BRPT Announced Results for The Period Ended 30 June 2018

banner

Jakarta, 13 September 2018 — PT Barito Pacific Tbk. (“Barito Pacific”, “BRPT” or the “Company”) today announced its audited consolidated financial statement for the six months period ended 30 June 2018. The results include the consolidation of Star Energy’s financials following acquisition of 66.67% stake in Star Energy (“SEG”) on 7th June 2018. Under Indonesian GAAP, our acquisition of SEG was considered as a business combination under common control. Therefore, our prior years financial statements were restated as if SEG has been consolidated to BRPT since 2015.

Agus Pangestu, the Company’s President Director explains:

“Following acquisition of 66.67% stake at Star Energy in June 2018, our 1H-2018 financial result includes a robust contribution from geothermal business, enhancing our financial performance from the petrochemical business. TPIA continues to deliver excellent operational and financial results with healthy product margins. Nevertheless, TPIA is constantly expanding with additional COD of 157ktpa this year, comprising of a TPIA-wholly owned PBI expansion of 37ktpa COD 2Q-2018 and a 45% TPIA-owned SRI of 120ktpa COD 3Q-2018. These expansions will bring TPIA product volume to 3,458ktpa by the end of 2018 or an increase of 5% in production capacity. The 95 days tie-in for the PBI expansion impacts a temporary lower production in 2Q-2018, which directly impacted TPIA financial performance in 1H-2018.

Overall, our financial performance remains healthy with EBITDA margin of 27.8% and strong financial metrics with net debt/EBITDA at 1.8x at consolidated level. We remain optimistic in the long-term outlook of the petrochemical industry, we will stay on track with our expansion plans and confident that contribution from geothermal business will continue to support our financial performance going forward.”

1H - 2018 Highlights:

  • In June 2018, the Company completed IDR8.9 trillion Rights Issue, anchored by the major shareholder, Mr. Prajogo Pangestu, contribution of IDR8.7 trillion. The successful acquisition of 66.67% ownership interest in SEG, includes a controlling stake in three geothermal assets (Wayang Windu, Salak and Darajat) with a total installed capacity of 875MW.
  • EBITDA increased by 50.19% from US$287 million in 1H-2017 based on the previously reported to US$431 million in 1H-2018 primarily due to:
  • EBITDA contribution from geothermal operations that were boosted by SEG’s acquisition of Salak and Darajat geothermal assets netted by the decline in EBITDA from petrochemical business.
  • The lower EBITDA from petrochemical business was mainly due to lower gross profit as a result of higher feedstock costs and lower contribution from Butadiene which experienced cyclical high margins in 1H-2017 (supply disruption) as well as planned shutdown PBI expansion tie-in works of 95 days from 1 March 2018.

(***)

 

About Barito Pacific

Barito Pacific (IDX: BRPT) is an integrated energy company based in Indonesia with multiple power and industrial assets. Through Star Energy, BRPT operates the largest geothermal company in Indonesia, which is also the third largest geothermal company in the world. 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 and consolidates PT Chandra Asri Petrochemical Tbk (IDX: TPIA), Indonesia’s largest and only integrated petrochemical company.

 

For more information, please contact:

Corporate Secretary | 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

www.barito-pacific.com

 

For the complete financial information and highlights, please download the PDF format.

right Next
Garut District Education Office Collaborates ...
barito

Bakti Barito is a foundation for better. Because when Indonesia thrives, we do too.

The Bakti Barito Foundation serves as our platform for sustainability initiatives. Its focus areas are revitalizing the environment, broadening access to education, and uplifting lives and livelihoods. The foundation runs focused initiatives across four positive impact pillars: Environment, Economy, Society, and Education. 

rightView Bakti Barito Foundation