Post on 15-Mar-2019
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20 BUMN PUBLIK INDONESIA
Aims of The SOEs Establishment in Indonesia
Capital Expenditure,
Divididen, and Tax
Profit Orientation
Public Service Obligation (PSO)
Business Pioneering
Partnership and Environment Development Program (PKBL)
Source: Ministry of SOEs in Mahmuddin Yassin Expose (2013)
UU 19/2003 Pasal 2
ofGrowth of The SOEs number in Indonesia
Source: Ministry of SOEs (2015)
The number of SOEs in Indonesia on 31 December 2014 are slightly decreased compared to previous year from 139 to 119. This is caused by :‐ 2 SOEs changed their legal status from incorporated company to be BPJS, namely PT
Askes and PT.Jamsostek‐ 14 SOEs in plantation sector merged to be 1 holding ‐ 6 SOEs in forestry sector merged to be 1 holding
Jumlah BUMN 2010 2011 2012 2013 2014BUMN Listed 17 18 19 20 20BUMN Non‐Listed 111 109 108 105 85BUMN Perum 14 14 14 14 14Total BUMN 142 141 141 139 119
Contribution of The SOEs to Indonesia’s Economy
Source: LM FEB UI compiled from Statistics Indonesia (BPS) and Ministry of SOEs (2015)
Generallly, contribution of SOEs to economy is still stagnant
2010 2011 2012 2013 2014PDB Nominal (dalam Triliun Rp) 6,447 7,423 8,242 9,269 10,196
Total Asset terhadap PDB Nominal (%) 38.9% 39.7% 42.1% 45.5% 44.9%
Total Ekuitas terhadap PDB Nominal (%) 9.3% 9.3% 9.9% 10.1% 10.7%
Total Pendapatan terhadap PDB Nominal (%) 17.6% 18.9% 19.3% 19.3% 19.6%
Laba Bersih terhadap PDB Nominal (%) 1.6% 1.6% 1.7% 1.6% 1.5%
Capex BUMN terhadap PDB Nominal (%) 1.4% 1.6% 1.7% 2.3% 2.5%
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2,000
4,000
6,000
8,000
10,000
12,000
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
The SOEs Shares in Various Countries
Source: Kowalski, et al. (2013)
SOE Shares are measured based on weighted average from sales, asset, and market value of SOEs to performances of top ten firms in every country
Comparation of The SOEs Management In Malaysia and Singapore
Source : Mahmuddin Yasin (2013)
Khazanah Vision
Source: Khazanah Annual Report (2014)
Khazanah Nasional Berhad is a strategic investment fund of the government of Malaysia
Established in 3 September 1993, Khazanah is a limited public company below the supervision of Malaysia’s Ministry of Finance
Khazanah vision “To be the leading regional strategic investment house that creates sustainable value for a globally competitive Malaysia”
Khazanah Financial Performances
Source: Khazanah Annual Report (2014)
2010 2011 2012 2013 2014Total Aset (dalam Juta RM) 59,431 65,172 64,355 65,948 77,901Total Pendapatan (dalam Juta RM) 6,237 9,445 5,324 7,685 7,949Laba Bersih (dalam Juta RM) 2,053 5,276 1,889 3,181 3088Profit Margin 32.9% 55.9% 35.5% 41.4% 38.8%ROA 3.45% 8.10% 2.94% 4.82% 3.96%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Khazanah Business Portfolio
Source: Khazanah Annual Report (2014)
Telecommunications21%
Power17%
Financial Services14%
Healthcare13%
Property10%
Infrastructure & Construction
3%
Transportation & Logistic5%
Others17%
Malaysia60%Singapura
10%
Indonesia7%
Turkey6%
China5%
India4%
Others8%
Temasek Vision
Source : Temasek Annual Report (2014)
Temasek is a strategic investment company that manages asset based on commercial principle
Temasek is fully owned by the government of Singapore and established in 2002
Temasek has a vision to deliver long term sustainable return which states in Temasek Charter
Temasek Financial Performances
Source : Temasek Annual Report (2014)
2010 2011 2012 2013 2014Total Aset (dalam Juta S$) 284,800 297,900 302,600 317,400 319,000Total Pendapatan (dalam Juta S$) 76,700 83,500 83,500 83,800 81,100Laba Bersih (dalam Juta S$) 4,600 12,700 10,700 10,600 10900Profit Margin 6.0% 15.2% 12.8% 12.6% 13.4%ROA 1.62% 4.26% 3.54% 3.34% 3.42%
