PT Indika Energy Tbk · IDX:INDY
PT Indika Energy Tbk — 9M15 Earnings Presentation
27 slides from PT Indika Energy Tbk's earnings presentation, October 2015
Slide 1: Company Update 9M15 Results
COMPANY UPDATE 9M15 RESULTS Indika Energy October 2015
Slide 2: Disclaimer
Disclaimer Investors and security holders are cautioned that this communication contains forward- looking statements and that forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of PT Indika Energy Tbk
Slide 3: Revised Dividend Timetable and Major Developments
Revised Dividend Timetable and Major Developments Dividend 2014 Net Profit Proposed Company Declared Indika Energy Portion (USD mn) Payout Ratio (USD mn) Payment Date (USD mn) Kideco 154.4 141.5 65.1 23.0* Apr'15 91.6% 23.0* Aug'15 19.1 Dec'15 PTRO 2.3 1.6 1.2* May'15 75.0% MBSS 20.1 16.1 8.2* May'1
Slide 4: Key Assumptions vs Actual
Key Assumptions vs Actual 2015 2015 Description Unit 1Q15 A 2Q15A 3Q15 A 9M15 A Budget Revised Exchange Rate USD/IDR 12,000 13,290 12,771 13,126 13,849 13,272 Thermal Coal Price (NC) USD/ton 65.0-70.0 58.8 62.3 59.7 58.1 60.0 Fuel Cost IDR/ltr 8,957.0 9,358.0 8,619.0 9,322.0 9,050.0 8,997.0 KIDECO A
Slide 5: Indika Energy's Financial Highlights (1)
Indika Energy’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 845.3 785.3 27.3 7.6% 227.0 262.2 126.6 11.1 96.0% 1.1 32.5 304.0 TPE: 356.7mn 37.1% 79.7 16.9 1.7 281.6 PTRO: 164.6mn 8.4 MBSS: 71.5mn 45.4 14.7 Coal trading: 205.4 mn (0.7) Others: 47.2mn 3
Slide 6: Indika Energy's Financial Highlights (2)
Indika Energy’s Financial Highlights (2) * Revenues Others Others Coal trading PTRO 6.1% PTRO Coal trading 5.6% 10.8% 19.5% 33.7% 24.3% MBSS 8.5% 36.2% Tripatra 13.1% 42.2% MBSS Tripatra 9M14: USD785.3 million 9M15: USD845.3 million 5
Slide 7: Indika Energy's Financial Highlights (3)
Indika Energy’s Financial Highlights (3) * Cash Balance & Debt (USD mn) 1,080.1 1) Consists of : Petrosea: USD 52.3mn, 5) MBSS: USD 34.8mn, Tripatra: USD 27.2 Lease 71.1mn, Indika Holding: USD 233.3mn (including IIC,IIR and 252.9 4) Others). Bank loan 2) Other financial assets. 3) USD 300 mn due 201
Slide 8: Indika Energy's Financial Highlights (4) Capex Spending
Indika Energy’s Financial Highlights (4) Capex Spending * 2015 2015 Capex Allocation Budget 3M15 A 6M15 A 9M15 A Spending (USD mn) Revised IE Holding 13.6 7.2 2.8 5.1 5.8 80.6% PTRO 70.0 45.3 8.4 21.2 21.2 46.8% MBSS 8.0 7.5 4.3 5.6 7.4 98.7% Tripatra 4.0 5.5 0.0 0.3 2.3 41.2% MUTU 2.9 3.1 0.0 0.0 0
Slide 9: Indika Energy's Key Business Indicators
Indika Energy’s Key Business Indicators Revenues (USD mn) LTM Adj. EBITDA (USD mn) & EBITDA Margin (%) 1,109.5 500 60% 42.1% 44.4% 863.4 845.3 749.7 785.3 29.5% 593.4 250 20.9% 23.2% 30% 16.9% 250.0 333.0 260.6 231.9 235.8 198.1 0 0% 2011 2012 2013 2014 9M14 9M15 2011 2012 2013 2014 9M14 9M15 EBITDA
