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Thursday, December 3, 2009

Jasa Marga to Allocate IDR1.3 trillion Capex

as published in Bisnis Indonesia daily newspaper
Thursday, 03/12/2009 00:00 WIB
Jasa Marga to Allocate IDR1.3 trillion Capex

JAKARTA: Publicly listed PT Jasa Marga will allocate IDR3.1 trillion in capital expenditure (capex) next year for periodical routine financing, operational cost, and toll road capacity enhancement.

Corporate Secretary of Jasa Marga Okke Merlina revealed the company planned to get 50% of the capex or IDR1.55 trillion from banking loans.

"In the meantime, IDR650 billion will come form the remaining IPO funds and the rest IDR900 billion from equities," she told the press yesterday.

She explained the company this year only absorbed 50% of the targeted capex of IDR4.6 trillion due to delays in land acquisition and new toll road construction.

The company also targets its revenues at the yearend at IDR3.6 trillion, rising from IDR2.6 trillion as of the third quarter of 2009.

Last year, the company booked IDR3.3 trillion in revenues from 900 million transactions.

The company is also sounding other businesses outside the core businesses, namely the property and Cengkareng-Bandung optic fiber construction businesses.

Head of Finance Bureau at Jasa Marga Ronny Haryanto revealed the optic fiber would be developed on or around the company's existing road routes. The optic fiber, he said, aimed to link the company's facilities on the route.

However, he continued, the company was also reviewing the possibility of leasing the optic fiber networks to other parties to generate more revenues. According to him, the optic fiber networks started construction last year.

He added the company also had some rooms to seek bank loans as the company's debt to equity ratio (DER) was only still at 1.2, creating a chance for the company to borrow IDR16 trillion maximum.

Kalbe Farma
In the meantime, PT Kalbe Farma allocates IDR450 billion-IDR500 billion in capex next year, which will come from equities.

Director of Finance-Corporate Secretary of Kalbe Farma Vidjongtius exposed the fund would be allocated for routine expenditure, such as bolstering plant capacity, product research and development, machinery maintenance, and quality control.

Vidjongtius said the capex might increase from the initial target if the company next year planned to acquire brands or products.

The funding would be excluded from the merger and acquisition (M&A) plan. According to him, the company was also sounding external financing by, among others, issuing bonds worth IDR500 billion-IDR1 trillion.

"External financing will be needed if our M&A requires more than IDR300 billion."

Vidjongtius said the M&A was estimated to require at least IDR100 billion. (Bisnis/21)



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