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PT Chandra Asri
Pacific Tbk
NEWS RELEASE
Jakarta, 28 March 2024
(Chandra Asri)
CHANDRA ASRI RECORDED STRONG EBITDA OF
About Chandra Asri:
Chandra Asri is Indonesia’s leading
chemical and infrastructure
US$130 MILLION FOR FY2023
solutions company, supplying • POSITIVE EBITDA FOR FY2023 OF US$130 MILLION,
products and services to various
manufacturing industries in both INCREASE BY 2352% FROM FY2022
domestic and international • SUSTAINS HIGH LIQUIDITY POOL IN Q4 2023 OF US$2.67 BILLION
markets. With a history of 31 years
and over 2,200 dedicated staff, the
Company incorporates state-of-the On 28 March 2024, PT Chandra Asri Pacific Tbk (IDX: TPIA) released its audited consolidated financial
art technologies and supporting statements for the year of 2023.
facilities located strategically in the
country’s petrochemical and The Company’s Director, Suryandi, commented:
industrial hubs, Cilegon and “Chandra Asri ended the year 2023 with a strong performance by having total EBITDA of US$130 million,
Serang. Chandra Asri operates the
compared to an EBITDA of US$5.3 million for FY 2022, marking a 2352% increment. The Company also
only Naphtha Cracker in Indonesia
maintains its strong liquidity pool in FY2023 with US$2.67 billion consisting of US$1,440 million Cash and
that produces Olefins (Ethylene,
Cash Equivalents, US$1,029 million Marketable Securities and US$201 million of Available Committed
Propylene), Polyolefins
(Polyethylene, Polypropylene), Revolving Credit Facilities.
Pygas and Mixed-C4, and is the sole In 2023, the Company changed its name from PT Chandra Asri Petrochemical Tbk to become PT Chandra
domestic producer of Styrene Asri Pacific Tbk. The change of name supports the Company’s business expansion from only
Monomer, Butadiene, MTBE and petrochemical business to include infrastructure sector. This expansion was started via Chandra Asri
Butene-1, with a new world-scale Group’s subsidiary, Chandra Daya Investasi (CDI) by acquiring Krakatau Chandra Energi (previously
Chlor-Alkali and Ethylene
known as Krakatau Daya Listrik) and Krakatau Tirta Industri, an energy and a water business, respectively.
Dichloride plant development on
Further, Krakatau Chandra Energi also agreed to invest up to US$200 million to raise its stake in Krakatau
the horizon.
Posco Energy (KPE) from 10% to 45% and for a plan to build a new 200-megawatt power plant after
Chandra Asri’s chemicals business
finalizing the investment decision. At the end of 2023, Chandra Asri also partnered up with The Electricity
is supported by core infrastructure Generating Public Company Limited (EGCO) by EGCO’s investment in CDI for the total amount of US$ 194
assets encompassing strategic million. These series of deals show the Company's commitment to building strong partnerships and its
energy, electricity, water, jetty and role as a major investor in the energy sector while also aim to improve business performance and reduce
tank farm facilities. risks by creating integrated systems and connections within the industrial complex in Cilegon. This
expansion fits the Company's Programmatic M&A strategy, using Chandra Asri's financial strength and
reputation as a trusted partner for growth.
Over 2023, Chandra Asri has also made significant progress in its plan for a world-scale chlor-alkali and
ethylene dichloride plant. Chandra Asri has an MoU with INA for the potential joint development while
also advancing with renowned licensors and FEED bidding. Additionally, the expansion which will support
aluminum downstream industries and accelerating the domestic EV ecosystem, includes a Letter of Intent
with INALUM for product offtake and equity investment.
For its ESG journey, 2023 marks the incorporation of the Company into the IDX ESG Leaders Index as
For more information, please
announced by the Indonesia Stock Exchange (IDX), being within the top 3 of the Commodity Chemical
contact:
Sub-Industry ESG Risk Rating, as ranked by Sustainalytics, the international ESG rating agency. Chandra
Asri’s commitment to the circular economy and energy transition was also recognized with the ASEAN
Chrysanthi Tarigan,
General Manager of Corporate
Plastic Waste Circularity Award. Our ESG framework has also brought Gold Award for Chandra Asri at
Communications 2023 SNI Awards. Supporting the environment, the Company was also awarded with Gold and Green
chrysanthi.tarigan@capcx.com Predicate in the Environmental Performance Rating Program (PROPER). Lastly, Chandra Asri was also
awarded National Lighthouse Industry 4.0 for its Digital Transformation initiatives. These recognitions
Investor Relations show the Company’s solid and consistent commitment in sustainability, safety and exemplary
investor-relations@capcx.com standards.”
www.chandra-asri.com
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FY 2023 FINANCIAL HIGHLIGHTS:
• Net Revenues declined by 9.4% in FY2023 to US$2,159.9 million from US$2,384.6 million in FY2022 affected by external supply –
demand disruption that leads to lower overall sales price for the FY2023.
