Contents
1. Introduction 2. Operational Review 3. Financial & Commercial Review 4. Projects Development
01
Our Vision:
“A World Class Energy Company That Care About The Environment”
Reuters: PTBA.JK Bloomberg: PTBA IJ
Exchange: JKT Ticker: PTBA
Corporate Presentation - April 2013
Introduction Highlights of Corporate Performance FY13(F)
%YoY
12M11
12M12
%YoY
Sales volume (mn ton)
20.6
34%
13.5
15.3
13.3%
Production Output (mn ton)
18.0
29%
12.9
13.9
7.8%
Railway Capacity (mn ton)
15.6
31%
11.5
11.9
3.5%
Revenues (IDR tn)
‐
‐
10.6
11.6
9.4%
Net Profit (IDR tn)
‐
‐
3.08
2.9
‐5.8%
Net Profit (IDR Trillion)
Revenue (IDR Trillion)
Sales Volume (Mn ton)
Railway Capacity (Mn ton) 15.6
11.6 7.2
9.0
7.9
2008
10.3
1.7
10.5
10.8
15.3 12.8
11.9
2.01
10.6
12.5
12.9
20.6
13.5
11.5
0.8
2009
2010
2011
2012
2007
2008
2009
Dividend Payout Ratio (%) Dividend per share(IDR)
02
3.08
2.7
4.1
2007
2.9
2010
2011
2012
2008
2009
2010
2011
2006
2007
2008
2009
2010
50
50
50
45
60
105.39
164.97
371.05
533.40
523.12
2012
2013(F)
2011 60 803.56
2008
2009
2010
2011
2012
2013(F)
Operational Review Mines & Ports MINING PERMITS (IUP) Tanjung Enim Mine
Total Resources
66,414 Ha
Ombilin Mine
2,950 Ha
Peranap Mine
18,230 Ha
IPC Mine
Total Mineable Reserves 1.99 billion tons PERANAP MINE Recources : 0.79 billion tons Mineable : 0.37 billion tons
3,238 Ha Total
7.29 billion tons
90,832 Ha OMBILIN MINE Resources : 0.10 billion tons Mineable : 0.02 billion tons Pekan Baru
TELUK BAYUR PORT Stockpile : 90,000 tons Throughput : 2.5 M tpa Vessel : 40,000 DWT
Padang
Peranap
Teluk Bayur
TANJUNG ENIM MINE Resources : 6.36 billion tons Mineable : 1.59 billion tons Installed Cap. : 20 M tpa
Ombilin
Kertapati
IPC MINE Resources : 0.045 billion tons Mineable : 0.01 billion tons
Palembang KERTAPATI PORT Stockpile : 50.000 tons Throughput : 2.5 M tpa Barging : 8,000 DWT
Samarinda
Tanjung Enim Lampung
Tarahan
Jakarta
TARAHAN PORT Stockpile : 560,000 tons Throughput : 13 M tpa Vessel : 80,000 DWT
03
Note: Indonesia Coal Resource: 161 billion tons, with coal resource of 28 billion tons, which is about 3% of the world’s total coal reserves. (Source: ESDM, 2012)
4
Operational Review Coal 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
BITUMINOUS
04
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
Operational Review Global Market Outlook
Source : Wood Mackenzie Coal Market Service, February 2012
Source : Wood Mackenzie Coal Market Service, February 2012
Spot & Term Contract Price
Source : Wood Mackenzie Coal Market Service, February 2012
05
Global Index
ICI 6,500 GAR
Source : Global Coal, ICI March 2013
Average coal price index as of 31 December 2012 down 15% YoY
3‐Dec‐10 7‐Jan‐11 11‐Feb‐11 18‐Mar‐11 21‐Apr‐11 27‐Mei‐11 01‐ juli‐11 5‐Aug‐11 9‐Sep‐11 14‐Oct‐11 18‐Nov‐11 23‐Dec‐11 3‐Feb‐12 09‐Mar‐12 13‐Apr‐12 18‐May‐12 22‐Jun‐12 27‐Jul‐12 31‐Aug‐12 05‐Oct‐12 9‐Nov‐12 14‐Dec‐12 18‐Jan‐13 22‐Feb‐13
93.25 94.26 76.45 60.59 41.81 96.90
3‐Jul‐09 7 Aug 09 11‐Sep‐09 16‐Oct‐09 20‐Nov‐09 25‐Dec‐09 29‐Jan‐10 5‐Mar‐10 9‐Apr‐10 14‐May‐10 18‐Jun‐10 23‐Jul‐10 27‐Aug‐10 1‐Oct‐10 29‐Oct‐10
