PT Indika Energy Tbk · IDX:INDY
PT Indika Energy Tbk — Q1 2018 Earnings Presentation
32 slides from PT Indika Energy Tbk's earnings presentation, May 2018
Slide 1: Company Update 3M2018
COMPANY UPDATE 3M2018 Indika Energy May 2018
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: Key Assumptions vs Actual
Key Assumptions vs Actual Description Unit FY17 A 2018 B 3M18 A Exchange Rate Average USD/IDR 13,384.1 13,500.0 15,372.6 Thermal Coal Price (NC) Average USD/ton 88.4 85.0 103.4 KIDECO Overburden Volume BCM 194.1 202.0 48.6 Production Volume Mt 32.0 32.0-34.0 8.2 Strip ratio x 6.1 5.9 5.9 Capex USD m
Slide 4: Recent Developments (1)
Recent Developments (1) • On 12 April 2018, Indika Energy, through subsidiary company PT Kariangau Gapura Terminal Energi (KGTE), signed a storage facility service agreement with PT ExxonMobil Lubricants Indonesia. KGTE will invest US$ 108 million to build a terminal to store fuel products in Karian
Slide 5: Recent Developments (2)
Recent Developments (2) • Approved Dividend Dividend Payment Scheduled Indika Energy Company Declared (in USD mn) Portion (USD mn) (USD mn) May 2018 75.0 68.3 Kideco 125.0 Jul 2018 50.0 45.5 Petrosea 4.5 May 2018 4.5 3.2 Apr 2018 4.2 1.9 Sea Bridge Shipping (SBS) 6.0 Oct. 2018 1.8 0.8 Apr 2018 7.3 3
Slide 6: Indika Energy’s Financial Highlights (1)
Indika Energy’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 263.6% 809.0 709.1% 228.8 2197.1% 196.1 222.5 28.3 8.5 3M17 3M18 3M17 3M18 3M17 3M18 Margin 12.7% 28.3% Margin 23.7% 3.8% Income from Associates LTM Adjusted EBITDA* Net Profit/Loss** Core Pr
Slide 7: Indika Energy’s Financial Highlights (2)
Indika Energy’s Financial Highlights (2) * Revenues Others Tripatra Others MUTU PTRO 1.7% 7.4% Coal 7.9% 0.3% Tripatra MBSS Trading 8.5% 31.6% 1.6% 27.0% Coal 13.4% Trading 2.2% 65.2% MUTU 7.0% Kideco 26.3% MBSS PTRO 3M17: USD222.5 million 3M18: USD809.0 million TRIPATRA : USD70.3 mn Kideco : USD527
Slide 8: Indika Energy’s Financial Highlights (3)
Indika Energy’s Financial Highlights (3) * Cash Balance & Debt (USD mn) as of Mar 31, 2018 1) Consists of : Petrosea: USD55.9 mn, MBSS: USD25.9 mn, Tripatra: USD144.9 mn, Kideco; USD313.2, 1,411.4 5) Indika Holding: USD306.8 mn 28.1 Leases (including IIC, IIR, ILSS and Others). 43.3 Bank loans4) 2)
Slide 9: Indika Energy’s Financial Highlights (4) Capex Spending
Indika Energy’s Financial Highlights (4) Capex Spending * CAPEX Unit 2018 Budget 3M18 A Realization Allocation IE Holding USD mn 1.3 0.4 31.9% PTRO USD mn 112.6 32.7 29.1% MBSS USD mn 27.2 1.8 6.6% ILSS USD mn 0.3 0.0 na Kideco USD mn 7.6 0.4 5.1% Resources USD mn 13.8 1.6 11.6% Total USD mn 162.8 3
Slide 10: Coal Price started to recovery in mid 2016 while oil price lacked behind
Coal Price started to recovery in mid 2016 while oil price lacked behind USD/ton USD/barrel 140 14 Jan’11 136.3 23 Feb’18 111.7 Per 30 Apr’18 101.1 70 67.6 Per 23 Apr’18 2010 Average 2011 Average 2012 Average 2013 Average 2014 Average 2015 Average 2016 Average 2017 Average USD 99.2/ton USD 121.3/ton
Slide 11: 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 1,097.3 1,098.8 500 60% 42.1% 44.4% 863.4 775.2 809.0 749.7 29.5% 26.5% 29.1% 593.4 250 20.9% 20.1% 30% 17.5% 250.0 333.0 260.6 231.9 192.0 155.7 291.5 490.9 0 0% 2011 2012 2013 2014 2015 2
Slide 12: Kideco’s Financial Highlights (1)
Kideco’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 24.8% 527.8 36.6% 196.5 35.6% 186.8 422.7 143.8 137.8 3M17 3M18 3M17 3M18 3M17 3M18 Margin 34.0% 37.2% Margin 32.6% 35.4% EBITDA (USD mn) Net Profit (USD mn) 36.0% 195.2 143.7 36.2% 103.8 76.2 3M17
Slide 13: Kideco’s Financial Highlights (2)
Kideco’s Financial Highlights (2) * Cash Balance & Debt (USD mn) as of Mar 31, 2018 313.2 138.6 3M17 3M18 CASH 12
Slide 14: Kideco’s Operating Highlights (3)
Kideco’s Operating Highlights (3) Overburden Removal Stripping Ratio (x) (mn bcm) Coal Production (mn ton) 13.1% 48.6 43.0 4.1% 8.6% 7.9 8.2 5.9 5.4 3M17 3M18 3M17 3M18 3M17 3M19 Average Selling Price Cash Cost Excl./Incl. Royalty Coal Sales (mn ton) (USD/ton) (USD/ton) 13.7% 56.4 34.8 32.0 49.6 27.
