Passing 2020, Cikarang Listrindo Succeeded
Public News|April 29, 2021
Jakarta, April 29, 2021 - In the midst of the challenging situation due to the COVID-19 pandemic, PT Cikarang Listrindo Tbk (IDX: POWR) (“the Company”) adapted and committed to “Navigating Through Challenges”, by undertaking mitigation actions to ensure that the business operations keep running properly; preserve reliable electricity supply to customers; and prioritize the health and safety of its employees through implementation of strict Health Protocols for its operational activities.
In 2020, the Company was able to achieve an availability factor of 95.2%, which is above the Company’s target of 95.0%. The high availability factor indicates the very high quality of operations that are well-maintained.
The Company has successfully increased the energized capacity of the industrial estate customers by 2.6% from 1,111MVA in 2019 to 1,140 MVA in 2020. The number of industrial estate customers in 2020 increased to 2,495 customers from previously 2,464 customers in 2019. This increase reflects the high confidence and optimism from industry players in the future economic prospects. Besides, the low churn rate and bad debt level at 0.7% and 0.1% respectively, reflect the high satisfaction of the Company’s customers in 2020.
The Company recorded electricity sales of 3,779GWh, below the electricity sales in 2019 of 5,155GWh. The decrease in electricity sales was due to the expiration of 1st PPA contract with PLN of 150MW in early 2020 and decrease in electricity sales to the industrial customers which was affected by decreasing electricity consumption due to COVID-19 pandemic as the industry reduced the operational hours of their manufacturing activity throughout 2020. Despite electricity sales volume decreased in 2020, the Company was still able to preserve a good financial performance, reflected in the robust gross profit margin of 40.8% and EBITDA margin of 40.5% in 2020.
The Company performance were appreciated by the international rating agencies, Moody’s and S&P that affirmed the Company’s rating of Ba2 with a positive outlook and BB+ with a stable outlook in 2020 and was also appreciated by Bisnis Indonesia, which the Company was awarded “Resilience in Pandemic” in the energy category in Bisnis Indonesia Award 2020 during last December 2020.
Throughout 2020, the Company also succeeded in strengthening its renewable energy line through an additional 150kWp solar rooftop on the customer’s roof with total installed capacity as of 31 December 2020 increased to 402.5kWp, and the use of biomass energy in the CFB boilers totaling to 1,403 tons Palm Kernel Shell or equivalent to 2,271MWh of electric power. Besides, the Company adopted early the OJK regulation No. 51/POJK.03/2017 concerning the Application of Sustainable Finance for Financial Service Institutions, Issuers and Public Companies, by issuing a separate Sustainability Report.
In the Sustainability Report as of 31 December 2020, the Company has implemented ISO 14064:1-2018 standard on the calculation and validation of Green House Gases (GHG) emissions by a third party, and prepared a GCG emission plan. The Company also maintained its commitment to continually contribute to the community by supporting the government in handling COVID-19.
As a form of the Company concern in supporting the government, since March 2020, the Company has aided 15 ventilators, 499,420 personal protective equipment that consisted of 6,170 hazmat suits, 8,150 face shields, and 485,100 medical masks, 1,000 rapid test kits, and movable handwashers. The Company also participated in the shelter program for hospital staff in Jakarta and other health aids.
For the CSR commitment, on September 23, 2020, the Company was awarded as the best CSR in the infrastructure, utilities and transportation category, subsector energy at the “CSRxPKBL Awards 2020” organized by Warta Ekonomi.
Sources: Warta Ekonomi (English version translated by the Company)
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