DSNG Q2 Presentation Web
PT DSN Tbk 2015 H1 Results Update
DSN Group is a growing, and green, producer of palm oil and wood products
sold into global markets. DSN plantation operations are among the most
productive in the sector.
he DSN Group was originally established as a wood products
manufacturer. We identiied an opportunity to expand into the
plantation sector in 1997, building upon our established
relationships within the local communities. Both of these
business segments are showing growth, but the palm oil business
is growing, and will continue to grow, at a higher rate.
Our history of expansion has accelerated in recent years, with the
acquisition of ten new oil palm estates since 2010, and two in the
most recent quarter.
Palm oil accounted for 67% of total revenue in H1 2015, down
from 72% in 2014, driven by lower CPO average selling prices.
hese subsidiaries provide long-term opportunities for expansion
in both of our core businesses.
Re ve nue (Rp b n)
We also took a controlling interest in Tanjung Kreasi Parquet
Industry, a manufacturer of globally branded engineered looring
in 2012.
Re ve nue
5,000
H1 '15
2014
2013
2012
2011
2010
FY
4,000
3,000
H1
2,000
1,000
2011
2012
2013
2014
2015
EBITDA (Rp b n)
1,500
FY
1,000
H1
500
2011
2012
2013
2014
2015
FFB Prod uction ('000 tons)
1,500
FY
1,250
1,000
750
H1
500
250
0
2011
2012
2013
2014
2015
CPO p e r He ctare (tons)
8.0
FY
6.0
4.0
H1
2.0
0.0
2011
2012
2013
2014
2015
Palm O il
67%
72%
64%
59%
55%
55%
Wood Prod ucts
33%
28%
36%
41%
45%
45%
Our estates are clustered across East, West and Central
Kalimantan, with recent acquisitions AAN & MNS in the West
Total & Plante d He ctare s b y Cluste r
31 March 2015
Pap ua
North
Kalimantan
We st
Kalimantan
East
Ce ntral
Kalimantan
Kalimantan
0
10
20
30
Planted / Unplanted
40
50
60
70
= 5,000ha
O ne East Kalimantan cluste r e ncomp asse s 84% of our mature are a
Land Are a ('000 Ha)
Estate
Ye ar
Acq uire d
Province
Total
Plante d
Mature
Land Rig hts Status
Availab le
DBL
2013
Pap ua
16.7
-
-
16.7
DIL
2009
N. Kal.
7.2
2.8
-
4.5
SWA
2001
E. Kal.
16.9
15.3
15.3
1.6
DAN
1997
E. Kal.
10.0
9.0
9.0
1.0
HGU
Ave rag e Ag e (Yrs)
Yie ld
Panitia
Ijin
Total
Mature
H1 '15
B
Lokasi
Are a
Are a*
(t/ha)
-
-
-
2.1
-
-
14.7
14.7
13.3
8.9
8.9
12.8
DIN
1997
E. Kal.
9.8
8.7
8.7
1.0
8.9
8.9
14.4
DWT
2007
E. Kal.
13.6
10.2
8.0
3.5
5.2
6.0
10.2
KPS
2011
E. Kal.
6.2
5.9
2.1
0.3
3.6
6.4
9.5
MAL
2012
W. Kal.
15.0
-
-
15.0
-
-
-
RUT
2012
W. Kal.
12.5
-
-
12.5
-
-
-
KAP
2010
W. Kal.
14.9
1.9
-
13.0
1.7
4.0
-
PSA
2010
W. Kal.
10.6
0.9
-
9.7
1.4
-
-
DPS
2010
W. Kal.
6.1
1.0
-
5.1
1.1
-
-
AAN
2015
W. Kal.
18.2
2.0
0.9
16.2
3.9
5.4
2.7
MNS
2015
W. Kal.
18.0
-
-
18.0
-
-
-
PUL
2012
E. Kal.
17.0
0.2
-
16.8
1.0
-
-
PWP
2004
C. Kal.
15.2
8.5
7.6
6.7
5.3
5.7
9.1
207.8
66.4
51.6
141.3
7.8
9.5
12.1
Total
35%
12%
53%
* As of ye ar-e nd 2015
2
PT Dharma Satya Nusantara Tb k (DSNG.JK)
Our plantations have a young age profile and will deliver
productivity growth in coming years
Annual Planting Sche d ule
Ave rag e Ag e
12
12
10
Avg Age All
Avg Age M ature
Plasma
10
H2 Planting
H1 Planting
8
6
6
4
4
2
2
0
Ye ars
Ha (‘000)
8
0
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15
Cum. Are a
1.2
4.1
4.9
6.1
6.6
8.8
8.8
11.9
15.2
19.9
Plasma %
he acquisition of AAN in Q2 2015 provided nearly 1,900
hectares of nucleus, and more than 800 hectares of plasma,
with a total of 1,200 mature hectares.
In total, our 66,421 hectares of planted nucleus are an average
age of 7.8 years in H1, dropping to 7.4 by the end of 2015.
Our plasma estates, in comparison, are just 3.7 years old.
As our plantations age, we intend to implement a planting
schedule suicient to maintain a favorable long-term maturity
proile. In general, our cost to maturity for new planting is
roughly $5,000 to $5,500 per hectare.
Cap ital Exp e nd iture s
2014
2013
2012
2011
2010
Immature Plantations
401
335
294
353
224
Construct. in Prog re ss
348
182
482
282
128
67
146
131
308
133
816
663
907
942
485
O the rs
Total
Our capital expenditures are
expected to be between $60 million
and $70 million in each of the next
few years in support of our ongoing
expansion program and mill
construction.
23.5
31.1
36.1
42.7
47.3
50.4
53.6
59.6
64.6
66.4
6%
6%
8%
9%
17%
21%
27%
29%
Our strong commitment to our plasma holders is one critical
element in the success of DSN’s palm oil activities, generally
easing our acquisition of land and title conversion, and
minimizing the prospect of local disturbances or social unrest.
Our BoT model encompasses 75% of our plasma areas, and
results in higher FFB yields and higher revenues for our plasma
cooperatives. DSN beneits from the milling margin and gains
assurance that the loans to plasma holders can be repaid.
5% of total FFB revenues are retained by DSN as a
management fee. Of the remainder, 30% is paid to the plasma
holder, while 70% services bank loans and funds extended by
DSN for upkeep and maintenance of the estate prior to
breaking even.
DSN typically funds the development of plasma estates
through bank loans with repayment schedules comprising a 4year grace period and 6-year repayment.
Our plasma estates total 18,955 hectares at he end of H1 2015.
In total, 5,985 hectares had reached maturity and produced
58,496 tons of FFB in the half, for 8.4% growth from 2014.
Mid -Ye ar vs. Ye ar-End Stand ard
In 2011, the Comp any ad op te d a Mid -Ye ar Stand ard (MYS) ap p roach
to d e te rmining the ag e of our p lantations for accounting p urp ose s.
Using the MYS, tre e s p lante d in H2 of the p re vious ye ar and H1 of the
curre nt ye ar will b e consid e re d 1-ye ar old at the close of the ye ar – a
re asonab le e stimate of the ave rag e amount of time the se tre e s have
b e e n in the g round .
All of the d ata p re se nte d within our financial re p orts and this
p re se ntation make use of the MYS from 2011 to the p re se nt.
H1 2015 Re sults Up d ate
3
Our planting to date implies an average 10% annual growth
in FFB production through 2018
FFB Yie ld (t/ha)
35
Ag e Profile (‘000 ha)
Immature
Young Mature
Prime Mature
14
O ld Mature
30
12
25
10
20
8
Class I
Class II
Class III
15
6
10
4
5
2
0
0
2
4
= 500 ha
6
8
10
12
14
16
18
Ag e of Tre e s
Plante d He ctare s (000's)
20
22
Growth in Mature Planting and Yie ldd Proje ctions
Stand ard FFB/ha
Mature Are a
Ye ar-End
Old M ature
60
Prime
M ature
45
30
Young
M ature
15
Immature
0
'11
'12
'13
0
26
Source : Ind one sian Palm O il Re se arch Institute
75
'10
24
'14
'15
'16
'17
'18
'19
'20
'000 ha
% Δ Avg Ag e
Class II Class III
%Δ
2010
26.7
7.5
20.9
2011
32.3
21
7.7
21.5
18.5
19.0
3
2012
38.4
19
8.0
21.9
19.5
3
2013
44.0
15
8.3
22.7
20.2
4
2014
48.0
9
8.8
23.5
21.0
4
2015
51.7
8
9.5
24.8
22.3
6
2016
56.5
9
9.9
25.0
22.4
1
2017
61.8
9
10.4
25.0
22.5
0
2018
66.4
8
10.8
25.1
22.6
1
2019
66.4
0
11.8
26.4
23.7
5
2020
66.4
0
12.8
27.0
24.3
2
Base d on are a p lante d throug h H1 2015
FFB Volume (mn t)
2.0
A standard yield curve derived from our plantation
age proile, rather than simply our average age, helps
to establish realistic medium-term yield
expectations.
= DSN Annual Nucle us Yie ld
Class II
1.6
hese standards suggest average yields could
continue to increase through 2016, barring external
environmental factors. At the same time, our mature
plantation area will increase from 48,038 hectares in
2014 to 66,421 hectares by 2018 (8-9% annually)
based on the area already planted, with subsequent
annual growth rates of roughly 10% through 2020,
with a prospective standard Class II soil yield of
1.79 million tons FFB by 2020.
