PT Indika Energy Tbk · IDX:INDY

PT Indika Energy Tbk — Q1 2019 Earnings Presentation

59 slides from PT Indika Energy Tbk's earnings presentation, May 2019

  1. Slide 1: Company Update 3M2019

    COMPANY UPDATE 3M2019 PT Indika Energy Tbk. May 2019

  2. Slide 2: Shareholder Structure

    Shareholder Structure By 31 March 2019 By 31 March 2018 Changes YoY No. of No. of No. of shares No Description Investors No. of shares % Investors % % I. Domestic Retail 16,166 1,026,231,818 19.7% 7,810 898,089,078 17.2% 12.5% Employee 16 8,093,500 0.2% 26 22,521,500 0.4% -178.3% Cooperative 6 570,5

  3. Slide 3: Table of Contents

    Table of Contents Results Overview Page #  Commodity Price Outlook 3-4  Key Highlights 5  Financial Statement Overview 6–8  Detail Income Statement Analysis 9  Cash & Debt 10 – 11  Kideco Financial & Operational Overview 12 – 14  Asset Overview 15 – 17  Kideco Acquisition 18 – 19  Subsidiar

  4. Slide 4: Global Commodity Prices & Indicators slightly improved in 1Q19

    Global Commodity Prices & Indicators slightly improved in 1Q19 while Newcastle continued to decline Newcastle vs. QHD 5500 Price WTI Oil Price 160.0 115.0 700 QHD 5500 697 105.0 580 619 140.0 600 NEWCASTLE (RHS) 619 95.0 120.0 500 103.0 85.0 445 100.8 100.0 400 88.4 75.0 355 92.8 80.0 60.1 65.0 60.4

  5. Slide 5: Coal Price Remains Above Our Internal Targets

    Coal Price Remains Above Our Internal Targets US$/ton 130 0% Newcastle Price 120 ASP 114.4 110 % Discount (RHS) -10% 113.9 % Average Discount (RHS) 100.8 103.0 100 96.4 -20% 90 -21.7% -21.5% 88.4 92.8 80 -29.7% 74.6 -30% 70 60 62.3 56.4 52.5 -40% 52.4 50 50.6 50.0 49.2 48.8 42.7 -41.5% 45.7 40 -50.7

  6. Slide 6: Key Highlights

    Key Highlights Kideco’s Coal Production & Strip Ratio 25.0 10.0 9.0 20.0 8.0 6.7 6.8 7.0 6.6 6.3 6.5 6.6 6.4 15.0 6.2 5.9 6.3 5.9 6.2 6.0 5.9 5.7 5.9 5.3 5.4 10.7 5.0 9.8 8.7 9.8 10.0 8.4 8.0 8.4 8.2 8.3 8.8 8.6 8.3 4.0 7.8 7.9 7.9 7.8 7.9 3.0 5.0 2.0 1.0 - - 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

  7. Slide 7: Indika Energy's Consolidated Balance Sheet

    Indika Energy’s Consolidated Balance Sheet Summary (US$ mn) 3M19 3M18 YoY FY18 YTD Cash balance* 892.8 846.6 5.5% 785.4 13.7% Current assets 1,565.6 1,483.4 5.5% 1,436.1 9.0% Total assets 3,774.1 3,743.0 0.8% 3,678.8 2.6% Current liabilities 719.6 702.3 2.5% 627.4 14.7% Total Debt** 1,555.8 1,411.4

  8. Slide 8: Consolidated Income Statement Highlights

    Indika Energy’s Consolidated Income Statement Highlights Quarter Data Summary P&L (US$mn) 1Q19 1Q18 YoY 4Q18 QoQ Revenues 700.7 809.0 -13.4% 782.4 -10.4% COGS (583.1) (580.2) 0.5% (693.1) -15.9% Gross Profit 117.6 228.8 -48.6% 89.3 31.6% SG&A Expenses (35.0) (32.7) 6.8% (34.3) 2.0% Operating Profit

  9. Slide 9: Consolidated Revenue Breakdown

    Consolidated Revenue Breakdown * Revenues 3M19: US$ 700.7 million 3M18: US$809.0 million Others MBSS Others MBSS 2% 2% 3% 3% Tripatra Tripatra 7% 13% Petrosea 11% Petrosea Kideco 15% 55% Kideco Indika Resources 63% 15% Indika Resources 11% Subsidiary 3M19 Revenues (US$ mn) Subsidiary 3M18 Revenues (

