Transformation of SOE Ministry Annual Report 2020
CHAPTER 1
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SOE PORTFOLIO & CONSOLIDATED FINANCIAL PERFORMANCE REVIEW
DIVIDEND, TAXES, NON-TAX REVENUE, & STATE EQUITY PARTICIPATION
One of the measurements of SOES
contribution to the sustainable
economic development is indicated
through the contribution of Dividends,
Tax, and Non-tax revenue.
In the last ten years (2011-2020),
the amount of Dividend, Tax, and
Non-tax revenue paid by SOEs to
the state reached Rp3,295 trillion. In
which Dividends, Taxes, and Non-
tax revenue stood at Rp388 trillion,
Rp1,872 trillion, and Rp1,035 trillion,
respectively.
The State Equity Participation in SOES
in the same period stood at Rp147
trillion, or around 4% of total SOES
contribution.
MINISTRY OF STATE-OWNED ENTERPRISES
ENERGY, OIL & GAS
ANNUAL REPORT 2020
2020 Milestones
Assets Composition of Energy, Oil & Gas Cluster - 31 December 2020
38%
0%
> Establishment of Oil and Gas Holding at Pertamina
› Cilacap Expansion II Coal Power Plant (PLTU) (1000
MW) started to operate
62%
PLN
Pertamina
EMI
> Launching of "Power Beyond Generations", PLN's
transformation program
› Launching of Diesel Power Plant (PLTD) to NRE power
plant conversion program
12%
Dividend
Despite the pandemic,
the amount of dividend
from 2019 profits from
SOEs across 13 clusters
in 2020 reached Rp69.44
trillion. The portion of
dividends paid to the
State Budget was Rp43.9
trillion, reflecting the
government's share
ownership in SOEs that
distribute dividends.
2
In the last 10 years, SOES has contributed Rp3,295 trillion to state
revenue (dividends, other non-tax revenue, and taxes)
Total Taxes, Dividend and Other Non-Tax Revenue (2011-2020 in Rp trillion)
31%
O
57%
Financial Parameter
>
Rp Billion
2020
2019
Revenue
Operating Income
EBITDA
EBIT
NOPAT
Net Profit
929,035 1,077,120
101,219 85,054
183,628 180,173
89,364 99,771
56,829 51,283
15,006 12,963
>
2020 Performance Analysis
The COVID-19 pandemic has declined energy
sales volume, where fuel sales dropped by 14.1%
and electricity sales volume decreased by 0.8%,
which resulted in decreased revenue by 13.7%
to Rp929 trillion in 2020.
Nevertheless, PLN and Pertamina were still able
to record a positive net profit. Operating profit
margin and net profit margin in 2020 were
10.9% and 1.6%, respectively. Meanwhile, ROA,
ROE, and ROIC were at 0.6%, 1.1%, and 2.7%,
respectively.
Composition of Manpower
2020 by:
Gender
57,873
82%
Taxes: Rp1.872 trillion
Dividend: Rp 388 trillion
Other Non-Tax Revenue:
Rp1.035 trillion
Total SOES Contribution: Rp 3.295 trillion
Assets
Invested Capital
(A + B)
2,558,945 2,514,649
>
2,105,054 2,053,233
Weakening financial performance was a result
of upstream assets impairment due to the
declining global oil prices and exchange rate
adjustment that led to a lower net profit margin.
18%
284
245
246
210
189
178
175
157
134
146
149
116
115
114
A. Financing
Liabilities
727,058 694,628
>
Current
Non Current
122
B. Capital
71,028 75,451
656,031 619,177
1,377,996 1,358,605
In this Cluster, Pertamina contributed a total
dividend of Rp4 trillion.
Male
Female
>
86
86
53
57
34
40
37
37 45
43
44
28
31
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
50
44
Financial Performance Indicators
Taxes
The amount of tax paid by SOEs to
the state in 2020 was recorded at
Rp246 trillion, or lower compared
to Rp284 trillion recorded in
2019. The decline is attributed
to the COVID-19 pandemic that
impacted the performances of the
state-owned companies in 2020, as
in 2019 the pandemic had not yet
occurred.
Non-Tax Revenue
The amount of non-tax revenue
paid by SOEs in 2020 stood at Rp86
trillion, approximately the same as
the 2019 figure.
State Equity Participation
2020 was a critical year for several
SOEs. Due to weakening economic
activities, several SOES experienced
difficulties both in terms of financial
structure and liquidity. Therefore,
additional cash SEP was needed to
strengthen their capital structures
and provide liquidity assistance.
The total amount of SEP in 2020
(including SEP for the National
Economic Recovery/SEP PEN) stood
at rp27.3 trillion represented 60% of
the total dividends contributed by
SOES to the State Budget.
Operating Margin 10.9%
7.9%
>
EBITDA Margin
19.8% 16.7%
Net Margin
1.6%
1.2%
ROA
0.6%
0.5%
ROE
1.1%
1.0%
>
Cash SEP, Non Cash SEP &
Cash SEP for PEN Year 2020
ROIC
2.7%
2.5%
SEOs Name
Total SEP
(Rp trillion)
(%)
Total
Gearing Ratio & Capital Structure
Debt to Invested
Cash SEP
34.5%
33.8%
Capital
PLN
HK
5.0
18.4%
Debt at EBITDA
4.0x
3.9x
3.5
12.8%
EBITDA to Interest
PNM
1.0
3.7%
4.4x
4.7x
Coverage
Non Cash SEP
BPUI
0.3
1.0%
Cash SEP for PEN
HK
BPUI
7.5
27.5%
6.0
22.0%
Biofarma
PNM
ITDC
Total SEP
2.0
7.3%
1.5
5.5%
0.5
1.8%
27.3
100.0%
Dividend to
43.9
60.0%
State Budget
Dividend
Surplus over
SEP
16.6 40.0%
Assets & Liabilities
As of December 2020, the Cluster recorded total
assets of Rp2,559 trillion, with 1,986,059 MBOE oil
and gas reserve units and 63,336 MW electricity
production capacity.
Debt increased to Rp727 trillion as of December
2020, contributed by the increase in bond
payables and lease capitalization due to SFAS
73 implementation.
Debt to Invested Capital, Debt to EBITDA, and
EBITDA to Interest Coverage were at 34.5%, 4.0
times, and 4.4 times, respectively. These ratios
were still within the ratio target of SOE Ministry.
Education
59%
57,873
5%
36%
≤D3
Bachelor Degree
Post Graduates
Age
0.3%
19%
O
57,873
81%
<45
45-55
>55
60
RESILIENCE AMIDST UNCERTAINTY
RESILIENCE AMIDST UNCERTAINTY
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