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PT Chandra Asri
Petrochemical Tbk
NEWS RELEASE
Jakarta, 31 July 2023
(Chandra Asri)
CHANDRA ASRI DELIVERS RESILIENT
About Chandra Asri:
Chandra Asri, a subsidiary of PT
Barito Pacific Tbk, is Indonesia’s
PERFORMANCE FOR THE FIRST HALF OF 2023
largest integrated petrochemical • NET REVENUES OF US$1,074.3 MILLION IN H1 2023
company producing olefins and • NET PROFIT AFTER TAX OF US$0.3 MILLION VS A NET LOSS AFTER TAX OF US$64.7
polyolefins. Chandra Asri’s state-
MILLION IN H1 2022
of-the-art facility and
infrastructure are located in • POSITIVE EBITDA OF US$95.3 MILLION
Cilegon and Serang, in Banten • STRONG LIQUIDITY POOL IN H1 2023 OF US$2.3 BILLION
province in Java. Chandra Asri On 31 July 2023, PT Chandra Asri Petrochemical Tbk (IDX: TPIA) released its consolidated financial
operates the country’s only statements for the first half of 2023.
naphtha cracker, and is the sole
producer of ethylene, styrene The Company’s Director, Suryandi, commented:
monomer, butadiene and
“Chandra Asri delivered a resilient performance in the first half of 2023. The Company recorded Net
MTBE/B1 in Indonesia. In addition,
Revenues of US$1,074.3 million and a positive EBITDA of US$95.3 million, compared to an EBITDA of
Chandra Asri is also the largest US$24.1 million in H1 2022, marking a 295.4% increment. Net Profit for the first half of the year came in
polyolefins producer in Indonesia, at US$0.3 million, compared to a Net Loss of US$64.7 million over the same period last year.
producing raw materials and base
petrochemical products used for Chandra Asri continues to maintain its solid balance sheet to maintain financial resilience and strategic
packaging products, pipes, flexibility. As of 30 June 2023, the Company has a US$2.3 billion Liquidity Pool consisting of US$923
automotive, electronics, and million Cash and Cash Equivalents, US$954 million Marketable Securities and US$405 million of Available
consumer goods in support of Committed Revolving Credit Facilities.
Indonesia’s growth and
industrialisation ambitions. Whilst there is continuing volatility expected on the horizon due to ongoing geopolitical and energy price
Chandra Asri is currently
uncertainty, the Company continues to be confident in its long-term prospects and execute its expansion
plans with discipline and focus.
expanding its investment portfolio
in the energy sector and
Over H1 2023, Chandra Asri finalised and signed an MoU with INA, the Indonesia’s sovereign wealth fund,
incorporating its asset as well as to jointly develop a world-scale chlor-alkali & ethylene dichloride plant in Indonesia, which is designed
operational infrastructure to to service Indonesia’s growing downstream industries focused on the Electric Vehicle (EV) value chain.
support the expansion plan of the As part of the accelerated investment plans, the Company has appointed world-renowned licensors and
second world-scale integrated progressed to the FEED bidding process.
petrochemical complex owned by
the Company, CAP2. In June 2023, as part of its programmatic M&A strategy to grow in the core infrastructure space, the
Company via its subsidiary Krakatau Daya Listrik agreed to invest up to US$200mln to increase its
ownership in Krakatau Posco Energy (KPE) from 10% to 45%, and to co-invest with Posco to construct a
new 200-megawatt power plant after Final Investment Decision is taken. This move solidifies the
Company’s commitment to deepening strategic partnerships and reinforces its position as a key investor
in the energy sector.
For more information, please
contact: Chandra Asri continues to make progress on the ESG journey. The Company was incorporated into the
IDX ESG Leaders Index as announced by the Indonesia Stock Exchange (IDX), being within the top 1
Suryandi, HR & Corp. Affairs percentile in the industry group globally, as ranked by Sustainalytics, the international ESG rating
Director agency.”
suryandi@capcx.com
Investor Relations
investor-relations@capcx.com
www.chandra-asri.com
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H1 2023 FINANCIAL HIGHLIGHTS:
• Net Revenues declined by 19.62% in H1 2023 to US$1,074.3 million from US$1,336.5 million in H1 2022 affected by external
supply – demand disruption that leads to lower overall sales volume for the semester.
• Cost of Revenues decreased to US$1,027.0 million in H1 2023 from US$1,335.2 million in H1 2022 mainly due to lower average
feedstock price with Naphtha price averaged at US$644/T for the H1 2023 compared to an average of US$902/T in H1 2022 on
the back of a 23.8% decrease in Brent crude prices during H1 2023 to an average of US$80/bbl compared to an average of
US$105/bbl in H1 2022.
