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20240430_TPIA_Laporan Informasi dan Fakta Material_31632190_lamp2.pdf
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PT Chandra Asri
Pacific Tbk
NEWS RELEASE
Jakarta, 30 April 2024
(Chandra Asri
Group) CHANDRA ASRI GROUP ANNOUNCES Q1
About Chandra Asri Group:
RESULT: BALANCING BUSINESS GROWTH AND
Chandra Asri is Indonesia’s leading
chemical and infrastructure
solutions company, supplying
ESG FOCUS
products and services to various • KEY SUPPORT OF FEEDSTOCK OFFTAKE FOR CA-EDC PLANT
manufacturing industries in both
domestic and international
• 4th SHELF BONDS REGISTRATION PHASE IV IDR 1.5 TRILLION OVERSUBSCRIBED
markets. With a history of 31 years • AWARDED ‘B’ SCORE IN CLIMATE CHANGE DISCLOSURE BY CARBON DISCLOSURE
and over 2,200 dedicated staff, the
PROJECT
Company incorporates state-of-the
art technologies and supporting
facilities located strategically in the On 30 April 2024, PT Chandra Asri Pacific Tbk (IDX: TPIA) released its unaudited consolidated financial
country’s petrochemical and statements for the first quarter of 2024.
industrial hubs, Cilegon and
Serang. Chandra Asri operates the The Company’s Director, Suryandi, commented:
only Naphtha Cracker in Indonesia “Chandra Asri Group recorded a strong liquidity pool as of March 31, 2024 with a total of US$ 2.38 billion
that produces Olefins (Ethylene,
liquidity pool which comprises US$1,030 million in Cash and Cash Equivalents, US$1,121 million in
Propylene), Polyolefins
Marketable Securities and US$226 million in Available Committed Revolving Credit Facilities. Chandra
(Polyethylene, Polypropylene),
Asri Group also achieved a positive EBITDA of US$ 1.1 million for Q1 2024.
Pygas and Mixed-C4, and is the sole
domestic producer of Styrene Over the first quarter of 2024 we successfully balanced business growth with our environmental
Monomer, Butadiene, MTBE and stewardship, social responsibility and strong governance practices.
Butene-1, with a new world-scale
Chlor-Alkali and Ethylene Chandra Asri Group has achieved another significant progress in its plan for a world-scale chlor-alkali and
Dichloride plant development on ethylene dichloride plant by signing a three-year salt offtake contract with the option to extend for a
the horizon. further three years with BCI Minerals Ltd. The offtake agreement is for the supply of annual contract
quantity of 300,000 tonnes which will increase up to 600,000 tonnes of salt per annum. As BCI was
Chandra Asri’s chemicals business seeking an investment grade off-taker, after a post detailed due diligence of credit quality and ESG
is supported by core infrastructure credentials, Chandra Asri Group was deemed an Acceptable Counterparty for BCI Mineral’s Project
assets encompassing strategic Financiers. Along with other prior initiatives, namely the potential strategic partnerships with INA,
energy, electricity, water, jetty and partnership with world-class licensors and potential collaboration with INALUM, these initiatives
tank farm facilities. highlight our commitment to bolstering the dynamic electric vehicle industry and extending our footprint
in the market.
In Quarter 1 of 2024, we also managed to issue the phase IV of our 4 th Shelf Registration Bonds with a
total of IDR 1.5 trillion. The bonds were oversubscribed with a strong participation interest by retail,
banking and institution investors. This achievement reflects a strong manifestation of domestic investors'
high confidence in the Company's performance and financial strength. We are delighted that this bond
program offers a credible option for investors seeking to enhance their returns, balanced with a holistic
focus on maintaining high environmental, social, and governance standards.
For more information, please Finally, in regard to ESG (Environmental, Social, and Governance) considerations, Chandra Asri Group has
contact: received notable recognition for its climate change disclosure efforts, achieving a B Score from the Carbon
Disclosure Project (CDP). The CDP is a global nonprofit organization that facilitates corporate disclosure
Chrysanthi Tarigan, of environmental impact information. Renowned for maintaining the world's most comprehensive
General Manager of Corporate environmental database, CDP sets the industry standard for environmental reporting. CDP ratings are
Communications highly regarded and influential, guiding investment decisions and procurement practices towards an
chrysanthi.tarigan@capcx.com economy that embraces carbon neutrality, sustainability, and resilience. Chandra Asri Group's
recognition by the CDP reaffirms its ongoing dedication to transparent and impactful environmental
Investor Relations practices, aligning with global sustainability goals and principles. These achievements underscore the
investor-relations@capcx.com Company's steadfast commitment to sustainability, safety, and exemplary standards.”
www.chandra-asri.com
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Q1 FY 2024 FINANCIAL HIGHLIGHTS:
• Net Revenues declined by 6.1% in Q1 2024 to US$472.0 million from US$502.4 million in Q1 2023 affected by external supply –
demand disruption that leads to lower sales volume in Q1 2024.