Slide 15: Kideco Sales by Destination
Kideco Sales by Destination Strong presence in traditional & new market and strong customer based – mostly power plant 3M17 – Total Sales Volume: 8.5mn ton 3M18 – Total Sales Volume: 9.4mn tons Malaysia Others Others Thailand1.8% 1.6% 4.8% 2.7% Japan Philippines 2.9% Philippine 2.9% Japan 3.2% 2.9%
Slide 16: Petrosea’s Financial Highlights (1)
Petrosea’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 53.1% 89.5 6.1 -20.4% 58.5 -10.1% 11.2 4.9 10.0 Mining: USD58.6 E&C: USD26.0 Services & others: USD5.0 3M17 3M18 3M17 3M18 3M17 3M18 Margin 19.1% 11.2% Margin 10.5% 5.4% Income from Associates EBI
Slide 17: Petrosea’s Financial Highlights (2)
Petrosea’s Financial Highlights (2) * Revenues Breakdown by Value 5.5% E&C 28.8% E&C 29.0% Contract 62.2% 65.5% 9.1% Contract POSB POSB 3M17: USD58.5 mn 3M18: USD89.5 mn * Cost Structure Others Others Rental Rental 3.5% 5.0% 8.9% Operation 11.0% 33.4% 33.5% Operation 14.1% Sub contractor Sub-contrac
Slide 18: Petrosea’s Financial Highlights (3)
Petrosea’s Financial Highlights (3) * Cash Balance & Debt (USD mn) as of Mar 31, 2018 144.3 22.9 Bank loan 28.1 Lease 80.0 Loan from 116.7 Indika Energy 1.4 * 54.4 CASH DEBT ** * Other financial assets ** includes accrued interest 17
Slide 19: Petrosea’s Contract Mining Operation
Petrosea’s Contract Mining Operation * Overburden Removal Volume (Mn BCM) Coal Getting Volume (Mn Tonne) 59.5% 27.6 17.3 86.1% 7.9 4.7 3M17 3M18 3M17 3M18 Client 3M17 3M18 Client 3M17 3M18 Kideco Jaya Agung 5.6 9.5 Kideco Jaya Agung 1.3 2.2 Tabang 4.2 8.7 Tabang 2.7 4.1 Indoasia Cemerlang 3.9 2.1 In
Slide 20: Petrosea’s Backlog in 3M2018
Petrosea’s Backlog in 3M2018 USD mn New Contract/ Remaining Revenue Remaining Adjustment Value Contract Value in 2018 Recognition Contract Value Descriptions Per Period ended Per 31 Dec 2017 31 Mar 2018 31 Mar 2018 Contract mining 487.2 406.5 58.6 835.1 E&C 140.1 1.5 26.0 115.6 POSB 68.9 (2.6) 5.0 6
Slide 21: Tripatra’s Financial Highlights (1)
Tripatra’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) -14.3% 70.3 60.3 11.8% 9.3 4.8% 13.0 8.3 12.4 3M17 3M18 3M17 3M18 3M17 3M18 Margin 17.6% 21.5% Margin 11.8% 15.4% Income from Associates* Adj. EBITDA* (USD mn) Net Profit/Loss** (USD mn) (USD mn)
Slide 22: Tripatra’s Financial Highlights (2)
Tripatra’s Financial Highlights (2) * Revenues Breakdown by Value TPE TPE 7.8% 12.8% 92.2% 87.2% TPEC TPEC 3M17: USD70.3 mn 3M18: USD60.3 mn * Cost Structure Misc Misc 3.1% 0.3% Rental & Repair Rental & Repair 10.7% 6.0%5.5% 4.2% 37.7% Material Sub Contractor Sub contractor 38.8% Material 85.2% 8.6%
Slide 23: Tripatra’s Backlog in 3M2018
Tripatra’s Backlog in 3M2018 USD mn New Contract/ Remaining Revenue Remaining Adjustment Value Contract Value Recognition Contract Value Descriptions in 2018 Per Period ended Per 31 Dec 2017 31 Mar 2018 31 Mar 2018 Tripatra Engineers & 564.3 3.5 52.6 515.2 Constructors Tripatra Engineering 36.9 5.5
