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Page 1
PRESS RELEASE
For Immediate Release
CSRA DELIVERED THE FIRST HALF WITH A STRONG RESULT:
Driven by lean operation and boosted by the new palm oil mill facility.
JAKARTA, July 31, 2023 – PT Cisadane Sawit Raya Tbk (Bloomberg Stock Code: CSRA IJ) today announced
unaudited Financial Statements for the period of six months ended June 30, 2023 (hereinafter referred to
as 1H23) with noteworthy results.
Key Highlights:
❖ Maximize Revenues Amid Declining CPO Average Selling Prices
In the ability to maintain optimal productivity performance in all operational lines, the revenue
decreased by 27.7% to Rp377.26 billion, from Rp521.54 billion in 1H22. This compression was
primarily driven by lower internal production which more than offset the lower average selling price.
❖ Lower Operating Expenses but Remains Under Control
In conjunction with revenue compression, the Gross Profit for 1H23 recorded a decrease of 48.6% to
Rp179.46 billion drops from Rp349.12 billion in 1H22. The gross margin falls from 66.9% to 47.6%
compared to the previous year at the same period. Additionally, the operating profit for 1H23
decreased by 65.7% to Rp88.57 billion, accompanied by a deterioration in the operating margin to
23.5% from 49.5% on the same period last year.
❖ Profitability is The Best Form of Financing
The Company's net profit for 1H23 experienced a 72.4% decrease to Rp49.18 billion from Rp178.01
billion in 1H22 resulting in a dwindle of net margin to a level of 13.0%. It is worth noting that a
significant portion of the company’s strategic development was financed using internal cash.
❖ Financial Position Demonstrates Positive Long-Term Growth
CSRA’s total assets in 1H23 stood at Rp 1.81 trillion, which is lower than the position as of December
31, 2022 at Rp1.83 trillion. Furthermore, the company's total liabilities in 1H23 were decreased to
Rp795.33 billion compared to Rp872.13 billion at the end of 2022.
❖ Financial Ratios Is on The Healthy Side with Low Debt Ratio
The Current Ratio for 1H23 indicates a much healthier position standing at 1.84x while interest-
bearing debts equity ratio is at the safer level of 0.64x, the figures demonstrate an improvement
compared to the position at the end of 2022.
By leveraging our new palm oil mill at Tapanuli Selatan regency, implementing an ongoing mechanization
program and enhancing efficiency throughout our operations, we have managed to exceed profitability
1
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Page 2
PRESS RELEASE
For Immediate Release
expectations. This achievement is particularly notable considering ongoing challenge of declining trend in
average selling price (ASP) compared to last year.
Consolidated Income Statement Summary
In IDR Billion 1H23 1H22 Change (%)
Sales Revenue 377.26 521.54 -27.7%
Gross Profit 179.46 349.12 -48.6%
Gross Margin (%) 47.6% 66.9%
Operating Profit 88.57 258.23 -65.7%
Operating Margin (%) 23.5% 49.5%
EBITDA 107.91 238.33 -54.7%
EBITDA Margin (%) 28.6% 45.7%
Net Income 49.18 178.01 -72.4%
Net Income Margin (%) 13.0% 34.1%
Less Tolerance for Losses: Gliding towards greater profitability
The Company’s revenues may have disturbed in the first half of 2023 due to adverse weather condition,
particularly flooding, the harvests in the mature plantations in North Sumatra remained below the
expected standards compared to the second quarter of the previous year. After all, the growing harvests
on the young plantations in South Sumatera have not yet reached the production level of the plantations
in North Sumatera.
As a result of even and abundant precipitation compared to the previous year, the oil extraction rates
(OER) at the Labuhan Batu mills are generally been slightly lower than last year. Due to the lower
extraction rates, the revenues from CPO sales in the first six months of the year is not fully met
expectation. However, it is anticipated that the usual increase in production will occur in the third and
fourth quarter, surprising the level of the same period last year. However, there is an exception is the
newly commissioned Samukti Karya Lestari mills in Tapanuli, where the supply of high-quality fruits from
our estates is gradually improving our operations performance.
