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20240430_DSNG_Laporan Informasi dan Fakta Material_31631857_lamp3.pdf
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DSNG
INVESTOR
NEWSLETTER Volume: 53 – April 2024
A Solid Start to The Year
In Million Rupiah
PT Dharma Satya Nusantara Tbk (DSNG) kicked off 2024 with a
total revenue of Rp 2.2 trillion for the 1st quarter, an increase of
8% YoY from the contribution of three business segments.
The palm oil segment, which was still the most significant
contributor of 85% of Total Revenue, generated a revenue
increase of 5% YoY following higher sales volume but partially
offset by a slightly lower CPO ASP against the same period last
year. Meanwhile, the revenue contribution from the wood
segment remained at 12% of total revenue following a weak
market. The remaining contribution came from its newest
segment, renewable energy.
The improvement in OER, normalized fertilizer prices, and fewer
external FFB purchases from third parties have resulted in the
EBITDA increasing by 22% YoY to Rp 635 billion with the EBITDA
margin of 28.5%,
Nevertheless, our Profit grew modestly by 7% to Rp 229 Bn with
a profit margin of 10.3% due to higher finance costs and
unrealized forex losses from the accounting translation of the
outstanding liabilities denominated in USD. Excluding unrealized
forex loss, the Core Profit margin in 1Q-2024 was 11% or a 47% The requirement for USD amount to meet interest and principal
increase YoY. repayment throughout 2024 is less than 50% of the annual USD
revenue generated by the group, ensuring that the Company can
The combination of higher outstanding loans and the meet its future USD obligations. At the end of this quarter, the
depreciation of IDR against USD is the primary factor in outstanding USD-denominated loan represents only 20% of the
increasing the finance costs by 6% YoY. The loan balance at the Company’s total loan.
end of 1Q24 was higher by 17% due to additional loans in IDR
for our recent strategic investment in REA Kaltim in March Total Assets increased by 5% following the recent additional
2024. strategic investment in REA Kaltim and the realization of some
capex. Similarly, total liabilities increased by around 8%, driven
Despite the Company incurring substantial unrealized forex mainly by additional investment loans.
losses in 1Q24 following the accounting standard requirement
for forex translation, the Company is generally naturally
hedged.
CPO PRODUCTION (TON) 2023 2024 FFB PRODUCTION (TONS) 2023 2024
195,307
56,051
166,011
163,274
46,943
46,556
182,096
168,021
177,612
146,564
190,247
180,441
189,635
200,576
204,241
219,994
206,269
206,124
52,899
48,249
50,905
41,210
57,601
53,472
53,788
57,434
58,366
63,047
61,513
63,408
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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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The World Meteorological Organization has
indicated substantial cooling in the Pacific
Ocean in early April 2024, which means the
El Nino that occurred in 2H-23 will soon
end. Nevertheless, 1Q-2024 FFB production
of 525 thousand tons was only slightly
lower by -1% than the previous year.
The mills performed significantly better in
1Q-2024 with an OER of 24.16% compared
to 22.41% in 1Q-2023, resulting in CPO
production falling by no more than 2%,
even though FFB volume processed was
lower by 9% because of a 30% drop in the
external FFB volume. Moreover, FFA
improved significantly to 2.87%, resulting in
super premium CPO.
CPO ASP (IDR '000/TON) KPB Medan 2023 KPB Medan 2024 YTD DSN 2023
YTD DSN 2024 DSN 2023 DSN 2024
12,488
12,060
12,015 11,803 12,038
11,394
12,014
10,958
11,481 11,642 10,929 11,135 11,019 11,308
11,135
10,510
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
PLANTED AREA
The total combined planted area of nucleus and plasma
at the end of 2023 was 112.7 thousand ha, of which
93% matured plantation at an average age of 13.3
years. Due to its replanting program since 2022, where
DSNG has cumulatively fallen 673 ha and replanted 500
ha, there will be continuous movement on planted
immature and mature areas. For simplification, we will
only present the update twice a year.
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. Pulo Ayang Kav. OR No. 3 Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
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WOOD PRODUCTS
The global wood market is still unfavorable, resulting in a weak demand for wood products.
Nevertheless, the Wood Product segment could book a 30% sales increase YoY for Panel
products during 1Q-2024 by seizing the market left by other players, although it had a 15%
lower ASP. On the contrary, Engineering Flooring still experienced a volume decline of 11%
and a lower ASP of 5% YoY. Despite the above, the Wood Segment can still report positive
Profit.
Regardless of the current global wood market condition, the Company continues to explore
new market opportunities to generate more stable profitability. One innovation is creating a
new product line utilizing Jabon as raw material.
RENEWABLE ENERGY
The Renewable Energy segment reported the sales of 30 thousand tons of Palm
Kernel Shells, tripling the volume from the same period last year, with an ASP of
Rp 1.89 million per ton, 18% YoY higher. As a result, the RE segment booked a
revenue of Rp 57 billion with a net profit margin of 14%.
LATEST UPDATE
DSNG ownership in PT REA Kaltim Plantation
(REA Kaltim)
On 8 March 2024, DSNG increased its ownership in PT REA Kaltim Plantation (REA Kaltim) from 15% to 35%. REA Kaltim cultivates oil
palms and produces CPO, PK, and PKO, with around 35 thousand planted areas in East Kalimantan. This strategic ownership will
increase collaboration between both companies, encompassing but not limited to agronomy, palm oil processing, replanting, and
sustainability practices. In 2023, DSNG and REA Holding were independently ranked 10th and 12th out of 100 producers, processors,
and traders of various industries, including palm oil, by SPOTT (Sustainability Policy Transparency Toolkit). The ranking is determined
based on transparency towards the organization, policies, and implementation of ESG (Environmental, Social, and Governance)
practices.
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. Pulo Ayang Kav. OR No. 3 Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
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PT REA Kaltim Plantation
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