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20231114_TOBA_Laporan Hasil Pemeringkatan_31519356_lamp2.pdf
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Rating Summary
November 13, 2023
PT TBS Energi Utama Tbk
Credit Rating(s) PEFINDO has affirmed its idA ratings to PT TBS Energi Utama Tbk (TBS) and its Bond
General Obligation (GO) idA/Stable I 2023. Outlook for the Company’s rating is “stable”. The rating reflects TBS’ well
Bond I idA/Stable diversified business, conservative capital structure and strong cash flow protection, as
well as strong demand from new businesses. The rating is constrained by risk of
Rating Period developing new projects and exposure to fluctuating commodity prices.
November 9, 2023 – November 1, 2024
The rating may be raised if TBS successfully operates its new projects and generates
Published Rating History higher revenue and profit margins than projected, while maintaining its conservative
NOV 2022 idA/Stable
capital structure. The rating may be lowered if the Company generates lower revenue
OCT 2022 idA/Stable
and profit margins than projected due to underperformed new projects. TBS’ policy
to be more aggressive to finance its investment strategy or capital expenditure with
substantial debt without compensating by a higher revenue may also negatively
affected to its credit rating. Delays in construction projects and deterioration of the
commodity prices, particularly coal, may also trigger a rating downgrade, as this will
adversely affect its financial profile.
PT TBS Energi Utama Tbk was founded in 2008 and has several operating subsidiaries
engaged in coal industry in East Kalimantan, coal-fired power plants in Gorontalo and
North Sulawesi, waste management in Singapore, mini-hydro power plant in
Lampung, and electric vehicle. The Company also plans to grow its business in
renewable energy in the near to medium term. As of September 30, 2023, its
shareholders were Highlands Strategic Holdings Pte., Ltd (61.478%), PT Toba Sejahtra
(8.936%), PT Bara Makmur Abadi (5.514%), and public (24.073%).
Financial Highlights
As of/for the year ended Sep-2023 Dec-2022 Dec-2021 Dec-2020
(Unaudited) (Audited) (Audited) (Audited)
Rating Definition Total adjusted assets [USD mn] 896.1 898.3 853.5 756.4
Debt security rated idA indicates that the issuer’s Total adjusted debt [USD mn] 407.7 367.8 394.6 393.2
capacity to meet its long-term financial commitments Total adjusted equity [USD mn] 368.8 422.7 349.7 275.5
on the debt security, relative to other Indonesian Total sales [USD mn] 370.4 635.8 462.7 331.9
issuers, is strong. However, the issuer’s capacity is
EBITDA [USD mn] 21.0 111.7 71.5 30.7
somewhat more susceptible to adverse effects of
Net income after MI [USD mn] 7.5 57.8 48.1 24.6
changes in circumstances and economic conditions
than higher-rated issuers. EBITDA margin [%] 5.7 17.6 15.4 9.3
Loan to Value (LTV) [%] 20.6 14.6 18.6 41.9
Adjusted debt/EBITDA [X] *14.5 3.3 5.5 12.8
Adjusted debt/adjusted equity [X] 1.1 0.9 1.1 1.4
Recurring cash inflow to 3.3 6.3 3.0 2.0
Nondiscretionary cash outflow [X]
FFO/adjusted debt [%] *(3.5) 17.6 9.5 1.2
EBITDA/IFCCI [X] 0.8 3.9 2.7 1.3
USD exchange rate [IDR/USD] 15,487 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
fahrinaldi.akbar@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 November 2023
Page 2
Rating Summary
November 13, 2023
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 November 2023
Page 3
Ikhtisar Peringkat
13 November 2023
PT TBS Energi Utama Tbk
Credit Rating(s) PEFINDO menegaskan peringkat idA untuk PT TBS Energi Utama Tbk (TBS) dan
General Obligation (GO) idA/Stable Obligasi I 2023. Prospek untuk peringkat Perusahaan adalah “stabil”. Peringkat
Bond I idA/Stable perusahaan mencerminkan bisnis TBS yang terdiversifikasi dengan baik, struktur
permodalan yang konservatif dan proteksi arus kas yang kuat serta permintaan yang
Rating Period kuat dari bisnis baru. Namun peringkat tersebut dibatasi oleh risiko atas
November 9, 2023 – November 1, 2024 pengembangan proyek-proyek baru serta eksposur terhadap risiko fluktuasi harga
komoditas.
