20241101_TOBA_Laporan Hasil Pemeringkatan_31752315_lamp3.pdf

                                                                                                                                      Rating Summary
                                                                                                                                               April 2, 2024


Financial Highlights
 As of/for the year ended                                 Dec-2023             Dec-2022              Dec-2021      Dec-2020
                                                           (Audited)            (Audited)             (Audited)    (Audited)
 Total adjusted assets [USD mn]                                  891.8                898.3                853.5      756.4
 Total adjusted debt [USD mn]                                    403.9                367.8                394.6      393.2
 Total adjusted equity [USD mn]                                  367.7                422.7                349.7      275.5
 Total sales [USD mn]                                            501.3                635.8                462.7      331.9
 EBITDA [USD mn]                                                   20.3               111.7                 71.5        30.7
 Net income after MI [USD mn]                                       7.9                 57.8                48.1        24.6
 EBITDA margin [%]                                                  4.1                 17.6                15.4          9.3
 Loan to Value (LTV) [%]                                           17.9                 14.6                18.6        41.9
 Adjusted debt/EBITDA [X]                                          18.2                   3.3                5.5        12.8
 Adjusted debt/adjusted equity [X]                                  1.1                   0.9                1.1          1.4
 Recurring cash inflow to                                           2.3                   6.3                3.0          2.0
 Nondiscretionary cash outflow [X]
 FFO/adjusted debt [%]                                            (5.8)                 17.6                 9.5          1.2
 EBITDA/IFCCI [X]                                                   0.5                   3.9                2.7          1.3
 USD exchange rate [IDR/USD]                                   15,416               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)
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                                                                                                                                            April 2024