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20240228_DSNG_Laporan Informasi dan Fakta Material_31581738_lamp1.pdf
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DSNG
INVESTOR
NEWSLETTER Volume: 52 – February 2024
Retaining Healthy Profits In Million Rupiah
Throughout 2023, DSNG successfully reported a total revenue
Profit and Loss FY 2023 FY 2022 %
of Rp 9.5 trillion, slightly lower than the Rp 9.6 trillion recorded
in FY2022. By segment contribution, the palm oil segment Revenue 9,498,749 9,633,671 (1.4)
contributed Rp 8.4 trillion or 88% of Total Revenue or a 3% YoY - Palm Oil 8,354,365 8,117,134 2.9
increase, driven predominantly by the increase in CPO sales - Wood Product 1,074,024 1,516,537 (29.2)
volume by 4%, from 640 thousand tons to 665 thousand tons - Renewable Energy 70,360 - -
with ASP of Rp 11.39 million per ton, slightly increased from Rp
11.18 million in the previous year.
Cost of Revenue (6,971,281) (6,516,096) 7.0
Gross Profit 2,527,468 3,117,575 (18.9)
Meanwhile, PK and PKO sales also increased by 27 thousand -Margin % 26.6% 32.4% -
tons and 39 thousand tons, respectively, although the PKO Profit Before Tax 1,140,643 1,610,228 (29.2)
experienced a significant price correction from 17.48 million to
-Margin % 12.0% 16.7% -
Rp 12.97 million following elevated outputs from Malaysia and
combined with weaker demand from the market. EBITDA 2,421,068 3,018,363 (19.8)
-Margin % 25.5% 31.3% -
In contrast, the revenue contribution from the wood segment Profit 841,665 1,206,587 (30.2)
declined by almost 30% to Rp 1.1 trillion due to a weak demand -Margin % 8.9% 12.5% -
from the global market. The Company experienced a significant
Core Profit 814,874 1,318,548 (38.2)
drop in sales volumes of both Panel and Engineering Flooring
products combined with lower ASP. Nevertheless, the wood Financial Position FY 2023 FY 2022 %
segment still generated a positive profit due to our defensive
strategy of reducing production costs and inventory. Total Asset 16,178,278 15,357,229 5.3
Total Liabilities 7,288,850 7,197,089 1.3
Regarding the increase in revenue costs of 7% YoY, DSNG Equity 8,889,428 8,160,140 8.9
reported the fertilizer cost as the most significant contributor to
the rise following the soaring fertilizer prices due to geopolitical Total Assets grew moderately by 5% following the completion of
tensions between Russia and Ukraine as the major global several projects, such as Bio-CNG #2 and 10 additional storage tanks
fertilizer producers. with a total capacity of 29K tons. On the other hand, total Liabilities
only grew by 1.3%, indicating that the growth in assets was still
Despite the increase in revenue costs combined with the weak primarily financed by the Company's strong financial position.
performance of the wood product segment, the Company still
maintained the FY2023 EBITDA margin of 25%, even though it In July 2023, the Company fully repaid the series A Bond amounting
was lower by 20% YoY than 2022, whose performance was to Rp 275 billion.
primarily driven by the all-time high palm oil prices. Moreover,
the FY2023 profit margin was slightly below 10% compared to
last year's profit margin of 12.5%.
CPO PRODUCTION (TON) 2022 2023 FFB PRODUCTION (TONS) 2022 2023
219,994
206,269
206,124
204,241
200,576
190,247
189,635
63,408
63,047
182,096
180,441
61,513
177,612
58,366
57,601
168,021
57,434
53,788
53,472
52,899
50,905
146,564
48,249
41,210
202,127
142,517
120,376
150,234
157,276
153,118
194,416
224,952
208,464
216,444
222,896
220,901
55,915
36,606
31,188
39,143
42,354
43,046
60,876
68,864
63,057
62,960
66,126
69,346
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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FY 23 FY 22 %YoY Q1-2023 Q2-2023 Q3-2023 Q4-2023 %QoQ
Plantation Performance
FFB Production (tons) 2,271,821 2,213,698 2.6 527,730 517,251 594,453 632,387 6.4
Nucleus (tons) 1,796,532 1,758,257 2.2 421,494 408,862 468,313 497,863 6.3
Plasma (tons) 475,289 455,442 4.4 106,236 108,389 126,140 134,524 6.6
Mill Performance
FFB Processed (tons) 2,854,559 2,809,177 1.6 678,640 666,777 721,585 787,557 9.1
CPO Production (tons) 661,892 639,480 3.5 152,053 152,282 169,588 187,969 10.8
PK Production (tons) 122,732 117,622 4.3 27,748 27,776 31,467 35,742 13.6
PKO Production (tons) 40,356 37,970 6.3 9,101 9,149 10,109 11,997 18.7
CPO OER (%) 23.19 22.76 1.9 22.41 22.84 23.50 23.87 1.6
FFA (%) 2.96 3.78 (21.6) 3.30 2.85 2.88 2.86 (0.7)
Sales Performance
CPO (tons) 665,041 639,518 4.0 140,646 157,917 157,916 208,562 32.1
PK (tons) 26,915 27,262 (1.3) 5,477 5,974 7,674 7,790 1.5
PKO (tons) 39,379 38,907 1.2 6,205 10,815 9,955 12,404 24.6
CPO ASP (Rp 'million/ton) 11.39 11.18 1.9 11.97 11.71 10.88 11.15 2.5
PKO ASP (Rp 'million/ton) 12.97 17.48 (25.8) 13.77 13.15 12.64 12.72 0.6
Amidst the rising concerns of strong El Nino in 2023, our estates Similarly, CPO production in 2023 slightly increased by 3.5% YoY
only experienced a moderate drought compared to the southern to 662 thousand tons against 639 thousand last year due to the
regions of Indonesia, such as South Sumatra, Java, Bali, Nusa OER improvement from 22.76% in 2022 to 23.19% in 2023, on top
Tenggara, and South Sulawesi. Nevertheless, with numerous of increasing processed FFB volumes. In addition, PK and PKO
preventive actions taken during this period to mitigate the impact production also increased by 4.3% and 6.3% respectively. CPO
of drought, DSNG recorded total FFB production of 2.27 million in quality also demonstrated significant achievement, as reflected in
2023, a slight increase compared to 2.21 million in 2022. FFB the FFA of 2.96% in 2023 against 3.78% YoY, following the
production from both the nucleus and plasma increased implementation of operational excellence.
