update

RNS Number : 8212H

M. P. Evans Group PLC

07 December 2020

 

M.P. EVANS GROUP PLC

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

INDONESIAN GOVERNMENT ANNOUNCES CHANGES TO EXPORT LEVY
 

M.P. Evans Group PLC, a producer of sustainable Indonesian palm oil, announces changes made by the Indonesian government to its palm-oil export levy which will take effect from 10 December 2020 (see Annex). These increases had been widely anticipated in the market for some weeks and reflected in contracts for crude palm oil ("CPO") struck by the Group. The structure of taxes in Indonesia affecting the palm-oil sector has been subject to change over recent years. The newly-announced tax increases the revenue available to the Indonesian government to implement its programme of boosting production and consumption of palm biodiesel. The board expects these changes will have only a very limited impact on the Group's 2020 results and that the longer-term prospects for the palm-oil sector and the Group remain positive.

7 December 2020

Enquiries:

M.P. Evans Group PLC	Telephone: [phone]
Peter Hadsley-Chaplin - Chairman
Tristan Price - Chief executive
Matthew Coulson - Finance director
Peel Hunt LLP (Nomad and joint broker)	Telephone: [phone]
Dan Webster
George Sellar
Andrew Clark
finnCap (Joint broker)	Telephone: [phone]
Tim Redfern
Chris Raggett
Sunila de Silva
Hudson Sandler (Communications consultants)	Telephone:  [phone]
Charlie Jack
Elfie Kent
Francis Kerrigan

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	670	55		55	615	615
671	695	60		60	635	640
696	720	75		75	645	665
721	745	90		90	655	690
746	750	105		105	645	695
751	770	105	3	108	662	712
771	795	120	3	123	672	737
796	800	135	3	138	662	742
801	820	135	18	153	667	747
821	845	150	18	168	677	772
846	850	165	18	183	667	777
851	870	165	33	198	672	782
871	895	180	33	213	682	807
896	900	195	33	228	672	812
901	920	195	52	247	673	813
921	945	210	52	262	683	838
946	950	225	52	277	673	843
951	970	225	74	299	671	841
971	995	240	74	314	681	866
996	1,000	255	74	329	671	871
1,001	1,050	255	93	348	702	902
1,051	1,100	255	116	371	729	929
1,101	1,150	255	144	399	751	951
1,151	1,200	255	166	421	779	979
* Flat tariff of US$55 under prior structure.

 

END

 

 

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