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Page 1
PRESS RELEASE
For Immediate Release
SOLID AND SCALABLE FINANCIAL PERFORMANCE
CSRA diligently monitors profitability and maintains a positive trend
with stable increases
JAKARTA, May 2, 2024 – PT Cisadane Sawit Raya Tbk (Bloomberg Stock Code: CSRA IJ) today announced
its unaudited financial results for the quarter ended March 31, 2024 (1Q24), comparing them to the
corresponding period last year.
Performance Highlights
• The financial performance exceeded initial expectations, with revenue reaching Rp190.96 billion
marking a 3.7% increase compared to the same period last year. This enable the company to
achieve a profit at Rp22.23 billion, representing a decrease of 5.6% from the profit of Rp23.56
billion recorded during the same period last year.
• The Company has successfully maintained a solid and scalable balance sheet. As of March 31,
2024, CSRA's asset position was at Rp2.15 trillion, higher than the position of 31 December 2023
at Rp1.84 trillion. Meanwhile, the company's total liabilities in 3M24 amounted to Rp1.02 trillion
compared to Rp727.69 billion recorded on December 31, 2023.
• Net Debt / Equity ratio at 1Q24 stands at 0.69x, higher than the 2023 level of 0.63x.
The Company’s strong performance in the first quarter, stating that it is challenging to consistently
perform well in such a difficult environment, but the committed CSRA team has managed to overcome
the difficulties admirably. CSRA also attributed the success of ongoing mechanization – driven
improvement initiatives that focus on quality and cost efficiency, enabling the Company to meet
operational requirements effectively.
Business Highlights
• Groundbreaking of CSRA Palm Oil Mill (PKS-3) at Banyuasin regency on January 8, 2024. PKS-3 will
produce crude palm oil (CPO) and palm kernel (PK). The PKS-3 is constructed in sophisticated
fashion with capacity of 30 tons per hour.
• Accelerating ISPO certification in South Sumatera region.
• Harvest and transport mechanization and digitalization in all CSRA estates to achieve the optimum
production.
The management believes that once CSRA achieves strong alignment and deep integration of its purpose
at full throttle, it can confidently drive awareness and pave a clear path to success.
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
F +6221 6667 3310-11 F +6261 662 7913
Page 2
PRESS RELEASE
For Immediate Release
Summary of Consolidated Statement of Income
In IDR Billion 1Q 2024 1Q 2023 Change (%)
Net Sales 190.96 184.15 3.7%
Gross Profit 83.65 88.28 -5.2%
Gross Profit Margin (%) 43.8% 47.9%
Operating Profit 30.83 46.70 -33.9%
Operating Profit Margin (%) 16.1% 25.4%
EBITDA 66.71 61.97 7.7%
EBITDA Margin (%) 34.9% 33.7%
Net Profit 22.23 23.56 -5.6%
Net Profit Margin (%) 11.6% 12.8%
CSRA delivered a solid performance underpinned by solid profitability
CSRA reported consolidated sales of Rp190.96 billion in 1Q24, representing an increase of 3.7% compared
to 1Q23. Sales increased taking into account mainly from the FFB sales effect of Rp43.32 and as well as
the sales of CPO around Rp131.75 billion and Kernel of around Rp15.32 billion.
Operating income amounted to Rp30.83 billion, resulting in an operating margin before non-recurring
items of 43.8%. This performance was achieved through productivity gains and the successful execute
plans which helped offset the lower average selling price compared to the same period last year.
For the first three months of 2024, FFB yield stood at 3.5 ton/ha, which was lower from 1Q23’s level of
3.9 ton/ha. However, its 1Q24 OER increase from 20.3% in 1Q23 to 21.1% in 1Q24 and KER decreased
from 5.2% in 1Q22 to 4.6% in 1Q23. Production is expected to see significant improvements in 3Q24,
which could offset the production decline observed in 1Q24.
The Company is continuously improving the yield of the plans to secure its internal production rate. The
yield improvement process aims to exceed the current condition by enhancing the yield and adopting
pricing strategies to ensure future sustainability. At the same time, the Company will continue to focus on
technology by implementing harvesting and transport mechanization.
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
F +6221 6667 3310-11 F +6261 662 7913
Page 3
PRESS RELEASE
For Immediate Release
Table 1. Production Highlights
Mar’24 Mar’23 Change
Planted Areas 20,321 20,096 1.1%
FFB Nucleus (in MT) 60,891 67,748 -10.1%
FFB Yield (tonnes/ha) 3.5% 3.9%
CPO Production (in MT) 10,307 6,057 70.2%
OER 21.1% 20.3%
Kernel Production (in MT) 2,227 1,545 44.2%
KER 4.6% 5.2%
CSRA firmly believe that further strategy on the operational side will bring additional opportunities to
leverage the performance and further strengthen the Company’s position. Lower production figures on
the above table are due to measurable excesses from CSRA existing strategic projects as well as the
weather. However, the Company focused on delivering profitable growth in a responsible way.
