Mr. Djojo Boentoro Mr. Timotheus Ari President Director ... · PT Dharma Persada Sejahtera DPS 99.17% 2010 Land Bank W. Kalimantan PT Mandiri Agrotama Lestari MAL 99.98% 2012 Land

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Today’s presenters will be selected members of our Senior Management team:

•  Served as President Director since 2004

•  Joined the Group in 1991 as a Director

•  Previously held various positions in PT Sumalindo Lestari Jaya Tbk since 1983, including Director and Head of Corporate Research and Development department in PT Taman Harapan Indah, part of the Dharmala Group, from 1980 to 1983

•  Holds a Bachelor’s degree in Agricultural Engineering from Bogor Agricultural Institute, Indonesia

Mr. Djojo Boentoro President Director

•  Served as Deputy President Director since 2011 and CFO since 2012

•  Joined the Group in 2004 in various positions in the palm oil business and Finance General Manager, from 2004 - 2011

•  Previously held positions in Citibank N.A., Indonesia, PT Bank Danamon Tbk and PT Bank Universal Tbk

•  Holds a Bachelor’s degree in Civil Engineering from Parahyangan Catholic University, Indonesia and an MBA from The Rotterdam School of Management, The Netherlands

Mr. Andrianto Oetomo Deputy President Director and CFO

•  Served as Director since 2011 •  Joined the Group in 2003 as President

Director of SWA, DAN and DIN •  Previously held various positions with

PT Sumalindo Lestari Jaya Tbk, including the position of Vice President Director, from 2000 to 2002 as well as the position of President Director of PT Nityasa Mandiri

•  Studied Civil Engineering at Parahyangan Catholic University, Indonesia

Mr. Timotheus Arifin C Director

PT DSN Group Tbk - 2013 Results

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DSN began as a wood products manufacturer, expanding into the plantation sector in 1997. Both segments have recorded growth, but the palm oil business is growing, and will continue to grow, at a higher rate. Palm oil accounted for 64% of total

revenue in 2013, up from 59% in 2012, despite the decline in CPO average selling prices.

Industry Company AKA Line of Business Location

Palm Oil PT Dharma Agrotama Nusantara DAN 100.00% 1997 Oil palm plantation E. KalimantanPT Dharma Intisawit Nugraha DIN 100.00% 1997 Oil palm plantation E. KalimantanPT Swakarsa Sinarsentosa SWA 100.00% 2001 Oil palm plantation E. KalimantanPT Pilar Wanapersada PWP 99.70% 2004 Oil palm plantation C. KalimantanPT Dewata Sawit Nusantara DWT 99.90% 2007 Oil palm plantation E. KalimantanPT Dharma Intisawit Lestari DIL 99.90% 2009 Oil palm plantation N. KalimantanPT Kencana Alam Permai KAP 99.50% 2010 Oil palm plantation W. KalimantanPT Karya Prima Agro Sejahtera KPS 99.99% 2011 Oil palm plantation E. KalimantanPT Prima Sawit Andalan PSA 99.17% 2010 Oil palm plantation W. KalimantanPT Dharma Persada Sejahtera DPS 99.17% 2010 Land Bank W. KalimantanPT Mandiri Agrotama Lestari MAL 99.98% 2012 Land Bank W. KalimantanPT Rimba Utara RUT 99.90% 2012 Land Bank W. KalimantanPT Putra Utama Lestari PUL 99.80% 2012 Land Bank E. KalimantanPT Dharma Buana Lestari DBL 90.00% 2013 Land Bank Papua

Wood Products PT Tanjung Kreasi Parquet Industry TKPI 65.00% 2012 Engineered flooring JakartaPT Nityasa Idola NI 92.50% 1989 Timber plantation Jakarta

Ownership / Control (%)

Year Acquired

Revenue 2013 2012 2011 2010

Palm Oil 64% 59% 55% 55%

Wood 36% 41% 45% 45%

Notes:


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DSN Group is an established Indonesian palm oil producer and manufacturer of wood products.

