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20240731_TPIA_Laporan Informasi dan Fakta Material_31689386_lamp2.pdf
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PT Chandra Asri
Pacific Tbk
NEWS RELEASE
Jakarta, July 31, 2024
(Chandra Asri CHANDRA ASRI GROUP MAINTAINS STRONG
Group)
BALANCE SHEET AS OF H1 2024
• SIGNED AGREEMENT TO ACQUIRE SHELL’S ENERGY AND CHEMICALS ASSETS IN
About Chandra Asri Group:
SINGAPORE
Chandra Asri Group is Indonesia’s
leading chemical and infrastructure • INCLUSION IN PRESTIGIOUS MSCI GLOBAL STANDARD INDEXES
solutions company, supplying
• PEFINDO REAFFIRMS “AA-“ RATING FOR OUTSTANDING BONDS
products and services to various
manufacturing industries in both • SOLID SUPPORT FROM BANKS THROUGH BANK LOAN FACILITIES
domestic and international • WON 3 AWARDS AT GLOBAL CSR & ESG SUMMIT AND AWARDS 2024
markets. With a history of 31 years
and over 2,200 dedicated staff, the • UNDERGOING SCHEDULED PETROCHEMICAL PLANT MAINTENANCE
Group incorporates state-of-the art On July 31, 2024, PT Chandra Asri Pacific Tbk (IDX: TPIA) released its unaudited consolidated financial
technologies and supporting statements for the first half year of 2024.
facilities located strategically in the
country’s petrochemical and Chandra Asri Group’s Director, Suryandi, commented:
industrial hubs, Cilegon and
Serang. Chandra Asri Group “Chandra Asri Group recorded a strong liquidity pool as of June 30, 2024 with a total of US$ 2.2 billion
operates the only Naphtha Cracker liquidity pool which comprises US$1.1 billion in Cash and Cash Equivalents, US$0.9 billion in Marketable
in Indonesia that produces Olefins Securities and US$0.2 billion in Available Committed Revolving Credit Facilities.
(Ethylene, Propylene), Polyolefins
Chandra Asri Group maintained a positive EBITDA of US$ 18.0 million as of H1 2024. Our results were
(Polyethylene, Polypropylene),
Pygas and Mixed-C4, and is the sole largely shaped by prevailing challenging global market conditions and a planned Turnaround
domestic producer of Styrene Maintenance (TAM) in Q2 2024. This routine maintenance ensures facility’s reliability, safety and
Monomer, Butadiene, MTBE and regulatory compliance. The TAM involves experienced teams performing critical repairs and integrating
Butene-1, with a new world-scale new facilities to support future growth.
Chlor-Alkali and Ethylene We continue to focus and execute our strategy of achieving exponential and sustainable growth. In May
Dichloride plant development on
2024, Chandra Asri Group and Glencore Plc (“Glencore”) signed an Agreement to acquire Shell Singapore
the horizon.
Pte. Ltd.'s entire interest in the Shell Energy and Chemicals Park Singapore (“SECP”). Through CAPGC Pte.
Ltd., a joint venture primarily owned by Chandra Asri Group with Glencore as a minority partner, the
Chandra Asri Group’s chemicals
business is supported by core acquisition includes a refinery with a 237,000 barrels per day capacity, a 1.1 million metric ton ethylene
infrastructure assets encompassing cracker on Bukom Island, and additional chemical assets on Jurong Island. This transaction that is
strategic energy, electricity, water, expected to be closed by year end 2024, subject to regulatory approvals, will enhance Chandra Asri
jetty and tank farm facilities. Group's regional presence and capabilities boosting both companies’ competitive edge and expanding
opportunities in the region.
Chandra Asri was also included in the Morgan Stanley Capital International (MSCI) Global Standard Index
for Emerging Markets effective May 31, 2024. This inclusion is expected to increase the Company's
visibility to global institutional investors, potentially enhancing liquidity and reducing capital costs. The
inclusion of Chandra Asri in the MSCI Global Standard Index is a testament to the Company’s solid
performance, strategic growth initiatives and commitment to sustainability.
