Pt Indo Tambangraya Megah Tbk · IDX:ITMG
Pt Indo Tambangraya Megah Tbk — Q1 2022 Earnings Presentation
26 slides from Pt Indo Tambangraya Megah Tbk's earnings presentation, May 18, 2022
Slide 1: 1Q22 Performance Result
1Q22 18 May 2022 PERFORMANCE RESULT 18 May 2022 1
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation is intended solely for your reference. This presentation contains “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of
Slide 3: 1Q22 Highlights
Transporting coal through hauling road 01 1Q22 Highlights
Slide 4: 1Q22 highlights – robust performance continues amidst global uncertainty
1Q22 highlights – robust performance continues amidst global uncertainty Strong coal price has brought a solid positive impacts to ITM financial performance. 1Q22 net profit recorded at $213M, which is 407% increase compared to 1Q21 net profit. On 24 March 2022, AGMS has approved 1Q22 EBITDA recorde
Slide 5: ITM resilience framework for promising future during challenging period
ITM resilience framework for promising future during challenging period Russia – Ukraine war Difficult economics and the geopolitical situation: potentially lower tension spread across economic growth but high the world which disrupt inflation that may cause international trade and economic stagnati
Slide 6: ITM way forward plan
ITM way forward plan MINING ENERGY SERVICES Organic coal reserve Greenfield coal mines Third-party coal sourcing In-house mining contractor growth to maximize development in three new to diversify the revenue to expand its capacity and its existing coal assets mines (GPK, NPR and TIS) source through
Slide 7: Coal Market Trends
Coal inventory at the Port Stockyard area in Bunyut Port 02 Coal Market Trends
Slide 8: Global thermal coal market
Global thermal coal market COAL DEMAND AND SUPPLY CHANGE – 2022E VS 2021 TRENDS DEMAND Unit: Mt SUPPLY DEMAND High CV coal demand remains strong due to high natural gas prices and efforts by European buyers to diversify away from Russian coal. Lower demand from price-sensitive buyers who are mostly
Slide 9: ITM ASPs vs thermal coal benchmark prices
ITM ASPs vs thermal coal benchmark prices ITM ASP VS BENCHMARK PRICES COMMENTS ▪ Seaborne thermal coal market has been extremely volatile during 1Q22, mainly Unit: US$/t Monthly NEX due to the sudden policy changes in Indonesia, Ukraine crisis, strong gas price, 350 coupled with the supply tightness
Slide 10: ITM coal sales
ITM coal sales 1Q22 COAL SALES BREAKDOWN BY DESTINATION COAL SALES 1Q22 Others Taiwan 2% 5% India 4% Thailand 6% China 31% Philippines 6% 1Q22 Sales Bangladesh 10% 4.3 Mt 1.3 Mt 0.6 Mt Japan Indonesia JAPAN 15% 21% CHINA 0.4 Mt BANGLADESH 0.1 Mt 0.2 Mt 0.3 Mt TAIWAN INDICATIVE COAL SALES FY22 INDIA
Slide 11: Operations Update
Coal mining activities in Trubaindo mine 03 Operations Update
Slide 12: Operational summary 1Q22
Operational summary 1Q22 SCHEMATIC OUTPUT TREND Unit: Mt 2022 Target: East Kalimantan 1Q 2Q 3Q 4Q 17.5-18.8Mt IMM 6.7-6.8 Mt 2021 4.0 4.7 4.6 4.9 18.2 Mt GPK 0.2-1.0 Mt SR 11.5x 10.5x 10.7x 9.6x Bontang Coal Terminal Bunyut KTD EMB TCM Port 0.2 Mt 3.0 Mt 2022 3.8 3.8 Samarinda BEK SR 11.1x 10.8x 6.5
Slide 13: Coal operations: Indominco Mandiri
Coal operations: Indominco Mandiri SCHEMATIC OUTPUT TREND Unit: Mt 2022 TARGET: 6.7-6.8 Mt Operations 1Q 2Q 3Q 4Q Barge Ports Hauling Stockpile 2021 1.8 1.9 1.8 1.9 7.3 Mt West Block Crusher ROM Mine SR 12.5x 11.0x 11.5x 9.6x stockpile stockyard East Block 2022 1.5 1.7 Bontang City 35km SR 9.8x 10.6
Slide 14: Coal operations: Trubaindo Coal Mining