This review of our performance and future prospects will touch upon a number of recurring themes. Growth: We see growth across a broad range of metrics, both for the just-completed year and moving forward. Our FFB production, including nucleus and plasma, was up 22% in a year which saw production slow-downs across the sector.

We expect to see a continuation of this trend, supported by growth in planted and mature hectares, output per hectare, milling capacity and CPO sales in the years to come.

Potential: Our current unplanted landbank includes 112,000 hectares spread across the provinces of Kalimantan and Papua, which we expect will prove

sufficient to support our planting schedule for the next seven to eight years.

Efficient: The locations of our estates and mills, as well as our management practices, allow us to maintain a highly competitive cost position, with a 2013 cash cost per ton of Rp3.76 million.

Green: We have received RSPO certification on our lodest mill, and are in advanced stages of certification for all remaining mills. Environmental certification is also critical to the global distribution of our wood products.

Effective: Disciplined and consistent implementation of appropriate agronomic practices allows DSN to achieve industry-leading productivity in FFB and CPO, with 6.4 tons of CPO per hectare produced in 2013.

Notes:


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We are a fully integrated CPO producer, with 14 estates spanning 170,000 hectares. Nine estates have been planted, with 6 already producing FFB. The remaining areas provide 112,000 hectares for future

expansion. These estates are supported by 5 CPO mills with a capacity of 2 million tons per year, as well as a newly completed Palm Kernel Oil mill

Notes:


Land Area (Ha)

Estate Location Original Current Planted Mature Available HGU Panitia B

Ijin Lokasi

DAN 1997 East Kalimantan 9,955 9,955 9,000 8,919 955 ✓

DIN 1997 East Kalimantan 9,811 9,797 8,749 8,749 1,048 ✓

SWA 2001 East Kalimantan 16,850 16,850 15,282 15,241 1,568 ✓

PWP 2004 Central Kalimantan 15,153 15,153 8,384 3,960 6,769 ✓

DWT 2007 East Kalimantan 13,629 13,629 9,869 5,005 3,760 ✓

DIL 2009 North Kalimantan 11,557 7,966 1,504 - 6,462 ✓

KAP 2010 West Kalimantan 13,713 13,713 599 - 13,114 ✓

KPS 2011 East Kalimantan 10,000 6,213 4,328 1,770 1,885 ✓

PSA 2010 West Kalimantan 11,600 9,588 147 - 9,441 ✓

DPS 2010 West Kalimantan 4,500 4,500 - - 4,500 ✓

MAL 2012 West Kalimantan 15,000 15,000 - - 15,000 ✓

RUT 2012 West Kalimantan 13,915 13,915 - - 13,915 ✓

PUL 2012 East Kalimantan 17,000 17,000 - - 17,000 ✓

DBL 2013 Papua 16,726 16,726 - - 16,726 ✓

Total 179,409 170,005 57,862 43,644 112,143 38% 8% 54%

Year Acquired

Land Rights Status

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Notes:

In total, our nucleus estates incorporate 58,000 planted hectares, of which 43,600 are already mature. Our most developed cluster is near the center of East Kalimantan, while our next largest producing estate lies in Central Kalimantan. Our three largest estates, SWA, DAN and DIN are fully comprised of mature trees, with limited additional area available for new planting. Subsequent expansion will increasingly focus on Central and West Kalimantan, with Papua an option still several years out.