PEFINDO reaffirmed Chandra Asri’s AA- rating for its outstanding bonds with a stable outlook,
highlighting the Company’s strong position in Indonesia’s chemical industry. Chandra Asri Group also
For more information, please secured an oversubscribed syndicated US$ 800 million sustainability-linked loan facility with OCBC as the
contact: lead arranger and an IDR 4 trillion infrastructure loan facility from PT Bank Mandiri (Persero) Tbk. These
facilities show solid banking industry support and reaffirm Chandra Asri Group’s commitment to
Chrysanthi Tarigan,
responsible business practices and environment stewardship, expected to boost the Company’s overall
General Manager of Corporate
Communications
performance.
chrysanthi.tarigan@capcx.com Chandra Asri Group received three prestigious awards at the 16th Annual GLOBAL CSR & ESG SUMMIT
AND AWARDS 2024™. The Company was honored with the Best CSR & ESG Leadership Award – Platinum
Investor Relations Category, Best Community Programme Award – Gold Category, and the Best Environmental Excellence
investor-relations@capcx.com Award – Silver Category. The awards underscore Chandra Asri Group's commitment to excellence in
corporate social responsibility and environmental sustainability.”
www.chandra-asri.com
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H1 2024 FINANCIAL HIGHLIGHTS:
• Net Revenue decreased by 19.3% in H1 2024 to US$866.5 million from US$1,074.3 million in H1 2023, due to external supply-
demand disruptions and the scheduled TAM, leading to a decline in sales volume in Q2 2024.
• Cost of Revenue decreased to US$853.6 million in H1 2024, from US$1,027.0 million in H1 2023, primarily due to reduced
production as the Company was undergoing scheduled TAM starting in Q2 2024.
US$ million, unless otherwise stated 6M 2024 6M 2023 % Change
Net Revenues 866.5 1,074.3 (19.3)
- Chemical 819.3 1,041.3 (21.3)
- Infrastructure 47.2 33.0 43.0
Cost of Revenues 853.6 1,027.0 (16.9)
Gross Profit 12.9 47.3 (72.7)
Net (Loss) Profit after Tax (48.9) 0.3 (164.0)
EBITDA 17.9 95.3 (85.2)
Cash Flows from (used in) Operating Activities (309.3) (346.3) 3.1
Capital Investments (158.6) (40.9) NR
Earnings (loss) per share (US$) (0.0) 0.0 NR
US$ million, unless otherwise stated 6M 2024 FY 2023 % Change
Total Assets 5,228.5 5,614.5 (6.9)
Total Liabilities 2,317.7 2,620.6 11.5
Shareholders’ Equity 2,910.8 2,993.9 (2.8)
Interest Bearing Debt 1,833.8 1,740.7 5.3
Cash & Cash Equivalents plus Marketable Securities 2,073.1 2,469.0 (16.0)
Note:
NR.: Not Relevant
Financial Ratios
6M 2024 6M 2023
Gross Profit Margin 1.5% 4.4%
EBITDA Margin 2.1% 8.9%
Debt to Capitalization 39.0% 38.5%
Debt to Equity 63.0% 62.6%
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Business Segments
Revenues
In US$ million
6M 2024 6M 2023 % Change
Chemical Sector
Olefins 83.5 183.9 (54.6)
Polyolefins 503.3 627.9 (19.8)
Styrene Monomer 119.8 117.9 1.6
Butadiene 75.6 89.5 (15.5)
MTBE and Butene-1 37.1 22.1 67.9
Infrastructure Sector
Tanks and Jetty Rental 2.1 5.1 (58.8)
Electricity 45.1 27.9 61.6
Consolidated 866.5 1,074.3 (19.3)
Note:
NR.: Not Relevant
Jetty and
Revenue 6M 2024 Electricity Revenue 6M 2023 Tank
Electricity 3%
Olefins Rentals
5%
10% MTBE and 1%
MTBE and Jetty and
Butene-1 Olefins
Butene-1 Tank
2% 17%
4% Rentals
0% Butadiene
Butadiene 8%
9% Polyolefins Styrene Polyolefins
Styrene 58% Monomer 58%
Monomer
14% 11%
Olefins Polyolefins Olefins Polyolefins
Styrene Monomer Butadiene Styrene Monomer Butadiene
MTBE and Butene-1 Jetty and Tanks Rentals MTBE and Butene-1 Jetty and Tanks Rentals
Electricity Electricity
FINANCIAL PERFORMANCE ANALYSIS
Net Revenues
Net revenue for H1 2024 was recorded at US$866.5 million, down from US$1,074.3 million in H1 2023, impacted by external supply-
demand disruptions resulting in lower overall sales volume throughout the semester as well as affected by the Company’s scheduled
TAM which started in Q2 2024. Sales volume in H1 2024 was 91 KT, a decrease of 105 KT compared to H1 2023, with the TAM placing
significant pressure on production capacity.
