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20240612_AKRA_Pembayaran Kupon//Bagi Hasil//Ijarah//Pokok_31660476_lamp3.pdf
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Rating Summary
May 6, 2024
PT AKR Corporindo Tbk
Credit Rating(s) PT AKR Corporindo Tbk’s (AKRA) Shelf Registered Bond I Phase I Year 2017 Serie C
SR Bond I idAA (rated idAA) of IDR37.0 billion will be due on July 7, 2024. AKRA plans to repay the
maturing bond using its internal funds, with reported cash balance of around IDR6.6
Rating Period trillion at the end of March 2024.
May 3, 2024 – July 7, 2024
AKRA is engaged in the trading and distribution of fuel and basic chemicals in
Published Rating History Indonesia. Through its subsidiaries, it is also involved in logistics, manufacturing,
MAR 2023 – 2024 idAA/Stable
integrated industrial estates, and ports. As of March 31, 2024, its shareholders
MAR 2022 idAA-/Positive
consisted of PT Arthakencana Rayatama (60.94%), management (1.74%), the public
MAR 2019 – 2021 idAA-/Stable
(35.64%, each below 5% ownership), and treasury stocks (1.68%).
Rating Definition Financial Highlights
A debt security rated idAA differs from the highest- As of/for the year ended Mar-2024 Dec-2023 Dec-2022 Dec-2021
rated debt only to a small degree. The issuer’s
(Unaudited) (Audited) (Audited) (Audited)
capacity to meet its long-term financial commitments
Total adjusted assets [IDR bn] 30,417.8 30,254.6 27,187.6 23,508.6
on the debt security, relative to other Indonesian
Total adjusted debt [IDR bn] 5,797.6 4,628.8 3,016.6 3,057.5
issuers, is very strong.
Total adjusted equity [IDR bn] 14,723.9 14,043.0 13,154.8 11,299.0
Total sales [IDR bn] 9,811.4 42,087.0 47,540.0 25,707.1
EBITDA [IDR bn] 775.2 3,951.1 3,558.6 1,860.0
Net income after MI [IDR bn] 595.5 2,780.3 2,403.3 1,111.6
EBITDA margin [%] 7.9 9.4 7.5 7.2
Adjusted debt/EBITDA [X] *1.9 1.2 0.8 1.6
Adjusted debt/adjusted equity [X] 0.4 0.3 0.2 0.3
FFO/adjusted debt [%] *44.9 68.5 93.5 44.2
EBITDA/IFCCI [X] 6.9 11.5 16.1 8.1
USD exchange rate [IDR/USD] 15,853 15,416 15,731 14,269
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
Contact Analysts: IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
MI= Minority Interest *annualized
ayuningtyas.nur@pefindo.co.id
aishantya@pefindo.co.id 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.
http://www.pefindo.com May 2024
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Rating Summary
May 6, 2024
DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions
made at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt
securities based on or related to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity
assigned a rating by PEFINDO. All the data and information needed in the rating process are obtained from the party requesting the rating, which are considered
reliable in conveying the accuracy and correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits,
due diligence, or independent verifications of every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility
for the truth, completeness, timeliness, and accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the
responsibility of the parties providing them. PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not
responsible to any party for losses, costs and expenses suffered or that arise as a result of the use of the contents and/or information in this rating report or publication,
either directly or indirectly. PEFINDO generally receives fees for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to
the rating assignment. PEFINDO has a commitment in the form of policies and procedures to maintain objectivity, integrity, and independence in the rating process.
PEFINDO also has a “Code of Conduct” to avoid conflicts of interest in the rating process. Ratings may change in the future due to events that were not anticipated
at the time they were first assigned. PEFINDO has the right to withdraw ratings if the data and information received are determined to be inadequate and/or the rated
company does not fulfill its obligations to PEFINDO. For ratings that received approval for publication from the rated party, PEFINDO has the right to publish the
ratings and analysis in its reports or publication, and publish the results of the review of the published ratings, both periodically and specifically in case there are
material facts or important events that could affect the previous ratings. Reproduction of the contents of this publication, in full or in part, requires written approval
from PEFINDO. PEFINDO is not responsible for publications by other parties of contents related to the ratings given by PEFINDO.
http://www.pefindo.com May 2024
Names mentioned 4 people and organisations named in the text · linked when the evidence is strong
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PT AKR Corporindo Tbk’s
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PT Pemeringkat Efek Indonesia
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