  10. Slide 10: Disaggregation of 3M19 Consolidated Earnings

    Disaggregation of 3M19 Consolidated Earnings – Key Income Statement Segments Net Profit Disaggregation Revenue By Business Segment 800.0 800 39.9 700.7 700.7 583.1 96.5 700 115.2 600.0 600 81.4 500 409.9 400 400.0 300 200 200.0 7.6 35.0 3.9 100 25.4 17.5 1.2 11.7 0 - Kideco Indika Petrosea Tripatra

  11. Slide 11: Cash and Debt Position

    Cash and Debt Position Cash and Debt Breakdown US$ million 1,555.8 1,600 4) 202.5 13.3 3) 1,200 892.81) 68.6 800 72.4 2) 1,340.0 400 751.7 0 CASH DEBT Cash Fin. Assets Rest. Cash Bonds Leases Bank Loan 1) PTRO: $68.2mn, MBSS: $44.1mn, Tripatra: $134.7mn, Kideco: $222.4mn, Indika Resources: $27.5mn,

  12. Slide 12: Strong Cash Position and Low Net Debt Ratio

    Strong Cash Position and Low Net Debt Ratio Cash Breakdown by Subsidiaries LTM Free Cash Flow US$ million US$ million HoldCo Kideco Petrosea Tripatra MBSS 500 1,000.0 44.1 400 800.0 134.7 40.0 323.0 34.6 68.2 291.2 133.6 300 600.0 152.5 81.3 222.4 211.0 59.6 400.0 144.4 171.3 200 42.0 118.7 122.9 39

  13. Slide 13: Kideco's Operational Highlights

    Kideco’s Operational Highlights In Line Production with DMO Pricing for Domestic Sales Description Quarter Data (USD mn) 1Q19 1Q18 YoY 4Q18 QoQ Sales 409.9 527.8 -22.3% 393.6 4.2% Gross profit 80.5 196.5 -59.0% 62.0 29.9% Operating profit 71.2 186.8 -61.9% 52.8 34.7% Net income 40.5 103.8 -61.0% 36.

  14. Slide 14: China, Indonesia & Korea Drive Kideco's Sales

    China, Indonesia & Korea Drive Kideco’s Sales 1Q19 – Total Sales Volume: 9.0 mn ton 1Q18 – Total Sales Volume: 9.4 mn ton Japan Others Japan Others Southeast Asia 2% 1% 3% 4% 10% Southeast Asia Taiwan 9% 5% China Taiwan China 30% India 5% 37% 5% India Korea 8% 8% Korea 12% Indonesia Indonesia 29% 32

  15. Slide 15: Kideco's Cash Costs: Among the Lowest in the Industry

    Kideco’s Cash Costs: Among the Lowest in the Industry 1Q19 Cash Cost 1Q18 Cash Cost O/H Labor Others Labor 4% 1% 6% O/H 1% 6% Others Freight 6% 8% Freight 6% Material 9% Material Contract Mining + 8% Contract Mining + Gov. Royalty Rental Rental 18% 56% Gov. Royalty 51% 20% Kideco Cash Cost ex Royalt

  16. Slide 16: Kideco Inside the Numbers

    Kideco Inside the Numbers Reserves by Calorific Value Reserve to Resources (MT) 4,700-5,000 5,000-5,500 5,500+ 8% 1% 1% Reserves, 569 Resources, 4,200-4,500 1625 90% Resources By Mine (MT) Reserves By Mine (MT) Roto South G Suwi Roto South Suwi Roto South Roto North 3 Roto Middle 26 12 124 Roto Nort

  17. Slide 17: Attractive Location With Well Built Infrastructure

    Attractive Location With Well Built Infrastructure JORC resources as of December 2017 stood at 1,625 MT and reserves at 569 MT. Kideco produces a range of sub-bituminous, ultra-low sulphur (0.1%) and low ash (average between 2.1% to 4.9%) coal Kideco has engaged in surface open-cut mining since 1993

  18. Slide 18: One of the Lowest Cost Operators from Mine to Port

    One of the Lowest Cost Operators from Mine to Port Total Reserves : 569MT Total Resources : 1,625MT Publicly Listed Competitor C Logistic Total Reserves : 223MT • Hauling road 38 Km Total Resources : 1,617MT • Barging & Shipping 58 km Logistic • Hauling road 40 Km to coal port • Conveyor belt from c

