PT Indika Energy Tbk · IDX:INDY
PT Indika Energy Tbk — Q1 2015 Earnings Presentation
90 slides from PT Indika Energy Tbk's earnings presentation, May 2015
Slide 1: Company Update 1Q15 Results
Company Update 1Q15 Results PT Indika Energy Tbk. Jakarta, May 2015 1Q15
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: Table of Content
Table of Content • 2015 in Review 3 • What to expect in 2015 31 • Business Review 37 Energy Resources 38 Energy Services 50 Energy Infrastructure 58 • Appendix 64 Financial Highlights 65 Fast Fact 78 1Q15 2
Slide 4: 2015 in Review
2015 in Review 1Q15 3
Slide 5: Recent Developments
Recent Developments In early 2015, Bayan’s GBP, one of PTRO’s contract mining client opted for an early termination of its contract due to prevailing market conditions. However, starting 2015, PTRO has commenced contract mining activities in Bayan’s Tabang coal mine, which is considered the growth a
Slide 6: Key Assumptions vs Actual
Key Assumptions vs Actual Descriptions Unit 2015 Budget 1Q15 A Exchange rate USD/IDR 12,000.0 12,771.0 Thermal Coal Price (NC) USD/ton 65.0-70.0 62.9 Fuel cost IDR/Ltr. 8,957.0 8,619.0 Descriptions Unit 2015 Budget 1Q15 A KIDECO Average Selling Price USD/ton 45.0 47.0 Production Volume Mt 41.0 9.8 S
Slide 7: Indika's Financial Highlights (1)
Indika’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 314.3 16.9 48.7 241.4 32.3 8.4 TPE: USD125.3 PTRO: USD64.6 MBSS: USD26.2 Coal trading: USD81.1 Others: USD17.1 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Margin 20.2% 10.3% Margin 7.0% 2.7% Income from Associate
Slide 8: Indika's Financial Highlights (2)
Indika’s Financial Highlights (2) Revenues Coal trading 7.0% PTRO Others Coal trading 20.6% 6.7% 25.8% 33.8% PTRO 8.3% MBSS 5.4% Tripatra Others 36.7% 15.8% 39.9% MBSS Tripatra 1Q14: USD241.4 million 1Q15: USD314.3 million 1Q15 7
Slide 9: Indika's Financial Highlights (3) Cash Balance & Debt
Indika’s Financial Highlights (3) Cash Balance & Debt (USD mn) 1,105.3 5) 43.8 Lease 261.5 4) Bank loan 3) 372.22) 800.0 Bond 82.3 2) 1) 289.8 Cash Balance Debt Note : 1) Consists of : Petrosea: USD57.9 mn, MBSS: USD50.8 mn, Tripatra: USD62.1 mn & Indika: USD119.0 mn (including IIC,IIR and Others).
Slide 10: Indika's Financial Highlights (4) Capex Realization
Indika’s Financial Highlights (4) Capex Realization 2015 1Q15 Realization Capex Allocation Budget Actual (USD mn) (USD mn) IE Holding 13.6 2.8 20.6% PTRO 60.0-70.0* 8.4 14.0% MBSS 8.0 4.3 53.8% Tripatra 4.0 0.0 0.0% MUTU 2.9 0.0 0.0% Total 88.5-98.5 15.5 17.5% * includes USD 50mn for POSB/Kariangau
Slide 11: Indika's Key Business Indicators (5)
Indika’s Key Business Indicators (5) Revenue (USD mn) Adj. EBITDA (USD mn) & EBITDA Margin (%) 350 333.0 60% 1,109.5 260.6 265.0 250.0 231.9 219.3 863.4 749.7 44.4% 42.1% 593.4 175 30% 29.5% 28.8% 314.3 241.4 20.9% 18.5% 0 0% 2011 2012 2013 2014 1Q14 1Q15 2011 2012 2013 2014 1Q14 1Q15 EBITDA EBITDA
Slide 12: Indika's Key Credit Ratios (6)
Indika’s Key Credit Ratios (6) Gross Debt & Net Debt / Adj. EBITDA (x) Debt / Capital (%) 5.0 52.4% 52.1% 54.4% 50.3% 51.0% 51.1% 4.1 4.3 3.8 3.8 3.1 3.3 2.4 2.5 2.3 1.8 1.9 2011 2012 2013 2014 1Q14 1Q15 Gross Debt Net Debt 2011 2012 2013 2014 1Q14 1Q15 Adj. FFO / Debt (%) Adj. FCF / Debt (%) 23.1%