Land Area (Ha) Average Age (Yrs)

Estate Location Planted Mature Total Area

Mature Area

DBL Papua - - - - DIL N. Kalimantan 1,504 - 0.6 - SWA E. Kalimantan 15,282 15,241 12.7 12.7 DAN E. Kalimantan 9,000 8,919 6.9 6.9 DIN E. Kalimantan 8,749 8,749 6.9 6.9 DWT E. Kalimantan 9,869 5,005 3.3 4.7 KPS E. Kalimantan 4,328 1,770 2.4 4.7 MAL W. Kalimantan - - - - RUT W. Kalimantan - - - - KAP W. Kalimantan 599 - 0.6 - PSA W. Kalimantan 147 - - - DPS W. Kalimantan - - - - PUL E. Kalimantan - - - - PWP C. Kalimantan 8,384 3,960 3.4 4.7

Total 57,862 43,644 6.7 8.4

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Our planting history begins in 1996 in SWA, and accelerates from 2003 onward. We added an additional 5,800 hectares of nucleus in 2013, out of a total of 9,170 hectares planted during the year. We intend to maintain the current pace of nucleus expansion over the next three years, with additional areas of 6,400, 7,000 and 7,700 hectares respectively. In total, our 58,000 hectares of planted nucleus were an average age of 6.7 years at the end of 2013. Based upon our projected planting schedule, our average age will increase slowly to 7.5 years by the end of 2016.

Mid-Year vs. Year-End Standard In 2011, the Company switched from the common Year-End Standard (YES) to a Mid-Year Standard (MYS) approach to establishing the age of our plantations for accounting purposes. In the YES approach, all trees planted during a given calendar year will be considered 1-year old at the close of that year. On average, however, these trees will have been in the ground for roughly 6 months. With the MYS approach, trees planted in H2 of the previous year and H1 of the current year will be considered 1-year old at the close of the year – a more accurate reflection of the average amount of time these trees have been in the ground. We have presented our planting history with an H1/H2 breakdown, should you care to re-apply the YES approach. All of the data presented within our financial reports and this presentation make use of the MYS from 2011 to the present.


MYS Conversion of Planting Schedule to Age ProfilePlanting Schedule Age Profile

Year FY H1 H2 Total Ha Age*

- 1,151

704 2,283

441 284

71 1,147

428 80

992 1,189

- -

535 2,636

664 2,614

1,365 3,329

1,231 2,358

3,247 4,349

1,243 3,728

2,292 4,288

995 3,294

1,100 1,419

1,378 1,228

2,658 3,141

4,394 2,797 3,886

3,979 4,560 5,605 5,592 6,020 5,283

-

1,855 2,724

355 1,575 1,072 1,189

535 3,300

6 5 4 3 2 1

12 11 10 9 8 7

17 16 15 14 13

6,580 4,289 2,519 2,607 5,799

3,171 3,278 4,694 3,589 7,596 4,971

1,151 2,987

725 1,218

508 2,181

-

200820092010201120122013

200220032004200520062007

199619971998199920002001

* As of 2013

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Age Growth

Maturity Class (Yr) (Avg) Characteristics

Immature 0-3 - No FruitYoung Mature 4-8 40% Rapid growth in FFB/OERPrime Mature 9-18 -1% Stable productivityOld Mature 19+ -5% Steady decline

We typically evaluate our performance and productivity against a set of external standards, based upon controlled growing conditions over the lifecycle of an oil palm tree. Although these standards were established quite some time ago, they still provide useful guidance given our seed stock and soil conditions.

DSN Maturity Classifications are not universally shared, but best reflect our experience to date

Notes:


Tree Age FFB Yield by Soil Type (tons/ha)(Yr) Class I Class II Class III

1 - - -2 - - -3 0.6 0.6 0.64 9.0 8.0 7.05 17.0 16.0 14.06 22.5 21.0 18.07 27.0 24.5 21.08 29.0 27.0 24.59 31.5 28.0 26.510 32.0 30.0 27.011 32.0 30.0 27.012 32.0 30.0 27.013 32.0 30.0 27.014 31.5 29.5 26.515 31.5 28.5 25.516 30.0 27.5 25.017 29.0 26.5 24.018 28.0 26.0 23.019 27.0 24.5 22.520 26.0 23.5 21.021 25.0 22.5 20.522 23.5 21.5 19.523 22.0 20.5 18.524 21.0 19.5 17.525 19.5 18.5 17.026 18.5 17.5 16.5