  19. Slide 19: Kideco Acquisition Overview

    Kideco Acquisition Overview Consideration Source & Use of Funds • Indika Energy entered into a SPA (Share Purchase Agreement) on 22 Source of Funds (US$ mn) September 2017 to acquire 40.0% and 5.0% of Kideco shares from Samtan and PT Muji Inti Utama, respectively. Notes Issuance $575.0 • The transac

  20. Slide 20: Acquisition of additional 45% Stake in Kideco Accounting Impact

    Acquisition of additional 45% Stake in Kideco Accounting Treatment Impact Post Kideco Transaction One-Off Gain on Revaluation Calculation Goodwill Calculation Description UoM Description UoM Transaction value 46% Kideco US$m 529.0 Cash consideration paid US$m 517.5 Book Value 46% Kideco US$m (144.8)

  21. Slide 21: Supported by Improving Subsidiary Results

    Supported by Improving Subsidiary Results Petrosea MBSS Tripatra Cirebon Electric Power Total Backlog Total Backlog Total Backlog 660MW PowerPlant $888.5M $58.8M $375.1M 1Q19 Net Income 1Q19 Net Income 1Q19 Net Income 1Q19 Net Income $3.1M $1.5M $7.9M $9.1M (20% Indika) 1Q19 EBITDA Margin 1Q19 EBITD

  22. Slide 22: Existing Synergies & Future Opportunities

    Existing Synergies & Future Opportunities • Plans to increase production over the medium term could be driven by increased synergies with Petrosea and MBSS. • Increased production could come from Samarangau in an area where Petrosea is the contractor. • 14-20% of Kideco's overburden removal historic

  23. Slide 23: 2019 Corporate Guidance Versus Actual

    Indika Energy’s 2019 Corporate Guidance Versus Actual 2019 3M19 2018 YoY Target Actual Actual Change KIDECO Production (MT) 34 8.2 34 0.0% Strip Ratio (x) 6.3 5.9 6.3 0.0% Cash Cost xRoyalty ($/MT) 32.7 29.6 31.1 5.1% Capex ($Millions) 7.7 0.6 3.9 97.4% Overburden Volume (BCM) 214 48.6 216.6 -1.2% P

  24. Slide 24: Recent Developments

    Recent Developments • April 25, 2019, the shareholders of PT Indika Energy Tbk has approves the f ollowing during the Shareholders’ Annual General Meeting 1. Approved PT Indika Energy Tbk f inancial statement f or the year ended December 31, 2018 2. To give the authority to Board of Commissioners of

  25. Slide 25: Indika Energy's 2019 Corporate Guidance

    Indika Energy’s 2019 Corporate Guidance 2019 CAPEX 2019 Budget Operational Data Guidance Budget KIDECO (US$ million) Production (MT) 34 Kideco 7.7 Strip Ratio (x) 6.3 Petrosea 177.2 Newcastle Benchmark ($/ton) 85 Cash Cost xRoyalty ($/ton) 32.7 MBSS 11.7 Overburden Volume (BCM) 214.0 Tripatra 10.0 P

  26. Slide 26: Peer Comparison (FY18 Data)

    Peer Comparison (FY18 Data) PRODUCTION ANNUAL (MT) STRIP RATIO (x) CASH COSTS ex Royalty (US$/t) 60 12 50 47.7 11.0 54 47 55 10 50 44 41 45 8 38 37.0 40 6.3 34 6 5.1 35 35 31.0 4.1 32 29.5 30 26 4 29 25 22 26 2 20 23 15 0 20 ADRO INDY * PTBA ITMG PTBA ADRO INDY * ITMG ADRO PTBA INDY * ITMG EBITDA MA

  27. Slide 27: Appendix

    INDIKA ENERGY Appendix 27

  28. Slide 28: Indika Energy's Financial Highlights

    Indika Energy’s Financial Highlights Gross Profit (USD mn) Operating Profit (USD mn) Income from Associates (USD mn) 700 641.2 600 160 508.1 136.2 600 500 120 500 400 400 300 80 72.6 300 59.5 200 200 82.7 40 122.9 117.6 100 88.3 88.7 34.1 20.6 100 (15.4) (10.1) 7.6 0 0 2015 2016 2017 2018 1Q19 0 201