Until June 2023, the Company’s revenue has decreased by 27.7% compared to the same period in the
previous year. This decline is observed in both FFB sales as well as CPO sales. The revenue decreased to
Rp377.26 billion, representing a decrease from Rp521.54 billion in 1H22. However, despite the decrease,
the performance can still be categorized as semi-annual achievement even compared to the same period
before the pandemic. This achievement can be attributed to a combination of a cost control strategy, and
2
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Page 3
PRESS RELEASE
For Immediate Release
the consistent internal achievements in maintaining optimal productivity performance across all
operational lines. Furthermore, the consistent productivity of production line has contributed to a fair FFB
production yields, which has been maintained at around 8.6 ton per hectare.
The total area of the Company's core planted area reached 19,381.4 ha. Out of this planted plantation
area, 17,268.3 hectares are dedicated with mature plants. The Company's plant profile is predominantly
in the productive category, largely due to the relatively young age of the plants. Specifically, plants aged
4-7 years occupying an area of 2,610.84 ha while plants aged 8-17 years occupy an area of 11,125.93 ha.
Overall the company anticipates a positive long-term production growth trend, considering the age
distribution of the plantations and the potential for increased productivity as the plants continue to
mature.
Table 1. Production Highlights
1H23 1H22
Planted Area - Nucleus 19,381 18,510
FFB Nucleus (in MT) 148,379 158,397
Yield TBS (ton/ha) 8.6 9.8
CPO Production (in MT) 15,792 16,379
OER 20.4% 20.5%
Kernel Production (in MT) 3,874 4,098
KER 5.0% 5.1%
The CSRA’s production is projected to improve due to its favorable age profile and an increased harvesting
area. However, this improvement maybe moderated by the current weather condition. On the other
hand, the Company operations might face same setback as it continues its planting activities in the South
Sumatera region. Considering of this planting activities, CSRA's FFB production is expected to increase
gradually, ultimately leading to optimal productivity.
The Company's entire profit margin has also been maintained, which is a strong signal that the
combination of efficiency and productivity is optimally managed. However due to weather condition and
ASP, the Company's 1H23 gross margin drops 48.6% to Rp179.46 billion from Rp349.12 billion in 1H22
with 1H23 gross profit margin standing at 47.6% from 66.9% in 1H22. All operating expenses items, such
operations & maintenance expenses, as well as other operating expenses during 1H23 were efficiently
maintained, enabling the Company's operating profit to reach Rp88.57 billion from Rp258.23 billion in
1H22. At the bottom-line level, financial interest expense and other non-operating net expenses were
well maintained. As a result, the Company's 1H22 net profit still closed positively at Rp49.18 billion but
3
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PRESS RELEASE
For Immediate Release
representing a decrease of 72.4% from Rp178.01 billion in 1H22. It needs to be noted that quite a deep
decline is also due to a very high rise in performance during the same period last year.
The Company keeps its long-term oriented business strategy, which is focused on sustainable growth,
despite the ongoing rapid changes.
