111-1520-001 September, 2011 Internal Version for BBS Used Only GABRIEL CHANFARRY HADYLAW FINGERLIN ANGELISA KILIS
SUCCESSFUL TURNAROUND RECAPITAL’S WAY CASE STUDY OF PT AETRA AIR JAKARTA In the year 2007, Recapital acquired PT Thames PAM Jaya (hereinafter referred to as “TPJ”), through its subsidiary company, Aquatico Pte. Ltd., from RWE Thames Water. At that time, the performance of the company experienced a downturn for three consecutive years (2005-2007). In addition, for about nine years operating in Indonesia, TPJ never reached the target set by Government1. However, after Recapital acquired 95% shares, the company experienced a turnaround, where the company’s condition gradually improved and experienced significant growth over the next three years (2008-2010). Recapital made changes to the management of the company ranging from changing the name of the company, until the renewal in human resources, business processes and organizations in it. Recapital already had a good reputation and well-known expert in improving companies that were in bad shapes. From 2002 to 2008, there were more or less 6 companies being acquired and successfully improved by Recapital 2. So far, there had never been similar companies in Indonesia that succeeded in increasing the performance and value of a company as was done by Recapital, it was a phenomenal achievement. After implementing the turnaround strategy in PT Aetra Air Jakarta (previously TPJ after the acquisition), the company experienced growth and performance improvement in terms of volume water sold, NRW, and the number of customers since 2008. Water volume increased in 2008, even in 2009-2010 exceeded PAM Jaya target. The number of customers increased at 6,377 customers over 3 years (2008-2010) due to additional pipeline network and other promotion activities by PT Aetra. PT Aetra’s revenues increased 12.26% or 76.89 million rupiahs in 2008; 6% or 41.9 million rupiahs in 2009; and 9.8% or 73,16 million rupiahs in 2010. Operational profit also continued to increase, 25,9% from total profit of the company in 2008, 18% or 33.37 million rupiahs in 2009, and 9.9% or 21.36 million rupiahs in 2010.
Company Background PT Aetra Air Jakarta was a clean water pipeline supply company which got the concession to do business for 25 years under the Cooperation Agreement with the Perusahaan Daerah Air Minum DKI Jakarta (PAM JAYA). This cooperation was valid for 25 years effective since February 1, 1998 1 2
CEO Speak Aetra on Growth, 2010 SWA,2008
Gabriel Chanfarry Hadylaw and Fingerlin Angelisa Kilis prepared this case from field sources, assisted by Diane Natassia. BBS cases are developed solely as the basis for class discussions. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management Copyright © 2011 BINUS Case Center. To order copies and request permission to reproduce materials, call 62-21-720-2222 or go to http://research.wherebusinessisreal.com. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means-electronic, mechanical, photocopying, recording, or otherwise – without the permission of BINUS Case Center.
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to January 31, 2023. PT Aetra Air Jakarta was responsible for managing, operating, maintaining and investing to optimize, expand and improve clean water services in its operational area, which was the east side of Ciliwung River that covered most areas of North Jakarta, some areas of Central Jakarta and the entire area of East Jakarta3. Initially, this company was named Thames PAM JAYA (TPJ) under the RWE Thames Water which was based in the UK. On 17 January 2007, Recapital, through its subsidiary company, Acuatico Pte. Ltd., officially took over the ownership of Thames Water to continue the concession, and since 15 April 2008, TPJ came with a new name, PT Aetra Air Jakarta4. PT Aetra main product was clean water that distributed through pipeline. The water source came from Waduk Jatiluhur managed by Perum Jasa Tirta II (PJT II), which flowed to Jakarta via the open pipeline Tarum Barat Canal (Kalimalang). Water was distributed to households and industrial customers located in its operational areas through a network of piping. PT Aetra had three service Divisions. Each Division was lead by a Director who had the authority to make decisions related to their service coverage. The service region was divided based on the company’s pipeline network, not on the Government’s administrative boundary 5.
