Pt Indo Tambangraya Megah Tbk · IDX:ITMG
Pt Indo Tambangraya Megah Tbk — Q4 2021 Earnings Presentation
31 slides from Pt Indo Tambangraya Megah Tbk's earnings presentation, Mar 1, 2022
Slide 1: 4Q21 Results
4Q21 Results INVESTOR & ANALYST UPDATE 1 MARCH 2022
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: 4Q21 Highlights
Transporting coal through hauling road 01 4Q21 Highlights
Slide 4: 4Q21 highlights – Riding the Momentum
4Q21 highlights – Riding the Momentum Healthy coal price during 2H21 has positively impacted 4Q21 ITM financial performance. 4Q21 net profit recorded at $204M, which boost FY21 net profit at $475M versus $38M in FY20. 4Q21 EBITDA recorded at $371M (+28% In November 2021, ITM distributed its qoq or +
Slide 5: 2021 year in review: business performance
2021 year in review: business performance MINING Challenging operations due to weather and floods but strong global price has boosted up bottom line performance. Ongoing coal mining Coal operations with strong Production 18.2 Mt Kitadin Td. Mayang finalizing its mine closure and finished its rehabil
Slide 6: 2022 ITM goals
2022 ITM goals Greener Smarter Maximize the output of Supporting EBP in coal trading Be passionate Focus on sustainability existing reserves Growing the coal trading business Pursuing success both through ESG approach To achieve production output and reaching more customers. personally and for ITM t
Slide 7: Reinventing our business model for 2025 and beyond
Reinventing our business model for 2025 and beyond COAL AND MINERAL MINING TO BE A LEAD IN G ENERGY C O M PA N Y I N I N D O N E S I A UNDERGROUND COAL GASIFICATION MINING MINING COAL MINING CONTRACTOR AND PORT LOGISTIC COAL TRADING MINING ENERGY CONTRACTOR SERVICES PORT AND LOGISTICS COAL NATURAL T
Slide 8: 3 phases of ITM way forward plan: the roadmap
3 phases of ITM way forward plan: the roadmap 2022 2023 – 2025 2026 onward Consolidation Transition Acclimation Achieve coal production as target Continuation of coal portfolio optimization Maximizing the remaining coal reserve to produce following the mine life plan Maintain the alertness toward CO
Slide 9: Commitment in Sustainability: ESG initiatives and accolades
Commitment in Sustainability: ESG initiatives and accolades Environmental Awards & Recognitions Effluent: Achieve 59% YoY Energy Management: Biodiversity: Doubling Emissions: Consistently reduction through effective Renewable energy usage the handover of PROPER 2021 reducing GHG emissions effluent m
Slide 10: Coal Market Trends
Coal inventory at the Port Stockyard area in Bunyut Port 02 Coal Market Trends
Slide 11: Global thermal coal market
Global thermal coal market COAL DEMAND AND SUPPLY CHANGE – 2022E VS 2021 TRENDS Unit: Mt SUPPLY DEMAND DEMAND Spike in coal prices exceeded our expectations primarily due to unexpected supply issues. Coal demand is expected to grow on continuing economic recovery but at a slower pace. High natural g