CSRA’s 1Q24 gross profit stood Rp83.65 billion, a decrease of 5.2% on annual comparison. However, this
still has led the company to earn a substantial operating profit of approximately Rp30.83 billion, or 33.9%
lower compared to same period last year. On the bottom line, CSRA’s net profit has decreased by 5.6%
YoY to Rp22.23 billion in 1Q24, resulting in 11.6% net margin. Although experiencing lower financial
performance, lean operation increases CSRA’s ability to respond to external changes, such as economic
factors, technological advances, and political and cultural shifts — all factors a nimble organization can
address. Ongoing mechanization – driven improvement initiatives that focus on quality and cost
efficiency, enabling the Company to meet operational target.
Table 2. Highlight of Consolidated Statement of Income (Unaudited)
In Billion IDR
1Q 2024 1Q 2023 %
Sales 190.96 184.15 3.7%
COGS -107.29 -95.87 11.9%
Gross Profit 83.65 88.28 -5.2%
Gross Margin 43.8% 47.9%
Operating Expenses -52.82 -41.58 27.0%
Operating Profit 30.83 46.70 -33.9%
Operating Margin 16.1% 25.4%
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
1Q 2024 1Q 2023 %
Gain Arising from Changes in Fair Value of
Biological Assets 13.12 -3.37 -489.3%
Gain from Foreign exchanges – Net 0.01 0.01 -50.0%
Tax Penalties and Expenses 0.00 0.00 0.0%
Other Expenses - Net -0.06 -0.03 -85.0%
EBIT 43.82 44.07 -0.6%
EBIT Margin 22.9% 23.9%
Financial Income 0.31 0.87 -64.4%
Finance Expenses -11.93 -11.55 3.3%
Profit Before Tax 32.28 32.51 -0.7%
Tax Income -10.05 -8.94 12.4%
Profit For the Period 22.23 23.56 -5.6%
Net Margin 11.6% 12.8%
Non-Controlling Interest
Profit for the Period Attributable of Owner and
Parent Entity 0.00 0.00 0.0%
22.23 23.56
Profit for the Period Attributable of Owner and -5.6%
Parent Entity
EBITDA 66.71 61.97 7.7%
EBITDA Margin 34.9% 33.7%
Strong Financial Basis for Sustainable Growth with a focus on disciplined capital allocation
As of the end of March 2024, the total assets stood at Rp2.15 trillion an increase of 16.9% compared to
Rp1.84 trillion on December 31, 2023. Non-current assets increased by 2.8% to Rp1.56 trillion compared
to the position at the end of 2023 of Rp1.52 trillion, with the largest increase coming from fixed assets.
Meanwhile the current assets of March 2024 increased by 83.2% compared to FY23 as a result of sales
increase. The largest increase in current assets came from the increase in liquid assets, which are cash
and cash equivalents, advances and prepaid expenses, as well as biological assets.
Whereas the total liabilities at Rp1.02 trillion or an 39.8% increase compared to the end of 2023. The
Company's equity position stood at Rp1.14 trillion as of March 31st, 2024, an increase of 2.0% compared
to the position at the end of 2023. The Company will keep on maintaining a well-balanced capital position
to support its long-term stability and planned business growth. Company also has successfully maintained
a solid and scalable balance sheet, enabling CSRA to maintain an optimal level of working capital to fund
core operations, with the ultimate goal of driving revenue and subsequent profit.
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
Tabel 3. Consolidated Balance Sheet
In IDR Billion
1Q 2024 FY2023
Assets
Current Assets
Cash and cash equivalents 223.57 25.36
Trade Receivables from Third Parties - Net 12.63 6.98
Other Receivables from Third Parties 4.27 6.83
Inventories - net 65.48 68.98
Biological Assets 126.3 113.17
Prepaid Taxes 34.58 23.46
Advanced and Prepaid Expenses 126.24 81.97
Total Current Assets 593.06 323.76
Non-Current Assets
Due from Related Parties 34.03 5.46
Plasma Receivables 56.05 59.62
Investment Properties 0.68 0.68
Bearer Plants:
- Mature Plantation - Net of Accumulated
Depreciation
- Immature Plantations 543.35 518.38
- Nurseries 181.90 205.51
Fixed Assets - Net of Accumulated Depreciation 14.03 13.87
Tax Amnesty Assets - Net of Accumulated 716.64 700.71
Deferred tax asset 0.15 0.19
Other Assets - -
Goodwill 14.67 14.67
Total Non-Current Assets 1,561.51 1,519.09
TOTAL ASSETS 2,154.57 1,842.86
Liabilities
Bank Loan 0 0
Trade payables 37.13 43.34
Other Payables 21.56 23.83
Taxes Payables 10.17 6.73
Accrued Expenses 14.20 12.69
Advances from customers 0.04 4.35
Long term Liabilities – Current Maturities:
- Bank Loans 120.83 85.95
- Consumer Financing Loans 3.71 4.17
- Rent Liabilities Payment 0.85 1.23
Total Current Liabilities 208.81 187.49
Due to Related Party 33.23 33.23
Long-term Employee Benefits Liability 48.73 49.17
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
1Q 2024 FY2023
Deferred Tax Liabilities 43.73 39.81
Long term Liabilities – Net of Current Maturities
- Bank Loans 679.46 414.08
- Consumer Financing Loans 3.20 3.91
- Finance lease liabilities 0.85 1.23
Total Non-Current Liabilities 808.36 540.20
TOTAL LIABILITIES 1,017.17 727.69
EQUITY
Equity attributable to owners of the Parent Entity 1,137.39 1,115.16
Non-controlling interests 0.015 0.015
TOTAL EQUITY 1,137.40 1,115.17
TOTAL LIABILITIES AND EQUITY 2,154.57 1,842.86
Key Financial Ratios
The Company’s EBITDA is supported by higher fruit yields, oil output and lower unit production costs with
gross profit margin for 1Q24 stood at 43.8%, slightly lower than the figure for 1Q23. In addition, its
operating margin also decrease to 16.1%, which is lower than 1Q23 figure of 25.4%. On the bottom-line,
the Company has also managed to keep its net margin at 11.6% in 1Q24, down from 12.8% in 1Q23. This
performance reflects lower palm oil price on and weather condition.