Cost of Revenues
The cost of revenue decreased to US$853.6 million in H1 2024, from US$1,027.0 million in H1 2023, due to the Company conducting
TAM which resulted in reduced production in H1 2024.
EBITDA
In H1 2024, the Company’s EBITDA decreased compared to H1 2023, primarily due to a reduction in gross profit caused by the
Company’s TAM involving the shutdown of some production facilities, leading to a decrease in the Company's operational capacity.
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Net Profit (Loss) after Tax
Following the conditions mentioned above, the Company recorded a Net Loss after Tax of US$48.9 million in H1 2024, compared to
a Net Profit After Tax of US$0.3 million in H1 2023.
Total Assets
The Company reported Total Assets of US$5,228.5 million as of June 30, 2024, a decrease of 6.9% from US$5,614.5 million as of
December 31, 2023.
Total Liabilities
The Company recorded lower Total Liabilities of US$2,317.7 million as of June 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 H1 2024 was US$309.3 million, compared to net cash used in operating activities of
US$346.3 million in H1 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
Net cash used in investing activities in H1 2024 was US$23.5 million, compared to net cash used in investing activities of US$463.2
million in H1 2023, mainly due to capital investments through acquisitions of a subsidiary and associate as well as placement in time
deposits in H1 2023.
Cash Flows Provided by Financing Activities
Net cash received from financing activities was US$30.2 million in H1 2024, compared to US$177.6 million net cash received from
financing activities in H1 2023, mainly due to higher repayment of long-term loan facilities in 2024 with comparable loan facility and
drawdown as part of the Company’s proactive efforts to optimize the weighted average cost of funding and the overall capital
structure.
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CORPORATE NEWS
Chandra Asri Group Wins 3 Awards at the Global CSR & ESG Summit and
Awards 2024
Chandra Asri Group successfully received three awards at the 16th Annual
GLOBAL CSR & ESG SUMMIT AND AWARDS 2024™ organized by The Pinnacle
Group International in Hanoi, Vietnam on April 25, 2024. The three award
categories won by Chandra Asri Group were the Best CSR & ESG Leadership
Award – Platinum Category; Best Community Programme Award – Gold
Category; and Best Environmental Excellence Award – Silver Category.
Implementation of Plastic Asphalt Road in TPSA Bagendung Area together with
Cilegon City Government
Chandra Asri Group, along with the Cilegon City Government and the Cilegon
City Environmental Agency, has implemented 146 meters long Plastic Asphalt
Road in the Bagendung Final Waste Disposal Site (TPSA) area. This initiative
successfully managed 280 thousand sheets of plastic bags collected during the
"Hari Peduli Sampah Nasional 2024 Kota Cilegon" event.
Annual General Meeting of Shareholders (AGMS) 2024
On Wednesday, May 8, 2024, Chandra Asri Group held its Annual General
Meeting of Shareholders (AGMS) 2023 in Jakarta. The annual meeting agenda
included 9 (nine) items for discussion, including matters related to dividend
distribution, business development, and changes to the Company's
management structure.
Chandra Asri Group and Glencore to Acquire Shell’s Energy and Chemicals
Assets in Singapore
Chandra Asri Group and Glencore, one of the world’s leading natural resources
companies, have entered into a Sales and Purchase Agreement with Shell
Singapore Pte. Ltd. (“SSPL”) to acquire all its interest in the Shell Energy and
Chemicals Park Singapore (“SECP”).
Chandra Asri Group Undergoes Scheduled Maintenance
Chandra Asri Group, a leading chemical and infrastructure solutions company in
Indonesia, is undergoing TAM or scheduled facility maintenance for its
petrochemical plant located in Ciwandan, Cilegon City, Banten.
Chandra Asri Group (TPIA) Included in Prestigious MSCI Global Standard
Indexes
Chandra Asri Group shares are included in the Morgan Stanley Capital
International (MSCI) Global Standard Index for Emerging Markets, based on a
quarterly publication published in London on May 14, 2024. Chandra Asri
Group's inclusion is effective at market close on May 31, 2024.
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The Fifth Aksi Asri Operasi Semut Held in Kota Tua
Chandra Asri Group is again holding the Aksi Asri Operasi Semut in Kota Tua
Jakarta, an iconic historical tourist destination in Jakarta. The Asri Semut
Operation Vol.5 action was attended by 33 volunteers consisting of the general
public and employees. In this fifth activity, 24 kilograms of waste were collected,
consisting of 4 kilograms of organic waste, 12.5 kilograms of plastic waste, 3.5
kilograms of paper waste and 4 kilograms of other waste. The collected waste is
then handed over to the waste management facility managed by the Kota Tua
Area Management Unit (UPK) for further management.
