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Profile of PT. Angkasa Pura II.

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PT (Persero) Angkasa Pura II (AP II) is a state-owned company under the Transport Ministry providing air port services. The company was established on August 13 in 1984 with the name of Perum Pelabuhan Udara Jakarta Cengkareng (PPUJC) which operated the Soekarno Hatta Internasional Airport of Jakarta in Cengkareng, Halim Perdanakusuma Airport and Jakarta FIR (Flight Information Region).

On January 2, 1993, the name of PPUJC was changed with AP II, which operates Jakarta FIR and 10 airports in western Indonesia. The fast growing aviation industry in the country contributes an increase in the income of PT Angkasa Pura II especially from domestic aviation.

Business activity

The government has put 10 airports in the western part of Indonesia under AP II including Soekarno-Hatta (Banten), Halim Perdanakusuma (Jakarta), Husein Sastranegara (Bandung), Polonia (Medan), Sultan Iskandar Muda (Banda Aceh), Sultan Mahmud Badaruddin (Palembang), Supadio (Pontianak), Sultan Syarif Kasim II (Pekanbaru), Minangkabau (Padang), Kijang (Tanjung Pinang).

According to AP II, the Soekarno-Hatta airport will be expanded to 3,000 hectares from 1,800 hectares at present under a 20-year program. In 2002, this airport had a capacity of handling only 15 million air passengers, but in 2015 the capacity is expected to increase to 100 million. Currently the Soekarno-Hatta airport is much dwarfed by Changi airport of Singapore which has a capacity of 30 million and Bangkok airport of Thailand with a capacity of 35 million. The expansion program will start by expanding the first and second terminals to be completed in three years to cost around Rp 800 billion--Rp 1 trillion. The two terminals, which are separated will be combined by the expansion.

The next phase, will be construction of airport railway track to link the airport with the Manggarai railway station in South Jakarta. The plan is to build a railway station underground below the two combined terminals. The plan follows the concept used by airports in neighboring countries like Kuala Lumpur airport, Changi airport, and Shanghai airport, and Schipol airport. The special railway track will be built by a consortium of PT. Rail Link, which is a joint venture between AP II (40%) and state-owned railway company PT Kereta Api Indonesia (60%). PT KA will put up Rp 400 billion and PT Angkasa Pura Rp 300 billion to finance the construction.

PT Rail Link will become a holding company for companies operating in business providing railway transport services to the airports in Surabaya, Yogyakarta and Medan.

PT AP II also plans to build Air Cargo Transshipment Village in bonded zone, that will have office buildings, warehouses for export and import goods and factories producing goods with air cargo characteristics. The construction of the Air Cargo Transshipment Village will become part of the concept of making Soekarno-Hatta air port as a hub cargo.

AP II will build a new airport in Kualanamu, to replace Medan's Polonia, which is considered no longer fit after reaching an age of more than 70 years. The 144 hectare Polonia airport with terminal 13,811 sq.m. could no longer handle growing number of air passengers using. In 2006, it handled 4.5 million passengers, or five times larger than its normal capacity of 900,000.

The new airport is expected to become an international transit for Sumatra and nearby areas and the second largest airport in the country after the Soekarno Hatta airport.

Construction of the airport will be carried out in three phases. The first phase is to be completed in 2009 or in 2010 at the latest. Construction for the first phase will be undertaken by the government and AP II. AP II will build the ground part such as terminal, parking area and the air part will be built by he Transport Ministry. The first phase construction will cost around Rp 3.6 trillion including Rp. 1.3 trillion to be provided by AP and Rp 2.3 trillion in loan. Construction of the second part will be handled by the government and investors to start in 2010.

The first phase will include construction of a railway track from the Aras Kabu station in the Beringin sub-district, which is only 450 meters away. The Aras Kabu station is 22.96 kilometers from the Medan railway station. The Medan-Kuala Namu will be covered in around 16-30 minutes by railway. Access to the airport will also be easier with the a toll road to be built to link Medan and Kuala Namu. The toll road project is being offered to investors.

After the completion of the first phase, the new airport will be able to handle up to 10 million air passengers and 10,000 aircraft departures and arrivals a year. The airport will have the capacity to handle 25 million air passengers a year after the completion of the second phase.

The passenger terminal will be 6.5 hectares with 3.5 hectares of commercial area facility and 1.3 hectares of cargo facility. The Kuala Namu international airport will have a 3,750 meter runway that could accommodate wide bodied aircraft.

The airport is strategic and will be competitive facing airports of Singapore, Kuala Lumpur and Bangkok with the location in the international air routes of Australia, Asia and Europe.

AP II has a number of subsidiaries operating in business areas related to air transport including airport consulting services, ground handling management, catering and airline service business.

In November 2006, AP II and AP I converted a claim of US$ 33 million on PT Garuda Indonesia into shares making AP I and AP II 1.5% and 2.47% shareholders of the nation's flag carrier respectively.

State-owned Bank Mandiri, refused to covert its claim of US$ 70 million on Garuda.