Shareholders The shareholders of PT Aetra Air Jakarta were Acuatico Pte. Ltd with 95% of shares and PT Alberta Utilities with 5% of shares. Acuatico Pte. Ltd was a joint venture company of PT Recapital Advisor (private equity firm) and PT Glendale Partners (infrastructure project management) 6, an investment holding company for water infrastructure asset based in Singapore. PT Alberta Utitilies was a holding company for water infrastructure service, industry and general trading 7. Recapital Recapital Advisors was a private equity firm (PEF) which expanded its business with expansion strategy of acquiring (taking over a majority of shares) a company that was experiencing a decline or in a state of stagnation then improved, and resold. Recapital was founded in 1997 by Sandiaga Salahuddin Uno and Rosan Perkasa Roeslani with share composition of 50%-50%8. From 2002 to 2008, Recapital Advisor had acquired around 9 companies to be improved, including the acquisition of PT Aetra Air Jakarta. (See Exhibit 1) There were five stages performed by Recapital in acquiring a company, which were preliminary, due-diligence, negotiation, payment and closing, as well as revamping the company (SWA, 2008). The criteria of companies that would be acquired namely: first, that company was classified as labor-intensive company because it had a high multiplier effect, for example, it could reduce unemployment; second, that company should have Return Investment Return (RIR) with a minimum period of five years. Recapital appointed a special team, Analyst Team, which was assisted by Recapital Corporate Finance to conduct a feasibility study, cash flow analysis, research and business proposal analysis (SWA, 2008).
(Annual Report of PT Aetra Air Jakarta, 2009) (Annual Report of PT Aetra Air Jakarta, 2009) 5 (Annual Report of PT Aetra Air Jakarta, 2009) 6 (Global Water Intelligent, 2009-2010) 7 (http://www.aetra.co.id/) 8 (SWA, 2007) 3 4
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Table 1. Recapital Acquisition Process Acquisition No Descriptions Process 1
Pre-Eliminary
2
Due Diligence
3
Negotiation
4
Payment and Closing
5
Revamping
Criteria: labor-intensive company, Return Investment Return aspect (RIR), minimum of five years. Due diligence process by Investment Committee Recapital: Proses due diligence oleh Investment Committee Recapital: aspects considered were financial condition, legality and industry (in collaboration with Pricewaterhouse Coopers and Ernst & Young) Investment Committee negotiated with the seller and adjusted with the buyers demands. SPA or payments made by buyer to the seller only 80%-90% were paid in full, the rests were paid within 6-12 months deadline, after the deal processes (closing). Post-closing, Recapital revamped, started from restructuring of finance, Human Resource, and corporate culture.
Source: SWA Research (Riset SWA), 2008, SWA Online: http://202.59.162.82/swamajalah/praktik/details.php?cid=1&id=8355
Jakarta’s Water Supply Industry
Public Private Partnership On February 1998, DKI Jakarta Regional Government (PAM Jaya) cooperated with Public Private Partnership in managing clean water supply sector. PPP contract type used by DKI Jakarta Regional Government was concession or franchising, where the private partner could invest with a 25-year contract period. DKI Jakarta Regional Government (PAM Jaya) cooperated with Thames PAM Jaya (TPJ) for East Jakarta area and PT PAM Lyonnaise Jaya (Palyja) for West Jakarta. Both companies made concessions with PAM Jaya for 25 years. The background of this concession was based on the limitation of funds and inefficiency experienced by PAM Jaya 9. There were 6 indicators convering this cooperation, namely increase of water volume sold (million m3), decrease of water loss percentage/NRW, increase of coverage percentage, increase of customers’ percentage, boosting the quality of clean water into drinking water, and water pressure. The Government of DKI Jakarta set the consumer classification, clean water tariffs, and set the targets of achievement to avoid negative effects of monopoly market so companies could not determined for themselves the target of consumers and water tariffs.
