Quarter 3 2020
PT PELABUHAN INDONESIA III
(PERSERO)
INVESTOR MEMO
World Wide Smart Operator
PT Pelabuhan Indonesia III (Persero)
2020 has been a very tough year for the whole world. Without anyone expecting it, a world that has been running well suddenly has to change due to the pandemic that has lasted until Q3 2020.
Various attempts to survive this pandemic have been made, and performance declined cannot be avoided.
SHAREHOLDER STRUCTURE 100% Owned BY Government of Republic Indonesia
GLOBAL BOND 1st Issuance
Date : October 1st 2014 Amount : USD 500 Million Tenor : 10 Year
Coupon : 4.5%
2nd Issuance Date : May 2nd 2018 Amount : USD 500 Million Tenor : 5 Year
Coupon : 4.5%
CORPORATE RATINGS
Moody’s : Baa3 (Stable) Fitch : BBB- (Stable)
Operational Performance
As we already know, currently all business sectors are trying to survive the pandemic that has hit the whole world. Including PT Pelabuhan Indonesia III (Persero), we are currently working on various ways to survive and maintain the quality of our services for all Pelindo III customers. However, we must admit that there has been a decline in our operational performance until Q3 2020.
Ship calls in the Pelindo III area in Q3 2020 were recorded at 51,834 units or decreased by 9% when compared to the same period in 2019 of 57,151 units. Whereas in Gross Tonnage, ship calls was recorded at 208,008,610 GT in Q3 2020 while in 2019 the number was 224,134,856 GT or experienced a descent by 7%, this was due to a decrease in the number of visits from container ships, general cargo ships and passenger ships. due to the Covid-19 pandemic.
For the flow of goods in the Pelindo III area in Q3 2020, it decreased by 12% when compared to the same period in the previous year
In 2019, Pelindo III's flow of goods was recorded at 55,755,075 tons, while this year it only reached 49,140,029 tons. This decrease was caused by a decrease in general cargo export and import activities at the Jamrud Terminal, a decrease in the realization of coal unloading activities at the Dry Bulk Terminal and Logs at Gresik Port, a decrease in the realization of import activities for raw sugar soy bean meal at Tanjung Emas Port, a decrease in raw sugar import activities and gympsum at Tanjung Intan Port and decreased coal export activities in the Kalimantan region.
The flow of containers in TEUs decreased by 5% in Q3 2020 when compared to Q3 2019. In 2019, container flows were recorded at 3,977,390 TEUs, and in 2020 it was recorded at 3,779,795 TEUs.
Meanwhile, in box units, the flow of containers in Q3 2020 was recorded at 3,203,017 boxes, and in 2019 it was 3,006,272 boxes, or a decrease of 4%
due to the presence of a number of international container ships that failed (canceled docking) at TPKS, PT Terminal Teluk Lamong, and PT Terminal Petikemas Surabaya as well as due to a decrease in the flow of containers at several ports, especially in the Kalimantan region at Batulicin, Bumiharjo and Kumai Terminals.
. Ship traffic (GT)
Q32019 Q32020
208.00 224.13
7%
Goods (Ton)
Q32019 Q32020
49.1 55.7 12%
Container (TEUS)
Q32019 Q32020
3.97 3.77 5%
Financial Performance
Operating income that was successfully recorded by Pelindo III in Q3 2020 was 6,814 Trillion, while in the same period in 2019, Pelindo III's operating income was recorded at 7,256 Triillion or it can be said that this year's operating income has decreased by 6% when compared to last year. This decrease was caused by a decrease in ship and goods traffic, especially for domestic and foreign containers, as well as a decrease in cruise ship calls with the cancellation of the arrival of several ships due to the Covid-19 pandemic. In general, the largest contributor to Pelindo II's business revenue is container service revenue of 4,055 Trillion or 59.4% of Pelindo III's total operating revenue, while the second largest contributor is Ship Services which accounts for 11.0% of Pelindo III's total revenue or amounting to 757 Million, and third is non-container goods revenue of 681 million or 9.9%
of total revenue.
Furthermore, the largest contributor to Pelindo III's revenue was non-container goods revenue of 512 billion or around 10.8% of the total revenue and ship service revenue contributed 10.8% of total revenue or 511 billion.
Revenue
Q32019 Q32020
6.814 7.256
6%
Net Income Ebitda
Q32019 Q32020
3.192 3.334
4%
Expenses
Q32019 Q32020
4.876 4.640
5%
Meanwhile, the operating expenses that must be incurred by Pelindo III until Q3 2020 were recorded at 4,640 Trillon or 5%
lower than the same period in 2019 of 4,876 Trillion. The largest contributor to the operating expenses to be incurred by Pelindo III was third party expenses which reached 1,184 Trillion or 25.5% of Pelindo III's total operating expenses.
Overall, Pelindo III's net income in Q3 2020 was 732 million, while in the same period in the previous year Pelindo III's
Q32019 Q32020
0.732 1.729
58%
In the second and third places, income expenses and depreciation and amortization expenses amounted to 1,117 Trillion and 952 Million or 24.0%
and 20.5% of the total expenses of Pelindo III in Q3 2020.
The Covid-19 pandemic has also forced us to make adjustments to the investment projects that we are currently working on and will be working on. Overall, in Q3 2020 the total physical absorption of Pelindo III investment reached 1,624 Trillion. The largest investment was made in Port Buildings and Facilities amounting to 1.055 trillion or 65% of the total investment value.
Next is Roads and Buildings with total of 254 billion or 20.6% of the total investment value and in third place is the Port Facility Installation of 91 billion or 5.3% of the total investment value.
The following is a highlight of several Pelindo III investment programs in Q3 2020
Capital
Expenditure
Cruise and Container Wharf of Terminal Gilimas
Started since March 20, 2018 Cruise and Container Wharf has a contract value of Rp. 267.2 billion and it is expected could be completed in January 2020. Until September 30th 2020 the progress of the Cruise Wharf and Container Terminal physical development reached 100%.
Flyover Terminal Teluk Lamong
The construction has been started since April 2nd, 2018 with a contract value of Rp. 1.3 Trillion and it is expected could be completed in September 2020. Until September 30th 2020 the progress of the construction physical development reached 88%.
Expansion of Passenger Terminal and Beautification’s Port of Benoa
This project has been started since April 9, 2018 with a contract value of Rp. 78 billion and it is expected could be completed in March 2020. Until September 30th 2020 the progress of the physical development reached 97.5%
Flyover Terminal Teluk Lamong
Quarter 2 2020
PT PELABUHAN INDONESIA III
(PERSERO)
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.
