Our Vision: “An Environmentally Conscious World Class Energy Company” www.ptba.co.id Reuters: PTBA.JK Bloomberg: PTBA I J Exchange: JKT Ticker: PTBA
Contents 1.Introduction 1.Introduction 2.Operational Review 2.Operational Review 3.Commercial Review 3.Commercial Review 4.Financial Review 4.Financial Review 5.Project Development 5.Project Development Appendices Appendices 01
Introduction Company’s Key Milestones I ndonesia’s Oldest and Most Experienced Coal Producer PN TABA was converted During the Dutch colonial PTBA was publicly listed into a limited corporation period, the first open-pit on the Jakarta Stock and its name changed to at Airlaya mine, in Exchange with 35% of PT Tambang Batubara Tanjung Enim, South shares held by the public. Bukit Asam (PTBA). This Sumatera started I t traded with the initial date is officially operating. stock price of I DR575 considered as the base of under the code PTBA. the commemoration of the company’s 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 domestic coal regulator for Coal Power Coal Trading Logistic CBM Gas Subsidiaries: Contract of Works (CCoW). Business Generation 02
Operational Review Operational Highlights 24.7 Sales Volume (Mn ton) Railway Capacity (Mn ton) Revenue (IDR Trillion) Net Profit (IDR Trillion) 17.9 17.8 3.08 2.9 2.7 15.3 11.6 11.2 2.01 12.8 13.5 12.9 10.6 12.5 1.8 11.9 11.5 9.0 7.9 10.8 10.5 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2014 (F) 2009 2010 2011 2012 2013 2014 (F) FY13(A) FY14(F) % 3M13 3M14 % a b c=b/a d e f=e/d SALES VOLUME (MT) 17.8 24.7 139% 4.51 4.21 93% PRODUCTION (MT) 15.1 19.8 131% 2.92 3.29 113% COAL PURCHASE (MT) 2.7 3.9 144% 0.69 0.47 68% RAILWAY (MT) 12.8 17.9 140% 3.15 3.41 108% REVENUES (IDR TN) 11.2 2.78 3.09 111% NET PROFIT (IDR TN) 1.8 0.49 0.54 109% 80% 1000 60% 60% 55% 55% 800 60% 50% 50% 45% 600 803.56 40% 371.05 523.12 720.75 400 533.4 461.97 Dividend Payout Ratio 20% 200 Dividend per share (IDR) 164.97 03 0% 0 2007 2008 2009 2010 2011 2012 2013
Operational Review Operations Location 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 : 560,000 tons Throughput : 13 M tpa Vessel : 80,000 DWT PTBA core operations 04
Operational Review Resources & Reserves 0.20 bn tons 0.06 bn tons 0.68 bn tons 3.51 bn tons 1.25 bn tons 3.58 bn tons Parameter BITUMINOUS SUB BITUMINOUS LIGNITE TM (% ar) < 18 18 ‐ 30 > 35 CV (KCal/Kg adb) > 6,400 4,900 – 6,400 < 4,900 (KCal/Kg ar) 5,800 – 7,950 4,400 – 5,800 < 4,400 05
Commercial Review Global Coal Review Pacific Basin Seaborne Thermal Coal Import Demand Thermal Seaborne Export by Country (Mt) by Country and Rank (Mt) Source: Wood Mackenzie Coal Market Service, November 2013 Source: Wood Mackenzie Coal Market Service, November 2013 Atlantic Basin Seaborne Thermal Coal Import Demand Thermal Coal FOB Price Forecast by Country (Mt) 06 Source: Wood Mackenzie Coal Market Service, November 2013 Source: globalCOAL and Indonesian Govt (History), Wood Mackenzie Coal Market Service, November 2013
Commercial Review National Coal Review Indonesian Domestic Demand Vs E xpor ts (Mt) National E ner gy Mix Planning (%) Source: Wood Mackenzie Coal Market Service, November 2013 Source: Ministry of Energy and Mineral Resources, 2013 Coal Consumption Guidance for Electricity Fuel Mix 2005 ‐ 2021 : For Power Generation 07 Source : PLN, 2013 Source : PLN, 2013