Slide 13: Indika's Key Credit Ratios (7)
Indika’s Key Credit Ratios (7) Adj. EBITDA / Interest* (x) Adj. EBIT / Interest* (x) 3.6 4.4 3.8 2.7 3.4 3.1 2.2 3.0 2.8 2.0 1.3 1.1 2011 2012 2013 2014 1Q14 1Q15 2011 2012 2013 2014 1Q14 1Q15 Adj. FFO + Interest / Interest (x) Adj. EBITDA Less Capex / Interest* (x) 2.3 2.5 2.2 2.1 4.2 3.4 0.8 3.1 2
Slide 14: Kideco's Financial Highlights (1)
Kideco’s Financial Highlights (1) Revenue (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 537.5 114.1 108.4 487.3 101.0 93.6 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Margin 18.8% 23.4% Margin 17.4% 22.2% EBITDA (USD mn) Net Profit (USD mn) 116.1 60.2 101.9 55.0 1Q14 1Q15 1Q14 1Q15 Margin 19.0% 23.8% M
Slide 15: Kideco's Financial Highlights (2) Cash Balance & Debt
Kideco’s Financial Highlights (2) Cash Balance & Debt (USD mn) 250 224.4 200 150 100 50 0 Cash 1Q15 14
Slide 16: Kideco's Financial Highlights (3) Capex Realization
Kideco’s Financial Highlights (3) Capex Realization 2015 1Q15 Allocation Budget Realization Realization (USD mn) (USD mn) Maintenance 12 1.0 8.3% Heavy Equipment & Others 5.5 0.8 14.5% Total 17.8 1.8 10.1% 1Q15 15
Slide 17: Kideco's Operating Highlights (1)
Kideco’s Operating Highlights (1) Overburden Removal (mn bcm) Coal Production (mn ton) Stripping Ratio (X) 59.6 58.0 9.8 9.8 6.1 5.9 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Average Selling Price Cash Cost Excl. Royalty Coal Sales (mn ton) (USD/ton) (USD/ton) 52.4 37.2 10.3 10.4 47.0 31.2 1Q14 1Q15 1Q14 1Q15 1
Slide 18: Petrosea's Financial Highlights (1)
Petrosea’s Financial Highlights (1) Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 14.1 81.5 20.1 64.6 8.6 4.6 Mining: USD49.0 Services: USD9.1 E&C : USD6.5 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Margin 24.7% 13.3% Margin 17.3% 7.1% Income from Associates (USD mn) EBITDA (USD mn) Net Profi
Slide 19: Petrosea's Financial Highlights (2)
Petrosea’s Financial Highlights (2) Revenues Breakdown by Value (USD mn) E&C E&C 10.0% 10.1% POSB 4.3% POSB 14.1% 75.8% 85.7% Coal Coal contract contract 1Q14: USD81.5 mn 1Q15: USD64.6 mn Cost Structure (USD mn) Other Sub-contractors Other Sub-contractors 1.8% 2.2% 7.3% Rental 6.0% Rental 14.7% 12.6
Slide 20: Petrosea's Financial Highlights (3) Cash Balance & Debt
Petrosea’s Financial Highlights (3) Cash Balance & Debt (USD mn) 191.7 32.6 Bank loan 43.7 Lease 59.3 1.4 * 115.4 Loan from Indika Energy 57.9 Cash Debt * Other financial asset. 1Q15 19
Slide 21: Petrosea's - Mining's Operation
Petrosea’s - Mining’s Operation Waste Removal Volume (mn BCM) Coal Getting Volume (mn BCM) 33.8 3.8 3.3 21.6 1Q14 1Q15 1Q14 1Q15 Changes 2014 2015 Client 1Q 1Q 2014 2015 Client Changes 1Q 1Q Gunung Bayan Pratama 8.1 0.0 -100.0% Santan Batubara 0.3 0.0 -100.0% Santan Batubara 1.2 0.0 -100.0% Adimitra
Slide 22: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 125.3 11.3 7.8 7.6 11.0 88.6 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Margin 12.7% 8.8% Margin 5.8% 6.1% Income from Associates (USD mn) Adjusted EBITDA* (USD mn) Net Profit** (USD mn) 8.2 8.1 3.6 6.7 6.8 2.8
