CPO Export levy update

RNS Number : 7440D

M. P. Evans Group PLC

01 July 2021

 

M.P. EVANS GROUP PLC

("the Group" or "M.P.Evans")

INDONESIAN GOVERNMENT ANNOUNCES UPDATES TO EXPORT LEVY

M.P.Evans Group PLC, a producer of sustainable Indonesian palm oil, announces updates made by the Indonesian government to its palm-oil export levy which will take effect from 2 July 2021 (see Annex). These updates result in a reduction in the export levy of up to US$100 per tonne, dependent on the reference price of crude palm oil ("CPO") used. Whilst these updates are expected to have a positive impact on the Group's ex-mill-gate CPO pricing in the second half of 2021, it is not yet clear to what extent current pricing had already anticipated the updates and to what extent producers will see further pricing benefits. As reported in the recent trading statement, the board remains confident in the Group's ability to deliver crop growth, improving results, and a rising dividend.

1 July 2021

Enquiries:

M.P. Evans Group PLC	Telephone: [phone]
Peter Hadsley-Chaplin - chairman
Tristan Price - chief executive
Matthew Coulson - finance director
Peel Hunt LLP	Telephone: [phone]
Dan Webster
Andrew Clark
finnCap	Telephone: [phone]
Tim Redfern
Chris Raggett
Hudson Sandler	Telephone:  [phone]
Charlie Jack
Elfie Kent

ANNEX

COMBINED INDONESIAN EXPORT LEVY AND EXPORT TAX
(US$ per tonne of crude palm oil)
From	To	Levy	Tax	Total	Net price at  top of band	Net price under prior structure
0	750	55		55	695	645
751	800	75	3	78	722	662
801	850	95	18	113	737	667
851	900	115	33	148	752	672
901	950	135	52	187	763	673
951	1,000	155	74	229	771	671
1,001	1,050	175	93	268	782	702
1,051	1,100	175	116	291	809	729
1,101	1,150	175	144	319	831	751
1,151	1,200	175	166	341	859	779

 

END

 

 

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