1.2
Class III
0.8
0.4
0.0
'10
4
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
PT Dharma Satya Nusantara Tb k (DSNG.JK)
Our target is to maintain lab standard FFB yields on a
commercial scale within each of our estates
FFB Yie ld (t/ha, 2010-2014)
Young Mature
35
Prime Mature
12.1
30
tons FFB per
nucleus hectare
in H1 2015
25
20
15
9.5
years average
age of nucleus
mature area
10
5
0
4
6
8
10
Ave rag e Ag e (mature ha only)
In H1 ‘15, DSN produced 616 thousand tons FFB
from nucleus estates, with an additional 58 thousand
tons from plasma operations. In aggregate, FFB
output increased by 3.0% from H1 ‘14, with a
nucleus yield of 12.1 tons per hectare and a plasma
yield of 10.1 tons per hectare.
Prod uction Pe rformance - Estate s
Pe riod
Volume
%Δ
616
600
3
-
12.1
12.5
1,258
1,153
977
738
9
18
32
38
26.2
26.4
25.5
22.4
58
54
8
-
10.1
9.6
119
88
43
3
35
104
1,184
-
21.2
17.9
10.9
4.4
116
142
-18
-
2014
2013
2012
2011
267
141
65
40
90
115
64
55
Total FFB
Proce sse d
H1 2015
H1 2014
789
796
-1
-
('000 t)
2014
2013
2012
2011
1,635
1,381
1,052
767
18
31
37
41
FFB, Nucle us H1 2015
H1 2014
('000 t, t/ha)
Nucle us Estate s
2014
2013
2012
2011
FFB (t '000)
150
100
50
FFB, Plasma* H1 2015
H1 2014
('000 t, t/ha)
0
2014
2013
2012
2011
Plasma Estate s
FFB (t '000)
15
10
Exte rnal FFB H1 2015
H1 2014
('000 t)
5
0
Exte rnal FFB
FFB (t '000)
30
’15
‘14
‘13
‘12
‘11
10
0
Jan Fe b Mar Ap r May Jun Jul Aug Se p O ct Nov De c
H1 2015 Re sults Up d ate
14
3rd party purchases were reduced by 18% in H1
2015, despite the launch of Mill 6 in Q1. In all,
FFB processed fell by 1% to 789 thousand tons.
Monthly FFB Prod uction
20
12
Yie ld (t/ha)
6.3
years average
age of plasma
mature area
616
thousand tons
FFB produced
in H1 ‘15
2.6%
growth in
nucleus FFB
*Fully O p e rate d O nly
5
Our most developed cluster - with 5 estates, 5 CPO M ills and
56,000 ha - is nearly the size of Singapore
141,347
ha available
land bank
66,421
ha planted
nucleus area
We are a member of the Roundtable
on Sustainable Palm Oil (RSPO), and
strive to comply with global RSPO
and the Indonesian Sustainable Palm
Oil (“ISPO”) principles.
In total, our nucleus estates incorporate 66,421 planted hectares,
of which 51,633 are mature. Nearly 74% of our planted area, in
ive estates, is located in a single contiguous area in East
Kalimantan. hese 49,110 planted hectares encompass an area
nearly the size of Singapore.
Five out of our six existing palm oil mills are located within these
estates, and we expect to complete the construction of one
additional CPO mill in 2016. he proximity of the CPO mills to
the fruit allows us to establish an 8-hour standard for harvest-tomill, resulting in minimal spoilage of FFB and lower FFA.
We have received RSPO and ISPO
certiication for our SWA, DAN and
DIN palm oil plantations along with
their respective mills, and have
completed the RSPO and ISPO audit
process in December 2013 for all of
our other mills and their respective
estates. We have also received ISCC
certiication, facilitating sales of our
CPO for European biofuel use.
Mill capacity will accommodate annual peak output from a
10,000 ha mature estate. Mills servicing rapidly developing
estates (such as Mill 5 in PWP) may rely on signiicant external
FFB purchases.
At a cost of roughly $18 - $20 million per mill, this adds
approximately $2,000 to development costs per hectare.
We are also committed to protecting
our environment. We have set aside
6,600 hectares of land, or an area
roughly equivalent to 10% of our total
planted area, for conservation
purposes.
CPO mill cap acity d e sig ne d for p e ak p rod uction months
51,633
ha
mature area
Tons/
Max.
Ye ar
Location Estate
Hr
Util*
RSPO
Mill 1
2002
E. Kal.
SWA
90
55%
Ce rt. Ce rt. Ce rt.
Mill 2
2009
E. Kal.
DAN
60
118%
Ce rt. Ce rt. Ce rt.
Mill 3
2010
E. Kal.
DIN
60
130%
Ce rt. Ce rt. Ce rt.
Mill 4
2011
E. Kal.
SWA
60
126%
Aud .
Mill 5
2011
C. Kal.
PWP
60
103%
Mill 6
2015
E. Kal.
DWT
60
Mill 7
2016
E. Kal.
KPS
60
In Prog re ss
Total Cap acity
ISPO
ISCC
Ce rt.
450
*Monthly, 2014
DWT
Mill 6
2 million
tons/ year
CPO mill
capacity
Mill 3
Mill 2
Mill 7
DAN
DIN
SWA
KPS
Mill 4
Mill 1
RSPO &
ISCC
certified
Existing CPO M ills
Trans-East Kal. Road
Planned CPO M ills
6
PT Dharma Satya Nusantara Tb k (DSNG.JK)
Our 6 mills achieved an aggregate OER of 22.8% in H1, as
well as an FFA level of 2.61%
Prod uction Pe rformance - Mills
Pe riod
CPO
('000t, O ER)
PK
('000 t, KER)
PKO
('000 t, PKO ER)
Volume
%Δ
H1 2015
H1 2014
180
189
-5
-
22.8
23.8
2.61
2.76
2014
2013
2012
2011
391
336
257
189
16
31
36
41
23.9
24.3
24.4
24.6
2.93
2.65
2.67
2.55
H1 2015
H1 2014
25.8
24.2
7
-
3.3
3.0
2014
2013
2012
2011
53.3
43.3
35.7
23.9
23
21
50
50
3.3
3.1
3.4
3.1
8.0
8.2
-2
-
38.1
41.9
18.2
13.5
35
-
41.8
42.4
H1 2015
H1 2014
2014
2013
Yie ld (%) FFA (%)
CPO production declined by 4.9% in H1 2015, with an Oil Extraction
Rate (OER) of 22.8%. Palm Kernel production rose by 7% to 25,846
tons, with most used by our Palm Kernel Oil mill which produced 8,037
tons PKO.
Our CPO production quality improved slightly during the half, with
aggregate Free Fatty Acid (FFA) levels of just 2.61%. he maximum
monthly FFA level from mills primarily processing our own production
was just 3.56%. Nearly 50% of our CPO in H1 was sold with FFA
below 3%, and can receive a premium of 1-4% to standard CPO.
Cost of Sale s (IDR b n)
2014
2013
2012
2011
2010
Fe rtilize r
Lab or
O the rs
324.7
401.0
328.6
288.7
336.0
244.7
326.7
274.3
224.3
193.7
166.1
227.4
161.1
107.2
210.8
FFB Purchase d
Milling
663.5
101.6
294.1
99.5
179.1
65.1
69.0
33.6
30.1
39.4
Total cash cost
1,819.3
1,263.0
1,069.5
689.7
548.6
4.61
3.73
21.95
3.76
3.38
19.92
4.23
3.90
21.51
3.64
3.46
17.82
4.05
4.01
17.67
388
314
1,848
359
323
1,906
451
416
2,293
414
394
2,029
446
441
1,945
Unit Cash Costs
(IDR mn)
CPO Total
CPO - Inte rnal FFB O nly
Mature Ha*
Q uarte rly CPO Prod uction
CPO ('000 t)
120
(USD)
90
CPO Total
CPO - Inte rnal FFB O nly
Mature Ha*
60
*Exclud ing Milling Costs
30
Our cash cost in 2014 increased to Rp4.6 million per ton of CPO.
Purchases of external FFB – both plasma and unrelated estates - were up
126%, due to higher productivity of older estates, as well as external
purchases in support of Mill 5 operations.
0
Q uarte rly O il Extraction Rate
O ER (%)
26
25
’15
‘14
‘13
‘12
‘11
24
23
22
4.0
Comp arative Pe e r CPO Yie ld b y Ave rag e Ag e of Estate s
3.5
6.5
3.0
6.0
CPO Yie ld - T/Mature Ha
FFA (%)
Excluding costs of purchasing and processing external FFB, our cash cost
per ton of CPO was Rp3.73 million, or 10% higher than in 2013.
Our cash cost per mature hectare of Rp21.95 million was 10.2% higher
than in 2013, which was largely attributable to the weaker rupiah.
Q uarte rly Fre e Fatty Acid %
2.5
2.0
Q uarte rly Rainfall
1000
Rainfall - E. Kal (mm)
Labor costs were up 19.4% for the year as our mature area increased by
10.1%. Labor accounts for roughly 22% of the total cash cost of sales,
while fertilizer contributed another 18%.