Slide 23: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) Revenue Breakdown by Value (USD mn) TPE TPE 4.8% 4.9% 95.2% 95.1% TPEC TPEC 1Q14 : USD88.6mn 1Q15 : USD125.3 mn Cost Structure (USD mn) Depreciation Depreciation Rental & Repair 0.2% 0.1% 7.3% Construction Salary & Wage 25.8% 12.1% Misc. 9.0% Rental & Repair 49.4%
Slide 24: Tripatra's Financial Highlights (3) Cash Balance & Debt
Tripatra’s Financial Highlights (3) Cash Balance & Debt 64.3 2.2 * 50.3 62.1 36.7 13.6 Cash Debt * Other financial assets 1Q15 23
Slide 25: Tripatra's Financial Highlights (5) Sea Bridge Shipping's Operation
Tripatra’s Financial Highlights (5) Sea Bridge Shipping’s Operation Revenue (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 4.5 4.1 7.5 6.1 2.8 2.5 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Margin 41.0% 54.7% Margin 46.0% 59.6% Net Profit (USD mn) Coal Handle (mn tons) 3.7 2.9 2.8 1.7 1Q14 1Q15 1Q14 1Q
Slide 26: Tripatra's Financial Highlights (4) Cotrans' Operation
Tripatra’s Financial Highlights (4) Cotrans’ Operation Revenue (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 5.4 5.2 21.3 20.9 5.1 5.1 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Margin 25.4% 24.9% Margin 23.9% 24.4% Net Profit (USD mn) Coal Handle (mn tons) 8.4 8.4 5.1 4.5 1Q14 1Q15 1Q14 1Q15 Margin 2
Slide 27: MBSS' Financial Highlights (1)
MBSS’ Financial Highlights (1) Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 14.8 15 38.2 11.3 26.2 10 8.2 5.9 Barges :USD16.6 mn 5 FC : USD9.6 mn 0 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Margin 38.7% 31.3% Margin 29.6% 22.5% EBITDA (USD mn) Net Profit* (USD mn) 9.2 17.1 11.8 4.0 1Q14 1Q1
Slide 28: MBSS' Financial Highlights (2)
MBSS’ Financial Highlights (2) Revenues Breakdown by Value (USD mn) Floating crane 27.5% Floating crane 36.5% 63.5% 72.5% Barging Barging 1Q14 : USD38.2 mn 1Q15 : USD26.2 mn Cost Structure (USD mn) Others Others 18.1% 24.4% Depreciation 21.8% Vessel Rental 31.9% Depreciation 3.8% Handling 4.7% Vesse
Slide 29: MBSS' Financial Highlights (3) Cash Balance & Debt
MBSS’ Financial Highlights (3) Cash Balance & Debt (USD mn) 82.9 13.4 Bank loan 50.8 69.5 Lease Cash Debt 1Q15 28
Slide 30: MBSS' - Operating Highlights
MBSS’ - Operating Highlights Barging (mn ton) Floating Crane (mn ton) 9.2 6.1 5.6 5.6 1Q14 1Q15 1Q14 1Q15 Clients 1Q14 1Q15 C ha nge s Clients 1Q14 1Q15 C ha nge s Kideco 3.2 2.6 -18.8% Cotrans 2.4 2.5 4.2% BRAU 1.5 1.9 26.7% KPC 3.0 0.0 0.0% ADRO 0.7 0.0 0.0% ADRO 1.6 1.8 12.5% BCS 0.7 0.7 0.0% BOR
Slide 31: Cirebon Electric Power's Financial Highlights
Cirebon Electric Power’s Financial Highlights Revenue (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 58.8 60.4 25.2 24.0 21.4 20.4 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Margin 36.4% 41.7% Margin 34.7% 39.7% Net Profit (USD mn) EBITDA (USD mn) 24.1 20.4 7.7 7.6 1Q14 1Q15 1Q14 1Q15 Margin 13.1% 12.6
Slide 32: What to expect in 2015
What to expect in 2015 1Q15 31
Slide 33: Financial Policies
Financial Policies ▪ Management targets leverage measured by FCCR not to fall below 2.5x and total debt / capitalization to average 45%-50% over the next few years. Credit Metrics & Liquidity 2011 2013 2014 ▪ Maintain minimum cash position at Indika holding of USD150 mn at any given time to support