  29. Slide 29: Indika Energy's Key Business Indicators

    Indika Energy’s Key Business Indicators Revenues (USD mn) LTM EBITDA* (USD mn) & EBITDA Margin (%) 2,962.9 2,800.0 EBITDA EBITDA Margin 2,400.0 700.0 652.5 30.0% 600.0 26.6% 549.2 2,000.0 25.0% 22.0% 1,600.0 500.0 20.1% 19.2% 20.0% 1,097.3 1,098.8 400.0 17.5% 1,200.0 291.9 15.0% 775.2 700.7 300.0 80

  30. Slide 30: Key Credit Ratios (1)

    Indika Energy’s Key Credit Ratios (1) Gross Debt & Net Debt / LTM Adj. EBITDA (x) Debt / Capital (%) 6.0 60.0% 5.1 4.9 5.2 58.0% 4.9 5.0 56.4% 56.7% 4.0 55.0% 54.0% 3.2 2.8 52.3% 3.0 2.4 2.3 2.0 50.0% 1.1 1.2 1.0 - 45.0% 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 LTM Adj. FFO / Debt (%) LTM A

  31. Slide 31: Key Credit Ratios (2)

    Indika Energy’s Key Credit Ratios (2) LTM EBITDA / Interest (x) LTM EBIT / Interest (x) 7.0 6.5 6.0 5.1 6.0 5.5 5.0 5.0 3.9 4.0 4.0 3.7 3.0 3.0 2.7 2.6 2.0 2.0 1.2 1.0 0.8 1.0 0.4 0.0 0.0 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 LTM FFO + Interest / Interest (x) LTM EBITDA Less Capex / Inte

  32. Slide 32: Indika Energy's Subsidiaries Backlog

    Indika Energy’s Subsidiaries Backlog New Contract/ Remaining Contract Revenue Remaining Contract Adjustment Value Descriptions Value Recognition Value in 2019 Per 31 Dec 2018 Per 31 Mar 2019 Per 31 Mar 2019 Petrosea Contract mining 696.4 67.2 63.3 700.3 E&C 169.5 (0.9) 33.4 135.2 POSB 53.6 17.8 18.4

  33. Slide 33: Capex Spending & Approved Dividend

    Capex Spending & Approved Dividend * CAPEX Allocation Unit 2019 Budget 3M19 A Realization IE Holding USD mn 2.2 0.1 2.9% PTRO USD mn 177.2 13.3 7.5% MBSS USD mn 11.7 2.1 17.9% Tripatra USD mn 11.7 - 0.0% KGTE (Fuel Storage) USD mn 94.6 10.8 3.2% Kideco USD mn 7.7 0.6 7.8% Indika Resources USD mn 12.

  34. Slide 34: Kideco's Financial Highlights

    Kideco’s Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 600 500 469.4 527.8 450.3 2,000 1,802.2 492.1 1,658.2 1,633.0 500 400 1,600 1,247.8 400 300 1,200 253.8 300 281.3 800 200 155.4 200 180.0 409.9 400 80.5 100 71.2 100 0 0 0 2015 2016 2017 2018 1Q19 2015 20

  35. Slide 35: Kideco's Operational Highlights

    Kideco’s Operational Highlights Overburden Removal (mn bcm) Coal Production (mn ton) Coal Sales (mn ton) 300 45 45 39.0 38.6 244.6 34.0 34.1 213.6 32.1 32.0 32.5 31.5 225 193.9 195.9 30 30 150 15 15 75 8.3 9.0 48.6 0 0 0 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q18 2015 2016 2017 2018 1Q19 Stri

  36. Slide 36: Petrosea's Financial Highlights (1)

    Petrosea’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Overburden Removal (mbcm) 500 465.7 80 73.1 140 121.1 400 60 105 97.6 313.5 300 45.7 66.0 206.8 209.4 40 34.9 70 57.3 200 29.1 115.2 28.7 20 13.3 35 100 0 0 0 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 2015 2016 201

  37. Slide 37: Petrosea's Financial Highlights (2)

    Petrosea’s Financial Highlights (2) * Revenues Breakdown by Value 1Q19: USD115.2 mn 1Q18: USD93.3 mn Other Other 0.7% 0.6% KPI KPI 11.2% 18.3% POSB 15.4% POSB 8.7% Contract Mining Contract E&C 62.8% E&C Mining 55.0% 9.6% 17.8% * Cost Structure 1Q19: USD101.9 mn 1Q18: USD83.0 mn Material Other Materi

