IR PTKS M92011 Results
M9 2011 RESULTS
Jakarta, December 2011
PT Krakatau Steel (Persero) Tbk.
IDX
: KRAS
Reuters
: KRAS.JK
Bloomberg
: KRAS.IJ
ANNOUNCEMENT OF NINE MONTH 2011 RESULTS
Financial Highlights
Market Capitalization - as of September 30, 2011
(IDR million)
12,462,250
Issued shares - as of September 30, 2011
(million shares)
15,775
Share price (Closing), IDR
1 July 2011
30 September 2011
3 month high
3 month low
1,050
790
1,140
790
Shareholders composition - as of September 30, 2011
Government of Indonesia
80.00%
Public
20.00%
Board of Directors
President Director
Fazwar Bujang
Operations Director
Syahrir Syah Pohan
Finance Director
Sukandar
Marketing Director
Irvan Kamal Hakim
Logistics Director
Yerry
Human Resources Director
Dadang Danusiri
Consolidated Subsidiaries
PT Krakatau Wajatama
PT KHI Pipe Industries
PT Meratus Jaya Iron & Steel
PT Krakatau Daya Listrik
PT Krakatau Tirta Industri
PT Krakatau Bandar Samudera
PT Krakatau Industrial Estate Cilegon
PT Krakatau Engineering
PT Krakatau Information Technology
PT Krakatau Medika
Net revenue in M9 2011 was Rp 12.6 trillion, up 6.5% year-on-year
(YoY), due to a 9.6% increase in average HRC selling price despite
lower sales volume of 1.7% YoY. Average selling prices of other steel
products, except for steel pipes, also increased during the same
period in line with higher raw material prices.
However, gross profit decreased 44.2% YoY as a result of a 17.9%
YoY increase in cost of revenues. The increase in cost of revenues
was due to higher prices of imported pellets by 47% YoY.
EBITDA dropped 57.8% YoY to Rp 741.7 billion, consistent with a
decrease in operating income.
Net income grew 3.2% YoY to Rp 1.0 trillion or equivalent to EPS of
Rp 66 (full amount), as the company booked gain from transfer of
fixed assets in the form of land equivalent to Rp 745.4 billion to PT
Krakatau – POSCO, a joint venture company formed by Krakatau
Steel and POSCO.
The gain from transfer of fixed assets was restated to Rp 745.4 billion
in M9 2011 from Rp 1.09 trillion in H1 2011 mainly because of the
implementation of the Financial Accounting Standards (PSAK) no. 15
in 2011. Since Krakatau Steel has 30% ownership in Krakatau Posco,
the company is only allowed to book 70% of the gain from transfer of
fixed assets according to the PSAK no. 15.
Website
http://www.krakatausteel.com
Investor Relations
Jakarta Office
PT Krakatau Steel (Persero) Tbk.
Gedung Krakatau Steel, lantai 9
Jl. Jend. Gatot Subroto Kav. 54
Jakarta Selatan 12950
Cilegon Office
Gedung ADB, Jl. Industri No. 5 P.O.Box 14
Cilegon, Banten 42435
DISCLAIMER
Phone
Fax
Email
: (+62 21) 5253552
: (+62 21) 5200661
: [email protected]
Phone
Fax
Email
: (+62 254) 372301
: (+62 254) 372303
: [email protected]
This document contains financial conditions and result of operation, and may also contain certain projections, plans,
strategies, and objectives of the Company, which would be treated as forward looking statements within the
meaning of applicable law. Forward looking statements, by their nature, involve risk and uncertainty that could
cause actual results and development to differ materially from those expressed or implied in these statements. PT
Krakatau Steel (Persero) Tbk does not guarantee that any action, which should have been taken in reliance on this
document will bring specific results as expected.
M9 2011 RESULTS
MARKETING RESULTS
Steel market in Q3 2011 remained sentiment-driven.
Efforts by Asian steel makers to raise HRC price in August
were not responded by end users as market sentiment
remained weak due to worsening debt crisis situation in
Europe.