0.0%
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6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
0
50,000
100,000
150,000
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300,000
350,000
Portofolio Temasek
Source : Temasek Annual Report (2014)
Asia ex‐Singapore
42%
Singapore32%
North America & Europe
11%
Australia11%
Latin America2%
Africa, Central Asia & Middle
East2%
Financial Services32%
Telecommunications, Media & Technology
21%
Transportation & Industrial
22%
Life Sciences, Consumer & Real
Estate11%
Energy & Resouces6% Others
8%
Performances of Top 20 Listed SOEs in Indonesia
Source: LM FEB UI compiled from various resources (2014)
No Perusahaan1 Adhi Karya2 Aneka Tambang3 Bank BNI4 Bank BRI5 Bank BTN6 Bank Mandiri7 Bukit Asam8 Garuda Indonesia9 Indofarma10 Jasa Marga11 Kimia Farma12 Krakatau Steel13 PGN14 PP15 Semen Baturaja16 Semen Indonesia17 Telkom Indonesia18 Timah19 Waskita Karya20 Wijaya Karya
2012 2013 2014Total Asset 20 BUMN Listed 1960.3 2274.6 2669Total Ekuitas 20 BUMN Listed 371.1 436.6 498.7Revenue 20 BUMN Listed 380.2 450.9 485.7EBIT 20 BUMN Listed 86.1 94.1 99.6ROA 4.39% 4.14% 3.73%Profit Margin 22.65% 20.87% 20.51%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
0
500
1000
1500
2000
2500
3000
dalam Triliun Rp
56.5% 54.0%58.3%
45.6% 46.6% 45.7%
23.9% 25.2% 24.3%
2012 2013 2014
Kontribusi Aset 20 BUMN terhadap Total BUMN
Kontribusi Ekuitas 20 BUMN terhadap Total BUMN
Kontribusi Pendapatan 20 BUMN terhadap Total BUMN
Banking Sector Contribution
Source: LM FEB UI compiled from various resources (2014)
Banking sector contributes significantly to the whole SOEs in Indonesia based on asset, revenue, and equity
It implicates to the higher portion of liabilityTotal BUMN 2010 2011 2012 2013 2014Total Asset (dalam Triliun Rp) 2505 2947 3467 4216 4580Total Ekuitas (dalam Triliun Rp) 602 689 813 937 1091
\Comparation of SOEs Performance In Indonesia, Malaysia, and Singapore
Source: LM FEB UI compiled from various resources (2014)
‐ Temasek Holding : not include UOB Group, OCBC,and Changi Airport Group
‐ Khazanah Holding : not include Petronas, MaybankBerhad Group, and Tenaga Nasional
Ability of Indonesia’s SOEs (which are represented of 20 listed SOEs) to generate return is quite good. It is proved by ROA ratio of Indonesia’s SOEs which is higher tha ROA ratio of khazanah. However, if it is compared to Temasek, the ROA ratio of Indonesia’s is below than the ROA ratio of temasek.
Growth of revenue of Indonesia’s SOEs over the last three years is also good.
However, efficiency still become challenge of Indonesia’s SOEs. It can be clearly seen that profit margin ratio is relatively below than Khazanah and Temasek.
PerusahaanTotal Aset 2014 (dalam Juta US$)
Revenue 2014 (dalam Juta US$)
ROA 2014EBT 2014 (dalam
Juta US$)Profit Margin
2014
Average Growth of Revenue 2012‐
2014
Average of Profit Margin 2012‐2014
Total Equity 2014 (dalam Juta US$)
Temasek Holding (15 major investment companies)
240,664 61,184 4.95% 11,920 19.48% ‐0.91% 18.45% 141,305
20 BUMN Listed Indonesia 214,553 39,048 4.44% 9,520 15.77% 13.05% 18.86% 40,089 Khazanah Holding (24 major investment companies)
41,517 2,268 2.12% 881 40.47% 1.38% 40.06% 10,084
Total Deposit Bank BUMN: 132,477
Juta US$
BUMNShare Pemerintah
Jan 2015 (%)
Aneka Tambang 65Bank BNI 40Bank BRI 56.75Bank BTN 60.13Bank Mandiri 60Garuda Indonesia 60.51Indofarma 80.66Jasa Marga 70Kimia Farma 90.03Krakatau Steel 80PGN 56.96Bukit Asam 65.02PP 51Semen Baturaja 76.24Semen Indonesia 51.01Timah 65Telkom Indonesia 51.19Wijaya Karya 65.05Waskita Karya 67.33Rata‐rata 63.78315789