Slide 34: Strategies to weather the current market conditions
Strategies to weather the current market conditions Prudent capex spending: Holding - minimal capex (mostly carryover from 2014 building completion). Operating subsidiaries - mainly maintenance capex and minimum replacement. Opex - continue cost rationalization across the company. Scale back explora
Slide 35: 2015 Key Assumptions
2015 Key Assumptions Description Unit 2015 Assumptions Exchange rate USD/IDR 12,000.00 Thermal Coal Price (NC) USD/ton 65.0-70.0 Fuel cost IDR/Ltr 8,957.0 Description Unit 2015 Assumptions KIDECO Average Selling Price USD/ton 45.0 Production Volume Mt 41.0 Strip Ratio x 6.2 Cash Cost excl. Royalty U
Slide 36: Thermal Coal Price vs. Crude Oil Price
Thermal Coal Price vs. Crude Oil Price USD/ton USD/barrel 140 120 100 80 Apr’15 58.2 60 52.2 40 Apr’15 20 0 Jul.11 Jan'10 Jul'10 Jan'11 Jan'12 Jul'12 Jan'13 Jul'13 Jan'14 Jul'14 Jan'15 Apr'15 Source: Platts & U.S. Energy Information Administration 1Q15 35
Slide 37: Coal price remain weak
Coal price remain weak (USD/ton) 150 125 100 Apr’15 75 64.4 58.2 50 Apr’15 25 2010 Average 2011 Average 2012 Average 2013 Average 2014 Average USD 99.2/ton USD 121.3/ton USD 97.7/ton USD 84.9/ton USD70.6/ton USD 91.7/ton USD 118.4/ton USD 98.2/ton USD 82.9/ton USD 72.6/ton 0 Jan'10 Jul'10 Jan'11 Jul
Slide 38: Business Review
Business Review 1Q15 37
Slide 39: Energy Resources
Energy Resources Kideco Santan Batubara MUTU MEA 1Q15 38
Slide 40: Indika's Coal Reserves and Resources
Indika’s Coal Reserves and Resources 2011 2012 2013 2014 1Q14 1Q15 Reserves Resources Coal Assets Production Production Production Production Production Production (mn ton) (mn ton) (mn ton) (mn ton) (mn ton) (mn ton) (mn ton) (mn ton) Kideco 651 1,376.0 31.5 34.2 37.3 40.3 9.8 9.8 Santan 47.9 283.7
Slide 41: PT Kideco Jaya Agung
PT Kideco Jaya Agung Indika owns 46% of Kideco, the third-largest coal producer in Indonesia with 50,400 Ha concession in East Kalimantan Kideco engages in surface open-cut mining since 1993 First-generation Coal Contract of Work valid through 2023 JORC resources as of April 2011 at 1,376mt and rese
Slide 42: Indika and Samtan are equal partners in the Kideco joint venture
Indika and Samtan are equal partners in the Kideco joint venture PT Muji Inti Utama Shareholding 46% 49% 5% Indonesian expertise and local access Leading Korean energy company Indonesian coal producer Role Business opportunities via the energy 45 years of mining experience A customer of Indika platf
Slide 43: Abundant Reserves and Resources
Abundant Reserves and Resources Reserves (mn ton)* (1) Calorific Area Proved Probable Total Value (kcal)** Roto South 4,870 91 66 157 Roto North 5,470 - 18 18 651 million tons Roto Middle 4,730 22 17 39 in Reserves Susubang 5,120 - 16 16 Samarangau 4,430 79 342 421 Total 192 459 651 (1) Resources (m
Slide 44: Well Developed Infrastructure with End-to-End Control of Mining Process
Well Developed Infrastructure with End-to-End Control of Mining Process … Overburden Removal Process Barging and Shipping Production of “Run of Mine” (58km) 1 (ROM) Coal 6 2 Capable of loading a number of vessels simultaneously Total Distance: 99 – 107km Stockpiling at TMCT Crushing (3-11km) Exclusi
