CORPORATE PRESENTATION, MAY 2015 www.ptba.co.id Reuters: PTBA.JK Bloomberg: PTBA IJ Exchange: JKT Ticker: PTBA
Table of Contents 1.Introduction 2.Operating Review 3.Commercial Review 4.Financial Review 5.Development Projects Appendices 01
Introduction Company’s Key Milestones I ndonesia’s Oldest and Most Experienced Coal Producer PN TABA was converted PTBA was publicly listed into a limited corporation on the Jakarta Stock and its name changed to Exchange with 35% of PT Tambang Batubara shares held by the public. During the Dutch colonial Bukit Asam (PTBA). This I t traded with the initial period, the first open-pit date is officially stock price of I DR575 at Airlaya mine, in considered as the base of under the code PTBA. Tanjung Enim, South the commemoration of Sumatera started the company’s operating. anniversary. 1919 23 Dec 2002 2 Mar 1981 1990 1876 1950 Another state owned coal The company changed Coal Mine in Ombilin, company, “Perusahaan into an I ndonesian state West Sumatera, started Umum Tambang owned company which in operation. batubara” merged with was called “PN Tambang PT Bukit Asam (PTBA). Arang Bukit Asam” Since then, PTBA become (TABA). PN is the only state owned coal abbreviation of mining in I ndonesia. Perusahaan Negara, means “State Company”. During the period 1991-1995, on the behalf of the I ndonesian government, PTBA acted as the Coal Power Subsidiaries: domestic coal regulator for Coal Coal Trading Logistic CBM Gas Investment Generation Business Contract of Works (CCoW). 02
Operating Review Performance Highlights FY14(A) FY15(F) 3M14 3M15 f=e/d a b c=b/a d e 18.0 24.0 133% 4.21 4.58 109% SALES VOLUME (MT) 16.4 20.9 127% 3.29 3.26 99% PRODUCTION (MT) 1.8 2.7 150% 0.47 0.44 94% TRADING/PURCHASE (MT) 14.8 18.9 128% 3.41 3.59 105% RAILWAY CAPACITY (MT) 13.1 3.09 3.28 106% REVENUES (IDR TN) 2.02 0.54 0.34 63% NET PROFIT (IDR TN) Net Profit (IDR Trillion) Railway Capacity (Mn ton) 18.9 Revenue (IDR Trillion) 13.1 3.08 2.90 11.6 2.70 11.2 10.6 14.8 9.0 12.8 11.9 2.01 2.02 7.9 10.8 10.5 11.5 1.80 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 2015F 2009 2010 2011 2012 2013 2014 03
Operating Review Current Operations Mining Business License (IUP) Total Resources 7.29 billion tons Tanjung Enim Mine 66,414 Ha Total Mineable Reserves 1.99 billion tons Ombilin Mine 2,950 Ha PERANAP MINE Peranap Mine 18,230 Ha Recources : 0.79 billion tons IPC Mine 3,238 Ha Mineable : 0.37 billion tons Total 90,832 Ha OMBILIN MINE Resources : 0.10 billion tons Mineable : 0.02 billion tons Samarinda TANJUNG ENIM MINE Pekan Baru Resources : 6.36 billion tons Peranap Mineable : 1.59 billion tons Padang TELUK BAYUR PORT Installed Cap. : 20 M tpa Stockpile : 90,000 tons Teluk Bayur Throughput : 2.5 M tpa Vessel : 40,000 DWT Ombilin IPC MINE Kertapati Palembang Resources : 0.045 billion tons Mineable : 0.01 billion tons KERTAPATI PORT Stockpile : 50.000 tons Throughput : 2.5 M tpa Tanjung Enim Lampung Barging : 8,000 DWT Tarahan Jakarta TARAHAN PORT Stockpile : 860,000 tons Throughput : 13 M tpa Vessel : 210,000 DWT PTBA core operations 04