Slide 10: Kideco's Financial Highlights (1)
Kideco’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 1,564.9 1,283.7 250.6 18.0% 230.7 228.0 500.4 7.9% 210.4 60.9 7.8% 418.3 72.7 53.6 66.1 527.0 88.7 43.9 80.8 378.1 35.9 537.5 101.0 114.1 108.4 487.3 93.6 9M14 9M15 9M14 9M15 9M14 9M15 Margin 16.0%
Slide 11: Kideco's Financial Highlights (2)
Kideco’s Financial Highlights (2) * Cash Balance & Debt (USD mn) 222.3 151.2 9M14 9M15 CASH 10
Slide 12: Kideco's Operating Highlights (1)
Kideco’s Operating Highlights (1) Overburden Removal Stripping Ratio (x) (mn bcm) Coal Production (mn ton) 196.0 183.1 6.6% 69.8 68.4 30.0 29.2 10.1 10.7 6.5 6.3 66.7 57.8 2.9% 10.1 8.7 6.9 3.7% 6.4 9.8 9.8 6.6 6.7 59.6 56.9 6.1 5.8 9M14 9M15 9M14 9M15 9M14 9M15 Coal Sales (mn ton) Average Selling P
Slide 13: Kideco's Financial Highlights (3) Capex Spending
Kideco’s Financial Highlights (3) Capex Spending * 2015 9M15 Capex Allocation Budget Spending Spending (USD mn) (USD mn) Maintenance 12.3 2.9 23.6% Heavy Equipment & 5.5 1.4 25.5% Others Total 17.8 4.3 24.2% 12
Slide 14: Petrosea's Financial Highlights (1)
Petrosea’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 264.6 55.1 95.6 37.8% 164.6 34.1 17.1 9.5 49.9 87.5 52.8% 26.0 17.9 10.5 50.1 65.1% 11.9 Mining: USD118.2 7.8 Services: USD25.2 E&C: USD21.2 9.6 2.4 81.5 64.6 20.1 14.1 4.9 8.6 4.6 9M14 9M15 9M14
Slide 15: Petrosea's Financial Highlights (2)
Petrosea’s Financial Highlights (2) * Revenues Breakdown by Value E&C E&C POSB 4.2% 12.9% 9.7% POSB 15.3% 71.8% Contract Contract 86.1% 9M14: USD264.6 mn 9M15: USD164.6 mn * Cost Structure Others Others Material 0.9% Sub-contractors 7.3% 2.0% 17.7% Material 39.0% Wages 18.5% 4.9% Operation 44.6% Ope
Slide 16: Petrosea's Contract Mining Operation
Petrosea’s Contract Mining Operation * Overburden Removal Volume (Mn BCM) Coal Getting Volume (Mn BCM) 103.4 49.4% 52.3 10.5 10.5 9M14 9M15 9M14 9M15 Client 9M14 9M15 Changes Client 9M14 9M15 Changes Gunung Bayan Pratama* 19.7 0.0 -100.0% Santan Batubara* 0.4 0.0 0.0% Santan Batubara* 1.2 0.0 -100.0
Slide 17: Petrosea's Backlog in 2015
Petrosea’s Backlog in 2015 USD mn Remaining New Contract/ Revenue Remaining Contract Value Adjustment Value Recognition Contract Value Descriptions Per Period ended Per 31 Dec 2014 30 Sep 2015 30 Sep 2015 Contract mining 828.2 (249.7)* 89.1 464.6 E&C 7.4 192.9 20.9 179.4 POSB 68.4 30.6 25.2 73.8 Tot
Slide 18: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 357.2 285.3 25.2% 93.2 17.8 30.2 2.8 93.3 86.6% 6.4 7.2 2.4 138.4 46.5% 16.2 103.2 12.5 7.8 7.6 5.7 -0.1 125.6 -5.1 88.8 11.3 11.0 -0.6 9M14 9M15 9M14 9M15 9M14 9M15 Margin 10.6% 4.5% Margin 6.2%
Slide 19: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) * Revenues Breakdown TPE TPE 4.7% 12.8% 95.3% 87.2% TPEC TPEC 9M14: USD285.3 mn 9M15: USD357.2 mn * Cost Structure Misc Misc 13.5% 13.1% 32.4% Construction Salary & Wage Salary & Wage 10.2% 13.1% 47.5% Construction 7.3% Rental & Repair 4.4% Rental & Repair 22.0% 3