Slide 45: Supporting Reputation as the Most Reliable Supplier
… Supporting Reputation as the Most Reliable Supplier Unmatched Track Record of Production Achievement (mn ton) 40.040.3 40.0 37.037.3 34.034.2 31.031.5 101.6% 100.6% 100.8% 100.8% 9.8 9.5 9.8 24.5% 103.2% 2011 2012 2013 2014 1Q14 1Q15 Zero occurrence of force majeure since 1993 Enhanced Brand Credi
Slide 46: One of the Lowest Cost Coal Producers in Indonesia
One of the Lowest Cost Coal Producers in Indonesia Cash Cost Component USD Cash Cost / ton Labor Other Overhead Labor Other 1Q14 3.4% Freight 0.6% Overhead 5.4% USD43.7 incl. royalty 3.3% 5.3% Freight 4.4% USD37.2 excl. royalty 5.6% 0.7% 13.5% Material Material 9.8% 1Q15 USD37.1 incl. royalty 59.1%
Slide 47: Kideco Operations Performance
Kideco Operations Performance (MN ton/BCM) 280 10 257.4 239.4 241.1 219.0 210 7.0 7.0 6.5 6.4 6.1 5.9 140 5 70 59.6 58.0 37.3 40.3 31.5 34.2 9.8 9.8 0 0 2011 2012 2013 2014 1Q14 1Q15 OB Coal production SR 1Q15 46
Slide 48: Kideco Sales By Destination
Kideco Sales By Destination Strong Presence in Traditional & New Market 1`Q14 – Total Sales Volume: 10.3mn tons 1Q15 – Total Sales Volume: 10.4mn tons Thailand Others Taiwan Thailand Others 3.4% 2.1% 1.0% Taiwan 1.6% 5.2% Japan 4.2% 4.4% Indonesia Japan Indonesia 5.2% 26.4% 29.2% Hong Kong 5.1% Hong
Slide 49: Santan Batubara
Santan Batubara Petrosea owns 50% of Santan, the third-generation Coal Contract of Work with 24,930 Ha concession in East Kalimantan and valid through 2038. Petrosea engages coal mining services and Harum Energy who owns other 50% stake in Santan, engages coal marketing services. Santan engages in s
Slide 50: Indika Completed the Acquisition of MUTU (1)
Indika Completed the Acquisition of MUTU (1) On May 31, 2012, Indika completed acquisition of 85% of PT Multi Tambangjaya Utama (“MUTU”) from Asia Thai Mining Co. Ltd. (“ATM”) & an individual shareholder, and its coal right from International Coal Trading Limited. Total transaction value of USD108.9
Slide 51: Energy Services
ENERGY SERVICES TRIPATRA & SUBSIDIARIES PT PETROSEA TBK. 1Q15 50
Slide 52: Tripatra Has 40 Years Track Record in the Energy Services
Tripatra Has 40 Years Track Record in the Energy Services Established in 1973 Multi-discipline engineering / EPC and project capabilities Well-established track record with highly rated multinational companies Long-term relationships with key customers including Chevron, Exxon Mobil and HESS Leading
Slide 53: Tripatra's Subsidiaries
Tripatra’s Subsidiaries PT Cotrans Asia Establish in June 2004, Tripatra has 45% equity interest in Cotrans. Cotrans provides offshore coal transportation and transshipment services to any transshipment point in Adang Bay. It also provides floating crane facility to gearless vessels. Tug-boat : 21 u
Slide 54: Tripatra's backlog in 2015
Tripatra’s backlog in 2015 Remaining Revenue Remaining Contract Value New Contract/ Recognition Contract Value Descriptions Adjustment Value (USD mn) (USD mn) (USD mn) in 2015 (USD mn) Per Period ended Per 31 Dec. 2014 31-Mar-15 31-Mar-15 Tripatra Engineers & 344.2 94.7 119.4 319.5 Constructors Trip
Slide 55: PT Petrosea Tbk.
