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Angkasa Pura II Wins AAA Rating from Pefindo

27 Mar 2018

TANGERANG - PT Angkasa Pura II (Persero) and Bond I / 2016 won an AAA rating from PT Pemeringkat Efek Indonesia (PEFINDO) with a prospect for a stable company. This rating is valid for a year from 1 March 2018 to 1 March 2019.

Rating idAAA is the highest rating given by PEFINDO by looking at the company's ability to fulfill long-term financial commitments. The rating also reflects the government's support for Angkasa Pura II, which has a strategic airport business, is the largest airport operator in Indonesia and has a stable profitability margin. Nonetheless, the rating is constrained by high financial leverage which is expected to support business expansion.

Angkasa Pura II President Director Muhammad Awaluddin said that the ratings from Pefindo showed that Angkasa Pura II had strong fundamentals and that the bonds issued could be trusted by investors. "The AAA and stable rating shows that the business run by the company has good prospects, this can be seen from the company's audited financial report at the end of 2017," Awaluddin explained.

In the audited financial statements as of December 31, 2017, AP II revenues reached Rp 8.1 trillion, an increase of around 18% compared to 2016 revenues of Rp 6.6 trillion. The company's operating profit was recorded at Rp 2.7 trillion or an increase of around 29% from 2016 operating profit of Rp 2.1 trillion.

"This achievement shows the hard work of Angkasa Pura II personnel who have made their best contribution to increase company revenue through innovations created and digitalization of airports that are implemented in airports," Awaluddin explained.

Furthermore, Awaluddin said, Angkasa Pura II had to work hard to maintain the rank it had achieved. This rating can be reduced if PEFINDO sees a reduction in government support, such as through material divestment of government ownership and the existence of more debt than projected or new investments that are not going well. So, it produces a weak financial profile, especially if the debt to EBITDA ratio exceeds 4.5x consistently.

This year, Angkasa Pura II poured capital expenditure worth IDR 18.8 trillion to develop a number of airports and strengthen digital infrastructure to maximize the performance of 15 airports both in the field of service to aircraft passengers or service users and related to the overall business process to achieve revenue optimally .

Entering 2018, PT Angkasa Pura II (Persero) is optimistic by launching a variety of strategic programs to achieve the 2018 performance target. With the theme of 2018 Faster Airports, PT Angkasa Pura II (Persero) has launched 3 main programs, Accelerated Revenue Growth to accelerate revenue growth targets ( revenue) by double digits, reaching more than Rp. 9.7 trillion. Then the On Becoming 1 Million Aircraft Movements program and the Implementation of Airport Digital Travel Experience at all AP II airports.