SOEs Shares in Indonesia, Malaysia, and Singapore
BUMN TemasekShare
Pemerintah 2014 (%)
DBS 29Keppel 20CapitaLand 39Pavilion Energy 100Sinagapore Power 100Singtel 52Singapore Technologies T 100Media Corp 100Singapore Airlines 56SMRT 54Olam International 25Rata‐rata* 39.28571429
BUMN KhazanahShare
Pemerintah 2014 (%)
CIMB 29UEM Sunrise 66Tenaga Nasional 30.4Axiata 38.7Telekom Malaysia 28.9Malaysia Airlines 100Malaysia Airports Berhad 36.7MAFC 100Blue Archipelago 100Biotropics Malaysia 100Rata‐rata* 38.28333333
*Not include unlisted SOEs
Source: LM FEB UI compiled from various resources (2015)
SOEs Profile in Plantation Sector
Source: LM FEB UI compiled from various resources (2015)
PTPN III (Operating Holding BUMN Perkebunan Indonesia)•Operation Basis in Medan and several region of Sumatera•Core Commodity: Karet, Kelapa Sawit, •100 % owned by the goverment of Indonesia•Up to 90% of the shares are owned by PTPN I, II, and IV ‐‐ XIV
Olam International (Singapura)•Established in 1989 in Nigeria and now, operation in 65 countries around the world•Four product segments: Edible Nuts, spices, & Vegetable Ingredients ; Confectionary & Beverage Ingredients ; Food Staple & Packaged Foods ; Industrial Raw Materials ; Commodity Financial Services
•25% of the shares are owned by Temasek
Performances Comparation of SOEs in Plantation Sector
Source: LM FEB UI compiled from various resources (2014)
Nama PerusahaanTotal Aset 2014 (dalam Juta US$)
Revenue 2014 (dalam Juta US$)
EBT 2014 (dalam Juta US$)
Profit Margin 2014
Average Growth of
Revenue 2012‐2014
Average of Profit Margin 2012‐2014
Luas Area Lahan (Ha)
Olam International 10,232 14,653 552 3.77% 7.46% 3.96% 2,100,000PTPN Holding 5,279 3,177 106 3.33% 180.04% 9.41% 882,797
Based on Capacity, it is obviously seen that Olam International is biggerthan PTPN holding. It is caused that Olam International operates in almost65 countries around the world. Meanwhile, PTPN holding only operates indomestic market. Consequently, total revenue of Olam International issharply higher than PTPN Holding
Note: Kurs Conversion Based on Kurs in December 2014
SOEs Profile in Energy Sector
Source: LM FEB UI compiled from various resources (2015)
PLN (Indonesia)• Operation Basis : around the Indonesia Territory• Core Product: Providing electricity• 100 owned by the Government of Indonesia
Singapore Power (Singapura)• Operation Basis : Singapore and Austalia• Core Products : Electricity and gas transmission• 100 % owned by the Government of Singapore
Tenaga Nasional (Malaysia)• Operation Basis : Malaysia• Core Product : Providing electricity• 30,4 % of the shares are owned by Khazanah Nasional Berhad Malaysia
Performances Comparation of SOEs in Energy Sector
Source: LM FEB UI compiled from various resources (2014)
Nama PerusahaanTotal Aset 2014 (dalam Juta US$)
Revenue 2014 (dalam Juta
US$)
EBT 2014 (dalam Juta
US$)
Profit Margin 2014
Average Growth of Revenue 2012‐
2014
Average of Profit Margin 2012‐2014
SAIDI (menit/pax/
tahun)
Tarif Tenaga Listrik
(US$/KWh)
PLN 48,526 23,531 1,278 5.43% 12.06% 6.39% 348.60 0.07Sinagapore Power 12,819 3,616 524 14.48% ‐11.65% 13.24% 0.42 0.11Tenaga Nasional 31,577 12,210 2,030 16.63% 10.00% 16.01% 55.00 0.19
Operational Performance PLN is far below Tenaga Nasional andSingapore Power. Based on System Average Interruption Duration Index(SAIDI) indicator, SAIDI of PLN electricity in Indonesia is 348,6minute/pax/year or every 6 hour per pax per year in the electricity isinterrupted while in Malaysia the electricity interruption does notexceed one hour and in Singapore the electricity interruption does notexceed only one minute.
