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Page 1
PRESS RELEASE
For Immediate Release
CSRA Anniversary – 28 October 2024
BOOSTING PERFORMANCE THROUGH SUSTAINABILITY:
CSRA strong sales performance signaling financial resilience and growth.
JAKARTA, October 31, 2024 – In a volatile environment PT Cisadane Sawit Raya Tbk (Bloomberg Stock
Code: CSRA IJ) is pleased to provide the following interim unaudited financial report for the third quarter
of 2024 hereinafter refer as 9M24.
Key Highlights:
❖ Strong financial position underscores the CSRA's commitment to sustainable growth
CSRA reported a 12.2% increase in revenue, reaching Rp758.78 billion. This strong financial position
underscores the company's commitment to sustainable growth and long-term shareholder value.
Shares of CSRA have risen by 30.0%, compared to stock price at the end of 2023, indicating investor
confidence to the Company’s performance.
❖ Operational excellence provides ample opportunities for potential business growth
Operating profit increased by 16.1% to Rp201.04 billion from Rp180.90 billion in 9M23. The operating
margin was 27.7% compared to 26.7% in the same period previous year. The rise was mainly caused
by higher average selling prices compared to the same period last year.
❖ It is committed to enhancing operational efficiency and continuing its trajectory of growth
The net earnings closed at Rp125.39 billion reflecting a 5.4% increase over the same period last year
when it was Rp118.99 billion. The net profit margin slightly lowered from 17.6% to 16.5%, reflecting
higher cost management and operational due to weather.
❖ Solid financial foundation positions CSRA to navigate market fluctuations effectively
CSRA reported total assets of Rp2.21 trillion, with a notable increase in cash reserves, showing an
increase from its position on December 31, 2023 at Rp1.84 trillion. The company's total liabilities in
9M24 amounted to Rp996.84 billion compared to Rp727.69 billion at the end of 2023 with the equity
reached Rp1.21 trillion, a significant rise from Rp1.11 trillion at the end of the previous year.
❖ Remains focused on leveraging its strengths
The interest-bearing debt / equity stands at 0.66x, higher than 2023 level at 0.51x. Conversely, the
current ratio position at the more secure level measuring at 2.16x, debt to ebitda at 3.51x and net
debt to ebitda at 2.88x showing safe indicator. This solid financial foundation positions the company
to navigate market fluctuations effectively and pursue strategic opportunities.
1
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
Jl. Pluit Selatan Raya, Jakarta Utara 14440 Medan 201
T +6221 6667 3312-15 T +6261 661 4328
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Page 2
PRESS RELEASE
For Immediate Release
CSRA Anniversary – 28 October 2024
International Sustainability and Carbon Certification (ISCC EU)
On October 28, 2024, CSRA celebrated its 41st anniversary by announces the series of successful launch of
its inaugural sale of Pome, with the first delivery of the product set to be dispatched from its state-of-the-
art palm oil mill in Tapanuli Selatan Regency followed by Pome production from the Company’s mill at
Labuhan Batu Regency, highlighting the significance of this achievement in the company’s ongoing
sustainability efforts. The sale of Pome represents a crucial step in CSRA's broader strategy to enhance
the value chain of palm oil by utilizing side-stream products that support eco-friendly practices.
The Company obtains ISCC EU on September 6, 2024 according to the Renewable Energy Directive (RED
II) and targeting to sell 450 ton annually from Labuhan Batu mill. In the future, all CSRA mill will produce
ISCC EU certified Pome.
Consolidated Income Statement Summary
In Rp Billion 9M24 9M23 Change (%)
Sales Revenue 758.78 682.51 12.2%
Gross Profit 346.38 317.25 9.2%
Gross Margin (%) 45.6% 46.9%
Operating Profit 210.04 180.90 16.1%
Operating Margin (%) 26.7% 26.7%
EBITDA 284.15 246.75 15.2%
EBITDA Margin (%) 37.5% 36.5%
Net Income 125.39 118.99 5.4%
Net Income Margin (%) 16.5% 17.6%
Operational Excellence: A Catalyst for Business Growth Potential
CSRA focus continually on managing profit to keep financially viable. Throughout the first nine months of
2024, CSRA displayed strong top-line of Rp758.78 billion increased from Rp676.30 billion in 9M23. This
was also driven by higher average selling price on YoY basis. Its CPO’s ASP increased by approximately
13.4% YoY in 9M24 and its FFB and kernel selling price that also rose 15.0% and 44.8% YoY respectively.
Ongoing disruptions in the supply chain have affected the internal estate's FFB production that decreased
by 8.8% YoY in 9M24, and falling below the target set. Nonetheless, the company anticipates long-term
production growth, given the majority of its matured estates are under 18 years old. The age of oil palm
trees plays a vital role in fruit bunch production, with older trees yielding fewer bunches. Aging palm trees
pose challenges such as increased labor demands and difficulty in assessing bunch ripeness.
