M. P. Evans Group Plc - CPO Export levy update
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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.