Table 2. Highlights of Consolidated Statement of Income
In Rp billion
1H23 1H22 %
Sales Revenue 377.26 521.54 -27.6%
Cost of Goods Sold -197.79 -172.43 14.7%
Gross Profit 179.46 349.12 -48.6%
Gross Profit Margin 47.6% 66.9%
Operating Expense -90.89 -90.89 0.0%
Operating Profit 88.57 258.23 -65.7%
Operating Profit Margin 23.5% 49.5%
Gain Arising from Changes in Fair Value of
Biological Assets 1.49 -3.58 -141.6%
Gain (Loss) on Foreign Exchanges – Net 0.01 0.04 100.0%
Tax Penalties and Expenses -0.01 -0.01 71.6%
Others – Net -0.6 -0.2 200.0%
EBIT 71.96 203.09 -64.6%
EBIT Margin 19.1% 38.9%
Finance Income 1.23 1.71 -28.1%
Finance Costs -22.75 -25.06 -9.2%
Income Before Tax 67.98 231.14 -70.6%
Income Tax -18.80 -53.13 -64.6%
Income for the period 49.18 178.01 -72.4%
Net Income Margin 13.0% 34.1%
Non-Controlling Interest 0.00 0.00 0.0%
Income for The Year Attributable to Owners of
the Parent Entity 49.18 178.01 -72.4%
EBITDA 107.91 238.33 -54.7%
28.6% 45.7%
4
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Page 5
PRESS RELEASE
For Immediate Release
Financial Position Remains Solid with Balanced Proportion
CSRA’s strong balance sheet will utilize an optimal level of working capital to fund the business’ core
operations, aiming to drive revenue and subsequently profit. Total assets as of June 30, 2023 were Rp1.81
trillion, representing a decrease of 1.5% from the end of FY22 position of Rp1.83 trillion. The significant
decrease mainly occurred in cash and cash equivalents, which decline by 69.5% compare to the position
at the end of 2022, in line with the ongoing strategic business development using internal cash which
needs to be anticipated. Of the total assets recorded at the end of 1H23, the non-current assets recorded
at Rp1.41 trillion, an increase of 5.5% compared to the position at the end of 2022. In view of non-current
assets in 1H22, it increased slightly compared to FY22 in line with the increase in the proportion of
productive plants and fixed assets that contribute to production. On the other hand, the current assets
recorded Rp401.58 billion or 20.1% decrease compared to the end of 2022, primarily due to a reduction
in cash and cash equivalent as above mentioned. This decrease is mainly attributed to allocation of funds
towards palm oil mill development at Tapanuli Selatan (PKS 2). Overall, by strategically managing the
balance between non-current and current assets, the Company can effectively prepare for the expected
growth in sales.
The total 1H23 liabilities amounted to Rp795.33 billion, indicating a decrease of 8.8% compared to the
end of 2022 due to a decrease in short-term interest debt. As of the end of 1H23, long-term bank loan
stood at Rp457.06 billion, showing a decrease of 8.6% compared to the position at the end of 2022 after
deducting the net of current maturities. This decrease reflects the payment of long-term bank loans that
had matured. Additionally, short-term liabilities experienced a decreased of 13.3% following the payment
of long-term bank loans the aforementioned matured long-term. By managing and reducing liabilities,
particularly in short term, the Company can strengthen its financial position and potentially enhance its
overall financial stability.
The equity position is at the level of Rp1.01 trillion as of June 30, 2023, indicates an increase of 5.1%
compared to the position at the end of 2022 due to a sharp increase in retained earnings on net profit for
the period. As the Company maintains a solid liquidity base, CSRA confidence that long-term business
expansion can be fulfilled although the economy is poised to slow this year, before rebounding next year,
as the fight against inflation, El Nino and Russia’s war in Ukraine weigh on activity.