Weaker Asian currencies against US dollar since early
September dampened raw materials and steel imports. In
the meantime, end users still opted a wait-and-see stance
amid uncertainties in global economy.
Steel purchases by consumers were conducted only for regular business with minimum restocking. Traders expected
weak steel demand and prices to continue until year-end.
Several major steel producers such as ArcelorMittal have planned reduction in production in anticipation of weaker
demand in the fourth quarter.
OPERATIONAL RESULTS
Production of HRC in M9 2011 reached 1,299,224 tons, or 7.2% YoY lower than in M9 2010. Utilization dropped from
94% in M9 2010 to 72% in M9 2011 as the Hot Strip Mill resumed production in April 2011 after passing performance
test following the expansion in capacity from 2.0 million ton/year in 2010 to 2.4 million ton/year in 2011.
HRC production was lower in M9 2011 compared to the same period last year as the Hot Strip Mill was still in trial
process after the revitalization program. The Hot Strip Mill is currently working at full production capacity following the
completion of the revitalization program in early May 2011.
Production of sponge iron and slab steel decreased 2.3% YoY and 12.4% YoY, respectively, in M9 2011 as a result of
limited supply of gas from Pertamina and PGN and of electricity from PLN. Furthermore, the lower slab steel production
was also due to Krakatau Steel’s strategy to optimize profitability by occasionally using imported slab steel at lower
prices.
PT Krakatau Steel (Persero) Tbk - 2
M9 2011 RESULTS
BALANCE SHEET (in billion rupiah)
NERACA
9/30/2011
Unaudited
12/31/2010
Audited
As represented
BALANCE SHEET
ASET
ASET LANCAR
Kas dan setara kas
Investasi jangka pendek
Deposito yang dibatasi penggunaannya
Piutang Usaha - bersih
Piutang lain-lain - bersih
Persediaan - bersih
Uang muka dan biaya dibayar dimuka
Pajak dibayar dimuka
Jumlah Aset Lancar
3,158
90
27
2,240
382
7,373
256
60
13,586
4,194
27
1,184
82
6,550
136
115
12,288
ASSETS
CURRENT ASSETS
Cash & cash equivalents
Short-term investments
Restricted time deposits
Trade receivables (net)
Other receivables (net)
Inventories (net)
Advances and prepaid expenses
Prepaid taxes
Total Current Assets
ASET TIDAK LANCAR
Taksiran tagihan pajak
Investasi pada saham - bersih
Aset pajak tangguhan - bersih
Aset tetap - bersih
Aset lain-lain
Jumlah Aset Tidak Lancar
JUMLAH ASET
333
1,181
26
5,165
439
7,143
20,730
303
311
27
4,389
266
5,296
17,584
NON CURRENT ASSETS
Estimated claims for tax refund
Investments in shares of stock (net)
Deferred tax assets (net)
Fixed Asset (net)
Other assets
Total Non Current Assets
TOTAL ASSETS
LIABILITAS DAN EKUITAS
LIABILITAS LANCAR
Hutang bank jangka pendek
Hutang usaha
Hutang lain-lain
Hutang pajak
Biaya yang masih harus dibayar
Uang muka penjualan dan lainya
Bagian pinjaman jk panjang yg jth tempo 1 th
Bagian liabilities jk panjang yg jth tempo 1 th
Total Current Liabilities
LIABILITAS TIDAK LANCAR
Liabilities pajak tangguhan - bersih
Pinjaman jk panjang stl dikurangi jth tempo 1 th
Liabilities jk panjang stl dikurangi jth tempo 1 th
Liabilities kesejahteraan
Total Non Current Liabilities
TOTAL LIABILITIES
6,069
1,345
133
145
323
594
206
4
8,818
5,137
902
84
86
266
219
234
4
6,931
58
1,089
53
304
1,503
10,321
65
862
47
254
1,228
8,159
SHAREHOLDER'S EQUITY