750
GAR
DSNG
5.5 SSMS
5.0
FRST
4.5
9.8
4.4
4.0
ANJT
AALI
BTMA
LSIP
500
3.5
250
3.0
0
2.5
KENC
BWPT
SGRO
SIMP
Q1
Q2
Q3
H1 2015 Re sults Up d ate
Q4
6
8
10
12
14
16
Avg Ag e
Source : Comp any re p orting and analyst re se arch
7
Expanding domestic re fining capacity, coupled with our
high-quality product, ensures robust demand for our CPO
23.3%
OER in H1
2015
DSN p lantations
DSN Ports
DSN custome rs
Re fine rie s
2.7 tons
CPO per
hectare in H1
2015
Sale s Pe rformance
Pe riod
CPO
2.61%
blended
average FFA
PK
50%
PKO
of CPO sales
are Super CPO
Volume
ASP
'000 tons
%Δ
H1 2015
H1 2014
185
193
-4
-
2014
2013
2012
2011
394
336
253
190
Re ve nue
%Δ
Rp Bn
%Δ
7.51
8.78
-14
-
1,388
1,692
-18
-
17
33
33
40
8.27
7.05
7.29
7.44
17
-3
-2
12
3,262
2,369
1,840
1,411
38
29
30
57
5
5
-10
-
4.78
5.61
-15
-
22
28
-23
-
2014
2013
2012
2011
10
16
35
21
-35
-55
63
23
4.85
2.70
3.33
4.38
79
-19
-24
33
49
42
115
93
16
-63
24
63
H1 2015
H1 2014
9
10
-7
-
11.43
11.04
4
-
103
107
-4
-
2014
2013
20
9
110
-
10.84
7.11
52
-
214
67
219
-
H1 2015
H1 2014
Rp mn/ton
Our customers are
primarily Indonesian
CPO reineries located
in Kalimantan and Java,
close to DSN’s
operations.
Regular customers
include Smart, Wilmar,
Kuala Lumpur Kepong,
Musim Mas and
Dermaga Kencana
Indonesia.
With ISCC certiication,
we are now able to
provide CPO for biofuels to a new buyer in
Louis Dreyfus.
In H1 2015, we sold 185 thousand tons of CPO, 4% below the level in H1 2014. Our average selling
price of Rp7.51 million per ton was also 14% lower than the previous year. Pricing for Palm Kernel (PK)
was lower by 15%, while Palm Kernel Oil (PKO) was signiicantly more robust, rising by 4% from the
previous year.
Ind one sian CPO at a p re mium to Malaysia since 2013
CPO Q uarte rly ASP
(USD/Ton)
per ton CPO in
H1 ‘15
1,300
10
Malaysia FO B
Ind one sia FO B
1,100
900
700
500
Jan-10
8
ASP (Rp m/ton)
Rp7.51m
9
’15
‘14
‘13
‘12
‘11
8
7
6
5
Jan-11
Jan-12
Jan-13
Jan-14
Q1
Q2
Q3
Q4
PT Dharma Satya Nusantara Tb k (DSNG.JK)
DSN is also a leading wood products manufacturer with
reputable brand names & long-standing client relationships
DSN is the fourth largest wood products manufacturer in
Indonesia, producing panels, engineered loors and doors.
We have recently initiated a shift into higher value, higher margin
products through the acquisition of TKPI, which specializes in
engineered looring. We continue to leverage on our long standing
relationships with customers to across the world to leverage this
new business initiative.
Our diverse exposure to customers in different segments and
geographies has protected us to from adverse economic impacts as
we maintain and grow our wood products business.
For wood products, we have suicient capacity to meet our current
growth plans. We intend to more than double production volume
in engineered looring from 1.1 million m2 in 2012 to 2.6 million
m2 by 2015, while our plant currently has capacity to produce up
to 4 million m2.
and consolidating our operations in Surabaya and Gresik to a new
panel products processing plant in Lumajang by 2015. his is closer
to our satellite plants and will reduce our transportations costs.
We comply with various domestic and international environmental
standards in our wood products manufacturing processes, and seek
to ensure that all the logs and sawn timber purchased for our
operations are produced from sustainable forest resources.
We were awarded the Certiication of Legal Wood certifying our
use of legally sourced logs and have also obtained the Forest
Stewardship Council (FSC) Chain-of-Custody and Program for
the Endorsement of Forest Certiication (PEFC) certiications.
We meet the Conformité Européenne (CE) labeling standards for
products exported to Europe and have received certiications from
the California Air Resources Board (CARB) and the Japanese
Agricultural Standard ( JAS).
We will be optimizing our wood products eiciency by relocating
Top 10 Ind ustrial and Comme rcial Custome rs
Custome r Name
Typ e
Prod ucts
S.A. Shahab & Comp any Pte Ltd
Sumitomo Fore stry Comp any Ltd .
Vintag e Hard wood Flooring
Jiang su Skyrun Arse r Co., Ltd
Asia Trad ing , Inc
Associate d Lumb e r & Trad ing , Ltd
PKF Glob al
Plyq ue t Holzimp ort
Te ka Kore a Co., Ltd
Be ijing Te ka Holy Eag le Corp oration
Pane ls
Pane ls
Eng ine e re d
Pane ls
Pane ls
Pane ls
Eng ine e re d
Eng ine e re d
Eng ine e re d
Eng ine e re d
Trad e r
Trad e r
Distrib utor
Trad e r
Trad e r
Trad e r
Trad e r
Distrib utor
Distrib utor
Distrib utor
Ye ars Ge og rap hy
Flooring
Doors
Flooring
Flooring
Flooring
H1-2015
H1-2014 YoY Δ%
Q 2-2015
106,400
113,889
-6.6
58,165
26,869
25,897
3.8
12,293
Eng ine e re d flooring (m2) 517,079
599,815
-13.8
11 ye ars
8 ye ars
9 ye ars
3 ye ars
7 ye ars
5 Ye ars
15 ye ars
17 ye ars
12 ye ars
11 ye ars
Mid d le East
Jap an
Canad a
China
Jap an
Jap an
UK
Europ e
South Kore a
China
Q 1-2015 QoQ Δ%
2014
2013 YoY Δ%
48,235
20.6
201,696
244,642
-17.6
14,576
-15.7
51,469
51,989
-1.0
260,114
256,965
1.2
1,145,956 1,073,412
6.8
Sale s Volume
Pane l (m3)
Eng ine e re d d oors (Pcs)
Ave rag e Se lling Price (IDR mn)
Pane l (m3)
4.57
4.29
6.3
4.54
4.60
-1.4
4.37
3.97
Eng ine e re d d oors (p cs)
1.46
1.19
22.9
1.43
1.49
-3.9
1.24
1.06
16.6
Eng ine e re d flooring (m2)
0.40
0.36
11.9
0.42
0.39
6.6
0.37
0.31
17.6
4,000,000
m2/ annum
flooring capacity
H1 2015 Re sults Up d ate
22.9%
growth in door
ASP
10.0
11.9%
450,000
increase in
flooring ASP
m3/ annum panel
capacity
9
H1 2015 Financial Summary
Total Consolid ate d (IDR b n)
H1-2015
H1-2014
Re ve nue
Gross Profit
% margin
O p e rating Profit
% margin
EBITDA
% margin
Ne t Profit
% margin
Fore x g ain (loss) from financing
Exce p tional ite m
Ad juste d Profit
% margin
2,248
618
27.5
379
16.9
533
23.7
174
7.8
(49)
33
187
8.3
2,564
846
33.0
568
22.2
699
27.3
367
14.3
14
Cash flow from op e rations
Cash flow from inve stme nts
Cash flow from financing
357
13.9
YoY Δ%
Q 2-2015
(12.4)
(27.0)
1,224
346
28.3
211
17.2
288
23.6
116
9.5
(13)
33
102
1,024
272
26.6
169
16.5
245
23.9
58
5.7
(36)
85
8.3
8.3
61
(232)
29
(33.3)
(23.8)
(52.5)
(47.6)
(53)
(368)
(102)
486
(429)
507
(110.8)
(14.2)
NA
(114)
(136)
(131)
Total Palm O il (IDR b n)
H1-2015
H1-2014
YoY Δ%
Q 2-2015
Re ve nue
Gross Profit
% margin
O p e rating Profit
% margin
EBITDA
% margin
Profit Be fore Tax
% margin
1,514
542
35.8
382
25.2
510
33.7
291
19.3
1,827
749
41.0
567
31.1
672
36.8
519
28.4
Total Wood Prod ucts (IDR b n)
H1-2015
H1-2014
YoY Δ%
Q 2-2015
737
97
13.2
49
6.6
75
10.2
32
4.4
(0.5)
(21.9)
390
24
6.3
13
3.4
27
6.8
(6)
(1.6)
Re ve nue
Gross Profit
% margin
O p e rating Profit
% margin
EBITDA
% margin
Profit Be fore Tax
% margin
Financial Position
733
76
10.3
41
5.6
68
9.2
(5)
(0.7)
H1-2015
H1-2014
Total d e b t
Ne t d e b t
Total Asse t
Total Eq uity
Total d e b t / e q uity
Ne t d e b t / e q uity
Ne t d e b t / EBITDA
3,781
3,150
7,350
2,369
1.6x
1.3x
2.7x
3,321
2,409
6,665
2,004
1.7x
1.2x
2.0x
Loans b y Curre ncy, H1 2015
IDR Bn
US$ MM
Re volving Loan
Curre nt Portion of LT De b t
Long Te rm De b t
Finance Le ase s
393
330
2,347
2
28
12
13
0
Total
3,072
53
(17.1)
(27.7)
(32.6)
(24.2)
(43.9)
(15.4)
(10.0)
(116.2)
834
321
38.5
225
26.9
289
34.6
183
21.9
Q 1-2015 Q oQ Δ%
24.8
17.7
101.1
19.2
2013
4,898
1,709
34.9
1,075
22.0
1,339
27.3
650
13.3
(12)
(69)
711
3,842
1,190
31.0
657
17.1
888
23.1
216
5.6
(184)
14.5
9.2
354
YoY Δ%
27.5
43.6
63.7
50.8
201.3
100.8
(286.5)
(41.1)
(549.8)
997
(885)
593
595
(745)
96
67.7
18.7
516.1
Q 1-2015 Q oQ Δ%
2014
2013
YoY Δ%
680
221
32.4
158
23.2
221
32.4
109
16.0
22.6
45.6
42.5
30.9
68.0
Q 1-2015 Q oQ Δ%
344
51
14.9
28
8.1
41
12.0
1
0.3
YoY Δ%
Q 2-2015
13.9
30.8
10.3
18.2
3,781
3,150
7,350
2,369
3,682
2,627
7,368
2,249
1.6x
1.3x
2.7x
1.6x
1.2x
2.0x
19.5
27.1
2014
13.3
(52.3)
(52.4)
(35.4)
(684.9)
Q 1-2015 Q oQ Δ%
2.7
19.9
(0.2)
5.3
3,525
1,509
42.8
1,166
33.1
1,376
39.0
1,052
29.8
2,478
1,046
42.2
707
28.5
885
35.7
517
20.9
42.3
44.2
65.0
55.6
103.5
YoY Δ%
2014
2013
1,374
200
14.6
11
0.8
64
4.7
(41)
(3.0)
1,364
144
10.5
20
1.5
73
5.4
(80)
(5.9)
2014
2013
YoY Δ%
3,532
2,408
7,174
2,293
1.5x
1.0x
1.8x
2,961
2,474
5,921
1,679
1.8x
1.5x
2.8x
19.3
(2.7)
21.2
36.6
0.7
39.1
(47.2)
(12.4)
(48.7)
Consolid ate d ad juste d p rofit e xclud e s the imp act
of unre alize d financing fore x g ains/losse s
Note : Annual Financial State me nts are aud ite d b y Sid d harta & Wijaja, Re g iste re d Pub lic Accountants, and a Me mb e r Firm of KPMG
Inte rnational.
