Material Information or Facts- Report Plan on Business Segments Separation on Bulk Carrier Transportation Business

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Continue to develop a diversified portfolio towards a sustainable business

Jakarta, August 12, 2021 – PT Pelita Samudera Shipping Tbk (IDX code: “PSSI”), a logistics and marine transportation solution provider of integrated coal and mineral transportation, released its Financial Report for the six-month period ended June 30, 2021 (6M-2021).

The continued global economic recovery led to strong demand for logistics services in the first half of 2021. In such situations, Pelita Samudera Shipping showed outstanding financial performance with all business segments generating revenues that exceeded the previous year

Net Profit for the Period increased to US$7.2 million, up 149% or US$4.3 million, compared to Net Profit for the period 6M-2020 of US$2.9 million. The Bulk Ship (MV) segment contributed US$3.5 million in profit, followed by the Floating Loading Facility (FLF/FC) segment with US$2.4 million, and the tug &barge segment (TNB) with US$1.3 million. EBITDA as of June 31, 2021, was recorded at US$16.5 million, up 3%from US$12.4 million in the first half of 2020.

The increasing demand for coal in China and other countries also boosted the Company’s overall business performance. Furthermore, the Company also continues to diversify its business in the non-coal transportation sector, such as bauxite and nickel, and focus on business sustainability, including broader expansion into international markets.

Throughout 6M 2021, Pelita Samudera Shipping posted Revenue of US$45.7 million, an increase of 29% or US$10.1 million from US$35.5 million in the same period in 2020.

The TNB segment accounted for the highest operating income in Semester 1 2021 with a total of US$17.2 million, an increase of 23% from 6M-2020. US$4.5 million of which came from time charter income which increased significantly by 1668%or US$4.3 million compared to TC Semester 1 2020 revenue of US$256 thousand. The utilization of TNB used for TC resulted in a decrease in the number of transport volumes, but fleet utilization managed to reach a high stable at 93.7%.

The MV segment contributed significantly to the increase in revenue in Semester 1 2021. Total operating income was US$14 million, up 22% or US$11.5 million (YoY). With utilization reaching 100%, all MV owned by Pelita Samudera has been leased for long, medium- and short-term contracts to serve the domestic and international markets. Two SUPRAMAX-sized MV are leased to transport coal from Kalimantan to Sulawesi. While four MV size Handysize leased futures to transport coal to China, Japan and expansion into CIS Russia and the Persian Gulf. Total revenue from mv segment futures was US$9.6 million, the highest of any other segment for Time Charter revenue. This achievement doubled from the same period last year, of US$4.9 million.

The FLF/FC segment also contributed positively to the increase in 1st Semester revenue. Thanks to long-term contracts previously secured for 2021, up to June total haul volume reached 10.6 million metric tons, up 47% or 3.4 million metric tons from First Half 2020. In addition to coal cargo, in Semester 1 2021, FLF/FC was also recorded to transport more than 817 thousand metric tons of bauxite cargo from Kalimantan. FLF utilization was also better 9.8%from 63.6%in 6M-2020, to 73.4% in First Semester 2021. Total revenue from this segment reached US$14.4 million, an increase of 44% from US$10 million Year-on-Year.

With the increase in the Company’s revenue, the increase in the cost of basic income includes repair costs, the purchase of ship parts, and the cost of ship rental. The total cost of revenue in the first semester of 2021 was recorded at US$32.5 million, an increase of only 13% or US$3.9 million from the same period in 2020 of US$28.7 million. Operating expenses increased 12% (YoY) from US$2.8 million to US$3.1 million for employee expenses and service fees.

In 6M 2021, the Company recorded Solid Financial Performance with a Healthy Balance Sheet Position in the Midst of the Pandemic. Cash, and cash equivalents, and other financial assets were recorded at $12.2 million, up 39% from the same period in 2020. A large amount of cash flow was used for bank loan payments totaling US$10.2 million. As well as payments for the purchase of two tugboats, and maintenance of assets of US$5.2 million. As of June 3, 2021, the Company’s total current and non-current assets were recorded at US$147.2 million, unchanged from December 31, 2020. The value is well above the Company’s Total Liabilities of US$47.9 million. While the Company’s Equity until Semester 1 2021 was recorded at US$99.2 million, up 5% from US$94 million on December 31, 2020, partly thanks to a 12% increase in profit balance from US$39.4 million in Semester 1 2020 to US$44 million in Semester 1 2021. The increase in Net Profit at the end of June 2021 raised return on Invested Capital (ROIC) to 5.74%, Return on Asset (ROA) 4.93%, and Return on Equity (ROE) 7.31%.