PT Petrosea Tbk. PT Petrosea Tbk. is a multi-disciplinary engineering, construction and mining company with a track record of achievement in Indonesia since 1972. Today, Petrosea is recognised as one of Indonesia's leading engineering and construction contractors. Petrosea’s strategy is to be an Ind
Slide 56: Petrosea's backlog in 2015
Petrosea’s backlog in 2015 Remaining Contract New Contract/ Revenue Remaining Contract Descriptions Value Adjustment Value Recognition Value (USD mn) (USD mn) (USD mn) (USD mn) Per Period ended Per 31 Dec. 2014 31-Mar-15 31-Mar-15 Contract mining 828.2 -278.5* 49.0 500.7 Others 75.8 18.2 15.6 78.4 T
Slide 57: Petrosea's Mining Fleet
Petrosea’s Mining Fleet Petrosea maintains an extensive & high quality fleet. This allows flexibility in fleet management and lowers the risk of operational disruptions to customers. Type 31 Dec 2011 31 Dec 2012 31 Dec 2013 31 Dec 2014 1Q14 1Q15 Excavators unit 29.0 42.0 40.0 40.0 40.0 37.0 Dump Tru
Slide 58: Petrosea Offshore Supply Base
Petrosea Offshore Supply Base Facilities Equipment • Quay (inner : 4-6 meters & outer 5-8 meters water depth) • 8 various type Cranes • Storage : • 9 various type Fork lifts - Undercover (13,500 square meters) & Open (80,000 square meters) • 4 prime mover and trailers - Oil (4,000 cubic meters) & di
Slide 59: Energy Infrastructure
Energy Infrastructure PT Mitrabahtera Segara Sejati Tbk. PT Cirebon Electric Power 1Q15 58
Slide 60: PT Mitrabahtera Segara Sejati Tbk.
PT Mitrabahtera Segara Sejati Tbk. MBSS is an integrated coal transport and logistics (one-stop-solution) service company incorporated in 1994. Since 1998 MBSS has shown its commitment to customers by being the first company in Indonesia to sign a contract with a dispatch and demurrage provision cla
Slide 61: MBSS' Backlog in 2015
MBSS’ Backlog in 2015 Remaining New Contract/ Revenue Remaining Contract Value Adjustment Value in Recognition Contract Value Clients (USD mn) 2015 (USD mn) (USD mn) (USD mn) Per Period ended Per 31 Dec. 2014 31 Mar 2015 31 Mar. 2015 Barging 145.9 (7.1) 12.6 126.3 Floating Crane 117.7 0 9.2 108.5 To
Slide 62: Large Fleet of Vessels
Large Fleet of Vessels Barges Tug Floating Crane 78 0 83 0 7 0 Total 78 Total 83 Total 7 Cement Vessel Support Vessel 1 0 1 0 Total 1 Total 1 As of 31 Dec 2014 Additional up to 31 Mar 2015 1Q15 61
Slide 63: PT Cirebon Electric Power
PT Cirebon Electric Power Location ● Cirebon, Java Capacity ● 1x660MW Shareholding ● Marubeni Corp.: 32.5% ● KOMIPO Co.: 27.5% ● Samtan Co.: 20.0% ● Indika: 20.0% Off-taker ● PLN Power Purchase Agreement ● 30 Years Tariff ● USD0.0443/kwh* Commercial Operation Date ● 27 July 2012 Sources of Coal ● Ki
Slide 64: Cirebon Electric Power
Cirebon Electric Power CEP reached the Commercial Operation Date (COD) and started selling electricity to PLN On July 27, 2012. The Power Purchase Agreement (PPA), a 30 years contract between PT PLN (Persero) and PT CEP. The project cost was USD877.5 million (18 years – USD595 million funded by a co
Slide 65: Appendix
Appendix Financial highlights Fast facts 1Q15 64
Slide 66: Financial Highlights
Financial Highlights 1Q15 65
Slide 67: Kideco's Financial and Operating Highlights (1)
Kideco’s Financial and Operating Highlights (1) Description 1Q15 1Q14 2014 2013 2012 2011 (in USD mn) unaudited unaudited audited audited audited audited Sales 487.3 537.5 2,059.4 2,120.6 2,357.3 2,266.6 Gross profit 114.1 100.9 328.3 465.7 733.4 864.7 Operating profit 108.4 93.6 295.6 434.1 692.9 8
Slide 68: Kideco's Financial and Operating Highlights (2)
Kideco’s Financial and Operating Highlights (2) Description 1Q15 1Q14 2014 2013 2012 2011 (in USD mn) unaudited unaudited audited audited audited audited Current assets 503.1 570.1 396.0 457.6 523.7 604.0 Total assets 679.0 766.0 602.4 686.6 745.1 817.7 Current liabilities 278.9 335.2 224.3 272 312.
