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20240105_SGER_Laporan Informasi dan Fakta Material_31565340_lamp3.pdf
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Rating Summary
January 5, 2024
PT Sumber Global Energy Tbk
Credit Rating(s) PT Sumber Global Energy Tbk (SGER) rated idA- with stable outlook.
General Obligation (GO) idA-/Stable
The rating reflects SGER’s conservative financial policy as well as its conservative
capital structure and strong cash flow protection. The rating is constrained by limited
Rating Period product diversity and moderate financial flexibility.
September 12, 2023 – September 1, 2024
The rating may be raised if SGER strengthens its business profile by diversifying its
Published Rating History products to reduce its exposure to coal while maintaining its stable profit margins,
- which will positively impact its financial profile and its financial flexibility. On the other
hand, the rating may be lowered if the Company’s revenue or EBITDA falls significantly
below from the targets or if it incurs more debt than projected to finance its new
projects, which may aggravate its financial profile.
Established in 2008, SGER engages in commodity trading, particularly coal and nickel.
It operates in both local and regional markets, such as Vietnam, Singapore, China,
and India. The Company also taps into European market through its subsidiary based
in Dubai, Hineni Seven Resources DMCC. As of June 30, 2023, its shareholders were
PT Sumbermas Inti Energi (50.1%), Vivi Ramalyati Hutama (11.1%), Welly Thomas
(8.6%), and public (30.2%).
Rating Definition Financial Highlights
An obligor rated idA has a strong capacity to meet its As of/for the year ended Jun-2023 Dec-2022 Dec-2021 Dec-2020
long-term financial commitments relative to that of (Unaudited) (Audited) (Audited) (Audited)
other Indonesian obligors. However, it is somewhat
Total adjusted assets [IDR bn] 4,330.6 3,359.1 1,225.7 674.8
more susceptible to the adverse effects of changes in
Total adjusted debt [IDR bn] 205.3 313.3 167.9 163.1
circumstances and economic conditions than higher-
rated obligors. The minus (-) sign indicates that the Total adjusted equity [IDR bn] 1,651.2 1,000.8 422.8 224.5
rating is relatively weak within its category. Total sales [IDR bn] 6,038.9 10,448.9 3,924.5 2,035.1
EBITDA [IDR bn] 811.6 660.9 321.7 79.6
Net income after MI [IDR bn] 601.7 609.2 199.9 31.2
EBITDA margin [%] 13.4 6.3 8.2 3.9
Adjusted debt/EBITDA [X] *0.1 0.5 0.5 2.0
Adjusted debt/adjusted equity [X] 0.1 0.3 0.4 0.7
FFO/adjusted debt [%] *624.7 149.7 138.3 29.7
EBITDA/IFCCI [X] 58.4 19.9 15.4 4.2
USD exchange rate [IDR/USD] 14,987 15,731 14,269 14,105
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
Contact Analysts: IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
MI= Minority Interest *annualized
kresna.wiryawan@pefindo.co.id
aishantya@pefindo.co.id The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com 1/4 January 2024
Page 2
Rating Summary
January 5, 2024
DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions
made at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt
securities based on or related to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity
assigned a rating by PEFINDO. All the data and information needed in the rating process are obtained from the party requesting the rating, which are considered
reliable in conveying the accuracy and correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits,
due diligence, or independent verifications of every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility
for the truth, completeness, timeliness, and accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the
responsibility of the parties providing them. PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not
responsible to any party for losses, costs and expenses suffered or that arise as a result of the use of the contents and/or information in this rating report or publication,
either directly or indirectly. PEFINDO generally receives fees for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to
the rating assignment. PEFINDO has a commitment in the form of policies and procedures to maintain objectivity, integrity, and independence in the rating process.
