Transformation of SOE Ministry Annual Report 2020
66
99
MINERAL & COAL
CHAPTER 1 2 3 4
5
6 7
SOE PORTFOLIO & CONSOLIDATED FINANCIAL PERFORMANCE REVIEW
Assets Composition of Mineral & Coal Cluster - 31 December 2020
100%
Financial Parameter
Rp Billion
MIND ID
>
2020
2019
Revenue
Operating Income
EBITDA
EBIT
NOPAT
9,543
66,569 80,629
5,106 5,772
13,167 8,143
9,700 5,013
5,325
Net Profit
1,822
25
Assets
180,779
Invested Capital
164,844
163,976 148,017
>
(A + B)
A. Financing
91,392 76,226
Liabilities
>
Current
15,669 12,329
Non Current
75,723 63,897
B. Capital
72,585 71,791
>
Financial Performance Indicators
Operating Margin
EBITDA Margin
Net Margin
ROA
ROE
ROIC
7.7%
7.2%
19.8%
10.1%
2.7%
0.0%
1.0%
0.0%
2.5%
0.0%
>
5.8%
3.6%
Gearing Ratio & Capital Structure
MINISTRY OF STATE-OWNED ENTERPRISES
LOGISTICS
2020 Milestones
› Acquisition of divested shares of
>
PT Vale Indonesia Tbk
Acquisition of Indometal Corporation (Asia Pacific)
Pte. Ltd.
Assets Composition of Logistics Cluster - 31 December 2020
6% 4%
4%
0%
8%
16%
26%
3%
1%
0%
5%
27%
>
2020 Performance Analysis
The COVID-19 pandemic had a significant
impact on commodity prices. Nickel prices
fell to their lowest level at US$10,080/tons
(dropped by 22% YoY), copper at US$4,618/
tons (decreased by 29% YoY), tin at US$13,400/
tons (dropped by 38% YoY), and aluminium at
US$1,442/tons (decreased by 25% YoY), which
was due to a slowdown in manufacturing and
construction activities. Gold prices also fell to
US$1,471/tons due to market expectation on the
weak demand for gold for jewellery.
Furthermore, the drastic decline in the demand
for electricity from the industrial sector also
caused lower demand for coal, resulting in
plummeting coal prices to an average of
US$60/tons in 2020.
The combination of weakening commodity
prices and sales volume in 2020 caused
revenue to decrease by 17.4% to Rp66.57 trillion
compared to 2019.
Cost of revenue decreased by 16.87% to
Rp54.97 trillion in 2020 compared to 2019, due
to a 53.99% decrease in the third-party services
consumed, a 48.09% decrease in the raw
materials consumed, and a significant decrease
in the purchase of precious metals. As a result,
the EBITDA improved from 10.1% in 2019 to 19.8%
in 2020.
This resulted in an increase of net profit to Rp1.8
trillion in 2020 from Rp25 billion in 2019.
Assets & Liabilities
Assets grew by Rp15.94 trillion or 9.67% to
Rp180.78 trillion in 2020 compared to 2019
due to the increase in non-current assets at
Rp14.57 trillion, particularly a significant increase
of investment in associates and PT Freeport
Indonesia.
On liabilities, the Cluster recorded an increase
of Rp15.14 trillion or 16.27% to Rp108.19 trillion
in 2020 compared to 2019 due to an increase
in non-current liabilities at Rp12.70 trillion,
particularly bonds payable.
> The debt to EBITDA ratio decreased from 9.4x
in 2019 to 6.9x in 2020 due to an increase of
EBITDA.
Composition of Manpower
2020 by:
Gender
18,096
8%
23%
Male
Female
Education
18,096
92%
74%
Q
3%
≤D3
Bachelor Degree
Post Graduates
Age
45%
O
54%
18,096
Debt to Invested
>
55.7% 51.5%
Capital
Debt to EBITDA
6.9x
9.4x
EBITDA to Interest
1.7x
1.5x
Coverage
<45
45-55
>55
1%
KAI
sod
Inka
Damri
PPD
Pel 2
Pel 3
Pel 1
Pel 4
Land Transportation
ASDP
Pelni
VTP
Ports
Sea Transportation
Financial Parameter
>
Rp Billion
2020
2019
Revenue
Operating Income
EBITDA
EBIT
NOPAT
Net Profit
61,484 74,734
5,916 11,707
11,415 16,920
5,916 11,707
4,791 11,624
1,024
8,029
>
Assets
Invested Capital
(A + B)
196,130 184,011
156,176 146,249
>
A. Financing
Liabilities
Current
Non Current
79,271 69,279
10,509 9,822
68,762 59,456
>
76,906 76,970
B. Capital
Financial Performance Indicators
Operating Margin
EBITDA Margin
Net Margin
ROA
ROE
ROIC
ANNUAL REPORT 2020
2020 Milestones
› Divestment of shares in SOEs' hospital subsidiaries to PT
Pertamina Bina Medika IHC, as part of hospital holding
clustering
> JV of PT Moda Integrasi Transportasi Jabodetabek
between PT KAI and PT Mass Rapid Transit (MRT) Jakarta
› PT ASDP launched Go Live mobile application, Ferizy
2020 Performance Analysis
The COVID-19 situation put considerable pressure
on SOEs' financial performance that engaged
in passenger mobilization. The lockdown and
large-scale social restrictions policies imposed by
the government to curb the spread of COVID-19
resulted in decreased flow of passengers and
distribution of goods.
The land transportation service sub-cluster
was the most impacted as the decline in sales
directly affected the financial performance in
2020.
Revenue was Rp61.4 trillion in 2020, decreased
by 17.7% compared to 2019. In line with the
decline in revenue, EBITDA stood at Rp11.4
trillion in 2020, decreased by 32.5% compared to
Rp16.9 trillion in 2019.
This led to a significant decrease of profit by
87.2% to Rp1 trillion from Rp8 trillion in 2019. This
Cluster was one of the most severely affected by
the pandemic.
Assets & Liabilities
Consolidated assets stood at Rp196.1 trillion
grew by 6.6% compared to 2019, influenced
by the increase of assets operating rights
in land transportation services sub-cluster's
infrastructure.
Liabilities and equity stood at Rp119.2 trillion
and Rp76.9 trillion, respectively. On financial
composition, debt to EBITDA ratio and debt to
Invested Capital Ratio were above the limit of
the similar companies with an investment-grade
rating due to the COVID-19.
Composition of Manpower
2020 by:
Gender
73,174
11%
18%
Male
Female
89%
Education
80%
2%
73,174
O
>
9.6% 15.7%
18.6%
22.6%
1.7%
0.5%
10.7%
4.4%
1.3% 10.4%
3.1% 7.9%
>
Gearing Ratio & Capital Structure
Debt to Invested
50.8% 47.4%
Capital
Debt to EBITDA
6.9 x
4.1x
EBITDA to Interest
Coverage
3.0x
4.7x
RESILIENCE AMIDST UNCERTAINTY
RESILIENCE AMIDST UNCERTAINTY
≤D3
Bachelor Degree
Post Graduates
Age
1%
73,174
O
34%
<45
45-55
>55
67
40
65%View entire presentation