Chandra Asri Group Built National Plastic Asphalt Showcase in Bali
Chandra Asri Group in collaboration with the ASEAN Center of Excellence on
Smart City (ASECH) and Jimbaran Hijau, inaugurated the National Plastic Asphalt
Showcase in the Jimbaran Hijau area on Tuesday, 11 June 2024. This National
Plastic Asphalt Showcase serves as a Learning Center for the development of
Plastic Asphalt, aimed at inspiring broader implementation in various regions
across Indonesia.
Chandra Asri Group Involves Culinary MSMEs in TAM 2024
Chandra Asri Group collaborates with 23 culinary MSMEs from Ciwandan
District, Cilegon City, and Anyar District, Serang Regency, Banten to open stalls
within the petrochemical plant during the scheduled plant maintenance period,
known as Turn Around Maintenance (TAM), to provide food for the workers. The
hygiene of the food and drinks sold is monitored by the Safety Health and
Environment (SHE) Team and Chandra Asri Group’s Clinic Doctors. This initiative
was carried out by the Chandra Asri Group as a form of contribution to improving
the welfare of the surrounding community and supporting MSMEs as one of the
foundational pillars of the Indonesian economy.
Chandra Asri Group Operates a Bag Film Roll Plant for Heavy Duty Sacks
Chandra Asri Group operates a Bag Film Roll (BFR) Plant that utilizes the
Company's Polyethylene products to produce Heavy Duty Sacks. The BFR
production is also testing the use of 30% recycled material from post-consumer
sacks, known as Post Consumer Recycle (PCR). The presence of the BFR Plant is
expected to enhance the effectiveness of the Company's internal supply chain
and better serve customer needs.
Integrated Port Services and Bulk Liquid Storage through PT Chandra
Pelabuhan Nusantara (CPN)
Chandra Asri Group is currently operating an integrated solution, offering port
services (loading and unloading services and berthing services) and liquid bulk
storage (tank rental) for various industries in Cilegon and surrounding areas
through its subsidiary, PT Chandra Pelabuhan Nusantara (CPN). CPN operates
three strategic docks in the Sunda Strait with a total capacity of 96,000 DWT for
various products and a tank facility of 518,000 cubic meters for naphtha,
ethylene, propylene, pyrolysis gasoline (Py-Gas), and others. The presence of
CPN is expected to optimize the operational efficiency of various industries and
provide added value for stakeholders.
Chandra Asri Group Achieves EDGE Advanced Green Building Certification
The Admin Building OPE at the Ciwandan Plant in Cilegon has successfully
obtained the EDGE (Excellence in Design for Greater Efficiencies) Advanced
Green Building Certification from the Green Building Council Indonesia. The
EDGE certification assesses three main aspects: energy efficiency, water
efficiency, and embodied carbon in materials, focusing on consistent
sustainability practices reflected in the building's daily operations by utilizing
renewable energy and selecting materials with minimal environmental impact.
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Chandra Asri Group Successfully Secures Oversubscribed USD800 Million
Sustainability-Linked Syndicated Loan
Chandra Asri Group has officially exercised the Greenshoe option under the
US$600 million equivalent sustainability linked syndicated term loan facilities
(“Facilities") signed in May 2024 to upsize the Facilities to US$800 million
equivalent, following a positive response from the bank market and
oversubscription to the Facilities. The Facilities provided by a number of banking
partners across countries including Indonesia, Singapore, and Thailand. This
agreement marks a greater and solid support from the banking industry,
reaffirming Chandra Asri Group’s commitment to responsible business practices
and environment stewardship which are expected to boost Company’s overall
performance.
Protection of Biodiversity at Asri Kehati Park in 2023-2024
Chandra Asri Group, with full awareness of the need to preserve biodiversity as
an effort to protect and conserve ecosystems to sustain and maintain the
sustainability of flora and fauna life. Biodiversity is a vital element for the
company to ensure the sustainability and balance of ecosystems. In 2024,
Chandra Asri Group is expanding its innovation and performance in the planting
of flora and fauna at ex-situ and in-situ sites. Chandra Asri Group remains
committed to continuously increasing this biodiversity index as a step towards
contributing to the balance of ecosystems.
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Shell Singapore Pte. Ltd.
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PT Chandra Pelabuhan Nusantara
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