PT Chandra Asri Petrochemical Tbk : Interim Financial Statements-Jun 30, 2020 (Ads)

Head Office :

Wisma Barito Pacific Tower A, 7th Floor

Jl. Let. Jend. S. Parman Kav. 62-63

Jakarta 11410

Phone : [phone] Fax : [phone]

PT CHANDRA ASRI PETROCHEMICAL TBK AND ITS SUBSIDIARIES

The Indonesia's Leading and Preferred Petrochemical Company

Plant :

Jl. Raya Anyer Km. 123

Ciwandan, Cilegon, Banten

Phone : [phone] Fax : [phone]

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
	June 30, 2020 and December 31, 2019
	(Expressed in US$ '000, unless otherwise stated)
ASSETS	June 30,	December 31,	LIABILITIES AND EQUITY	June 30,	December 31,
2020	2019	2020	2019
CURRENT ASSETS			CURRENT LIABILITIES
Cash and cash equivalents	648,998	660,158	Short-term bank loan	70,000	72
Restricted cash in banks	2,928	3,146	Trade accounts payable
Related parties	25,927	23,181
Trade accounts receivable			Third parties	461,968	654,214
Related parties	8,394	25,913	Other accounts payable	7,156	19,755
Third parties - net of allowance for			Taxes payable	2,424	3,988
		Accrued expenses	7,333	10,209
impairment losses of US$ 118 thousand			Customer advances	8,584	4,496
at June 30, 2020 and December 31, 2019	82,531	135,555	Current maturities of long-term liabilities:	64,688	57,256
Other accounts receivable	6,646	8,067	Bank loans
Bonds payable	17,480	10,791
Inventories - net of allowance for decline in value of			Total Current Liabilities	665,560	783,962
US$ 9,141 thousand at June 30, 2020			NONCURRENT LIABILITIES
and December 31, 2019	245,654	292,583
Deferred tax liabilities - net	95,057	140,927
Prepaid taxes	134,586	155,018	Long-term liabilities - net of current maturities:
Other current assets	104,396	108,684	Bank loans	307,383	267,230
Bonds payable	482,039	452,508
Total Current Assets	1,234,133	1,389,124	Derivative financial liabilities	8,854	3,509
			Post-employment benefits obligation	39,288	39,631
			Decommissioning cost	2,452	2,452
NONCURRENT ASSETS			Total Noncurrent Liabilities	935,073	906,257
Investment in an associate	-	-	TOTAL LIABILITIES	1,600,633	1,690,219
Advances for purchase of property, plant and			EQUITY
equipment	52,929	64,462
Equity attributable to owners of the Company
Derivative financial assets	-	136	Capital stock - Rp 200 par value per share
Claims for tax refund	6,586	6,776	Authorized - 61,323,928,320 shares
Issued and fully paid -
Restricted cash in banks	4,572	4,572
17,833,520,260 shares	380,947	380,947
Property, plant and equipment - net of			Additional paid-in capital	459,075	459,075
accumulated depreciation of			Other comprehensive income	(7,845)	(2,991)
		Retained earnings
US$ 1,506,153 thousand at June 30, 2020
		Appropriated	22,939	22,939
(December 31, 2019 : US$ 1,455,180 thousand)	2,026,308	1,983,188	Unappropriated	865,714	895,570
Other noncurrent assets	2,331	2,953	Total equity attributable to owners of
Total Noncurrent Assets	2,092,726	2,062,087	the Company	1,720,830	1,755,540
Non-controlling interests
			5,396	5,452
			TOTAL EQUITY	1,726,226	1,760,992
TOTAL ASSETS	3,326,859	3,451,211	TOTAL LIABILITIES AND EQUITY	3,326,859	3,451,211
Notes:

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six-months period ended June 30, 2020 and 2019

(Expressed in US$ '000, unless otherwise stated)