9
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Table 2. Technical Target and Standard Service PAM Jaya and the Private Parties (Aetra & Palyja) Description Water Volume Sold (million
m3)
Year 5
Year 10
Year 20
Year 25
342
398
419
428
Water Loss (NRW) (%)
35
25
20
20
Service Coverage (%) Population Served (million) Water Quality Pressure
70 6.72 Clean water by the 7.5 m of DKI Jakarta area, except Pluit, by Year 5
75 7.75 end of Year 9 7.5 m of DKI Jakarta area by the end of Year 10
98 100 10.83 11.43 Drinking water by Year 10 7.5 m 7.5 m
Source: Council of water Services Regulator- DKI Jakarta Region (Badan Regulator Pelayanan Air Minum Wilayah DKI Jakarta) http://www.jakartawater.org/index.php?option=com_content&view=article&id=71&Itemid=204&lang=en&limitstart=4
Industry’s Dominant Economic Traits The market structure in clean water pipeline industry was a monopoly market, and the level of interference from DKI Jakarta Regional Government was very high to maintain the sustainability and long-term availability of clean water, also to maintain the balance of interests between producers and consumers in pricing. This clean water pipeline industry was still in the early development stage, with a very slow/stagnant industry growth rate because of the monopoly market structure. However, in the long run, the clean water pipeline had a great opportunity to continue to grow, so did PT Aetra as the only producer in its operational areas. Based on the Bureau of Statistic Centre (Biro Pusat Staristic/BPS) data in table 7 below, the percentage of households with a viable source of clean water in Jakarta only reached 34.81% or around 3,210,526 people, and households without a viable source of clean water reached 65.19% or around 6,012,474 people. PT Aetra service area which was located in the eastern part of Ciliwung River had a total population of 4,500,000. By 2010, total population that had been served by PT Aetra was 2,707,204 people, or around 60.16% from the total population 10. There were still 39.84% consumers who had not been served. The level of demand toward clean water was very high, but the water supply was limited, resulting in excess demand. The size in this case was service coverage ratio (SCR), a ratio between the numbers of population who became customers divided by total population. The lower level of clean water supply than the level of demand did not affect the rise and fall of prices, because the pricing was set by DKI Jakarta Regional Government. However, there was a need to increase service coverage ratio and total customers towards achieving the target set by the government in the cooperation contract, where PT Aetra service coverage on year 10 and above had to reached 75%, and population served had to be reached 3.87 million people (7.75/2) (see Exhibit 3). The untapped high potential market in PT Aetra operational area became opportunities for the company to maximize the economies of scale. PT Aetra could increase the product capacity and pipeline network coverage to reach 39.84% target market that had been served. Furthermore, in achieving the entire target market, PT Aetra could educate its consumers regarding Jakarta’s 10
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water availability and water product benefits and services from PT Aetra. By increasing the scale of operation and total customers to 80-90%, PT Aetra could gain cost advantage even though there had been no water tariff adjustment since 2007 by DKI Jakarta Regional Government.
Company’s Declining Condition From 2005 to 2007 Thames PAM Jaya’s (TPJ’s) business performance has been decreased . TPJ was not able to meet the target set by PAM Jaya for three years. The unmeet target was accumulated by PAM Jaya into the company’s liabilities which had to be paid at a certain time11. The corporate value deteriorated in the eyes of PAM Jaya and the community due to operational issues and declining service quality. The company’s internal resources declined, both financially as well as its human resource capabilities. After approximately 6 to 7 years operating, PT Aetra had to fix many leaking and inadequate water installations.
Resource Munificence Thames PAM Jaya’s financial resources were very low, other than caused by declining revenues; and investment funds from investors were also very limited. Company’s financial condition was very insufficient while company’s operational expenses were very high. The accumulation of company’s liabilities to Government was also very high. Recapital’s acquisition of TPJ in 2007 had a positive impact for the company. Financially, lack of operational fund had been fulfilled, so company could execute the operational process well. Human resources in TPJ were too abundant and not in accordance with the work loads. They were over capacity against the number of customers. Also the other situations were the availability of many foreign workers, no clear job description was not clear and the jobs were not in align with employee’s competency. Employees of Thames PAM Jaya were split into two, PAM Jaya party and TPJ party. This was triggered by differences in employee status, and gaps between employees of TPJ and PAM Jaya.
Causality of the Distress Externally, threats from other competitors were the usage of deep well, of silo well, and of water processing machines was very high. It was about 40% of target customers who were using these water sources. The company’s internal operation system was weak and affected the company’s operational. Capacity utilization was low due to operational disturbances and the degree of loss/unaccounted of water. Internally, the name PT Thames PAM Jaya was synonymous with the name of foreign company that directly or indirectly affected the loyalty of employees and consumers. TPJ performance directed by the government did not reached the target number of customer networks, production capacity, customer coverage ratio, volume of water sold and the level of water loss (NRW). It took a long time to take action or to solve problems because only the central management that was allowed to decide. Moreover, the company’s culture was formed by the combination between regional-owned company culture and private company culture, and also multicultural organization. This mixed up and disorganized culture raised confusion among the employees that led to action based on their own perception.
11
(Financial Statement Aetra, 2008, and P.B. Hernowo, 2011) Page 5 of 15
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Turnaround Strategies of PT Aetra After the acquisition of PT Thames PAM Jaya completed, Recapital immediately made comprehensive changes to the company. Two changes had been made toward the company: identity change with Re-branding strategy and then followed with organization change with Reengineering strategy. Re-branding strategy was initiated and run by Recapital (P. B. Hernowo, 2011), while re-engineering strategy was formed and run by the company’s management which headed by Syahril Japarin as Director of PT Aetra at that time (P. B. Hernowo, 2011) (see Exhibit 4).