moderately against 2022.
CPO ASP (IDR '000/TON) KPB Medan 2022 KPB Medan 2023 YTD DSN 2022
YTD DSN 2023 DSN 2022 DSN 2023
13,043 12,940 11,728
12,487 11,135
12,015 11,803 12,060 10,929 11,135 11,019
10,510 11,394
11,906 12,488 12,038
11,308
10,282 10,572 10,712 11,182
10,958 10,388 11,625
10,027
9,141
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
PLANTED AREA Average Planted Hectarage
Since the replanting program in 2022, DSNG has Planted (‘000 ha) Age Mature Total Planted
felled 673 ha and replanted 500 ha cumulatively. As (years) (‘000 ha) (‘000 ha)
a result, the total planted area by the end of 2023 Nucleus 14.0 81.5 84.8
was 112.7 thousand ha, with 105.7 thousand ha of Plasma 10.8 24.2 27.9
matured area. The Company maintained an average
Total 13.3 105.7 112.7
age of 13.3 years for combined nucleus and plasma.
DISCLAIMER: The views expressed here contain information derived from publicly available sources that have not been independently
verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward-looking
information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This
presentation should not be relied upon as a recommendation or forecast by PT Dharma Satya Nusantara Tbk. Nothing in this release
should be construed as either an offer to buy or sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
DSNG Investor Newsletter —For further information, contact Investor Relations (investor.relations@dsngroup.co.id)
PT Dharma Satya Nusantara Tbk. Jl. Rawa Gelam V Kav OR/3B Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
Page 3
WOOD PRODUCTS
FY 23 FY 22 %YoY Q1-2023 Q2-2023 Q3-2023 Q4-2023 %QoQ
Sales Volume
Panel ('000 m3) 99.5 115.7 (14.0) 21.3 23.0 27.2 28.0 2.8
Engineered Flooring ('000 m2) 738.5 1,117.0 (33.9) 165.7 188.8 200.0 184.0 (8.0)
Average Selling Price (ASP)
Panel (USD/m3) 400.97 485.74 (17.5) 432.49 395.31 393.76 388.58 (1.3)
Engineered Flooring (USD/m2) 29.97 29.60 1.3 30.28 29.04 30.09 30.51 1.4
2023 marked a challenging year for our wood products. Despite the logistics
costs gradually declining throughout 2023 toward a normalized level by the end
of the year, the sales volumes of both panel and engineering flooring
experienced a significant drop due to weak demand from our export
destination countries, such as the United States, Canada, Europe, and Japan
following a prolonged higher-for-longer interest rates environment which
adversely affecting the property market.
In addition, a high inventory level in Japan has driven down the selling price of
panel products, as reflected in the ASP decline of 17.5% YoY. Nevertheless, due
to our cost leadership strategy, we've witnessed improving sales volume on a
QoQ basis for our panel product coming from the deserted market by some
struggling producers following prolonged unfavorable market conditions.
RENEWABLE ENERGY
In 2023, the Company officially launched its new segment, i.e., Renewable
FY 23 Energy - which contributed Rp 70.4 billion to Total Revenue. Though the
Sales Volume contribution is still marginal, this segment represents the Company's
Palm Kernel Shell (ton) 40,397 commitment to a profitable sustainability business. Currently, the Renewable
Energy segment kicked off its Revenue and profit contribution by exporting
Average Selling Price (ASP) Palm Kernel Shells ("PKS") through a joint venture with Erex Singapore Pte Ltd.
Palm Kernel Shell (Rp 'million/ton) 1.74 The JV with Erex owns a long-term contract to supply the certified PKS as a
biomass feedstock to power plants in Japan to promote more power plants in
Japan, achieving low to zero carbon emissions.
LATEST UPDATE
DSNG Won the Best Stock Award
On 25 January 2024, DSNG won the Best Stock Award nomination under the
Mid Cap Non-Primer Consumer Sector category from Investortrust and
Infovesta. The Awards were presented to 77 publicly-listed companies whose
stock performances during 2023 were considered the best under numerous
categories. This award ceremony symbolized the appreciation of Investortrust
and Infovesta as the stakeholders for the performances of 77 publicly listed
companies, which continued growing amid the tough economic challenges
throughout 2023 and served as a credible reference for investors seeking
quality stocks for investment.
DISCLAIMER: The views expressed here contain information derived from publicly available sources that have not been independently
verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward-looking
information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This
presentation should not be relied upon as a recommendation or forecast by PT Dharma Satya Nusantara Tbk. Nothing in this release
should be construed as either an offer to buy or sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
DSNG Investor Newsletter —For further information, contact Investor Relations (investor.relations@dsngroup.co.id)
PT Dharma Satya Nusantara Tbk. Jl. Rawa Gelam V Kav OR/3B Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
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Erex Singapore Pte Ltd.
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