Note: Kurs Conversion Based on Kurs in December 2014
Selling Method in Energy Sector
Pemerintah malaysia memberikan subsidi listrik kepada Tenaga Nasional dengan menyubsidi harga gas dan batubara sebagai bahan bakar listrik dengan mengkalkulasikan harga pasar gas dan batu bara dengan harga aktual gasdan batu bara yang digunakan untuk pengadaan listrik pada konsumen.Pada tahun 2014, nilai subsidi pemerintah sebesar 9,18 sen/kwh dimana harga jual rata-rata tarif listrik TenagaNasional pada kisaran 38,53 sen/kwh.Sementara itu, pemerintah Indonesia memberikan subsidi kepada PLN sebagai provider listrik satu-satunya diIndonesia dengan menetapkan margin public service obligation (pso) sebesar 7% dan kemudian PLN membagikonsumen ke dalam beberapa kelas untuk mengklasifikaskan kelas-kelas konsumen mana saja yang mendapatkansubsidi.Subsidi listrik yang dianggarkan dalam APBN Tahun Anggaran 2014 adalah sebesar Rp103,8 triliun yangtelah disetujui dan disahkan oleh Dewan Perwakilan Rakyat (DPR) RI serta telah diterbitkan Undang-Undang Republik Indonesia Nomor: 12 Tahun 2014Di sisi lain, pemerintah Singapura tidak memberikan subsidi pada sektor energi dan meliberalisasi sektor ini danmembiarkan perusahaan-perusahaan yang bermain untuk berkompetisi.
.
SOEs Profile in Oil and Gas Sector
Source: LM FEB UI compiled from various resources (2015)
Pertamina (Indonesia)•Operation Basis : Around Indonesia and several countries (Libya, Iraq, Sudan, Aljazair, Malaysia, Vietnam, and Australia)
• Core Product : Fuel subsidy and non subsidy, fuel for industry, gas, and petrochemicals product
• 100 % owned by the government of Indonesia
Petronas (Malaysia)•Core Product: Natural Gas & Crude Oil•Not include in Khazanah Nasional Berhad Malaysia• 100 % owned by the government of Malaysia•Performing exploration and production in various countries in Africa, Asia‐Pacific, Latin America, North America, and the middle‐East
Performances Comparation of SOEs inOil and Gas Sector
Source: LM FEB UI compiled from various resources (2015)
Nama PerusahaanTotal Aset 2014 (dalam Juta US$)
Revenue 2014 (dalam Juta
US$)
EBT 2014 (dalam Juta
US$)
Profit Margin 2014
Average Growth of Revenue 2012‐2014
Average of Profit Margin 2012‐2014
Cost of Sales 2014 (dalam Juta US$)
Pertamina 50,328 70,648 3,879 5.49% 13.39% 7.14% 66,015 Petronas 153,366 93,919 22,168 23.60% 14.46% 28.04% 55,540
Ability of Petronas to generate profit is better than Indonesian SOEs inthis sector (Pertamina and PGN). Oil refineries owned by Petronas aremore effective and efficient in producing oil so that Petronas canminimize their cost of sales. Moreover, Petronas does not import oil andgas from foreign countries. Petronas prefer to perform exploration andproduction in various countries to generate profit.
Note: Kurs Conversion Based on Kurs in December 2014
Increasing Cost of Sales of Pertamina is Affected by Currency
Selling Method in Oil and Gas Sector
Pertamina as oil and gas provider in Indonesia receives subsidies from the governmentof Indonesia in several items. These items are : premium, solar, pertalite. On the otherhand, for pertamax, pertamax plus, and gas for 12 kg, Pertamina sells it to consumerswithout subsidies.
Meanwhile in Malaysia, price fixing based on price authomatic mechanism. So, whenoil and gas price exceeds retail price, the government of Malaysia intervent by givingsubsidies. However, when oil and gas price are below retail price, Petronas must paytax from this difference.
Processing of Crude Oil in Pertamina VS Petronas
‐ Decreasing of domestic crude oil processing triggers Pertamina to Import Oil
‐ It implicates to the increase of cost of sales
Source: Pertamina and Khazanah Annual Reports (2014)
‐ Meanwhile Petronas does not depend on Import and focus on performing international exploration and production
Pertamina Production in Million Barrel
Petronas International Production in Million Barrel
Exploration and Production Deployment of Petronas
Source : Petronas Annual Report (2013)
Petronas Revenue Composition
Source: Petronas Annual Report (2013)
SOEs Profile in Banking Sector
Source: LM FEB UI compiled from various resources (2015)
Bank Mandiri (Indonesia)•Operation Basis : around Indonesia•Core Product : Banking services•60% ot the shares are owned by the governent of Indonesia
Bank BRI (Indonesia)•Operation Basis : around Indonesia•Core Product : Banking services•56.75% ot the shares are owned by the governent of Indonesia
Bank BNI (Indonesia)•Operation Basis : around Indonesia•Core Product : Banking services•60% ot the shares are owned by the governent of Indonesia
Bank BTN (Indonesia)•Operation Basis : around Indonesia•Core Product : Banking services•60% ot the shares arevowned by the governent of Indonesia
Cimb Bank (Malaysia)•Core product : Banking services•29,3%of the shares are owned by Khazanah•Operation Basis : Malaysia and has expanded in several ASEEAN countries
Maybank (Malaysia)•Core Product : Banking services•Not include Khazanah•Operating in almost all of ASEAN countries
RHB Bank (Malaysia)•Core Product : Banking services•Not include dalam Khazanah•Operating only in Malaysia
DBS Bank (Singapura)•Core Prduct : Banking Services•29% of the shares are owned by Temasek•Operation Basis : Singapure and has expanded to China, South Asia , South East Asia and other countries, such as Jepang, Korea, Uni Emirat Arab, UK, and USA
OCBC Bank (Singapura)•Core Product : Banking services•Not include Temasek•Operation Basis : Singapura and has expanded to South East Asia, Asia‐Pacific, China, and other countries.