10
PT Dharma Satya Nusantara Tb k (DSNG.JK)
H1 2015 Operations Summary
Q 2 2015
Q 1 2015 QoQ Δ%
7.4
7.5
6.7
57,618
51,633
5,985
56,418
50,732
5,686
2.1
1.8
5.3
53,649
48,038
5,611
48,572
43,644
4,928
10.5
10.1
13.9
74,036
59,990
14,046
15.3
10.7
35.0
85,376
66,421
18,955
81,143
63,486
17,657
5.2
4.6
7.4
80,064
62,778
17,286
70,537
57,862
12,675
13.5
8.5
36.4
674,300
615,805
58,496
654,365
600,393
53,972
3.0
2.6
8.4
375,347
342,248
33,099
298,953
273,556
25,397
25.6
25.1
30.3
1,376,498
1,257,634
118,865
1,240,818
1,152,610
88,207
10.9
9.1
34.8
12.1
10.1
12.5
9.6
-3.5
4.9
6.7
5.6
5.4
4.5
23.6
25.9
26.2
21.2
26.4
17.9
-0.9
18.4
788,620
180,074
25,846
8,037
795,789
189,359
24,183
8,233
-0.9
-4.9
6.9
-2.4
437,383
101,816
14,923
4,582
351,237
78,258
10,923
3,455
24.5
30.1
36.6
32.6
1,635,342
390,857
53,324
18,197
1,380,528
335,730
43,277
13,482
18.5
16.4
23.2
35.0
22.8
3.3
2.61
23.8
3.0
2.76
-4.0
7.9
-5.3
23.3
3.4
2.46
22.3
3.1
2.81
4.5
9.7
-12.4
23.9
3.3
2.93
24.3
3.1
2.65
-1.7
4.0
10.4
184,900
4,525
9,000
192,821
5,009
9,702
-4.1
-9.7
-7.2
102,350
2,161
6,000
82,550
2,364
3,000
24.0
-8.6
100.0
394,344
10,127
19,704
336,240
15,623
9,400
17.3
-35.2
109.6
45.21
28.43
34.29
52.63
33.48
33.53
-14.1
-15.1
2.3
7.39
4.56
11.14
7.66
4.99
12.00
-3.6
-8.7
-7.2
8.27
4.85
10.84
7.05
2.70
7.11
17.4
79.4
52.4
H1-2015
H1-2014
YoY Δ%
Q 2-2015
Palm O il Summary
H1 2015
H1 2014
Palm Estate s
Mature Land (ha)
Nucle us
Plasma
57,618
51,633
5,985
53,649
48,038
5,611
Planted Land (ha)
Nucle us
Plasma
85,376
66,421
18,955
FFB Production (t)
Nucle us
Plasma
FFB Yield (t/ha)
Nucle us
Plasma
Mills
Production (tons)
FFB Proce sse d
Crud e Palm O il (CPO )
Palm Ke rne l (PK)
Palm Ke rne l O il (PKO )
Yields (%)
O il Extraction Rate (O ER)
Ke rne l Extraction Rate (KER)
Fre e Fatty Acid (FFA)
Sale s
Volume (tons)
Crud e Palm O il (CPO )
Palm Ke rne l (PK)
Palm Ke rne l O il (PKO )
Average Selling Price (IDR mn/ton)
Crud e Palm O il (CPO )
Palm Ke rne l (PK)
Palm Ke rne l O il (PKO )
Wood Prod ucts Summary
Sale s Volume
Pane l (m3)
Eng ine e re d d oors (p cs)
Eng ine e re d floors (m2)
YoY Δ%
Q 1-2015 QoQ Δ%
2014
2014
2013
2013
YoY Δ%
YoY Δ%
106,400
26,869
517,079
113,889
25,897
599,815
-6.6
3.8
-13.8
58,165
12,293
260,114
48,235
14,576
256,965
20.6
-15.7
1.2
201,696
51,469
1,145,956
244,642
51,989
1,073,412
-17.6
-1.0
6.8
4.57
1.46
0.40
4.29
1.19
0.36
6.3
22.9
11.9
4.54
1.43
0.42
4.60
1.49
0.39
-1.4
-3.9
6.6
4.37
1.24
0.37
3.97
1.06
0.31
10.0
16.6
17.6
Ave rag e Se lling Price (IDR mn)
Pane l (m3)
Eng ine e re d d oors (p cs)
Eng ine e re d floors (m2)
DISCLAIMER: This p re se ntation may contain forward -looking state me nts that involve risks and unce rtaintie s. Actual future p e rformance , outcome s and re sults may d iffe r
mate rially from those e xp re sse d in forward -looking state me nts as a re sult of a numb e r of risks, unce rtaintie s and assump tions. Althoug h the Comp any b e lie ve s that such forward looking state me nts are b ase d on re asonab le assump tions, it can g ive no assurance that such e xp e ctations will b e me t. You are cautione d not to p lace und ue re liance on the se
forward looking state me nts, which are b ase d on the curre nt vie w of the manag e me nt on future e ve nts.
Unle ss othe rwise state d , the Comp any is the source for all d ata containe d in this p re se ntation. Such d ata is p rovid e d as at the d ate of this p re se ntation and is sub je ct to chang e
without notice . No re liance may b e p lace d for any p urp ose s whatsoe ve r on the information containe d in this p re se ntation, or any othe r mate rial d iscusse d at the p re se ntation, or
on the comp le te ne ss, accuracy or fairne ss the re of.
The information in this p re se ntation has not b e e n ind e p e nd e ntly ve rifie d . No re p re se ntation, warranty, e xp re ss or imp lie d , is mad e as to, and no re liance should b e p lace d on, the
fairne ss, accuracy, comp le te ne ss or corre ctne ss of the information and op inions in this p re se ntation. None of the Comp any or any of its ag e nts or ad vise rs, or any of the ir
re sp e ctive affiliate s, ad vise rs or re p re se ntative s, und e rtake to up d ate or re vise any forward -looking state me nts, whe the r as a re sult of ne w information, future e ve nts or othe rwise
and none of the m shall have any liab ility (in ne g lig e nce or othe rwise ) for any loss howsoe ve r arising from any use of this p re se ntation or its conte nts or othe rwise arising in
conne ction with this p re se ntation.
This p re se ntation also contains ce rtain statistical d ata and analyse s which have b e e n p re p are d b y the Comp any and /or othe r source s. Nume rous assump tions we re use d in
p re p aring the Statistical Information, which assump tions may or may not ap p e ar he re in. As such, no assurance can b e g ive n as to the Statistical Informations accuracy,
ap p rop riate ne ss or comp le te ne ss in any p articular conte xt, nor as to whe the r the Statistical Information and /or the assump tions up on which the y are b ase d re fle ct p re se nt marke t
cond itions or future marke t p e rformance .
H1 2015 Re sults Up d ate
11
DSNG Daily Share Price (rp /share ) & Trad ing Volume (share s)
(%)
DSNG Share hold e rs
6,000
5,000
4,000
O e tomo Family
28.5
Rachmat Family
25.4
Salim Lim Family
8.2
Sub ianto Family
7.2
Commissione rs & Dire ctors
3,000
Pub lic
8.0
22.9
2,000
as of 30 June 2015
1,000
0
For ad d itional information,
p le ase re fe r to our we b site at:
14-Jun-13
14-De c-13
14-Jun-14
14-De c-14
14-Jun-15
DSNG Share Price vs. IDX & Ag ri Ind e x
3.0
DSNG
2.5
2.0
1.5
Ag ri
1.0
IDX
0.5
0.0
14-Jun-13
14-De c-13
14-Jun-14
14-De c-14
14-Jun-15
www.d sn.co.id
If you have ad d itional q ue stions
or re q ue sts, you may contact us
at:
inve stor.re lations@d sng roup .co.id
DSN Group is a growing, and green, producer of palm oil and wood products
sold into global markets. DSN plantation operations are among the most
productive in the sector.
he DSN Group was originally established as a wood products
manufacturer. We identiied an opportunity to expand into the
plantation sector in 1997, building upon our established
relationships within the local communities. Both of these
business segments are showing growth, but the palm oil business
is growing, and will continue to grow, at a higher rate.
