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20241031_TPIA_Laporan Informasi dan Fakta Material_31751399_lamp2.pdf
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PT Chandra Asri
Pacific Tbk
NEWS RELEASE
Jakarta, October 31, 2024
(Chandra Asri) CHANDRA ASRI SHOWCASES ROBUST BALANCE
About Chandra Asri:
SHEET PERFORMANCE IN Q3 2024
Chandra Asri Group, a prominent • WON THE KATADATA ESG AWARDS 2024
provider of energy, chemicals, and • BOOSTED ESG PERFORMANCE WITH ENHANCED RATINGS FROM MSCI AND
infrastructure in Southeast Asia,
supplying products and services to MORNINGSTAR SUSTAINALYTICS
various manufacturing industries in • REINFORCED INDONESIAN INDUSTRY THROUGH STRATEGIC SECP ACQUISITION
both domestic and international
On October 31, 2024, PT Chandra Asri Pacific Tbk (IDX: TPIA) released its unaudited consolidated financial
markets. With a history of 32 years
statements for the nine months of 2024.
and over 2,200 dedicated staff, the
Company incorporates state-of-the
art technologies and supporting The Company’s Director, Suryandi, commented:
facilities located strategically in the “As of September 30, 2024, PT Chandra Asri Pacific Tbk reported a robust liquidity pool of US$2.3 billion,
country’s petrochemical and comprising US$1.2 billion in Cash and Cash equivalents, and US$0.8 billion in Marketable Securities and
industrial hubs, Cilegon and US$0.3 billion in Available Committed Revolving Credit Facilities.
Serang. Chandra Asri operates the
only Naphtha Cracker in Indonesia The Company achieved a positive EBITDA of US$41.6 million, despite challenging global market
that produces Olefins (Ethylene, conditions and the recent completion of a planned Turnaround Maintenance (TAM) that temporarily
Propylene), Polyolefins impacted operational capacity. Although this adjustment had temporarily affected operational capacity,
(Polyethylene, Polypropylene), it is designed to enhance the Company’s overall efficiency and profitability in the long term. By optimizing
Pygas and Mixed-C4, and is the sole processes and upgrading facilities during this maintenance period, Chandra Asri is strategically
domestic producer of Styrene positioning itself to achieve greater operational resilience and improved performance in the future,
Monomer, Butadiene, MTBE and ultimately benefiting its competitiveness in the market.
Butene-1, with a new world-scale
Chlor-Alkali and Ethylene In ESG sector, as a recognition of its strong ESG performance, Chandra Asri received the Katadata ESG
Dichloride plant development on Award in the Chemicals sector, recognizing its strong commitment to transparency and sustainability in
the horizon. ESG performance. This accolade highlights the Company’s comprehensive sustainability reporting,
covering critical areas such as environmental costs, eco-friendly materials, and emissions management.
Chandra Asri’s chemicals business
is supported by core infrastructure Moreover, the Company enhanced its ESG ratings, achieving a BBB score from MSCI and reducing its risk
assets encompassing strategic score from 16.6 to 16.3 with Morningstar Sustainalytics, these improvements position the Company
power, water, storage and logistics. among the top-rated in the global chemicals industry, enabling increased access to sustainable financing,
including Sustainability-Linked Loans.
Chandra Asri has also reinforced its commitment to Indonesia's economic growth with the acquisition of
SECP, which enhances Indonesia's energy security and support the domestic chemical and infrastructure
sectors by ensuring a reliable supply of key products such as gasoline, jet fuel, ethylene, and
polyethylene. This expansion into the ASEAN region aligns with Chandra Asri’s updated vision to be
‘South East Asia’s Leading Energy, Chemicals, and Infrastructure Solutions Company’ and its strategy to
enhance its global presence, leveraging the projected market growth of 4.5% by 2024 and ASEAN's GDP,
estimated to reach USD 4.5 trillion by 2030. The collaboration with Glencore and the acquisition of SECP
For more information, please will not only bolster Indonesia's global position but also drive innovation, thereby enhancing the
contact: Company's competitiveness in the energy and chemical sectors while contributing to national economic
growth.“
Chrysanthi Tarigan,
General Manager of Corporate
Communications
chrysanthi.tarigan@capcx.com
Investor Relations
investor-relations@capcx.com
www.chandra-asri.com
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Q3 2024 FINANCIAL HIGHLIGHTS:
• Net Revenue decreased by 25.9% in Q3 2024 to US$1,231.6 million from US$1,662.6 million in Q3 2023, due to external supply-
demand disruptions and the scheduled TAM, leading to a decline in sales volume in Q3 2024.
