Pt Indo Tambangraya Megah Tbk · IDX:ITMG
Pt Indo Tambangraya Megah Tbk — Q4 2023 Earnings Presentation
29 slides from Pt Indo Tambangraya Megah Tbk's earnings presentation, Feb 29, 2024
Slide 1: Analysts Meeting 4Q23 Performance Result
Analysts Meeting 4Q23 Performance Result 29 February 2024
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is intended solely for your reference. This presentation contains “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of
Slide 3: Agenda
ANALYST MEETING AGENDA 01 Highlights 02 Coal market trends 03 Operational updates 04 Financial updates 05 Q&A session
Slide 4: Highlights
Nim Highlights
Slide 5: 4Q23 highlights – a solid closing
4Q23 highlights – a solid closing BUSINESS PERFORMANCE Production Sales ASP 3.4 Mt 5.7 Mt $96/ton -35% QoQ / -21% YoY 7% QoQ / 11% YoY -3% QoQ / -52% YoY Revenue EBITDA Net Profit $548 Mn $131 Mn $94 Mn 4% QoQ / -46% YoY -1% QoQ / -70% YoY -5% QoQ / -69% YoY GOOD AND RESPONSIBLE GREENER, SMARTER TRA
Slide 6: 2023 business performance and accomplishments
2023 business performance and accomplishments Managed external challenges through Maintaining a sound balance stringent cost control, which is able to sheet with a robust net cash save $4.7/ton from various initiatives position of $803 Mn MINING • Maintained smooth operation and thus • GPK site prep
Slide 7: 2023 business performance and accomplishments
2023 business performance and accomplishments Expanded solar-based renewable ITM has completed the development energy through IBP with total of Mentawir Nursery, which will accumulated committed capacity support the new capital “Nusantara”. grew by more than three times. ENERGY RENEWABLES SERVICES A
Slide 8: 2023 ESG highlights
2023 ESG highlights Implemented the Handed over 3,645 Planting of >500k use of biofuel with Ha rehabilitated trees in 2023, 10% 35% organic matter watershed to the increase from 2022, concentration (B35) government through our in all mine sites revegetation activities 0 fatality while Employee Total
Slide 9: 2023 awards and accolades
2023 awards and accolades Environmental Social BUSINESS AND OPERATIONAL EXCELENCY ESG Disclosure Transparency Top CSR Award 2023 ITM awarded a Golden Trophy and TOP Leader on Awards 2023 CSR Commitment after successfully maintained 5 ITM received BBB management rating Stars Trophy achievement for th
Slide 10: Response to the challenges in energy sector
Response to the challenges in energy sector What do we need from our energy? sitioning and An r Po sw DELIVER ENERGY SUSTAINABLY u e Energy affordability RESPONSIBLE O r Could we provide accessibility and TRANSITION Reliable Affordable Eco-friendly affordability of energy supply across population? G
Slide 11: ITM Way Forward
ITM WAY FORWARD ENERGY RENEWABLES MINING SERVICES AND OTHERS Coal mining Contractor business Solar based renewable Optimizing coal mining Capacity expansion and Solar PV hybrid powerplant performance through business process and solar rooftop existing coal assets, improvement organic exploration, Hy
Slide 12: Coal Market Trends
Nim Coal Market oS = Trends Rel
Slide 13: Global thermal coal market
Global thermal coal market COAL DEMAND AND SUPPLY CHANGE – 2023E VS 2022 TRENDS Unit: Mt SUPPLY DEMAND DEMAND Seaborne thermal coal imports are expected to reach a new record in 2024, driven by robust demand from China, South Asia, and Southeast Asia. Asia’s coal-fired generation capacity is on the
Slide 14: ITM ASP vs thermal coal benchmark prices
ITM ASP vs thermal coal benchmark prices ITM ASP VS BENCHMARK PRICES COMMENTS Unit: $/t ▪ The seaborne premium thermal coal market remained stable throughout 4Q23, with the weekly GCNewc fluctuating within a narrow range of $120-150 per ton. 460 ▪ Similarly, the market for lower-quality thermal coal
Slide 15: ITM coal sales
ITM coal sales 4Q23 COAL SALES VOLUME BASED ON SALES DESTINATION FY23 COAL % SALES VOLUME Others Total 4Q23 sales Malaysia 3% 5% 5.7 Mt India 4% Bangladesh 5% China Thailand 5% 33% FY23 Sales Philippines 8% 20.9 Mt 1.5 Mt Japan 1.0 Mt 14% Indonesia CHINA 24% JAPAN 0.4 Mt 0.1 Mt INDIA BANGLADESH FY24