2
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
Jl. Pluit Selatan Raya, Jakarta Utara 14440 Medan 201
T +6221 6667 3312-15 T +6261 661 4328
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Page 3
PRESS RELEASE
For Immediate Release
CSRA Anniversary – 28 October 2024
To prevent the buildup of lower-yielding older palm trees, ongoing replanting with high-yield seed
varieties is essential. CSRA is prioritizing the enhancement of palm oil yields in our existing plantations by
systematically replacing aging crops and implementing advanced fertilization strategies. This proactive
approach not only boosts productivity but also ensures the long-term sustainability of our operations.
In 9M24, the FFB yield stood at 13.5 tons/ha, a decrease from the 15.0 tons/ha achieved in 9M23 due to
weather and rainfall. CSRA is committed to harnessing its strengths by strategically investing in high-
potential growth areas. This includes significant investments in technology to boost operational efficiency
and initiatives aimed at fostering a dynamic corporate culture. We are also focused on streamlining
workflows and equipping our team with the skills necessary to thrive in the future, ensuring that we
remain agile and competitive in a rapidly evolving market.
Table 1. Production Highlights
9M24 9M23
Planted Area (in HA) 19,770.6 19,425.0
FFB Nucleus (in MT) 235,086 259,948
Yield TBS (ton/ha) 13.5 14.9
CPO Production (in MT) 43,744 35,946
OER 21.1% 21.1%
Kernel Production (in MT) 9,323 8,258
KER 4.5% 4.9%
CSRA 9M24 performance remained stable, and operation portfolios remain relatively benign when
compared to historical levels, offset by slightly higher expenses. Gross Profit reached Rp346.38 billion in
9M24, representing an 29.1% increase compared to Rp317.25 billion in 9M23, with a margin of 45.6% in
9M23 from 46.9% in 9M23. This growth is attributed to higher sales of CPO and Kernel and demand for
sustainably sourced palm oil.
The Company has consistently implemented a sustainable business strategy to maintain any positive
momentum in its business performance. CSRA achieved 9M24 operating profit of Rp210.04 billion,
representing a 16.1% increase compared to 9M23, with a margin of 27.7%, compared to 26.7% on the
same period last year. This outstanding operating profit performance had a positive impact on strong
9M24 net profit of Rp125.39 billion, increased of 5.4% YoY from Rp118.99 billion last year same period.
CSRA aim to implement a comprehensive risk management approach throughout the Company,
underpinned by its core values. This is detailed in CSRA risk management framework, which encompasses
key principles and practices, both in financial and non-financial aspects.
3
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
Jl. Pluit Selatan Raya, Jakarta Utara 14440 Medan 201
T +6221 6667 3312-15 T +6261 661 4328
F +6221 6667 3310-11 F +6261 662 7913
Page 4
PRESS RELEASE
For Immediate Release
CSRA Anniversary – 28 October 2024
Table 2. Highlights of Consolidated Statement of Income
In Rp billion
9M24 9M23 %
Sales Revenue 758.78 676.30 12.2%
Cost of Goods Sold -412.4 -359.05 14.8%
Gross Profit 346.38 317.25 9.2%
Gross Profit Margin 45.6% 46.9%
Operating Expense -136.34 -136.35 -0.0%
Operating Profit 210.04 180.90 16.1%
Operating Profit Margin 27.7% 26.7%
Gain Arising from Changes in Fair Value of
Biological Assets 30.47 10.21 198.4%
Gain (Loss) on Foreign Exchanges – Net 0.1 0.1 0.0%
Tax Penalties and Expenses 0.0 0.0 0.0%
Others – Net -0.01 -0.01 0.0%
EBIT 215.17 192.69 11.7%
EBIT Margin 28.4% 28.5%
Finance Income 1.48 1.77 -16.4%
Finance Costs -43.64 -32.85 32.8%
Income Before Tax 171.53 159.84 7.3%
Income Tax -46.13 -40.85 12.9%
Income for the period 125.39 118.99 5.4%
Net Income Margin 16.5% 17.6%
Non-Controlling Interest 0.00 0.00 0.0%
Income for The Year Attributable To Owners of
the Parent Entity 125.39 118.99 5.4%
EBITDA 284.15 246.75 15.2%
EBITDA Margin 37.5% 36.5%
The Company is progressing as planned in reaching its financial goals
The company’s strategic initiatives have allowed CSRA to fortify its balance sheet, creating a resilient
foundation for growth in today’s market while rigorously managing costs. This forward-looking approach
has fostered strong confidence within CSRA to successfully reach its financial targets for 2024. The total
assets as of September 30, 2024 were at the level of Rp2.21 trillion or increased by 19.8% from the FY23
position at Rp1.84 trillion. The most significant increase can be attributed to current assets which are
4
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
Jl. Pluit Selatan Raya, Jakarta Utara 14440 Medan 201
T +6221 6667 3312-15 T +6261 661 4328
F +6221 6667 3310-11 F +6261 662 7913
Page 5
PRESS RELEASE
For Immediate Release
CSRA Anniversary – 28 October 2024
considered both productive and liquid. The non-current assets of 9M24 increased by 6.5% compared to
FY23 aligning with the rise in the proportion of mature crops.