OER Kernel(%) (%)

- -- -

10 4.015 4.517 4.819 5.121 5.423 5.724 6.024 6.024 6.024 6.024 6.024 6.024 6.024 6.024 6.024 6.024 6.024 6.024 6.024 6.024 6.024 6.024 6.024 6.0

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For the full year, DSN produced 1,153 thousand tons FFB from our nucleus plantations, with an additional 88 tons coming from plasma operations. In aggregate, FFB output increased by 22% during the year. Our yield per mature hectare also increased, as our younger plantations (DAN, DIN, PWP) saw improved

productivity with increasing maturity. We achieved an aggregate output of 26.7 tons per hectare (based on the Mid-Year Standard) versus 25.5 tons in the preceding year. Given the relatively young age of many of our estates, we expect that our productivity will not peak for several more years.

Notes:


Summary Production PerformanceFresh Fruit Bunches (FFB) ('000 tons)

Year Produced Plasma

2013 1,153 882012 977 432011 738 32010 536 0

Summary Y-o-Y Production Growth (%)Fresh Fruit Bunches (FFB)

Year Produced Plasma

2013 18% 104%2012 32% >100%2011 38% -

Summary Production PerformanceFresh Fruit Bunches (FFB) ('000 tons)FFB Yield

(t/ha)

26.425.522.419.8

Summary Y-o-Y Production Growth (%)Fresh Fruit Bunches (FFB) CPO ('000 tons)

FFB Yield

4%14%13%

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Our five largest estates (DAN, DIN, SWA, PWP and DWT) have been comfortably in line with, or higher than, the standard expected yields over the past four years, leading to an aggregate yield/hectare slightly higher than expected for Soil Class II. DSN’s estates are generally a combination of Class II and Class III type soils. We have neither Class I soil (largely found in volcanic areas such as Sumatera) nor Class IV soil. Based upon average age alone, the yields from our younger estates – PWP and DWT – appear to be far too high. This is a result of the yields being calculated across mature hectares only, while average age typically includes immature hectares. Where an estate has a significant percentage of immature trees, the reported yields will appear to be higher than is probable. We are providing the average age of mature hectares only for these estates as well, and mapping these against the standards on the following slide.

Notes:

Land Area (Ha) Average Age (Yrs)

Estate Location Planted Mature Total Area

Mature Area

DBL Papua - - - - DIL N. Kalimantan 1,504 - 0.6 - SWA E. Kalimantan 15,282 15,282 12.7 12.7 DAN E. Kalimantan 9,000 8,919 6.9 6.9 DIN E. Kalimantan 8,749 8,749 6.9 6.9 DWT E. Kalimantan 9,869 7,254 3.3 4.7 KPS E. Kalimantan 4,328 2,105 2.4 4.7 MAL W. Kalimantan - - - - RUT W. Kalimantan - - - - KAP W. Kalimantan 599 - 0.6 - PSA W. Kalimantan 147 - - - DPS W. Kalimantan - - - - PUL E. Kalimantan - - - - PWP C. Kalimantan 8,384 5,729 3.4 4.7

Total 57,862 48,038 6.7 8.4


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Our performance is driven by a disciplined approach to standard agronomic practices, meticulously implemented across our planted areas. Seeds: We carefully select, and transport, seeds sourced from the Oil Palm Research Center, London Sumatra, Socfindo, and Selapan Jaya. Fertilizer: We conduct regular, and extensive, soil and leaf analysis, in order to

best formulate and apply an optimal customized fertilizer across our estates. We will typically use between 5 and 10 unique fertilizer blends in a single season. Sustainable Agronomic Practices: We consistently use cover crops to retain soil nutrients and improve the properties of soil. Pest management: Symbiotic use of natural predators, such as owls used to control the mice population and host plants

grown to attract insects that are natural predators to caterpillars, allows us to minimize the use of harmful pesticides Internal Control Systems: We maintain an operational audit department at each of our plantations which reports directly to the Board of Directors, and has developed a proprietary information technology system which accurately captures data on plantation productivity, mill efficiency and costs. Notes:


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82% of our planted area, in five estates, is located in a single contiguous area in East Kalimantan. These 47,000 planted hectares encompass an area nearly the size of Singapore. Four out of our five existing palm oil mills are located within these estates, and we expect to complete the construction of two additional palm oil mills in 2015. Our mill capacity is designed to accommodate annual peak output from the associated estates. As a result, mills servicing rapidly developing estates (such as Mill 5 in PWP) will appear to be underutilized, and may rely on significant external FFB purchases. The proximity of the palm oil mills to the fruit allows us to

establish an 8-hour standard for harvest-to-mill, resulting in minimal spoilage of FFB and lower FFA. Our redundant capacity also minimizes disruption due to maintenance. The cluster approach allows us to achieve efficiencies in a number of areas: §  lower transportation costs §  centralization of logistics, such as housing, schools, clinics

and security §  maximum use of infrastructure (mills, roads, jetties and

ports)

Notes:


Capacity Max MonthlyYear Location Estate (Tons/Hour) Utilization RSPO

Mill 1 2002 E. Kal. SWA 90 67% CertifiedMill 2 2009 E. Kal. DAN 60 101% AuditedMill 3 2010 E. Kal. DIN 60 112% AuditedMill 4 2011 E. Kal. SWA 60 110% AuditedMill 5 2011 C. Kal. PWP 60 96% Audited

Mill 6 2015 E. Kal. DWT 60Mill 7 2015 E. Kal. KPS 60

In Progress Total Capacity 450

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Our five CPO mills processed a total of 1,381 thousand tons of FFB in 2013, 90% of which was sourced from our own nucleus or plasma estates. External purchases increased by nearly 120% in order to better utilize capacity at our newest Mill 5, servicing the PWP estate. In total, FFB processed and CPO produced each increased by 31% in 2013, yielding a

stable Oil Extraction Rate (OER) of 24.3%. Palm Kernel production rose 21% to 43,000 tons in 2013. Sales declined, however, to 12,000 tons as our newly commissioned Palm Kernel Oil mill began to utilize this output directly. In our first year of operation, our PKO mill produced 13,500 tons, and generated sales of 9,400 tons of PKO.

Notes:

Summary Production PerformanceFFB ('000 tons)

Year Produced

2013 1,1532012 9772011 7382010 536

Summary Production PerformanceFFB ('000 tons) CPO ('000 tons)

Processed

1,3811,052

767542

Summary Production PerformanceCPO ('000 tons) OER

Produced Sales (%)

336 336 24.3%257 253 24.4%189 190 24.6%134 135 24.7%

Palm Kernel ('000 tons) KERProduced Sales (%)

43 12 3.1%36 21 3.4%24 35 3.1%16 16 2.9%

Summary Y-o-Y Production Growth (%)FFB ('000 tons)

Year Produced

2013 18%2012 32%2011 38%

Summary Y-o-Y Production Growth (%)FFB ('000 tons) CPO ('000 tons)

Processed

31%37%41%

Summary Y-o-Y Production Growth (%)CPO ('000 tons) Palm Kernel ('000 tons)

Produced Sales Produced Sales

31% 33% 21% -42%36% 33% 50% -39%41% 40% 50% 121%

With an FFB yield of 26.5 tons/hectare and an OER of 24.3%, DSN Group delivers CPO at 6.4 tons/hectare


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Our CPO production quality remained exceptional over the course of 2013, with aggregate Free Fatty Acid (FFA) levels of just 2.65%. In all, over 90% of our production could be classified as Super CPO, with FFA levels below 3%. This output services refiners’ higher-quality products, and as such we receive a 1.0% premium over spot prices for these sales. Our remaining production achieves excellent quality as well. The maximum monthly FFA level from mills primarily processing our own production, was just 3.06%. A primary factor in achieving and maintaining these levels is the optimal harvesting and logistics previously discussed.