Re-branding Recapital conducted company re-branding by changing the name PT Thames PAM Jaya into PT Aetra Air Jakarta in 2008. This re-branding process was like a “rebirth process” of PT Thames PAM Jaya into PT Aetra Air Jakarta with new vision, mission and corporate values. This caused overall changes in the company’s strategy. Re-branding implementation of PT Aetra was divided into three stages: 1) preparation (2007): in this stage, the management formed a special team to set the corporate new vision, mission and values, and to prepare things needed in this rebranding process. 2) New brand implementation: changing the name of the company and implementing the new corporate values. 3) Corporate value internalization (2009-forward) embedded the new corporate vision, mission and values internally toward its employees. With the new vision, “Improving people’s lives, every moment”, PT Aetra wanted to position itself inside the customers’ minds as a qualified clean water supplier, and could become a trusted partner in improving the quality of people’s lives. To realize this matter, PT Aetra committed to consistently providing excellent service with continuous improvement. The values built in the company were to be a customer-oriented company, to have a high professionalism, and to be respectful toward the community and environment in which PT Aetra located. Gradually, the vision, mission and values of this company continued to be embedded into a strong culture within the employees of PT Aetra. While doing the initial stage of re-branding, Recapital gave six months for the previous management to prepare for the next process of changes in the company.
Re-engineering Re-engineering process of PT Aetra Air Jakarta started with the turn of the President of the company by Syahril Japarin who led the company’s further change process. The management, under Syahril Japarin, agreed to use re-engineering to improve the company’s internal business process fundamentally. Re-engineering was started in early 2008. The main focus re-engineering of PT Aetra was the people (see Exhibit 7). Strategy, organization, system and operational of the company were prepared in accordance with the vision, mission and customer-oriented value of the company (see Exhibit 8). There were 5 steps taken by PT Aetra in re-engineering process: 1) Establishing Development Team, 2) Conducting ESQ Training, as the initial step of change, 3) Re-designing Human Capital Management System (HCMS), 5) Forming a new corporate culture focused on consumers (see Exhibit 9). Development Team
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In performing this re-engineering, Development Team was formed, which contained of 11 TPJ employees from cross-directorate managers and various departments. This team was responsible for managing the planning and implementation of re-engineering, as well as defining new work processes and driving the organizational change. In practice, this Team was assisted by independent consultants. Then, in order to assist this Team-11, it was also formed several teams of re-engineering covering Team 33 consisting of 33 managers from various departments who were in charge of making new SOP for all areas; forming Team 29 who were authorized to formuate PT Aetra values; forming Team 22 consisting of 22 supervisors from various departments who acted as change agents, in charge of implementing change values and to be in the change process example. ESQ Training In order to cultivate the spirit of motivation and changes, Management of PT Aetra started in engaging all employees in ESQ Training. This was the initial step to change the mindset of the employees and the company leaders by conducting Emotional Spiritual Quotient (ESQ) training in 200812. This training was conducted to mobilize and equip employees from emotional spiritual aspect to grow the passion and the will to change. ESQ training was mandatory for all employees of PT Aetra. The implementation was divided into four batches with a capacity of 400-600 employees per batch13. Organization Design In organizational re-engineering structure, management started to analyse and determine the organizational model and form. The organization form was later changed from centralized one into decentralized one and it was divided into two, consisting of main organizations which focused on business development and supporting organizations and focused on operational issues, especially in reducing the past problems. PT Aetra divided the organization into three main divisions: North Division, Central Division and South Division. PT Aetra provided 13 Service Points in 13 service districts so it became near to the customers, and the service process became faster and more effectived.14 Then, management conducted distinct job profile, which included workloads and job analysis to recount every job per employee, defined job descriptions and acknowledged the required amount of employees needed in one division. Management also improved competency model by setting a clear competency criteria starting from the supervisor level to general manager level.15 In structural change process, there were several divisions which was eliminated or merged in order to reach efficiency. With this new structure, company’s organizational structure became leaner and fewer organizational layers than before. Human Capital Management System Re-engineering in Human Capital Management System started with people planning. In this process, the entire employees of PT Aetra followed an assessment test, and then placed in the new structure positions that were in accordance with the employees’ competency and education background. This was done evenly regardless of the status of the employees (employees of PT Aetra or PAM Jaya). (S. Japarin in SWA Online, 2009, and P.B. Hernowo, 2011) (S. Japarin in SWA Online, 2009, and P.B. Hernowo, 2011) 14 (P. B. Hernowo, 2011) 15 (Japarin S. 2009 in SWA Online, 2009, and P.B. Hernowo, 2011) 12 13