Table 3. Consolidated Statement of Financial Position
In Rp Billion
1H23 FY22
ASSETS
CURRENT ASSETS
Cash and cash equivalents 80.52 263.73
Trade Receivables from Third Parties - Net 16.31 13.97
5
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PRESS RELEASE
For Immediate Release
1H23 FY22
Other Receivables from Third Parties 3.87 3.98
Inventories - net 77.8 36.77
Biological Assets 97.81 96.32
Prepaid Taxes 25.11 4.15
Advanced and Prepaid Expenses 100.15 83.59
TOTAL CURRENT ASSETS 401.58 502.53
NON-CURRENT ASSETS
Due from Related Parties 16.71 11.67
Plasma Receivables 50.02 44.22
Investment Properties 0.68 0.68
Bearer Plants:
- Mature Plantation - Net of Accumulated Depreciation 537.69 535.23
- Immature Plantations 173.69 172.85
- Nurseries 12.2 10.50
Fixed Assets - Net of Accumulated Depreciation 600.1 542.53
Tax Amnesty Assets - Net of Accumulated
Deferred tax asset 0.27 0.35
Other Assets - -
Cultivation Rights (HGU) - -
Goodwill 14.67 14.67
TOTAL NON-CURRENT ASSETS 1,406.04 1,332.73
TOTAL ASSETS 1,807.62 1,835.25
LIABILITIES
Bank Loan - 50.00
Trade payables 74.04 47.23
Other Payables 27.48 12.77
Taxes Payables 11.39 37.64
Accrued Expenses 12.12 12.53
Advances from customers 1.00 0.00
Long-term Liabilities - Current Maturities:
- Bank Loans 85.9 85.85
- Consumer Financing Loans 3.24 3.34
TOTAL CURRENT LIABILITIES 217.77 251.25
Due to Related Party 33.23 33.23
Long-term Employee Benefits Liability 49.82 50.27
Deferred Tax Liabilities 35.05 33.78
Long-term Liabilities - Net of Current Maturities: -
- Bank Loans 457.06 500.03
6
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PRESS RELEASE
For Immediate Release
1H23 FY22
- Consumer Financing Loans 2.39 3.01
TOTAL NON-CURRENT LIABILITIES 577.56 620.89
TOTAL LIABILITIES 795.33 872.14
EQUITY
Equity attributable to owners of the Parent Entity 1,012.27 963.09
Non-controlling interests 0.015 0.015
TOTAL EQUITY 1,012.27 963.11
TOTAL LIABILITY AND EQUITY 1,807.62 1,835.25
Key Financial Ratios
The long-term impact of the El Nino event is observable. The hot weather conditions associated with El
Nino can lead to reduced rainfall and stress effect on palm trees. This could be affecting the yield of fresh
fruit bunch production in the future. Anticipating this phenomenon, CSRA is diligently focused on
enhancing productivity and cost efficiencies throughout its business. The price fluctuations will continue
to overshadow the sentiment regarding the CPO price movements going forward. Despite this, the
Company's gross margin for 1H23 decreased to 47.6% from 66.9% in 1H22 due to a decline in sales
revenue while maintaining a stable margin. Furthermore, the Company experienced lower operating
margin to 23.5% compared to 49.5% in 1H22. This is due to strategic development at all operational levels
enabling effective control of operating expenses. On the bottom line, the Company also managed to
maintain its net margin at 13.0% in 1H23, compared to 34.1% in 1H22.
The Company continues to demonstrate a solid leverage. The Current Ratio for 1H23 is still at a much
healthier level, reaching 1.84X compared to FY22. The company's assets to equity ratio was 1.78x in 1H23,
slightly lower than 1.90x in FY22. This suggest a higher proportion of productive assets leading to
accumulated profits in equity side. Another favorable aspect, on the interest-bearing debts side, the net
gearing ratio safer, reaching the level of 0.44x. It is a prove that management has maintained a prudent
financial risk. This indicator highlights the Company’s ability to effectively manage its leverage, optimize
assets utilization, and mitigate financial risks through careful management of interest bearing debts. In
summary, CSRA is proactively addressing the potential impact of El Nino by focusing on productivity and
cost efficiency. Despite price fluctuations, the Company has achieved significant improvements in many
aspects during 1H23, highlighting its commitment to sustainable profitability.
