JAKARTA - Angkasa Pura Airports was optimistic that the company’s financial performance will recover in 2022 amid financial performance pressure due to the impact of the pandemic since 2020. This was indicated by a positive cash flow target of Rp1.15 trillion and positive earnings before interest, taxes, depreciation, and amortization or EBITDA of Rp1.56 trillion.
“Angkasa Pura Airportsis experiencing financial performance pressure due to a decrease in passenger traffic as a result of the Covid-19 pandemic. In the midst of the pandemic, Angkasa Pura Airportsmust also face the obligation to repay loans used to develop various airports in order to solve the lack of capacity issue. However, in January 2022, Angkasa Pura Airportswill carry out a restructuring program and is optimistic that it can help restore performance in 2022 as indicated by a positive cash flow of Rp1.15 trillion and a positive EBITDA of Rp1.56 trillion,” AP I’s President Director, Faik Fahmi said.
The restructuring scenario included five aspects, namely financial restructuring, operational restructuring, guarantee and fundraising, business transformation, and asset optimization. For financial restructuring, the Company will carry out debt and principal restructuring, relaxation and tax refunds, liquidity management, delaying the completion of the Terminal Project at Sultan Hasanuddin Airport in Makassar. In terms of operational restructuring, the Company operates traffic-based management without compromising safety, security, and service aspects. In addition, the company will also carry out organizational simplification and optimization of human resources.
In addition, to increase other income, the Company carried out business transformation to establish a strategic partnership for Hang Nadim Airport in Batam, Dhoho Airport in Kediri, Praya Airport in Lombok; utilization of unproductive land such as Kelan Bay land in Bali; and develop airport city of Yogyakarta International Airport (YIA) and ex-Selaparang Airport in Lombok. Through the restructuring program, Angkasa Pura Airportstargeted a revenue of Rp4.86 trillion or higher than the estimated revenue of Rp3.2 trillion in 2021.
In relation to the company’s interest-bearing debt, Faik Fahmi explained that the company's interest-bearing debt to creditors and investors as of November 2021 was Rp28 trillion. This amount is smaller than the previously reported interest-bearing debt of Rp35 trillion. This is not due to a structural problem, but rather the impact of the Covid-19 pandemic that has depressed operational and financial performance and has an impact on the ability to pay debt obligations.
The loan was used to develop 10 airports with a lack of capacity. In 2017, the capacity of AP I’s airports was only 71 million passengers per year, but the realization of passenger traffic reached 90 million passengers per year and increased by 96 million passengers in 2018. The airports under development were Yogyakarta International Airport in Kulon Progo (YIA), New Terminal of Syamsudin Noor Airport in Banjarmasin, New Terminal of Jenderal Ahmad Yani Airport in Semarang, Sultan Hasanuddin Airport in Makassar, and several other airport developments such as Sam Ratulangi Airport in Manado, Airport Praya in Lombok, Terminal 1 of Juanda Airport in Surabaya, Pattimura Airport in Ambon, and El Tari Airport in Kupang.
“The management is working hard to handle the difficult situation and is committed to being able to survive and meet the company’s liabilities to creditors, business partners, and vendors in a definite and gradual manner. With the various strategic initiatives, we are optimistic that we can survive the difficult conditions and will bounce back in 2022 as well as be able to record positive financial performance,” he said. (Yeni Mujiatin)
