PT. CHANDRA ASRI PET

TPIA
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PT Chandra Asri Petrochemical Tbk : Interim Financial Statements-Jun 30, 2020 (Ads)

07/26/2020 | 10:35pm

Head Office :

Wisma Barito Pacific Tower A, 7th Floor

Jl. Let. Jend. S. Parman Kav. 62-63

Jakarta 11410

Phone : (021) 5307950 Fax : (021) 5308930

PT CHANDRA ASRI PETROCHEMICAL TBK AND ITS SUBSIDIARIES

The Indonesia's Leading and Preferred Petrochemical Company

Plant :

Jl. Raya Anyer Km. 123

Ciwandan, Cilegon, Banten

Phone : (0254) 601501 Fax : (0254) 601838/843

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

June 30, 2020 and December 31, 2019

(Expressed in US$ '000, unless otherwise stated)

ASSETS

June 30,

December 31,

LIABILITIES AND EQUITY

June 30,

December 31,

2020

2019

2020

2019

CURRENT ASSETS

CURRENT LIABILITIES

Cash and cash equivalents

648,998

660,158

Short-term bank loan

70,000

72

Restricted cash in banks

2,928

3,146

Trade accounts payable

Related parties

25,927

23,181

Trade accounts receivable

Third parties

461,968

654,214

Related parties

8,394

25,913

Other accounts payable

7,156

19,755

Third parties - net of allowance for

Taxes payable

2,424

3,988

Accrued expenses

7,333

10,209

impairment losses of US$ 118 thousand

Customer advances

8,584

4,496

at June 30, 2020 and December 31, 2019

82,531

135,555

Current maturities of long-term liabilities:

64,688

57,256

Other accounts receivable

6,646

8,067

Bank loans

Bonds payable

17,480

10,791

Inventories - net of allowance for decline in value of

Total Current Liabilities

665,560

783,962

US$ 9,141 thousand at June 30, 2020

NONCURRENT LIABILITIES

and December 31, 2019

245,654

292,583

Deferred tax liabilities - net

95,057

140,927

Prepaid taxes

134,586

155,018

Long-term liabilities - net of current maturities:

Other current assets

104,396

108,684

Bank loans

307,383

267,230

Bonds payable

482,039

452,508

Total Current Assets

1,234,133

1,389,124

Derivative financial liabilities

8,854

3,509

Post-employment benefits obligation

39,288

39,631

Decommissioning cost

2,452

2,452

NONCURRENT ASSETS

Total Noncurrent Liabilities

935,073

906,257

Investment in an associate

-

-

TOTAL LIABILITIES

1,600,633

1,690,219

Advances for purchase of property, plant and

EQUITY

equipment

52,929

64,462

Equity attributable to owners of the Company

Derivative financial assets

-

136

Capital stock - Rp 200 par value per share

Claims for tax refund

6,586

6,776

Authorized - 61,323,928,320 shares

Issued and fully paid -

Restricted cash in banks

4,572

4,572

17,833,520,260 shares

380,947

380,947

Property, plant and equipment - net of

Additional paid-in capital

459,075

459,075

accumulated depreciation of

Other comprehensive income

(7,845)

(2,991)

Retained earnings

US$ 1,506,153 thousand at June 30, 2020

Appropriated

22,939

22,939

(December 31, 2019 : US$ 1,455,180 thousand)

2,026,308

1,983,188

Unappropriated

865,714

895,570

Other noncurrent assets

2,331

2,953

Total equity attributable to owners of

Total Noncurrent Assets

2,092,726

2,062,087

the Company

1,720,830

1,755,540

Non-controlling interests

5,396

5,452

TOTAL EQUITY

1,726,226

1,760,992

TOTAL ASSETS

3,326,859

3,451,211

TOTAL LIABILITIES AND EQUITY

3,326,859

3,451,211

Notes:

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six-months period ended June 30, 2020 and 2019

(Expressed in US$ '000, unless otherwise stated)

June 30,

2020

2019

NET REVENUES

841,436

1,053,661

COST OF REVENUES

852,634

920,631

GROSS PROFIT (LOSS)

(11,198)

133,030

Selling expenses

(19,956)

(22,807)

General and administrative expenses

(16,484)

(17,892)

Finance costs

(31,258)

(30,299)

