Quarter 12020
PTPELABUHAN INDONESIA III
(PERSERO)
INVESTOR MEMO
World Wide Smart Operator
PT Pelabuhan Indonesia III (Persero)
2020 is a very tough year for the whole world. Covid-19 hit us so hard.
Not only in the health sector, Covid-19 also devastated various other sectors, especially in the economic sector. In this pandemic attack, Pelindo III also felt an extraordinary impact. However, in various ways, Pelindo III was able to survive and did not show a significant decline in its business.
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-(Stable)
Operational Performance
Overall the performance of PT Pelabuhan Indonesia III (Pesrero) still shows a fairly positive trend. This can be proven by the performance of Pelindo III in Quarter 1 2020, Ships Call was recorded at 18,700 units or 76,111,684 GT, while in the same period in 2019 it was 18,318 units and 72,557,009 GT. As a unit, there was an increase of 2%
during ship visits in Pelindo III. Although it must be admitted that in Q12020 there was a decrease in International Ship visits.
In Q12019 there were 990 units, in this period only 888 units. This was influenced by the cancellation of the cruise ship during the Covid-19 pandemic. However, this was offset by an increase in domestic ship flow which reached 17,812 units or 3% higher compared to the same period last year of 17,328 units.
The flow of goods in Q12020 has decreased when compared to Q12019.
In Q12019 the flow of goods was recorded at 18,436,288 tons while this year there were 16,695,582 tons. This decrease was due to the unrealized coal unloading in Gresik Port, the unrealized import of raw sugar and the decline in Soya Bean Meal in Tanjung Emas Port, the decline in the import of raw sugar and gympsum in Tanjung Intan Port, and the decline in coal exports in Kalimantan.
As for the container flow, although there were some cancellations on international container ships in the TPKS, TTL and TPS as well as damage to CC 01 and CC 03, which caused suboptimal activity at Mirah Terminal, the container flow at Pelindo III continued to show an increase. In Q12019 container flows were 1,324,576 TEUs while this year increased by 1% to 1,331,868 TEUs.
Ship traffic (GT)
Q12019 Q12020
76.11 72.55
5%
Goods (Ton)
Q12019 Q12020
16.69 18.43
9%
Container (TEUS)
Q12019 Q12020
1.32 1.33
1%
Financial Performance
The Covid-19 attack on the Pelindo III Operational sector also directly affected the financial performance of Q12020.
Although not directly affected by Covid- 19, Net Profit Pelindo III has decreased.
In Q12019, the net profit of Pelindo III reached 863 billion this year, recorded at minus 1.46 Trillion. This was due to the weakening of the rupiah against the USD from the initial position of Rp. 13,901 to Rp. 16,367 per USD.
Whereas related to the Operating Revenues of PT Pelabuhan Indonesia III (Persero) in Q12020 decreased by 5%
when compared to last year. In Q12019 Pelindo III Operating revenues were recorded at 2.5 Trillion, while this year it was 2.4 Trillion.
Revenue
Q12019 Q12020
2.52 2.40 5%
Net Income
Q12019
Q12020
1.46 863
Ebitda
Q12019 Q12020
1.32 1.17
12%
Expenses
Q12019 Q12020
1.50 1.54 3%
-70%
Overall, the biggest contributor to Pelindo III's operating revenues in Q12020 was revenue from Container Services. International Container Service contributes 846 billion revenue, while Domestic Container service revenue contributes 528 billion revenue, total Domestic and International Container revenue reaches 1.37 T or 67% of total Pelindo III revenue.
While the second largest contributor to Pelindo III's revenue is Ship Services revenue of 340 billion or 14% of total revenue. While the third largest contributor is the non-container service revenue of 254 billion, or 10% of total revenue.
In terms of operating expenses, it also increased by 3% compared to the previous year. in Q12019 the operating expenses were recorded at 1.50 T while this year it was 1.54 T. Meanwhile for the top 3 biggest contributors to consecutive operating expenses was third party resource expenses of 433 billion or 28% of total operating expenses, the next was income expenses of 382 Billion or 24% of total operating expenses and the third is depreciation and amortization expenses which reach 312 Billion or 20% of total operating expenses.
Capital
Expenditure
As for Investment, up to Q12020 investment made by Pelindo III has reached 665 Billion. Port Facility Buildings occupy the highest position in investments made by Pelindo III reaching 383 Billion or 57% of the total investment of Q12020.
In second place is the Road and Building totaling 207 Billion or 31% of the total investment. And in third place is the Port Facility Installation of 34 billion or 5% of the total investment value of Pelindo III in Q12020.
The following is a highlight of several Pelindo III investment programs in Q1 2020
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%
