Transformation of SOE Ministry Annual Report 2020
CHAPTER 1 2 3
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SOE PORTFOLIO & CONSOLIDATED FINANCIAL PERFORMANCE REVIEW
INSURANCE & PENSION FUND
Assets Composition of Insurance & Pension Fund Cluster
31 December 2020
20%
7%
66%
-4%
Taspen
3%
Jiwasraya
Asabri
BPUI
RIU
Life Insurance
Financial Parameter
General Insurance
>
Rp Billion
2020
2019
Revenue
Operating Income
EBITDA
EBIT
NOPAT
Net Profit
46,014 48,408
-3,517 -5,348
-2,965 -4,822
-3,517 -5,348
-2,899 -3,594
-2,974 -3,820
>
Assets
431,988 391,127
Invested Capital
(A + B)
12,905 15,299
>
A. Financing
2,702
Liabilities
Current
2,183
4,998
4,447
Non Current
519
B. Capital
10,204
551
10,301
>
Financial Performance Indicators
Yield on
4.8%
Investment
Combined Ratio
Net Margin
ROA
ROE
4.0%
160.0% 143.0%
-6.5% -7.9%
-0.7% -1.0%
-29.1% -37.1%
>
Gearing Ratio & Capital Structure
Debt to Invested
20.9%
Capital
Debt to EBITDA
EBITDA to Interest
32.7%
-0.9x -1.0x
-39.6x -21.3x
Coverage
>
64
Reinsurance
MINISTRY OF STATE-OWNED ENTERPRISES
ANNUAL REPORT 2020
2020 Milestones
> The establishment of BPUI as the Insurance &
Guarantee Holding to support the synergy of SOEs in
the Insurance Cluster
> Jiwasraya's policy rescue as per the approved
Financial Restructuring Plan, such as through the
establishment of PT Asuransi Jiwa IFG (IFG Life), policy
restructuring and transfer, and SEP amounted to Rp20
trillion in 2021
› Contribution of PT Askrindo and PT Jamkrindo to the
PEN guarantee program using the PEN SEP injected in
2020 amounted to Rp6 trillion
TELECOMMUNICATION & MEDIA
Assets Composition of Telecommunication & Media Cluster
31 December 2020
100%
0%
2020 Milestones
> Launching of PeduliLindungi application to support the
government in managing the COVID-19 pandemic
› Launching of PaDi UMKM initiated by the Ministry of SOE
> Telkomsel (a subsidiary of Telkom) invested Rp2.12 trillion into
PT Aplikasi Karya Anak Bangsa (Gojek). Gojek is a leading
on-demand platform in South East Asia and a pioneer of
the multi-services ecosystem model that provides access to
various services
Telkom
PFN
Financial Parameter
Rp Billion
2020
2019
Revenue
Operating Income
EBITDA
Net Profit
136,477 135,582
45,481 43,979
74,373 67,157
45,481 43,979
34,152 31,880
29,566 27,595
>
Assets
246,986 221,248
Invested Capital
(A + B)
186,379 169,351
>
A. Financing
Liabilities
Current
Non Current
B. Capital
65,463 52,085
24,680 18,216
40,783 33,869
120,916 117,267
2020 Performance Analysis
> Total revenue in 2020 stood at Rp136.5 trillion
or grew by 0.7% compared to 2019. EBITDA
grew by 10.7% due to increased efficiency
during 2020, as indicated by the decrease in
operating, maintenance, telecommunication
services expenses. Profit for the Year was posted
at Rp29,6 trillion, or grew by 7.2% compared
to 2019. This Cluster was the only Cluster that
recorded an increase in profit in 2020.
In 2020, Telkom's digital services business grew by
11.2%, in line with the increase in digital activities
due to mobility restrictions imposed during the
pandemic.
Telkom managed 169.5 million subscribers of
Telkomsel's cellular services with a 58.9% market
share. Meanwhile, IndiHome's fixed broadband
services had a total of 8.0 million subscribers or
82.3% market share. IndiHome network covered
96.5% or 496 districts across Indonesia.