Gain on derivative financial instruments

1,450

3,163

Share in net loss of an associate

-

(8,507)

Loss on foreign exchange - net

(8,805)

(2,287)

Other gains and losses - net

10,469

1,043

PROFIT (LOSS) BEFORE TAX

(75,782)

55,444

INCOME TAX BENEFIT (EXPENSE) - NET

45,870

(22,100)

PROFIT (LOSS) FOR THE PERIOD

(29,912)

33,344

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified subsequently

to profit or loss:

Remeasurement of defined benefits

obligation, net of tax

-

(1,114)

Items that may be reclassified subsequently

to profit or loss:

Hedging instrument entered into for

cashflow hedge

(4,854)

-

Net fair value gain on available-for-sale

financial assets

-

928

Foreign currency translation adjustment

-

144

Total other comprehensive income for the period,

net of tax

(4,854)

(42)

TOTAL COMPREHENSIVE INCOME (LOSS)

FOR THE PERIOD

(34,766)

33,302

PROFIT (LOSS) FOR THE PERIOD

ATTRIBUTABLE TO:

Owners of the Company

(29,856)

32,919

Non-controlling interests

(56)

425

Profit (loss) for the period

(29,912)

33,344

TOTAL COMPREHENSIVE INCOME (LOSS)

FOR THE PERIOD ATTRIBUTABLE TO:

Owners of the Company

(34,710)

32,757

Non-controlling interests

(56)

545

Total Comprehensive Income (Loss)

For the Period

(34,766)

33,302

BASIC EARNINGS (LOSS) PER SHARE

(In full U.S. Dollar amount)

(0.0017)

0.0018

CONSOLIDATED STATEMENTS OF

CASH FLOWS

For the six-months period ended June 30, 2020 and 2019

(Expressed in US$ '000, unless otherwise stated)

June 30,

2020

2019

CASH FLOWS FROM OPERATING

ACTIVITIES

Cash receipts from customers

946,732

1,066,413

Cash paid to:

Suppliers, Directors and employees

(1,021,454)

(1,107,103)

Cash generated from operations

(74,722)

(40,690)

Tax restitution received

-

34,206

Payment of income taxes

(12,168)

(35,640)

Net Cash Used in Operating Activities

(86,890)

(42,124)

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisitions of property, plant and equipment

(69,961)

(106,785)

Payment of advance for purchase of property,

plant and equipment

-

(45,218)

Placement on other current financial assets

-

(12,199)

Withdrawal on other current financial assets

12,141

-

Withdrawal of restricted cash in banks

211

16,685

Interest received

3,877

3,995

Net Cash Used in Investing Activities

(53,732)

(143,522)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from bonds payable

54,713

51,807

Proceeds from short-term bank loans

95,000

-

Payment of short-term bank loans

(25,072)

-

Dividend payment:

The Company

-

(25,698)

Subsidiary

(686)

(869)

Payment of long-term bank loans

(29,635)

(36,588)

Interest and financial charges paid

(30,048)

(25,865)

Payment of transaction costs

(2,105)

(4,970)

Payment of bonds payable

(12,000)

-

Proceeds from long-term bank loans

79,295

150,068

Net Cash Provided by Financing Activities

129,462

107,885

NET DECREASE IN CASH

AND CASH EQUIVALENTS

(11,160)

(77,761)

CASH AND CASH EQUIVALENTS AT

BEGINNING OF PERIOD

660,158

726,714

CASH AND CASH EQUIVALENTS AT

END OF PERIOD

648,998

648,953

  1. The above financial information as of June 30, 2020 (unaudited) was derived from the interim consolidated financial statements and December 31, 2019 was derived from the consolidated financial statements which have been audited by Public Accounting Firm Imelda & Rekan (affiliate of Deloitte South East Asia Ltd., a member of Deloitte Asia Pacific Limited and Deloitte Network), which expressed an unmodified opinion with an other matters paragraph.
  2. Basic earnings per share is calculated based on weighted average number of shares of 17,833,520,260 shares as of June 30, 2020 and December 31, 2019.

Jakarta, July 27, 2020

PT CHANDRA ASRI PETROCHEMICAL TBK

Board of Directors

Jakarta Pos, 6 Klm x 260 mm

Disclaimer

PT Chandra Asri Petrochemical Tbk published this content on 27 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2020 02:35:11 UTC

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