Modal saham
SHAREHOLDER'S EQUITY
Share capital
nominal Rp.500 (angka penuh) per saham pada tanggal
30 September 2010 dan 31 Desember 2010
nominal Rp.1.000.000 (angka penuh) per saham pada
tanggal 1 Januari 2010/31 Desember 2009
Par valuel Rp.500 (full amount) per share as of September 30, 2011
and December 31, 2010
par value Rp.1,000,000 (full amount) per share as of January 1,
2010/December 31, 2009
Modal dasar
Authorized capital
40.000.000.000 saham pada tahun 2011 dan 2010
8.000.000.000 saham pada 31 Maret 2010
Modal ditempatkan dan disetor penuh
40.000.000.000 shares in 31/3/2011 and 31/12/2010
8.000.000.000 shares in 31 Maret 2010
7,888
7,888
15.775.000.000 saham pada tahun 2011 dan 2010
2.000.000 saham pada 31 Maret 2010
Tambahan modal disetor
Modal disetor lainnya
Selisih transaksi perubahan ekuitas AP
Saldo laba
Dicadangkan
Tidak dicadangkan
Saldo laba, net
Kepentingan Non Pengendali
Equities, net
TOTAL LIABILITIES AND EQUITY
LIABILITIES
Current Liabilities
Short-term bank loans
Trade payables
Other payables
Taxes payable
Accrued expenses
Sales and other advances
Current portion of LT loans
Current portion of LT liability
Total Current Liabilities
NON CURRENT LIABILITIES
Deferred tax liabilities, net
LT loans, net of current portion
LT liabilities, net of current portion
Estimated liabilities for employee benefits
Total Non Current Liabilities
TOTAL LIABILITIES
Issued and fully paid
15.775.000.000 shares in 31/3/2011 dan 31/12/2010
2.000.000 shares in 31 Maret 2010
1,016
1,016
18
18
1,344
(31)
1,313
174
10,409
20,730
1,343
(971)
372
132
9,426
17,584
Additional paid-in capital, net
Other paid-in capital
Difference arising from transactions resulting in change in the
equity of Subsidiary
Retained earnings
Appropriiated
Unappropriated
Retain Earning, net
Non-controlling interest
Equities, net
TOTAL LIABILITIES AND EQUITY
See accompanying notes to consolidated financial statements, which form an integral part of the consolidated financial statements.
PT Krakatau Steel (Persero) Tbk - 3
M9 2011 RESULTS
INCOME STATEMENT (in billion rupiah)
LAPORAN LABA RUGI
Pendapatan bersih
Beban pokok pendapatan
Laba (rugi) kotor
Beban Usaha
Distribusi dan Penjualan
Administrasi
Laba (rugi) operasi
Penghasilan (beban) lain-lain
Laba (rugi) selisih kurs
Beban bunga
Penjualan limbah produksi
Pendapatan bunga
Laba pengalihan aset tetap
Laba pematangan tanah
Lain-lain bersih
Laba sebelum beban (manfaat) pajak
Beban (manfaat) pajak - bersih
Total Pendapatan komprehensif tahun berjalan
Laba Per Saham Dasar dan Dilusian
(dalam Rupiah penuh)
9/30/2011
(Unaudited)
9/30/2010
(Unaudited)
12,654
11,443
1,210
11,877
9,710
2,167
202
758
250
217
683
1,267
41
(207)
66
100
745
51
110
1,156
112
1,044
111
(204)
36
40
140
1,390
379
1,011
66.17
80.13
PROFIT & LOSS STATEMENT
Net Revenues
Cost of Revenues
Gross Profit
Operating Expenses
Distribution and sales
Administration
Income from Operations
Other Income
Gain on foreign exchange
Interest Expense
Sales of waste products
Interest income
Gain on transfer of fixed asset
Gain on site preparation work
Miscelaneous, net
Income Before Tax
Tax Expense (Benefit)
Total comprehensive income for the year
Basic Income Per Share
(in full Rupiah amount)
See accompanying notes to consolidated financial statements, which form an integral part of the consolidated financial statements.