UOB Bank (Singapura)•Core Product : Banking services•Not include Temasek•Operation Basis : Singapura and has expanded to Malaysia, Indonesia, Thailand, China, and other countries.
Performances Comparation of SOEs in Banking Sector
Source: LM FEB UI compiled from various resources (2015)
Nama PerusahaanTotal Aset 2014 (dalam Juta US$)
Revenue 2014 (dalam Juta
US$)
EBT 2014 (dalam Juta
US$)
Profit Margin 2014
Average Growth of Revenue 2012‐2014
Average of Profit Margin 2012‐2014
NPL 2014
NIM 2014
Cost to Income 2014
Non Interest Income terhadap
Revenue 2014
UOB 231,412 5,626 2,886 51.29% 9.47% 52.07% 1.20 1.71 42.20 38.89%RHB Bank 58,391 2,018 701 34.71% 9.00% 36.93% 1.00 2.30 54.70 31.28%OCBC 302,698 6,292 3,593 57.11% 14.60% 61.89% 0.60 1.68 41.00 38.74%Maybank 182,703 10,190 2,600 25.52% 20.77% 25.83% 2.30 2.31 49.00 15.51%DBS 332,453 7,256 3,695 50.93% 8.04% 50.92% 0.90 1.68 45.00 36.34%CIMB 118,175 4,036 1,220 30.23% 5.49% 37.39% 3.30 2.81 59.00 28.48%Bank Mandiri 68,733 5,035 2,091 41.52% 18.51% 45.88% 2.15 5.96 44.91 24.06%Bank BTN 11,622 1,030 124 12.09% 19.25% 17.69% 4.01 4.47 60.21 7.51%Bank BRI 64,466 6,039 2,481 41.08% 16.40% 45.37% 1.69 8.51 43.10 19.97%Bank BNI 33,487 2,682 1,087 40.53% 17.46% 40.79% 2.36 4.24 43.85 32.11%
Interest still become a leading driver for SOE banks in Indonesia to generateprofit (NIM approximately 5%) when SOE banks in Malaysia and Singaporehave shifted their revenue driver from interest to non interest (NIMapproximately 1 – 2%). In addition, SOE banks in Singapore and Malaysiahave expanded their business operation outside their operation basis.
Note: Kurs Conversion Based on Kurs in December 2014
International Contribution Composition
Sumber: Annual Reports (2014)
UOB Singapore
DBS Singapore
OCBC Singapore
Maybank Malaysia
CIMB
SOEs Profile in Railway Sector
Source: LM FEB UI compiled from various resources (2015)
KAI (Indonesia)• Operation Basis : Java and Sumatera Islands• Core Product : Passenger and freight train services• 100 owned by the government of Indonesia
SMRT (Singapura)• Operating only in Singapore• Core Product : Mass Rapid Transportation (MRT) services• 54% of the shares are owned by Temasek
Kereta Trans Melayu (Malaysia)• Operating only in Malaysia• Core Product : Passenger train service• 100 % owned by the government of Malaysia but not include in Khazanah
Performances Comparation of SOEs in Railway Sector
Source: LM FEB UI compiled from various resources (2014)
Nama PerusahaanTotal Aset 2014 (dalam Juta US$)
Revenue 2014 (dalam Juta US$)
EBT 2014 (dalam Juta
US$)
Profit Margin 2014
Average Growth of
Revenue 2012‐2014
Average of Profit Margin 2012‐2014
KAI 1,358 842 98 11.64% 19.87% 9.79%SMRT 1,564 878 57 6.44% 4.94% 9.91%KMTB* 178 140 (37) ‐26.13% 5.64% ‐38.58%
In this sector, KAI excels KMTB Malaysia and SMRT Singapore based onprofit margin and average growth revenue indicators over the last threeyears. Fundamental transformation of KAI for over the last years is keysuccess of KAI performances improvement so that they can surpassKMTB and SMRT. KAI must explore potential market in other geograhicarea, such as in Kalimantan or Sulawesi and not only focus onpassenger transportation, but also freight transportation.
