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PTPN VII business unit financial performance 2015 will be described in detail. The description will also discuss some notes on material events affecting PTPN VII financial performance.
In 2015,PTPN VII recorded consolidated net sales revenue in the amount of Rp4.42trillion decreasing 2.07% compared to 2015 achievement. Main factor causing the decrease of net sales was the decrease of rubber and palm oil commodity respectively by 13.14% and 18.34% compared to 2014. These net sales was derived from five business segments, i.e. rubber, palm oil, tea, sugar and other business segment in form of cattle and compost. Contribution of each segments to net sales are following: rubber 32.66%, oil palm 39.17%, tea 1.55%, sugar 26.20%, and other business segments 0.41%. rubber and palm oil sales was having a decrease respectively by 8.70% and 6.18%.
Cost of Goods Sold
Cost of goods sold in 2015 was amounted to Rp3.45 trillion, decreasing 19.36% compared to 2014 that reached Rp4.27 trillion. Total inclusive production cost of depreciation in 2015 reached Rp3.31 trillion or decreasing 23.49% from 2014 production cost that reached Rp4.33 trillion. This was due to purchase cost of rubber and palm oil raw material from nucleus/third parties decreasing as effect of a decrease of purchase volume and price. Largest component of cost of goods sold is cost of goods manufactured of rubber, palm oil, and sugarcane.
Gross profit in 2015 reached Rp978,80 billion, it was having an increase of 299,4% compared to gross profit achievement in 2014 amounted to Rp245,06 billion. The increase of this gross profit was particularly triggered by the decrease of cost of goods sold amounted to 19,36%. Ratio of gross profit in 2015 reached 22.12%, increasing compared to 2014 that reached 5.42%.
Operating expenses in 2015 increased by 13.13%namely from Rp484.61 billion in 2014 to Rp548.24 billion in 2015. Sales expenses increased by 21.2%, where as administration and general expenses increased by 19.23%.
In line with the decrease of operating expenses, then operating profit in 2015 increased 357.7% compared to 2014, from loss Rp186.73 billion to profit Rp481.13 billion. Ratio of operating profit in 2015 reached 10.87%, increasing compared to 2014 which reached minus 4.13%.
Based on operating segment, rubber segment recorded operating loss by Rp118.21 billion decreasing 262.56% compared to 2014, palm oil segment recorded operating profit in the amount Rp190.42 billion decreasing 32.75%, tea segment recorded operating loss by Rp13.58 billion, decreasing 546.86%, sugarcane segment recorded operating profit amounted to Rp423.48 billion increasing 177.59% and other segments recorded operating loss in the amount of Rp977 million, fell by 733.08% compared to 2014. The decrease of operating profit for rubber and palm oil segment was due to the condition of commodity price was not encouraging.
Other Income (Expenses)
Other expenses in 2015 increased by 20.72% from Rp316.65 billion in 2014 to Rp382.25 billion in 2015. This increase was caused by increasing interest expenses need to be paid due to increasing Company’s short term loan expenses and long term loan expenses.
Other income was lessened in the amount 32.58% becoming Rp80.5 billion. This was mainly caused by the decrease of non commodity sales from 2014 realization in the amount of Rp41.9 billion or 71.84%, whereas other expenses was also lessen 55.05% due to decreasing main non commodity expenses in the amount of Rp34.69 billion or 94.37% in line with the decrease of non major commodity sales.
Profit Before Income Tax Expenses
Achievement of profit before income tax in 2015 was amounted to Rp55,456 million, it was decreasing by Rp606.36 billion compared to 2014 achievement. This was mainly caused by increasing operating profit amounted to Rp667.86 billion compared to2014, namely from loss Rp186.73 billion to profit Rp481.13 billion.
Income Tax Expenses
Income tax expenses in 2015 were lessened to 80% becoming Rp9,086 billion. This was due to deffered tax asset.
Non Controlling Interest
In 2015, loss on non controlling interest of subsidiaries reached Rp213 million. This was due to the subsidiary PT Karya Nusa Tujuh and dan PT Optima Nusa Tujuh were suffering a loss.