Financial Review Costs & Prices 3M14Total Cost Breakdown Total Cash Cost (FOB) Community BARGE transportation Depreciation and 3M13 3M14 YoY Development 3% amortis 1% Tanjung Enim System *) 2% Salaries/Wages Raillway service 13% Ex Royalty (IDR) 559,987 521,510 93% 24% Total (IDR) 602,417 567,939 94% Administration & Gen Environmental Exp 3% 1% Coal Purchase * ) Note: Total cash cost include COGS,G&A, Selling Expenses, inventory 9% Spare parts 3% Rental of heavy equipments Weighted Average Strip Ratio 6% Fuel 4.4 4.4 4.2 4.0 1% 3.6 3.5 Sales Exp 0,5% Mining service Others Royalty 26% 1% 8% Electricity 0,3% 2009 2010 2011 2012 2013 2014(F) Average Selling Price (ASP ) 4.40 3.95 FY13 3M13 3M14 YoY Weighted ASP (IDR/Ton) 631,145 613,810 733,400 19% Export (USD/Ton) 74.33 76.81 73.88 (4%) 3M13 3M14 Domestic (IDR/Ton) 582,581 600,330 663,980 11% 08
Financial Review Coal Brand & Sales Breakdown T ype Of Coal Br and 3M14 Sales Br eakdown by c ountr y CV TM IM Ash VM FC TS max HGI Coal Brand Kcal/Kg,adb Kcal/Kg,ar %,ar %,adb %,adb %,adb %,adb %,adb IPC 53 5,300 ‐ 34 15 8 39 40 0.5 ‐ China BA 55 5,500 4,550 30 15 8 39 38 0.8 50 22% BA 59 5,900 5,000 28 14 6 39 40 0.6 50 Domestic BA 61 6,100 5,000 28 12 7 41 40 0.8 50 51% 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 India 8% BA 70 LS 7,000 6,450 14 7 4 42 47 0.7 55 BA 70 HS 7,000 6,450 14 7 4 42 47 1.2 55 BA 76 7,600 7,400 5 2 8 14 76 1.2 ‐ Japan 5% 3M14 Sales Br eakdown by Br and BA55 BA59 BA63 BA67 BA70 Malaysia 100% 0.10% 11% 10.80% 2.10% 22.10% 80% 1.50% 1.30% 0.50% 21.90% Vietnam 60% 3% 43.30% 92.70% 40% 53.30% 11.90% 20% 22.20% 12.70% 3.60% 0% Domestic Export Total 09 Total: 2.15Mt Total: 2.06Mt Total: 4.21Mt
Financial Review Financial Ratios GROSS PROFI T MARGI N (% ) OPERATI NG PROFI T MARGI N (% ) NET PROFI T MARGI N (% ) 34 22 32 21 18 17 3M13 3M14 3M13 3M14 3M13 3M14 39.7 54.1 34.6 50 48.9 35 30.5 31 44 29 29.1 46.2 25.4 25 23.7 19 31 16 1% 15% 28% 20% 11% 39% 2% 11% 15% 8% 12% 30% 12% 29% 18% 14% 14% 36% 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 10
Financial Review PTBA Versus Global & Local Peers (%) 35 32 30 25 22 20 16.60 17 15 8.32 10 5 0 YZC ACI BTU BUMI ITMG HRUM BRAU ADRO PTBA AVERAGE ‐ 5 ‐ 10 ‐ 15 ‐ 20 ‐ 25 GROSS_MARGIN OPER_MARGIN NET_MARGIN ‐ 30 Source: Bloomberg, 17 April 2014 YZC : Yanzhou Coal Mining ‐ U.S (YZC) 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 bn) FY13 3M13 3M14 YoY Sales 11.209 2.777 3.093 111% COGS 7.745 1.823 2.095 115% EBITDA 2.530 671 751 112% Net Income 1.826 493 536 109% Assets 11.677 13.426 12.150 90% Cash 3.343 6.024 3.573 59% Net Margin 16% 17.8% 17.3% 97% Return On Asset 16% 4% 4.2% 105% Return On Equity 24% 6.9% 8% 116% Return On Investment 21% 6.9% 7.5% 108% 12
Project Development Projects Location Coal Bed Methane ( CBM) - Capacity : ± 40 MMSCF/ day - Expect. COD : 2015 4 x6 5 MW Pow er Plant - Capacity : Tanjung Enim - Coal Cons. : 1 M tpa - Since : 1987 Kertapati Palem bang 2 x1 1 0 MW Pow er Plant Barging Port TANJUNG ENI M MI NE - Location : Banjarsai - Coal Cons. : 1.4 M tpa Muara Enim Railw ay ( Upgraded) - Expect. COD : 2014 - Capacity : up to 22.7 M tpa Prabum ulih Lahat - TE – Kertapati : 160.9 Km - TE – Tarahan : 409.5 Km 2 x6 2 0 MW Pow er Plant - Expect. COD : 2015 - Location : Central Banko - Coal Cons. : 5.4 M tpa - Expect. COD : 2017 Baturaja Railw ay Project ( New ) - BATR 3 x1 0 MW Pow er Plant - Capacity : 25.0 M tpa - Usage : Internal Mine Sites - Distance : 280 Km - Since : Oct 2012 - Expect. COD : 2018 2 x8 MW Pow er Plant - Usage : Internal Port Sites - Since : Dec 2013 Tarahan Lam pung Tarahan Port Expansion Ship loading Port - Capacity : From 13.0 to 25.0 Mtpa - Expect. COD : 2014 13
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