Slide 20: Tripatra's Financial Highlights (1): Sea Bridge Shipping's Operation
Tripatra’s Financial Highlights (1) Sea Bridge Shipping’s Operation * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 21.2 19.7 10.1 7.3% 7.9 9.1 7.1 7.6 6.6 31.5% 3.8 35.6% 3.5 1.3 5.8 1.0 6.6 1.8 1.5 3.5 3.1 7.5 4.5 4.1 6.1 2.8 2.5 9M14 9M15 9M14 9M15 9M14 9M15 Margin 38.8% 47.5%
Slide 21: Tripatra's Financial Highlights (2): Cotrans Asia's Operation
Tripatra’s Financial Highlights (2) Cotrans Asia’s Operation * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 63.2 61.6 20.7 21.8 2.5% 14.4 13.9 14.0 13.0 21.2 18.8 3.7 3.2 3.2 4.0% 3.5 4.8 5.9 7.5% 5.7 4.5 21.3 20.9 5.4 5.2 5.1 5.1 9M14 9M15 9M14 9M15 9M14 9M15 Margin22.0% 23.5%
Slide 22: Tripatra's Backlog in 2015
Tripatra’s Backlog in 2015 USD mn New Contract/ Remaining Revenue Remaining Adjustment Value Contract Value Recognition Contract Value Descriptions in 2015 Per Period ended Per 31 Dec 2014 30 Sep. 2015 30 Sep. 2015 Tripatra Engineers & 344.2 194.7 312.2 226.8 Constructors Tripatra Engineering 32.7 3
Slide 23: MBSS' Financial Highlights (1)
MBSS’ Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 103.8 35.1 29.1 31.1% 71.5 24.4 7.8 50.7% 4.7 18.5 17.3 65.4% 36.5 12.5 8.4 8.4 26.8 1.4 7.7 4.8 38.2 14.8 11.3 26.2 8.2 5.9 -2.2 9M14 9M15 9M14 9M15 9M14 9M15 Barges: USD45.7 mn Margin 33.8% 24.2% Mar
Slide 24: MBSS' Financial Highlights (2)
MBSS’ Financial Highlights (2) * Revenues Breakdown Floating crane 30.2% Floating crane 36.1% 63.9% 69.8% Barging Barging 9M14: USD103.8 mn 9M15: USD71.5 mn * Cost Structure Others Others Handling 13.7% Depreciation Handling 16.2% 24.9% Depreciation Vessel Rental 5.1% 32.0% Vessel Rental 3.1% 4.5% 4
Slide 25: MBSS' Operating Highlights
MBSS’ Operating Highlights * Barging (mn ton) Floating Crane (mn ton) 24.1 -34.9% 17.4 15.7 15.1 -13.2% 9M14 9M15 9M14 9M15 Clients 9M14 9M15 Changes Clients 9M14 9M15 Changes KJA 7.7 8.2 6.5% KJA 6.8 6.2 -8.8% KPC 5.5 0.4 -92.7% BRAU 5.4 5.4 0.0% ADRO 4.9 4.2 -14.3% ADRO 0.3 0.0 - BORN 2.7 0.0 - BC
Slide 26: MBSS' Backlog in 2015
MBSS’ Backlog in 2015 USD mn Remaining New Contract/ Revenue Remaining Contract Adjustment Recognition Contract Value Value in 2015 Value Clients Per Period ended Per 31 Dec 2014 30 Sep 2015 30 Sep 2015 Barging 145.9 (8.9) 27.8 109.3 Floating Crane 117.7 0 24.4 93.3 Total 263.6 (8.9) 52.2* 202.6 * E
Slide 27: Cirebon Electric Power's Financial Highlights
Cirebon Electric Power’s Financial Highlights * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 193.3 177.4 8.9% 80.2 76.3 37.1 66.7 62.1 29.0% 27.3 57.4 33.0% 26.1 7.8 6.0 81.5 66.2 32.9 27.7 31.0 26.2 58.8 60.4 25.2 24.0 21.4 20.4 9M14 9M15 9M14 9M15 9M14 9M15 Margin 35.0% 41.5%