Pt Bayan Resources Tbk · IDX:BYAN
Pt Bayan Resources Tbk — Q4 2022 Earnings Presentation
24 slides from Pt Bayan Resources Tbk's earnings presentation, 2023
Slide 1: Fourth Quarter 2022 Update Presentation
y 4 we Ses Fourth Quarter 2022 Update Presentation _t i eee, (ee ie
Slide 2: Overview
Overview ➢ Operationally 2022 has been a challenging period with significantly higher rainfall than anticipated which reduced production volumes and caused geotechnical slips at Tabang’s waste dumps. ➢ 2022 Cash costs increased and were higher than Budgeted principally due to higher royalties due to
Slide 3: Bayan's Financial and Operational Performance
Bayan’s Financial and Operational Performance 2021 2022 4Q21 4Q22 Financial Performance (In Million USD) Revenue 2,852.2 4,703.6 1,103.1 1,355.5 Gross Profit * 1 1,746.5 3,160.1 778.3 853.7 EBITDA 1,743.0 3,026.4 775.8 782.6 Net Profit After Tax 1,266.0 2,301.6 585.8 594.0 Financial Ratios Gross Pro
Slide 4: One of the Largest Coal Producers
One of the Largest Coal Producers 2022 Production ➢ Bayan is ranked 3rd by production and sales volumes in Indonesia. 90 71.9 75 ➢ Bayan’s sales volumes will remain Million Tonnes 62.9 60 at similar levels to those of 2021 45 38.9 38.8 37.1 34.8 until the new coal haul road to the 30 16.6 Mahakam Ri
Slide 5: Low Cost Incremental Growth
Low Cost Incremental Growth Capex Intensity by Country (1) Tabang Capacity Growth ➢ Due to the high rainfall 250 60+ …Unlocking tangible capacity 218 throughout 2021 which continued into 1H22, our new coal haul road 207 200 30+ upside at ~US$13/ton 175 discretionary growth Capex 159 161 and the firs
Slide 6: One of the Lowest Cost Producers in Indonesia
One of the Lowest Cost Producers in Indonesia Global Cost Competitive Positioning ➢ Tabang is independently rated as one of the worlds lowest cost energy-adjusted producers of seaborne thermal coal. ➢ Tabang has large reserves and a very low Life of Mine stripping ratio of 4.3. ➢ A new JORC reserves
Slide 7: And One of the Highest Margin Producers in Indonesia
And One of the Highest Margin Producers in Indonesia 2022 EBITDA Margin (%) ➢ Over the last few years, Bayan 75 64.3 has transformed itself into one of 62.1 60 the highest margin producers in 49.0 41.5 Indonesia. 45 31.8 30 27.5 ➢ This is due to the ramp up of its 15 world class Tabang coal complex,
Slide 8: Deleveraged the Group
Deleveraged the Group Net Debt / EBITDA ➢ In January 2020, the Company x issued a 3 year Non-Call Life “NCL” 8 bond of US$ 400 million to ensure 5.8x 6 adequate liquidity going forward. 4 2.6x ➢ In 4Q21 Bayan fully prepaid all the 2 0.1x 0 0.5x 0.1x (0.6)x (0.6)x outstanding Bonds. 0 2015 2016 2017
Slide 9: 4Q 2022
4Q 2022 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) (million BCM) 50 44.3 44.7 41.2 ➢ 4Q22 OB of 41.2 million BCM was 40 39.3 lower than the Budget and 3Q22 due to: 30 ➢ Lower OB at Tabang due to 20 higher rainfall which caused 10 higher delays in working hours 0 4Q21 3Q22 4Q22B 4Q22 ➢ Lower OB at PIK caused by Note : B stands
Slide 11: Coal Production
Coal Production (million MT) 12 10.3 11.0 10.9 11.1 ➢ 4Q22 coal production of 11.1 10 million MT was in line with the 8 Budget and 3Q22. 6 ➢ 2022 production of 38.9 million MT 4 was however lower than Budget of 41.9 million MT due to geotechnical 2 slips that reduced production in 0 1Q22. 4Q21 3Q22