Operating Review Coal Resources Total : 7.29 bn tons Bituminou Coal Mineable Reserves s; 2,7% Total: 1.99 bn tons Bitumi nous; 3,0% Lignite ; Lignite, 34,2% Sub ‐ Sub ‐ 48.2% bituminou bitumi s, 49.1% nous; 62,8% Parameter BITUMINOUS SUB BITUMINOUS LIGNITE TM (% ar) < 18 18 ‐ 30 > 35 CV (KCal/Kg adb) > 6,400 4,900 – 6,400 < 4,900 05 (KCal/Kg ar) 5,800 – 7,950 4,400 – 5,800 < 4,400
Commercial Review Global Coal Review 1,800 Pacific Basin Seaborne Thermal Coal Import Demand Seaborne Thermal Coal Exports by Country (Mt) 1,600 by Country and Rank (Mt) 1,400 1,200 1,000 800 Mt 600 400 200 0 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 Japan, S Kor, Taiwan high Japan, S Kor, Taiwan low All others high All others low China high China low India high India low Source: Wood Mackenzie Coal Market Service, December 2014 Source: Wood Mackenzie Coal Market Service, July 2014 Atlantic Basin Seaborne Thermal Coal Import Demand Thermal Coal FOB Price Forecast 250 by Country (Mt) 200 150 Mt 100 50 0 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 Germany high United Kingdom high Turkey high Italy high Israel high France high Brazil high All others high All others low 06 Source: globalCOAL and Indonesian Govt (History), Wood Mackenzie Coal Market Service, June 2014 Source: Wood Mackenzie Coal Market Service,December 2014
Commercial Review National Coal Review Indonesian Domestic Demand Vs E xpor ts (Mt) Pr imar y E ner gy Mix (%) Source: Wood Mackenzie Coal Market Service, November 2013 Source: Agency For The Assessment And Application Of Technology, Dec 2013 Coal Consumption Guidance for Electricity Fuel Mix 2005 ‐ 2021 : For Power Generation 07 Source : PLN, 2014 Source : PLN, 2014
Financial Review Costs & Prices Total Cash Cost (FOB) 3M15 Total Cost Breakdown 3M14 3M15 YoY Electricity; 1% Coal Purchase; 5% Tanjung Enim System *) Environment; 0,1% Heavy Equipment; Ex Royalty (IDR) 521,510 546,989 +5% 3% Fuel; 1% Total (IDR) 567,939 597,570 +5% Mining Service; 30% Salaries & Wages; 11% * ) Note: Total cash cost include COGS,G&A, Selling Expenses, Inventory Adm & Gen Expenses; Weighted Average Strip Ratio 2% 4.6 Railway Service; 25% 4.4 Others; 7% 4.2 4.0 Sales Expenses; 3% 3.6 3.5 Depreciation & Amortisation; 2% Spareparts; 2% Royalty; 7% 2009 2010 2011 2012 2013 2014 Average Selling Price (ASP ) 5.5 6 4.4 5 FY14 3M14 3M15 YoY 4 3 Weighted ASP (IDR/Ton) 723,635 733,396 700,847 -4% 2 1 Export (USD/Ton) 68,97 73.88 63.69 -14% 0 3M14 3M15 Domestic (IDR/Ton) 688,644 663,980 648,139 -2% 08
