed by the palm oil business segment. The strong profit in 2020 has generated excess cash and driven down our leverage to a moderate level, as demonstrated by a higher Net Debt Service Coverage Ratio (DSCR) of 1.4 times as opposed to 2019 DSCR of 1.1 times. In addition, Net Debt to Equity ratio or DER also dropped significantly from 1.7 times in 2019 to 0.9 times in 2020, following surplus from the asset revaluation conducted at the end of 2020. Following lower internal FFB production in 2020 and the additional capacity from our newly added mill and extension line since the fourth quarter of 2019, we have utilized more external FFB to boost our CPO production. As a result, 2020 CPO production reached 637 thousand tons, 4% higher than 2019 of 610 thousand tons. PT Dharma Satya Nusantara Tbk Tel. +62 21 4618 135 Sapta Mulia Centre Fax. +62 21 4606 942 Jl. Rrawa Gelam V Kav. OR/#B Kawasan Industri Pulogadung Jakarta 13930 Indonesia www.dsn.co.id DSNG posted sales volume of 640 thousand tons CPO for 2020, 4% lower than last year because included in 2019 sales volume was some 2018 year-end CPO stock. Hence, excluding 2018 year-end CPO stock, the real growth of CPO sales volume in 2020 became 4% instead of -4%. Meanwhile, for wood products segment, DSNG posted a revenue of Rp 996 billion, marginally declined by 0.5% in comparison to 2019 of Rp 1 trillion. This was mainly due to the decline in sales volume of Panel products by 11%, respectively, following a weaker demand from Japan market, i.e., our main export destination country for panel products because of the adverse impact of the COVID-19 pandemic. On the other hand, however, our engineered flooring products enjoyed an increase in both sales volume and selling price by 6% and 1%, respectively as a result of a higher demand from the United States market. For 2021, DSNG will allocate some capital expenditure totaling to Rp 1 trillion, funding by both internal cash flows and bank loans. The capex will be utilized to complete the construction of 2 Palm Oil Mills (POM) in East and Central Kalimantan for an additional capacity of 105 tons FFB/hour and are expected to commercially running in the fourth quarter of 2021. In addition, DSNG also aims to construct the second Bio-CNG Plant in East Kalimantan, exploiting the liquid waste or POME from 2 POMs with capacity of 120 tons FFB/hour. The construction is targeted to start in the second quarter of 2021 with completion in 2022. ABOUT PT DHARMA SATYA NUSANTARA Tbk PT Dharma Satya Nusantara Tbk (DSN Group) was established on 29 September 1980 and engages in palm oil and wood products businesses. Currently, DSNG has 112.6 thousand hectares of planted area and 10 palm oil mills which process Fresh Fruit Bunches (FFB) into CPO with a total capacity of 570 tons per hour. As for wood products, DSNG runs two wood processing plants in Central Java that produce panels and MORE INFORMATION Paulina Suryanti Corporate Secretary Jl. Rawa Gelam V Kav. OR / 3B Kawasan Industri Pulogadung (Pulogadung Industrial Estate) Jakarta 13930, Indonesia Email: [email protected] PT Dharma Satya Nusantara Tbk Tel. +62 21 4618 135 Sapta Mulia Centre Fax. +62 21 4606 942 Jl. Rrawa Gelam V Kav. OR/#B Kawasan Industri Pulogadung Jakarta 13930 Indonesia www.dsn.co.id .
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