FFB from the oil palm plantation As at 31 December 2024, the Group’s total liabilities remained similar to last year’s Rp13.3 trillion. During the year, certain interest-bearing loans and borrowings were reclassified from current liabilities to non-current liabilities following the rollover of these facilities from short-term to long-term borrowings. The Group recorded net current assets of Rp4.5 trillion as at 31 December 2024, compared to Rp0.4 trillion in the previous year-end. The improved financial position was due to higher cash levels and the rollover of certain matured bank facilities to long-term borrowings. Consequently, the Group’s net debt-to-equity ratio decreased from 0.11 times in the prior year to 0.07 times as at 31 December 2024. CASH FLOWS Despite improved operating results, the Group reported lower net operating cash flows of Rp2.2 trillion in 2024, compared to Rp3.8 trillion in 2023. This was because of higher working capital arising from increased inventories, trade and other receivables, and advances to suppliers. The Group recorded Rp1.4 trillion of investing activities in 2024, a 15% increase over the previous year, mainly due to higher advances for projects and fixed assets. This was partly offset by lower plasma receivables. In terms of financing activities, the Group recorded net cash usage of Rp0.1 trillion in 2024, compared to Rp1.7 trillion in 2023. This was mainly due to additional capital contributions from a non-controlling shareholder and lower net repayment of loans during the year. As of 31 December 2024, the Group’s cash levels increased to Rp5.9 trillion from Rp5.2 trillion a year ago, driven by positive operating free cash flows. Group Overview Financials Other information Sustainability and Governance Operation and Financial Review 13 Annual Report 2024
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