Our history of expansion has accelerated in recent years, with the
acquisition of ten new oil palm estates since 2010, and two in the
most recent quarter.
Palm oil accounted for 67% of total revenue in H1 2015, down
from 72% in 2014, driven by lower CPO average selling prices.
hese subsidiaries provide long-term opportunities for expansion
in both of our core businesses.
Re ve nue (Rp b n)
We also took a controlling interest in Tanjung Kreasi Parquet
Industry, a manufacturer of globally branded engineered looring
in 2012.
Re ve nue
5,000
H1 '15
2014
2013
2012
2011
2010
FY
4,000
3,000
H1
2,000
1,000
2011
2012
2013
2014
2015
EBITDA (Rp b n)
1,500
FY
1,000
H1
500
2011
2012
2013
2014
2015
FFB Prod uction ('000 tons)
1,500
FY
1,250
1,000
750
H1
500
250
0
2011
2012
2013
2014
2015
CPO p e r He ctare (tons)
8.0
FY
6.0
4.0
H1
2.0
0.0
2011
2012
2013
2014
2015
Palm O il
67%
72%
64%
59%
55%
55%
Wood Prod ucts
33%
28%
36%
41%
45%
45%
Our estates are clustered across East, West and Central
Kalimantan, with recent acquisitions AAN & MNS in the West
Total & Plante d He ctare s b y Cluste r
31 March 2015
Pap ua
North
Kalimantan
We st
Kalimantan
East
Ce ntral
Kalimantan
Kalimantan
0
10
20
30
Planted / Unplanted
40
50
60
70
= 5,000ha
O ne East Kalimantan cluste r e ncomp asse s 84% of our mature are a
Land Are a ('000 Ha)
Estate
Ye ar
Acq uire d
Province
Total
Plante d
Mature
Land Rig hts Status
Availab le
DBL
2013
Pap ua
16.7
-
-
16.7
DIL
2009
N. Kal.
7.2
2.8
-
4.5
SWA
2001
E. Kal.
16.9
15.3
15.3
1.6
DAN
1997
E. Kal.
10.0
9.0
9.0
1.0
HGU
Ave rag e Ag e (Yrs)
Yie ld
Panitia
Ijin
Total
Mature
H1 '15
B
Lokasi
Are a
Are a*
(t/ha)
-
-
-
2.1
-
-
14.7
14.7
13.3
8.9
8.9
12.8
DIN
1997
E. Kal.
9.8
8.7
8.7
1.0
8.9
8.9
14.4
DWT
2007
E. Kal.
13.6
10.2
8.0
3.5
5.2
6.0
10.2
KPS
2011
E. Kal.
6.2
5.9
2.1
0.3
3.6
6.4
9.5
MAL
2012
W. Kal.
15.0
-
-
15.0
-
-
-
RUT
2012
W. Kal.
12.5
-
-
12.5
-
-
-
KAP
2010
W. Kal.
14.9
1.9
-
13.0
1.7
4.0
-
PSA
2010
W. Kal.
10.6
0.9
-
9.7
1.4
-
-
DPS
2010
W. Kal.
6.1
1.0
-
5.1
1.1
-
-
AAN
2015
W. Kal.
18.2
2.0
0.9
16.2
3.9
5.4
2.7
MNS
2015
W. Kal.
18.0
-
-
18.0
-
-
-
PUL
2012
E. Kal.
17.0
0.2
-
16.8
1.0
-
-
PWP
2004
C. Kal.
15.2
8.5
7.6
6.7
5.3
5.7
9.1
207.8
66.4
51.6
141.3
7.8
9.5
12.1
Total
35%
12%
53%
* As of ye ar-e nd 2015
2
PT Dharma Satya Nusantara Tb k (DSNG.JK)
Our plantations have a young age profile and will deliver
productivity growth in coming years
Annual Planting Sche d ule
Ave rag e Ag e
12
12
10
Avg Age All
Avg Age M ature
Plasma
10
H2 Planting
H1 Planting
8
6
6
4
4
2
2
0
Ye ars
Ha (‘000)
8
0
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15
Cum. Are a
1.2
4.1
4.9
6.1
6.6
8.8
8.8
11.9
15.2
19.9
Plasma %
he acquisition of AAN in Q2 2015 provided nearly 1,900
hectares of nucleus, and more than 800 hectares of plasma,
with a total of 1,200 mature hectares.
In total, our 66,421 hectares of planted nucleus are an average
age of 7.8 years in H1, dropping to 7.4 by the end of 2015.
Our plasma estates, in comparison, are just 3.7 years old.
As our plantations age, we intend to implement a planting
schedule suicient to maintain a favorable long-term maturity
proile. In general, our cost to maturity for new planting is
roughly $5,000 to $5,500 per hectare.
Cap ital Exp e nd iture s
2014
2013
2012
2011
2010
Immature Plantations
401
335
294
353
224
Construct. in Prog re ss
348
182
482
282
128
67
146
131
308
133
816
663
907
942
485
O the rs
Total
Our capital expenditures are
expected to be between $60 million
and $70 million in each of the next
few years in support of our ongoing
expansion program and mill
construction.
23.5
31.1
36.1
42.7
47.3
50.4
53.6
59.6
64.6
66.4
6%
6%
8%
9%
17%
21%
27%
29%
Our strong commitment to our plasma holders is one critical
element in the success of DSN’s palm oil activities, generally
easing our acquisition of land and title conversion, and
minimizing the prospect of local disturbances or social unrest.
Our BoT model encompasses 75% of our plasma areas, and
results in higher FFB yields and higher revenues for our plasma
cooperatives. DSN beneits from the milling margin and gains
assurance that the loans to plasma holders can be repaid.
5% of total FFB revenues are retained by DSN as a
management fee. Of the remainder, 30% is paid to the plasma
holder, while 70% services bank loans and funds extended by
DSN for upkeep and maintenance of the estate prior to
breaking even.
DSN typically funds the development of plasma estates
through bank loans with repayment schedules comprising a 4year grace period and 6-year repayment.
Our plasma estates total 18,955 hectares at he end of H1 2015.
In total, 5,985 hectares had reached maturity and produced
58,496 tons of FFB in the half, for 8.4% growth from 2014.
Mid -Ye ar vs. Ye ar-End Stand ard
In 2011, the Comp any ad op te d a Mid -Ye ar Stand ard (MYS) ap p roach
to d e te rmining the ag e of our p lantations for accounting p urp ose s.
Using the MYS, tre e s p lante d in H2 of the p re vious ye ar and H1 of the
curre nt ye ar will b e consid e re d 1-ye ar old at the close of the ye ar – a
re asonab le e stimate of the ave rag e amount of time the se tre e s have
b e e n in the g round .
All of the d ata p re se nte d within our financial re p orts and this
p re se ntation make use of the MYS from 2011 to the p re se nt.
H1 2015 Re sults Up d ate
3
Our planting to date implies an average 10% annual growth
in FFB production through 2018
FFB Yie ld (t/ha)
35
Ag e Profile (‘000 ha)
Immature
Young Mature
Prime Mature
14
O ld Mature
30
12
25
10
20
8
Class I
Class II
Class III
15
6
10
4
5
2
0
0
2
4
= 500 ha
6
8
10
12
14
16
18
Ag e of Tre e s
Plante d He ctare s (000's)
20
22
Growth in Mature Planting and Yie ldd Proje ctions
Stand ard FFB/ha
Mature Are a
Ye ar-End
Old M ature
60
Prime
M ature
45
30
Young
M ature
15
Immature
0
'11
'12
'13
0
26
Source : Ind one sian Palm O il Re se arch Institute
75
'10
24
'14
'15
'16
'17
'18
'19
'20
'000 ha
% Δ Avg Ag e
Class II Class III
%Δ
2010
26.7
7.5
20.9
2011
32.3
21
7.7
21.5
18.5
19.0
3
2012
38.4
19
8.0
21.9
19.5
3
2013
44.0
15
8.3
22.7
20.2
4
2014
48.0
9
8.8
23.5
21.0
4
2015
51.7
8
9.5
24.8
22.3
6
2016
56.5
9
9.9
25.0
22.4
1
2017
61.8
9
10.4
25.0
22.5
0
2018
66.4
8
10.8
25.1
22.6
1
2019
66.4
0
11.8
26.4
23.7
5
2020
66.4
0
12.8
27.0
24.3
2
Base d on are a p lante d throug h H1 2015
FFB Volume (mn t)
2.0
A standard yield curve derived from our plantation
age proile, rather than simply our average age, helps
to establish realistic medium-term yield
expectations.
= DSN Annual Nucle us Yie ld
Class II
1.6
hese standards suggest average yields could
continue to increase through 2016, barring external
environmental factors. At the same time, our mature
plantation area will increase from 48,038 hectares in
2014 to 66,421 hectares by 2018 (8-9% annually)
based on the area already planted, with subsequent
annual growth rates of roughly 10% through 2020,
with a prospective standard Class II soil yield of
1.79 million tons FFB by 2020.
