Having A Debt Of IDR 28 Trillion, Angkasa Pura I Is Sure That Its Performance Will Recover In 2022

Illustration. (Photo: Doc. Angkasa Pura I)

JAKARTA - PT Angkasa Pura I or AP I is optimistic that the company's financial performance can recover in 2022 amid pressure from financial performance due to the impact of the COVID-19 pandemic since 2020. As is known, currently AP I has a debt of IDR 28 trillion.

President Director of PT Angkasa Pura Faik Fahmi said that his party would restructure and improve the company's financial performance. This was marked by a positive cash flow target of Rp1.15 trillion and a positive income before interest, tax, depreciation and amortization alias EBITDA of Rp1.56 trillion.

"Angkasa Pura I is experiencing financial performance pressures due to the decline in passenger traffic as a result of the COVID-19 pandemic. In the midst of these conditions, AP I must also be faced with the obligation to repay loans used to develop various airports in order to solve the problem of lack of capacity. Starting January 2022 Angkasa Pura I is carrying out a restructuring program and is optimistic that it can help restore performance in 2022, as indicated by a positive cash flow of IDR 1.15 trillion and a positive EBITDA of IDR 1.56 trillion," he said in a written statement, Friday, December 10.

The restructuring scenario that will be carried out includes five aspects, namely financial restructuring, operational restructuring, guarantee and fundraising, business transformation, and asset optimization. For financial restructuring, Angkasa Pura I will carry out debt & principal restructuring, relaxation & tax refunds, liquidity management, delaying the completion of the Makassar Sultan Hasanuddin Airport Terminal Project.

In terms of operational restructuring, Angkasa Pura I operates traffic-based management without compromising safety, security and service aspects. In addition, organizational simplification and optimization of human resources will also be carried out.

In addition, to encourage other income increases, the business transformation carried out by Angkasa Pura I is to establish strategic partner partnerships for Batam's Hang Nadim Airport, Kediri's Dhoho Airport, Lombok Praya Airport; unproductive land use such as Kelan Bay Bali land; and develop airport city Yogyakarta International Airport (YIA) and the former Lombok Selaparang Airport.

"Through this restructuring, next year Angkasa Pura I targets revenues of IDR 4.86 trillion or higher than the estimated IDR 3.2 trillion in 2021," he said.

Regarding the company's interest-bearing debt, Faik explained that the company's interest-bearing debt to creditors and investors until November 2021 was Rp. 28 trillion. This amount is smaller than the previously reported Rp35 trillion.

Furthermore, Faik said, this condition is also not a structural problem, but rather the impact of the COVID-19 pandemic which has depressed operational and financial performance and has an impact on the ability to pay loan obligations.

The loan was used to develop 10 airports that were in a state of lack of capacity where in 2017 the capacity of Angkasa Pura I airports was only 71 million passengers per year, but the realization of passengers reached 90 million per year and increased again in 2018 to 96 million passengers.

The airports being developed are Yogyakarta International Airport in Kulon Progo (YIA), New Terminal Syamsudin Noor Airport Banjarmasin, New Terminal General Ahmad Yani Airport Semarang, Sultan Hasanuddin Airport Makassar, and several other airport developments such as Sam Ratulangi Airport Manado, Lombok Airport Praya, Terminal 1 Juanda Airport Surabaya, Ambon Pattimura Airport, Kupang El Tari Airport.

"Management is working hard to handle this difficult situation and is committed to being able to survive and fulfill the company's obligations to creditors, partners and vendors in a definite and gradual manner. With these various strategic initiatives, we are optimistic that we can survive these difficult conditions and begin to rise in 2022 and able to record positive financial performance," he said.

For your information, PT Angkasa Pura I is one of the state-owned airport management companies in Indonesia. Angkasa Pura I manages 15 airports in central and eastern Indonesia, namely I Gusti Ngurah Rai Airport in Bali, Juanda Airport in Surabaya, and Sultan Hasanuddin Airport in Makassar.

Then, Sultan Aji Muhammad Sulaiman Sepinggan Airport Balikpapan, Frans Kaisiepo Biak Airport, Manado Sam Ratulangi Airport, Syamsudin Noor Airport Banjarmasin, Ahmad Yani Airport Semarang, Yogyakarta Adisutjipto Airport, Yogyakarta International Airport in Kulon Progo, Adi Soemarmo Airport Surakarta, Lombok Praya International Airport , Ambon Pattimura Airport, Kupang El Tari Airport, and Jayapura Sentani Airport.