• Cost of Revenues decreased to US$2,078.1 million in FY2023 from US$2,395.5 million in FY2022 mainly due to lower average
feedstock price with Naphtha averages at US$650/T for the FY2023 compared to an average of US$814/T in FY2022 on the back
of a 24.2% decrease in Brent Crude prices during FY2023 to an average of US$82/bbl compared to an average of US$99/bbl in
FY2022.
US$ million, unless otherwise stated FY2023 FY2022 % change
Net Revenues 2,159.9 2,384.6 (9.4)
- Chemical 2,082.2 2,377.6 (12.4)
- Infrastructure 77.7 7.0 NR
Cost of Revenues 2,078.1 2,395.5 (13.2)
Gross Profit (Loss) 81.8 (10.9) NR
Net (Loss) Profit after Tax (31.5) (149.4) (78.9)
EBITDA 130.0 5.3 2,352.8
Cash Flows from (used in) Operating Activities 125.7 (249.4) (150.4)
Capital Investments 96.3 114.2 NR
Earnings (loss) per share (US$) (0.0005) (0.0021) NR
US$ million, unless otherwise stated FY2023 FY2022 % change
Total Assets 5,614.5 4,929.9 13.9
Total Liabilities 2,620.5 2,120.8 23.6
Shareholders’ Equity 2,993.9 2,809.1 6.6
Interest Bearing Debt 1,740.7 1,471.1 18.3
Cash & Cash Equivalents plus Marketable Securities 2,469.0 1,874.9 31.7
Note:
NR.: Not Relevant
Financial Ratios
FY2023 FY2022
Gross Profit Margin 3.8% (0.5%)
EBITDA Margin 6.0% 0.2%
Debt to Capitalization 36.8% 35.0%
Debt to Equity 58.2% 52.0%
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Business Segments
Revenues
In US$ million
FY2023 FY2022 % change
Chemical Sector
Olefins 357.9 412.1 (13.2)
Polyolefins 1,267.9 1,482.5 (14.5)
Styrene Monomer 231.6 280.4 (17.4)
Butadiene 149.4 162.9 (8.3)
MTBE and Butene-1 75.4 39.6 90.4
Infrastructure Sector
Tanks and Jetty Rental 6.5 7.0 (7.1)
Electricity 71.2 - NR
Consolidated 2,159.9 2,384.6 (9.4)
Note:
NR.: Not Relevant
Revenues FY2023 Revenues FY2022
0.3% 3.3%
3.5% 6.8% 1.7% 0.3%
6.9% 16.6% 17.3%
11.8%
10.7%
58.7% 62.2%
Olefins Polyolefins
Styrene Monomer Butadiene Olefins Polyolefins
MTBE and Butene-1 Tanks and Jetty Rental Styrene Monomer Butadiene
Electricity MTBE and Butene-1 Tanks and Jetty Rental
FINANCIAL PERFORMANCE ANALYSIS
Net Revenues
Net Revenues for the FY2023 were booked at US$2,159.9 million, down from US$2,384.6 million in FY2022 affected by external supply
– demand disruption that leads to lower overall sales volume for the year. FY2023 sales volume was at 1,843 KT, decrease from 1,908
KT in FY022 compounded by the decrease in the overall sales price for the FY2023 compared to FY2022.
Cost of Revenues
Cost of Revenues decreased to US$2,078.1 million in FY2023 from US$2,395.5 million in FY2022 mainly due to lower average
feedstock price with Naphtha averages at US$650/T for the FY2023 compared to an average of US$814/T in FY2022 on the back of a
20.1% decrease in Brent Crude prices during FY2023 to an average of US$82/bbl compared to an average of US$99/bbl in FY2022.
EBITDA
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EBITDA in FY2023 increased compared to FY2022 as the gross profit increased due to the global demand recovery in China and fewer
global uncertainties. Company’s EBITDA is US$130 million in FY2023 compared to US$5.3 million in FY2022.
Net Profit (Loss) after Tax
Following the conditions mentioned above, the Company recorded US$31.5 million of Net Loss after Tax in FY2023 compared to
US$149.4 million Net Loss after Tax in FY2022.
Total Assets
The Company booked Total Assets of US$5,614.5 million as of December 31, 2023, increased by 13.9% from US$4,929.9 million as of
December 31, 2022.
Total Liabilities
The Company recorded higher Total Liabilities of US$2,620.5 million as of December 31, 2023 from US$2,120.8 million on
December 31, 2022.
