42
IV. CONSOLIDATED STATEMENT OF CASH FLOWS ANALYSIS Liquidity and Funding Sources
As of December 31, 2016, the Company had cash and cash equivalents amounting to Rp30,449,572,479 and unutilized facilities amounting to Rp200,915,008,122.
Over the past three years, the Company’s main sources of liquidity were cash flow from operating activities and financing activities through debt. The use of the Company’s main funds is to finance
working capital and capital expenditure in connection with capacity expansion and business development. The Company regularly evaluates its capital requirements relating to cash flows from
operations, the Company’s expansion plans and market conditions. If the Company does not generate sufficient cash flow from operations, the Company still has other funding sources such as debt or equity
financing.
The Company’s subsidiaries are not restricted from transferring funds to the Company. As such, they are able to provide loans to the Company when required in accordance with Companies Law.
The following table sets forth the information on the Company’s cash flows for the years ended on December 31, 2014, 2015 and 2016:
In Rupiah
Description December 31
2014 2015
2016 CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 956,773,576,810
1,158,171,383,790 1,238,094,707,735
Cash payments to suppliers, directors, employees, and other operational expenses
886,162,863,406 1,076,278,614,083
1,312,603,447,919
Net cash flows provided by used in operating activities
70,610,713,404 81,892,769,707
74,508,740,184
Financial income 222,261,844
749,969,374 893,970,605
Financial expense 62,629,047,360
82,331,104,454 108,082,005,895
Payment of taxes 8,291,031,939
9,877,880,616 22,814,825,939
Receipt from taxes 1,030,186,236
1,405,185,446 416,312,095
Others – net 7,168,537,414
8,132,624,499 10,377,755,877
Net cash flows provided by used in operating activities
8,111,619,599 28,436,044
193,717,533,441 CASH FLOWS FOR INVESTING ACTIVITIES
Payment of advances for purchase of fixed assets 37,561,924,441
25,755,962,630 57,108,698,965
Acquisition of investment properties -
5,334,000,000 -
Acquisition of fixed assets 102,242,573,593
202,720,270,784 87,507,070,769
Acquisition of other assets 2,582,803,591
3,886,429,256 3,498,403,976
Proceeds from disposal of fixed assets 29,341,546,559
30,501,435,185 10,462,930,601
Net cash flows used in investing activities 113,045,755,066
207,195,227,485 137,651,243,109
CASH FLOWS FROM FINANCING ACTIVITIES Payment of bank and non-bank financial institution
loans 879,788,730,499
1,146,954,528,710 2,011,273,248,985
Additional of bank and non-bank financial institution loans
867,031,483,997 1,473,867,038,596
2,047,335,308,620 Payment of obligation under finance lease
16,774,083,449 18,394,852,126
11,624,734,676 Additional of obligation under finance lease
- -
3,169,896,192 Addition payment of other payables
38,857,394,607 32,379,626,929
58,713,981,254 Additional paid-in capital
95,000,000,000 -
90,500,000,000 Additional divestment paid-in capital from non-
controlling interest 9,054,500,000
20,112,000,000 16,692,046,113
Net cash flows provided by financing activities 113,380,564,656
296,250,030,831 160,129,156,292
Net increase decrease in cash and cash 8,446,429,189
89,026,367,302 171,239,620,258
43 In Rupiah
Description December 31
2014 2015
2016 equivalents and overdraft
Net effect of exchange rates changes on cash and cash equivalents
1,027,158,027 1,763,848,000
2,232,977,883 Exchange difference due to translation of financial
statements 3,241,778,034
7,570,997,031 -
Cash and cash equivalents and overdraft at beginning of the year
13,083,884,977 17,261,378,105
100,480,596,376 Cash and cash equivalents and overdraft at end of
the year 17,261,378,105
100,480,596,376 68,526,045,999
Net Cash Flows Provided by Used in Operating Activities
Net cash flows used in operating activities for the year ended on December 31, 2016 amounted to Rp193,717,533,441. Cash flows provided by operating activities were generated from cash receipts from
customers amounting to Rp1,238,094,707,735, finance income amounting to Rp893,970,605, tax refunds amounting to Rp416,312,095, and others amounting to Rp10,377,755,877. Cash flows used in
operating activities were used for, among others, cash payments to suppliers, Directors and employees. Other operating expenses amounting to Rp1,312,603,447,919, finance cost amounting to
Rp108,082,005,895, and tax payments amounting to Rp22,814,825,939.
