The Company has prepared Company Budget and Work Plan (RKAP) for 2019 as core reference of the Company in running its business. Financial target for 2019 is based on various assumption of external and internal condition that may affect the Company’s activities.
Assumption of External Condition for 2019:
Global economic recovery in 2019 is predicted to continue accompanied by increased risk, mainly in the middle of trade war between the United States and China. Economic growth is estimated to reach 3.5% in 2019 or equal to projection in 2018.
Developing countries still serve as the catalyst for global economic recovery, with growth projection at 5.1% or increased compared to growth projection in 2018 at 4.9%. Meanwhile, economic growth of developed countries is estimated to slow from 2.4% in 2018 to 2.2% in 2019.
Economic projection in developed countries is influenced by slowdown in economic growth that is projected to occur in US economy. The US economy for 2019 is forecasted to slow from 2.9% in 2018 to 2.7% in 2019. Nonetheless, this growth rate is still relatively above the US growth trend in recent years and above other advanced economic growth rates such as the Euro Zone and Japan. In 2019, the Fed is expected to continue to normalize monetary policy and continue trade protectionism. Although quantitatively the impact of the trade war in 2019 is relatively not as large as in previous years, the risks of uncertainty and further impact (second round effect) of this policy will still have the potential to provide negative sentiment towards both world trade and the global financial market.
Perekonomian nasional pada tahun 2019 diperkirakan masih melanjutkan tren perbaikan dengan tumbuh sebesar 5,3%. Pada tahun 2019, tingkat keyakinan masyarakat akan terus dijaga agar tingkat konsumsi, keberlangsungan usaha, dan investasi tetap meningkat sejalan dengan berlangsungnya Pemilihan Umum baik legislatif maupun Presiden dan Wakil Presiden. Selain itu, penyelesaian pembangunan infrastruktur dan keberlanjutan reformasi kebijakan yang merupakan prioritas utama terus dilakukan untuk meningkatkan daya saing dan daya tarik investasi agar dapat mendorong kinerja pertumbuhan ekonomi. Dari sisi perdagangan internasional, peningkatan kinerja pertumbuhan ekspor diarahkan pada barang yang berbasis nonkomoditas yang memiliki nilai tambah tinggi, sehingga diharapkan mampu memberikan multiplier effect yang besar terhadap perekonomian.
Selain mendorong pertumbuhan ekonomi nasional, arah kebijakan tersebut dilaksanakan untuk memitigasi risiko, baik yang berasal dari eksternal maupun domestik. Risiko tersebut seperti normalisasi kebijakan moneter di AS dan juga di Eropa, serta kebijakan proteksionisme perdagangan dan preferensi pelaku usaha yang cenderung menahan investasi langsung karena menunggu hasil pemilu.
Seiring dengan meningkatnya pertumbuhan ekonomi dunia, konsumsi baja pada 2018 – 2019 diproyeksikan meningkat.
Sementara itu, Tiongkok yang merupakan produsen baja terbesar di dunia, konsumsi bajanya diproyeksikan cenderung stabil meskipun perlambatan di sektor properti dan infrastruktur masih berlangsung.
Dari sisi produksi, diproyeksikan produksi baja dunia cenderung meningkat hingga tahun 2019. Peningkatan tersebut merupakan dampak dari pasar baja di luar Tiongkok yang mengalami pertumbuhan. Namun demikian, terdapat risiko politik yaitu meningkatnya tarif baja Amerika Serikat sebagai negara importir baja terbesar di dunia yang dapat mengancam stabilitas pertumbuhan.
Asumsi Kondisi Internal Tahun 2019:
Pada tahun 2019, Perseroan merencanakan Blast Furnace Complex mulai beroperasi dengan memproduksi besi cair yang berkapasitas sebanyak 1,2 juta ton per tahun. Operasi Pabrik Blast Furnace telah diawali dengan start up General Facilities (GF), first pushing Coke Oven Plant (COP) pada tanggal 31 Agustus 2017 kemudian Heating Up Hot Stove dilakukan pada 16 Oktober 2018 dan pada tanggal 20 Desember 2018 telah dilakukan Penyalaan Perdana Blast Furnace.