Coal operations: Trubaindo Coal Mining SCHEMATIC OUTPUT TREND 2022 TARGET: 3.0 Mt Unit: Mt 1Q 2Q 3Q 4Q Mahakam River Bunyut Port East Kalimantan 2021 0.7 0.9 1.0 1.2 3.7 Mt Product coal conveyor, stacking, SR 14.0x 11.9x 11.6x 9.0x stockpile Operations 40km Barge Ports Mine to port 2022 0.7 0.7 Haul
Slide 15: Coal operations: Bharinto Ekatama
Coal operations: Bharinto Ekatama SCHEMATIC OUTPUT TREND 2022 TARGET: 6.5-6.7 Mt Unit: Mt 1Q 2Q 3Q 4Q Mahakam River Bunyut Port 2021 1.0 1.3 1.4 1.2 4.8 Mt East Kalimantan Product coal conveyor, stacking, SR 6.7x 6.6x 6.3x 6.6x stockpile Operations Barge Ports 2022 1.1 1.2 Hauling Kedangpahu SR 8.8x
Slide 16: Coal operations: Kitadin Embalut
Coal operations: Kitadin Embalut SCHEMATIC OUTPUT TREND 2022 TARGET: 0.2 Mt Unit: Mt 1Q 2Q 3Q 4Q TD. Mayang 2021 0.3 0.4 0.3 0.4 1.4 Mt Bontang city IMM WB IMM EB SR 18.6x 17.0x 24.4x 15.5x ROM stockpile Bontang Port 2022 0.2 0.2 Mt Embalut 5km Mine to port SR 17.9x Embalut Port Mahakam Samarinda Ri
Slide 17: Coal operations: Jorong
Coal operations: Jorong SCHEMATIC OUTPUT TREND 2022 TARGET: 1.0-1.2 Mt Unit: Mt 1Q 2Q 3Q 4Q 2021 0.2 0.3 0.2 0.2 0.9 Mt Pelaihari SR 11.6x 13.4x 11.8x 15.5x Haul road 2022 0.3 0.2 20km SR 11.5x 15.9x COMMENTS Jorong ▪ 1Q22 production achieved as target at 0.3Mt despite operation was hampered by rain
Slide 18: Financial Summary
Command center of Bontang port 04 Financial Summary
Slide 19: Highlights of 1Q22 results
Highlights of 1Q22 results 1Q22 1 Strong financial performance ASP rose from $143/t in 4Q21 to $150/t in 1Q22, NPAT $213 M continuing the increasing ASP trend since 2Q21, High NPAT backed by strong as ITM continues to utilize the high coal price commodity price despite modest environment driven by s
Slide 20: Profitability – Income statement
Profitability – Income statement SALES VOLUME AVERAGE SELLING PRICE REVENUE Unit: Mt Unit: US$/t Unit: US$ million 753 640 143.1 150.4 5.3 4.1 4.3 284 68.1 1Q21 4Q21 1Q22 1Q21 4Q21 1Q22 1Q21 4Q21 1Q22 GROSS PROFIT AND GPM EBITDA NET PROFIT Unit: Gross profit is US$ million, GPM is % of revenue Unit:
Slide 21: Cost analysis
Cost analysis WEIGHTED AVERAGE STRIP RATIO PRODUCTION COST Unit: Bcm/t Unit: US$/t 11.5 11.1 9.6 41.9 49.3 46.7 41.2 1Q21 4Q21 1Q22 1Q21 4Q21 1Q22 FUEL PRICE TOTAL COST* Unit: US$/Ltr Unit: US$/t 0.73 51.9 0.63 0.45 74.5 70.3 51.2 1Q21 4Q21 1Q22 1Q21 4Q21 1Q22 *Cost of Goods Sold + Royalty + SG&A 21
Slide 22: Balance sheet
Balance sheet 1Q22 BALANCE SHEET BANK LOAN DETAILS KEY RATIOS Unit: US$ million Unit: US$ million Debt to Equity (x) Borrowing 36 0.05 Current maturities of Long-term bank loan 0.03 0.03 Other Liabilities Cash 712 922 10 FY20 FY21 1Q22 Net Gearing (%) 26 FY20 FY21 1Q22 Other Equity Assets 1,228 Long
Slide 23: 3M22 capital expenditure
3M22 capital expenditure $9.5 mn $68.8 mn 19.5 18.6 8.0 8.1 7.0 3.3 3.2 3.1 2.7 1.7 2.0 0.2 0.2 0.3 0.3 0.02 Indominco Trubaindo Bharinto Jorong TRUST GPK, NPR, and Renewable Other TIS FY22 Budget 3M22 Note: Total capex plan including Jakarta office after elimination. 23
Slide 24: Q&A Session
Biodiversity conservation nearby mining area 05 Q&A Session
Slide 25: Income statement
Income statement Unit: US$ thousand 1Q22 4Q21 QoQ% 1Q21 YoY% Net Sales 639,933 753,468 -15% 284,240 125% Gross Profit 336,331 385,486 -13% 84,890 296% GPM 53% 51% 30% SG&A (36,332) (43,550) -17% (21,095) 72% EBIT 299,999 341,936 -12% 63,795 370% EBIT Margin 47% 45% 22% EBITDA 323,120 370,851 -13% 85
Slide 26: ITM Structure
ITM Structure Banpu 65.00% INDONESIAN STOCK 35.00%* EXCHANGE Public ITMG PT Indo Tambangraya Megah Tbk. IPO 18th Dec 2007 95.07% SME 99.99% 99.99% 99.00% 99.99% 99.99% 99.99% 70.00% 99.90% 99.99% 70.00% Indominco Trubaindo Bharinto Kitadin Jorong NPR GPK TIS TRUST IBP PT Tambang Raya Usaha Tama PT I
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