• Cost of Revenues increased amounted of US$471.4 million in Q1 2024 from US$469.0 million in Q1 2023 mainly due to higher
average feedstock price with Naphtha averages at US$682/T for the Q1 2024 compared to an average of US$651/T in Q1 2023.
US$ million, unless otherwise stated 3M 2024 3M 2023 % change
Net Revenues 472.0 502.4 (6.1)
- Chemical 447.3 492.8 (9.2)
- Infrastructure 24.7 9.5 158.9
Cost of Revenues 471.4 469.0 0.5
Gross Profit 0.5 33.4 (98.5)
Net (Loss) Profit after Tax (32.6) 8.5 (483.5)
EBITDA 1.1 66.1 (98.3)
Cash Flows from (used in) Operating Activities (387.2) (357.6) (8.3)
Capital Investments 82.2 40.6 NR
Earnings (loss) per share (US$) (0.0005) 0.0001 NR
US$ million, unless otherwise stated 3M 2024 FY 2023 % change
Total Assets 5,372.5 5,614.5 (4.3)
Total Liabilities 2,411.9 2,620.6 8.0
Shareholders’ Equity 2,960.6 2,993.9 (1.1)
Interest Bearing Debt 1,868.9 1,740.7 7.4
Cash & Cash Equivalents plus Marketable Securities 2,151.0 2,469.0 (12.9)
Note:
NR.: Not Relevant
Financial Ratios
3M 2024 3M 2023
Gross Profit Margin 0.1% 6.6%
EBITDA Margin 0.2% 13.2%
Debt to Capitalization 38.7% 37.3%
Debt to Equity 63.1% 59.4%
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Business Segments
Revenues
In US$ million
3M 2024 3M 2023 % change
Chemical Sector
Olefins 42.0 75.0 (44.0)
Polyolefins 282.9 303.6 (6.9)
Styrene Monomer 64.4 60.9 5.7
Butadiene 34.8 42.6 (18.3)
MTBE and Butene-1 23.2 10.8 114.8
Infrastructure Sector
Tanks and Jetty Rental 1.1 2.1 (47.6)
Electricity 23.6 7.4 220.3
Consolidated 472.0 502.4 (6.1)
Note:
NR.: Not Relevant
Electricity
Revenue 3M 2024 Electricity Revenue 3M 2023 Tanks and
2% Jetty Rental
Olefins
5%
9% MTBE and 0%
MTBE and Tanks and Butene-1 Olefins
Butene-1 Jetty 2% 15%
5% Rental Butadiene
Butadiene 0% 9%
7% Polyolefins
Styrene Styrene Polyolefins
Monomer 60% Monomer 60%
14% 12%
Olefins Polyolefins Olefins Polyolefins
Styrene Monomer Butadiene Styrene Monomer Butadiene
MTBE and Butene-1 Tanks and Jetty Rental MTBE and Butene-1 Tanks and Jetty Rental
Electricity Electricity
FINANCIAL PERFORMANCE ANALYSIS
Net Revenues
Net Revenues for Q1 2024 were booked at US$472.0 million, down by US$30.4 million in Q1 2023 affected by external supply –
demand disruption that leads to sales downturn for the quarter. Q1 2024 sales volume was at 394.5 KT, decrease of 69.8 KT compared
to Q1 2023 as these external factors have substantially exerted downward pressure on our market demand sales figures.
Cost of Revenues
Cost of Revenues increase amounted to US$471.4 million in Q1 2024 from US$469.0 million in Q1 2023 mainly due to higher average
feedstock price with Naphtha averages at US$682/T for the Q1 2024 compared to an average of US$651/T in Q1 2023.
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EBITDA
In Q1 2024, our EBITDA declined compared to Q1 2023, primarily attributable to a reduction in gross profit stemming from fluctuating
global demand recovery in China, coupled with reduced global uncertainties. Company’s EBITDA is US$1.1 million in Q1 2024
compared to US$66.1 million in Q1 2023.
Net Profit (Loss) after Tax
Following the conditions mentioned above, the Company recorded US$32.6 million of Net Loss after Tax in Q1 2024 compared to Net
Profit after Tax of US$8.5 million in Q1 2023.
Total Assets
The Company booked Total Assets of US$5,372.5 million in March 31, 2024, decreased by 4.3% from US$5,614.5 million as of
December 31, 2023.
Total Liabilities
The Company recorded lower Total Liabilities of US$2,411.9 million as of March 31, 2024 from US$2,620.6 million on
December 31, 2023.
Cash Flows Used in Operating Activities
Net cash used in operating activities during Q1 2024 was US$387.2 million against US$357.6 million net cash used in operating
activities in Q1 2023, largely due to higher payments made to suppliers for feedstock purchases and inventories during the year, as
part of various efforts to optimize our overall working capital.
Cash Flows Used in Investing Activities
Net cash used in investing activities in Q1 2024 was US$139.5 million compared to net cash used in investing activities at US$403.2
million in Q1 2023 due to capital investments for acquisition of a subsidiary and an associate in 2023.