PT Krakatau Steel (Persero) Tbk - 4
Jakarta, December 2011
PT Krakatau Steel (Persero) Tbk.
IDX
: KRAS
Reuters
: KRAS.JK
Bloomberg
: KRAS.IJ
ANNOUNCEMENT OF NINE MONTH 2011 RESULTS
Financial Highlights
Market Capitalization - as of September 30, 2011
(IDR million)
12,462,250
Issued shares - as of September 30, 2011
(million shares)
15,775
Share price (Closing), IDR
1 July 2011
30 September 2011
3 month high
3 month low
1,050
790
1,140
790
Shareholders composition - as of September 30, 2011
Government of Indonesia
80.00%
Public
20.00%
Board of Directors
President Director
Fazwar Bujang
Operations Director
Syahrir Syah Pohan
Finance Director
Sukandar
Marketing Director
Irvan Kamal Hakim
Logistics Director
Yerry
Human Resources Director
Dadang Danusiri
Consolidated Subsidiaries
PT Krakatau Wajatama
PT KHI Pipe Industries
PT Meratus Jaya Iron & Steel
PT Krakatau Daya Listrik
PT Krakatau Tirta Industri
PT Krakatau Bandar Samudera
PT Krakatau Industrial Estate Cilegon
PT Krakatau Engineering
PT Krakatau Information Technology
PT Krakatau Medika
Net revenue in M9 2011 was Rp 12.6 trillion, up 6.5% year-on-year
(YoY), due to a 9.6% increase in average HRC selling price despite
lower sales volume of 1.7% YoY. Average selling prices of other steel
products, except for steel pipes, also increased during the same
period in line with higher raw material prices.
However, gross profit decreased 44.2% YoY as a result of a 17.9%
YoY increase in cost of revenues. The increase in cost of revenues
was due to higher prices of imported pellets by 47% YoY.
EBITDA dropped 57.8% YoY to Rp 741.7 billion, consistent with a
decrease in operating income.
Net income grew 3.2% YoY to Rp 1.0 trillion or equivalent to EPS of
Rp 66 (full amount), as the company booked gain from transfer of
fixed assets in the form of land equivalent to Rp 745.4 billion to PT
Krakatau – POSCO, a joint venture company formed by Krakatau
Steel and POSCO.
The gain from transfer of fixed assets was restated to Rp 745.4 billion
in M9 2011 from Rp 1.09 trillion in H1 2011 mainly because of the
implementation of the Financial Accounting Standards (PSAK) no. 15
in 2011. Since Krakatau Steel has 30% ownership in Krakatau Posco,
the company is only allowed to book 70% of the gain from transfer of
fixed assets according to the PSAK no. 15.
Website
http://www.krakatausteel.com
Investor Relations
Jakarta Office
PT Krakatau Steel (Persero) Tbk.
Gedung Krakatau Steel, lantai 9
Jl. Jend. Gatot Subroto Kav. 54
Jakarta Selatan 12950
Cilegon Office
Gedung ADB, Jl. Industri No. 5 P.O.Box 14
Cilegon, Banten 42435
DISCLAIMER
Phone
Fax
: (+62 21) 5253552
: (+62 21) 5200661
: [email protected]
Phone
Fax
: (+62 254) 372301
: (+62 254) 372303
: [email protected]
This document contains financial conditions and result of operation, and may also contain certain projections, plans,
strategies, and objectives of the Company, which would be treated as forward looking statements within the
meaning of applicable law. Forward looking statements, by their nature, involve risk and uncertainty that could
cause actual results and development to differ materially from those expressed or implied in these statements. PT
Krakatau Steel (Persero) Tbk does not guarantee that any action, which should have been taken in reliance on this
document will bring specific results as expected.
M9 2011 RESULTS
MARKETING RESULTS
Steel market in Q3 2011 remained sentiment-driven.
Efforts by Asian steel makers to raise HRC price in August
were not responded by end users as market sentiment
remained weak due to worsening debt crisis situation in
Europe.