160 140 120 100 80 60 40 20 0
Global Index on 01 Mar 2013 = USD ICI 6.500 GAR on 01 Mar 2013 = USD ICI 5.800 GAR on 01 Mar 2013 = USD ICI 5.000 GAR on 01 Mar 2013 = USD ICI 4.200 GAR on 01 Mar 2013 = USD Australian Ref. Price JFY10 = USD
ICI 5,800 GAR
ICI 5,000 GAR
ICI 4,200 GAR
Australian Ref Price
Operational Review Domestic Market Outlook National Energy Policy
Projected Indonesian Coal Supply & Demand (Million tons) 317 234
332
337
342
250
252
254
405 361
191 170
67
25.9% 24% 30.7% 20% 20%
82 85
2011
220 185
Oil Nat.gas Coal Water Geothermal Renewable CTL Biofuel
5.2%
2012
2013 Domestic
88
2014 Export
2020
2025
49,7% 23%
Production
1 2025
2011
Source : Ministry of Energy and Mineral Resources , Feb 2012
Source : Minister of Energy and Mineral Resources, Coaltrans Bali , June 2012
Estimated Coal Consumption for Electricity
Fuel Mix 2005‐2019 : For Power Generation
06 Source : PLN, June 2012
Source : PLN, June 2012
Financial & Commercial Review Cost & Price Proportion of FY12 Total Cost
Total Cash Cost (FOB) Tanjung Enim System*)
FY11
FY12
%YoY
Ex Royalty (IDR)
414,383
438.232
+6%
Total
464,353
485.060
+4,5%
(IDR)
Note : Total cash cost include COGS,G&A, Selling Expenses
Rental of heavy equipments 8%
Electricity 1%
Coal Purchase 9%
Raillway service 23%
Fuel 2% Salaries/Wages 16%
Mining service 18%
Others 7%
Shipping 5%
Stripping Ratio 3.60 3.51
4.23 4.00
2.67 2.69
2007 2008 2009 2010 2011 2012 07
Spare parts 2%
Royalty 9%
Average Selling Price (ASP) IDR per Ton
FY11
FY12
%YoY
Weighted ASP
784,304
754,544
‐3,8%
Financial & Commercial Review Financial Ratio (%)
GROSS PROFIT MARGIN (%)
OPERATING PROFIT MARGIN (%)
NET PROFIT MARGIN (%)
54.1 50
48.9
39.7 34.6
46.2
35 29.1
44 40
31
30.5 25.4
23.7
22.9
29 25
18.4
08
2%
6%
2007
2008
22%
2009
15%
2010
8%
2011
12%
2012
1%
2007
3% 23%
2008
1% 51%
2009
23% 51 27% 20% 11%
2010
2011
2012
12%
34%
2007
2008
29%
2009
17%
2010
14%
2011
14%
2012
Financial & Commercial Review Coal Brand & Sales Distribution FY12 Coal Sales Distribution by Country
Coal Brand Coal Brand IPC 53 BA 55 BA 59 BA 61 BA 63 BA 67 BA 70 LS
CV Kcal/Kg,adb Kcal/Kg,ar 5,300 ‐ 5,500 4,550 5,900 5,000 6,100 5,000 6,300 5,550 6,700 6,100 7,000 6,450
TM %,ar 34 30 28 28 21 16 14
Taiwan 14.5%
IM Ash VM FC TS max HGI %,adb %,adb %,adb %,adb %,adb 15 8 39 40 0.5 ‐ 15 8 39 38 0.8 50 14 6 39 40 0.6 50 12 7 41 40 0.8 50 10 6 41 43 0.8 55 8 6 42 44 0.8 55 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
‐
China 11.4% Malaysia 6.7%
Export 45%
Domestic 55%
3.5% India Japan 4.7% Vietnam 3.2%
FY12 Coal Sales Distribution by Brand
Hong Kong 0.4%
Philippines 0.6%
2% 0.14 Mt
10% 1%
0.2 Mt
3%
0.2 Mt
21%
3.14 Mt
44%
3 Mt 68%
10.48 Mt
21%
98%
8.28 Mt
32%
09
Domestic
2.2 Mt
Total: 6.9 Mt
Total: 8.4 Mt
Total: 15.3 Mt
Export BA70
BA 67
1.5 Mt
1.5 Mt
Total Sales BA 63
BA 59
Financial & Commercial Review PTBA among Global & Local Peers 40.8%
25.4% 24.7%
22.6%
12.7% 6.6%
ACI
BYAN
GROSS_MARGIN
ACI ADRO BRAU BTU BUMI BYAN
BTU
BUMI
OPER_MARGIN