Year

2013201220112010

FFA(%)

2.65%2.67%2.55%2.62%

Notes:

Excluding Freight & VATCPO ASP (USD/t) 2010 2011 2012 2013

MDEX 859 1,076 939 763FOB Belawan 871 962 874 790DSN Realised 731 858 785 668

FOB Labanan

Our customers are primarily Indonesian CPO refineries located in Kalimantan and Java, close to DSN’s operations. Regular customers include Smart, Wilmar, Kuala Lumpur Kepong, Musim Mas and Dermaga Kencana Indonesia. We expect Astra’s new refinery on Sulawesi Island to become a customer in 2014 as well. Due to current over-capacity in the Indonesian refinery industry, we have not experienced difficulty in selling our CPO. Our contracts are open tender, with SMART and Wilmar typically offering better pricing - due to refinery location –

and terms than other buyers. We collect 100% of payment by the time of shipment, resulting in no accounts receivables for the CPO business. Our sales contracts commit both parties to a specified volume, with pricing determined by reference to the relevant index. For 2013, our ASP was US$668/ton (excluding VAT and freight), down from US$785/ton in 2012. The price trend for the year appears more favorable, however, as it ranged from a low in January of US$610/ton to a high of US$688/ton as of December.


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Our cash cost in 2013 declined to Rp3.76 million per ton of CPO sold, a drop of 11.3% from 2012. Absolute fertilizer costs fell by nearly 12%, despite an increase in planted and mature hectares, and account for roughly 23% of total cash costs. Purchases of external FFB – both plasma and unrelated estates - were up 64%. This was due to the rapid increase in plasma productivity with increasing maturity of the estates, as well as higher external purchases in support of Mill 5 operations. Labor costs were up 22.5% for the year on the back of an expanded workforce as well as modest adjustments in wages.

Notes:


IDR Millions 2013 2012 2011 2010

CPO Sales ('000 t) 336 253 190 135

Cash Cost of SalesFertilizer 288,684 326,667 193,691 161,086FFB Purchased 294,133 179,089 69,020 30,075Labor 335,989 274,258 166,078 107,243Milling 99,516 65,130 33,564 39,378Others 244,676 224,343 227,378 210,820

Total cash cost 1,262,998 1,069,487 689,731 548,602

Cash Cost/Ton 3.76 4.23 3.64 4.05

% of total 2013 2012 2011 2010

Fertilizer 22.9% 30.5% 28.1% 29.4%FFB Purchased 23.3% 16.7% 10.0% 5.5%Labor 26.6% 25.6% 24.1% 19.5%Milling 7.9% 6.1% 4.9% 7.2%Others 19.4% 21.0% 33.0% 38.4%

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DSN is the fourth largest wood products manufacturer in Indonesia, producing panels, engineered floors and doors. We have initiated a move into higher value, higher margin products through the recent acquisition of TKPI, which specializes in engineered flooring. We continue to leverage on our long standing relationships with customers to across the world to leverage this new business initiative. Our diverse exposure to customers in different segments and geographies has protected us to from adverse economic impacts

Customer Name Type Products Relationship Geography

S.A. Shahab & Company Pte Ltd Trader Panels 11 years Middle EastSumitomo Forestry Company Ltd. Trader Panels 8 years JapanVintage Hardwood Flooring Distributor Engineered Flooring 9 years CanadaJiangsu Skyrun Arser Co., Ltd Trader Panels 3 years ChinaAsia Trading, Inc Trader Panels 7 years JapanAssociated Lumber & Trading, Ltd Trader Panels 5 Years JapanPKF Global Trader Engineered Doors 15 years UKPlyquet Holzimport Distributor Engineered Flooring 17 years EuropeTeka Korea Co., Ltd Distributor Engineered Flooring 12 years South KoreaBeijing Teka Holy Eagle Corporation Distributor Engineered Flooring 11 years China