• In addition to the positive EBITDA of US$95.3 million, the Company also recorded a Net Profit after Tax of US$0.3 million in H1
2023.
US$ million, unless otherwise stated 6M 2023 6M 2022 % change
Net Revenues 1,074.3 1,336.5 (19.6)
Cost of Revenues 1,027.0 1,335.2 (23.1)
Gross Profit 47.3 1.3 3,538.5
Net Profit (Loss) after Tax 0.3 (64.7) (100.5)
EBITDA 95.3 24.1 295.4
Cash Flows used in Operating Activities (346.3) (674.7) (48.7)
Capital Investments (40.9) (70.7) NR
Earnings (loss) per share (US$) 0.0 (0.0009) NR
US$ million, unless otherwise stated 6M 2023 FY 2022 % change
Total Assets 5,013.4 4,929.9 1.7
Total Liabilities 2,168.4 2,120.8 2.2
Shareholders’ Equity 2,845.0 2,809.1 1.3
Interest Bearing Debt 1,781.5 1,471.1 21.1
Cash & Cash Equivalents plus Marketable Securities 1,877.0 1,874.9 NR
Note:
NR.: Not Relevant
Financial Ratios
6M 2023 6M 2022
Gross Profit Margin 4.4% 0.1%
EBITDA Margin 8.9% 1.8%
Debt to Capitalisation 38.5% 34.4%
Debt to Equity 62.6% 52.4%
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Business Segments
Revenues
In US$ million
6M 2023 6M 2022 % change
Olefins 183.9 228.8 (19.6)
Polyolefins 627.9 824.7 (23.9)
Styrene Monomer 117.9 146.6 (19.6)
Butadiene 89.5 102.8 (12.9)
MTBE and Butene-1 22.1 29.5 (25.1)
Tanks and Jetty Rental 5.1 4.1 24.4
Electricity 27.9 - NR
Consolidated 1,074.3 1,336.5 (19.6)
Gross Profit
In US$ million
6M 2023 6M 2022 % change
Olefins 16.5 (1.0) 1,750.0
Polyolefins 1.6 (5.6) 128.6
Styrene Monomer (2.4) (2.1) 14.3
Butadiene 12.1 3.6 236.1
MTBE and Butene-1 2.1 2.7 (22.2)
Tanks and Jetty Rental 4.0 3.7 8.1
Electricity 3.1 - NR
Consolidated 37.0 1.3 2,746.2
Note:
NR.: Not Relevant
FINANCIAL PERFORMANCE ANALYSIS
Net Revenues
Net Revenues for the H1 2023 were booked at US$1,074.3 million, down from US$1,336.5 million in H1 2022 affected by external
supply – demand disruption that leads to lower overall sales volume for the quarter. H1 2023 sales volume was at 911.7 KT, down
from 1,009.4 KT in H1 2022.
Cost of Revenues
Cost of Revenues decreased to US$1,027.0 million in H1 2023 from US$1,335.2 million in H1 2022 mainly due to lower average
feedstock price with Naphtha price averaged at US$644/T for the H1 2023 compared to an average of US$902/T in H1 2022 on the
back of a 23.8% decrease in Brent crude prices during H1 2023 to an average of US$80/bbl compared to an average of US$105/bbl in
H1 2022.
EBITDA
EBITDA in H1 2023 increases compared to H1 2022 as the gross profit increases due to eased COVID-lockdowns in China and fewer
global uncertainties. Company’s EBITDA is US$95.3 million over H1 2023 compared to US$24.1 million in H1 2022.
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Net Profit (Loss) after Tax
Following the conditions mentioned above, the Company recorded US$0.3 million of Net Profit after Tax in H1 2023 compared to
US$64.7 million Net Loss after Tax in H1 2022.
Total Assets
The Company booked Total Assets of US$5,013.4 million as of 30 June 2023, increased by 1.7% from US$4,929.9 million as of
December 31, 2022.
Total Liabilities
The Company recorded slightly higher Total Liabilities of US$2,168.4 million on June 30, 2023 from US$2,120.8 million on
December 31, 2022.
Cash Flows (Used in)/Provided by Operating Activities
Net cash used in operating activities during H1 2023 was US$346.3 million against US$674.7 million net cash used in operating
activities in H1 2022, largely due to lower payments made to suppliers for feedstock purchases and inventories during the period, as
part of various efforts to optimise our overall working capital, combined with higher EBITDA.
Cash Flows (Used in)/Provided by Investing Activities
Net cash used in investing activities in H1 2023 was US$463.1 million compared to net cash used in investing activities at US$46.8
million in H1 2022. In addition to the acquisition of KDL and KTI, the Company had higher investments in financial assets and time
deposits in H1 2023 compared to H1 2022.
