PT Dian Swastatika Sentosa Tbk

Name: PT Dian Swastatika Sentosa Tbk financial statements and ratios
Creator: Annalist

DSSA · IDX · Energy, coal mining and energy · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 17 March 2026. Snapshot FY2025_c6e17ed4.

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Overview

Revenue, fiscal year

−7.5% year on year

Operating profit, fiscal year

−38.4% year on year

Net income, fiscal year

−25.4% year on year

Diluted EPS, fiscal year

n/a

Operating margin, fiscal year

−7.2pp year on year

Return on equity, fiscal year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was US$2.8 billion, 7.5% lower than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewRevenue for the fiscal year ended 31 December 2025 was US$2.8 billion, 7.5% lower than in the previous fiscal year.Recorded from FY2025_04453a51 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_04453a51 · data update
3. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was US$3.0 billion.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was US$231 million, 25.4% lower than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was US$231 million, 25.4% lower than in the previous fiscal year.Recorded from FY2025_04453a51 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_04453a51 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was US$309 million.Reconstructed · initial
The operating margin for fiscal 2025 was 14.4%, 7.2 percentage points lower than a year earlier.
Newin FY2025 · first stated
Rule: Operating margin against a year earlier · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewThe operating margin for fiscal 2025 was 14.4%, 7.2 percentage points lower than a year earlier.Recorded from FY2025_04453a51 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_04453a51 · data update
3. FY2024 NewThe operating margin for fiscal 2024 was 21.6%.Reconstructed · initial
Return on equity for fiscal 2025 was 13.5%.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2025-12
History of this finding, 1 record
1. FY2025 NewReturn on equity for fiscal 2025 was 13.5%.Recorded from FY2025_04453a51 · initial
Purchases of property, plant and equipment exceeded operating cash flow by US$136 million in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Confirmedin FY2025 · first stated
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedPurchases of property, plant and equipment exceeded operating cash flow by US$136 million in fiscal 2025.Recorded from FY2025_c6e17ed4 · wording
2. FY2025 NewPurchases of property, plant and equipment exceeded operating cash flow by US$136 million in fiscal 2025.Recorded from FY2025_c6e17ed4 · correction
3. FY2025 RetiredThe finding changed to negative.Recorded from FY2025_c6e17ed4 · correction
4. FY2024 NewFree cash flow for fiscal 2024 was US$378 million, and operating cash flow was 2.2 times net income attributable to the company.Reconstructed · initial
Net debt was US$1.1 billion at 31 December 2025, 2.2 times EBITDA for fiscal 2025.
Strengthenedin FY2025 · first stated
Rule: Net debt or net cash · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedNet debt was US$1.1 billion at 31 December 2025, 2.2 times EBITDA for fiscal 2025.Recorded from FY2025_c6e17ed4 · correction
2. FY2025 NewNet debt was US$94 million at 31 December 2025.Recorded from FY2025_04453a51 · data update
3. FY2025 RetiredThe finding changed to net debt.Recorded from FY2025_04453a51 · data update
4. FY2024 NewCash and short-term investments exceeded total debt by US$288 million at 31 December 2024.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 28 October 2026: Annalist left out the long-term loans of banks and financial institutions that the statements of Dian Swastatika print below the headings of the portions of long-term debt, and did not capture its depreciation and amortisation or its capital expenditure. Long-term debt at 31 December 2025 was US$0.39 billion against US$1.29 billion, and current debt US$0.11 billion against US$0.19 billion. Records 4 and 14 cite figures that the correction changed. Records 17 to 25 state the corrected findings, among them net debt of US$1.1 billion at 31 December 2025; records 17 to 19 are reconstructed from the corrected snapshot.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents1 document, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_c6e17ed4

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Operating Profit

By fiscal year, US dollars

Profit Attributable to Owners of the Parent

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, US dollars

Net Debt

Total debt less cash and short-term investments, at fiscal year end, US dollars

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes2thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 2

