Last checked at 1 Jul 2021 07:00
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$100 per tonne, dependent on the reference price of crude palm oil ("CPO") used. Whilst these updates are expected to have a positive impact on the Group's ex-mill-gate CPO pricing in the second half of 2021, it is not yet clear to what extent current pricing had already anticipated the updates and to what extent producers will see further pricing benefits. As reported in the recent trading statement, the board remains confident in the Group's ability to deliver crop growth, improving results, and a rising dividend.
1 July 2021
Enquiries:
M.P. Evans Group PLC | Telephone: 01892 516333 |
Peter Hadsley-Chaplin - chairman | |
Tristan Price - chief executive | |
Matthew Coulson - finance director | |
Peel Hunt LLP | Telephone: 020 7418 8900 |
Dan Webster | |
Andrew Clark | |
finnCap | Telephone: 020 7220 0500 |
Tim Redfern | |
Chris Raggett | |
Hudson Sandler | Telephone: 020 7796 4133 |
Charlie Jack | |
Elfie Kent |
ANNEX
COMBINED INDONESIAN EXPORT LEVY AND EXPORT TAX | ||||||
(US$ 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 |