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Management also improved the company’s Performance Management System, Key Performance Index (KPI) of employees which were aligned with the company’s goals, and established a relevant and competent valuation system 16. The company uniformed the standard salaries and facilities for employees of PT Aetra and PAM Jaya and then improved the reward and punishment system. Excelled employees would get reward (bonus, raises, job promotion, etc.), while employees who did not perform well would be demoted. In preparing future leaders, PT Aetra involved professional institutions in the company’s recruitment system. In addition, company also decreased the number of expatriate workers, excluding the BOD. Management of PT Aetra conducted training and development as well in order to increase employees’ competencies, and to establish coaching system to support the gradual change in the work process. First, conducted 4DX coaching in general. Secondly, conducted WIGs coaching. This coaching was held once a week between employees and their superiors through making a report of performances, evaluation, and making new plans for the week after17. Organizational Culture PT Aetra initially did not have a clear culture and smooth communication and interaction between employees. Employees with superiors did not interact well due to the background differences in experience, thus led to formation of small groups in the organization and caused the organization into fragmentation. In the end, generally the formed organizational and person culture were prioritized in individual’s or group’s target achievement and interests rather than the company’s goals. To change this culture, the company conducted organizational re-engineering through applying Covey’s 7 Habits of Highly Effective People which aimed to achieve synergy between employees and planting team work culture in order to gain harmonization of business process and organization goals18. In acting so, the company implemented 4 Disciplines of Execution (4DX) and Widely Important Goals (WIGs) programs as tools for strategy execution which started from synergies among employees/departments/business units. WIGs were one of weekly 4DX developments y strategies and served as planning and monitoring each employee’s target 19. Therefore, step by step, the person culture started to change towards task culture which prioritized the harmonization of team work. Through the implementation of 4DX, PT Aetra created strategy execution as corporate culture and integrated it with the system that encouraged the acceleration of the change process.
(Japarin S. 2009 in SWA Online, 2009, and P.B. Hernowo, 2011) (P.B. Hernowo, 2011) 18 (Japarin S., 2010) 19 (P.B. Hernowo, 2011) 16
17
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The Result After implementing re-branding and re-engineering strategy, company experienced growth and performance improvement in terms of volume water sold, NRW, and the number of customers since 2008. Water volume increased in 2008, even in 2009-2010 it exceeded PAM Jaya target (Target: 128.3 and 131.8 million meters cubic; Achievement: 129.37 and 136.6 million meters cubic)20. Non revenue water (NRW) decreased 2.21% from year 2008 to 2009. Although NRW increased slightly in 2010, as much as 1.27%, but the overall declined was 1.6%. The number of customers increased to 6,377 customers over 3 years (2008-2010) due to additional pipeline network and other promotion activities by PT Aetra. The bill Collection system also imporved each year due to the organization streamlining and rapid billing system, and payments through ATM. Revenues had increased 12.26% or IDR 76.89 million in 2008; 6% or IDR 41.9 million in 2009; and 9.8% or IDR 73.16 million in 2010. Operation profit also continued to increase, 25.9% from total profit of the company in 2008, 18% or IDR 33.37 million in 2009, and 9.9% or IDR 21.36 million in 2010.
What’s Next Although PT Aetra Air Jakarta succeeded to turnaround the company in 3 years, there was no good recipe that PT Aetra would become a successful and growing recovery corporation. There were possibilities of failure chances as well. The issue which should be considered by the company was where to go, what to do next after achieving this success turnaround strategy. Company should keep thinking of the next strategy to stay ahead and achieve the contionuous and sustainable growth.
20
(Fact Sheet Aetra 2009 & 2010)
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Exhibits Exhibit 1. Companies that has been Improved by PT Recapital Advisor Year 1996 2002
2005 2006 2007
Description Recapital founded, as a financial advisor company. Acquired PT Sumalindo Lestari Jaya Tbk. Acquired 80% shares of Sriboga Ratu Raya (Pizza Hut Indonesia), bought Pizza Hut Mengakuisisi 80% saham Sriboga Ratu Raya (Pizza Hut Indonesia), at a price of US$ 50 million or Rp 450 billion. Sold PT Sumalindo Lestari Jaya Tbk. (Recapital succeeded in increasing 10 times of Sumalindo’s share). Acquired PT Asuransi Recapital (Reguard), formerly known as PT Asuransi Grasia Unisarana Recapital held 7,2% shares of PT Abdi Bangsa Tbk. Acquired Hotel Kemang Jaya Raya Won Dipasena first tender valued at Rp 1,5 trillion for 75% ownership shares; while the remaining 25% was still owned by government. Acuatico took over 95% shares of PT Thames PAM Jaya from Thames Water Plc., UK.
