Perusahaan Listrik Negara (PLN) Posts Good Earnings in First Half 2014

Electricity sales grew 19.7 percent to IDR 85.7 trillion, while the government’s electricity subsidies climbed 31.8 percent to IDR 57.7 trillion. However, the government intends to reduce its massive energy subsidies (fuel and electricity) and therefore has raised prices of electricity for industries and households gradually. In 2014, electricity prices will rise 34.7 percent for industries and 34 percent for households. Total electricity subsidy to PLN will decline to IDR 86.84 trillion from IDR 95.35 trillion that was set in the 2014 Revised State Budget. As the company has been selling electricity at tariffs below the cost of production (ordered by the government), PLN is heavily dependent on government subsidies.

PLN is a fully state-owned company and therefore does not trade shares on the Indonesia Stock Exchange (IDX) but it does issue series of corporate bonds, sukuk (Islamic bonds) and global bonds. The company provides electricity to about 55.74 million households across the vast archipelago. PLN needs to add 4,000 megawatts of capacity to meet annual rising electricity demand.

Indonesian demand for electricity grows by approximately 8.4 percent per year, which is higher than the annual growth of electricity generation, thus resulting in frequent blackouts or a total lack of electricity (in the more remote areas). Even a big city such as Medan (North Sumatra) still experiences about three blackouts per week on average. About 20 percent of the total Indonesian population (250 million people) had no access to the country’s electricity grid in 2013.

PLN believes that the nation's electricity demand will rise to 207 terawatt-hours (TWh) in 2014 from 189 TWh in 2013. By 2022, the figure will rise to 386 TWh (nearly doubling from the current figure).

• PLN’s Current Debt: IDR 250 trillion
• PLN’s Capex 2014: IDR 57.5 trillion

Visit the company profile of Perusahaan Listrik Negara

Perusahaan Listrik Negara's Financial Highlights:

	2010	2011	2012	2013
Revenues	162,375	208,018	232,656	257,405
- Sale of Electricity	102,974	112,845	126,722	153,486
- Government Subsidy	58,108	93,178	103,331	101,208
Net Income	10,347	5,426	3,208	(29,567)
Operating Profit	20,683	22,378	29,541	36,493
Income before Tax	11,753	5,515	1,032	(39,221)
Total Assets	406,100	467,783	549,376	595,877
Total Liabilities	263,987	321,770	390,106	462,646
Basic Earnings per Share¹	69.451	117.594	69,451	(639,947)

^{in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: Perusahaan Listrik Negara, Annual Report 2013}

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