Cash Flows (Used in)/Provided by Operating Activities
Net cash provided by operating activities during FY2023 was US$132.2 million against US$249.4 million net cash used in operating
activities in FY2022, largely due to lower payments made to suppliers for feedstock purchases and inventories during the year, as
part of various efforts to optimize our overall working capital, combined with higher EBITDA.
Cash Flows (Used in)/Provided by Investing Activities
Net cash used in investing activities in FY2023 was US$414.3 million compared to net cash used in investing activities at US$291
million in FY2022. The Company had investments in subsidiary and associates in FY2023 while having lower investments in financial
assets in FY2023 compared to FY2022.
Cash Flows (Used in)/Provided by Financing Activities
Net cash provided by financing activities was booked lower at US$317.9 million in FY2023, compared to US$365.2 million of net cash
provided by financing activities in FY2022 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
Krakatau Daya Listrik Receives the 2023 National Energy Council Award for Its
Renewable Energy Transition Initiative
For its continuous business development in the Renewable Energy (EBT) sector,
a subsidiary of the Chandra Asri Group, PT Krakatau Daya Listrik (KDL), has been
honored with the “Private Company Providing Implementative Energy in the
Energy Transition” Award at the 2023 National Energy Council Awards. This
achievement recognizes KDL’s commitment and success in implementing the
Renewable Energy transition across various sectors and market segments.
Chandra Asri Receives the Subroto Award 2023
On Monday, October 30, 2023, the jury of the Subroto Award for Energy
Efficiency (Penghargaan Subroto Bidang Efisiensi Energi or “PSBE”) recognized
Chandra Asri’s Polypropylene Plant with a third-place in the “Energy
Management in Buildings and Industry”, specifically for the sub-category
“Energy Management in Large Manufacturing Industries.” This award
acknowledges Chandra Asri Polypropylene Plant’s dedication to implementing
energy-efficient practices, contributing significantly to Indonesia’s emission
reduction targets outlined in the Nationally Determined Contributions (NDC) and
the 2050 Long-Term Low Carbon and Climate Resilience Strategy (LTS-LCCR).
Chandra Asri and INALUM Collaborate to Support Aluminum Downstreaming
and Domestic EV Ecosystem
Chandra Asri Group, in collaboration with PT Indonesia Asahan Aluminium
(INALUM), is exploring the potential for cooperation in liquid caustic soda supply
by Chandra Asri Alkali (CAA), a subsidiary of the Company, to INALUM, with an
annual volume of up to 120,000 metric tons and the potential for INALUM to
acquire up to 10% equity in CAA. This partnership marked by the signing of a
Letter of Intent (LoI) by both parties and is aimed at supporting the downstream
aluminum industry and accelerating the domestic electric vehicle ecosystem.
Chandra Asri Wins Gold Award at SNI Award 2023
Chandra Asri has achieved the Gold award in the Large Organization category for
Chemical, Pharmaceutical, Textile, and Mining Goods at the 2023 SNI Awards,
organized by the National Standardization Agency (BSN). The Gold accolade
received by Chandra Asri is a result of the company's consistent adherence to
the Indonesian National Standard (SNI) for product quality and standardization.
Chandra Asri Presents #IndonesiaAsri Sustainability Campaign
Presenting a space for every generation to create a positive impact on the
environment and society, on Thursday, November 23, 2023, Chandra Asri
launched the #IndonesiaAsri campaign. The campaign aims to inspire all
stakeholders to collaborate in realizing a beautiful Indonesia in every aspect of
life, with the goal of leaving a valuable legacy for future generations.
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Chandra Asri Group supports The Cirata Floating Solar PV to fulfill Domestic
Content Level
Chandra Asri Group supports the national strategic project, the The Cirata
Floating Solar PV Plant (PLTS), in fulfilling the Domestic Content Level (TKDN).
The company provides raw material for floats for the Cirata Floating PLTS solar
panel system using Chandra Asri Group's HD Blow UB5206H resin.
Together with the Cilegon City Environmental Agency (DLH), Chandra Asri is
Intensifying Waste Management at The School Level
In order to achieve sustainable waste management, Chandra Asri, in
collaboration with the Cilegon City Environmental Agency (DLH), is implementing
the concept of a circular economy at the school level in Cilegon City. The
collaboration is marked by the signing of a cooperation agreement, in which both
parties agree to conduct waste sorting education at the schools in Cilegon City.
The activities began with the implementation of a pilot project for waste
management education at SMP 5 Cilegon. In this initiative, Chandra Asri also
partnered with the Digital Waste Bank to support the implementation of the
circular economy concept.
Chandra Asri Group’s Subsidiary Secures US$194 Million Investment from
EGCO
Chandra Asri Group, Indonesia’s leading chemical and infrastructure solutions
company, has secured an investment of US$194 million from Electricity
Generating Public Company Limited or EGCO Group (EGCO), a leading
independent power producer in Thailand. Following completion, EGCO will hold
a 30% stake in Chandra Asri Group’s subsidiary, PT Chandra Daya Investasi (CDI),
a special purpose vehicle dedicated for infrastructure solutions.