  38. Slide 38: Petrosea's Contract Mining Operation

    Petrosea’s Contract Mining Operation * Overburden Removal Volume (Mn BCM) Coal Getting Volume (Mn Tonne) 4.0% -10.1% 10 32 28.7 7.9 27.6 8 7.1 24 6 16 4 8 2 0 0 1Q18 1Q19 1Q18 1Q19 Client 1Q18 1Q19 Client 1Q18 1Q19 KJA 9.5 10.3 KJA 2.2 2.0 TBG 8.7 11.3 TBG 4.1 4.1 IAC 2.1 0 IAC 0.3 0.0 ANZ 0.5 0 BMB

  39. Slide 39: Tripatra's Financial Highlights (1)

    Tripatra’s Financial Highlights (1) Revenue (USD mn) Gross Profit (USD mn) Net Profit* (USD mn) 500 475.9 60 40 45.0 28.4 375 45 41.7 25.8 34.2 22.8 274.8 278.3 24 250 217.5 30 18.9 7.9 125 96.5 15 11.3 8 0 0 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 -8 -5.5 Income f

  40. Slide 40: Tripatra's Financial Highlights (2)

    Tripatra’s Financial Highlights (2) * Revenues Breakdown by Value 1Q19: USD96.5 mn 1Q18: USD60.3 mn TPE TPE 8% 13% TPEC TPEC 92% 87% Cost Structure 1Q19: USD85.1 mn 1Q18: USD47.3 mn Rental Others Rental Others 7% 7% 4% 4% Handling Handling 6% 4% Salary Salary 9% Material 6% 39% Material 56% Sub Cont

  41. Slide 41: Cotrans' Financial Highlights

    Cotrans’ Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 90 20 20 80.0 17.1 16.3 75 70.5 16 16 59.9 59.3 13.0 13.2 60 12.3 12.0 12.2 12 12 11.2 45 8 8 30 15.6 4 4 15 2.1 1.9 0 0 0 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 Net Pr

  42. Slide 42: SBS' Financial Highlights

    SBS’ Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 35 20 20 31.2 29.4 28 24.7 24.9 16 16 14.0 14.0 12.7 13.3 11.5 21 12 10.7 12 10.7 10.0 14 8 8 8.4 5.1 4.8 7 4 4 0 0 0 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 Net Profit (USD

  43. Slide 43: MBSS' Financial Highlights (1)

    MBSS’ Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) EBITDA (USD mn) 100 20 35 89.8 29.5 30 75.4 16 15.1 75 68.5 24 65.8 25 12 20 18.4 50 14.8 15 8 4.9 4.3 10 7.9 25 20.9 4 2.5 5 0.9 0 0 0 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 Net Profit (USD

  44. Slide 44: MBSS' Financial Highlights (2)

    MBSS’ Financial Highlights (2) * Revenues Breakdown 1Q19: USD15.2 mn 1Q18: USD5.7 mn FC FC 27% 28% Barging Barging 73% 72% *Cost Structure 1Q19: USD16.6 mn 1Q18: USD16.1 mn Repair 1% Repair Others Port charges Others 2% 16% 5% 12% Port charges Spareparts 7% Depreciation Depreciation 10% 36% 37% Spar

  45. Slide 45: MBSS' Operating Highlights

    MBSS’ Operating Highlights * Barging (mn ton) Floating Crane (mn ton) 8 4 6.4 36.2% 6 3 17.4% 2.7 4.7 2.3 4 2 2 1 0 0 3M18 3M19 3M18 3M19 Clients 3M19 3M18 Clients 3M19 3M18 Cotrans 3.4 3.1 Kideco 1 1.4 Adaro 0.9 0.5 Bayan 0.3 0.0 Spot 0.5 0.2 BAG 0.2 0.2 BIB 0.1 0.3 Bayan 0.1 0 TCP 0.1 0.0 Others 1

  46. Slide 46: MBSS Large Fleet of Vessels

    MBSS Large Fleet of Vessels Barges Tug Floating Crane As of Additional/ (Disposal) As of Additional/ (Disposal) As of Additional/ (Disposal) Dec 31, 2018 YTD Dec 31, 2018 YTD Dec 31, 2018 YTD 78 -7 87 -1 4 0 Total 3M19 71 Total 3M19 86 Total 3M19 4 Support Vessel Floating Loading Facility As of Dec