Untuk meningkatkan kapasitas Perseroan melanjutkan proyek pabrik baja lembaran panas (hot strip mill) baru yaitu HSM#2 berkapasitas 1,5 juta ton per tahun yang direncanakan selesai pada bulan Mei 2019.
The national economy in 2019 is expected to continue the improvement trend by growing by 5.3%. In 2019, the level of public confidence will continue to be maintained so that the level of consumption, business continuity and investment will continue to increase in line with the ongoing general elections both in the legislative and the President and Vice President. In addition, the completion of infrastructure development and the sustainability of policy reforms which are the main priorities continue to be carried out to increase the competitiveness and attractiveness of investment in order to encourage the performance of economic growth. In terms of international trade, an increase in export growth performance is directed at non-commodity-based goods that have high added value, so that it is expected to provide a large multiplier effect on the economy. In addition to encouraging national economic growth, the direction of the policy is carried out to mitigate risks, both from external and domestic. Such risks are like normalization of monetary policy in the US and also in Europe, as well as trade protectionism policies and preferences of business players who tend to hold back direct investment due to waiting for election results.
Along with the increase in world economic growth, steel consumption in 2018 - 2019 is projected to increase. Meanwhile, steel consumption of China the largest steel manufacturer in the world--is projected to tend to be stable even though the slowdown in the property and infrastructure sector is still ongoing.
In terms of production, it is projected that world steel production tends to increase until 2019. This increase is the impact of the growing steel market outside China. However, there is a political risk of increasing US steel tariffs as the world’s largest steel importing country which can threaten growth stability.
Assumption of Internal Condition for 2019:
In 2019, the Company plans the Blast Furnace Complex to start operating by producing liquid iron with a capacity of 1.2 million tons per year. Blast Furnace Plant Operation has started with General Facilities (GF) start up, First Pushing Coke Oven Plant (COP) on August 31, 2017 and Heating Up Hot Stove was conducted on October 16, 2018 and Innauguration Blast Furnace on December 20, 2018. To increase the capacity, the Company continues the new hot strip mill plant project, namely HSM #2 with a capacity of 1.5 million tons per year, which is planned to be completed in May 2019.
Dalam rangka meningkatkan daya saing, Perseroan berencana membangun Pembangkit Listrik Tenaga Uap (PLTU) Batubara berkapasitas 1x150 MW. Perseroan berharap dengan pembangunan pembangkit listrik tersebut, Perseroan akan mendapatkan listrik dengan biaya murah yang dapat menurunkan biaya produksi baja yang dihasilkan.
Perseroan berkomitmen untuk mendukung upaya pelestarian alam dan ekosistem yang terkandung didalamnya untuk menjaga keseimbangan alam sebagai bagian dari upaya untuk memastikan keberlangsungan dan keberlanjutan usaha.
Komitmen dan Kebijakan dalam menjaga kelestarian lingkungan tertuang dalam Kebijakan Sistem Manajemen Krakatau Steel (SMKS) point ke 2: “ Melaksanakan Perlindungan Lingkungan, Keselamatan dan Kesehatan Kerja, Efisiensi dan Konservasi Sumber Daya Alam dengan cara menerapkan Siatem Manajemen Lingkungan, Kesehatan dan Keselamatan Kerja yang memenuhi Peraturan Perundang-undangan yang berlaku untuk mencegah pencemaran dan dampak negatif terhadap lingkungan serta menciptakan lingkungan kerja yang sehat dan aman ”. Perseroan merupakan pionir industri baja nasional yang dalam aktifitasnya melakukan pengolahan sumber daya alam dengan memegang teguh komitmen untuk merawat lingkungan. Perseroan berupaya untuk mewujudkan hal tersebut dengan menata proses industri yang ramah lingkungan dan berinisiatif untuk mengadakan berbagai kegiatan pelestarian lingkungan.