Published Rating History Peringkat dapat dinaikkan apabila TBS berhasil mengoperasikan proyek-proyek baru
NOV 2022 idA/Stable
yang direncanakan dan menghasilkan pendapatan dan marjin laba yang lebih besar
OCT 2022 idA/Stable
dibandingkan yang diproyeksikan, serta tetap mempertahankan struktur permodalan
yang konservatif. Peringkat dapat diturunkan apabila Perusahaan menghasilkan
pendapatan dan marjin laba yang lebih rendah dibandingkan proyeksi dikarenakan
kinerja proyek-proyek baru dibawah standar yang diproyeksikan. Kebijakan TBS untuk
lebih agresif untuk membiayai strategi investasi atau belanja modal dengan utang
tanpa terkompensasi dengan pendapatan yang lebih tinggi juga dapat berdampak
negatif terhadap peringkat Perusahaan. Keterlambatan pembangunan proyek dan
penurunan harga komoditas, terutama batubara, juga dapat memicu penurunan
peringkat, karena kondisi ini akan menurunkan profil keuangan Perusahaan.
PT TBS Energi Utama Tbk didirikan pada tahun 2008 dan memiliki beberapa anak
usaha yang bergerak di bidang batubara di Kalimantan Timur, Pembangkit Listrik
Tenaga Uap di Gorontalo dan Sulawesi Utara, pengelolaan limbah di Singapura, PLTM
di Lampung, dan kendaraan listrik. Perusahaan berencana untuk berkembang ke
energi terbarukan dalam waktu dekat dan menengah. Per 30 September 2023,
pemegang saham adalah Highlands Strategic Holdings Pte., Ltd (61.478%), PT Toba
Sejahtra (8.936%), PT Bara Makmur Abadi (5.514%), dan publik (24.073%).
Financial Highlights
As of/for the year ended Sep-2023 Dec-2022 Dec-2021 Dec-2020
Rating Definition (Unaudited) (Audited) (Audited) (Audited)
Efek utang dengan peringkat idA mengindikasikan Total adjusted assets [USD mn] 896.1 898.3 853.5 756.4
bahwa kemampuan emiten untuk memenuhi
Total adjusted debt [USD mn] 407.7 367.8 394.6 393.2
komitmen keuangan jangka panjang atas efek utang
Total adjusted equity [USD mn] 368.8 422.7 349.7 275.5
tersebut, dibandingkan dengan emiten lainnya di
Indonesia, adalah kuat. Walaupun demikian, Total sales [USD mn] 370.4 635.8 462.7 331.9
kemampuan emiten mungkin akan terpengaruh oleh EBITDA [USD mn] 21.0 111.7 71.5 30.7
perubahan buruk keadaan dan kondisi ekonomi, Net income after MI [USD mn] 7.5 57.8 48.1 24.6
dibandingkan dengan emiten yang peringkatnya EBITDA margin [%] 5.7 17.6 15.4 9.3
lebih tinggi.. Loan to Value (LTV) [%] 20.6 14.6 18.6 41.9
Adjusted debt/EBITDA [X] *14.5 3.3 5.5 12.8
Adjusted debt/adjusted equity [X] 1.1 0.9 1.1 1.4
Recurring cash inflow to 3.3 6.3 3.0 2.0
Nondiscretionary cash outflow [X]
FFO/adjusted debt [%] *(3.5) 17.6 9.5 1.2
EBITDA/IFCCI [X] 0.8 3.9 2.7 1.3
USD exchange rate [IDR/USD] 15,487 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
fahrinaldi.akbar@pefindo.co.id
been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com 3/4 November 2023
Page 4
Ikhtisar Peringkat
13 November 2023
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 November 2023
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