PANN's Performance 2013

Company performance

During the year 2013, PT PANN (Persero) are feeling the pressure due to the impact of the global economic crisis has not abated with macroeconomic indicators continued to weaken. On the other hand, the company has recently entered a period of transition towards business transformation into a holding company in accordance with the direction of business development to the Holding Company.

The condition was enough to affect the overall performance of the company even though the core business (core business) PANN PT (Persero) in the form of financing procurement activities of national commercial ships but solid and highly profitable because it has a promising business prospects in the future.

However, during this time, the scale of operations and revenues from the company's core business, has not been able to cover interest costs and SLA (Shareholder Loan Agreement) to be paid by the company to the government as a result of the assignment of the burden of government projects.

Therefore, to maintain the positive results, the company continued the restructuring process. One of them by setting up a subsidiary company in the field of shipping finance and then do a spin off or separation of the core business on productive assets to the subsidiary by way imbreng.

While PANN PT (Persero) will serve as the Indonesian Maritime Holding pursuant to Regulation No. 18 of 1974 and continue to manage the assets of the activities of the government assignment (aircraft and fishing boats Mina Jaya) as well as the debts of the SLA.

Nonetheless, PANN PT (Persero) and its subsidiaries' business in 2013 still showed a solid performance. The Company's net profit of 41.329 billion, with total revenues amounting to Rp452,219 billion, well above the company's revenue in 2012 amounted to Rp310,086 billion.

The company's revenue comes from leasing amounted to Rp242,859 billion, revenues derived from business hotels in Bandung recorded at Rp38,680 billion and revenue derived from other reach Rp170,680 billion.

Thus, the company's performance in 2013 is on a positive track despite the impact of the global economic crisis has not yet recovered, and the company is in transition towards business transformation process to the parent company in line with the establishment of a subsidiary of PT PANN Financing Maritime.

Overall, management performance targets can be achieved. It is measured based contract management Key Performance Indicators (KPI) with acuran Work Plan and Budget (CBP) passed through a shareholders' meeting in June 2013, using the report's core business PANN PT (Persero).