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Press Release
KREDIT RATING INDONESIA July 18, 2023
PT Voksel Electric Tbk
Company Rating irA-/Stable "Debt Securities with irA rating has a high level
of certainty to honor the financial obligations, but
Rated Issues it can be affected by adverse changes in
Obligasi Berkelanjutan I business and economic conditions, relative to
debt securities with a higher rating.”
Voksel Electric Tahun 2022 irA-
Proposed Obligasi Berkelanjutan II The minus sign (-) indicates that the rating is still
Voksel Electric Tahun 2023 irA- higher than the rating category below, although
it is closer to the lower rating than it is to the
Rating Period higher rating category.
July 17, 2023 – August 1, 2024
Rating History
July 2022
Kredit Rating Indonesia assigns ‘irA-‘ rating to Proposed Obligasi Berkelanjutan II Voksel
Electric Tahun 2023 totaling IDR500 billion
Kredit Rating Indonesia (KRI) has also affirmed a Company Rating of ‘irA-‘ for PT Voksel Electric Tbk
(VOKS or the Company) with “Stable” outlook. At the same time, KRI assigns ’irA-’ rating to Proposed
Obligasi Berkelanjutan II Voksel Electric Tahun 2023 totaling IDR500 billion. KRI has also affirmed a
rating of ‘irA-’ for the Company’s Obligasi Berkelanjutan I Voksel Electric Tahun 2022 totaling IDR350
billion. The rating reflects its solid market position, strong financial flexibility, and recovering
profitability. The rating is constrained by the company's aggressive capital structure.
With 50 years of experience in Indonesia, VOKS is one of the largest cable manufacturers and
providers. VOKS manufactures a variety of cables, including power cables (low voltage (LV), medium
voltage (MV), and high voltage (HV), telecommunication cables, and others. Under its subsidiaries,
the company is also involved in several derivative businesses, including installation and construction.
Since December 20, 1990, the company has been listed on the Indonesia Stock Exchange. As of
March 31, 2023, the shareholders of VOKS were Hengtong Optic-Electric International Co. Ltd.
(30.08%), Showa Cable Systems Co. Ltd. (10.02%), Low Tuck Kwong (7.93%), and Public (51.97%).
Through PT Perusahaan Listrik Negara (PLN), the Company has long been one of the cable
providers in Indonesian electricity projects. This is evidenced by the relatively high proportion of
VOKS revenue from PLN of 51.33% in the March 2023 period (FY22: 36.10%; FY21: 15.12%; FY20:
12.93%). With the intensification of electricity projects in Indonesia following the spread of Covid-19 in
2020-2021, we expect the demand for cables to recover.
The Gross Profit Margin of VOKS fell from 21.28% in 2019 to 4.60% in FY22. EBITDA and EBIT
Margin for the company fell from 14.00% and 12.56% in 2019 to -1.18% and -3.64% in December
2022, respectively. VOKS's GPM, EBITDA, and EBIT Margin increased to 13.49%, 6.02%, and
3.56%, respectively, as the Coivd-19 pandemic eased. Going forward, the company's revenue is
expected to reach IDR3.00 trillion, with an EBITDA margin of 10.87% by the end of 2023, in line with
the Indonesian government's commitment to developing and restarting various significant
infrastructure projects throughout the country.
The Debt-to-Equity ratio increased from 0.95x in 2020 to 1.35x in 1Q23, indicating that VOKS has an
aggressive capital structure. The rise in VOKS' debt-to-equity ratio was caused by a drop in retained
earnings as a result of the Covid-19 pandemic in 2020 and 2021.
The rating could be raised if VOKS is able to significantly increase its market position and reduce the
company's leverage. On the other hand, the rating may be lowered if the company's profitability ratio
deteriorates in the future.
Voksel Electric Tbk
Page 2
Press Release
KREDIT RATING INDONESIA July 18, 2023
VOKS Financial Results Highlights (Consolidated)
Mar 2023 Dec 2022 Dec 2021 Dec 2020
As of/For the year ended
(Audited) (Audited) (Audited) (Audited)
Total adjusted assets (IDR, Bn) 2.831,98 2.665,56 2,893.15 2,915.64
Total adjusted debt (IDR, Bn) 995,31 865,46 1,217.39 1,054.30
Total adjusted equity (IDR, Bn) 737,47 718,72 905.77 1,112.12
Total sales (IDR, Bn) 649,78 2.628,55 1,710.09 1,834.16
EBITDA (IDR, Bn) 39,09 -31,04 -20.89 202.09
Net income After MI (IDR, Bn) 19,76 -191,04 -210.83 2.78
EBITDA Margin (%) 6.02 -1.18 -1.22 11.02
Adjusted debt/EBITDA (x) 6.36 -27.88 -58.27 5.22
Adjusted debt/adjusted equity (x) 1.35 1.20 1.34 0.95
EBITDA/IFCCI (x) 1.86 -0.29 -0.19 1.85
FFO/Total adjusted debt (%) 0.07 -0,19 -0.12 0.07
USD Exchange rate (IDR/USD) 15,061 15,730 14,269 14,105
Analysts : Furqon Abrory Samara (furqon.samara@kreditratingindonesia.com)
Cut Nabila Saraziva (cut.nabila@kreditratingindonesia.com)
DISCLAIMER
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Voksel Electric Tbk
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