Net cash flows used in operating activities for the year ended on December 31, 2015 amounted to Rp28,436,044. Cash flows from operating activities were generated from cash receipts from customers
amounted to Rp1,158,171,383,790, finance income amounted to Rp749,969,374, tax refunds amounted to Rp1,405,185,446, and others amounted to Rp8,132,624,499. Cash flows used in operating activities
were used for, among others, cash payments to suppliers, Directors and employees, and other operating expenses amounted to Rp1,076,278,614,083, finance cost amounted to Rp82,331,104,454, and tax
payments amounted to Rp9,877,880,616.
Net cash flows used in operating activities for the year ended on December 31, 2014 amounted to Rp8,111,619,599. Cash flows from operating activities were generated from cash receipts from
customers amounting to Rp956,773,576,810, finance income amounting to Rp222,261,844, tax refunds amounting to Rp1,030,186,236, and others amounting to Rp7,168,537,414. Cash flows used in operating
activities were used for, among others, cash payments to suppliers, Directors and employees. and other operating expenses amounting to Rp886,162,863,406, finance cost amounting to Rp62,629,047,360,
and tax payments amounting to Rp8,291,031,939.
Net cash used in investing activities
Net cash flows used in investing activities for the year ended on December 31, 2016 amounted to Rp137,651,243,109. Cash flows from investing activities were generated from disposal of fixed assets
amounting to Rp10,462,930,601. Cash flows used in investing activities were used for acquisition of fixed assets, amounting to Rp87,507,070,769, acquisition of other assets amounting to Rp3,498,403,976, and
payment of advances to purchase fixed assets amounting to Rp57,108,698,965.
Net cash flows used in investing activities for the year ended on December 31, 2015 amounting to Rp207,195,227,485. Cash flows provided by investing activities were generated from disposal of fixed
assets, amounting to Rp30,501,435,185. Cash flows used in investing activities were used for acquisition of fixed assets amounting to Rp202,720,270,784, acquisition of other assets amounting to
Rp3,886,429,256, acquisition of investment properties amounting to Rp5,334,000,000 and payment of advances to purchase fixed assets amounting to Rp25,755,962,630.
44
Net cash flows used in investing activities for the year ended on December 31, 2014 amounted to Rp113,045,755,066. Cash flows provided by investing activities were generated from disposal of fixed
assets amounting to Rp29,341,546,599. Cash flows used in investing activities were used for acquisition of fixed assets amounting to Rp102,242,573,593, acquisition of other assets amounting to
Rp2,582,803,591, and payment of advances to purchase fixed assets amounting to Rp37,561,924,441.
Net cash provided by financing activities
Net cash flows from financing activities for the year ended on December 31, 2016 amounting to Rp160,129,156,292. Cash flows from financing activities were generated from addition of bank loans and
non-bank financial institution loans amounting to Rp2,047,335,308,620 and additional paid-in capital amounting to Rp90,500,000,000, addition of lease payables of Rp3,169,896,192, and addition of other
payables amounting to Rp58,713,981,254. Cash flows used in financing activities consisted of payment of bank loans and non-bank financial institution loans amounting to Rp2,011,273,248,985, payment of
lease payables amounting to Rp11,624,7334,676, and divestment by non-controlling interest amounting to Rp16,692,046,113.
Net cash flows from financing activities for the year ended on December 31, 2015 amounted to Rp296,250,030,831. Cash flows provided by financing activities were generated from payment of bank
loans and non-bank financial institution loans amounting to Rp1,473,867,038,596, additional paid-in capital from non-controlling interest amounting to Rp20,112,000,000. Cash flows used in financing
activities consisted of payment of bank loans and non-bank financial institution loans amounting to Rp1,146,954,528,710, payment of lease payables amounting to Rp18,394,852,126, and payment of
other payables amounting to Rp32,379,629,929.
Net cash flows from financing activities for the year ended on December 31, 2014 amounted to Rp113,380,564,656. Cash flows provided by financing activities were generated from payment of bank
loans and non-bank financial institution loans amounting to Rp867,031,483,997, addition of other payables amounting to Rp38,857,394,607, additional paid-in capital amounting to Rp95,000,000,000,
and additional paid-in capital from non-controlling interest amounting to Rp9,054,500,000. Cash flows used in financing activities consisted of payment of bank loans and non-bank financial institution loans
amounting to Rp879,788,730,499, and payment of lease payables amounting to Rp16,774,083,449.
V. CAPITAL EXPENDITURES