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7 Dec 2020 16:36
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: 01892 516333 |
Peter Hadsley-Chaplin - Chairman |
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Tristan Price - Chief executive |
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Matthew Coulson - Finance director |
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Peel Hunt LLP (Nomad and joint broker) | Telephone: 020 7418 8900 |
Dan Webster |
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George Sellar |
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Andrew Clark |
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finnCap (Joint broker) | Telephone: 020 7220 0500 |
Tim Redfern |
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Chris Raggett |
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Sunila de Silva |
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Hudson Sandler (Communications consultants) | Telephone: 020 7796 4133 |
Charlie Jack |
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Elfie Kent |
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Francis Kerrigan |
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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 |
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* Flat tariff of US$55 under prior structure. |
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