	June 30,
	2020	2019
NET REVENUES	841,436	1,053,661
COST OF REVENUES	852,634	920,631
GROSS PROFIT (LOSS)	(11,198)	133,030
Selling expenses	(19,956)	(22,807)
General and administrative expenses	(16,484)	(17,892)
Finance costs	(31,258)	(30,299)
Gain on derivative financial instruments	1,450	3,163
Share in net loss of an associate	-	(8,507)
Loss on foreign exchange - net	(8,805)	(2,287)
Other gains and losses - net	10,469	1,043
PROFIT (LOSS) BEFORE TAX	(75,782)	55,444
INCOME TAX BENEFIT (EXPENSE) - NET	45,870	(22,100)
PROFIT (LOSS) FOR THE PERIOD	(29,912)	33,344
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently
to profit or loss:
Remeasurement of defined benefits
obligation, net of tax	-	(1,114)
Items that may be reclassified subsequently
to profit or loss:
Hedging instrument entered into for
cashflow hedge	(4,854)	-
Net fair value gain on available-for-sale
financial assets	-	928
Foreign currency translation adjustment	-	144
Total other comprehensive income for the period,
net of tax	(4,854)	(42)
TOTAL COMPREHENSIVE INCOME (LOSS)
FOR THE PERIOD	(34,766)	33,302
PROFIT (LOSS) FOR THE PERIOD
ATTRIBUTABLE TO:
Owners of the Company	(29,856)	32,919
Non-controlling interests	(56)	425
Profit (loss) for the period	(29,912)	33,344
TOTAL COMPREHENSIVE INCOME (LOSS)
FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Company	(34,710)	32,757
Non-controlling interests	(56)	545
Total Comprehensive Income (Loss)
For the Period	(34,766)	33,302
BASIC EARNINGS (LOSS) PER SHARE
(In full U.S. Dollar amount)	(0.0017)	0.0018

CONSOLIDATED STATEMENTS OF

CASH FLOWS

For the six-months period ended June 30, 2020 and 2019

(Expressed in US$ '000, unless otherwise stated)

	June 30,
	2020	2019
CASH FLOWS FROM OPERATING
ACTIVITIES
Cash receipts from customers	946,732	1,066,413
Cash paid to:
Suppliers, Directors and employees	(1,021,454)	(1,107,103)
Cash generated from operations	(74,722)	(40,690)
Tax restitution received	-	34,206
Payment of income taxes	(12,168)	(35,640)
Net Cash Used in Operating Activities	(86,890)	(42,124)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of property, plant and equipment	(69,961)	(106,785)
Payment of advance for purchase of property,
plant and equipment	-	(45,218)
Placement on other current financial assets	-	(12,199)
Withdrawal on other current financial assets	12,141	-
Withdrawal of restricted cash in banks	211	16,685
Interest received	3,877	3,995
Net Cash Used in Investing Activities	(53,732)	(143,522)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bonds payable	54,713	51,807
Proceeds from short-term bank loans	95,000	-
Payment of short-term bank loans	(25,072)	-
Dividend payment:
The Company	-	(25,698)
Subsidiary	(686)	(869)
Payment of long-term bank loans	(29,635)	(36,588)
Interest and financial charges paid	(30,048)	(25,865)
Payment of transaction costs	(2,105)	(4,970)
Payment of bonds payable	(12,000)	-
Proceeds from long-term bank loans	79,295	150,068
Net Cash Provided by Financing Activities	129,462	107,885
NET DECREASE IN CASH
AND CASH EQUIVALENTS	(11,160)	(77,761)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD	660,158	726,714
CASH AND CASH EQUIVALENTS AT
END OF PERIOD	648,998	648,953

1. The above financial information as of June 30, 2020 (unaudited) was derived from the interim consolidated financial statements and December 31, 2019 was derived from the consolidated financial statements which have been audited by Public Accounting Firm Imelda & Rekan (affiliate of Deloitte South East Asia Ltd., a member of Deloitte Asia Pacific Limited and Deloitte Network), which expressed an unmodified opinion with an other matters paragraph.
2. Basic earnings per share is calculated based on weighted average number of shares of 17,833,520,260 shares as of June 30, 2020 and December 31, 2019.

Jakarta, July 27, 2020

PT CHANDRA ASRI PETROCHEMICAL TBK

Board of Directors

Jakarta Pos, 6 Klm x 260 mm