PEFINDO also has a “Code of Conduct” to avoid conflicts of interest in the rating process. Ratings may change in the future due to events that were not anticipated
at the time they were first assigned. PEFINDO has the right to withdraw ratings if the data and information received are determined to be inadequate and/or the rated
company does not fulfill its obligations to PEFINDO. For ratings that received approval for publication from the rated party, PEFINDO has the right to publish the
ratings and analysis in its reports or publication, and publish the results of the review of the published ratings, both periodically and specifically in case there are
material facts or important events that could affect the previous ratings. Reproduction of the contents of this publication, in full or in part, requires written approval
from PEFINDO. PEFINDO is not responsible for publications by other parties of contents related to the ratings given by PEFINDO.
http://www.pefindo.com 2/4 January 2024
Page 3
Ikhtisar Peringkat
5 Januari 2024
PT Sumber Global Energy Tbk
Credit Rating(s) Peringkat idA- dengan prospek stabil untuk PT Sumber Global Energy Tbk (SGER)
General Obligation (GO) idA-/Stable
Peringkat mencerminkan kebijakan keuangan SGER yang konservatif serta struktur
permodalan yang konservatif dan proteksi arus kas yang kuat. Peringkat dibatasi oleh
Rating Period diversifikasi produk yang terbatas dan fleksibilitas keuangan yang moderat.
September 12, 2023 – September 1, 2024
Peringkat dapat dinaikkan apabila SGER memperkuat profil bisnisnya dengan lebih
mendiversifikasi produk-produknya untuk menurunkan eksposur terhadap batubara
Published Rating History
dengan tetap mempertahankan marjin keuntungan, yang akan berdampak positif
-
terhadap profil keuangan dan fleksibilitas keuangan Perusahaan. Di sisi lain, peringkat
dapat diturunkan apabila pendapatan atau EBITDA Perusahaan menurun signifikan
dari target atau apabila Perusahaan menerima utang yang lebih banyak dari yang
diproyeksikan untuk membiayai proyek-proyek barunya, yang dapat memperberat
profil keuangan Perusahaan.
SGER didirikan pada tahun 2008 dan bergerak pada bidang perdagangan komoditas,
terutama batubara dan nikel. Perusahaan beroperasi di pasar domestic dan regional,
seperti Vietnam, Singapura, China, dan India. Perusahaan juga memasuki pasar Eropa
melalui anak usahanya yang berbasis di Dubai, Hineni Seven Resources DMCC. Per
30 Juni 2023, pemegang saham Perusahaan adalah PT Sumbermas Inti Energi
(50,1%), Vivi Ramalyati Hutama (11,1%), Welly Thomas (8,6%), dan publik (30,2%).
Rating Definition Financial Highlights
Obligor dengan peringkat idA memiliki kemampuan
As of/for the year ended Jun-2023 Dec-2022 Dec-2021 Dec-2020
yang kuat dibandingkan obligor Indonesia lainnya
(Unaudited) (Audited) (Audited) (Audited)
untuk memenuhi komitmen keuangan jangka
panjangnya. Walaupun demikian, kemampuan Total adjusted assets [IDR bn] 4,330.6 3,359.1 1,225.7 674.8
obligor mungkin akan mudah terpengaruh oleh Total adjusted debt [IDR bn] 205.3 313.3 167.9 163.1
perubahan buruk keadaan dan kondisi ekonomi Total adjusted equity [IDR bn] 1,651.2 1,000.8 422.8 224.5
dibandingkan obligor dengan peringkat lebih tinggi. Total sales [IDR bn] 6,038.9 10,448.9 3,924.5 2,035.1
Tanda kurang (-) menunjukkan bahwa peringkat yang EBITDA [IDR bn] 811.6 660.9 321.7 79.6
diberikan relatif lemah dan di bawah rata-rata Net income after MI [IDR bn] 601.7 609.2 199.9 31.2
kategori yang bersangkutan.