Slide 12: ITM ASPs vs thermal coal benchmark prices
ITM ASPs vs thermal coal benchmark prices ITM ASP VS BENCHMARK PRICES COMMENTS Monthly NEX ▪ Seaborne thermal coal market has been extremely volatile during Q4 2021, Unit: US$/t 250 mainly due to the sudden policy changes in China, strong gas price, 200 coupled with the supply tightness in major coa
Slide 13: ITM coal sales
ITM coal sales FY21 COAL SALES BREAKDOWN BY DESTINATION COAL SALES FY21 Korea 1% Others Taiwan 3% 5% India 3% China 5.5 Mt Thailand 6% 27% FY21 Bangladesh 6% 3.1 Mt Sales 0.2 Mt Phillippines 9% 20.1 Mt S KOREA Japan Indonesia JAPAN 16% 24% CHINA 1.3 Mt BANGLADESH 1.2 Mt 0.5 Mt 0.6 Mt TAIWAN 1.8 Mt I
Slide 14: Operations Update
Coal mining activities in Trubaindo mine 03 Operations Update
Slide 15: Operational summary 4Q21
Operational summary 4Q21 SCHEMATIC OUTPUT TREND Unit: Mt 2022 Target: East Kalimantan 1Q 2Q 3Q 4Q 17.5-18.8Mt IMM 6.7-6.8 Mt 2021 4.0 4.7 4.6 4.9 18.2 Mt GPK 0.2-1.0 Mt SR 11.5x 10.5x 10.7x 9.6x Bontang Coal Terminal Bunyut KTD EMB TCM Port 0.2 Mt 3.0 Mt 3M22e 3.8 Samarinda BEK SR 12.1x 6.5-6.7 Mt B
Slide 16: Coal operations: Indominco Mandiri
Coal operations: Indominco Mandiri SCHEMATIC OUTPUT TREND Unit: Mt 2022 TARGET: 6.7-6.8 Mt Operations 1Q 2Q 3Q 4Q Barge Ports Hauling Stockpile 2021 1.8 1.9 1.8 1.9 7.3 Mt West Block Crusher ROM Mine SR 12.5x 11.0x 11.5x 9.6x stockpile stockyard East Block 3M22e 1.5 Bontang City 35km SR 10.4x Sea co
Slide 17: Coal operations: Trubaindo Coal Mining
Coal operations: Trubaindo Coal Mining SCHEMATIC OUTPUT TREND 2022 TARGET: 3.0 Mt Unit: Mt 1Q 2Q 3Q 4Q Mahakam River Bunyut Port East Kalimantan 2021 0.7 0.9 1.0 1.2 3.7 Mt Product coal conveyor, stacking, SR 14.0x 11.9x 11.6x 9.0x stockpile Operations 40km Barge Ports Mine to port 3M22e 0.7 Hauling
Slide 18: Coal operations: Bharinto Ekatama
Coal operations: Bharinto Ekatama SCHEMATIC OUTPUT TREND 2022 TARGET: 6.5-6.7 Mt Unit: Mt 1Q 2Q 3Q 4Q Mahakam River Bunyut Port 2021 1.0 1.3 1.4 1.2 4.8 Mt East Kalimantan Product coal conveyor, stacking, SR 6.7x 6.6x 6.3x 6.6x stockpile Operations Barge Ports 3M22e 1.1 Hauling Kedangpahu SR 9.6x St
Slide 19: Coal operations: Kitadin Embalut and Tandung Mayang
Coal operations: Kitadin Embalut and Tandung Mayang SCHEMATIC OUTPUT TREND 2022 TARGET: 0.2 Mt Unit: Mt 1Q 2Q 3Q 4Q TD. Mayang 2021 0.3 0.4 0.3 0.4 1.4 Mt Bontang city IMM WB IMM EB SR 18.6x 17.0x 24.4x 15.5x ROM stockpile Bontang Port 3M22e 0.2 Embalut 5km Mine to port SR 23.6x Embalut Port COMMENT
Slide 20: Coal operations: Jorong
Coal operations: Jorong SCHEMATIC OUTPUT TREND 2022 TARGET: 1.0-1.2 Mt Unit: Mt 1Q 2Q 3Q 4Q 2021 0.2 0.3 0.2 0.2 0.9 Mt Pelaihari SR 11.6x 13.4x 11.8x 15.5x Haul road 3M22e 0.3 20km SR 16.1x COMMENTS Jorong ▪ 4Q21 production achieved as target at 0.2Mt despite operation was hampered by rainfalls. Co