• Cost of Revenue decreased to US$1,204.0 million in Q3 2024, from US$1,607.7 million in Q3 2023, primarily due to reduced
production as the Company was undergoing scheduled TAM.
US$ million, unless otherwise stated 9M 2024 9M 2023 % Change
Net Revenues 1,231.6 1,662.6 (25.9)
- Chemical 1,157.5 1,607.7 (28.0)
- Infrastructure 74.1 54.9 35.0
Cost of Revenues 1,204.0 1,597.5 (24.6)
Gross Profit 27.6 65.1 (57.6)
Net (Loss) Profit after Tax (58.5) (19.9) (194.0)
EBITDA 41.6 108.9 (62.0)
Cash Flows from (used in) Operating Activities (460.3) (337.2) 36.5
Capital Investments (277.3) (51.0) NR
Earnings (loss) per share (US$) (0.0) (0.0) NR
US$ million, unless otherwise stated 9M 2024 FY 2023 % Change
Total Assets 5,348.5 5,614.5 (4.1)
Total Liabilities 2,448.1 2,620.6 (6.6)
Shareholders’ Equity 2,900.4 2,993.9 (3.1)
Interest Bearing Debt 2,055.4 1,740.7 18.1
Cash & Cash Equivalents plus Marketable Securities 2,033.4 2,469.0 (17.6)
Note:
NR.: Not Relevant
Financial Ratios
9M 2024 9M 2023
Gross Profit Margin 2.2% (0.4%)
EBITDA Margin 3.4% 0.6%
Debt to Capitalization 42.5% 34.4%
Debt to Equity 70.9% 52.4%
FINANCIAL PERFORMANCE ANALYSIS
Net Revenues
In Q3 2024, the Company reported net revenue of US$1,231.6 million, a decrease from US$1,662.6 million in Q3 2023. This decline
was primarily attributed to external supply-demand disruptions that led to reduced overall sales volume over the nine-month period,
as well as the impact of the Company's scheduled TAM.
Cost of Revenues
In Q3 2024, the cost of revenue decreased to US$1,204.0 million, down from US$1,597.5 million in Q3 2023. This reduction was
primarily driven by the Company's scheduled TAM, which resulted in lower production levels during the quarter.
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EBITDA
In Q3 2024, the Company experienced a decline in EBITDA compared to Q3 2023. This reduction was primarily driven by a decrease
in gross profit associated with the Company's ongoing TAM, completed in Q3 2024, which involved the temporary shutdown of certain
production facilities. While this adjustment has impacted operational capacity in the short term, it positions the Company for
improved efficiency and profitability in the future.
Net Profit (Loss) after Tax
Following the conditions mentioned above, the Company recorded a Net Loss after Tax of US$58.5 million in Q3 2024, compared to
a Net Loss After Tax of US$19.9 million in Q3 2023.
Total Assets
The Company reported Total Assets of US$5,348.5 million as of September 30, 2024, a decrease of 4.1% from US$5,614.5 million as
of December 31, 2023.
Total Liabilities
The Company recorded lower Total Liabilities of US$2,448.1 million as of September 30, 2024, compared to US$2,620.6 million as of
December 31, 2023.
Cash Flows Used in Operating Activities
Net cash used in operating activities during Q3 2024 was US$460.3 million, compared to net cash used in operating activities of
US$337.2 million in Q3 2023, largely due to reduced operational capacity caused by TAM, which included thorough safety checks and
updates required to ensure compliance with safety regulations and industry standards, impacting long-term operational efficiency.
Cash Flows Used in Investing Activities
In Q3 2024, the Company reported net cash inflows from investing activities of US$21.0 million, a notable improvement from net
cash outflows of US$414.2 million in Q3 2023. This positive change was primarily attributed to proceeds from financial investment
during the 9-month period.