Slide 69: Petrosea's Financial Highlights (1)
Petrosea’s Financial Highlights (1) Description 1Q15 1Q14 FY14 2013 2012 2011 (USD mn) unaudited unaudited audited audited audited audited Revenues 64.6 81.5 348.0 360.1 385.5 263.8 Mining 49.0 69.9 294.2 312.2 356.8 233.0 Services 9.1 8.2 35.6 33.1 26.5 17.9 Engineering & constructions 6.5 3.5 18.2
Slide 70: Petrosea's Financial Highlights (2)
Petrosea’s Financial Highlights (2) Description 1Q15 1Q14 FY14 2013 2012 2011 (USD mn) unaudited unaudited audited audited audited audited Current assets 168.4 187.0 176.8 188.6 165.6 105.2 Total assets 461.6 497.1 467.7 509.2 529.7 377.3 Current liabilities 105.1 113.4 107.5 121.3 125.9 112.5 Total
Slide 71: MBSS' Financial Highlights (1)
MBSS’ Financial Highlights (1) Description 1Q15 1Q14 FY14 2013 2012 2011 (USD mn) unaudited unaudited audited audited audited audited Revenues 26.2 38.2 135.3 151.1 141.4 121.6 Barging 16.6 27.7 94.3 109.7 106.5 91.2 Transshipment 9.6 10.5 41.0 41.4 34.9 30.4 Gross Profit 8.2 14.8 43.4 60.7 56.4 49.
Slide 72: MBSS' Financial Highlights (2)
MBSS’ Financial Highlights (2) Description 1Q15 1Q14 FY14 2013 2012 2011 (USD mn) unaudited unaudited audited audited audited audited Current assets 95.4 93.3 95.4 80.3 52.9 40.6 Total assets 350.8 391.0 351.6 352.8 345.4 304.2 Current liabilities 37.8 38.6 38.9 37.2 61.5 59.6 Total debt 82.9 94.6 8
Slide 73: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) 1Q15 1Q14 FY2014 2013 2012 2011 Description (US$ mn) unaudited unaudited audited audited audited audited Revenue 125.3 88.6 418.6 303.4 210.1 187.7 Gross Profit 11.0 11.3 39.4 36.6 22.5 14.6 Equity in net earnings (loss) of associate 3.6 2.8 8.8 8.8 8.0 8.1 Sellin
Slide 74: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) 1Q15 1Q14 FY2014 2013 2012 2011 Description (USD mn) unaudited unaudited audited audited audited audited Current Assets 298.1 279.5 267.8 234.6 115.4 110.6 Total Assets 361.8 349.2 338.2 302.1 185.3 177.6 Current Liabilities 198.1 194.4 180.6 154.9 55.0 49.8 Total
Slide 75: Cirebon's Financial Highlights (1)
Cirebon’s Financial Highlights (1) Description 1Q15 1Q14 FY14 2013 2012 2011 (USD mn) unaudited unaudited audited audited audited audited Revenue 60.4 58.8 254.1 272.3 141.6 0.0 Gross Profit 25.2 21.4 90.7 107.5 48.9 0.0 Interest income 0.0 0.0 0.2 0.2 0.0 0.0 Interest expenses & Financial charges -
Slide 76: Cirebon's Financial Highlights (2)
Cirebon’s Financial Highlights (2) Description 1Q15 1Q14 FY14 2013 2012 2011 (USD mn) unaudited unaudited audited audited audited audited Current assets 117.7 198.7 164.1 195.4 175.7 26.5 Total assets 868.7 954.3 893.3 954.8 944.3 790.4 Current liabilities 21.9 241.1 139.3 197.0 198.0 62.4 Total deb
Slide 77: Indika's Financial Highlights (1)
Indika’s Financial Highlights (1) 1Q15 76
Slide 78: Indika's Financial Highlights (2)
Indika’s Financial Highlights (2) Description 1Q15 1Q14 2014 2013 2012 2011 (USD mn) unaudited unaudited audited audited audited audited Current assets 967.5 786.7 831.4 759.3 690.7 702.2 Total assets 2375.3 2,352.4 2,290.4 2,316.3 2,347.2 2,015.0 Current liabilities 480.8 380.6 396.7 347.4 527.6 49
Slide 79: Key Assumptions vs Actual in 2014
Key Assumptions vs Actual in 2014 2014 Assumptions 2014 Revised 2014 A Description Unit Assumptions Exchange rate USD/IDR 12,000.00 12,000.00 11,875.00 Thermal Coal Price (NC) USD/ton 83.0 73.0 70.7 Fuel cost IDR/Ltr 12,346.00 11.976.0 9,660.7 2014 2014 Revised Description Unit 3M14 A 6M14 A 9M14 A