Slide 12: Weighted Average Stripping Ratio (SR)
Weighted Average Stripping Ratio (SR) 6 5 4.1 ➢ 4Q22 weighted average stripping 4 3.8 4.0 3.7 ratio was lower than the Budget 3 due to: 2 ▪ Expansion of North Pakar in 1 low SR areas. 0 4Q21 3Q22 4Q22B 4Q22 Note : B stands for Budget Figure ➢ 4Q22 weighted average stripping Weighted Average SR (:1)
Slide 13: Average Cash Costs (Budget vs Actual)
Average Cash Costs (Budget vs Actual) 60 49.4 ➢ 4Q22 Cash Costs were higher than Budget 50 due to: 40 ▪ Higher royalties due to significantly (US$ / MT) 33.8 higher ASP combined with increase 30 in royalty rates in 4Q22. 20 ▪ Higher unit cost of coal purchased 10 due to higher market prices. 0 ▪ Hig
Slide 14: Average Cash Costs (4Q22 vs 3Q22)
Average Cash Costs (4Q22 vs 3Q22) 56 49.4 ➢ 4Q22 Cash Costs of US$ 49.4/MT were 48 39.9 higher than 3Q22 of US$ 39.9/MT due to: 40 (US$ / MT) 29.6 ▪ Higher royalty due to introduction of 32 new royalty rate which was revised 24 in September 2022. 16 8 ▪ Higher DMO expense due to new regulation. 0 4Q
Slide 15: Coal Sales (by volume)
Coal Sales (by volume) 14 (million MT) ➢ 4Q22 coal sales volumes of 11.9 11.7 11.9 12 11.1 10.7 million MT were principally in line 10 with Budget. 8 6 ➢ Higher sales volume compared to 4 3Q22 due to higher water level at 2 Senyiur. 0 4Q21 3Q22 4Q22B 4Q22 Note : B stands for Budget Figure ➢ 2022 sal
Slide 16: Coal Sales (by volume) (continued)
Coal Sales (by volume) (continued) Geographic Distribution (2022) – by Volume ➢ The Company is focusing on Per Region Per Country continuing to build its long term North China 3% Others 6% contracts with Indonesian and Domestic 25% Asia 21% Malaysia 5% Philippines other South East Asian IPP’s. 30% B
Slide 17: Average Selling Price (ASP)
Average Selling Price (ASP) 140 125.2 ➢ 4Q22 ASP of US$ 114.1/MT was 120 114.1 significantly higher than the Budget due to higher market prices. 99.5 100 (US$ / MT) ➢ 4Q22 ASP was lower than 3Q22 as 80 certain renegotiated fixed prices 55.5 deliveries commenced from 3Q22 and 60 market prices start t
Slide 18: EBITDA
EBITDA 1,000 917.4 ➢ 4Q22 EBITDA was significantly 800 775.8 782.6 higher than the Budget due to significantly higher ASP despite 600 higher than Budgeted cash costs. 400 255.2 200 ➢ 4Q22 EBITDA was lower than 3Q22 due to lower ASP combined with 0 4Q21 3Q22 4Q22B 4Q22 increase in cash costs. Note :
Slide 19: Total Debt and Cash Position
Total Debt and Cash Position 2000 1,841.6 ➢ Issued US$ 400 million 3NCL 1800 Bonds at 6.125% coupon on 1600 24 January 2020. (in million US$) 1400 1,346.7 1,339.3 ➢ Bayan fully repaid the Bond in 1200 2021. 1000 994.8 ➢ Working capital facilities of 800 635.0 approximately US$ 280 million 600 remain
Slide 20: Capital Expenditure
Capital Expenditure 120 ➢ 2022 Capex was US$ 207.9 million, which was lower than the Budget 100 97.7 (US$ 267.1 million) due to slower than Budgeted progress on the new 80 69.8 71.9 Tabang 100km coal hauling road In Million USD and overland conveyor (“OLC”) 60 56.1 facilities primarily as a result o
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 Tabang PT Fajar Sakti Prima FSP PT Dermaga Energi DE North PT Tanur Jaya TJ Pakar PT Tiwa Abadi TA PT Silau Kencana SK PT Orkida Makmur O
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