7
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PRESS RELEASE
For Immediate Release
Table 4. Key Financial Ratios
1H23 1H22
Profitability ratios
Gross Margin 47.6% 66.9%
Operating Margin 23.5% 49.5%
EBITDA Margin 28.6% 45.7%
Net Margin 13.0% 34.1%
1H23 FY22
Leverage
Current Ratio 1.84 x 2.00 x
Asset/equity 1.78 x 1.91 x
Interest Bearing Debts/Equities 0.64 x 0.67 x
Net Debts/Equities 0.71 x 0.63 x
2023 Outlook
Indonesia’s palm oil output in 2023 could be lower than expected if El Nino weather pattern develops in
second half of the year as forecasted by some weather agencies. However, the occurrence of El Nino event
cannot be controlled. The adverse weather condition caused by El Nino cannot be remedied through
concerted intervention. As climate change may increase the frequency and strength of future El Nino
events, drought, which can lead to devastating wildfires become a concern. To enhance the production
performance of the Company, it is crucial to further investigate other underlying factors that effects palm
oil production. These factors include fertilization method, water management, and pest control strategies.
We are executing these measures with discipline and urgency. If the event is less severe, the
consequences may be recovery time could be shorter.
“Climate change is making the management of plantations a challenging task. Earlier this year, there were
instances of flooding and if El Nino develops on August, it could lead to a period of dry spell in the second
half of year, although the significant impact of El Nino on production would be more noticeable in 2024”,
Seman Sendjaja Director of Finance & Strategic Development said.
The presence of El Nino is a crucial factor that the Company need to monitor and it will be a price
determining factor before it really hits production. Yield of fresh fruit bunch and crude palm oil can be
influenced by El Nino as the palm oil crop is sensitive to prolonged drought periods during El Nino events.
A high level of water stress is affected the palm trees due to reduced rainfall and increased temperature.
Given the adverse weather conditions experienced in the first six months, it is unlikely that the company
will be able to achieve the 10% increase in annual volumes that was initially announced at the beginning
8
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Page 9
PRESS RELEASE
For Immediate Release
of the year, even though relatively favorable growth expectations are projected for the third quarter.
“CSRA is taking proactive measures to prepare for El Nino, including water management planning and
anticipating fire risks at all estates. The company is adopting a strategy of preparing for the worst-case
scenario while hoping for the best outcome,” Seman added.
Meantime, the next step of the Company’s strategic development focus remains on South Sumatera
region. The investment programs related to the expansion in South Sumatra region progressing steadily,
on a year-on-year basis, the Banyuasin plantation has witnessed an increase in cultivated hectares, rising
from 2,989.8 hectares to 3,422.8 hectares by the end of June 2023 YoY. Furthermore, production has also
increased significantly in the South Sumatera region from 29,211 tons to 39,637 by June 2023 on YoY
basis. In addition to expanding the cultivated hectares in South Sumatera region, the Company also make
additional investments in improving the internal road network and residential areas for the workers and
local staff in order to gain productivity.
As a commodity, CPO prices are heavily influenced by global supply and demand conditions. The average
selling price of CPO has exhibited a bullish trend, with a significant increase since the beginning of 2020
until March 2022, reaching historically high levels. While the CPO price has experienced a decline from its
peak in recent times, it is more probable that a pullback will occur in the second half of the year, primarily
due to potential production issues in the CPO supply chain distribution. This is anticipated to be influenced
by the development of El Nino in the upcoming months.
For the second half of the year, the company's strategy focuses on enhancing the yield of its plantations
to secure internal production levels. The aim is to surpass current conditions by improving yields and
implementing pricing strategies that ensure future sustainability. The company recognizes the importance
of prudent principles and strengthened risk management.
Despite the prevailing economic conditions impacting the current CPO price, the company remains vigilant
about the fluctuating market conditions. Additionally, the company will persist in its technological
advancements through mechanization and the ongoing ISPO certification process. This certification
process is currently underway for PT SSG and PT ABI plantations located in the South Sumatra region.
“We remain committed to upholding our strategic policies, which prioritize the maintenance of a steady
cash flow, cost efficiency across all business operations, and diligent monitoring of production activities.
Additionally, our sustainability policy is an ongoing focus that is continually refined”, Seman continued.
“Despite the anticipated recovery and growth associated with the reopening of economies, we will
continue to exercise prudent financial management. Our emphasis remains on ensuring smooth cash flow
and taking into account the cautious outlook prompted by volatile geopolitical conditions” Seman
concluded.
