Pt Bayan Resources Tbk · IDX:BYAN
Pt Bayan Resources Tbk — Q1 2025 Earnings Presentation
25 slides from Pt Bayan Resources Tbk's earnings presentation, May 28, 2025
Slide 1: Investor Updates 1Q25
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Slide 2: Overview
Overview ➢ Operationally, we achieved a significant increase in sales volume in the 1Q25 compared to 1Q24, although production levels were lower than Budgeted caused by heavier than anticipated rainfall. ➢ Overall 1Q25 EBITDA and NPAT actual performance was lower than Budgeted which was principally
Slide 3: Bayan's Financial and Operational Performance
Bayan’s Financial and Operational Performance 2023 2024 1Q24 1Q25 Financial Performance (In Million USD) Revenue 3,581.4 3,446.2 769.1 890.1 Gross Profit 1,664.2 1,332.8 312.2 315.2 EBITDA 1,718.9 1,355.0 322.1 327.5 Net Profit After Tax 1,279.6 943.4 217.3 223.0 Financial Ratios Gross Profit Margin
Slide 4: One of the Largest Coal Producers
One of the Largest Coal Producers 2024 Production ➢ Bayan is ranked 3rd by production 90 74.7 and by sales volumes in Indonesia 75 65.8 based on 2024 actual performance. Million Tonnes 60 56.9 50.7 43.3 45 ➢ Bayan’s 2024 production and sales 30.7 30 20.2 volumes increased by 12% and 15 16% over 2023
Slide 5: Low Cost Incremental Growth
Low Cost Incremental Growth Capex Intensity by Country (1) Tabang Capacity Growth ➢ Our new coal haul road and the 250 80+ associated overland conveyors …Unlocking tangible capacity 207 218 and side dumps for the first and upside at ~US$10/ton 200 40+ discretionary growth Capex 159 161 175 second ba
Slide 6: One of the Lowest Cost Producers in Indonesia
One of the Lowest Cost Producers in Indonesia Global Cost Competitive Positioning ➢ Tabang is independently rated as one of the worlds lowest cost 2025 Total cost curve - energy adjusted to 6,322kcal energy-adjusted producers of seaborne thermal coal. ➢ Tabang has large reserves and a very low Life
Slide 7: And One of the Highest Margin Producers in Indonesia
And One of the Highest Margin Producers in Indonesia 2024 EBITDA Margin ➢ Bayan is consistently generating 50% one of the highest margins in the 40% 39% Indonesia thermal coal matrix. 30% 25% 23% 23% ➢ This is due to the ramp up of its 20% 19% world class Tabang coal complex, 10% 10% which is antici
Slide 8: Deleveraged the Group
Deleveraged the Group Quarterly Cash Position US$ Million ➢ Targeted net leverage of less than 1,000 912.2 2.5x EBITDA throughout the 800 commodity cycle. 602.3 636.3 561.8 600 486.4 ➢ Bayan has had no net debt since 400 1Q 2021. 200 ➢ Bayan has been re-assigned an 0 1Q24 2Q24 3Q24 4Q24 1Q25 indepen
Slide 9: Dividends
Dividends ➢ Bayan has a proven history of utilizing cash to reduce leverage and then return excess cash to shareholders. ➢ Bayan has paid a total of US$ 3,900 million in dividends over the last four years (the highest of any Indonesian listed coal company). ➢ Its payout ratio over the same period is
Slide 10: 1Q 2025
1Q 2025 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 9 www.bayan.com.sg
Slide 11: Overburden Removal (OB)
Overburden Removal (OB) (million BCM) 100 82.2 ➢ 1Q25 OB was lower than the Budget, 80 62.0 63.3 69.9 primarily due to: 60 • Higher rainfall than Budgeted 40 which caused in pit water and mud issues as insufficient 20 dewatering pumps were available, 0 combined with lower than 1Q24 4Q24 1Q25B 1Q25 B
Slide 12: Coal Production
Coal Production (million MT) 20 16.9 15.7 ➢ 1Q25 coal production was lower 16 14.0 13.7 than the Budget and 4Q24, 12 primarily due to: 8 • Higher rainfall and shortage of dewatering pumps caused 4 lower coal production mainly 0 at Tabang. 1Q24 4Q24 1Q25B 1Q25 Note : B stands for Budget Figure (in mi