Weaker Asian currencies against US dollar since early
September dampened raw materials and steel imports. In
the meantime, end users still opted a wait-and-see stance
amid uncertainties in global economy.
Steel purchases by consumers were conducted only for regular business with minimum restocking. Traders expected
weak steel demand and prices to continue until year-end.
Several major steel producers such as ArcelorMittal have planned reduction in production in anticipation of weaker
demand in the fourth quarter.
OPERATIONAL RESULTS
Production of HRC in M9 2011 reached 1,299,224 tons, or 7.2% YoY lower than in M9 2010. Utilization dropped from
94% in M9 2010 to 72% in M9 2011 as the Hot Strip Mill resumed production in April 2011 after passing performance
test following the expansion in capacity from 2.0 million ton/year in 2010 to 2.4 million ton/year in 2011.
HRC production was lower in M9 2011 compared to the same period last year as the Hot Strip Mill was still in trial
process after the revitalization program. The Hot Strip Mill is currently working at full production capacity following the
completion of the revitalization program in early May 2011.
Production of sponge iron and slab steel decreased 2.3% YoY and 12.4% YoY, respectively, in M9 2011 as a result of
limited supply of gas from Pertamina and PGN and of electricity from PLN. Furthermore, the lower slab steel production
was also due to Krakatau Steel’s strategy to optimize profitability by occasionally using imported slab steel at lower
prices.
PT Krakatau Steel (Persero) Tbk - 2
M9 2011 RESULTS
BALANCE SHEET (in billion rupiah)
NERACA
9/30/2011
Unaudited
12/31/2010
Audited
As represented
BALANCE SHEET
ASET
ASET LANCAR
Kas dan setara kas
Investasi jangka pendek
Deposito yang dibatasi penggunaannya
Piutang Usaha - bersih
Piutang lain-lain - bersih
Persediaan - bersih
Uang muka dan biaya dibayar dimuka
Pajak dibayar dimuka
Jumlah Aset Lancar
3,158
90
27
2,240
382
7,373
256
60
13,586
4,194
27
1,184
82
6,550
136
115
12,288
ASSETS
CURRENT ASSETS
Cash & cash equivalents
Short-term investments
Restricted time deposits
Trade receivables (net)
Other receivables (net)
Inventories (net)
Advances and prepaid expenses
Prepaid taxes
Total Current Assets
ASET TIDAK LANCAR
Taksiran tagihan pajak
Investasi pada saham - bersih
Aset pajak tangguhan - bersih
Aset tetap - bersih
Aset lain-lain
Jumlah Aset Tidak Lancar
JUMLAH ASET
333
1,181
26
5,165
439
7,143
20,730
303
311
27
4,389
266
5,296
17,584
NON CURRENT ASSETS
Estimated claims for tax refund
Investments in shares of stock (net)
Deferred tax assets (net)
Fixed Asset (net)
Other assets
Total Non Current Assets
TOTAL ASSETS
LIABILITAS DAN EKUITAS
LIABILITAS LANCAR
Hutang bank jangka pendek
Hutang usaha
Hutang lain-lain
Hutang pajak
Biaya yang masih harus dibayar
Uang muka penjualan dan lainya
Bagian pinjaman jk panjang yg jth tempo 1 th
Bagian liabilities jk panjang yg jth tempo 1 th
Total Current Liabilities
LIABILITAS TIDAK LANCAR
Liabilities pajak tangguhan - bersih
Pinjaman jk panjang stl dikurangi jth tempo 1 th
Liabilities jk panjang stl dikurangi jth tempo 1 th
Liabilities kesejahteraan
Total Non Current Liabilities
TOTAL LIABILITIES
6,069
1,345
133
145
323
594
206
4
8,818
5,137
902
84
86
266
219
234
4
6,931
58
1,089
53
304
1,503
10,321
65
862
47
254
1,228
8,159
SHAREHOLDER'S EQUITY
Modal saham
