Quarter 2 2020
PT PELABUHAN INDONESIA III
(PERSERO)
INVESTOR MEMO
World Wide Smart Operator
PT Pelabuhan Indonesia III (Persero)
We are facing a tough year. Many of us have witnessed directly or indirectly what Covid-19 has done to the world we live in. Many casualties and the world economy are in a very low position.
Various businesses have been affected by this pandemic, and the logistics business is no exception. Until Q2 2020, it must be admitted that Pelindo III's performance has decreased compared to the same period in the previous year due to this pandemic.
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) S&P : BBB- (Negative)
Operational Performance
As we already know, all sectors suffered a heavy blow during this pandemic. Not with the exception of the logistic sector run by Pelindo III, Operation performance has decreased when compared to the previous year, however it should be noted that the decline in Pelindo III operational performance experienced by Pelindo III is not too significant.
Ship calls in the Pelindo III area were recorded at 34,443 units in Q2 2020, which decreased by 8% compared to the previous year's 37,514 units. Meanwhile, when translated into gross tonnage, in Q2 2020 the ship calls amounted to 139,189,961 GT, while in the previous year the number was 146,536,559 GT or decreased by 5%. This decrease was caused by the cancellation of container ships , general cargo ships and the cancellation of cruise ships in Pelindo III area.
The flow of goods has decreased by 10% when compared to last year. In Q2 2019, Pelindo III's flow of goods was 37,309,479 tons and in the same period this year was 33,378,545 tons. The decline in the flow of goods in Q2 2020 was due to a decrease in export and import activities of general cargo at the Jamrud Terminal, a decrease in raw sugar and gympsum imports at Tanjung Intan Port and a decrease in coal export activities in the Kalimantan region.
Container flows also decreased, in Q2 2019, container flows recorded at Pelindo III were 2,041,611 boxes, this number decreased by 3% in the same period this year to 1,973,051 boxes.
When translated into TEUs, this year Pelindo III has recorded flows of 2,475,140 TEUs.
Meanwhile, in the previous year, the number of container flows was 2,540,192 TEUs. The decrease was caused by a number of international container ships canceling at the TPKS, PT Terminal Teluk Lamong, and PT Terminal Petikemas Surabaya and a decrease in container flows at several ports, especially in the Kalimantan region at Batulicin, Bumiharjo and Kumai Terminals.
Ship traffic (GT)
Q22019 Q22020
139.1 146.5
5%
Goods (Ton)
Q22019 Q22020
37.3 33.3 10%
Container (TEUS)
Q22019 Q22020
2.04 1.97 3%
Financial Performance
The decline in operational performance in almost all areas of Pelindo III has a direct result in a decline in financial performance in Q2 2020.
Pelindo III's operating income in Q2 2020 was 4,724 T while in the same period in Q2 2019 it was 4,883 Trillion or decreased by 3%. In general, the largest revenue contributor for Pelindo III is container services, amounting to 2,646 Trillion or 55.9% of Pelindo III's total operating revenue. From Container services, International container service revenues contributed 65% or 1,708 T of total revenue and 35% from Domestic Container services or amounted to 937 billion.
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
Q22019 Q22020
4.88 4.72 3%
Net Income Ebitda
Q22019 Q22020
2.31 2.26 2%
Expenses
Q12019 Q22020
3.19 3.07 4%
-7%
Meanwhile, the operating expenses to be incurred by Pelindo III in Q2 2020 amounted to 3,079 Trillion or decreased by 4% compared to the same period in the previous year of 3,197 Trillion.
Third parties Expenses were the largest contributor to Pelindo III's total operating expenses, amounting to 885 billion or 28.7% of total operating expenses
. In the second place, income expenses contributed 24.7% or 762 billion and the third largest was occupied by depreciation and amortization expenses of 20.1% or 621 billion.
Overall, Pelindo III's net profit in Q2 2020 amounted to 766,399 Billion or decreased by around 39% compared to the same period in the previous year of 1,252,578 Trillion.
Q22019 Q22020
1.25 0.76 39%
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 Q2 2020 the total physical absorption of Pelindo III investment reached 1,205 Trillion. The largest investment was made in Port Buildings and Facilities amounting to 785 billion or 65% of the total investment value.
Next is Roads and Buildings with a total of 249 M or 20.6% of the total investment value and in third place is the Port Facility Installation of 65 M or 5.3% of the total investment value.
The following is a highlight of several Pelindo III investment programs in Q1 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 the end of the year the progress of the Cruise Wharf and Container Terminal physical development reached 98.62%.
Pelindo Place / Tower Poros Maritim
The construction has been started since May 9th, 2018 with a contract value of Rp. 500 billion and it is expected could be completed in February 2020. Until the end of the year the progress of the Pelindo Place / Tower Poros Maritim construction physical development reached 81.5%.
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 the end of the year the progress of the physical development reached 95.89%
Recent Updates
In June 2020 there was a change of Directors of PT Pelabuhan Indonesia III (Persero) through the Decree of the Ministry of SOEs number: SK-209 / MBU / 06/20 2020 dated 18 June 2020.
Currently, the composition of the Board of Directors of Pelindo III is:
Quarter 2 2020
PT PELABUHAN INDONESIA III
(PERSERO)
INVESTOR MEMO
DISCLAIMER
This d oc ume n t containts certain financial information and result of operation, and ma y also contain certain projections, plans, strategies, and objectives of Pelindo III, that are n o t statements of historical fact w h ic h w ou ld be treated as forward looking statements wi thin the meaning of applicable law. Forward looking statements are subject to risks and uncertainties that m a y 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 o n Pelindo III consolidated financial statements in accordance w i t h Indonesian Financial Accounting Standards.
INVESTOR RELATIONS & CORPORATE GOVERNANCE
Phone : +62313298631 Fax : +62313295204 Web : www.pelindo.co.id
E-Mail : arif.prananda@pelindo.co.id
@Pelindo3 Pelindo III
@Pelindo3 Pelindo3
Recent Updates
In June 2020 there was a change of Directors of PT Pelabuhan Indonesia III (Persero) through the Decree of the Ministry of SOEs number:
SK-209 / MBU / 06/20 2020 dated 18 June 2020. Currently, the composition of the Board of Directors of Pelindo III is:
• President Director : U. Saefudin Noer
• Operation and Commercial Director : Putut Sri Muljanto
• Engineering Direktor : Boy Robyanto
• Human Resource Director : Edi Priyanto
• Finance Director : Endot Endrardono
• Transformation and Business Development Director : Kokok Susanto