: Arch Coal Inc. – USA (NYSE) : PT Adaro Energi – IDX : PT Berau coal – IDX : Peabody Energy Corp. – USA (NYSE) : PT Bumi Resources – IDX : PT Bayan Resources – IDX
Source: Bloomberg, March 28, 2013 10
YZC
ITMG
BRAU
HRUM
ADRO
NET_MARGIN
HRUM ITMG PTBA YZC
: PT Harum Energi – IDX : PT Indo Tambangraya Megah – IDX : PT Bukit Asam – IDX : Yanzhou Coal Minning.Co.Ltd – NYSE)
PTBA
AVERAGE
Financial & Commercial Review Financial Performance Description
FY11
FY12
(%) YoY
Sales
10,581.57
11,594.06
110%
COGS
5,302.59
EBITDA
4,204.83
6,505.93 4,011.54
122% 95%
Net Income
3,085.83
2,900.11
94%
Assets
11,510.26
12,728.99
111%
Cash
6,791.29
5,917.03
87%
Net Margin
29
25
86%
Return On Asset
27
23
85%
Return On Equity
38
34
89%
Return On Investment
38
35
92%
(IDR mn)
(%)
11
Projects Development Projects Location Coal Bed Methane (CBM) - Capacity : ± 40 MMSCF/day - Expect. COD : 2014 Power Plant - Capacity - Coal Cons. - Since
Tanjung Api-api Port Railway Project (New) - Adani - Capacity : 35.0 M tpa - Distance : 270 Km - Status : POSTPONED
– Bukit Asam : 4 x 65 MW : 1 M tpa : 1987
Palembang Power Plant - Banjarsari - Capacity : 2 x 110 MW - Coal Cons. : 1.4 M tpa - Expect. COD : 2014
Kertapati Port
TANJUNG ENIM MINE Muara Enim Lahat
Prabumulih
Power Plant – Banko Tengah - Capacity : 2 x 620 MW - Coal Cons. : 5.4 M tpa - Expect. COD : 2017 Baturaja Power Plant – (Internal Use) - Capacity : 3 x 10 MW - Expect. COD : Oct 2012
Railway (Upgraded) - Capacity : up to 22.7 M tpa - TE – Kertapati : 160.9 Km - TE – Tarahan : 409.5 Km - Expect. COD : 2014
Railway Project (New) - BATR - Capacity : 25.0 M tpa - Distance : 280 Km - Expect. COD : 2017
Power Plant - (Internal Use) - Capacity : 2 x 8 MW - Since : Sept 2013
Lampung Province Tarahan Port Expansion - Capacity : From 13.0 to 25.0 M tpa - Expect. COD : 2014
12
Tarahan Port
Projects Development Railway Projects BATR ‐ New Railway Project
PT KA – Existing Railway
Adani ‐ New Railway Project
(BukitAsam Transpacific Railway) Location
Tanjung Enim – Tarahan Port (410 Km) Tanjung Enim – Kertapati Port (161 Km)
Tanjung Enim – New Port in Lampung (280 Km)
Tanjung Enim – New Port in Tanjung Api Api (270 Km)
Shareholders
PTKA (State Railway Company) 100%
‐ PTBA 10% ‐ Rajawali Asia Resources 80% ‐ China Railway Engineering 10%
‐ Adani Global 98% ‐ South Sumatera Provincial Govt. 2%
‐ Project Investment : USD 2 billion ‐ EPC contract (USD 1.3 billion) signed in March 2010 ‐ Alignment design approval obtained from the regencies (July 2011) ‐ Signed “Frame Work Agreement” funding with China Banking Consortium in 18 Nopember 2011
‐ HOA (Head of Agreement) under CTA (Coal Transportation Agreement) signed between PTBA, Adani, & South Sumatera Provincial Govt. ‐ Adani as the off taker of 60% of the railway capacity ‐ The feasibility study of the port and railway in technical and economical aspects completed ‐ process of obtaining licenses
25.0 M tpa (Gradually Increased)
35.0 M tpa (Gradually Increased)
Status
‐ PTBA and PTKA have signed Coal Transportation Agreement (CTA) in December 2011 ‐ Completed Addendum CTA (Long term Tariff 2012 ‐ 2016)