EBITDA margin [%] 13.4 6.3 8.2 3.9
Adjusted debt/EBITDA [X] *0.1 0.5 0.5 2.0
Adjusted debt/adjusted equity [X] 0.1 0.3 0.4 0.7
FFO/adjusted debt [%] *624.7 149.7 138.3 29.7
EBITDA/IFCCI [X] 58.4 19.9 15.4 4.2
USD exchange rate [IDR/USD] 14,987 15,731 14,269 14,105
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
Contact Analysts: MI= Minority Interest *annualized
kresna.wiryawan@pefindo.co.id The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
aishantya@pefindo.co.id been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com 3/4 Januari 2024
Page 4
Ikhtisar Peringkat
5 Januari 2024
DISCLAIMER
Peringkat yang dimuat dalam laporan atau publikasi ini adalah pendapat PT Pemeringkat Efek Indonesia (PEFINDO) yang diberikan berdasarkan hasil
pemeringkatan pada saat tanggal dibuatnya peringkat. Peringkat merupakan opini ke depan mengenai kemampuan pihak yang diperingkat dalam memenuhi
kewajiban finansialnya secara penuh dan tepat waktu, berdasarkan asumsi yang dibuat saat pemberian peringkat. Peringkat bukan merupakan rekomendasi bagi
pemodal untuk mengambil keputusan investasi (baik keputusan untuk membeli, menjual, atau menahan efek utang apapun yang diterbitkan berdasarkan atau
berhubungan dengan peringkat atau keputusan investasi lainnya) dan/atau opini atas nilai kewajaran efek utang dan/atau nilai entitas yang diberikan peringkat
oleh PEFINDO. Semua data dan informasi yang diperlukan dalam proses pemeringkatan diperoleh dari pihak yang meminta pemeringkatan yang dianggap dapat
dipercaya keakuratan dan kebenarannya dan dari sumber lain yang dianggap dapat diandalkan. PEFINDO tidak melakukan audit, uji tuntas, atau verifikasi secara
independen dari setiap informasi dan data yang diterima dan digunakan sebagai dasar dalam proses pemeringkatan. PEFINDO tidak bertanggung jawab atas
kebenaran, kelengkapan, ketepatan waktu, dan keakuratan informasi dan data yang dimaksud. Keakuratan dan kebenaran informasi dan data menjadi tanggung
jawab sepenuhnya dari pihak yang memberikan informasi dan data yang dimaksud. PEFINDO dan setiap anggota Direksi, Komisaris, Pemegang Saham, serta
Karyawannya tidak bertanggung jawab kepada pihak manapun atas segala kerugian, biaya-biaya dan pengeluaran yang diderita atau timbul sebagai akibat
penggunaan isi dan/atau informasi dalam laporan atau publikasi ini, baik secara langsung maupun tidak langsung. PEFINDO menerima imbalan untuk jasa
pemeringkatan umumnya dari pihak yang meminta dilakukannya jasa pemeringkatan, dan PEFINDO sudah menginformasikan biaya pemeringkatan sebelum
penetapan peringkat. PEFINDO memiliki komitmen dalam bentuk kebijakan dan prosedur untuk menjaga obyektivitas, integritas, dan independensi dalam proses
pemeringkatan. PEFINDO juga memiliki code of conduct untuk menghindari benturan kepentingan dalam proses pemeringkatan. Peringkat bisa berubah di masa
depan karena peristiwa yang belum diantisipasi sebelumnya pada saat peringkat diberikan pertama kali. PEFINDO berhak menarik peringkat jika data dan informasi
yang diterima tidak memadai dan/atau perusahaan yang diperingkat tidak memenuhi kewajibannya kepada PEFINDO. Atas peringkat yang sudah mendapat
persetujuan publikasi dari pihak yang diperingkat, PEFINDO berhak untuk mempublikasi peringkat dan analisisnya dalam laporan atau publikasi ini serta
mempublikasikan hasil kaji ulang terhadap peringkat yang telah dipublikasikan, baik secara berkala maupun secara khusus dalam hal terdapat fakta material atau
kejadian penting yang dapat mempengaruhi hasil pemeringkatan sebelumnya. Reproduksi isi publikasi ini, secara penuh atau sebagian, harus mendapat
persetujuan tertulis dari PEFINDO. PEFINDO tidak bertanggung jawab atas publikasi yang dilakukan oleh pihak lain terkait peringkat yang diberikan oleh PEFINDO.
http://www.pefindo.com 4/4 Januari 2024
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