Cash Flows (Used in)/Provided by Financing Activities
Net cash provided by financing activities was booked lower at US$177.6 million in H1 2023, compared to US$317.8 million of net cash
provided by financing activities in H1 2022 due to lower proceeds from new term loan facilities and IDR bond issuances, alongside
principal repayment of BCA loan, as part of proactive efforts to optimise the Company’s overall weighted average cost of financing
and capital structure.
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BERITA KORPORASI
Chandra Asri Receives Appreciation from Large Tax Office (LTO) Two
On 20 March 2023, the Company received appreciation from Large Tax Office
(LTO) Two (or KPP Wajib Pajak Besar Dua) due to its contribution in
implementing the highest compliance towards tax obligations. The 2022 Best
Taxpayer Award received by Chandra Asri is a concrete proof of the Company's
commitment to ESG (Environmental, Social and Governance), especially in the
governance aspect, in which Chandra Asri actively complies with the provisions
required by the Government. Chandra Asri, in this case, also takes the initiative
to continuously contribute to Indonesia, not only through its products but also
with its business compliance in supporting Indonesia's economic growth.
Collaborates with TNI in Providing Healthy-Environmentally Friendly
Sanitation and Access to Clean Water
On 21 March 2023, the Company collaborates with the TNI to eradicate the
practice of Open Defecation through Healthy-Environmentally Friendly Water
Closet Program. Together with the TNI, the Company built water closets for 18
families, one mosque in the Sambironyok neighborhood, Kepuh sub-district,
and two families in the Gunung Sugih sub-district. These water closets were
built using a bio-septic tank (Biotank), which is more environmentally friendly
because the output water is odorless, non-toxic, and does not pollute the
environment. This Biotank water closet is a collaboration between Chandra Asri
and a customer, PT Profilia Indotech, where the water closets utilised Chandra
Asri's material, PE UR3840V.
Bersama INA Jajaki Pendirian Pabrik Chlor-Alkali Berskala Dunia
Pada 13 April 2023, Perseroan bersama Indonesia Investment Authority (INA)
telah menandatangani Memorandum of Understanding (MoU) untuk bekerja
sama mengembangkan pabrik chlor-alkali berskala dunia di Indonesia, PT
Chandra Asri Alkali (CAA). Pendirian perusahaan chlor-alkali berskala dunia ini
diharapkan dapat menunjang percepatan pertumbuhan industri hilir nasional,
mendukung ambisi Indonesia sebagai salah satu penghasil nikel terbesar di
dunia, sekaligus memposisikan diri dalam rantai nilai kendaraan listrik global.
Chandra Asri Distributed Plastic Fuel to MSMEs and Fishermen at Pangaradan
Beach
On 13 April 2023, the Company distributed 6 liters of plastic fuel, consisting of
2 liters of plastic gasoline and 4 liters of plastic kerosene, to fishermen and
home-based businesses residing at the coast of Pangaradan Beach, Anyer
Village, Serang Regency, Banten. This plastic fuel is generated from Chandra
Asri's integrated waste management initiative (end-to-end plastic waste
management) based on a circular economy principle. These 6 liters of plastic
fuel distributed by Chandra Asri are equivalent to converting 8 kilograms of low-
value plastic waste from landfills. Previously, Chandra Asri had also distributed
1,079 liters of plastic fuel (equivalent to 1,402.7 kilograms of low-value plastic
waste) to the people involved in the SAGARA program.
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Chandra Asri’s Bonds’ Received Stable Rating from PEFINDO
On 14 May 2023, PT Pemeringkat Efek Indonesia (PEFINDO) has affirmed its
“idAA-“ ratings for Chandra Asri and its outstanding bonds. The outlook for the
corporate rating is affirmed to be “Stable”. The rating reflects PEFINDO’s view
of Chandra Asri’s leading position in the domestic petrochemical industry.
Annual General Meeting of Shareholders (AGMS) 2023
On 17 May 2023, Chandra Asri held the Annual General Meeting of
Shareholders (AGMS) 2023 in Jakarta. In the agenda of this annual Meeting,
there are 6 (six) agenda items discussed, including regarding the distribution of
dividends and changes to the composition of the Company's management.
Wajib Tera Award 2023 from Cilegon City Government
On 22 May 2023, the Company was awarded the "Compulsory Calibration
Award with the Highest Compliance in the Implementation of
Calibration/Recalibration of UTTP Equipment in the Cilegon City Region in
2023" (Wajib Tera Award 2023) for complying with the Regulations of the
Minister of Trade (Permendag). This award appreciates Company's
achievements in carrying out calibration/recalibration by calibrating its
measuring equipment (Ukur, Takar, timbang, dan Perlengakapannya/UTTP) at
the specified time.