Slide 13: Weighted Average Stripping Ratio (SR)
Weighted Average Stripping Ratio (SR) 6 5.2 5.1 5 4.4 ➢ 1Q25 weighted average 3.7 4 stripping ratio was in line with 3 the Budget. 2 1 ➢ 1Q25 weighted average 0 stripping ratio was higher than 1Q24 4Q24 1Q25B 1Q25 4Q24 due to: Note : B stands for Budget Figure • Sites focusing on coal production in
Slide 14: Average Cash Costs (Budget vs Actual)
Average Cash Costs (Budget vs Actual) 50 ➢ 1Q25 Cash Costs were lower than 40 37.9 the Budget, primarily due to: 32.9 (US$ / MT) 30 • Lower overburden costs primarily due to shorter overhaul distance. 20 • Lower royalty than Budgeted due 10 to lower ASP achieved. • Lower hauling than Budgeted due 0
Slide 15: Average Cash Costs (1Q25 vs 4Q24)
Average Cash Costs (1Q25 vs 4Q24) 50 ➢ 1Q25 Cash Costs of US$ 32.9/MT were 37.3 lower than the 4Q24 of US$ 34.1/MT 40 34.1 32.9 principally due to: (US$ / MT) 30 • Lower others production costs due to a land and building tax 20 assessment issued for 2023 being 10 recorded in 4Q24. • Lower coal hauli
Slide 16: Coal Sales (by volume)
Coal Sales (by volume) 20 (million MT) 16.8 17.2 ➢ 1Q25 coal sales volume of 17.2 million 16.1 16 MT was slightly higher than the Budget 12 12.2 and 4Q24 as site sold down inventory and barging was supported by good 8 water levels. 4 0 1Q24 4Q24 1Q25B 1Q25 Note : B stands for Budget Figure Average S
Slide 17: Coal Sales (by volume) (continued)
Coal Sales (by volume) (continued) Geographic Distribution (1Q25) – by Volume ➢ The Company is focusing on continuing to build its long term Per Region Per Country contracts within Indonesia and with East Asia South Korea Others 4% other South East Asian IPP’s. Domestic 33% Vietnam 4% 28% 4% Indones
Slide 18: Average Selling Price (ASP)
Average Selling Price (ASP) 70 63.0 61.4 60.6 ➢ 1Q25 ASP of US$ 51.7/MT was lower 60 51.7 than the Budget and 4Q24 due to 50 continued weak market prices at the (US$ / MT) beginning of the year. 40 30 ➢ Actual coal prices as of end of April 2025 is US$ 102.7/MT for Newcastle 20 and US$ 49.4/MT for I
Slide 19: EBITDA
EBITDA US$ Million 500 434.8 402.9 ➢ 1Q25 EBITDA of US$ 327.5 million 400 322.1 327.5 was lower than the Budget of 300 US$ 402.9 and 4Q24 of US$ 434.8 200 due to lower ASP partially offset by lower cash costs and higher sales 100 volumes. 0 1Q24 4Q24 1Q25B 1Q25 Note : B stands for Budget Figure EBIT
Slide 20: Total Debt and Cash Position
Total Debt and Cash Position 1000 ➢ In December 2024, the Company 912.2 drew down US$ 200.0 million from 900 Mandiri and Permata of its WCF’s to 800 improve BR’s cash position. (in million US$) 700 636.3 ➢ At 31 March 2025 the Company had 600 602.3 561.8 outstanding debt of US$ 140.0 486.4 million.
Slide 21: Capital Expenditure
Capital Expenditure ➢ 1Q25 Capex was US$ 45.4 million, 120 which was lower than the Budget 105.7 primarily due to the timing delay in 100 certain projects such as contractor’s camp and facilities, the new FSP camp 80 and BCT expansion. In Million USD 67.8 71.3 64.0 60 55.9 45.2 45.4 40 44.1 40.6 ➢ 1
Slide 22: 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 Tabang PT Fajar Sakti Prima FSP PT Dermaga Energi DE PT Tanur Jaya TJ North Pakar PT Tiwa Abadi TA PT Silau Kencana SK PT Orkida Makmur O
Slide 23: 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 Karsa Optima Jaya KOJ PT Gunungbayan Pratamacoal GBP PT Kariangau Power KP 22 www.bayan.com.sg
Slide 24: 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 25: Thank You
Thank You 24 www.bayan.com.sg