The total liabilities of 9M24 stood at Rp996.84 billion, increase by 36.9% compared to the end of 2023
aligning with the payment of interest-bearing debt. The long-term bank debt amounted to Rp594.37
billion, reflecting an increase of 43.5% compared to the position at the end of 2023 after deducted by net
of current maturities. Moreover, current liabilities increased by 45.2% after the payment of matured long-
term bank loans. The company has prioritized sustainable development to achieve solid productivity levels
and operational excellence. A key strategic focus has been on increasing margins through investments in
mechanization to enhance production efficiency and cost management.
The equity position was at the level of Rp1.21 trillion as of September 30, 2024, an increase of 8.6%
compared to the position at the end of 2023 due to an increase in retained earnings on current period
income. CSRA’s financial position underscores the management intention on boosting business operations
and management practices. This strategy is a vital indicator of the company’s long-term sustainability and
growth potential.
Table 3. Consolidated Statement of Financial Position
In Rp Billion
9M24 FY23
ASSETS
CURRENT ASSETS
Cash and cash equivalents 178.09 25.36
Trade Receivables from Third Parties - Net 17.34 6.98
Other Receivables from Third Parties 4.81 3.83
Inventories - net 62.20 68.98
Biological Assets 143.65 113.17
Prepaid Taxes 37.98 23.46
Advanced and Prepaid Expenses 144.95 81.97
TOTAL CURRENT ASSETS 589.03 323.76
NON-CURRENT ASSETS
Due from Related Parties 13.46 5.46
Plasma Receivables 64.05 59.62
Investment Properties 0.68 0.68
Bearer Plants:
- Mature Plantation - Net of Accumulated Depreciation 538.55 518.38
- Immature Plantations 188.38 205.51
- Nurseries 16.14 13.87
Fixed Assets - Net of Accumulated Depreciation 782.39 700.71
Tax Amnesty Assets - Net of Accumulated
5
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
Jl. Pluit Selatan Raya, Jakarta Utara 14440 Medan 201
T +6221 6667 3312-15 T +6261 661 4328
F +6221 6667 3310-11 F +6261 662 7913
Page 6
PRESS RELEASE
For Immediate Release
CSRA Anniversary – 28 October 2024
9M24 FY23
Deferred tax asset 0.70 0.19
Other Assets - -
Cultivation Rights (HGU) - -
Goodwill 14.67 14.67
TOTAL NON-CURRENT ASSETS 1,618.39 1,519.09
TOTAL ASSETS 2,207.42 1,842.86
LIABILITIES
Bank Loan 40.00 -
Trade payables 40.93 43.34
Other Payables 33.97 23.83
Taxes Payables 15.46 6.73
Accrued Expenses 16.33 12.69
Advances from customers 0.96 4.35
Long-term Liabilities - Current Maturities:
- Bank Loans 120.49 85.95
- Consumer Financing Loans 0.98 1.23
TOTAL CURRENT LIABILITIES 272.32 187.49
Due to Related Party 33.23 33.23
Long-term Employee Benefits Liability 46.28 49.17
Deferred Tax Liabilities 48.23 39.81
Long-term Liabilities - Net of Current Maturities:
- Bank Loans 594.37 414.08
- Consumer Financing Loans 2.41 3.91
TOTAL NON-CURRENT LIABILITIES 724.52 540.20
TOTAL LIABILITIES 996.84 727.69
EQUITY
Equity attributable to owners of the Parent Entity 1,210.56 1,115.16
Non-controlling interests 0.015 0.015
TOTAL EQUITY 1,210.58 1,115.17
TOTAL LIABILITY AND EQUITY 2,207.42 1,842.86
Key Financial Ratios
CSRA remain on track for 9M24 adjusted operating expenses to be broadly stable compared with last year
same period. The Company's 9M24 gross margin of 45.6% which decreased slightly from 46.9% in 9M23
due to an increase in fertilizer and maintenance. Conversely at middle line, operating margin increased to
27.7% compared to 26.7% in 9M23, operating expenses remain relatively stable amid rising sales. At the
6
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
Jl. Pluit Selatan Raya, Jakarta Utara 14440 Medan 201
T +6221 6667 3312-15 T +6261 661 4328
F +6221 6667 3310-11 F +6261 662 7913
Page 7
PRESS RELEASE
For Immediate Release
CSRA Anniversary – 28 October 2024
bottom line, the Company also managed to maintain its net margin at 16.5% in 9M24, from 17.6% in
9M23, its debt to EBITDA at 3.51x in 9M24, from 2.94x in 9M23 and net debt to EBITDA at 2.88x, from
2.84x in same period last year.
