Pelindo III
Global Bond 1st Issuance Date : 1 October 2014 Amount : USD 500 million Tenor : 10 Years
Coupon : 4.875%
2nd Issuance Date : 2 May 2018
Amount : USD 500 million Tenor : 5 Years
Coupon : 4.5%
Shareholder structure As of September, 30th 2018 Government of
Republik Indonesia 100%
Corporate & Bond Ratings As of September, 30th 2018 Moody’s : Baa3
Stable Outlook Fitch : BBB-
Stable Outlook S&P : BB+
Stable Outlook
Investor Relations &
Corporate Governance Pelindo III - Indonesia Ph: +62 31 3298631 - 37 Fax: +62 31 3295204 Email:
[email protected] www.pelindo.co.id
@pelindo3 pelindo3
@pelindo3 Pelindo III
Investor Memo
Third Quarter 2018
Pelindo III focused on beyond stakeholder expectation.
October 19th, 2018
Pelindo III operational performance on the third quarter 2018 experienced a significant increase. Ships traffic grew by 10 % year on year from 177.96 million GT to 195.52 Million GT, The increase in ship traffic was influenced by the
increasing size of ship GT visiting Tanjung Perak port sepceially for container ships docked at Terminal Teluk Lamong and Terminal Petikemas Surabaya.
Increasing size of ship GT also happen in Tanjung Emas port for cargo ships carrying project goods for the construction of the Batang and PLTU Tanjung Jati, Jepara. The increase also influenced by increase of foreign ship carrying project equipment for the construction of power plants and increased visits of oil-fueled bulk carriers and barges in Tanjung Intan Port.
Pelindo III recorded Rp. 7.427 trillion revenue, a 14% increase compared with the same period previous year. This increase was attributable to a 16% increase in container services (Rp. 4.402 tn 3Q18 vs Rp. 3.795 tn 3Q17), mainly due to increase in containers flow.
Even Pelindo III was maintain opex through tight cost control and group efficiency, total expenses still increased 13% compared with the same period last year. This increase was attributable to a 27% increase in general expense (Rp. 603 bn 3Q18 vs Rp. 473 bn 3Q17). This caused Pelindo III earn operational income as much as Rp. 2.655 trillion or grew 13% compare to 3Q 2017 in the amount of Rp. 2.258 trillion. Moreover, due to increase revenue EBITDA was grew 18% in third quarter to Rp. 3.451 trillion compared to the same period last year.
3Q2017 3Q2018 3Q2017 3Q2018
Revenue
in trillion IDR in trillion IDRExpenses
14%
7.424 6.488
13%
4.769 4.230
3Q2017 3Q2018
in trillion IDR
EBITDA
18%
3.451 2.925
3Q2017 3Q2018
in trillion IDR
Operational Income 13%
2.655 2.258
3Q2017 3Q2018 Ship Traffic (GT)
in million
10%
195.52 177.96
3Q2017 3Q2018
in million
Goods (Ton)
58.63 53.81
(8%)
3Q2017 3Q2018
in million
Container (TEUs)
3.59 3.89
8%
Flows of goods decreased 8 % year on year from 58.63 million tons to 53.81 million tons in the third quarter of 2018. The decrease in general cargo was caused by a decrease in the loading and unloading activity of concrete iron, cement piles, coral, paving and asphalt in Tanjung Perak port, changes in the arrival schedule of coal-carrying ships due to bad weather Tanjung Intan port, and a decrease in offshore activities at the Port of Tanjung Wangi.
Meanwhile, container flows grew 8 % year on year from 3.59 million TEUs to 3.89 million TEUs.
The increase in container flows was influenced by the growth of the economy in the Kalimantan and East Nusa Tenggara region (Banjarmasin port and Tenau Kupang port), the addition of two new customers at the Terminal Petikemas Surabaya and an increase in ship visits for the pendulum route at Terminal Teluk Lamong.
For capital expenditure in accordance with the year budget, Pelindo III targets Rp. 12.06 trillion with a total of 394 items. Until the third quarter of 2018 the realization of the capex are Rp. 5.20 trillion for contract realization and Rp. 2.17 trillion for physical realization. When compared with the same period for physical realization increased by 31% from Rp. 1.66 trillion in the previous year.
The absorption of the capex is used for projects in Pelindo III such as the fly over of Terminal Teluk Lamong, the additional CY of Terminal Teluk Lamong, the construction of Pelindo Place, the expansion of the
passenger terminal and the beautification of the Benoa port, the dredging of the pool of Benoa port and the construction of cruise and container wharf of the Terminal Gilimas.
Teluk Lamong Terminal Over Fly Project has been started since March 9, 2018 with a contract value of Rp. 1.3 trillion. Until the end of the third quarter of 2018 the progress of the fly over physical development reached 26.47% and it is expected could be completed in March 2019.
Fly Over of Terminal Teluk Lamong
Investor Memo
Investor Memo
Disclaimer
This document containts certain financial information and result of operation, and may also contain certain projections, plans, strategies, and objectives of Pelindo III, that are not statements of historical fact which would be treated as forward looking statements within the meaning of applicable law. Forward looking statements are subject to risks and uncertainties that may cause actual events and Pelindo III future results to be materially different than expected or indicated by such statements. No Assurance can be given that the results anticipated by Pelindo III, or indicated by any such forward looking statements will be achieved.
The financial information provided herein is based on pelindo III consolidated financial statements in accordance with Indonesian Financial Accounting Standards.
Additional container yard of Terminal Teluk Lamong has been started since April 18th, 2018 with a contract value of Rp. 400 billion. Until the end of the third quarter of 2018 the progress of the additional container yard physical
development reached 22.84% and it is expected could be completed in April 2020.
Additional CY of Terminal Teluk lamong
Construction of cruise and container wharf of the Terminal Gilimas has been started since March 20th, 2018 with a contract value of Rp. 270 billion. Until the end of the third quarter of 2018 the progress of the wharf construction physical development reached 50% and it is expected could be completed in April 2019.
Cruise and Container Wharf of the Terminal Gilimas
Construction of Pelindo Place has been started since May 9th, 2018 with a contract value of Rp. 500 billion. Until the end of the third quarter of 2018 the progress of the Pelindo Place wharf construction physical development reached 7.8% and it is expected could be completed in December 2019.
Pelindo Place