Chandra Asri Group Successfully Installed more than 100km Plastic Asphalt
Road
In 2023, Chandra Asri Group effectively installed 120.8 kilometers of plastic road.
This plastic asphalt project efficiently managed 1,086 tons of low-grade plastic
waste, including plastic bags, retrieved from landfills. The plastic road stretches
across diverse locations, encompassing 50.2 kilometers in Garut Regency, 29.3
kilometers in Cilegon City, and 8.6 kilometers in Tangerang Regency, alongside
various other areas, such as DKI Jakarta, Semarang City, Depok, Tegal, Kudus,
and Cikarang.
Chandra Asri Group's Petrochemical Plants Achieved Gold and Green Predicate
in PROPER 2023
Chandra Asri Group has successfully received recognition in the Environmental
Performance Rating Program (PROPER) 2023 from the Ministry of Environment
and Forestry of the Republic of Indonesia. The Ciwandan petrochemical plant
was awarded the Gold predicate, while the Pulo Ampel petrochemical plant
received the Green predicate. The Gold predicate was granted in recognition of
the company's achievements in eco-innovation, creative solutions, and
sustainability. On the other hand, the Green PROPER predicate is a result of the
company's efforts in surpassing the required regulatory standards.
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Chandra Asri Group and Syekh Nawawi Banten University Collaborate on
Sustainable Waste Management Education
Chandra Asri Group collaborates with Syekh Nawawi Banten University (USNB)
to organize the ‘Tanara Clean Up’ initiative held in the Tanara Village, Serang
Regency, Banten Province on Saturday and Sunday, January 13-14, 2024. The
Tanara Clean Up program is part of the Tanara Waste Management initiative,
aiming to create a sustainable waste management system by implementing the
concept of a circular economy.
5-Year Collaboration of Chandra Asri Group with Happy Hearts Indonesia
Collaborating with Happy Hearts Indonesia (HHI) since 2017, Chandra Asri Group
has formed a partnership to improve the facilities and infrastructure of Early
Childhood Education (PAUD) schools in Ciwandan, Anyar, and Pulo Ampel. This
program aims to enhance the quality of early childhood education as a
manifestation of concern for the Golden Age, which significantly influences a
child's growth and development. Six PAUD schools have undergone renovations
through this program: PAUD Barokah I, PAUD Widuri, PAUD Al-Hikmah, PAUD
Cahaya Bintang, PAUD Nusantara, and PAUD Tunas Bangsa.
Chandra Asri Group's Global Partnership Strategy at Indonesia Incorporated
Day 2024
Chandra Asri Group, a leading chemical and infrastructure solutions company in
Indonesia, participated in Indonesia Incorporated Day 2024, organized by the
Indonesian Ministry of Foreign Affairs on Saturday, January 27, 2024. The
company was chosen as one of the private sector representatives and had the
opportunity to share its "Go Global" strategy collaborated with State-Owned
Enterprises (BUMN), aiming to create value for businesses and all stakeholders,
including for the country and Indonesian diaspora abroad.
Chandra Asri Group Supports Geothermal-based Renewable Energy Mix with
Asrene®SP4808
Chandra Asri Group supports the national target of renewable energy mix (EBT)
through collaboration in providing infrastructure raw materials for the
Geothermal Power Plant (PLTP) project. The company provides Asrene®SP4808
material with special formulations that can be produced into High-Density
Polyethylene (HDPE) pipes with PE 100 class for geothermal field facilities.
Asrene®SP4808 is also a local resin that has been certified with Indonesian
National Standards (SNI) and the highest Domestic Content Level (TKDN) in
Indonesia.
Chandra Asri Group Awarded as National Lighthouse Industry 4.0
Chandra Asri Group has been awarded the National Lighthouse Industry 4.0 by
the Ministry of Industry of the Republic of Indonesia. This award reaffirms the
Company's position as a role model in digital transformation for industry players
in similar sectors. The National Lighthouse Industry 4.0 award was officially
presented by the Minister of Industry, Agus Gumiwang Kartasasmita, on
Wednesday, February 21, 2024.
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Names mentioned 14 people and organisations named in the text · linked when the evidence is strong
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Chandra Asri Petrochemical Tbk
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Asri Pacific Tbk.
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Generating Public Company Limited
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Indonesia Stock Exchange
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PT Krakatau Daya Listrik
p.5
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PT Indonesia Asahan Aluminium
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Electricity Generating Public Company Limited
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Ministry of Environment and Forestry
p.6
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Ministry of Foreign Affairs
p.7
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Ministry of Industry
p.7
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Minister of Industry
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