Back to announcement
20240329_BRPT_Laporan Informasi dan Fakta Material_31621141_lamp5.pdf
Financial statement Text extracted BRPTSource file signed link, expires in 15 minutes
Extracted text 3
Page 1
Press Release
PT BARITO PACIFIC TBK (IDX: BRPT) ANNOUNCES ITS AUDITED CONSOLIDATED PERFORMANCE FOR
THE FULL YEAR OF 2023
Key Highlights:
• Consolidated 12M-2023 Revenues of US$2,760 million (-6.8% YoY)
• Consolidated 12M-2023 EBITDA of US$612million (+28.8% YoY)
• Consolidated 12M-2023 Net Profit After Tax of US$100 million (+213% YoY)
Jakarta, 28 Mar 2024 - PT Barito Pacific Tbk. (“Barito Pacific”, “BRPT” or the “Company”) today released
its audited consolidated financial statements for the full-year of 2023.
Agus Pangestu, the Company’s President Director states that:
“We are pleased to report that our 2023 results continued to reflect our transformed business portfolio
and resilient capital structure to withstand the volatility in the global petrochemical sector. Our agility in
seizing new growth prospects has positioned us to deliver a more stable and value-enhancing income
stream.
In 2023, our Consolidated Net Profit after Tax soared to US$100 million (213% year-on-year increase),
driven primarily by enhanced operational earnings compared to the previous year. Despite persistent
disruptions in the global petrochemical sector's supply-demand, we managed to mitigate losses and
maintain operational excellence throughout 2023. This, coupled with the solid performance of our
geothermal segment, resulted in a stronger 2023 EBITDA of US$612m (28.8% year-on-year increase),
leading to an expansion in EBITDA margin by 614 basis points to 22.2%. Amidst global economic
uncertainty, we have upheld a healthy balance sheet, with net debt to equity remained stable at 0.60x,
underscoring the resilience of our capital structure amidst both organic and inorganic expansions.
The year of 2023 marked another milestone for Barito Pacific, as we continued to advance our value
creation journey through diversification and downstream expansions. While global petrochemical
continued to face another challenging year, Chandra Asri Pacific (“CAP”) has undertaken transformational
measures that will reinforce its resilience in the years ahead, particularly through its infrastructure
portfolio and downstream development of the Chlor-Alkali Plant. In the infrastructure segment, Chandra
Daya Investasi (“CDI”), secured US$194m investment from EGCO for 30% stakes, reinforcing our strong
value proposition as a preferred strategic global growth partner.
Furthermore, post Barito Renewable (BREN) successful IPO of US$200 million, we have initiated the
expansion of our renewable portfolio by acquiring wind farm greenfield assets with a potential capacity
of 318MW and securing principle-agreement to acquire Sidrap I with operational capacity of 79MW. This
strategic move aligns seamlessly with our long-term objective of achieving a total renewable capacity of
1,300MW by 2028.
Going forward, we emphasize our steadfast dedication to promoting expansion and generating
sustainable growth. Although challenges and opportunities lie ahead, we are fully committed to navigating
this journey with unwavering determination and resilience.
Page 2
Financial Performance:
(US$ million, unless otherwise stated) FY23 FY22 % Change
Net Revenues 2,760 2,962 (6.8%)
Petrochemical 2,082 2,378 (12.4%)
Energy 666 570 16.8%
Others 12 14 (14.3%)
Cost of Revenues (2,202) (2,516) (12.4%)
Gross Profit 558 446 25.1%
Finance costs (322) (203) 58.6%
Net Profit after Tax 100 32 212.5%
Attributable to:
Owners of the Company 26 2 1200.0%
Non-controlling Interests 74 30 146.7%
EBITDA 612 475 28.8%
Gross Profit Margin (%) 20.20 15.05 5pp
EBITDA Margin (%) 22.19 16.05 6pp
Debt to Capital (%) 50.90 51.62 (1pp)
Net Debt to Equity (x) 0.60x 0.63x
Balance Sheet (US$ million) 2023 2022 % Change
Total Assets 10,150 9,248 9.8%
Total Liabilities 6,038 5,526 9.3%
Total Equity 4,112 3,722 10.5%
Total Debt 4,264 3,970 7.4%
Net Debt 2,464 2,332 5.7%
FINANCIAL PERFORMANCE ANALYSIS:
Consolidated net revenue decreased 6.8% YoY to US$2,760 in 2023 mainly attributable to:
• Net revenue from our petrochemical business fell 12.4% year on year to US$2,082 million, owing mostly
to an external disruption in global supply-demand, which resulted in softer selling price of petrochemical
products.
• Our energy segment grew 16.8% YoY to US$666 million, partly due to higher revenue in our
geothermal operation on higher electricity & steam generation and tariff adjustment.
Page 3
Consolidated Cost of revenues decreased by 12.4% YoY to US$2,202 million in 2023 from US$2,516
million in 2022.
Cost of revenues decreased mainly due to significantly lower average feedstock component of Naphtha,
which dropped to US$650/T, from an average of US$814/T in 2022 on the back of lower Brent crude oil
price (20.1% decrease year on year to an average of US$82/barrel against US$99/barrel in 2022).
EBITDA grew 28.8% YoY to US$612 million
We reported 28.8% higher consolidated 2023 EBITDA of US$612 million from US$475 million in the prior
year, which translates to an EBITDA margin of 22.2% vs. 15.1% in 2022. This increase is consistent with
improvement in our operational achievement on stable performance of energy segment and modest
swing of operational recovery in the petrochemical segment.
Consolidated Net Profit After Tax
In line with higher operational achievement, we delivered 2023 net profit after tax increase of 213% YoY
to US$100 million from US$32 million in previous year.
Total Assets and Total Liabilities
As of 12M23, our Total Assets grew 9.8% YoY to US$10,150 million compared to US$9,248 million for
2022. We have further maintained a strong liquidity profile, as seen from our healthy leverage profile, with
net debt to equity 2023 stood at 0.60x.
----- END -----
About Barito Pacific
Barito Pacific (IDX: BRPT) is an integrated energy company based in Indonesia with multiple power and
industrial assets. Through Barito Renewables, BRPT operates geothermal assets with a combined capacity of
886MW. Along with Indonesia Power, a wholly-owned subsidiary of PLN, BRPT is developing Java 9 & 10, a 2 x
1,000MW ultra super-critical class power plant with enhanced efficiencies and environmental performances.
BRPT also owns a controlling share of PT Chandra Asri Petrochemical Tbk (IDX: TPIA), Indonesia’s largest and
only integrated petrochemical company. Visit us at: www.barito-pacific.com
For more information, please contact:
Corporate Secretary | Corporate Communications and Investor Relations
PT Barito Pacific Tbk.
Phone: (62-21) 530 6711
Fax: (62-21) 530 6680
Email: corpsec@barito.co.id, Investor.relations@barito.co.id
Names mentioned 5 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Chandra Asri Petrochemical Tbk
p.3 ×2
unresolved
person
Communications
· Corporate Secretary
p.3
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.