Iriawan Alex Ibarat, President Director of PT Pelita Samudera Shipping Tbk, said “Throughout 6M 2021 the Company managed to record a solid performance, achieving, even exceeding business targets and successfully diversifying its business. The high demand for coal in international markets, including China and the domestic market, has increased the demand for PSS ships to be chartered for coal transportation, which contributed to the increase in the Company’s Net Profit. The global economic situation due to the pandemic is still quite challenging, spurring the Company to be more adaptive and not rely on coal transportation solely in seeing business opportunities so that business can be sustainable.

Since 2019, Pelita Samudera Shipping has diversified its business outside the coal transportation cargos. “For 2021, the Company targets 30% of revenues from the non-coal sector and will continue to be improved. We are currently continuing to grow our diversified portfolio,” he said.

Alex added that the current recovery of health during the COVID-19 pandemic is a key aspect of the overall national economic recovery process. “Since the beginning of the pandemic, Pelita Samudera continues to contribute through various initiatives to ensure its human resources are healthy,” he explained. Vaccination programs throughout the operational area with a total of almost 100% of employees have been vaccinated and the entire crew is in the vaccination program stage.

(Information on PSSI’s financial position as of June 30, 2021, based on Unaudited Financial Statements)


prepared by Corporate Communication

PSS Supports the Extension of the Indonesian Government Policy on Restrictions on Community Activities (PPKM) and Focus Internal Employee’s Well-being as Priority

PT Pelita Samudera Shipping Tbk fully supports the Indonesian Government policy on the implementation of the Emergency Restrictions on Community Activities (PPKM).

Although PSSI’s line of business is included in the critical sector of logistics and transportation that is allowed to work from an office (WFO) 100%, the Company implemented a 75% Work From Home (WFH) scheme for its employees during the Emergency Restriction.

The 75% WFH policy is excluded if there is work to be done by employees to support the Company’s operational activities, including activities in the framework of services to third party or government, financial documentation, health care while implementing strict, consistent, and disciplined health protocols. For Employee who is WFO, every employee, without exception, is required to conduct antigen tests independently before entering the work area. The Company provides Antigen Abbot Panbio Antigen Nasal test devices. And only employees with negative antigen results are allowed to WFO.

Panbio™ COVID-19 Ag Rapid Test tool is a lateral flow test tool for the qualitative rapid detection of the SARS-CoV-2 virus. Panbio COVID-19 Ag marked CE, has received an Emergency Use Listing (EUL) or Emergency Use List from the World Health Organization (WHO) and has certainly had a circulation permit from the Ministry of Health until it meets the terms of use set by the Ministry of Health. The rapid test of Abbott Panbio Nasal Antigen does not require instrumentation and gives results of about 15 minutes. The Panbio COVID-19 Ag test has been widely used in Europe, Asia, and Africa. The results of a clinical study by Abbott of 585 samples showed that the Panbio COVID-19 Ag test had a sensitivity (positive match) of 98.1% and specificity (negative match) of 99.8% in people suspected of exposure to COVID-19 or experiencing symptoms due to the virus in the last seven days.

Meanwhile, based on data as of July 2021, the realization on the number of employees who have been vaccinated reached 97 employees or reached 91.5%, consisting of 51 employees at the Jakarta Head Office, 36 employees at the Samarinda representative office, 4 employees in Berau, and 6 employees in Kendari. Some of the employees are not yet vaccinated due to pregnancy and some others are still in treatment for illness or in the recovery process. The Company facilitates the provision of COVID-19 vaccine to employees through several cooperations including with the Maritime Occupational Health Center (BKKP) Directorate of the Sea Transportation Ministry of Transportation. This is done to ensure the acceleration of vaccine fulfillment for all employees.

President Director of PSSI, Iriawan Alex Ibarat said “We believe that vaccination is one of the efforts to protect employees by breaking the chain of transmission of COVID-19 in the Company’s environment, while still complied by the application of health protocols in a disciplined manner through 3T (testing, tracing, treatment) and 5M programs, namely wearing masks, maintaining distance, washing hands, avoiding crowds and reducing mobility. In this PPKM period, we focus on internal employee’s well-being as a priority. ”

In addition, since the start of the pandemic in March 2020, the Company routinely provides antigen swab tests every month and PCR swab tests to monitor the health condition and status of its employees and crew. To provide additional protection, the Company also provides masks, multivitamin packages, hand sanitizer, lunch packages so that employees do not have to go outside the office and provide mica partitions on employees’ work desks to disinfect the room periodically.

The prevention and control of the COVID-19 virus is part of the Company’s Business Sustainability Plan. The Company’s COVID-19 Task Force team, with members from the head office and representative operations offices, regularly holds meetings and conducts strict monitors of all employees, fleets, and crew.