PT TOBA BARA SEJAHTRA Tbk. March 2019 Strictly Private & Confidential www.tobabara.com
Disclaimer These materials have been prepared by PT Toba Bara Sejahtra Tbk (the “Company”) . These materials may contain statements that constitute forward- looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. The Company has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances. These materials are for information purposes only and do not constitute or form part of an offer, solicitation or invitation of any offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice. | 1 www.tobabara.com
TOBA Overview Financial Performance Operational Performance Power Business | 2 www.tobabara.com
1 | TOBA Overview | 3 www.tobabara.com
TOBA Overview Financial Performance Operational Performance Power Business PT Toba Bara Sejahtra Tbk (“TOBA”, “Toba Bara” or “Company” ) Toba Bara is one of Indonesia’s major energy companies. The Company has primary businesses in thermal coal mining and power generation PLANTATION [1] COAL MINING POWER GENERATION PT Adimitra Baratama Nusantara (“ABN”) PT Perkebunan Kaltim Utama I PT Gorontalo Listrik Perdana (“GLP”) (“PKU”) PT Trisensa Mineral PT Paiton Energy Utama (“TMU”) PT Minahasa Cahaya Lestari (“MCL”) PT Indomining (“IM”) Coal Fired Power Plants under development by Total Concession : 7,087 Ha 8,633ha (2,738 Ha planted) GLP and MCL, each capacity of 2x60MW (gross) , HGU [4] area Reserves (JORC 2018) : 63.9 mmtons secured by 25-years PPAs [2] with PLN Total Production Rate : 5 - 8 mmtpa Through PT Batu Hitam Perkasa (“BHP”), holds Coal Products (GAR) : 4,800 - 5,900 5% shares in 2 nd largest IPP [3] in Indonesia, PT kcal/kg Paiton Energy (2,045 MW) One of few companies that has obtained 2 PPAs in 2 consecutive years (GLP and MCL) [1] TOBA owns PKU, which overlaps with ABN and TMU concessions [2] PPA: Power Purchase Agreement [3] IPP: Independent Power Producer [4] HGU: Hak Guna Usaha (Right to Cultivate) | 4 www.tobabara.com
TOBA Overview Financial Performance Operational Performance Power Business Ownership Structure Highland Strategic Holdings Pte. Ltd. PT Toba Sejahtra Public [1] Others 61.91% 10.00% 12.35% 15.74% 99.60% 51.00% 99.99% PT Toba Bumi Energi ("TBE") 99.99% 90.00% 99.99% 60.00% [2] 99.99% 90.00% 5.00% 99.99% 100% PT Adimitra Adimitra Baratama Niaga Resources Pte Ltd [1] Including Baring Private Equity as anchor investor [2] Economic benefit of 80%, ownership subject to PLN (National Power Company) approval | 5 www.tobabara.com
TOBA Overview Financial Performance Operational Performance Power Business Geographical Location PT Adimitra Baratama Nusantara (“ABN”) Legend: PT Indomining (“IM”) PT Gorontalo Listrik Perdana (“GLP”) Coal Mining Business PT Trisensa Mineral Utama (“TMU”) Sulbagut-1 Project (Under Construction) PT Perkebunan Kaltim Utama I (“PKU”) North Gorontalo, Gorontalo Province Power Business Plantation Business Kutai Kartanegara, East Kalimantan PT Minahasa Cahaya Lestari (“MCL”) Sulut-3 Project (Under Construction) North Minasaha, North Sulawesi Jakarta PKU Paiton Energy (Operational, 5% Shares) Probolinggo, East Java | 6 www.tobabara.com
TOBA Overview Financial Performance Operational Performance Power Business Strategic Mine Location and Integrated Infrastructure TOBA has a strategic mine location and integrated infrastructure ( coal processing plant (CPP) , hauling road , o verland conveyor, and jetty ), which provide a competitive advantage for the company's operations Selat makassar | 7 www.tobabara.com