Cash Flows Provided by Financing Activities
In Q3 2024, the Company recorded net cash inflows from financing activities of US$202.1 million, an increase from US$170.7 million
in Q3 2023. This rise reflects the Company’s proactive approach to optimize its capital structure, which included higher repayments
of long-term loan facilities in 2024 alongside comparable loan facility drawdowns. These actions are aimed at reducing the weighted
average cost of funding while enhancing financial stability.
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CORPORATE NEWS
Chandra Asri Group Supports WJC Unpad 2024 Program as a Form of Concern
for Environmental Conservation
Chandra Asri Group once again showed its concern for environmental
conservation by supporting the Wildlife Journalism Competition (WJC) agenda
organized by the Center for Environmental Communication Studies of
Padjadjaran University (Unpad). The roadshow, themed “Negative Human-
Wildlife Interactions from an Environmental Journalism Perspective”, took place
in Banten on August 6 and 7, 2024, in collaboration with Sultan Ageng Tirtayasa
University (Untirta). The program aims to instill the value of animal conservation
to students, develop journalistic skills, and provide an understanding of human-
animal interactions from an environmental journalism perspective.
Chandra Asri Group Wins Katadata ESG Awards 2024
Chandra Asri Group successfully won the Katadata ESG Awards on August 8,
2024, in the Chemicals sector, thanks to the Company’s strong commitment to
transparency in ESG (Environmental, Social, and Governance) performance
information. One of the key criteria for this award was the comprehensive and
detailed sustainability report, which covers various important sub-aspects such
as environmental cost reporting, the use of eco-friendly materials, energy
management, biodiversity conservation, and the management of emissions,
waste, and effluents. Through this award, Chandra Asri Group is recognized for
its strong ESG performance, demonstrating its commitment to creating a
sustainable and responsible business.
Chandra Asri Group Supports Cilegon City Government Through Packaging
Assistance in Free Nutritious Meals Pilot Program
Chandra Asri Group is participating in the pilot program initiated by the Cilegon
City Government, providing free nutritious meals at five schools in the city. A
total of 2,054 students benefit from this program, receiving a set of eating
utensils made from certified SNI and Halal plastic, which are reusable and
recyclable, along with nutritious meals. Chandra Asri Group contributed by
distributing the eating utensils made from the company's reusable plastic
materials.
Chandra Asri Group Presents Decarbonization Strategy at ISF 2024
Chandra Asri Group participated in ExxonMobil’s thematic session at the
Indonesia Sustainability Forum (ISF) 2024, held on September 6 at JCC, with the
theme "Carbon Capture & Storage (CCS): Advancing Collaboration Opportunities
for Emission Reduction and Sustainable Growth." Represented by Edi Riva'i,
Director of Legal, External Affairs, and Circular Economy, Chandra Asri Group
outlined the company's decarbonization strategy and commitment to achieving
net zero emissions, in line with Indonesia's ENDC targets.
Transplantation and Biodiversity in the Northern Waters of Pulau Panjang,
Serang, 2024
In an effort to conserve coral reef ecosystems, PT Chandra Asri Pacific Tbk, in
collaboration with the Kelompok Konservasi Alam Bawah Laut (KABL) of
Sukarame Village, has undertaken coral reef rehabilitation in the northern
waters of Pulau Panjang, Serang Regency, Banten Province. Through artificial
coral transplantation methods, a total of 1,270 coral seedlings have been planted
since 2020 as part of efforts to restore the coral reef ecosystem.
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Chandra Asri Group Presents Decarbonization Strategy in Discussion with HSBC
On 27 September 2024, Bapak Andang Pungkase, Head of ESG & Sustainability
at Chandra Asri, served as a panelist in a discussion hosted by HSBC Indonesia,
featuring 28 Financial Talents from the Hong Kong Academy of Finance (AoF)
who are participating in the Financial Leaders Programme 2024. The discussion
focused on the theme Client Transition to Net Zero and aimed to share insights
and knowledge about the industrial sector's transition journey to net zero.
During this opportunity, Chandra Asri shared the company’s sustainability
journey and ongoing decarbonization strategies, while also discussing the crucial
role financial institutions play in supporting these transition efforts.
