PT Perusahaan Gas Negara (Persero) Tbk Class B · IDX:PGAS
PT Perusahaan Gas Negara (Persero) Tbk Class B — Q1 2009 Earnings Presentation
29 slides from PT Perusahaan Gas Negara (Persero) Tbk Class B's earnings presentation, May 2009
Slide 1: Perusahaan Gas Negara
Perusahaan Gas Negara g May 2009
Slide 2: Disclaimer
Disclaimer: The information contained in our presentation is intended solely for your personal reference. In addition, such information contains projections and forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. These views ar
Slide 3: Background & Overview
y, Gas Negara | Background & Overview
Slide 4: Indonesian Gas Market Overview
INDONESIAN GAS MARKET OVERVIEW Indonesia has proven gas reserves 171.3 TCF (P1+P2) Underserved Domestic Gas Demand (Geographical Constraints) Source: Director General of Oil and Gas (2009) 1
Slide 5: Potential Shift from Oil to Gas
POTENTIAL SHIFT FROM OIL TO GAS Competitive gas price relative to other sources of energy Demand for gas exceeds supply PGN Gas Price Vs HSD Price US$/MMBtu Relative Energy Price (as of February 1, 2009) 40.00 Kerosene (non‐subsidized) 12.2 35.00 HSD (non‐subsidized) (non subsidized) 11 0 11.0 30.00
Slide 6: PGN at a Glance
PGN AT A GLANCE A leader in the • Operates more than 5,600 km transmission and distribution transmission and pipelines i li distribution of • Delivered 1500 MMScf of natural gas per day in 3M‐2009 • The only integrated transmission and distribution pipeline natural gas in operator Indonesia Blue chi
Slide 7: Shareholder Composition
SHAREHOLDER COMPOSITION 55% owned by the Government of Indonesia, 45% owned by public investors (mostly foreign institutional investors) Public GOI 43.5% 56.5%* Note: *including golden/dwiwarna share 4
Slide 8: Corporate Structure
CORPORATE STRUCTURE PT Perusahaan Gas Negara (Persero) Tbk Distribution Transmission SBU I SBU Transmission (Western Part of Java and South Sumatera) SSWJ SBU II PT Transgasindo* (Eastern Part of Java) Grissik‐Duri Grissik Duri and Grissik Grissik‐Singapore Singapore *Shareholders composition: - PGN
Slide 9: Operational Review & Performance
Operational Review & Performance
Slide 10: Business Model
BUSINESS MODEL Strongg market position p g distribution and transmission in natural gas PGN • Industry Gas Sales Aggrement Distribution (Sales price) • Commercial Gas Purchase • Household Upstreaam Gas Transportation PGN Agreement Off‐taker G Gas Transmission (T ll ffee)) (Toll Transportation 6
Slide 11: Our Transmission Network
OUR TRANSMISSION NETWORK Completion of the SSWJ Gas Transmission Pipeline enables PGN to operate transmission pipelines with a total length of 2,157 km PLN – Medan Grissik – Singapore Capacity = 80 mmscfd Capacity = 364 mmscfd Grissik – Pagardewa – Labuhan Maringgai – Muara Bekasi Medan – Rawamaju (
Slide 12: Our Transmission Business
OUR TRANSMISSION BUSINESS 800 92% Gas Transportation Agreement (GTA) – Long Long‐term term contract (USD) 780 90% – Minimum ship‐or‐pay volumes 88% – Tarif regulated based on 12% IRR and 80% 760 utilization rate 86% 740 – Grissik Grissik‐Duri Duri US$ 0.62/ MMBtu – Grissik‐Singapore US$ 0.69/ MMBtu
Slide 13: Our Distribution Network
OUR DISTRIBUTION NETWORK • Extensive distribution network covering 13 cities in Indonesia with capacity of 1005 MMScfd (56% utilization rate) • The network and facilities are managed by three SBUs – West Java (SBU I), East Java (SBU II) and Sumatra (SBU III) Medan – SBU III Capacity = 46 mmscfd Bata
Slide 14: Our Distribution Business
OUR DISTRIBUTION BUSINESS 800 80% Distribution – Sale of Gas to End User • Gas Sales Agreements g (GSA) ( ) 700 70% – Minimum pay volumes – Price in US$ & IDR 600 60% – Market share of around 93% in this business 500 50% Selling Price (per MMBtu) – Industry/Commercial US$ 5.49 400 40% – Household US
Slide 15: Strong Distribution Customer Base
