COMPANY PROFILE 9M18 PT Toba Bara Sejahtra Tbk Jakarta, September 2018 Strictly Private & Confidential Strictly Private & Confidential www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance and Corporate Social Responsibility (CSR) Update on Power Plant Projects | 1 www.tobabara.com
1 | TOBA Overview | 2 www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance Update on Power Plant Projects Overview PT Toba Bara Sejahtra Tbk (“TOBA”) Toba Bara (“TOBA”) is one of few major thermal coal producers in Indonesia. The Company is embarking to become an integrated energy company PLANTATION 1 COAL MINING POWER GENERATION PT Adimitra Baratama Nusantara (“ABN”) PT Perkebunan Kaltim Utama PT Gorontalo Listrik Perdana (“GLP”) I (“PKU”) PT Trisensa Mineral Utama (“TMU”) PT Minahasa Cahaya Lestari (“MCL”) PT Indomining (“IM”) 2x60MW (gross) steam Coal Fired Power Total Concession : 7,087 Ha 8,633ha (2,738 Ha planted) Plants under development by GLP and Reserves (JORC 2018) : 63.9 mmtons HGU area MCL Total Production Rate : 5-8 mmtpa : 4,800 – 5,900 25-year PPAs with BOOT scheme (PLN as Coal Products (GAR) 1) TBS owns PKU, which overlaps kcal/kg sole off-taker) with ABN and TMU concessions One of few companies that has obtained 2 PPAs in 2 consecutive years (GLP and MCL) Notes: HGU: Hak Guna Usaha (Right to Cultivate), IPP: Independent Power Producer, PPA: Power Purchase Agreement | 3 www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance Update on Power Plant Projects Ownership Structure TOBA Group PT Bara Highland Strategic PT Toba PT Sinergi Others Public (1) Makmur Abadi Holdings Pte. Ltd. Sejahtra Sukses Utama (< 5%) 10.00% 6.25% 61.91% 5.10% 12.35% 4.39% Power Coal Plantation 99.99% 99.60% PT Toba Bumi Energi (“TBE”) 51.00% 60.00% (2) 90.00% 99.99% 99.99% 90.00% 99.9% PT Adimitra Baratama Niaga 100% Adimitra Resources Pte Ltd Notes: (1) Including Baring Private Equity as anchor investor. (2) Economic benefit of 80%, ownership subject to PLN approval | 4 www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance Update on Power Plant Projects Mine Location and Integrated Infrastructure TOBA has a strategic mine location and integrated infrastructure ( Coal Processing Plant (CPP) , hauling road , Overland Conveyor, dan Jetty ), which provide a competitive advantage for the company's operations Selat makassar | 5 www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance Update on Power Plant Projects Transformation towards an Integrated Energy Company Toba Bara (“TOBA”) is one of the country’s leading coal producers on track to transform itself as an Integrated Energy Company by 2020/2021 Coal Mining and Plantation Coal Mining and Plantation Power Plant Transformasi Integrated Energy Company Supporting Services of Coal Mining and Power Plant • Coal Trading • Coal Logistics • O&M Power Plant | 6 www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance Update on Power Plant Projects Our Power Projects: Sulbagut-1 and Sulut-3. Why Gorontalo-North Sulawesi? Considering projected demand growth and required reserve margin, North Sulawesi and Gorontalo are poised to urgently require additional power generation capacity, i.e. from coal-based power plants Sulbagut-1, Sulut-3, North Minahasa, North Gorontalo, Gorontalo Current Reserve Margin Profile North Sulawesi 0% 50% 100% Demand Growth Profile Growth < 7% Growth 7-9% Growth 9-11% High-cost diesel generator still takes highest portion of power source Why Gorontalo-North Sulawesi? Power Generation Capacity • Prospective Sulawesi electrical system still by Fuel Type in Sulawesi (2017) demand growth > deploys high-cost diesel- Renewable 9% generator as highest portion of 6% Coal • Reserve margin in 24% power source (30%) Diesel/Fuel Sulawesi is ~22% , To lower generation cost, coal Oil lower than 30% national average based power is expected to (> 30%) diminish Sulawesi’s dependence Hydro Gas 23% on diesel-based power 17% | 7 www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance Update on Power Plant Projects Achievement and Certification Environment Health and Safety PT Adimitra Baratama PT Indomining PT Trisensa Mineral Nusantara Utama Green PROPER Award Green PROPER Award Green PROPER Award (2018) (2016-2018) (2016-2018) PT Adimitra Baratama PT Indomining PT Trisensa Mineral Gold PROPER Award Nusantara Utama (2015-2017) BS OHSAS 