1.2
Class III
0.8
0.4
0.0
'10
4
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
PT Dharma Satya Nusantara Tb k (DSNG.JK)
Our target is to maintain lab standard FFB yields on a
commercial scale within each of our estates
FFB Yie ld (t/ha, 2010-2014)
Young Mature
35
Prime Mature
12.1
30
tons FFB per
nucleus hectare
in H1 2015
25
20
15
9.5
years average
age of nucleus
mature area
10
5
0
4
6
8
10
Ave rag e Ag e (mature ha only)
In H1 ‘15, DSN produced 616 thousand tons FFB
from nucleus estates, with an additional 58 thousand
tons from plasma operations. In aggregate, FFB
output increased by 3.0% from H1 ‘14, with a
nucleus yield of 12.1 tons per hectare and a plasma
yield of 10.1 tons per hectare.
Prod uction Pe rformance - Estate s
Pe riod
Volume
%Δ
616
600
3
-
12.1
12.5
1,258
1,153
977
738
9
18
32
38
26.2
26.4
25.5
22.4
58
54
8
-
10.1
9.6
119
88
43
3
35
104
1,184
-
21.2
17.9
10.9
4.4
116
142
-18
-
2014
2013
2012
2011
267
141
65
40
90
115
64
55
Total FFB
Proce sse d
H1 2015
H1 2014
789
796
-1
-
('000 t)
2014
2013
2012
2011
1,635
1,381
1,052
767
18
31
37
41
FFB, Nucle us H1 2015
H1 2014
('000 t, t/ha)
Nucle us Estate s
2014
2013
2012
2011
FFB (t '000)
150
100
50
FFB, Plasma* H1 2015
H1 2014
('000 t, t/ha)
0
2014
2013
2012
2011
Plasma Estate s
FFB (t '000)
15
10
Exte rnal FFB H1 2015
H1 2014
('000 t)
5
0
Exte rnal FFB
FFB (t '000)
30
’15
‘14
‘13
‘12
‘11
10
0
Jan Fe b Mar Ap r May Jun Jul Aug Se p O ct Nov De c
H1 2015 Re sults Up d ate
14
3rd party purchases were reduced by 18% in H1
2015, despite the launch of Mill 6 in Q1. In all,
FFB processed fell by 1% to 789 thousand tons.
Monthly FFB Prod uction
20
12
Yie ld (t/ha)
6.3
years average
age of plasma
mature area
616
thousand tons
FFB produced
in H1 ‘15
2.6%
growth in
nucleus FFB
*Fully O p e rate d O nly
5
Our most developed cluster - with 5 estates, 5 CPO M ills and
56,000 ha - is nearly the size of Singapore
141,347
ha available
land bank
66,421
ha planted
nucleus area
We are a member of the Roundtable
on Sustainable Palm Oil (RSPO), and
strive to comply with global RSPO
and the Indonesian Sustainable Palm
Oil (“ISPO”) principles.
In total, our nucleus estates incorporate 66,421 planted hectares,
of which 51,633 are mature. Nearly 74% of our planted area, in
ive estates, is located in a single contiguous area in East
Kalimantan. hese 49,110 planted hectares encompass an area
nearly the size of Singapore.
Five out of our six existing palm oil mills are located within these
estates, and we expect to complete the construction of one
additional CPO mill in 2016. he proximity of the CPO mills to
the fruit allows us to establish an 8-hour standard for harvest-tomill, resulting in minimal spoilage of FFB and lower FFA.
We have received RSPO and ISPO
certiication for our SWA, DAN and
DIN palm oil plantations along with
their respective mills, and have
completed the RSPO and ISPO audit
process in December 2013 for all of
our other mills and their respective
estates. We have also received ISCC
certiication, facilitating sales of our
CPO for European biofuel use.
Mill capacity will accommodate annual peak output from a
10,000 ha mature estate. Mills servicing rapidly developing
estates (such as Mill 5 in PWP) may rely on signiicant external
FFB purchases.
At a cost of roughly $18 - $20 million per mill, this adds
approximately $2,000 to development costs per hectare.
We are also committed to protecting
our environment. We have set aside
6,600 hectares of land, or an area
roughly equivalent to 10% of our total
planted area, for conservation
purposes.
CPO mill cap acity d e sig ne d for p e ak p rod uction months
51,633
ha
mature area
Tons/
Max.
Ye ar
Location Estate
Hr
Util*
RSPO
Mill 1
2002
E. Kal.
SWA
90
55%
Ce rt. Ce rt. Ce rt.
Mill 2
2009
E. Kal.
DAN
60
118%
Ce rt. Ce rt. Ce rt.
Mill 3
2010
E. Kal.
DIN
60
130%
Ce rt. Ce rt. Ce rt.
Mill 4
2011
E. Kal.
SWA
60
126%
Aud .
Mill 5
2011
C. Kal.
PWP
60
103%
Mill 6
2015
E. Kal.
DWT
60
Mill 7
2016
E. Kal.
KPS
60
In Prog re ss
Total Cap acity
ISPO
ISCC
Ce rt.
450
*Monthly, 2014
DWT
Mill 6
2 million
tons/ year
CPO mill
capacity
Mill 3
Mill 2
Mill 7
DAN
DIN
SWA
KPS
Mill 4
Mill 1
RSPO &
ISCC
certified
Existing CPO M ills
Trans-East Kal. Road
Planned CPO M ills
6
PT Dharma Satya Nusantara Tb k (DSNG.JK)
Our 6 mills achieved an aggregate OER of 22.8% in H1, as
well as an FFA level of 2.61%
Prod uction Pe rformance - Mills
Pe riod
CPO
('000t, O ER)
PK
('000 t, KER)
PKO
('000 t, PKO ER)
Volume
%Δ
H1 2015
H1 2014
180
189
-5
-
22.8
23.8
2.61
2.76
2014
2013
2012
2011
391
336
257
189
16
31
36
41
23.9
24.3
24.4
24.6
2.93
2.65
2.67
2.55
H1 2015
H1 2014
25.8
24.2
7
-
3.3
3.0
2014
2013
2012
2011
53.3
43.3
35.7
23.9
23
21
50
50
3.3
3.1
3.4
3.1
8.0
8.2
-2
-
38.1
41.9
18.2
13.5
35
-
41.8
42.4
H1 2015
H1 2014
2014
2013
Yie ld (%) FFA (%)
CPO production declined by 4.9% in H1 2015, with an Oil Extraction
Rate (OER) of 22.8%. Palm Kernel production rose by 7% to 25,846
tons, with most used by our Palm Kernel Oil mill which produced 8,037
tons PKO.
Our CPO production quality improved slightly during the half, with
aggregate Free Fatty Acid (FFA) levels of just 2.61%. he maximum
monthly FFA level from mills primarily processing our own production
was just 3.56%. Nearly 50% of our CPO in H1 was sold with FFA
below 3%, and can receive a premium of 1-4% to standard CPO.
Cost of Sale s (IDR b n)
2014
2013
2012
2011
2010
Fe rtilize r
Lab or
O the rs
324.7
401.0
328.6
288.7
336.0
244.7
326.7
274.3
224.3
193.7
166.1
227.4
161.1
107.2
210.8
FFB Purchase d
Milling
663.5
101.6
294.1
99.5
179.1
65.1
69.0
33.6
30.1
39.4
Total cash cost
1,819.3
1,263.0
1,069.5
689.7
548.6
4.61
3.73
21.95
3.76
3.38
19.92
4.23
3.90
21.51
3.64
3.46
17.82
4.05
4.01
17.67
388
314
1,848
359
323
1,906
451
416
2,293
414
394
2,029
446
441
1,945
Unit Cash Costs
(IDR mn)
CPO Total
CPO - Inte rnal FFB O nly
Mature Ha*
Q uarte rly CPO Prod uction
CPO ('000 t)
120
(USD)
90
CPO Total
CPO - Inte rnal FFB O nly
Mature Ha*
60
*Exclud ing Milling Costs
30
Our cash cost in 2014 increased to Rp4.6 million per ton of CPO.
Purchases of external FFB – both plasma and unrelated estates - were up
126%, due to higher productivity of older estates, as well as external
purchases in support of Mill 5 operations.
0
Q uarte rly O il Extraction Rate
O ER (%)
26
25
’15
‘14
‘13
‘12
‘11
24
23
22
4.0
Comp arative Pe e r CPO Yie ld b y Ave rag e Ag e of Estate s
3.5
6.5
3.0
6.0
CPO Yie ld - T/Mature Ha
FFA (%)
Excluding costs of purchasing and processing external FFB, our cash cost
per ton of CPO was Rp3.73 million, or 10% higher than in 2013.
Our cash cost per mature hectare of Rp21.95 million was 10.2% higher
than in 2013, which was largely attributable to the weaker rupiah.
Q uarte rly Fre e Fatty Acid %
2.5
2.0
Q uarte rly Rainfall
1000
Rainfall - E. Kal (mm)
Labor costs were up 19.4% for the year as our mature area increased by
10.1%. Labor accounts for roughly 22% of the total cash cost of sales,
while fertilizer contributed another 18%.