Composition of Manpower
2020 by:
Gender
25,383
70%
O
Male
Female
30%
>
Financial Performance Indicators
Operating Margin
33.3%
EBITDA Margin
54.5%
Net Margin
21.7%
32.4%
49.5%
20.4%
In the enterprise solution services, Telkom served
1,703 corporate customers, 339,182 MSME
customers, and 935 government institutions. In
the wholesale segment, the market share was
64%, with products such as Metro-E and leased
line. Meanwhile, in the carrier traffic market,
Telkom controlled 80% of voice interconnection.
Education
27%
12%
ROA
ROE
ROIC
12.0% 12.5%
24.5% 23.5%
18.3% 18.8%
>
In the tower business, Telkom had a market share
of 23.9% through its subsidiary, Mitratel. Digital
services consisted of a diverse portfolio classified
into two groups: smart platform & e-commerce
and digital contents.
25,383
Gearing Ratio & Capital Structure
61%
>
Debt to Invested
35.1% 30.8%
Capital
Telkom also managed venture capital funds
through its subsidiary, MDI, which invested in
digital startups.
Debt to EBITDA
0.9x
0.8x
>
≤D3
Bachelor Degree
Post Graduates
EBITDA to Interest
16.2x
15.7x
Coverage
2020 Performance Analysis
Total revenue posted by the Insurance and
Pension Fund Cluster decreased by 4.9% to
Rp46.0 trillion in 2020 compared to 2019, due to
the lower insurance revenue mainly contributed
by the discontinuation of guaranteed insurance
products, a significant decrease in the number
of insurance contracts at Jiwasraya, and
declining number of active participants at
Taspen.
Insurance expense decreased by 8.1% in 2020
due to a decrease in insurance expense at
Jiwasraya resulted from the declining number
of insurance contracts, in line with Jiwasraya's
restructuring program.
These led to a decrease of consolidated loss
of the Insurance and Pension Fund Cluster by
Rp846 billion in 2020 compared to 2019.
Assets & Liabilities
Assets reached Rp432 trillion or increased by
10.4% compared to 2019, mainly contributed by
an increase in investment securities, cash and
cash equivalents and time deposits, and other
current assets such as third party receivables.
Investment securities grew by 7.3% to Rp284.3
trillion compared to 2019, with bonds comprised
56.6% of the total investment.
In 2020, the Cluster recorded Rp421.8 trillion in
liabilities, an increase of 10.8% compared to
2019. This was due to an increase of current
liabilities at Jiwasraya and BPUI resulting from
insurance claims of COVID-19. The accumulated
pension contribution at Taspen and Asabri also
increased, in line with the increase in investment
assets. Higher insurance liabilities were also in
line with the increase in claims and technical
reserves.
Yield on Investment was 4.8% in 2020, 4.0%
higher compared to 2019 due to an increase of
investment returns. The consolidated Combined
Ratio reached 160% in 2020, increased
compared to 2019. Realization of RBC/solvency
was above OJK regulation of 120% except for
Asabri and Jiwasraya.
Composition of Manpower
2020 by:
35%
Gender
65%
O
8,547
Male
Female
Education
57,873
21%
10%
≤D3
69%
Bachelor Degree
Post Graduates
Age
57%
EBIT
NOPAT
10%
8,547
33%
<45
45-55
>55
RESILIENCE AMIDST UNCERTAINTY
RESILIENCE AMIDST UNCERTAINTY
>
>
ROA, ROE, and ROIC were 12.0%, 24.5%, and
18.3% respectively in 2020. Based on the ROIC
and the cost of funds, this Cluster created an
economic value added of 13.3%, the highest
amongst the SOE Ministry's portfolio.
Assets & Liabilities
Debt was recorded at Rp65.5 trillion in 2020, rose
by 25.7% compared to 2019 due to increased
contract liabilities resulting from SFAS 72
implementation and increased lease liabilities
resulting from SFAS 73 implementation. The debt
to invested capital ratio was at 35.1%.
Total assets in 2020 amounted to Rp246.9 trillion,
increased by 11.6% compared to 2019, in line
with the increase in infrastructure development,
particularly cable and transmission networks;
an increase in contract assets due to SFAS 72
implementation; and an increase in right-of-use
assets due to SFAS 73 implementation.
26%
7%
Age
25,383
<45
45-55
>55
67%
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