M. P. Evans Group PLC update (8212H)

TIDMMPE

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       Telephone: [phone] 
  broker) 
 Dan Webster 
 George Sellar 
 Andrew Clark 
 
 finnCap (Joint broker)               Telephone: [phone] 
 Tim Redfern 
 Chris Raggett 
 Sunila de Silva 
 
 Hudson Sandler (Communications       Telephone: [phone] 
  consultants) 
 Charlie Jack 
 Elfie Kent 
 Francis Kerrigan 
 

ANNEX

 
          COMBINED INDONESIAN EXPORT LEVY AND EXPORT TAX 
                 (US$ per tonne of crude palm oil) 
                                          Net price 
                                                 at      Net price 
                                             top of    under prior 
   From      To    Levy*   Tax    Total        band      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. 
 

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December 07, 2020 11:36 ET (16:36 GMT)