JAKARTA, 16 March 2017 – PT Aneka Gas Industri, Tbk. (“AGII”) today released audited financial statements for the year ended on 31 December 2016.
Financial Highlights and Operational Indicators
AGII generated higher net revenue for the full year ended on December 31, 2016 of Rp224.695 million or around 15.75% to Rp1,651,136 million from Rp1,426,441 million for the full year ended on December 31, 2015. This higher net revenue was mainly due to the increase in gas product sales of Rp181,660 million or around 13.87% to Rp1,490,983 million that derived from volume growth of around 17.27%. Sales price of industrial gas throughout 2016 declined as a result of the impact from the product mix. However, equipment and services sales increased by Rp43,035 million or 36.75% to Rp160,153 million. This sales increase respectively derives from the start of operations from new plants in Java and outside of Java, thereby increasing the Company’s installed capacity volume by 29% (compared to that in 2015) as well as the rising demand from the medical sector in line with equipment installation associated with medical gases. The sales growth contribution in 2016 was mostly backed by the medical, infrastructure as well as the consumer goods sector, which accounted for around 25%-30% compared to 2015.
As a result of the significant sales growth, the Company also registered improved profitability ratios, namely in terms of its gross profit margin, EBITDA margin, EBIT margin and net profit margin for the year, which was respectively at 46.24%, 32,91%, 20.68%, and 3.89%.
The Company’s solvency ratio improved in 2016 compared to the previous year, which was caused by the Company’s total loans that registered a net decrease of Rp295 billion to Rp2,221,785 million thereby the Interest-bearing Debts/Equities ratio and Net Debts/Equities ratio as well as Interest-bearing Debt to EBITDA and Net Interest-bearing Debt to EBITDA improved respectively to 0.95x, and 0.78x as well as 4,71x and 3,84x. As a result, the Company still has ample room to utilize additional loans based on the financial covenants contained in our bank’s loan facility to date.
About PT Aneka Gas Industri Tbk:
PT Aneka Gas Industri Tbk (“AGII”), is the largest industrial gas company in Indonesia and is engaged in four business lines, namely: 1) industrial gas production, 2) industrial gas trading, 3) industrial gas equipment trading and 4) industrial gas equipment installation.
AGII is publicly listed on the Indonesian Stock Exchange and is majority owned by the Samator Group.
As of 31 December 2016, AGII had 44 industrial gas plants and 80 filling stations in 22 provinces across Indonesia.
For more information, please contact :
Rachmat Harsono – Aneka Gas Industri
Tel: (62-21) 8370 9111
Tel: (62-21) 8370 9111 ext. 117
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IFC’s investment will support the development of the company’s new industrial gas plants and distribution facilities in Indonesia in Java, Sumatra, Kalimantan, Sulawesi, Bali and West Nusa Tenggara. Aneka Gas is officially listed on the Indonesia Stock Exchange (IDX) on Sept. 28. The company raised Rp 843 billion, lower than its initial IPO target of Rp 989 billion, and will use proceeds derived to expand its business and working capital and repay outstanding debts.
Aneka Gas expects to have 200 filling stations in 35 provinces by 2020. It now has 80 filling stations in 22 provinces.
“As the only industrial gas player with a nationwide distribution network, Aneka Gas is competitively positioned to take advantage of the growing demand throughout Indonesia, especially in underdeveloped provinces,” Aneka Gas executive vice president, Rachmat Harsono, said.
Aneka Gas claims to control 30 percent of the country’s business sector. It also dominates the healthcare market controlling 75 percent of the industry by supplying gas for medical purposes and related equipment to hospitals and health care facilities.
“Businesses supporting consumer and small and medium-sized enterprises, [or SMEs], are key drivers of job creation and growth for the economy, particularly in less developed frontier regions,” IFC’s country manager for Indonesia, Azam Khan, said in a statement on Wednesday (05/10).
Aneka Gas is the part of Samator Group established in 1975 in Surabaya, East Java. The company produces and distributes gases — ranging from oxygen, nitrogen and rare gas like xenon to fuel natural gas — widely used in a range of sectors including healthcare, construction, metallurgy, petrochemical and electronics.
IFC was established in Indonesia in 1968 and provided funds over $6.6 billion to finance private sector projects in the country over the past 47 years.
One of its biggest financing projects involved syndicated loans of more than $500 million last year to a chemical manufacturing company, Panca Amara Utama, for the development of an ammonia plant on Sulawesi island.
IFC also provides advisory services to the government and businesses on various projects in Indonesia, focused on promoting sustainable urbanization in Indonesia, reducing the impact of climate change and increasing income for rural citizens.
Industrial gas producer Aneka Gas Industri (AGI) aims to benefit from the government’s efforts to boost infrastructure development nationwide by supplying gas to at least eight industrial sectors and developing hundreds of filling stations across the country following its initial public offering (IPO).
“Within the past three years, we have been expanding our business in accordance with the government’s effort to boost national development,” AGI vice president director Rachmat Harsono said in Jakarta recently.
“It’s still going to be the same, as we will keep serving eight industrial sectors by supplying various types of gases, like oxygen and nitrogen.”
AGI — a subsidiary of the diversified Samator Group that produces atmospheric gases, fuel gases and synthetic gases — has seen surging demand from various sectors recently, including transportation, construction and agriculture.
The development of basic infrastructure facilities has become one of the government’s top priorities to resolve the country’s inefficient logistics system and acute distribution bottlenecks that have seriously hampered economic development.
Earlier this year, the government issued two legal bases to expedite 225 projects listed as “national strategic projects” and a mega power plant project.
They comprise 225 projects across 13 sectors, such as railways and toll roads. The projects will receive special backing and attention from the government, as stipulated by a presidential regulation.
Rachmat said 36 percent of AGI’s revenue came from sales of its packaged gases, while 21 percent from the medical sector, 20 percent from the consumer goods sector, 14 percent from the infrastructure sector and the rest from other manufacturing sectors.
“Nitrogen is used to produce a high-grade precast concrete used for constructing tunnels, bridges and even the MRT [mass rapid transit] system. Meanwhile, oxygen can be used for combustion systems in smelters and also to produce steel,” Rachmat said.
Data from publicly listed concrete maker Waskita Beton Precast (WSBP) shows that the national demand for concrete is around 20 million to 25 million tons per year.
Moreover, Rachmat claimed that 80 percent of all hospitals across the country had ordered AGI’s oxygen products. The company also supplies carbon dioxide for carbonated drinks and nitrogen for snack packages.
AGI was officially listed on the Indonesia Stock Exchange’s (IDX) trading board on Wednesday, pocketing Rp 830 billion (US$64.08 million) in IPO proceeds, lower than the initial target of Rp 989 billion.
It has allocated 40 percent of the funds to pay internal debt, with another 40 percent for expansion and the remaining 20 percent for working capital. The expansion is aimed at increasing the number of its filling stations to 200 units by 2020 from 80 at present.
AGI currently operates 44 plants in 80 cities across 22 provinces and claims a 30 percent market share in the industry. It aims to book Rp 1.68 trillion in revenue this year, a 20 percent increase from Rp 1.4 trillion in 2015.
After the share sale, Samator group retains a 70 percent ownership of AGI. Aside from the gas business, the group controls several other companies in the real estate, automotive, chemical industry and financial services sectors.