20250211_TOBA_Laporan Hasil Pemeringkatan_31861701_lamp2.pdf

                                                                                                                                           Rating Summary
                                                                                                                                              February 7, 2025


Financial Highlights
 As of/for the year ended                                    Sep-2024               Dec-2023              Dec-2022    Dec-2021
                                                          (Unaudited)                (Audited)            (Audited)    (Audited)
 Total adjusted assets [USD mn]                                    878.5                  891.8              898.3          853.5
 Total adjusted debt [USD mn]                                      356.4                  403.9              367.8          394.6
 Total adjusted equity [USD mn]                                    401.2                  367.7              422.7          349.7
 Total sales [USD mn]                                              336.6                  501.3              635.8          462.7
 EBITDA [USD mn]                                                     50.8                   21.1             111.7            71.5
 Net income after MI [USD mn]                                        34.8                     7.9             57.8            48.1
 EBITDA margin [%]                                                   15.1                     4.2             17.6            15.4
 Loan to Value (LTV) [%]                                             18.2                   17.9              14.6            18.6
 Adjusted debt/EBITDA [X]                                            *5.3                   19.1                3.3            5.5
 Adjusted debt/adjusted equity [X]                                     0.9                    1.1               0.9            1.1
 Recurring cash inflow to                                              2.9                    2.3               6.3            3.0
 Nondiscretionary cash outflow [X]
 FFO/adjusted debt [%]                                               *4.0                   (5.1)             17.6             9.5
 EBITDA/IFCCI [X]                                                      1.9                    0.6               3.9            2.7
 USD exchange rate [IDR/USD]                                      15,129                 15,416             15,731         14,269

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)
MI= Minority Interest                *annualized

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.




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 http://www.pefindo.com                                                                                                                                       February 2025