STRONG DISTRIBUTION CUSTOMER BASE As of December 31, 2008, sales volume of industrial customers was 570 MMScfd or equal to 98.7% of PGN’s sales 20.0% 20.0% 17.5% 18.0% % 15.7% 16.0% 16.0% 15.0% 14.0% 14.2% 13.2% 14.0% 12.0% 11.1% 10.0% 8.0% 7.7% 7.1% 7.5% 8.0% 7.0% 5.8% 6.0% 4.3% 3.8% 4.0% 3.5% 3.8%
Slide 16: Financial Review & Performance
Financial Review & Performance
Slide 17: 3M09 Results (YoY Comparison)
3M09 RESULTS (YOY COMPARISON) Consolidated Revenues Rp 4.48 T 61.8% Consolidated EBITDA Rp 2.43 T 65.2% Consolidated Net Profit Rp 1.2 T 114% Transmission Flow 779 MMScfd 8.7% 8 7% Distribution Flow 721 MMScfd 36 9% 36.9% 12
Slide 18: Financial Highlights
FINANCIAL HIGHLIGHTS Revenue Trend EBITDA and EBIT Trend 14,000 7,000 53% 54% 60% 50% 44% 47% 6,000 1,519 40% In Rp. billion 12,000 5,000 6,375 4,000 20% 3,000 4,094 10,000 2,929 4,657 2,000 2 430 2,430 0% 3,082 1,000 2,393 1,471 1,997 1,208 1,125 8,000 Rp. billion ‐ ‐20% 2006 2007* 2008 3M08* 3M09
Slide 19: Income Statement
INCOME STATEMENT FX Gain/Loss 4,500 (200) In Rp. billion 4 000 4,000 (199) 3,500 (134) 3,000 3M08* 3M09 Exchange rate: Rp. billion 2,500 4,478 ‐ March 31, 2008 2,642 USD 1 = IDR 9,217 & JPY 1 = IDR 92.27 2,000 ‐ March 31, 2009 In R USD 1 = IDR 11,575 & JPY 1 = IDR 117.94 1,500 2,430 2,768 1,612 1,99
Slide 20: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET (In Rp. Billion) Mar 31, 2008* Mar 31, 2009 % Current Assets 4,361 4 361 9,334 9 334 114 Non Current Assets 16,574 18,704 13 Total Assets 20,935 28,038 34 Current Liabilities 2,359 2 359 4,071 4 071 73 Non Current Liabilities 10,756 14,342 33 Minority Interest In Net Asset
Slide 21: Debt Composition as of Dec 31, 2008
DEBT COMPOSITION as of DEC 31, 200 2008 8 Long-term debt amounting to USD 1.156 billion Mostly long dated/maturity loans from Developmental Banks Float JPY 29.7% 39.6% USD 60.4% Fixed 70.3% Effective Cost of Debt of Around 5 25% 5.25% 16
Slide 22: Outlook and Recent Update
v Gas Negara | Outlook and Recent Update
Slide 23: Recent Update
RECENT UPDATE • Gas delivery has reached an average of 200 MMScfd PLN Muara Tawar (February 2009) Grissik – Singapore • Improvement 23 km pipeline at Kuala Tungkal – Panaran Transmission pipeline section ((March 2009)) • Upgraded by Fitch Ratings from BB‐ become BB (March Fitch Ratings 2009)) Govern
Slide 24: PLN Contracts
PLN CONTRACTS • Volume 50 MMScfd PLN Muara Tawar g • Contract signed on Julyy 2007 • Contract length of 5 years • Volume 150 MMScfd (firm) • Volume 100 MMScfd (interruptible) PLN Muara Tawar • Contract C signed i d on April A il 2008 • Contract length of 3 years • Volume 30 MMScfd PLN Tanjung Priok
Slide 25: SSWJ in Operation August 2008
SSWJ IN OPERATION AUGUST 2008 The 1,035 km of gas transmission pipeline has been in operations g since August p y of 970 MMScfd 2008 with capacity ConocoPhillips Gas Plant Pertamina Gas Plant SSWJ II Capacity 440 MMScfd SSWJ I Capacity 530 MMScfd Pagardewa Compressor 19
Slide 26: West Java Distribution Expansion
WEST JAVA DISTRIBUTION EXPANSION The West Java Distribution Expansion Project with 463km main pipelines commenced in 2005 The project aims to distribute the gas from SSWJ and is expected to reach significant milestone by 2010 • PGN is expanding its distribution network in Jakarta, Bekasi, Cikampek,
Slide 27: Guidance for 2009
Guidance for 2009 Gas flow • Transmission: flat projection • Distribution: 700‐800 MMScfd • Commitment in 2009: $150‐200 million Capex • Unpaid settlement / carry over from 2008: $100 $100‐ 150 million 21
Slide 28: Future Projects
FUTURE PROJECTS LNG Receiving Terminal Pilot project CNG Pondok Ungu Integrated CBM development with pipeline network Other utilization of natural gas 22
Slide 29: Thank You
Thank You PT Perusahaan Gas Negara (Persero) Tbk Investor Relations Jl K H Zainul Arifin No. Jl. No 20, 20 Jakarta 11140 Indonesia Ph: 62 21 6334838 Fax: 62 21 6331632 www pgn co id www.pgn.co.id
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