Slide 16: Operational Updates
Operational Updates Nim
Slide 17: Coal mining operational summary
Coal mining operational summary Graha Panca Karsa Indominco Mandiri FY24 Target: FY24 target:1.0 Mt FY24 Target: 6.8 Mt 19.5-20.2 Mt 1Q24 Target: Trubaindo Coal Mining East Tepian Indah Sukses 4.6 Mt FY24 target: 2.9 Mt Kalimantan FY24 Target: 0.4 Mt 4Q23 FY23 West Kalimantan Coal 3.4 Mt 16.9 Mt pro
Slide 18: Operational update – Indominco Mandiri
Operational update – Indominco Mandiri Quarterly production (Mt) FY24 Target: 6.8 Mt Indominco Mandiri FY23 Actual: Located in East Kalimantan 6.5 Mt 1.6 1.7 1.5 1.4 East Kalimantan 4Q22 3Q23 4Q23 1Q24e SR 10.5x 13.9x 14.3x 14.7x (bcm/t) Indominco Operations Barge Ports Hauling Stockpile ▪ 4Q23 prod
Slide 19: Operational update – Trubaindo Coal Mining
Operational update – Trubaindo Coal Mining Quarterly production (Mt) FY24 Target: 2.9 Mt Trubaindo Coal Mining FY23 Actual: Located in East Kalimantan 2.8 Mt 1.0 0.8 0.7 0.4 East Kalimantan 4Q22 3Q23 4Q23 1Q24e SR 12.7x 13.1x 23.1x 12.5x (bcm/t) Operations East Bunyut Port Barge Ports Kalimantan Hau
Slide 20: Operational update – Bharinto Ekatama
Operational update – Bharinto Ekatama Quarterly production (Mt) FY24 Target: 8.1 Mt Bharinto Ekatama FY23 Actual: Located in East and Central Kalimantan 2.3 2.3 7.1 Mt 1.8 1.3 East Kalimantan 4Q22 3Q23 4Q23 1Q24e SR 10.4x 9.7x 13.4x 6.6x (bcm/t) East Bunyut Port Kalimantan ▪ 4Q23 production was book
Slide 21: Operational update – Jorong Barutama Greston
Operational update – Jorong Barutama Greston Quarterly production (Mt) FY24 Target: 0.4 Mt Jorong Barutama Greston FY23 Actual: Located in South Kalimantan 0.6 Mt 0.2 0.2 0.1 0.1 4Q22 3Q23 4Q23 1Q24e SR 15.5x 10.4x 11.0x 6.7x East (bcm/t) Kalimantan Operations Barge Ports Hauling Stockpile ▪ 4Q23 pr
Slide 22: Financial Updates
Nim™ 0G Financial Updates
Slide 23: Financial performance – profitability
Financial performance – profitability PROFIT OR LOSS STATEMENT EBITDA Unit: $ Mn Unit: $ Mn Revenue 3,636 1,783 2,374 671 1,020 442 527 548 132 131 4Q22 3Q23 4Q23 FY22 FY23 4Q22 3Q23 4Q23 FY22 FY23 Sales volume (Mt) 5.1 5.3 5.7 18.9 20.9 NET PROFIT Average selling price ($/ton) 198 99 96 192 113 Uni
Slide 24: Financial performance – cost
Financial performance – cost TOTAL COST BREAKDOWN STRIP RATIO Unit: $/ton Unit: (x) 15.0 109 94 12.5 11.7 74 81 11.0 75 10.7 28 27 16 Royalty 14 12 4Q22 3Q23 4Q23 FY22 FY23 81 4Q22 3Q23 4Q23 FY22 FY23 67 63 65 60 SG&A expenses D&A expenses FUEL PRICE Other Unit: $/liter production 0.88 0.90 costs* 0
Slide 25: Financial position
Financial position BALANCE SHEET DEBT TO EQUITY Unit: $ Mn Total assets Unit: (x) 2,640 2,188 0.03 0.03 1,666 0.01 FY21 FY22 FY23 FY21 FY22 FY23 Assets Cash and cash equivalents 691 1,430 851 Other assets 975 1,210 1,337 NET GEARING Liabilities Unit: % FY21 FY22 FY23 Current maturities of long-term
Slide 26: Capital expenditure
Capital expenditure 4Q23 CAPITAL EXPENDITURE DETAILS FY23 % CAPEX REALIZATION Unit: $ Mn Others 4% Total 4Q23: $18.4 Mn Renewable 13% Coal mines 52% 8.5 Greenfield 0.3 projects FY23 CAPEX 13% $45.1 Mn TRUST 3.7 18% 4.9 2) FY24 % CAPEX BUDGET Others 2.3 2% 2.9 Renewable Coal mines Greenfield 10% 68%
Slide 27: Q&A Session
Nim Q&A Session =." Si
Slide 28: QoQ and YoY financial performance comparison
QoQ and YoY financial performance comparison Unit: $ thousand 4Q23 3Q23 QoQ (%) 4Q22 YoY(%) FY23 FY22 YoY(%) Net Revenues 547,653 527,473 4% 1,019,775 (46%) 2,374,315 3,636,213 (35%) Gross Profit 132,348 151,948 (13%) 487,682 (73%) 742,542 1,894,392 (61%) Gross Profit Margin 24% 29% 48% 31% 52% Sell
Slide 29: ITM group structure
ITM group structure BANPU Public 65% 35% INDONESIAN STOCK EXCHANGE PT Indo Tambangraya Megah Tbk. IPO 18th Dec 2007 (Ticker: ITMG) ENERGY RENEWABLES MINING SERVICES AND OTHERS 95.07%1 SME 99.99% 70.00% 99.99% 99.99% 99.00% 99.00% 70.00% 99.99% 99.99% 99.99% TRUST IBP IMM TCM BEK JBG GPK TIS NPR Kita
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