Chandra Asri Received PPKM Award 2023
On 22 May 2023, the Company received an award from the Ministry of Health
for Company's contribution in handling Covid-19 in Indonesia. In 2022, 100%
percent of the Company's employees have received the full dose of Covid-19
vaccination. Until the end of December 2022, Chandra Asri had distributed
1,540 basic food packages to Covid-19 pandemic affected communities.
Together with Nippon Shokubai Group Exploring Green Chemical Business
Opportunities
On 23 May 2023, Chandra Asri, Nippon Shokubai Co.,Ltd. (NSCL), and PT Nippon
Shokubai Indonesia (NSI) have signed a Memorandum of Understanding (MoU)
to jointly explore green chemical business opportunities. Through this MoU,
Chandra Asri and NSCL as well as its affiliates, NSI (hereinafter referred to as
“Nippon Shokubai Group”), will explore the potential to produce 'bio' materials
such as bio-naphtha, bio-olefins, and various products that use renewable
energy, to produce sustainable derivative products such as acrylic acid (AA),
acrylic ester (AES), and superabsorbent polymer (SAP).
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Chandra Asri Appointed Licensor for EDC Plant
Chandra Asri through its subsidiary, PT Chandra Asri Alkali (CAA), has signed a
License, Basic Engineering and Technical Services Agreement with a leading
vinyl technology licensor from United States of America, to develop ethylene
dichloride (EDC) plant following the Company’s business plan to build a world-
scale integrated chlor-alkali and EDC plant (CA-EDC plant). The CA-EDC plant,
which will be operated by CAP2's subsidiary, CAA, will produce 500,000 metric
tons per annum of ethylene dichloride and more than 400,000 metric tons per
annum of caustic soda.
Together with Stakeholders, Chandra Asri Organises Indonesia Coastal Clean
Up 2023 in Banten
On 10 June 2023, Chandra Asri supports the Ministry of Environment and
Forestry (KLHK) initiative to hold Indonesia Coastal Clean Up at Berok Beach,
Anyer. The clean-up action, which was carried out in Banten Province and
attended by more than 250 participants, prevented 790.75 kg of waste from
leaking into the sea. In addition to the beach clean-up action, Chandra Asri also
participated in planting Terminalia trees (ketapang laut) on the coast to
minimise carbon and anticipate climate change. Chandra Asri also handed over
10 trash cans to the Berok beach community to support a clean and beautiful
environment.
Chandra Asri and Ecovance Study Biodegradable Plastic Ecosystem in
Indonesia
Chandra Asri has signed a memorandum of understanding (MoU) with
Ecovance Co. Ltd., a South Korean-based company specialising in biodegradable
materials which partly owned by SKC group, to study the potential for strategic
collaboration in the biodegradable plastic materials, polybutylene adipate
terephthalate (PBAT) and polybutylene succinate (PBS). Through this MoU,
both parties agree to focus on application development and customer
evaluation, developing partnerships to create a biodegradable plastic
ecosystem, and exploring investment opportunities in environmentally friendly
materials and solutions.
Chandra Asri Receives the 2023 Corporate Emissions Transparency Award
On Tuesday, 27 June 2023, Chandra Asri received two awards at the "2023
Corporate Emissions Transparency Award" event organised by the Bumi Global
Karbon Foundation (BGK Foundation), in collaboration with Investor Magazine
from B-Universe. This recognition was given to Chandra Asri for its
achievements in being included in the list of recipient companies for the "2023
Corporate Emissions Reduction Transparency Award in the Green Category"
and the "2023 Corporate Emissions Calculation Transparency Award in the Gold
Category". These two awards were given to Chandra Asri for its
accomplishment in reducing emissions and disclosing the calculation of two
emission scopes, as reported in the Sustainability Report 2021.
Padmamitra Award 2022 for Environmental Conservation & Biodiversity
Achievement
Chandra Asri received the Environmental Conservation & Biodiversity
achievement at the Padmamitra Award 2022, organised by the Indonesian CSR
Forum. This award was handed over directly by the Vice President of the
Republic of Indonesia, Prof. Dr. (H.C.) K. H. Ma'ruf Amin. In this event, Chandra
Asri proposed 2 (two) excellent programs related to the environment and
protection of biodiversity, namely mangrove conservation in the Patikang
Lestari Mangrove Edu-Ecotourism Area, Pandeglang, and community
empowerment initiatives through plastic waste management, End-To-End
Plastic Waste Management.
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