Slide 21: Financial Summary
Command center of Bontang port 04 Financial Summary
Slide 22: Highlights of 4Q21 results
Highlights of 4Q21 results 4Q21 FY21 1 Well-positioned to capture the upside of $204 M $475 M strong coal price NPAT ASP rose from $111/t in 3Q21 to $143/t in 4Q21, High NPAT backed by strong resulting in 33% QnQ increase of net profit which commodity price despite challenges in mining operations sh
Slide 23: Profitability – Income statement
Profitability – Income statement SALES VOLUME AVERAGE SELLING PRICE REVENUE Unit: Mt Unit: US$/t Unit: US$ million 2,077 21.2 20.1 143.1 111.0 103.2 1,185 647 753 5.8 5.8 52.7 53.5 5.3 313 4Q20 3Q21 4Q21 FY20 FY21 4Q20 3Q21 4Q21 FY20 FY21 4Q20 3Q21 4Q21 FY20 FY21 GROSS PROFIT AND GPM EBITDA NET PROF
Slide 24: Cost analysis
Cost analysis WEIGHTED AVERAGE STRIP RATIO PRODUCTION COST Unit: Bcm/t Unit: US$/t 46.7 41.4 41.9 42.9 39.4 Non-Coal 10.6 9.6 10.1 10.5 8.9 46.7 42.7 38.2 41.4 39.7 Coal 4Q20 3Q21 4Q21 FY20 FY21 4Q20 3Q21 4Q21 FY20 FY21 FUEL PRICE TOTAL COST* Unit: US$/Ltr Unit: US$/t 70.3 60.4 59.6 51.4 47.2 Non-Co
Slide 25: Balance sheet
Balance sheet FY21 BALANCE SHEET BANK LOAN DETAILS KEY RATIOS Unit: US$ million Unit: US$ million Borrowing 36 Debt to Equity (x) 0.05 Current maturities of Other Liabilities Long-term bank loan Cash 429 0.03 691 0.01 10 FY19 FY20 FY21 Net Gearing (%) 26 Equity FY19 FY20 FY21 Other 1,202 Assets 975
Slide 26: FY22 capital expenditure
FY22 capital expenditure $68.8 mn 19.5 18.6 8.0 8.1 7.0 3.2 2.7 1.7 Indominco Trubaindo Bharinto Jorong TRUST GPK + NPR Renewable Other Note: Total capex plan including Jakarta office after elimination. 26
Slide 27: Q&A Session
Biodiversity conservation nearby mining area 05 Q&A Session
Slide 28: ITM
\ ITM
Slide 29: Income statement – FY21 vs FY20
Income statement – FY21 vs FY20 Unit: US$ thousand FY21 FY20 YoY% Net Sales 2,076,813 1,185,336 75% Gross Profit 916,533 199,150 360% GPM 44% 17% SG&A (125,351) (95,239) EBIT 791,182 103,911 661% EBIT Margin 38% 9% EBITDA 885,341 187,039 373% EBITDA Margin 43% 16% Net Interest Income / (Expenses) 29
Slide 30: Income statement – 4Q21 vs 3Q21
Income statement – 4Q21 vs 3Q21 Unit: US$ thousand 4Q21 3Q21 QoQ% Net Sales 753,468 647,042 16% Gross Profit 385,486 303,703 27% GPM 51% 47% SG&A (43,550) (34,951) EBIT 341,936 268,752 27% EBIT Margin 45% 42% EBITDA 370,851 290,728 28% EBITDA Margin 49% 45% Net Interest Income / (Expenses) 102 (64)
Slide 31: ITM Structure
ITM Structure Banpu 65% INDONESIAN STOCK 35%* EXCHANGE Public ITMG PT Indo Tambangraya Megah Tbk. IPO 18th Dec 2007 95.07% SME 99.99% 99.99% 99.00% 99.99% 99.99% 99.99% 70.00% 99.90% 99.99% 99.99% Indominco Trubaindo Bharinto Kitadin Jorong NPR GPK TIS TRUST ITMI PT Tambang Raya PT ITM Indonesia PT
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