ConfirmedFree Cash Flow
Purchases of property, plant and equipment exceeded operating cash flow by US$136 million in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
NewDebt Against the S&P Benchmark Bands
Lease-adjusted debt was 3.1 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 18.0% of that debt. Debt to EBITDA is within the significant band of the S&P standard volatility table and FFO to debt within the aggressive band.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the significant band is number 4 of 6, and a higher number means more debt against earnings.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsSignificant bandDebt to EBITDA 3.10x, FFO to debt 18.0% · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 3.1 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 18.0% of that debt. Debt to EBITDA is within the significant band of the S&P standard volatility table and FFO to debt within the aggressive band.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the significant band is number 4 of 6, and a higher number means more debt against earnings.
Newin FY2025 · first stated
Rule: Debt against the S&P benchmark bands · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewLease-adjusted debt was 3.1 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 18.0% of that debt. Debt to EBITDA is within the significant band of the S&P standard volatility table and FFO to debt within the aggressive band.Recorded from FY2025_c6e17ed4 · correction
2. FY2025 RetiredThe finding changed to the significant band.Recorded from FY2025_c6e17ed4 · correction
3. FY2024 NewLease-adjusted debt was 1.7 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 40.9% of that debt. Debt to EBITDA is within the modest band of the S&P standard volatility table and FFO to debt within the intermediate band.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 3.1 years of adjusted EBITDA; a year of funds from operations equals 18.0% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2x to 3x	3.10x3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	20% to 30%	18.0%12% to 20%	below 12%

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	modest	significant
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	intermediate	aggressive
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	$1.2bn	$1.5bn
Lease liabilities	$7.0m	$9.6m
Borrowings and lease liabilities presented as one line	$0	$0
Lease-adjusted debt	$1.2bn	$1.5bn
EBIT	$651m	$401m
Depreciation and amortisation, with the impairment reported with them	$83.6m	$78.2m
Share-based payments	$0	$0
Adjusted EBITDA	$734m	$479m
Cash interest	−$62.9m	−$70.5m
Cash taxes	−$174m	−$141m
Funds from operations	$498m	$268m

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 1.13x, Debt due within 12 months $191m · FY2025

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2025 equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Weakenedin FY2025 · stated since FY20241.13x from 2.35x in FY2024
Rule: Liquidity cover · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 WeakenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_c6e17ed4 · correction
2. FY2024 NewCash, short-term investments and operating cash flow for fiscal 2024 equalled 2.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	$413m
Operating cash flow	$330m
Sources	$743m

Uses	Amount
Debt due within 12 months	$191m
Capital expenditure	$466m
Dividends paid	$0
Uses	$658m

Liquidity cover 1.13x

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −2.4%, Operating cash flow to EBITDA 0.69x · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 2.4% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Newin FY2025 · first stated
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 1 record
1. FY2025 NewOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 2.4% of average total assets.Recorded from FY2025_04453a51 · initial

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets	n/a
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)	n/a
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)	n/a
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 4.97 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 4.97, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Weakenedin FY2025 · stated since FY20244.97 from 6.28 in FY2024
Rule: Altman Z'' zone · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 WeakenedThe Altman Z'' score for fiscal 2025 was 4.97, above the safe threshold of 2.60.Recorded from FY2025_04453a51 · data update
2. FY2024 NewThe Altman Z'' score for fiscal 2024 was 6.28, above the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	safe zone

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

4.97Safe zone, above 2.60

The score of 4.97 is in the safe zone of the model, above 2.60. The largest part is retained earnings, at 1.78.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.225	6.560	1.478
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.546	3.260	1.779
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.091	6.720	0.610
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.050	1.050	1.102
Score			4.970

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	17 Mar 2026, the date on which the board approved the statements	AR:dian-swastatika-2025-12-31	45d098adbcd2

Checks

7878 checks, all passed

Statement arithmetic67 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar3 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity2 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit2 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share2 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	76
Confirmed by other figures	15.8%, 12 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	0
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Dian Swastatika Sentosa Tbk, snapshot dian-swastatika/FY2025_c6e17ed4 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_c6e17ed4 · dataset SHA-256 c6e17ed4a895eefc65623f7436b30be1a809899c3669cee1f8bc4f1187d9e7b1 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json