Top 10 Industrial and Commercial Customers

Sales Volume FY2013 FY2012 % Δ

Panel (m3) 244,642 334,512 -26.90%Engineered doors (Pcs) 51,989 91,102 -42.90%Engineered flooring (M2) 1,073,412 1,166,657 -8.00%

Average Selling Price

Panel (Rp/m3) 3,974,114 3,095,952 28.40%Engineered doors (Rp/pcs) 1,059,251 683,267 55.00%Engineered flooring 314,104 272,964 15.10%


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Palm Oil As our plantations mature, we expect to implement a planting schedule sufficient to maintain a favorable long-term maturity profile. In general, our cost to maturity for new planting is roughly $5,000 to $5,500 per hectare. We also plan to match the increased FFB production over time with appropriate increases in CPO processing capacity. A new mill is required for every 10,000

additional mature hectares. We expect to complete construction of two new palm oil mills with total capacity of 720,000 tons / annum in 2015. The cost of each 60 ton/hour mill, which is comprised of two lines of 30 ton/hour capacity is approximately US$18 million. Wood Products For wood products, we have sufficient capacity to meet our current growth plans.

We intend to more than double production volume in engineered flooring from 1.1 million m2 in 2012 to 2.6 million m2 by 2015, while our plant currently has capacity to produce up to 4 million m2. We will be optimizing our wood products efficiency by relocating and consolidating our operations in Surabaya and Gresik to a new panel products processing plant in Lumajang by 2015. This is closer to our satellite plants and will reduce our transportations costs

Capital Expenditures 2013 2012 2011 2010

Immature Plantations 335 294 353 224 Construction in Progress 182 482 282 128 Others 146 131 308 133

Total 663 907 942 485

Notes:


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Loan Facilities IDR Bn US$ MM

Working Capital 444 27 Investment 1,674 40 Finance Leases 2 3

Total 2,120 70

Interest Rate RangeLow 2.75% 2.00%High 10.15% 5.75%

Total Debt 2,961 Cash 287Restricted Cash 200Net Debt 2,474

Equity 1,679 EBITDA 888

Financial Ratios:Debt/Equity 1.8Net Debt/Equity 1.5Net Debt/EBITDA 2.8

The decline in Net Profit for the year, despite significant increases in revenue and EBITDA, is largely due to the impact of year-end depreciation of the rupiah against the dollar. The mark-to-market of our $70 million FX loans outstanding resulted in an unrealized FX loss of Rp172 billion.


Total (IDR bn) 2013 2012 2011 2010

Revenue 3,842 3,411 2,778 1,751EBITDA 888 666 665 297EBITDA Margin 23.1% 19.5% 24.0% 17.0%Net Profit 216 252 374 162Net Margin 5.6% 7.4% 13.5% 9.3%

Net Income 203 214 312 105

Palm OilRevenue 2,478 1,997 1,524 971EBITDA 885 614 652 307EBITDA Margin 35.7% 30.8% 42.8% 31.7%Profit Before Tax 517 416 547 260PBT Margin 20.9% 20.9% 35.9% 26.8%

Wood ProductsRevenue 1,364 1,414 1,254 780EBITDA 73 123 63 26EBITDA Margin 5.4% 8.7% 5.0% 3.3%Profit Before Tax (80) 33 12 (5)PBT Margin -5.9% 2.3% 0.9% -0.6%

Documents

Mr. Djojo Boentoro Mr. Timotheus Ari President Director ... · PT Dharma Persada Sejahtera DPS 99.17% 2010 Land Bank W. Kalimantan PT Mandiri Agrotama Lestari MAL 99.98% 2012 Land