Pelaksanaan Komitmen Perseroan dalam menjaga kelestarian lingkungan berpedoman pada Dokumen Analisis Mengenai Dampak Lingkungan (AMDAL), Rencana Pemantauan Lingkungan (RPL), Rencana Pengelolaan Lingkungan (RKL) dan mengacu pada ketentuan Peraturan Perundangan Lingkungan Hidup yang berlaku serta mempertimbangkan kondisi eksternal dan internal terkait dengan lingkungan.
Berdasarkan asumsi-asumsi yang telah dijabarkan diatas, berikut adalah target finansial Perseroan untuk tahun buku 2019:
(dalam ribuan USD / in thousand USD)
Uraian / Description Realisasi 2018 /
Realization in 2018 RKAP 2019 Peningkatan (%) / Realization (%)
Pendapatan Neto / Net Revenues 1.739.535 2.921.812 67,97%
Laba Bruto / Gross Profit 158.838 287.299 80,88%
Laba (Rugi) Operasi / Operating Profit (Loss) (3.318) 138.786 N/A
Rugi Tahun Berjalan / Loss for the Year (77.163) 11.041 N/A
Aset / Assets 4.298.318 4.951.975 15,21%
Liabilitas / Liabilities 2.498.105 3.084.017 23,45%
Ekuitas / Equity 1.800.213 1.867.958 3,76%
In order to increase competitiveness, the Company plans to build a Coal Steam Power Plant (PLTU) with a capacity of 1x150 MW.
The company hopes that with the construction of the power plant, the Company will obtain low-cost electricity which can reduce the production costs of the produced steel.
The Company is committed to supporting the conservation of nature and ecosystems contained therein to maintain the balance of nature as part of efforts to ensure business sustainability.
Commitment and Policy in conserving the environment are contained in the Krakatau Steel Management System (SMKS) point 2: “Implementing Environmental Conservation, Occupational Health and Safety, Efficiency and Conservation of Natural Resources by implementing Environmental Management, Occupational Health and Safety Management System that meets the prevailing laws and regulations to prevent pollution and negative impacts on the environment and create a healthy and safe work environment”. The company is a pioneer of the national steel industry which is in its activities to process natural resources by upholding the commitment to care for the environment. The Company strives to achieve this by organizing environmentally friendly industrial processes and taking the initiative to conduct various environmental conservation activities.
Implementation of the Company’s Commitment in preserving the environment is guided by the Environmental Impact Analysis Document (ANDAL), Environmental Monitoring Plan (RPL), and Environmental Management Plan (RKL) and refers to the applicable Regulation of Environmental Law and considers external and internal conditions related to the environment.
Based on the assumptions outlined above, the following are the Company’s financial targets for 2019 fiscal year:
Target tahun 2019 untuk volume penjualan produk baja sebesar 3.545.995 ton atau naik 65,54% dibandingkan realisasi tahun 2018 sebesar 2.142.133 ton. Untuk pendapatan dari hasil penjualan produk baja, ditargetkan USD2.557,34 juta, sementara pendapatan dari non-produk baja dan jasa sebesar USD364,47 juta sehingga target total pendapatan neto tahun 2019 sebesar USD2.921,81 juta atau naik 67,97% dibandingkan realisasi tahun 2018 sebesar USD1.739,54 juta.
Target tahun 2019 untuk laba kotor sebesar USD287,29 juta atau naik USD128,46 juta, dan laba operasi USD138,79 juta naik sebesar USD142,10 juta dibandingkan realisasi tahun 2018. Sehingga target laba tahun berjalan yang dapat diatribusikan kepada entitas induk tahun 2019 sebesar USD6,37 juta dibandingkan realisasi tahun 2018 yang mengalami rugi sebesar USD74,82 juta.
Perseroan menargetkan peningkatan aset ditahun 2019 sebesar 15,21% dari capaian 2018 sebesar USD4.298,32 juta menjadi USD4.951,98 juta pada tahun 2019.