PT Waskita Karya (Persero) Tbk managed to receive good funds of Rp3.28 trillion through The issuance of bonds and Sukuk with government guarantees. The funds received by the Company will be used for refinancing and working capital for the Kayu Agung – Palembang – Betung toll road project. The bonds and Sukuk have been officially listed also on the Indonesia Stock Exchange on 13th May 2022. With these good funds, the Company has also succeeded in paying off the principal and interest of Waskita Karya Bond III Phase IV 2019 series A which matures on 16th May 2022, with a total of IDR. 528 billion. The repayment of principal and interest on these bonds is a form of the Company's commitment to carry out its obligations to bond investors.
The Company is currently focusing on carrying out the restructuring process because it is affected by the second wave of the pandemic in 2021. However, the 4Q 2021 operating income has shown a positive trend by increasing by 1 4.58% YoY. The Positive Trend was contributed mainly by revenue from construction services and toll roads. Revenue from asset recycling was also on a target profit of IDR 2.65 trillion.
The Business Transformation that has been carried out using Lean has a positive impact on the Company, with a significant decrease in operating expenses in 2021. The Decrease in operating expenses came from a Decrease in the cost of revenue by 68.22% YoY, a Decrease in selling expenses by 88.08% YoY, and a decrease in general and administrative expenses by 47.89% YoY. The financial burden of old debt also decreased by 36.49% YoY in 4Q 2021 with the Master Restructuring Agreement (MRA) and payment of part of the principal debt in 2021.
Total assets in 2021 amounted to Rp103.60 Trillion or an increase of 2.81% YoY due to an increase in current assets in The Form of cash originating from PMN and rights issues 2021. On the other hand, noncurrent assets decreased due to asset recycling transactions carried out by the Company in 2021. The Company also recorded liabilities of Rp88.1 4 Trillion or Decreased by 1.34% YoY due to a decrease in trade payables. The Company's equity was Rp15.46 Trillion, or an increase of 35.28% 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, and support for rights issue proceeds in funding activities.
The Company's President Director, Destiawan Soewardjono said, "The Company's financial performance in 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 Rp30 trillion, project completion pending, continuing Group restructuring, and continuing strategic partnerships with investors, including INA for asset recycling. With the Government support through PMN, the Company will also focus on completing toll road construction to a certain point, which will have an impact on increasing toll road revenues and that will also facilitate the strategic partnership process with potential investors. With asset recycling which is very helpful in reducing the Company's losses, it is hoped that in the future the Company can record a positive performance."
The Company's Director of Finance and Risk Management, Taufik Hendra Kusuma, also expressed his appreciation to the bond and Sukuk holders who have participated in The Company's corporate actions.
"The Company's performance is starting to improve. Sukuk issued were oversubscribed, supported by the results of Pefindo BBB's rating with a stable outlook, improving compared to before. Furthermore, the Company will continue its restructuring agenda through The issuance of bonds/Sukuk with government guarantees in the second half of this year," explained Taufik.
