Transformation of SOE Ministry Annual Report 2020
CHAPTER 1 2 3
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TOURISM & SUPPORTING SERVICES
Assets Composition of Tourism & Supporting Services Cluster
31 December 2020
17%
4%
1%
0%
0%
17%
-2%
59% 0%
Garuda Penas Airnav
Air Transport
AP 1 AP 2
HIN
ITDC
TWC Sarinah
Airport
Hospitality
Financial Parameter
Rp Billion
>
2020
2019
SOE PORTFOLIO & CONSOLIDATED FINANCIAL PERFORMANCE REVIEW
MINISTRY OF STATE-OWNED ENTERPRISES
2020 Milestones
> Proposal to Extend Garuda Indonesia's Global Sukuk
Repayment Period to 3 (three) years from the due date
on 3 June 2020
> Sustainable bonds issuance by AP II
› Additional SEP to Airnav and ITDC
>
Signing of loan agreement between ITDC and Indonesia
Eximbank with a loan value of Rp1.18 trillion
2020 Performance Analysis
The pandemic significantly affected
transportation, travel, and tourism sectors, the
core businesses of the Tourism Cluster SOES.
The challenge was to maintain the company
sustainability amidst declining aircraft,
passengers, and cargo movements due to the
changes in people's mobility patterns. Some
of the policies causing the decline include
prohibitions or restrictions to enter/exit imposed
on Indonesian citizens and foreigners in various
countries and prohibited people to travel to their
hometowns during the holiday seasons to curb
the spread of the COVID-19.
> Revenue decreased significantly by 63% to
Rp32.5 trillion, resulting in a Rp41.8 trillion loss in
2020. Meanwhile, the Cluster recorded a Rp914
billion profit in 2019. This Cluster was the most
severely impacted by the pandemic.
In the airport sub-cluster, the decline in aircraft,
passengers, and cargo movements resulted in
a decrease of liquidity and profitability of airport
sub-cluster.
Revenue
32,545
Operating Income
-29,888
EBITDA
-7,858
86,850
5,879
10,974
EBIT
-30,002
NOPAT
-31,298
Net Profit
-41,776
5,356
4,599
914
Assets
Invested Capital
256,111 167,043
174,366 124,383
(A + B)
A. Financing
Liabilities
Current
Non Current
B. Capital
152,222 60,229
25,822
45,419
34,408
106,804
22,143 64,154
>
Financial Performance Indicators
PLANTATION & FORESTRY
Assets Composition of Plantation & Forestry Cluster
31 December 2020
89%
11%
>
PTPN3
Perhutani
Plantation
Forestry
Financial Parameter
Composition of Manpower
2020 by:
>
Rp Billion
2020
2019
Revenue
43,316
Gender
Operating Income
2,452
39,639
240
EBITDA
6,489
4,006
EBIT
2,746
293
68%
>
NOPAT
3,168
1,251
Net Profit
-390
-2,322
32%
22,269
Assets
Invested Capital
(A + B)
148,280 143,898
111,411 109,134
>
A. Financing
46,283 48,379
Liabilities
Male
Current
24,081 23,674
Female
Non Current
B. Capital
22,202
65,128
24,705
60,754
Education
Operating Margin
EBITDA Margin
Net Margin
ROA
ROE
ROIC
>
-91.8%
-24.1%
-128.4%
-16.3%
-188.7%
-17.9%
6.8%
12.6%
1.1%
0.5%
1.4%
3.7%
In the air transport sector, Garuda Group was
impacted during the pandemic, as indicated by
a 51.54% decrease in Available Seat Kilometres
30%
(ASK) capacity compared to pre-COVID-19.
>
Gearing Ratio & Capital Structure
>
Debt to Invested
87.3%
48.4%
Capital
Debt to EBITDA
-19.4x
5.5x
EBITDA to Interest
-0.7x
3.0x
>
Coverage
>
The hospitality sub-cluster also experienced
a decline as many countries imposed travel
restrictions to curb the spread of COVID-19.
Assets & Liabilities
The Cluster's assets increased by 53.3% to Rp256
trillion. The largest increase was contributed by
the right-of-use of assets at Garuda, which was
previously not recognized as assets, as a result of
SFAS 71, 72, and 73 implementations.
On liabilities, a significant increase was posted in
lease liabilities, both non-current and current.
In terms of financial structure and debt
coverage capacity, this Cluster was one of the
worst-performing Clusters.
3%
22,269
≤D3
Bachelor Degree
Post Graduates
67%
Age
5%
18%
77%
70
21,769
<45
45-55
>55
ANNUAL REPORT 2020
2020 Milestones
› Divestment of PTPN's subsidiary hospital by
PT Pertamina Bina Medika IHC
Signing of an investment agreement between the
Plantation Holding and the government in the context
of National Economic Recovery
> Establishment of Perhutani Forestry Institute
2020 Performance Analysis
In 2020, revenue of Plantation and Forestry
Cluster increased by 9.3% to Rp43,316 billion
compared to the previous year, which
mainly contributed by revenue from oil palm
commodities. The increase in performance was
reflected in the loss recorded in 2020 of only
Rp390 billion from Rp2,322 billion in 2019.
Sales for each commodity in 2020: oil palm,
particularly Crude Palm Oil, contributed 58.35%;
sugar 18.22%; rubber 9.05%; logs 4.69%; and
other commodities at 9.69%. Meanwhile, in 2019,
oil palm contributed 46.26% to the revenue,
sugar 19.03%, rubber 9.37%, logs 4.24%, and
other commodities at 21.1%.
The improved performance was also due
to efficiency in production cost, which only
increased by 1.9% YoY, supported by a tax
stimulus in 2020, in the form of a reduced tax
rate from 25% to 22%.
Composition of Manpower
2020 by:
Gender
123,829
12%
Male
Female
88%
Assets & Liabilities
>
Financial Performance Indicators
Assets reached Rp148,280 billion or rose 3% from
the realization in 2019.
Operating Margin
EBITDA Margin
Net Margin
5.7%
15,0% 10,1%
0.6%
>
-0.9%
-5.9%
ROA
ROE
-0.3%
-1.6%
-0.6%
-3.8%
Total liabilities in 2020 reached Rp83,152 billion, or
0.01% higher than the realization in 2019. Equity
in 2020 was Rp65,128 billion or increased by 7.2%
from the 2019 period. PTPN's equity increased by
Rp6 trillion due to additional capital in the form
of fixed assets and capitalization of reserves.
7%
ROIC
2.8%
1.1%
>
Gearing Ratio & Capital Structure
Debt to Invested
41.5% 44.3%
Capital
Debt to EBITDA
7.1x
12.1x
EBITDA to Interest
Coverage
1.8x
1.1x
RESILIENCE AMIDST UNCERTAINTY
RESILIENCE AMIDST UNCERTAINTY
On financial structure, debt to EBITDA ratio and
debt to invested capital ratio in 2020 improved
compared to the previous year to 7.1x and
41.5%, respectively.
1%
Education
92%
123,829
≤D3
Bachelor Degree
Post Graduates
Age
46%
123,829
53%
O
1%
<45
45-55
>55
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