Capacity
22.7 M tpa in 2014 and beyond (Gradually Increased)
Target
2011 : 13.6 million tons 2012 : 15.6 million tons 2013 : 18.5 million tons 2014‐2029 : 22.7 million tons
Expected COD
13
2017 – start operation 1st year : 7.5 million tons 2nd year : 15.0 million tons 3rd year : 20.0 million tons 4th year : 25.0 million tons (up to 20th year)
1st year : 7.5 million tons 2nd year : 10.0 million tons 3rd year : 20.0 million tons 4th year : 25.0 million tons 5th year : 35.0 million tons (up to 20th year)
2017
POSTPONED
Projects Development Infrastructure Expansion & CBM Projects Production Infrastructure Expansion Location
Tanjung Enim / Kertapati port / Tarahan port
Tanjung Enim
Shareholders
PTBA (100%)
PTBA (27.5%), Pertamina (27.5%), Dart Energy (45%)
Objective
To increase and expand the existing capability production at Tanjung Enim Mine, port capability at Kertapati as well as loading capacity at Tarahan port from the Panamax size 80.000 DWT up to the Capesize 150,000 DWT
To underpin the coal based energy business which is in line with the company’s vision
Status
Under Construction: • Tanjung Enim Mine: (Rail Reloop TLS 1, TLS2, CHF at MTB, and building TLS4) • Kertapati Port: (CHF refurbishment) • Tarahan Port : (building RCD3 & RCD4, new jetty & shiploader, new stockpile 2 x 150,000 t, new office)
Capacity
Mainly to support for handling the throughput capacity from 12.5 M tpa up to 25 M tpa at Tarahan port
Target From Q3‐2008 to Q4‐2013 The infrastructure will be completed in parallel
14
Coal Bed Methane (CBM)
‐ Production Sharing Contract between consortium and government signed in August 2009. ‐ Joint Operation Agreement signed in February 2011. ‐ Pilot/Production well drilling #1, #2 & #3 completed ‐ Preparation of production well drilling for production gas output ± 40 MMSCF/day (million cubic feet per day) With potential reserve of 0.8 Trillion cubic feet (TCF) ‐ ‐ ‐ ‐ ‐
Additional data with Five (5) core hole drilling The completion of the drilling of Pilot Well Dewatering Process, First Gas Flare Study G&G for CBM Reserve Certification Process of Getting Sales Purchase Agreement
Investment
Tanjung Enim Mine = USD 110 Million Kertapati Port = USD 18 Million Tarahan Port = USD 158 Million Total Cost = USD 286 Million
USD 14.48 million (the first three years)
Expected COD
4 Q 2013
1 Q 2014
Projects Development Mine Mouth Power Plant Projects Banjarsari Mine Mouth Power Plant
Banko Tengah Mine Mouth Power Plant
Peranap Mine Mouth Power Plant
Location
Tanjung Enim Mine
Tanjung Enim Mine
Peranap Riau
Objective
To underpin the coal based energy company
To underpin the coal based energy company
To underpin the coal based energy company
Shareholders
₋ PTBA 59.75%, ₋ PJB 29.15%, ₋ NII 11.10%
₋ PTBA 45%, ₋ CHDHK 55% (China Huadian Hong Kong Company Limited)
₋ PTBA (Majority in Mining JV) ₋ PLN (Majority in Power Plant JV) ₋ TNB (Majority in Transmition JV)
Status
₋ ₋ ₋ ₋
