Analysis
Pertamina is an oil, gas and
geothermal state owned company. The company is not listed in Jakarta Stock
exchange, but government decided to use independent auditor for auditing
Pertamina. However, the company had acquired such portion of share of Elnusa,
Oil Company which has been listed in stock exchange.
The company operates in both
domestic and oversea at upstream sector until downstream sector in oil, gas and
geothermal industry. The company and its group were participating in oil and
natural gas joint venture at Algeria, Vietnam, Libya, Malaysia and Iraq. 90 %
of revenue was achieved from domestic operation, revenue from abroad operation
was only participating 10 % of total income.
In 2013 and 2014 the company had
deferred employee benefit cost amounting to USD 2.9 billion; it was adjusted as
equity account in those years. It was adjusted since 2003.
Almost 95 % of total revenue was
collected from downstream segment; the upstream sector was only contributing 5
% of total sales. That means the company is more concerned in downstream. The
company subsidiary in many segment, even in hospital and healthcare, hotel and
air transportation.
Decrease in sales of 2014, was occurred
to the lower subsidy from the government. The fund was recorded as part of revenue
in that year.
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