Note: Kurs Conversion Based on Kurs in December 2014
KAI Business Transformation
Sumber: LM FEB UI (2014)
‐ Business transformation in every line of management has improved KAI performance .
‐ Key successes of the KAI improvement are‐ Strong leadership‐ Infrastructure and facilities upgrading‐ Improvement of service quality
SOEs Profile in Property Sector
Source: LM FEB UI compiled from various resources (2015)
Wijaya Karya (Indonesia)•Operation basis : around Indonesia and several countries (Malaysia, Aljazair, Timor Leste, Myanmar) •Core business: infrastructure and office construction, energy and Industrial Plant, real estate building•65.05 of the shares owned by the government of Indonesia
Adhi Karya (Indonesia)•Operation Basis : Around Indonesia•Core Business : Construction of office, real estate, and oil, gas, and energy•51 of the shares owned by the government of Indonesia
Pembangunan Perumahan (Indonesia)•Opeartion basis : around Indonesia•Core business : construction of building, real estate, and power plant•51 of the shares owned by the government of Indonesia
Waskita Karya (Indonesia)•Operation basis : around indonesia•Core business : construsction of energy and toll road•67,3 of the shares owned by the goverment of Indonesia
CapitaLand (Singapura)•Opeartion basis : Singapore and has expanded to Australia, China, and several countries in Asia
•Core business : Integrating residential areas building •39 % of the shares owned by Temasek
Keppel (Singapura)•Operation basis : Singapore and China•Core product : Offshore & Marine Infrastructure•20 % of the shares owned by Temasek
UEM Sunrise (Malaysia)•Operation basis : Malaysia and has expanded to Australia and Kanada
•Core product : office and residential area building•66% of the shares owned by Khazanah Nasional Berhad
Performances Comparation of SOEs in Property Sector
Source: LM FEB UI compiled from various resources (2014)
Nama PerusahaanTotal Aset 2014 (dalam Juta
US$)
Revenue 2014 (dalam Juta
US$)
EBT 2014 (dalam Juta
US$)
Profit Margin 2014
Average Growth of Revenue 2012‐2014
Average of Profit Margin 2012‐2014
CapitaLand 33,281 2,961 1,839 62.09% 9.16% 64.27%Keppel 23,805 10,021 553 5.52% 11.49% 5.10%UEM Sunrise 3,167 759 174 22.89% 17.01% 26.35%Jasa Marga 2,561 738 146 19.86% 28.49% 19.72%Holding Karya 4,303 3,523 242 6.90% 16.78% 6.85%
Indonesia’s SOEs performance in this sector are far belowperformance of Singapore’s (CapitaLand and Keppel), but cancompete relatively to Malaysia’s SOE (UEM Sunrise. One factorthat contribute this fact is the Singapore SOE (CapitaLand) haspenetrated outside Singapore to handle commercial projects ofreal estate building. Meanwhile, Holding Karya only focus onmanaging infrastructure projects which is mandate from thegovernment of Indonesia
Note: Kurs Conversion Based on Kurs in December 2014
Cost of Revenues in Property Sector
PT Waskita Karya
SOEs Profile in Telecommunication Sector
Source: LM FEB UI compiled from various resources (2015)
Telkom Indonesia (Indonesia)• Operation basis : around Indoensia and several countries (Malaysia, Myanmar, Hong Kong, Singapura, Timor Leste, Australia, Macau, Taiwan, AS, Arab Saudi)
• Core business: broadband service, mobile phone operator, fixed line operator, and network and telecommunication infrastructure service
• 52.56 of the shares are owned by the gorvernment of Indonesia
Singtel (Singapura)• Operation basis : Singapore and has expanded to Australia, India, Philipine, Thaliland, Bangladesh, Sri Lanka, and several countries in Africa
• Core product: Mobile Telecommunication• 52% of the shares are owned by Temasek