Cash Flows Provided by Financing Activities
Net cash provided by financing activities was booked lower at US$117.3 million in Q1 2024, compared to US$184.9 million of net cash
provided by financing activities in Q1 2023 due to lower proceeds from new term loan facilities and IDR bond issuances, alongside
principal repayment and bonds payable, as part of proactive efforts to optimize the Company’s overall weighted average cost of
financing and capital structure.
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CORPORATE NEWS
Chandra Asri Group Supports Mobility for Deaf People Through Plastic Waste
Circular Economy
Chandra Asri Group, in collaboration with Kitaoneus.asia, a disability advocacy
organization, conducted outreach for 50 deaf online drivers to directly
understand the concept of circular economy while facilitating them to obtain
Free Driver's Licenses (SIM). This program also commemorates National Waste
Care Day 2024, which falls on February 21, 2024, with the theme "Addressing
Plastic Waste Productively."
Chandra Asri Group Supports the HPSN 2024 Event Organized by the DKI
Jakarta Environmental Agency
Chandra Asri Group supports the activities of the Jakarta Waste Management
Synergy Forum in commemorating the National Waste Care Day (HPSN) 2024
organized by the DKI Jakarta Environmental Agency (DLH). This forum serves as
a platform for strengthening DLH DKI Jakarta's programs and inviting strategic
partners to support comprehensive and integrated waste management. On this
occasion, Edi Riva'i, as the Legal, External Affairs, and Circular Economy Director
of Chandra Asri Group, shared the collaboration experience between the
company and DLH DKI Jakarta in the Jakarta Recycle Center (JRC) program.
Complete Plastic Asphalt Road Target, Garut Regency Becomes the Closing
Location in 2023
Chandra Asri Group proudly announces the achievement of the target of 100 km
of plastic asphalt roads, which was pursued together with various stakeholders
such as the government, private sector, and associations. This significant
milestone was celebrated in Garut Regency, where Chandra Asri Group
collaborated with Bakti Barito Foundation and Garut Regency Government,
contributing to the construction of 50.2 km out of the total 100 km of plastic
asphalt roads. The 50.2 km plastic asphalt road was constructed from 2022 to
2023 and successfully managed to handle 431.5 tons of plastic waste from the
Landfill (TPA).
The achievement of a B score from CDP for Chandra Asri Group
Chandra Asri Group has achieved recognition with a B Score in climate change
disclosure by the Carbon Disclosure Project (CDP). CDP is an international non-
profit organization that facilitates the disclosure of corporate environmental
impact information. CDP has the most extensive environmental database in the
world and is considered the gold standard in environmental reporting. CDP
ratings are widely used to guide investment choices and procurement towards
an economy that embraces carbon-neutral principles, sustainability, and
resilience.
Chandra Asri Group Successfully Launches 1.5 T Rupiah Bond Offering in 2024
Chandra Asri Group have successfully completed its first Rupiah Bond issuance
in 2024 and was noted to be oversubscribed. In this phase, the Company offered
Rupiah-denominated coupons of 7.95% for the 3-year series A of IDR542.38
billion, 8.25% for the 5-year series B of IDR416.80 billion, and 8.75% for the 7-
year series C of IDR540.82 billion. This transaction marks Chandra Asri Group
continuous success in tapping the domestic fixed income market, as part of the
Company’s Shelf Program IV approved by the Financial Services Authority (OJK),
with an aggregate IDR8 trillion funding capacity between 2022 and 2024.
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Chandra Asri Group Signs Binding Salt Offtake Agreement with BCI Minerals
Chandra Asri Group and BCI Minerals Limited (“BCI”) are pleased to announce
the signing of a binding Offtake Agreement. Chandra Asri will use the salt
produced at the Mardie Project in the world-scale Chlor-Alkali plant currently
being developed in Indonesia. The Offtake Agreement with BCI is for the supply
of salt from BCI’s Mardie Salt Project over a three-year term, with Chandra Asri
having the right to extend the term for a further 3 years’ subject to certain
conditions being met.
Chandra Asri Group and Perum Jasa Tirta II Support Renewable Energy Needs
at CA-EDC Plant.
Chandra Asri Group has signed a memorandum of understanding with Perum
Jasa Tirta II (PJT II) to conduct a feasibility study on the potential of green energy
through the development of Solar Power Plants (PLTS) and Hydropower Plants
(PLTA). This research aims to promote the implementation of Renewable Energy
and support Indonesia's target to achieve Net Zero Emissions by 2060.
Chandra Asri Group Supports the Homecoming Program by the Cilegon City
Government
PT Chandra Asri Pacific Tbk (Chandra Asri Group) once again provides support to
the Mudik Gratis Penuh Berkah Program initiated by the Cilegon City
Government. This year, Chandra Asri Group provides support with 3 bus fleets
for the routes to Semarang, Solo, and Cirebon. With the company's support, the
free homecoming provided by Chandra Asri Group for the people of Cilegon is
expected to facilitate participants in celebrating Eid moments with their families
in their hometowns.
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BCI Minerals Ltd.
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