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PT Angkasa Pura II Efficiency Program in the Middle of a Pandemic Is Running Effectively

06 Oct 2020

Jakarta - PT Angkasa Pura II (Persero) is facing the challenges of the COVID-19 pandemic by implementing a Business Survival strategy.
The Business Survival Strategy, which has been activated since April 2020 until now, has three programs, namely cost leadership, adjustment to capital expenditures (capex disbursement) and tightening cash flow management.
Until now, the three programs are running as expected and until Q3 / 2020 this has had an impact on the company's EBITDA performance which is still positive.
Through the cost leadership program, the savings made by PT Angkasa Pura II during January - September 2020 could reach around Rp1.8 trillion from the company's business cost allocation in the 2020 RKAP.
"From the operational cost budget that was prepared at the beginning of this year, we were able to save around IDR 1.8 trillion. Savings is one of the keys in facing the challenges of the COVID-19 pandemic, ”explained President Director of PT Angkasa Pura II Muhammad Awaluddin.
For example, the savings made by the company at 19 airports are the use of water and electricity. Throughout April - September 2020, the company can save water consumption by up to 56% from what was budgeted at the beginning of the year, meanwhile, electricity use can be saved by 42.75%.
As for Soekarno-Hatta Airport, efficiency is made by adjusting operational patterns. Currently Soekarno-Hatta Airport operates to serve travelers in Terminal 2D, 2E and Terminal 3. Meanwhile, seeing the existing flight trends, Terminal 1 and Terminal 2F are not serving flights for a while.
In general, this year's budget can be saved from operational efficiency for non-priority facilities. On the other hand, priority facilities for 3S + 1C compliance remain fully operational.
"Adjustments to operational patterns are carried out at PT Angkasa Pura II airports by still paying attention to aspects of service, security and flight safety," explained Muhammad Awaluddin.
Capex disbursement
Muhammad Awaluddin said the company's capex disbursement program was also running smoothly. Through this program, the capex which was set at IDR 7.8 trillion at the beginning of this year was reduced to only IDR 712 billion.
This year's Capex will only focus on multi-year projects, maintenance of facilities to ensure security, safety, service, and planning for the design of Terminal 4 at Soekarno-Hatta Airport.
Then, PT Angkasa Pura II also focuses on cash flow management by paying attention to and balancing cash in and cash out flows.
Pefindo gave idAAA Rating with a negative outlook
The Business Survival strategy through cost leadership, capex disbursement and cash flow management carried out by PT Angkasa Pura II in facing the challenges of COVID-19 received a positive response from PT Pemeringkat Efek Indonesia (Pefindo).
Pefindo gave an idAAA rating with a negative outlook for the period 10 September 2020 to 1 September 2021 for PT Angkasa Pura II, based on unaudited financial reports as of 30 June 2020 and audited financial reports as of 31 December 2019.
Pefindo stated, “An obligor rated idAAA is the highest rating assigned by Pefindo. The obligor's ability to meet its long-term financial commitments, relative to other Indonesian obligors, is superior. "
PT Angkasa Pura II Director of Finance Wiweko Probojakti said PT Angkasa Pura II as a bond issuer will always maintain the confidence of bondholder investors.
In August 2020, PT Angkasa Pura II listed sustainable bonds I AP II second phase 2020 worth IDR 2.25 trillion on the Indonesia Stock Exchange (IDX). The listing of these bonds is the company's effort to strictly implement cash flow management.
"Through the Business Survival program which runs effectively in the midst of a pandemic, all 19 airports of PT Angkasa Pura II can continue to operate by implementing health protocols so that we can help maintain Indonesia's air connectivity," explained Wiweko Probojakti.