Chandra Asri Group's contribution through the SECP Acquisition to Strengthen
Indonesian Industry
Chandra Asri Group has signed a Sale and Purchase Agreement with Shell
Singapore Pte. Ltd. to acquire Shell Energy and Chemicals Park (SECP) in
Singapore. The acquisition was made through a strategic partnership involving
Glencore plc and is pending regulatory approval until the end of 2024. The move
aims to strengthen the company's contribution to Indonesia's energy security
and support the domestic chemical industry and infrastructure sectors. Through
the acquisition of SECP, Chandra Asri will ensure the supply of petroleum and
chemical products, such as gasoline and jet fuel, as well as ethylene,
polyethylene, propylene, MEG, and styrene monomers, to support the needs of
various local industries and manufacturing processes.
Chandra Asri Group Wins Subroto Awards 2024
Chandra Asri Group won the 2024 Subroto Award in the Contribution to Emission
Reduction in Energy Efficiency - Energy Management in Industry and Building
Category; Large Manufacturing Subcategory on the 79th Anniversary of Mining
and Energy on Thursday, October 10, 2024. Chandra Asri Group was selected for
its commitment and dedication to implementing effective energy management
through systematic and sustainable energy conservation measures.
CSI and PIS Explore Collaboration Opportunities in Global Maritime Transport
& Logistics
PT Chandra Shipping International (CSI), a subsidiary of PT Chandra Daya
Investasi (CDI) engaged in shipping and logistics, signed a Memorandum of
Understanding (MoU) with PT Pertamina International Shipping (PIS) on October
4, 2024 and was witnessed by leaders from both companies. The cooperation
aims to conduct a feasibility study to identify synergy opportunities in the marine
transportation sector, chemical, and bitumen products. Both companies hope to
expand their global reach in the marine transportation industry through this
strategic partnership. This collaboration is a tangible manifestation of PT
Chandra Shipping International's (CSI) commitment to being an industry growth
partner through reliable and innovative marine services.
Chandra Asri Group Achieves Improved ESG Rating from MSCI and Morningstar
Sustainalytics
Chandra Asri Group has improved its ESG (Environmental, Social, and
Governance) ratings from international organizations MSCI and Morningstar
Sustainalytics. This improvement strengthens the company's position with
MSCI's ESG rating score at BBB and shows an improvement in the ESG Risk Rating
from Morningstar Sustainalytics through a decrease in risk score from 16.6 to
16.3. This achievement reflects Chandra Asri Group's commitment to
sustainability and places the company in the top-rated ESG category globally in
the chemical industry. In addition, this result opens up greater opportunities to
access sustainable financing, including Sustainability-Linked Loans (SLL).
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Extraordinary General Meeting of Shareholders of PT Chandra Asri Pacific Tbk
PT Chandra Asri Tbk (Chandra Asri Group) held an Extraordinary General Meeting
of Shareholders on October 23, 2024 in Jakarta, with the main agenda of
changing the composition of the Company's management. The Meeting
approved the appointment of Mr. Suracha Udomsak as the new Commissioner
replacing Mr. Mongkol Hengrojanasophon, and Mr. Jirathpol Sunsap as the new
Director replacing Mr. Prapote Stianpapong. These appointments are effective
from the closing of the Meeting until the Annual General Meeting of
Shareholders in 2027.
Supporting National Energy Transition, Chandra Asri Group Invests in Biofuel
Based on Used Cooking Oil
Chandra Asri Group invested in Biofront's Indonesian used cooking oil ("UCO")
collection unit, TUKR (tukr.co.id). TUKR handles the entire process, from used
cooking oil collection, storage, processing into green fuel, and final delivery.
Biofront itself is one of the world's largest collectors of waste-based feedstock,
including used cooking oil, with operations in 8 countries. Used cooking oil
collected from food production waste generated by restaurants, hotels, malls
and other establishments is sent to bio-refineries to produce eco-friendly fuels,
including Sustainable Aviation Fuel (SAF).
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Shell Singapore Pte. Ltd.
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PT Chandra Shipping International
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PT Pertamina International Shipping
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Suracha Udomsak
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Jirathpol Sunsap
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