JAKARTA - PT Waskita Karya (Persero) Tbk received fresh funds of Rp3.28 trillion through the issuance of bonds and sukuk with government guarantees. The bonds and sukuk have also been officially listed on the Indonesia Stock Exchange (IDX) on May 13, 2022.
"The funds received by the company will be used for refinancing and as working capital for the Kayu Agung-Palembang-Betung toll road project," said Director of Operations III PT Waskita Karya Tbk Gunadi in a statement quoted by Antara, Thursday, May 26.
With these good funds, the company also managed to pay off the principal and interest of Waskita Karya Bond III Phase IV Year 2019 series A which matures on May 16, 2022 for a total of IDR 528 billion.
The repayment of principal and interest on the bonds is a form of the company's commitment to always carry out its obligations to bond investors. "The company is still focused on carrying out the restructuring process and is still affected by the second wave of the pandemic in 2021," Gunadi said
However, operating income in the fourth quarter of 2021 has shown a positive trend by increasing by 14.58 percent (yoy). The positive trend was mainly contributed by revenue from construction services and toll roads. Revenue from asset recycling was also on target with a profit of IDR 2.65 trillion.
The business transformation that has been carried out with lean also has a positive impact on the company with operating expenses that will decrease significantly in 2021. This decrease in operating expenses came from a decrease in cost of revenue by 68.22 percent (yoy), a decrease in selling expenses by 88.08 percent ( yoy), as well as a decrease in general and administrative expenses by 47.89 percent (yoy).
The financial burden of old debt has also decreased with the existence of a Master Restructuring Agreement (MRA) and payment of part of the principal debt in 2021. Total assets in 2021 amounted to Rp. 103.6 trillion, or an increase of 2.81 percent (yoy) due to an increase in current assets in the form of cash originating from State Equity Participation (PMN) and rights issue in 2021.
On the other hand, non-current assets decreased due to asset recycling transactions carried out by the company during 2021. The company also recorded liabilities of Rp. 88.14 trillion, or decreased by 1.34 percent (yoy) due to a decrease in trade payables. Meanwhile, the company's equity was Rp. 15.46 trillion, or an increase of 35.28 percent (yoy).
The company's liquidity capability in 2021 also shows an improving trend with positive cash flow from operations, proceeds from asset recycling in investment activities, as well as support for rights issue proceeds in funding activities. The company's financial performance throughout 2021 is running according to the medium-term restructuring target agreed with the Ministry of Finance and the Ministry of SOEs.
"In 2022, the company will focus more on acquiring new contracts with a target of IDR 30 trillion, project completion pending, continuing group restructuring and continuing strategic partnerships with investors, including INA to recycle assets," Gunadi said.
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