--------oOo-------.
9
HEAD OFFICE MEDAN OFFICE
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PRESS RELEASE
For Immediate Release
About PT Cisadane Sawit Raya Tbk at Glance:
PT Cisadane Sawit Raya Tbk. and its subsidiary entities are national players that develop
palm oil plantations in North Sumatra Province and South Sumatra Province. The
Company always prioritizes effectiveness and efficiency in utilizing resources to
become reputable and integrated agribusiness companies. The company has a Palm
Oil Mill (PKS) in the plantation area which began operating in 2007 with a capacity of
45 tons per hour (tph) after overhaul conducted on July 2022 and currently
commissioning another PKS with the same capacity of 45 tph. The Company has a total
area of 29,000 hectares with embedded area around 20,000 hectares. Its FFB
production reached 319,071 tons per year. CSRA publicly listed on the Indonesian Stock
Exchange (IDX) on 9th January 2020.
CSRA publicly listed on the Indonesian Stock Exchange (IDX) on 9th January 2020.
Follow Company’s Social Media for news updates and vacancies:
csr.official @csrofficial3 @csra.official Cisadane Sawit Raya Tbk - CSRA cisadane sawit raya
For more information, please contact:
Iqbal Prastowo - Corporate Secretary
T +6221 6667 3312-15 | F +6221 6667 3310-11
E corpsec@csr.co.id | iqbal@csr.co.id
W www.csr.co.id
This press release has been prepared by PT Cisadane Sawit Raya Tbk.(“CSRA”) and is circulated for the purpose of general information only. It
is not intended for any specific person or purpose and does not constitute a recommendation regarding the securities of CSRA. No warranty
(expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimations included in this release
constitute our judgment as of this date and are subject to change without prior notice. CSRA disclaims any responsibility or liability whatsoever
arising which may be brought against or suffered by any person as a result of reliance upon the whole or any part of the contents of this press
release and neither CSRA nor any of its affiliated companies and their respective employees and agents accepts liability for any errors,
omissions, negligent or otherwise, in this press release and any inaccuracy herein or omission here from which might otherwise arise.
Forward-Looking Statements
Certain statements in this release are or may be forward-looking statements. These statements typically contain words such as “will”, “expects”
and “anticipates” and words of similar import. By their nature, forward-looking statements involve a number of risks and uncertainties that could
cause actual events or results to differ materially from those described in this release. Factors that could cause actual results to differ include,
but are not limited to, economic, social and political conditions in Indonesia; the state of the property industry in Indonesia; prevailing market
conditions; increases in regulatory burdens in Indonesia, including environmental regulations and compliance costs; fluctuations in foreign
currency exchange rates; interest rate trends, cost of capital and capital availability; the anticipated demand and selling prices for our
developments and related capital expenditures and investments; the cost of construction; availability of real estate property; competition from
other companies and venues; shifts in customer demands; changes in operation expenses, including employee wages, benefits and training,
governmental and public policy changes; our ability to be and remain competitive; our financial condition, business strategy as well as the plans
and remediation. Should one or more of these uncertainties or risks, among others, materialize, actual results may vary materially from those
estimated, anticipated or projected. Specifically, but without limitation, capital costs could increase, projects could be delayed and anticipated
improvements in production, capacity or performance might not be fully realized. Although we believe that the expectations of our management
as reflected by such forward-looking statements are reasonable based on information currently available to us, no assurances can be given that
such expectations will prove to have been correct. You should not unduly rely on such statements. In any event, these statements speak only as
of the date hereof, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or
otherwise.
Translation: this press release is available in Bahasa Indonesia and English. The Bahasa version is the original; the other language version is a free translation. We have made every reasonable
effort to avoid any discrepancies between the different language versions. However, should such discrepancies exist, the Bahasa version will take precedence
10
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
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T +6221 6667 3312-15 T +6261 661 4328
F +6221 6667 3310-11 F +6261 662 7913
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