Pt Bayan Resources Tbk · IDX:BYAN
Pt Bayan Resources Tbk — Q4 2020 Earnings Presentation
24 slides from Pt Bayan Resources Tbk's earnings presentation, 2021
Slide 1: Fourth Quarter 2020 Update Presentation
Py Fourth Quarter 2020 ' Update Presentation
Slide 2: Overview
Overview 4Q20 4Q20 was overall a better quarter as Tabang’s water levels were higher than expected in the 3Q20 which allowed sales volumes to increase in the subsequent quarter. The new regulations on DMO and VAT issued in 4Q20 led to a reduction in our costs. Reversal of Impairment of mining
Slide 3: Bayan's Financial and Operational Performance
Bayan’s Financial and Operational Performance 2019 4Q19 4Q20 2020 Financial Performance (In Million USD) Revenue 1,391.6 249.6 391.9 1,395.1 Gross Profit 489.4 53.0 162.3 462.9 EBITDA 374.4 46.3 137.2 356.7 Net Profit After Tax * 1 234.2 15.0 226.3 344.5 Financial Ratios Gross Profit Margin (%) 35.2
Slide 4: One of the Quickest Growing Coal Producers
One of the Quickest Growing Coal Producers YTD 3Q20 Production Bayan is one of the top five coal producers by volume in Indonesia. 80 60.7 In 2020, Bayan commenced the expansion of the Balikpapan Coal Million Tonnes 60 40 41.1 Terminal stockpiling capacity to 23.9 21.5 approximately 1.5 million
Slide 5: One of the Lowest Cost Producers in Indonesia
One of the Lowest Cost Producers in Indonesia Global Cost Competitive Positioning Tabang is independently rated as Q1 Q2 Q3 Q4 one of the worlds lowest cost Tabang energy-adjusted producers. Tabang has large reserves and a very low Life of Mine (LOM) stripping ratio and last year Seaborne Export
Slide 6: And One of the Highest Margin Producers in Indonesia
And One of the Highest Margin Producers in Indonesia YTD 3Q20 EBITDA Margin (%) Over the last few years Bayan has 40 34.6 transformed itself into one of the highest margin producers in 30 24.1 Indonesia. 21.9 20 12.8 This is due to the ramp up of its 10 9.1 8.0 world class Tabang coal complex, w
Slide 7: Deleveraged the Group
Deleveraged the Group Net Debt / EBITDA In January 2020, the Company x issued a 3 year Non-Call Life “NCL” 8 bond of US$ 400 million to ensure 5.8x adequate liquidity going forward. 6 4 2.6x Existing Working Capital Facilities of approximately US$ 325 million 2 0.1x 0 0.5x 0.5x 0.4x 0.2x 0.1x ar
Slide 8: Low Cost Incremental Growth
Low Cost Incremental Growth Capex Intensity by Country (1) Overall sales volumes to be maintained whilst infrastructure 250 Tabang Capacity Growth for the next phase is ongoing. 218 55+ 207 Despite the impacts of the COVID- 200 30+ 19 pandemic, our new coal haul 175 road and barge loading facili
Slide 9: 4Q 2020
4Q 2020 Overburden Removal Coal Production Weighted Average Strip Ratio Average Cash Costs Coal Sales Average Selling Price Committed & Contracted Sales EBITDA Debt and Cash Position Capital Expenditure 8 www.bayan.com.sg
Slide 10: Overburden Removal (OB)
Overburden Removal (OB) 40 (million BCM) 4Q20 OB was 28.5 million BCM 34.5 33.8 which was higher than the Revised 30 26.4 28.5 Budget due to the push for higher coal production at Tabang brought 20 about by the higher water levels on the Kedang Kepala River. 10 Decrease in 4Q20 compared to 0 3Q2
Slide 11: Coal Production
Coal Production (million MT) 9.4 4Q20 coal production of 8.7 million 10 8.7 MT was higher than the Revised 8 7.3 Budget as no standby and higher 5.9 water levels which allowed site to 6 increase production to match 4 higher sales volumes. 2 4Q20 coal production was lower than the 3Q20 due to RKA
Slide 12: Weighted Average Stripping Ratio (SR)