Currently, AP II is headed by Edie Haryoto, who took the position in 2002. He was previously president of PT. Kereta Api Indonesia from 2000 to 2002. AP II has stake as a minority or majority shareholder in a number of subsidiaries.

Financial performance

The largest portion of income of AP II comes from non aeronautical services such as airport tax, property, etc. It also so in other international airport companies like those operating Changi, Schipol, Frankfurt and Charles de Gaulle airports. Income from aeronautical service is small.

The income of AP II is dominated by services related to international flights especially those using US-dollar tariffs.

In 2005, AP II's income rose 14% to Rp 1,710.4 billion from Rp 1,506.3 billion a year earlier. Its net profit increased from Rp 419.4 billion to Rp 441.9 billion in the same period. The increase followed an increase in the number of air passengers.
Table - 1
Airports under AP II and capacity

Name of airports Size of runways Accommodating
 capacity

Sultan Iskandar Muda/ 2,250 x 45 M DC-9; B-737
Banda Aceh

Polonia/Medan 2,900 x 45 M B-747; A-300

Tabing/Padang 2,150 x 45 M B-737 = 4

Sultan Syarif Kasim II/ 2,240 x 30 M F-28; F-100; F-27;
Pekanbaru CN 235

Kijang/Tanjung Pinang 1,856 x 30 M F-27; C-130

SM. Badarudin
II/Palembang 2,200 x 45 M DC-9; F-28

Soekarno Hatta/ 3,660 x 60 M B-747; A-300, DC-9; etc.
Cengkareng 3,600 x 60 M

Halim Perdanakusumah/
Jakarta 3,000 x 45 M B-747; A-300

Husein
Sastranegara/Bandung 2,250 x 45 M F-28

Supadio/Pontianak 1,850 x 30 M F-28; casa; Heli

Source: Angkasa Pura

Table - 2
AP II's stakes in a number of companies

Name of companies Line of business

PT. Angkasa Pura Schipol Airport consulting service

PT. Gapura Angkasa Ground handling and warehousing
 Services

PT. Purantara Mitra Angkasa Dua In-flight catering

PT.. Garuda Indonesia Airlines

Source: Angkasa Pura II

Table - 3
Summary of financial report of AP II,
2002 - 2005

Financial summary (Rp billion)

Profit/Loss report 2005 2004

Operating income 1,710.4 1,506.3

Non operating income 132.0 116.5

Operating cost 1,036.6 966.7

Non operating cost 37.5 40.5

Extra-ordinary costs -99.5 -8.7

Pretax Profit/Loss 668.9 606.9

Current year taxes -231.6 -179.7

Deferred taxes 4.7 -7.8

Net profit 441.9 419.4

Balance

Current assets 1,497.0 1,220.3

Deferred tax assets 23.7 19.0

Long term investment 284.7 280.9

Fixed assets 1,787.8 1,734.9

Other assets 296.2 298.0

Total assets 3,889.3 3,553.1

Short term liabilities 290.7 219.7

Long term liabilities 7.2 10.3

Deposited fund under THT
Program 40.6 33.8

Government assistance
the status of which not yet
determined 72.9 71.0

Equity 3,477.8 3,218.3

Total liabilities and equity 3,889.3 3,553.1

Financial ratios

Return on equity (ROE) 15% 15%

Return on Investment
(ROI) 21% 21%

Cash ratios 346% 343%

Current ratio 515% 555%

Collection Periods 55 days 55 days

Turnover of stocks 3 days 3 days

Turnover of total assets 49% 46%

Ratio of capital to total
assets 88% 78%

Profit/Loss report 2003 2002

Operating income 1,252.9 1,235.8

Non operating income 98.6 147.9

Operating cost 869.7 768.3

Non operating cost 58.8 89.5

Extra-ordinary costs -22.6 -17.9

Pretax Profit/Loss 400.4 508.0

Current year taxes -122.4 -137.3

Deferred taxes 6.0 4.0

Net profit 284.0 371.7

Balance

Current assets 1,017.2 1,061.1

Deferred tax assets 26.8 20.8

Long term investment 291.3 292.1

Fixed assets 1,670.5 1,536.8

Other assets 330.4 470.1

Total assets 3,336.2 3,380.9

Short term liabilities 220.1 242.8

Long term liabilities 19.3 31.0

Deposited fund under THT
Program 47.6 170.8

Government assistance
the status of which not yet
determined 71.0 -

Equity 2,978.2 2,936.3

Total liabilities and equity 3,336.2 3,380.9

Financial ratios

Return on equity (ROE) 11% 18%

Return on Investment
(ROI) 16% 20%

Cash ratios 285% 301%

Current ratio 462% 437%

Collection Periods 51 days 37 days

Turnover of stocks 4 days 4 days

Turnover of total assets 41% 42%

Ratio of capital to total
assets 79% 62%

Source: AP II
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Title Annotation:PT (Persero) Angkasa Pura II
Comment:Profile of PT. Angkasa Pura II.(PT (Persero) Angkasa Pura II)
Publication:Indonesian Commercial Newsletter
Article Type:Company overview
Geographic Code:9INDO
Date:Nov 1, 2006
Words:1724
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