Financial Review Coal Brand & Sales Breakdown T ype Of Coal by Quality CV TM IM Ash VM FC TS max HGI Coal Brand 3M15 Sales Br eakdown by c ountr y Kcal/Kg,adb Kcal/Kg,ar %,ar %,adb %,adb %,adb %,adb %,adb IPC 53 5,300 ‐ 34 15 8 39 40 0.5 ‐ BA 55 5,500 4,550 30 15 8 39 38 0.8 50 Srilanka Bangladesh Korea 1% BA 59 5,900 5,000 28 14 6 39 40 0.6 50 1% India 1% 1% BA 61 6,100 5,000 28 12 7 41 40 0.8 50 Vietnam Pakistan 1 % 2% BA 63 6,300 5,550 21 10 6 41 43 0.8 55 BA 67 6,700 6,100 16 8 6 42 44 0.8 55 BA 70 LS 7,000 6,450 14 7 4 42 47 0.7 55 Taiwan BA 70 HS 7,000 6,450 14 7 4 42 47 1.2 55 26% BA 76 7,600 7,400 5 2 8 14 76 1.2 ‐ Domestic 3M15 Sales Br eakdown by Quality 48% BA59 BA61 BA63 BA67 BA70 BA 70 HS 100% 1.08% 42.03% 42.03% 28.84% 80% 1.36% Malaysia 7% 46.80% 60% 1.36% 28.84% Japan 40% 69.72% 12% 45.72% 20% 80.10% 10.38% 0% Domestic Export Total 09 Total: 2.17 Mt Total: 2.40 Mt Total: 4.57 Mt
Financial Review Financial Ratios GROSS PROFI T MARGI N (% ) OPERATI NG PROFI T MARGI N (% ) NET PROFI T MARGI N (% ) 17 32 20 24 11 10 3M14 3M15 3M14 3M15 3M14 3M15 54 50 46 44 40 35 31 31 31 30 29 29 25 25 19 18 16 15 15% 28% 20% 11% 39% 5% 11% 15% 8% 12% 30% 29% 18% 14% 14% 36% 6% 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 10
Financial Review PTBA Versus Global & Local Peers 24 15 11 10 6 YZC ACI BYAN BTU BUMI ITMG HRUM BRAU ADRO PTBA AVERAGE ‐ 2 Gross Margin Operating Margin Net Margin Source: Bloomberg, 4 May 2015 YZC :Yanzhou Coal Mining ACI : Arch Coal Inc. – USA (NYSE) ADRO : PT Adaro Energi – IDX HRUM : PT Harum Energi – IDX BRAU : PT Berau coal – IDX ITMG : PT Indo Tambangraya Megah – IDX BTU : Peabody Energy Corp. – USA (NYSE) PTBA : PT Bukit Asam – IDX BUMI : PT Bumi Resources – IDX BYAN : PT Bayan Resources – IDX 11
Financial Review Summary Financial Performance (IDR Tn) FY 14 3M14 3M15 YoY Sales 13.077 3.093 3.277 106% COGS 9.056 2.095 2.506 120% EBITDA 2.870 751 544 72% Net Income 2.016 536 340 63% Assets 14.812 12.150 15.313 126% Cash 4.039 3.573 4.203 118% Net Profit Margin (NPM) 15% 17% 10% 59% Return On Asset (ROA) 14% 4% 2% 50% Return On Equity (ROE) 23% 8% 4% 50% Return On Investment (ROI) 21% 7% 4% 57% 12
Distribution Infrastructures Development Double Tracks Single Track w ith Crossing Sections Tanjung Enim Mine w ith the installed production capacity of 2 5 Mtpa Kertapati Palem bang Barging Port TANJUNG ENI M MI NE Muara Enim Lahat Prabum ulih Railw ay ( Upgraded) - Capacity : up to 22.7 M tpa - TE – Kertapati : 160.9 Km Baturaja - TE – Tarahan : 409.5 Km - Expect. COD : 2015 Railw ay Project ( New ) - BATR - Capacity : 25.0 M tpa - Distance : 280 Km - Expect. COD : 2019 Tarahan Lam pung Tarahan Port Expansion Ship loading Port - Capacity: From 13.0 to 25.0 Mtpa - Expect. COD : April 2015 Tarahan Port becom e the largest Coal Term inal on Sum atera since it can accom odate “Capesize” bulkcarrier vessels of upto 2 1 0 ,0 0 0 DW T. I t is fully 13 ow ned and operated by PTBA
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