18001:2007 BS OHSAS BS OHSAS from Lloyd’s Register 18001:2007 from DQS 18001:2007 from Quality Assurance (29 March 2017) DQS (25 September 2017) (23 August 2015) Quality Management System PT Trisensa Mineral PT Adimitra Baratama PT Indomining Utama Nusantara ISO 14001:2015 from ISO 14001:2015 ISO 14001:2015 Lloyd’s Register Quality Certificate from DQS Certificate from DQS PT Indomining PT Trisensa Mineral PT Adimitra Baratama (23 August 2015) Assurance (29 March 2017) Utama Nusantara (25 September 2017) ISO 9001:2015 from ISO 9001:2008 from ISO 9001:2008 from DQS DQS DQS (29 March 2017) (23 August 2015) (5 June 2015) | 8 www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance Update on Power Plant Projects Achievement and Certification Corporate Social Responsibility (CSR) PT Adimitra Baratama PT Indomining PT Trisensa Mineral Nusantara Utama Gold KUKAR CSR Silver KUKAR CSR Participant KUKAR Award 2017 Award 2017 CSR Award 2017 Achievement at Corporate Level (TOBA) Top 30 Indonesian High-Performing Listed Energy & Resources In-House Team of the Year Top 50 Mid Market Capitalization Public Company Company received award from Asian Legal Listed Companies Company awarded by Forbes Indonesia on the 8 th Business at ALB Indonesia Law Awards 2017 Indonesia Institute for Corporate Directorship Annual Best of the Best Awards in November 2018 | 9 www.tobabara.com
2 | Financial and Marketing Performance | 10 www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance Update on Power Plant Projects Profitability Increase in Average Selling Price (“ASP”) per ton directly correlates with the rise in NEWC coal index, resulting in a higher gross profit margin and EBITDA margin Revenue and ASP NEWC Adjusted GAR and ASP 92.6 71.8 61.1 74.7 54.8 57.6 45.4 51.5 73.7 403.6 348.7 61.1 310.7 54.8 258.3 45.4 2015 2016 2017 9M18 LTM 2015 2016 2017 9M18 Revenue (US$ mn) ASP (US$/ton) NEWC Adjusted GAR (US$/ton) ASP (US$/ton) EBITDA and ASP EBITDA, EBITDA/ton, EBITDA Margin 71.8 25.5% 24.1% 61.1 54.8 15.4% 19.6 15.3 45.4 15.2% 102.9 102.9 8.4 7.1 74.8 74.8 53.7 53.7 39.2 39.2 2015 2016 2017 9M18 LTM 2015 2016 2017 9M18 LTM EBITDA (US$ mn) ASP (US$/ton) EBITDA (US$ mn) EBITDA/ton (US$/ton) EBITDA Margin (%) | 11 www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance Update on Power Plant Projects Credit Profile TOBA maintains balanced capital structure positioned to finance power plant projects Total Debt and Net Debt (1) Total Debt / EBITDA (US$ mn) (x) 98.8 93.3 1.3x 1.3x 1.2x 64.0 0.9x 51.3 24.1 18.5 13.7 -1.0 2015 2016 2017 9M18 2015 2016 2017 9M18 Total Debt/EBITDA Total Debt Net Debt (Cash) Net Debt (1) / EBITDA EBITDA / Interest Expense (x) (x) 15.3x 0.3x 0.3x 13.9x 0.3x 12.5x 9.6x 0.0x 2015 2016 2017 9M18 LTM 2015 2016 2017 9M18 Net Debt (Cash)/EBITDA EBITDA/Interest Expense Notes: (1) Cash including cash and cash equivalent | 12 www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance Update on Power Plant Projects 9M18 Summary Performance Operational Δ % 9M17 9M18 85.2 NEWC Index US$/ton 108.3 27.1% Average Selling Price (ASP) US$/ton 59.2 73.7 24.5% Production Volume mn ton 3.7 4.0 8.1% Sales Volume mn ton 3.5 3.8 8.6% Stripping Ratio x 13.5 13.3 (1.5)% FOB Cash Cost US$/ton 47.8 39.3 21.6% Δ % Financial 9M17 9M18 Revenue US$ mn 211.3 304.1 43.9% US$ mn EBITDA 79.9 51.9 53.9% Profit for the Period US$ mn 45.9 29.0 58.3% EBITDA/Ton 37.7% US$ mn 15.1 20.8 Financial Ratios 9M17 9M18 Gross Profit Margin 29.9% 29.9% EBITDA Margin 24.6% 26.3% | 13 www.tobabara.com
TOBA Overview Financial and Marketing Performance Operational Performance Update on Power Plant Projects Marketing TOBA adopts forward looking view of market conditions to adapt our marketing strategies to extracting most value for our coal Destination Trader vs End-User Composition 73% Hong Kong Philipina Others 71% 9M17 2.6% 2.5% 1.9% Vietnam 54% 46% 3.0% India 29% 27% 3.8% Korea Japan 28.7% China 4.4% 8.3% Taiwan 2016 2017 9M18 11.7% Thailand Malaysia 19.7% Traders End-users 13.5% Product Composition 5600 HS 5600 RS 5800 & 5900 LS 5200 Others 9M18 Philippines Vietnam Others 1.1% 0.9% 2.3% 30% Japan 28% 26% 26% 6.8% China 24% Taiwan 24% 6.9% 22% 21% 21% 22.6% Thailand 17% 15% 17% 7.5% 14% Malaysia Pakistan 8% 16.7% 7% South 8.3% Korea India 12.9% 14.1% 2016 2017 9M18 | 14 www.tobabara.com
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