750
GAR
DSNG
5.5 SSMS
5.0
FRST
4.5
9.8
4.4
4.0
ANJT
AALI
BTMA
LSIP
500
3.5
250
3.0
0
2.5
KENC
BWPT
SGRO
SIMP
Q1
Q2
Q3
H1 2015 Re sults Up d ate
Q4
6
8
10
12
14
16
Avg Ag e
Source : Comp any re p orting and analyst re se arch
7
Expanding domestic re fining capacity, coupled with our
high-quality product, ensures robust demand for our CPO
23.3%
OER in H1
2015
DSN p lantations
DSN Ports
DSN custome rs
Re fine rie s
2.7 tons
CPO per
hectare in H1
2015
Sale s Pe rformance
Pe riod
CPO
2.61%
blended
average FFA
PK
50%
PKO
of CPO sales
are Super CPO
Volume
ASP
'000 tons
%Δ
H1 2015
H1 2014
185
193
-4
-
2014
2013
2012
2011
394
336
253
190
Re ve nue
%Δ
Rp Bn
%Δ
7.51
8.78
-14
-
1,388
1,692
-18
-
17
33
33
40
8.27
7.05
7.29
7.44
17
-3
-2
12
3,262
2,369
1,840
1,411
38
29
30
57
5
5
-10
-
4.78
5.61
-15
-
22
28
-23
-
2014
2013
2012
2011
10
16
35
21
-35
-55
63
23
4.85
2.70
3.33
4.38
79
-19
-24
33
49
42
115
93
16
-63
24
63
H1 2015
H1 2014
9
10
-7
-
11.43
11.04
4
-
103
107
-4
-
2014
2013
20
9
110
-
10.84
7.11
52
-
214
67
219
-
H1 2015
H1 2014
Rp mn/ton
Our customers are
primarily Indonesian
CPO reineries located
in Kalimantan and Java,
close to DSN’s
operations.
Regular customers
include Smart, Wilmar,
Kuala Lumpur Kepong,
Musim Mas and
Dermaga Kencana
Indonesia.
With ISCC certiication,
we are now able to
provide CPO for biofuels to a new buyer in
Louis Dreyfus.
In H1 2015, we sold 185 thousand tons of CPO, 4% below the level in H1 2014. Our average selling
price of Rp7.51 million per ton was also 14% lower than the previous year. Pricing for Palm Kernel (PK)
was lower by 15%, while Palm Kernel Oil (PKO) was signiicantly more robust, rising by 4% from the
previous year.
Ind one sian CPO at a p re mium to Malaysia since 2013
CPO Q uarte rly ASP
(USD/Ton)
per ton CPO in
H1 ‘15
1,300
10
Malaysia FO B
Ind one sia FO B
1,100
900
700
500
Jan-10
8
ASP (Rp m/ton)
Rp7.51m
9
’15
‘14
‘13
‘12
‘11
8
7
6
5
Jan-11
Jan-12
Jan-13
Jan-14
Q1
Q2
Q3
Q4
PT Dharma Satya Nusantara Tb k (DSNG.JK)
DSN is also a leading wood products manufacturer with
reputable brand names & long-standing client relationships
DSN is the fourth largest wood products manufacturer in
Indonesia, producing panels, engineered loors and doors.
We have recently initiated a shift into higher value, higher margin
products through the acquisition of TKPI, which specializes in
engineered looring. We continue to leverage on our long standing
relationships with customers to across the world to leverage this
new business initiative.
Our diverse exposure to customers in different segments and
geographies has protected us to from adverse economic impacts as
we maintain and grow our wood products business.
For wood products, we have suicient capacity to meet our current
growth plans. We intend to more than double production volume
in engineered looring from 1.1 million m2 in 2012 to 2.6 million
m2 by 2015, while our plant currently has capacity to produce up
to 4 million m2.
and consolidating our operations in Surabaya and Gresik to a new
panel products processing plant in Lumajang by 2015. his is closer
to our satellite plants and will reduce our transportations costs.
We comply with various domestic and international environmental
standards in our wood products manufacturing processes, and seek
to ensure that all the logs and sawn timber purchased for our
operations are produced from sustainable forest resources.
We were awarded the Certiication of Legal Wood certifying our
use of legally sourced logs and have also obtained the Forest
Stewardship Council (FSC) Chain-of-Custody and Program for
the Endorsement of Forest Certiication (PEFC) certiications.
We meet the Conformité Européenne (CE) labeling standards for
products exported to Europe and have received certiications from
the California Air Resources Board (CARB) and the Japanese
Agricultural Standard ( JAS).
We will be optimizing our wood products eiciency by relocating
Top 10 Ind ustrial and Comme rcial Custome rs
Custome r Name
Typ e
Prod ucts
S.A. Shahab & Comp any Pte Ltd
Sumitomo Fore stry Comp any Ltd .
Vintag e Hard wood Flooring
Jiang su Skyrun Arse r Co., Ltd
Asia Trad ing , Inc
Associate d Lumb e r & Trad ing , Ltd
PKF Glob al
Plyq ue t Holzimp ort
Te ka Kore a Co., Ltd
Be ijing Te ka Holy Eag le Corp oration
Pane ls
Pane ls
Eng ine e re d
Pane ls
Pane ls
Pane ls
Eng ine e re d
Eng ine e re d
Eng ine e re d
Eng ine e re d
Trad e r
Trad e r
Distrib utor
Trad e r
Trad e r
Trad e r
Trad e r
Distrib utor
Distrib utor
Distrib utor
Ye ars Ge og rap hy
Flooring
Doors
Flooring
Flooring
Flooring
H1-2015
H1-2014 YoY Δ%
Q 2-2015
106,400
113,889
-6.6
58,165
26,869
25,897
3.8
12,293
Eng ine e re d flooring (m2) 517,079
599,815
-13.8
11 ye ars
8 ye ars
9 ye ars
3 ye ars
7 ye ars
5 Ye ars
15 ye ars
17 ye ars
12 ye ars
11 ye ars
Mid d le East
Jap an
Canad a
China
Jap an
Jap an
UK
Europ e
South Kore a
China
Q 1-2015 QoQ Δ%
2014
2013 YoY Δ%
48,235
20.6
201,696
244,642
-17.6
14,576
-15.7
51,469
51,989
-1.0
260,114
256,965
1.2
1,145,956 1,073,412
6.8
Sale s Volume
Pane l (m3)
Eng ine e re d d oors (Pcs)
Ave rag e Se lling Price (IDR mn)
Pane l (m3)
4.57
4.29
6.3
4.54
4.60
-1.4
4.37
3.97
Eng ine e re d d oors (p cs)
1.46
1.19
22.9
1.43
1.49
-3.9
1.24
1.06
16.6
Eng ine e re d flooring (m2)
0.40
0.36
11.9
0.42
0.39
6.6
0.37
0.31
17.6
4,000,000
m2/ annum
flooring capacity
H1 2015 Re sults Up d ate
22.9%
growth in door
ASP
10.0
11.9%
450,000
increase in
flooring ASP
m3/ annum panel
capacity
9
H1 2015 Financial Summary
Total Consolid ate d (IDR b n)
H1-2015
H1-2014
Re ve nue
Gross Profit
% margin
O p e rating Profit
% margin
EBITDA
% margin
Ne t Profit
% margin
Fore x g ain (loss) from financing
Exce p tional ite m
Ad juste d Profit
% margin
2,248
618
27.5
379
16.9
533
23.7
174
7.8
(49)
33
187
8.3
2,564
846
33.0
568
22.2
699
27.3
367
14.3
14
Cash flow from op e rations
Cash flow from inve stme nts
Cash flow from financing
357
13.9
YoY Δ%
Q 2-2015
(12.4)
(27.0)
1,224
346
28.3
211
17.2
288
23.6
116
9.5
(13)
33
102
1,024
272
26.6
169
16.5
245
23.9
58
5.7
(36)
85
8.3
8.3
61
(232)
29
(33.3)
(23.8)
(52.5)
(47.6)
(53)
(368)
(102)
486
(429)
507
(110.8)
(14.2)
NA
(114)
(136)
(131)
Total Palm O il (IDR b n)
H1-2015
H1-2014
YoY Δ%
Q 2-2015
Re ve nue
Gross Profit
% margin
O p e rating Profit
% margin
EBITDA
% margin
Profit Be fore Tax
% margin
1,514
542
35.8
382
25.2
510
33.7
291
19.3
1,827
749
41.0
567
31.1
672
36.8
519
28.4
Total Wood Prod ucts (IDR b n)
H1-2015
H1-2014
YoY Δ%
Q 2-2015
737
97
13.2
49
6.6
75
10.2
32
4.4
(0.5)
(21.9)
390
24
6.3
13
3.4
27
6.8
(6)
(1.6)
Re ve nue
Gross Profit
% margin
O p e rating Profit
% margin
EBITDA
% margin
Profit Be fore Tax
% margin
Financial Position
733
76
10.3
41
5.6
68
9.2
(5)
(0.7)
H1-2015
H1-2014
Total d e b t
Ne t d e b t
Total Asse t
Total Eq uity
Total d e b t / e q uity
Ne t d e b t / e q uity
Ne t d e b t / EBITDA
3,781
3,150
7,350
2,369
1.6x
1.3x
2.7x
3,321
2,409
6,665
2,004
1.7x
1.2x
2.0x
Loans b y Curre ncy, H1 2015
IDR Bn
US$ MM
Re volving Loan
Curre nt Portion of LT De b t
Long Te rm De b t
Finance Le ase s
393
330
2,347
2
28
12
13
0
Total
3,072
53
(17.1)
(27.7)
(32.6)
(24.2)
(43.9)
(15.4)
(10.0)
(116.2)
834
321
38.5
225
26.9
289
34.6
183
21.9
Q 1-2015 Q oQ Δ%
24.8
17.7
101.1
19.2
2013
4,898
1,709
34.9
1,075
22.0
1,339
27.3
650
13.3
(12)
(69)
711
3,842
1,190
31.0
657
17.1
888
23.1
216
5.6
(184)
14.5
9.2
354
YoY Δ%
27.5
43.6
63.7
50.8
201.3
100.8
(286.5)
(41.1)
(549.8)
997
(885)
593
595
(745)
96
67.7
18.7
516.1
Q 1-2015 Q oQ Δ%
2014
2013
YoY Δ%
680
221
32.4
158
23.2
221
32.4
109
16.0
22.6
45.6
42.5
30.9
68.0
Q 1-2015 Q oQ Δ%
344
51
14.9
28
8.1
41
12.0
1
0.3
YoY Δ%
Q 2-2015
13.9
30.8
10.3
18.2
3,781
3,150
7,350
2,369
3,682
2,627
7,368
2,249
1.6x
1.3x
2.7x
1.6x
1.2x
2.0x
19.5
27.1
2014
13.3
(52.3)
(52.4)
(35.4)
(684.9)
Q 1-2015 Q oQ Δ%
2.7
19.9
(0.2)
5.3
3,525
1,509
42.8
1,166
33.1
1,376
39.0
1,052
29.8
2,478
1,046
42.2
707
28.5
885
35.7
517
20.9
42.3
44.2
65.0
55.6
103.5
YoY Δ%
2014
2013
1,374
200
14.6
11
0.8
64
4.7
(41)
(3.0)
1,364
144
10.5
20
1.5
73
5.4
(80)
(5.9)
2014
2013
YoY Δ%
3,532
2,408
7,174
2,293
1.5x
1.0x
1.8x
2,961
2,474
5,921
1,679
1.8x
1.5x
2.8x
19.3
(2.7)
21.2
36.6
0.7
39.1
(47.2)
(12.4)
(48.7)
Consolid ate d ad juste d p rofit e xclud e s the imp act
of unre alize d financing fore x g ains/losse s
Note : Annual Financial State me nts are aud ite d b y Sid d harta & Wijaja, Re g iste re d Pub lic Accountants, and a Me mb e r Firm of KPMG
Inte rnational.
