Page 31 - SUSTAINABILITY ISSUES & COVID-19

4. RESULT AND ANALYSIS
Based on the results of the analysis of the financial statements of each subsidiary, it was found that consistently the
subsidiary of PT Rajawali Nusantara Indonesia Persero in the sugar industry experienced stagnation or contraction in
business growth and profitability pressures, it can be seen in the following table:

Table 4.1 Subsidiary Performance in 2019 (in Billion Rp)
Subsidiaries
No. Information
Rajawali I Rajawali II Candi Baru

Revenue 2019 (Milyar
1 2,218 506 355
Rp)
Normalization
2 Revenue 827 351 121v
(Milyar Rp)
GM : 11,2% GM : -2,1% GM : 6%
Profitability
3 EBITDA M : 12,9% EBITDA M: 5% EBITDA M : 5%
(5 thn)
NPM : 5,8% NPM: -15,5% NPM : 2,3%
Source: Subsidiary Financial Statements 2019 - have been reprocessed

Based on the table above, it can be explained that the revenue in 2019 obtained by PT PG Rajawali I tends
to have a higher business scale and profitability compared to other subsidiaries (PT PG Rajawali II and PT PG Candi
Baru). Seeing the performance of PT PG Rajawali II which is much lower than other subsidiaries, for the restructuring
mechanism that the company will undertake, the balance sheet and profit and loss statement of each subsidiary are
presented as follows:
Table 4.2 Subsidiary Balance Sheet for 2019 (in Billion Rp)
Subsidiaries
Information
Rajawali I Rajawali II Candi Baru

Total Aset: 1.427 2.440 342
Aset Lancar 706 480 100
Aset Tidak Lancar 721 1.960 242
Total Liabilitas 1.427 2.440 342
Liabilitas Jangka Pendek 242 2.187 60
Liabilitas Jangka Panjang 620 341 26
Ekuitas 565 (88) 256
Modal disetor 62.5 410 43.3
Laba ditahan 408 (498) 60
Lainnya 94.5 - 153
Source: Subsidiary Financial Statements 2019 - have been reprocessed

Table 4.3 2019 Subsidiary Profit and Loss Statement (in Billion Rp)
Subsidiaries
Information
Rajawali I Rajawali II Candi Baru
Sales 2.218 506 355
Gross Profit 306,4 10,4 30

Profit Before Tax 191,4 (198,8) 16,7
Net Profit 141,5 (159,4) 12,3
EBIT 247,4 (48,4) 20,1
EBITDA 326,5 1,3 28,8
Source: Subsidiary Financial Statements 2019 - have been reprocessed

30 International Conference on Sustainability
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