₋ LOI from PLN for the development of the 2x620MW received on 8 December 2011 ₋ 5 September 2012, Joint Venture Company (JVC) established, PT Huadian Bukit Asam Power ₋ PPA signed in September 2012 ₋ Financial Closing in 4Q 2013 ₋ Start construction in 1Q 2014
₋ MOU Signed in June 2012 ₋ JDA signed in 15 October 2012 ₋ Finalization TOR for procurement of Owner Engineer, Transaction Advisor and Seabed Survey Contract. ₋ Finalization for pre‐FS of the Power Plant (by PLN) and starting for soil investigation ₋ Preparation for the process of procurement of consultant for mining FS.
Capacity
2 x 110 MW
2 x 620 MW
800 ‐ 1200 MW
Investment
USD 320 million
USD 1.59 billion
USD 1.80 billion
Coal Consumption
1.4 million tpa
5.4 million tpa
Up to 8.4 million tpa
Expected COD
3Q 2014
2017
2018
15
Land Acquisition Completion: 100% Addendum PPA completed in Juli 2011 Ground Breaking in Juli 2011 Project progress up to March 2013: 41%
Projects Development Small Scale Power Plant Projects Power Plant For Internal Use
16
Power Plant For Internal Use
Location
Tanjung Enim
Tarahan Port
Objective
Efficiency and Cost Reduction
Efficiency and Cost Reduction
Status
‐ First Firing of Unit on 1 November 2011 ‐ Steam blow of Unit on 1 December 2011 ‐ Trial Operation in September 2012
Capacity
3 x 10 MW
2 x 8 MW
Investment
USD 42 million
USD 29.12 million
Commisioning Full Operation
October 2012
September 2013
Completion progress up to March 2013: 85%
For Further Information:
Contact Position Address
: Hendri Rudiawan : Head of Investor Relations : PT Bukit Asam (Persero) Tbk Menara Kadin, 15th Foor, Jl. Rasuna Said, Blok X‐5 Kav. 2 & 3, Jakarta 12950, Indonesia Telephone : +62 21 5254014 Facsimile : +62 21 5254002 E‐mail :
[email protected] Website : www.ptba.co.id
Disclaimer This presentation contains forward-looking based on assumptions and forecast made by PT Bukit Asam (Persero) Tbk management. Statements that are not historical facts, including statements about our beliefs and expectations, are forwardlooking statements. These statements are based on current plans, estimates and projections, and speak only as of the date they are made. We undertake no obligation to update any of them in light of new information or future events.
17
These forward-looking statements involve inherent risks and are subject to a number of uncertainties, including trends in demand and prices for coal generally and for our products in particular, the success of our mining activities, both alone and with our partners, the changes in coal industry regulation, the availability of funds for planned expansion efforts, as well as other factors. We caution you that these and a number of other known and unknown risks, uncertainties and other factors could cause actual future results or outcomes to differ materially from those expressed in any forward-looking statement.
Appendix THE EXPANDED DEVELOPMENT OF TARAHAN PORT IN 2013
Note: TOTAL STOCKPILE will be 860,000 tons in 2013 Stockpile 1 = 60,000 tons Stockpile 4a = 150,000 tons Stockpile 2 = 250,000 tons Stockpile 4b = 150,000 tons Stockpile 3 = 250,000 tons
18