10
PT Dharma Satya Nusantara Tb k (DSNG.JK)
H1 2015 Operations Summary
Q 2 2015
Q 1 2015 QoQ Δ%
7.4
7.5
6.7
57,618
51,633
5,985
56,418
50,732
5,686
2.1
1.8
5.3
53,649
48,038
5,611
48,572
43,644
4,928
10.5
10.1
13.9
74,036
59,990
14,046
15.3
10.7
35.0
85,376
66,421
18,955
81,143
63,486
17,657
5.2
4.6
7.4
80,064
62,778
17,286
70,537
57,862
12,675
13.5
8.5
36.4
674,300
615,805
58,496
654,365
600,393
53,972
3.0
2.6
8.4
375,347
342,248
33,099
298,953
273,556
25,397
25.6
25.1
30.3
1,376,498
1,257,634
118,865
1,240,818
1,152,610
88,207
10.9
9.1
34.8
12.1
10.1
12.5
9.6
-3.5
4.9
6.7
5.6
5.4
4.5
23.6
25.9
26.2
21.2
26.4
17.9
-0.9
18.4
788,620
180,074
25,846
8,037
795,789
189,359
24,183
8,233
-0.9
-4.9
6.9
-2.4
437,383
101,816
14,923
4,582
351,237
78,258
10,923
3,455
24.5
30.1
36.6
32.6
1,635,342
390,857
53,324
18,197
1,380,528
335,730
43,277
13,482
18.5
16.4
23.2
35.0
22.8
3.3
2.61
23.8
3.0
2.76
-4.0
7.9
-5.3
23.3
3.4
2.46
22.3
3.1
2.81
4.5
9.7
-12.4
23.9
3.3
2.93
24.3
3.1
2.65
-1.7
4.0
10.4
184,900
4,525
9,000
192,821
5,009
9,702
-4.1
-9.7
-7.2
102,350
2,161
6,000
82,550
2,364
3,000
24.0
-8.6
100.0
394,344
10,127
19,704
336,240
15,623
9,400
17.3
-35.2
109.6
45.21
28.43
34.29
52.63
33.48
33.53
-14.1
-15.1
2.3
7.39
4.56
11.14
7.66
4.99
12.00
-3.6
-8.7
-7.2
8.27
4.85
10.84
7.05
2.70
7.11
17.4
79.4
52.4
H1-2015
H1-2014
YoY Δ%
Q 2-2015
Palm O il Summary
H1 2015
H1 2014
Palm Estate s
Mature Land (ha)
Nucle us
Plasma
57,618
51,633
5,985
53,649
48,038
5,611
Planted Land (ha)
Nucle us
Plasma
85,376
66,421
18,955
FFB Production (t)
Nucle us
Plasma
FFB Yield (t/ha)
Nucle us
Plasma
Mills
Production (tons)
FFB Proce sse d
Crud e Palm O il (CPO )
Palm Ke rne l (PK)
Palm Ke rne l O il (PKO )
Yields (%)
O il Extraction Rate (O ER)
Ke rne l Extraction Rate (KER)
Fre e Fatty Acid (FFA)
Sale s
Volume (tons)
Crud e Palm O il (CPO )
Palm Ke rne l (PK)
Palm Ke rne l O il (PKO )
Average Selling Price (IDR mn/ton)
Crud e Palm O il (CPO )
Palm Ke rne l (PK)
Palm Ke rne l O il (PKO )
Wood Prod ucts Summary
Sale s Volume
Pane l (m3)
Eng ine e re d d oors (p cs)
Eng ine e re d floors (m2)
YoY Δ%
Q 1-2015 QoQ Δ%
2014
2014
2013
2013
YoY Δ%
YoY Δ%
106,400
26,869
517,079
113,889
25,897
599,815
-6.6
3.8
-13.8
58,165
12,293
260,114
48,235
14,576
256,965
20.6
-15.7
1.2
201,696
51,469
1,145,956
244,642
51,989
1,073,412
-17.6
-1.0
6.8
4.57
1.46
0.40
4.29
1.19
0.36
6.3
22.9
11.9
4.54
1.43
0.42
4.60
1.49
0.39
-1.4
-3.9
6.6
4.37
1.24
0.37
3.97
1.06
0.31
10.0
16.6
17.6
Ave rag e Se lling Price (IDR mn)
Pane l (m3)
Eng ine e re d d oors (p cs)
Eng ine e re d floors (m2)
DISCLAIMER: This p re se ntation may contain forward -looking state me nts that involve risks and unce rtaintie s. Actual future p e rformance , outcome s and re sults may d iffe r
mate rially from those e xp re sse d in forward -looking state me nts as a re sult of a numb e r of risks, unce rtaintie s and assump tions. Althoug h the Comp any b e lie ve s that such forward looking state me nts are b ase d on re asonab le assump tions, it can g ive no assurance that such e xp e ctations will b e me t. You are cautione d not to p lace und ue re liance on the se
forward looking state me nts, which are b ase d on the curre nt vie w of the manag e me nt on future e ve nts.
Unle ss othe rwise state d , the Comp any is the source for all d ata containe d in this p re se ntation. Such d ata is p rovid e d as at the d ate of this p re se ntation and is sub je ct to chang e
without notice . No re liance may b e p lace d for any p urp ose s whatsoe ve r on the information containe d in this p re se ntation, or any othe r mate rial d iscusse d at the p re se ntation, or
on the comp le te ne ss, accuracy or fairne ss the re of.
The information in this p re se ntation has not b e e n ind e p e nd e ntly ve rifie d . No re p re se ntation, warranty, e xp re ss or imp lie d , is mad e as to, and no re liance should b e p lace d on, the
fairne ss, accuracy, comp le te ne ss or corre ctne ss of the information and op inions in this p re se ntation. None of the Comp any or any of its ag e nts or ad vise rs, or any of the ir
re sp e ctive affiliate s, ad vise rs or re p re se ntative s, und e rtake to up d ate or re vise any forward -looking state me nts, whe the r as a re sult of ne w information, future e ve nts or othe rwise
and none of the m shall have any liab ility (in ne g lig e nce or othe rwise ) for any loss howsoe ve r arising from any use of this p re se ntation or its conte nts or othe rwise arising in
conne ction with this p re se ntation.
This p re se ntation also contains ce rtain statistical d ata and analyse s which have b e e n p re p are d b y the Comp any and /or othe r source s. Nume rous assump tions we re use d in
p re p aring the Statistical Information, which assump tions may or may not ap p e ar he re in. As such, no assurance can b e g ive n as to the Statistical Informations accuracy,
ap p rop riate ne ss or comp le te ne ss in any p articular conte xt, nor as to whe the r the Statistical Information and /or the assump tions up on which the y are b ase d re fle ct p re se nt marke t
cond itions or future marke t p e rformance .
H1 2015 Re sults Up d ate
11
DSNG Daily Share Price (rp /share ) & Trad ing Volume (share s)
(%)
DSNG Share hold e rs
6,000
5,000
4,000
O e tomo Family
28.5
Rachmat Family
25.4
Salim Lim Family
8.2
Sub ianto Family
7.2
Commissione rs & Dire ctors
3,000
Pub lic
8.0
22.9
2,000
as of 30 June 2015
1,000
0
For ad d itional information,
p le ase re fe r to our we b site at:
14-Jun-13
14-De c-13
14-Jun-14
14-De c-14
14-Jun-15
DSNG Share Price vs. IDX & Ag ri Ind e x
3.0
DSNG
2.5
2.0
1.5
Ag ri
1.0
IDX
0.5
0.0
14-Jun-13
14-De c-13
14-Jun-14
14-De c-14
14-Jun-15
www.d sn.co.id
If you have ad d itional q ue stions
or re q ue sts, you may contact us
at:
inve stor.re lations@d sng roup .co.id