Adding shares of Bank Kesejahteraan Ekonomi to 28,33% from its previous 21,38%. Recapital disbursed fund Rp 12 billion for that addition. Acquired Losari Coffee Resort from Teggia Group. Sold 71% of its shares in Bank Tabungan Pensiunan Nasional (BTPN) valued at US$ 175 million to Texas Pacific Group. Source: Riset SWA, 2008, SWA Online: http://202.59.162.82/swamajalah/praktik/details.php?cid=1&id=8355 2008
Exhibit 2. Piped Water Consumers Classification
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Exhibit 3a. Total Population and Households with Viable Clean Water Source Percentage, Year 2007 - 2009 Total Population (Thousand) 2007
2008
2009
2010
Total Population of Indonesia 225.642,00 228.523,00 231.370,00 234.181,00 Total Population of DKI Jakarta 9.064,60 91.462,00 9.223,00 9.294,90 Source: Catalogue BPS 3101015, August 2010. Perkembangan Beberapa Indikator Utama Sosial
Population Percentage and Density DKI Jakarta
Population Percentage
Population Density per km2
2009
2010
2009
2010
399,00
3,97
12.459,00
12.556,00
Households with Viable Clean Water Source Percentage, Year 2007-2009 2007 2008 2009 DKI Jakarta 49,27 39,20 34,81
2010 -
Source: Indonesian Economy, page 12-13, 38 Exhibit 3b. Customer Connection Percentage, April 2011
Source: Fact Sheet PT Aetra Air Jakarta April 2011, page 3
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Exhibit 4. Change Milestone of PT Aetra Air Jakarta
Source: Japarin S. 2010. CEO Speak Binus: Aetra on Growth. Page 6.
Exhibit 5. Re-engineering Focus
Source: S. Japarin, 2010. CEO Speak on Growth PT Aetra Air Jakarta. Page 9.
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Exhibit 6. Re-engineering Steps of PT Aetra Air Jakarta
Source: S. Japarin, 2010. CEO Speak on Growth PT Aetra Air Jakarta. Hal. 8 Exhibit 7. Simple Examples of 4DX & WIGs
Lead Measure
Lag Measure Monitoring and evaluation: -
Achieving lead measurre (4 visits to customers) Achieving lag measure (water sales target volume)
Source: P. B. Hernowo, 2011 Exhibit 8. PT Aetra Air Jakarta Achievements, Year 2008-2010 2008
2009
2010
Volume (Million M3)
124,47
129,37
136,6
Non Revenue Water (%)
50,83
48,62
49,24
Customer (Numbers)
379.000
382.693
385.377
Collection (%)
99,1
99,21
-
Source: Fact Sheet Aetra, 2009 & 2010 Page 13 of 15
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Exhibit 9. Sold Water Volume PT Aetra, 2008-2010
Source: Fact Sheet Aetra, 2009 & 2010 Exhibit 10. Income Statement of PT Aetra Air Jakarta, 2008-2010 31 December In Million Rupiahs 2010
2009
2008
2007*
2006
2005
Income
818.698
745.538
703.632
626.735
617.949
518.500
Direct Cost
(354.921)
(310.344)
(301.458)
(267.582)
(247.429)
(231.695)
Gross Profit
463.777
435194
402.174
359.153
370.250
286.805
Operating Cost
(226.447)
(219.225)
(219.573)
(278.219)
(209.968)
(180.536)
Operation Profit Other Revenues (Expenses)
237.330
215.969
182.601
80.934
160.552
106.269
(40.429)
865.052
(410)
1.080
(54.650)
(135.518)
Profit (Loss) Earnings (Loss) before Tax Income Tax (Expense) Benefit
1.190
947
11.953
(30.061)
68.411
(48.486)
196.902
130.864
194.144
51.953
174.313
77.735
(57.286)
11.513
(58.477)
(42.557)
(53.682)
35.039
Net (Loss) Profit
139.616
142.395
135.667
9.396
120.631
(42.698)
*Restated Source: Income Statement of PT Aetra, 2008-2010
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About the Author First Author’s Profile
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