  47. Slide 47: Indika Resources' Financial Highlights

    Indika Resources’ Financial Highlights Revenues (USD mn) Cost of Good Sold (USD mn) Gross Profit (USD mn) 450.0 400.0 40.0 395.6 359.4 36.2 400.0 350.0 35.0 306.5 350.0 319.8 300.0 30.0 300.0 250.0 221.5 25.0 239.0 209.3 250.0 216.7 200.0 20.0 17.5 200.0 150.0 15.0 13.3 150.0 10.9 100.0 81.4 100.0 7

  48. Slide 48: Indika Resources' Financial Highlights (2)

    Indika Resources’ Financial Highlights (2) * Revenues Breakdown 3M19: USD81.4 mn 3M18: USD126.0 mn MUTU 14% MUTU 35% Coal Trading Coal 65% Trading 86% MUTU ASP (USD/ton) * MUTU Cash Cost (USD/ton) 100 120.0 87.6 108.3 78.3 81.1 100.0 94.3 80 66.5 80.0 73.9 70.9 60 60.0 40 40.0 20 20.0 0 - 2015 2016

  49. Slide 49: CEP's Financial Highlights

    CEP’s Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 300 150 150 261.9 245.7 250.0 240 229.6 120 120 109.9 104.2 98.4 91.4 93.0 86.7 180 90 80.9 90 74.9 120 60 60 61.3 60 30 21.0 30 19.9 0 0 0 2015 2016 2017 2018 1Q19 2015 2016 2017 2018 1Q19 2015 2016 2017 20

  50. Slide 50: Fast Fact

    INDIKA ENERGY 50

  51. Slide 51: Indika Energy, Indonesia's leading fully integrated energy company

    Indika Energy, Indonesia’s leading fully integrated energy company PT Indika Energy Tbk. 1  Energy Resources 2  Energy Services 3  Energy Infrastructure 4  Other Portfolios - Established since 1991 - Established since 1994 - Established since 2011 - 3rd largest coal producer - Integrated water c

  52. Slide 52: A well-integrated energy platform across the entire value chain

    Indika Energy Group Companies Cover End-To-End Coal Business Value Chain Identification / acquisition of Energy resources assets • Operational synergies from intra-group cross-selling opportunities A well-integrated energy platform across the entire value chain Exploration - part of Kideco's overbur

  53. Slide 53: Indika Energy has grown through inorganic and organic expansions

    Indika Energy has grown through inorganic and organic expansions Acquisition & Launches 2004 2006 2007 2009 2011 2012 2014 2015 2017 2018 660MW 19.9% CEP Nusantara Investment 1,000MW KIDECO Investment Inception of 41% 5% Tripatra 98.55% 51% 85% CEPR Majority Indika Inception of KIDECO Additional Mer

  54. Slide 54: Diversification Investments – Gold Asset Project

    Diversification Investments – Gold Asset Project A Strategic investment in Nusantara Resources Limited (ASX: NUS). Nusantara owned 100% PT Masmindo Dwi Area which has sole rights to exploit in Awak Mas Gold Project Location : South Sulawesi, 220 km from Makasar Potential Resources : 2 million onz Po

  55. Slide 55: Diversification Investments – Fuel Storage Project

    Diversification Investments – Fuel Storage Project Build and operate fuel storages exclusively for ExxonMobil in conjunction with entering Indonesia retail market in various locations Phase 1 Location : Balikpapan, Kariangau, East Kalimantan Project Company : PT Karingau Gapura Terminal Energy Total

  56. Slide 56: Notes Outstanding

    Notes Outstanding Ba 3 Outlook Stable (as of Dec. 2018) The Senior BB - / Stable Outlook Notes are rated: International Ratings (as of Dec. 2018) A + / Stable Outlook National Ratings (as of Dec. 2018) Indo Energy Finance II B.V. Indo Energy Capital II Pte. Ltd. Indo Energy Capital III Pte. Ltd. USD

  57. Slide 57: Corporate Structure

    Corporate Structure 11 March 2019 57

  58. Slide 58: Indika Energy Group

    Indika Energy Group INDY PTRO MBSS PT Indika Energy Tbk PT Petrosea Tbk PT Mitrabahtera Segara Sejati Tbk • PT Indika Energy infrastructure : 51.00% • PT Indika Inti Investindo : 37.79% • PT Indika Energy Tbk : 69.80% Shareholding • China Navigation • PT Teladan Resouces : 30.6 5% • Public : 30.20%

  59. Slide 59: Thank You

    INDIKA ENERGY THANK YOU 59

PT Indika Energy — Q1 2019 Earnings Presentation on 6ix