Slide 24: Cotrans Asia’s Operation
Tripatra’s Financial Highlights (1) Cotrans Asia’s Operation * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 11.2% 18.3 16.5 6.4% 3.6 5.3% 3.4 3.7 3.9 3M17 3M18 3M17 3M18 3M17 3M18 Margin 22.3% 21.2% Margin 20.7% 19.8% Net Profit (USD mn) Coal Handling (mn tons) 5.0% 7.5 7.9 6.1%
Slide 25: Sea Bridge Shipping’s Operation
Tripatra’s Financial Highlights (2) Sea Bridge Shipping’s Operation * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 30.0% 8.9 6.9 37.1% 4.9 37.2% 4.7 3.5 3.4 3M17 3M17 3M17 3M18 3M17 3M18 Margin 51.6% 54.5% Margin 49.6% 52.3% Net Profit (USD mn) Coal Handle (mn tons) 10.6% 50.0%
Slide 26: MBSS’ Financial Highlights (1)
MBSS’ Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) -8.8% 15.8 -150.3% 14.4 -411.4 (1.7) (4.2) 0.6 (1.8) Barges: US$10.4 mn FC: US$3.9 mn 3M17 3M18 3M17 3M18 3M17 3M18 Margin 3.6% 0.2% Margin -10.6% -29.1% EBITDA (USD mn) Net Profit/Loss* (USD mn) -111.
Slide 27: MBSS’ Financial Highlights (2)
MBSS’ Financial Highlights (2) * Revenues Breakdown Floating crane 30.1% Floating crane 27.5% 69.9% 72.5% Barging Barging 3M17: USD15.8 mn 3M18: USD14.4 mn * Cost Structure Others Port charge Others Consumable 1.9% 5.6% 18.6% 11.0% Port charge Depreciation 37.7% 2.4% 42.2% Depreciation Consumable 6.
Slide 28: MBSS’ Financial Highlights (3)
MBSS’ Financial Highlights (3) * Cash Balance & Debt (USD mn) As of Mar 31, 2018 40.7 25.9 CASH DEBT 27
Slide 29: MBSS’ Operating Highlights
MBSS’ Operating Highlights * Barging (mn ton) Floating Crane (mn ton) -4.5% -4.3% 4.9 4.7 2.4 2.3 3M17 3M18 3M17 3M18 Clients 3M17 3M18 Clients 3M17 3M18 Cotrans 2.4 3.1 KJA 1.0 1.4 ADRO 0.7 0.5 BRAU 0.5 0.0 BAG 0.0 0.2 BCS 0.4 0.0 BYAN 0.0 0.1 ADRO 0.0 0.2 BCS 0.2 0.0 BIB 0.0 0.3 MMS 0.4 0.1 Others
Slide 30: MBSS’ Backlog in 3M2018
MBSS’ Backlog in 3M2018 USD mn Remaining New Contract/ Revenue Remaining Contract Adjustment Recognition Contract Value Value in 2018 Value Clients Per Period ended Per 31 Dec 2017 31 Mar 2018 31 Mar 2018 Barging 40.1 119.1 10.4 148.8 Floating Crane 27.8 0.3 3.9 24.2 Total 67.9 119.4 14.3 173.0 * Ex
Slide 31: Cirebon Electric Power’s Financial Highlights
Cirebon Electric Power’s Financial Highlights * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 73.3% 66.0 38.1 124.3% 19.3 107.7% 20.6 8.6 9.9 3M17 3M18 3M17 3M18 3M17 3M18 Margin 26.1% 31.3% Margin 22.6% 29.2% Net Profit (USD mn) EBITDA (USD mn) 109.9% 20.1 480.0% 7.6 9.6 (2.0) 3
Slide 32: Thank You
THANK YOU PT Indika Energy Tbk. Graha Mitra Jl. Jend. Gatot Subroto Kav. 21 Jakarta 12930, Indonesia + 62 21 2557 9888 www.indikaenergy.co.id Investor.relations@indikaenergy.co.id