Axiata (Malaysia)• Operation basis : Malaysia and has expanded to Indonesia, Sri lanka, Pakistan, Kamboja, Singaproe, India, and Bangladesh
• Core product: Mobile Telecommunication• 38,7% of the shares are owned by Khazanah Nasional Berhad Malaysia
Telekom Malaysia (Malaysia)• Operation basis : Malaysia• Core product ; Broadband • 28,9% of the shares are owned by Khazanah Nasional Berhad Malaysia
Performances Comparation of SOEs in Telecommunication Sector
Source: LM FEB UI compiled from various resources (2014)
Nama PerusahaanTotal Aset 2014 (dalam Juta
US$)
Revenue 2014 (dalam Juta
US$)
EBT 2014 (dalam Juta
US$)
Profit Margin 2014
Average of Growth Revenue 2012‐2014
Average of Profit Margin 2012‐2014
Mobile Subscriber
Broadband Subscriber
Fixed Line Subscriber
Axiata 14,017.86 5,338.98 888.546 16.64% 4.76% 19.06% >260 juta ‐ ‐Singtel 29,664.28 12,710.68 3,280.272 25.81% ‐5.38% 23.81% >500 juta ‐ ‐Telekom Malaysia 6,455.23 3,205.79 315.585 9.84% 7.09% 10.13% ‐ 2.23 juta 4.25 jutaTelkom Indonesia 11,325.96 7,210.29 1,745.579 24.21% 7.64% 29.45% >140 juta 40.4 juta 14.1 juta
Telkom Indonesia can compete relatively to Malaysia’s andSingapore SOEs in telecommunication sector. Although in mobiletelecommunication, the number of subscriber in Telkom arebelow Axiata and Singtel. It is caused Axiata and Singtel hasreached broader market than Telkom. However, TelkomIndonesia leads Telekom Malaysia in terms of broadband andfixed line users, in which only Telekom Malaysia operates in thissegment.
Note: Kurs Conversion Based on Kurs in December 2014
Singtel Revenue Contribution from Foreign Market
Source : Singtel Annual Report (2014)
Singtel Revenue Contribution from Market in Indonesia
48%
22%
14%
11%
5%
Regional Mobile Associates Contribution
Telkomsel
AIS
Airtel
Globe
Other Associates
Source : Singtel Annual Report (2014)
Axiata Revenue Contribution from Market in Indonesia
2014 2013
Source: Axiata Annual Report (2014)
SOEs Profile in Aviation Sector
Source: LM FEB UI compiled from various resources (2015)
Garuda Indonesia (Indonesia)• Served 57 domestic destination and 19 international destination• Core business : passenger and freight air transportation services, airlines repair and maintenance, and operational supporting service
• Number of airplane: 169 • Domestik routes are the main source of revenue(84%)• 60.5 of the shares are owned by the government of Indonesia
Singapore Airlines (Singapura)• Core business: passenger and freight air transportation services• 56% of the shares are owned by Temasek• Number of airplane : 138 • All of revenue are driven by international routes
Malaysia Airlines (Malaysia)• Core business: passenger and freight air transportation service• 100% of the shares owned by Khazanah Nasional Berhad• Number of airplane: 131 • Domestic routes contribution to total revenue : 20,2%
Performances Comparation of SOEs in Aviation Sector
Source: LM FEB UI compiled from various resources (2015)
Note: Data tahun 2013
Nama PerusahaanTotal Aset 2014 (dalam Juta
US$)
Revenue 2014 (dalam Juta
US$)
EBT 2014 (dalam Juta
US$)
Profit Margin 2014
Average Growth of Revenue 2012‐2014
Average of Profit Margin 2012‐2014
Number of Passanger Carried
Passanger Load Factor
Garuda Indonesia 3,105 2,750 (3) ‐0.12% 11.48% 1.49% 29,139,200 71.80%Malaysia Airlines* 4,968 4,315 (329) ‐7.63% 2.33% ‐5.36% 48,323,213 80.60%Singapore Airlines 18,047 11,743 334 2.85% 1.58% 2.82% 18,737,000 78.50%
In this sector, Singapore Airlines is better than Garuda Indonesia andMalaysia Airlines. It is seen by number of passenger carried indicator.Consequently, Singapore Airlines recorded positive profit margin whileGaruda Indonesia and Malaysia Airlines did not.