The Company will continue to strengthen its capital to preserve long term business stability with a
healthier balance sheet profile. CSRA current ratio of 2.84x in 1Q24 up from 1.73x in FY23. Its net debt to
equity ratio stood at 0.69x in 1Q24, higher than 0.63x posted in 2023. The Assets/Equities ratio also
improved to 1.89x as of the end of March 2024 against 1.65x in FY23. Moving forward, CSRA will invests
in assets that will aid the business in achieving its financial goals.
Table 5. Financial Ratio Highlights
UOM 3M24 3M23
Profitability ratios
Gross Margin 43.8% 47.9%
Operating Margin 16.1% 25.4%
EBITDA Margin 34.9% 33.7%
Net Margin 11.6% 12.8%
UOM 3M24 FY2023
Leverage
Current Ratio x 2.84 1.72
Asset/Equity x 1.89 1.65
Interest Bearing Debts/Equity x 0.76 0.52
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
Net Debts/Equity x 0.69 0.63
2024 Outlook
2024 became a challenging year for the Indonesian palm oil industry, driven by several key factors. These
factors include increased production costs related to wages, fertilizers, logistics, and sustainability
implementation, as well as the global demand for sustainability that continues to rise. Additionally, the
implementation of the Omnibus Law on Job Creation, the overlap of legal cases involving operational
areas, and the enforcement of the European Union Regulation on Deforestation-free Products (EUDR)
have added to the challenges. Furthermore, several limiting factors have impacted palm oil production,
particularly the El Nino phenomenon in 2023, low rainfall, significant fertilizer price increase, and weather
disturbances affecting productivity. These factors together have slowed down the productivity of the
company.
However, CSRA has once again delivered a solid performance underpinned by solid profitability, improved
margins and the confirmation that the Company is on track to achieve its 2024 targets in spite the
particularly uncertain environment. These results demonstrate the Company’s ability to grow in a tough
environment and also represent a strong foundation not only for the rest of 2024, but also for the longer
term. Up to the end of March 2024, all regions contributed to growth, although momentum was
occasionally weaker in the beginning of year due to the weather and lower average selling price.
Seman Sendjaja Director of Finance and Strategic Development expressed satisfaction with the
Company’s strong performance in the first quarter, stating that CSRA has once again reaffirmed the
importance of production strategy, which is a key factor not only in the Company’s business operations,
but also in the respective markets, where the Company holds systemically important positions.
“Our strong financial base puts us in a position to continue investing in the strategic development of our
company, even in a challenging economic environment”, Seman continued. “We will keep putting every
effort into continually improving our performance in terms of operations and financial results, as well as
leveling up our sustainability practice so we can achieve our goal to be a national leading agribusiness
company” Seman added.
CSRA will continue to pursue organic expansion, inorganic expansion and strategic investments. The
Company has earmarked for Capex, which will highlight the construction for the third palm oil mill in
Banyuasin regency, mechanization, estate infrastructure and staff housing as well as selective in
conducting due diligence to gain opportunities in acquiring new land, mainly located in South Sumatera,
with a priority near the existing estates in order to easily integrate the Company’s operations.
“CSRA’s value creation model positions us strongly to achieve our targets and generate reliable,
sustainable shareholders return. Looking ahead, 2024 will be a decisive year for executing our strategic
goals and accelerating progress across the business,” Seman said on his closing remark.
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
PT CISADANE SAWIT RAYA TBK – CSRA 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 29,000 hectares with
an embedded area around 18,783 hectares. Its FFB production
reached 319,071 tons per year. CSRA publicly listed on the
Indonesian Stock Exchange (IDX) on 9th January 2020.
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
Follow Company’s Social Media for news updates and vacancies:
csr.official @csra.official Cisadane Sawit Raya Tbk - CSRA cisadane sawit raya
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 pr ess 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, anticipa ted or projected. Specifically, but without
limitation, capital costs could increase, projects could be delayed and anticipated improvements in production, capacity or p erformance 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 re ly 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.
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
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