TOBA Overview Financial Performance Operational Performance Power Business Transformation into Integrated Energy Company Toba Bara (“TOBA”) is one of the country’s leading coal producers and progressively expanding its power generation business with targeted generation net capacity of ~300MW by 2021 Coal Mining and Plantation Coal Mining and Plantation Power Generation Integrated Energy Company Supporting Services of Coal Mining and Power Plant • Coal Trading • Coal Logistics • O&M Business | 8 www.tobabara.com
TOBA Overview Financial Performance Operational Performance Power Business Achievement and Certification Corporate Level Operational Level Environment Award Certification ISO 14001:2015 GREEN PROPER AWARD • ABN : certificate from Lloyd’s Register Quality Assurance (2017) • TMU: certificate from DQS (2018) Top 30 Indonesian High-Performing Listed ABN TMU IM • IM: certificate from DQS (2017) Company Company awarded by Forbes Indonesia on the 8 th Annual Best of the Best Awards in November 2018 Health and Safety BS OHSAS 18001:2007 • ABN : certificate from Lloyd’s Register Quality Management System Quality Assurance (2017) • IM : certificate from DQS (2017) ISO 9001 • TMU : certificate from DQS ( 2018) • ABN: ISO 9001:2008 from DQS • IM: ISO 9001:2015 from DQS Infobank 100 Fastest Growing Companies • TMU: ISO 9001:2015 from DQS Awards 2019 Company awarded by Infobank Indonesia Zero Accident Award Notes: ABN: Adimitra Baratama Nusantara, GLP: Gorontalo Listrik Perdana, IM: Indomining, MCL: Minahasa Cahaya Lestari, TMU: Trisensa Mineral Utama | 9 www.tobabara.com
2 | Financial Performance | 10 www.tobabara.com
TOBA Overview Financial Performance Operational Performance Power Business Financial Highlights 3M19 LTM saw decrease in Average Selling Price (“ASP”), which directly correlated with lower NEWC coal index resulting in lower gross profit and EBITDA margins Revenue and ASP NEWC Adjusted GAR and ASP 75.4 73.9 91.5 89.9 61.1 74.7 45.4 57.6 438.4 439.9 75.4 73.9 61.1 310.7 258.3 45.4 2016 2017 2018 3M19 LTM 2016 2017 2018 3M19 LTM Revenue (US$ mn) ASP (US$/ton) NEWC Adjusted GAR (US$/ton) ASP EBITDA and ASP EBITDA, EBITDA/ton [1] , EBITDA Margin 75.4 73.9 25.1% 24.1% 61.1 20.3% 18.0 110.2 45.4 15.3 15.2% 14.0 89.4 110.2 74.8 7.1 89.4 74.8 39.2 39.2 2016 2017 2018 3M19 LTM 2016 2017 2018 3M19 LTM EBITDA (US$ mn) ASP (US$/ton) EBITDA (US$ mn) EBITDA/ton (US$/ton) EBITDA Margin (%) [1] EBITDA/ton for mining business only | 11 www.tobabara.com
TOBA Overview Financial Performance Operational Performance Power Business Credit Profile TOBA maintains balanced capital structure positioned to finance power plant projects Total Debt and Net Debt [1] Total Debt / EBITDA 193.5 2.2x (US$ mn) (x) 155.1 1.4x 1.3x 1.3x 98.8 99.1 72.9 51.3 24.1 13.7 [2] 2016 2017 2018 3M19 2016 2017 2018 3M19 Total Debt Net Debt (Cash) Total Debt/EBITDA Net Debt [1] / EBITDA EBITDA / Interest Expense (x) (x) 1.1x 13.9x 11.4x 9.6x 0.7x 7.6x 0.3x 0.3x [2] 2016 2017 2018 3M19 2016 2017 2018 3M19 LTM EBITDA/Interest Expense Net Debt (Cash)/EBITDA [1] Including cash and cash equivalent [2] EBITDA 3M19 LTM | 12 www.tobabara.com
TOBA Overview Financial Performance Operational Performance Power Business 3M19 Performance Summary Operational metrics Δ % 3M18 3M19 102.9 NEWC Index US$/ton 95.9 (6.8%) Average Selling Price (ASP) US$/ton (9.5%) 67.4 74.5 Production Volume mn ton 1.0 1.2 (16.7%) Sales Volume mn ton 1.4 1.0 (28.6%) Stripping Ratio x 12.8 14.3 11.7% FOB Cash Cost US$/ton 43.2 50.1 16.0% Δ % Financial metrics 3M18 3M19 Revenue US$ mn 108.4 109.8 1.3% US$ mn EBITDA 17.4 38.2 (54.5%) 9.9 Profit for the Period US$ mn 25.2 (60.7%) EBITDA/Ton (55.6%) US$ mn 26.8 11.9 Financial Ratios 3M18 3M19 Gross Profit Margin 39.2% 19.6% EBITDA Margin 15.8% 35.2% | 13 www.tobabara.com
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