Minister Jonan: Financial Condition of PLN is In Stable Conditions
By : Ridwan And Aldo Bella Putra | Thursday, September 28 2017 - 19:30 IWST
INDUSTRY.co.id - Jakarta, Minister of Energy and Mineral Resources (ESDM), Ignasius Jonan confirmed that the financial condition of PT PLN (Persero) under controlled conditions. This was disclosed Minister Jonan responded to the news circulating in recent days.
"If PLN's financial condition goes to a yellow light, I think the Minister of State-Owned Enterprises and I will report to the President and Finance Minister," said Jonan, in Jakarta (28/09/2017).
Semetara was in a separate place, Minister of State-Owned Enterprises (SOE), Rini Soemarno said, PLN's financial condition does not interfere with the megaproject because not all borne by PLN. Of the 35 GW, about 9 to 10 GW is the responsibility of PLN. The rest is private. "That we see no problem," said Rini.
On the other hand, President Director of PT PLN (Persero), Sofyan Basir explained about the financial condition of PT PLN (Persero). According to him, PLN's financial condition is safe and there is nothing to worry about. Regarding the debt service coverage ratio (DSR ratio) of PLN, Sofyan explained that it is common in the corporate world, so there is nothing to be concerned about.
"I am also surprised why people are shocked, because actually nothing to be surprised, it's very common, in terms of creditors lenders sometimes like to say 'ech you DSR - it must be so, 1.5 times, so why DSR 1.5 times we have the same repayment obligations interest should be supported by 1.5 times revenue (income)," said Sofyan.
PLN currently has a ceiling of Rp 30 trillion in loans that can be used at any time including to pay debts. "We have a 30-trillion-dollar ceiling to borrow at any time to pay, we have a subsidy of delayed bills there are about Rp 18 trillion and this year could be Rp 51 trillion." People "rich in PLN," said Sofyan.
Furthermore, regarding the letter of the Ministry of Finance, Sofyan said that it is normal because every year PLN usually receives input from the Ministry of Finance. "The Ministry of Finance usually reminds us, it is normal that usually only delivered verbally, be careful of the President Director, do not let it come down from 1.5, yes it is just," said Sofyan.
Sarwono Sudarto, Finance Director of PT PLN (Persero), added that PLN's debts for three years amounted to Rp 58 trillion, but PLN's investment for the same period of Rp 145 trillion means that PLN's funding is bigger than its own debt. "All PLN debts are paid on time no delay, if I think it just reminds me, we assume it is normal, be careful yes you walk, it's like that, that's natural," said Sarwono.
PLN, Sarwono continued, has planned debt repayment for the next thirty years. "PLN is already planning to pay its debts not only next year but for the next thirty years it's been projected, so once we have debts, the maturity of when, when we have liquidity rescue, we take care of it So the fear of default is not there. " close Sarwono.