Slide 80: Indika's Financial Highlights (4) Capex Realization in 2014
Indika’s Financial Highlights (4) Capex Realization in 2014 2014 Budget Actual 2014 Allocation (USD mn) (USD mn) Realization % IE Holding 28.0 14.8 53.0% Petrosea 30.1 40.3 134.0% MBSS 35.0 8.2 23.5% Tripatra 3.8 0 0.0% MUTU 15.1 5.2 34.4% Resources 1.5 0 0.0% Total 113.5 68.6 60.4% 1Q15 79
Slide 81: Dividends Received in 2014
Dividends Received in 2014 2013 Net Dividend Indika Portion Payment Payout Company Profit Declared (USD mn) (USD mn) (USD mn) Date Ratio Kideco 212.2 191 87.9 27.6 14-Apr 90% 27.6 14-Jun 32.7 14-Nov PTRO 17.3 7 4.9 14-Jul 40% MBSS 38.3 9.6 4.9 14-Jun 25% Tripatra 17.3 9.1 9.1 2.7 14-May 52% 5 14-Jun
Slide 82: Fast Fact
Fast Fact 1Q15 81
Slide 83: Indonesia's leading fully integrated energy company
Indonesia’s leading fully integrated energy company Through its unique, complementary and integrated energy platform, Indika is able to generate stable and increasingly diverse earnings Energy Resources Energy Services Energy Infrastructure • 69.8% stake at Petrosea • 51% stake at MBSS • 46% stake a
Slide 84: A well-integrated energy platform across the entire value chain
Unique large-scale diversified Indonesian energy company with strong presence in all parts of the energy value chain…which creates synergies and earnings diversification… Identification / acquisition of assets Energy resources Exploration Operational synergies from intra-group cross-selling opportun
Slide 85: Corporate Structure
Corporate Structure as of 16 January 2015 PT Indika Energy Tbk. (Indonesia) 100% 90% 100% 100% 100% 69.80% 100% 100% 100% PT Indika Multi PT Indika Indonesia PT Indika Inti PT Tripatra PT Tripatra PT Indika PT Indy Properti 10 % PT Petrosea Tbk. PT Indika Energy Indika Power Energi Resources Corpind
Slide 86: Notes Outstanding
Notes Outstanding B1 Negative Outlook (as of March 2015) The Senior Notes are rated: B+ Negative Outlook (as of July 2014) Indo Energy Finance B.V. Indo Energy Finance II B.V. USD300 mn USD500 mn 7.00% 7-year Senior Notes 6.375% 10-year Senior Notes Reg S / 144A Reg S / 144A due 2018 due 2023 April
Slide 87: INDY Shareholding Structure
INDY Shareholding Structure Individual Founders PT Indika Mitra Energi Public (less than 5% each) 63.47%* 29.01% 7.52% PT Indika Energy Tbk. (INDY) listed in the Indonesia Stock Exchange on June 11, 2008 Number of shares: 5,210,192,000 Part of IDX’s LQ 45 Index and MSCI Indonesia Index Market Cap. a
Slide 88: PTRO Shareholding Structure
PTRO Shareholding Structure PT Indika Energy Tbk. Public 69.8%* 30.2% PT Petrosea Tbk. (PTRO) listed in the Indonesia Stock Exchange on May 21, 1990 Number of shares: 1,008,605,000** Market Cap. as of 31 March 2014 – IDR0.8 trillion (USD60.5 million)*** Note: *Since February 09, 2012 (Indika complet
Slide 89: MBSS Shareholding Structure
MBSS Shareholding Structure PT Indika Energy Public Infrastructure 51.0% 49.0% PT Mitrabahtera Segara Sejati Tbk. (MBSS) listed in the Indonesia Stock Exchange on April 06, 2011 Number of shares: 1,750,026,639 Market Cap. as of 31 March 2014 – IDR1.5 trillion (USD115.7 million)** Note : *since May 4
Slide 90: Thank you
Thank you PT Indika Energy Tbk. Mitra Building Jl. Jend. Gatot Subroto Kav. 21 Jakarta 12930 - Indonesia (+6221) 2557-9888 www.indikaenergy.co.id investor.relations@indikaenergy.co.id 1Q15