SHAREHOLDER'S EQUITY
Share capital
nominal Rp.500 (angka penuh) per saham pada tanggal
30 September 2010 dan 31 Desember 2010
nominal Rp.1.000.000 (angka penuh) per saham pada
tanggal 1 Januari 2010/31 Desember 2009
Par valuel Rp.500 (full amount) per share as of September 30, 2011
and December 31, 2010
par value Rp.1,000,000 (full amount) per share as of January 1,
2010/December 31, 2009
Modal dasar
Authorized capital
40.000.000.000 saham pada tahun 2011 dan 2010
8.000.000.000 saham pada 31 Maret 2010
Modal ditempatkan dan disetor penuh
40.000.000.000 shares in 31/3/2011 and 31/12/2010
8.000.000.000 shares in 31 Maret 2010
7,888
7,888
15.775.000.000 saham pada tahun 2011 dan 2010
2.000.000 saham pada 31 Maret 2010
Tambahan modal disetor
Modal disetor lainnya
Selisih transaksi perubahan ekuitas AP
Saldo laba
Dicadangkan
Tidak dicadangkan
Saldo laba, net
Kepentingan Non Pengendali
Equities, net
TOTAL LIABILITIES AND EQUITY
LIABILITIES
Current Liabilities
Short-term bank loans
Trade payables
Other payables
Taxes payable
Accrued expenses
Sales and other advances
Current portion of LT loans
Current portion of LT liability
Total Current Liabilities
NON CURRENT LIABILITIES
Deferred tax liabilities, net
LT loans, net of current portion
LT liabilities, net of current portion
Estimated liabilities for employee benefits
Total Non Current Liabilities
TOTAL LIABILITIES
Issued and fully paid
15.775.000.000 shares in 31/3/2011 dan 31/12/2010
2.000.000 shares in 31 Maret 2010
1,016
1,016
18
18
1,344
(31)
1,313
174
10,409
20,730
1,343
(971)
372
132
9,426
17,584
Additional paid-in capital, net
Other paid-in capital
Difference arising from transactions resulting in change in the
equity of Subsidiary
Retained earnings
Appropriiated
Unappropriated
Retain Earning, net
Non-controlling interest
Equities, net
TOTAL LIABILITIES AND EQUITY
See accompanying notes to consolidated financial statements, which form an integral part of the consolidated financial statements.
PT Krakatau Steel (Persero) Tbk - 3
M9 2011 RESULTS
INCOME STATEMENT (in billion rupiah)
LAPORAN LABA RUGI
Pendapatan bersih
Beban pokok pendapatan
Laba (rugi) kotor
Beban Usaha
Distribusi dan Penjualan
Administrasi
Laba (rugi) operasi
Penghasilan (beban) lain-lain
Laba (rugi) selisih kurs
Beban bunga
Penjualan limbah produksi
Pendapatan bunga
Laba pengalihan aset tetap
Laba pematangan tanah
Lain-lain bersih
Laba sebelum beban (manfaat) pajak
Beban (manfaat) pajak - bersih
Total Pendapatan komprehensif tahun berjalan
Laba Per Saham Dasar dan Dilusian
(dalam Rupiah penuh)
9/30/2011
(Unaudited)
9/30/2010
(Unaudited)
12,654
11,443
1,210
11,877
9,710
2,167
202
758
250
217
683
1,267
41
(207)
66
100
745
51
110
1,156
112
1,044
111
(204)
36
40
140
1,390
379
1,011
66.17
80.13
PROFIT & LOSS STATEMENT
Net Revenues
Cost of Revenues
Gross Profit
Operating Expenses
Distribution and sales
Administration
Income from Operations
Other Income
Gain on foreign exchange
Interest Expense
Sales of waste products
Interest income
Gain on transfer of fixed asset
Gain on site preparation work
Miscelaneous, net
Income Before Tax
Tax Expense (Benefit)
Total comprehensive income for the year
Basic Income Per Share
(in full Rupiah amount)
See accompanying notes to consolidated financial statements, which form an integral part of the consolidated financial statements.
PT Krakatau Steel (Persero) Tbk - 4