9M24 Current Ratio is in a much healthier position at level of 2.16x compared to FY23. The higher the
ratio, the greater a business’s ability to pay off its short-term liabilities. The company's assets/equity
was 1.82x in 9M24, much higher than 1.65x in FY23, determines the company’s leverage position defining
its capability to pay off its debt. Another aspect, on the interest-bearing debts side, shows the net gearing
ratio, at the level of 0.66x slightly higher than 0.52x on last year due to increase in long-term liabilities.
Table 4. Key Financial Ratios
9M24 9M23
Profitability ratios
Gross Margin 45.6% 46.9%
Operating Margin 27.7% 26.7%
EBITDA Margin 37.5% 36.5%
Net Margin 16.5% 17.6%
9M24 FY23
Leverage
Current Ratio 2.16 x 1.72 x
Asset/equity 1.82 x 1.65 x
Interest Bearing Debts/Equities 0.66 x 0.52 x
Net Debts/Equities 0.68 x 0.63 x
2025 Outlook
Global demand for palm oil is expected to remain strong, particularly from emerging markets and biofuel
sectors. However, competition from other vegetable oils (like soybean and sunflower) may increase.
Indonesia is expected to maintain its position as the world’s largest palm oil producer. Continued
investments in technology and sustainable practices may enhance yield per hectare. Weather patterns
and climate change will influence production levels. Potential for extreme weather events could impact
yields. The Indonesian government is likely to enforce stricter regulations aimed at promoting sustainable
palm oil production. Certification programs like ISPO (Indonesian Sustainable Palm Oil) may gain traction.
Pressure from environmental groups and consumers to address deforestation and biodiversity loss will
continue. Companies may face reputational risks if they fail to implement sustainable practices. CSRA has
made significant strides in enhancing the Company supply chain transparency. CSRA new traceability
system now covers our Pome production from Labuhan Batu mill, ensuring Pome oil is sourced
7
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
Jl. Pluit Selatan Raya, Jakarta Utara 14440 Medan 201
T +6221 6667 3312-15 T +6261 661 4328
F +6221 6667 3310-11 F +6261 662 7913
Page 8
PRESS RELEASE
For Immediate Release
CSRA Anniversary – 28 October 2024
responsibly. Collaborations with ISCC and local communities have strengthened CSRA sourcing practices,
aligning with our commitment to ethical production.
“The palm oil industry in Indonesia in 2025 is poised for growth, driven by production efficiency and global
demand for sustainable products. However, it will need to navigate environmental challenges and market
volatility effectively. CSRA focusing on sustainability and technological innovation is likely to thrive in this
evolving landscape.” stated Seman Sendjaja, Director of Finance & Strategic Development.
“As we reflect on the past quarter, I am pleased to report that our operational performance continues to
demonstrate resilience and growth, even amidst a challenging weather condition. We have successfully
navigated numerous obstacles, including supply chain disruptions, thanks to the dedication and hard work
of our team” he continued.
“Our focus on efficiency and innovation has yielded positive results, with an increase in CPO production,
enhanced delivery times, and cost reductions. These achievements not only underscore our commitment
to operational excellence but also position us favorably for future opportunities, Seman added.
Through disciplined cost management, optimal operational efficiency, and agile mechanization practices,
CSRA continues to strengthens its position to be a national leading agribusiness company.
We remain committed to our strategic goals, emphasizing sustainability and growth. As we move forward,
we will continue to invest in advanced technologies and processes that enhance our capabilities and drive
value for our stakeholders, he concluded.
--------oOo-------
8
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
Jl. Pluit Selatan Raya, Jakarta Utara 14440 Medan 201
T +6221 6667 3312-15 T +6261 661 4328
F +6221 6667 3310-11 F +6261 662 7913
Page 9
PRESS RELEASE
For Immediate Release
CSRA Anniversary – 28 October 2024
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 in July 2022, a brand new 45 tph PKS in Tapanuli Selatan regency
and currently developing another PKS with a capacity of 30 tph in Banyuasin
regency. The Company has a total area of 21,000 hectares with an embedded
area around 18,000 hectares. Its FFB production reached 319,071 tons per year.
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 @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 re sults 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
9
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
Jl. Pluit Selatan Raya, Jakarta Utara 14440 Medan 201
T +6221 6667 3312-15 T +6261 661 4328
F +6221 6667 3310-11 F +6261 662 7913
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