Weighted Average Stripping Ratio (SR) 5.9 6 4Q20 weighted average stripping 5 ratio was lower than the Revised 4 3.6 3.6 3.3 Budget and 3Q20 mainly due to: 3 Lower SR at Tabang as site 2 pushed to maximize coal 1 production. 0 4Q19 3Q20 4Q20B 4Q20 Partially offset by Note : B stands for Revised
Slide 13: Average Cash Costs (Revised Budget vs Actual)
Average Cash Costs (Revised Budget vs Actual) 35 30.2 4Q20 Cash Costs were US$ 24.9/MT 30 which was significantly lower than 25 24.9 the Revised Budget due to: 20 Higher sales volume which 15 reduced most fixed costs on a 10 unit cost basis. 5 0 New law allowing VAT 4Q20B 4Q20 recoverability u
Slide 14: Average Cash Costs (3Q20 vs 4Q20)
Average Cash Costs (3Q20 vs 4Q20) 4Q20 Cash Costs of US$ 24.9/MT were 40 37.0 slightly lower than 3Q20 of US$ 25.6/MT 35 due to: 30 25.6 24.9 25 Higher sales volume which reduced 20 most costs on a unit cost basis. 15 New law which allows VAT 10 recoverability under IUP’s applied 5 since Novem
Slide 15: Coal Sales (by volume)
Coal Sales (by volume) 12 (million MT) 10.4 10 8.9 Average water levels higher than 8 7.5 anticipated in 3Q and 4Q allowing 6 5.6 better barging. 4 4Q20 coal sales volumes of 10.4 2 million MT were higher than the 0 Revised Budget and 3Q20. 4Q19 3Q20 4Q20B 4Q20 Note : B stands for Revised Budget
Slide 16: Coal Sales (by volume) (continued)
Coal Sales (by volume) (continued) Geographic Distribution (2020) – by Volume The Company is focusing on continuing to build its long term Per Region Per Country contracts to Indonesian and other Domestic North Asia Others 9% India 13% South East Asian IPP’s. 16% 30% As at 31 March 2021 committe
Slide 17: Average Selling Price (ASP)
Average Selling Price (ASP) 60 4Q20 ASP of US$ 37.8/MT was slightly lower than the Revised Budget due to 50 the ICI4 index continuing to be lower 44.7 than anticipated despite the increase in Newcastle benchmark. (US$ / MT) 40 38.2 37.8 34.6 Since the COVID-19 outbreak, the 30 Newcastle benchmar
Slide 18: EBITDA
EBITDA 150 *2 4Q20 EBITDA significantly 137.2 increased compared to the Revised 120 Budget on the back of lower cash 90 81.2 costs and higher sales volumes 60 61.7 partially offset by lower ASP. 46.3 30 4Q20 EBITDA was higher than 0 3Q20 due to lower cash costs, 4Q19 3Q20 4Q20B 4Q20 higher sales
Slide 19: Total Debt and Cash Position
Total Debt and Cash Position Issued US$ 400 million 3NCL 450 408.2 407.8 407.3 406.8 Bonds at 6.125% coupon on 383.8 400 365.0 352.9 24 Jan 2020. 350 314.4 The second payment of interest (in million US$) 300 261.7 250 under the Senior Notes of US$ 12.25 million was paid on 200 174.5 25 January 2
Slide 20: Capital Expenditure
Capital Expenditure YTD Capex was USD 55.4 million, 35 which was below the Revised 30 Budget (USD 83.8 million) due to 27.2 delay’s in permits and late 25 23.0 22.7 commencement of construction of the new Tabang 100km CHR and In Million USD 20 17.5 16.5 16.5 17.4 barge loading facilities. 14.8 15
Slide 21: Appendix
Appendix PT Perkasa Inakakerta PIK PT Teguh Sinarabadi TSA PT Firman Ketaun Perkasa FKP PT Wahana Baratama Mining WBM PT Brian Anjat Sentosa BAS PT Bara Tabang BT PT Fajar Sakti Prima FSP PT Dermaga Energi DE Tabang PT Tanur Jaya TJ PT Tiwa Abadi TA PT Silau Kencana SK PT Orkida Makmur OM Pakar PT S
Slide 22: Appendix
Appendix Kangaroo Resources Pty Ltd KRL PT Dermaga Perkasapratama DPP PT Indonesia Pratama IP PT Muji Lines Muji PT Bayan Energy BE PT Metalindo Prosestama MP PT Sumber Aset Utama SAU PT Karsa Optima Jaya KOJ PT Gunungbayan Pratamacoal GBP 21 www.bayan.com.sg
Slide 23: Disclaimer
Disclaimer This presentation contains forward-looking statements based on assumptions and forecasts made by PT. Bayan Resources Tbk management. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are base
Slide 24: Thank You
Thank You 23 www.bayan.com.sg