Note: Kurs Conversion Based on Kurs in December 2014
SOEs Profile in Airport Sector
Source: LM FEB UI compiled from various resources (2015)
Angkasa Pura I (Indonesia)•Include several operation regions,in Indonesia (Yogyakarta, Semarang, Solo, Surabaya, Bali, Kupang, Banjarmasin, Balikpapan, Makassar, Manado, Ambon)•Core business: aviation supporting services, navigation facility service, passenger service, and, airports facilities servicej•100 % owned by the government of Indonesia
Angkasa Pura II (Indonesia)•Include several operation regions,in Indonesia (Yogyakarta, Semarang, Solo, Surabaya, Bali, Kupang, Banjarmasin, Balikpapan, Makassar, Manado, Ambon)•Core business: aviation supporting services, navigation facility service, passenger service, and, airports facilities service, and cargo service•100 % owned by the government of Indonesia
Changi Airport Group (Singapura)•Core business: Airports management service, airports property rent, and airports‐related service•Not include in Temasek•Operation basis in Singapore and has expanded to Brazil, Rusia, and India
Malaysia Airports (Malaysia)•Core business : Airports management service, airports‐related service•36,7% of the shares are owned byKhazanah Nasional Berhad Malaysia•Operation basis in Malaysia and has expanded to ndia and Turki
Performances Comparation of SOEs in Airport Sector
Source: LM FEB UI compiled from various resources ( 2015)
Note: Data in 2013
Nama PerusahaanTotal Aset 2014 (dalam Juta US$)
Revenue 2014 (dalam Juta US$)
EBT 2014 (dalam Juta US$)
Profit Margin 2014
Average Growth of Revenue 2012‐2014
Average of Profit Margin 2012‐2014
Aircraft Movement
Passanger Movement
Angkasa Pura I* 1.044 246 66 26,75% 7,54% 26,41% 689.363 71.912.435 Angkasa Pura II 1.231 392 125 31,87% 11,80% 36,39% 497.352 62.606.455 Changi Airport Group 5.043 1.590 814 51,22% 13,33% 45,05% 1.837.580 53.874.049Malaysia Airports Berhad 6.429 954 238 24,94% 8,63% 18,48% 791.562 83.343.003
In this sector, Indonesia’s SOEs (Angkasa Pura I and II) can not yet surpassChangi Airport Group. It can be seen in aircraft movement indicator. InAddition, Changi Airport Group can generate better profit as theyprovide supporting facilities service and also invest in managing airportsoutside singapore. Meanwhile Angkasa Pura I and II still focus onimproving airports management. Moreover, not all of Airports inIndonesia are managed by Angkasa Pura I and II as there are severalairports under supervision of Minstry of Transportation
Note: Kurs Conversion Based on Kurs in December 2014
Internasional Portfolio
Changi Airport Group
• Tom Jobim International Airport in Rio de Janeiro, Brazil (40% right to concession)
• Airports of the South ( Krasnodar region), Rusia (30% join venture)
• Bengal Aerotropolis Projects Ltd, India (36% share of development)
• China‐Singapore Airport Management Academy (CSAMA), China (A premier aviation training academy)
Malaysia Airport Berhad
• Rajiv Gandhi International Airport, Hyderabad, India
• Indira Gandhi International Airport, New Delhi, in India
• Istanbul Sabiha GokcenInternational Airport in Turkey
Key Success FactorsSeparating role of government as SOEs shareholder and decision maker
1
Indonesia
• SOEs are under supervision of Ministry of SOEs and related ministries
• All of strategic decision must be taken by approving of Ministry of SOEs or related ministries
• Managin director of SOEs is appointed by Ministry of SOEs or professional institution that is asked by Ministry of SOEs to perform the selection processs
Malaysia (Khazanah)
• SOEs are owned and manage by strategic investment company (Khazanah)
• Khazanah is led by 11 independent and professional directors
• All of investment and operational decisions are decided by board of director and management.
• Khazanah is fully owned byMinistry of Finance of Malaysia
Singapura (Temasek)
• SOEs are owned and manage by strategic investment company(Temasek)
• Khazanah is led by 13 independent and professional directors
• Dewan Direksi menunjuk CEO, dengan persetujuan PresidenSingapura
• All of investment and operational decisions are decided by board of director and management.
• Temasek is fully owned by Ministry of Finance of Singapore
Key Success FactorsSOEs do their business as commercial entities along with high standard of good corporate governance2
31.40
45.68 46.8054.55
71.69 71.7082.28
104.12 105.00
0.00
20.00
40.00
60.00
80.00
100.00
120.00
Indonesia Malaysia Singapore
Minimum Average Maximum
Overall CG Score of Top 100 Publicly Listed Companies
Source: ASEAN Corporate Governance Scorecard 2013‐2014
Key Success FactorsFocusing on giving long term sustainable values to stakeholders.
3
Indonesia
Vission Ministry of SOEs:“Menjadi Pembina BUMN yang Profesional untuk meningkatkannilai BUMN”
Malaysia (Khazanah)
Vision: “To be the leading regional strategic investment house that creates sustainable value for a globally competitive Malaysia”
Singapura (Temasek)
Temasek Charter:• Temasek is an active investor and
shareholder.We deliver sustainable value over the long term.
• Temasek is a forward looking institution.We act with integrity and are committed to the pursuit of excellence.
• Temasek is a trusted steward.We strive for the advancement of our communities across generations.