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Press Release
PT BARITO RENEWABLES ENERGY TBK (IDX: BREN) ANNOUNCES ITS AUDITED CONSOLIDATED FINANCIAL
STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023.
Key Highlights:
• Consolidated 2023 Revenue of US$594.9 million (+4.4% YoY)
• Consolidated 2023 EBITDA of US$501.9 million (+6.1% YoY)
• Consolidated 2023 Net Profit After Tax attributable to Owners of the Parent Entity of US$107.4
million (+17.9% YoY)
Jakarta, 19 Mar 2024 - PT Barito Renewables Tbk. (“Barito Renewables”, “BREN” or the “Company”) has
released its audited financial statements for the year ended 31 December 2023.
Hendra Soetjipto Tan, the Company’s President Director states that:
“As the leading renewable energy firm in Indonesia, we achieved another significant milestone in 2023 with
the successful completion of our US$200 million initial public offering (IPO) and took the next step by
diversifying our renewable energy portfolio beyond geothermal through the acquisition of wind farm assets
with sizeable capacity potential. This underscores our steadfast dedication in assisting Indonesia’s transition
to cleaner energy sources.
In 2023, we are pleased to announce that we continue to deliver another year of steady growth performance,
demonstrating a strong case of stable growth profile ingrained in geothermal operations. We recorded
revenue of US$594.9 million (+4.4% YoY), owing primarily to higher geothermal electricity generation of 3.4%
and growth in tariff across Salak, Darajat and Wayang Windu. Our commitment to maintain operational
excellence is fully reflected in capacity factor realization, which remained above 90% throughout the year of
2023 and reaffirmed strong proposition of geothermal as renewable energy with the most reliable baseload
electricity. This coupled with strong cost discipline have paved the way for 2023 EBITDA growth of 6.1% YoY
to a record high of US$501.9 million, which translated into EBITDA margin improving to 84% compared to 83%
in previous year.
While we have delivered solid operational results, our finance costs increased. In December 2022, we took a
new loan to finance the acquisition of additional stakes in our operational assets of Wayang Windu, Salak,
and Darajat, as part of our effort to maximize shareholders value. While this has resulted in lower net profit
after tax of US$145.3 million, lower minority interest has increased our net profit after tax and minority
interest by 17.9% YoY to US$107.4 million.
Going forward, we remain on course with our expansions plan to operate more than 1,300 MW capacity by
2028, which will be achieved through development of new units in our existing area of geothermal operation
and greenfield development in both geothermal and wind farm”.
PT Barito Renewables Energy Tbk
Wisma Barito Pacific II, 23rd Floor
Jl. Let, Jend. S. Parman Kav. 60
Jakarta 11410, Indonesia
Phone: +62 215306711
www.baritorenewables.co.id
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Financial Performance:
(US$ million, unless otherwise
2023 2022 % Change
stated)
Revenues 594.9 569.8 4.4%
Expenses before interest and Tax (178.4) (168.0) 6.2%
Profit before Interest and Tax 416.5 401.8 3.7%
Finance costs (136.5) (85.1) 60.4%
Interest income 11.4 2.9 295.0%
Net Profit after Tax 145.3 172.6 (15.8%)
Attributable to:
Owners of the Company 107.4 91.1 17.9%
Non-controlling Interests 37.9 81.4 (53.5%)
EBITDA 501.9 472.9 6.1%
EBITDA Margin (%) 84% 83%
Debt to Equity (x) 3.09 4.81
Net Debt to Equity (x) 2.30 4.01
Balance Sheet (US$ million) 2023 2022 % Change
Total Assets 3,508.4 3,393.7 3.4%
Total Liabilities 2,858.1 2,958.7 (3.4%)
Total Equity 650.3 435.0 49.5%
Total Debt 2,009.3 2,093.7 (4.0%)
Net Debt 1,494.2 1,744.7 (14.4%)
FINANCIAL PERFORMANCE ANALYSIS:
Consolidated Revenues increase by 4.4% YoY to US$594.9 in 2023 mainly attributable to:
Revenue increased by US$25.1 million due to 3.4% YoY growth in both overall steam and electricity
generation, as well as 1.3% - 3.3% YoY growth in tariffs at Salak, Darajat and Wayang Windu.
Consolidated Expenses before interest and tax increased by 6.2% YoY to US$178.4 million in 2023 from
US$168.0 million in 2022.
Expenses before interest and tax increased mainly due to higher depreciation expense of US$5.7 million
on new wells in Salak, Darajat dan Wayang Windu that has been put in services in 2022 and higher in
Production allowance to PT Pertamina Geothermal Energy (“PGE”) of US$1.7 million as result of increase
in revenue and net operational income and increase in consultant and technician expenses of US$1.9
million.
PT Barito Renewables Energy Tbk
Wisma Barito Pacific II, 23rd Floor
Jl. Let, Jend. S. Parman Kav. 60
Jakarta 11410, Indonesia
Phone: +62 215306711
www.baritorenewables.co.id
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Finance costs increased by 60.4% YoY to US$136.5 million in 2023 from US$85.1 million in 2022.
Finance costs in 2023 increased as we started to book a 12-month finance costs on Loan from Bangkok
Bank Public Company Limited which we withdrew in December 2022. In addition, the average interest
rate in 2023 is 0.7% higher compared to the interest rate in 2022.
EBITDA grew by 6.1% YoY to US$501.9 million in 2023 from US$472.9 million in 2022.
EBITDA increased mainly due to an increase in revenue of US$25.1 million. Strong cost discipline have
paved the way for 2023 EBITDA growth of 6.1% YoY to a record high of US$501.9 million, which translated
into EBITDA margin improving to 84% compared to 83% in previous year.
Consolidated Net Profit After Tax and Net Profit After Tax attributable to Owners of the Parent Entity
As result, our 2023 consolidated net profit after tax decreased to US$145.3 million from US$172.6 million
in 2022. However, consolidated net profit after tax attributable to owners of the Parent Entity has
increased by 17.9% to US$107.4 million from US$91.1 million in 2022.
Total Assets and Total Liabilities
As of 2023, our Total Assets amounted to US$3,508.4 million compared to US$3,393.7 million for 2022. We
have further maintained a stronger balance sheet profile with net debt to equity came lower at 2.3x in 2023
compared to 4.01x in 2022. This should be seen as a precursor of our financial capability to support our
expansions plans in the years to come.
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About Barito Renewables
Barito Renewables (IDX: BREN) is a leading renewable energy company in Indonesia, committed to
providing clean and sustainable energy solutions. With a strong focus on environmental responsibility and
community engagement, BREN plays a pivotal role in Indonesia's transition to a greener and more
sustainable energy landscape. BREN’s subsidiary, Star Energy Geothermal, is currently operating 886 MW
of geothermal power plant, in partnership with PGEO and PLN while attracting world class investors such
as Ayala and Mitsubishi Corporation. For more information, please visit: https://baritorenewables.co.id/
For more information, please contact:
Barito Renewables Corporate Secretary
Email: corpsec@baritorenewables.co.id
PT Barito Renewables Energy Tbk
Wisma Barito Pacific II, 23rd Floor
Jl. Let, Jend. S. Parman Kav. 60
Jakarta 11410, Indonesia
Phone: +62 215306711
www.baritorenewables.co.id
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