PT Indika Energy Tbk · IDX:INDY
PT Indika Energy Tbk — FY2014 Earnings Presentation
88 slides from PT Indika Energy Tbk's earnings presentation, April 2015
Slide 1: Company Update FY2014
COMPANY UPDATE FY2014 PT Indika Energy Tbk. Jakarta, April 2015 FY14
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 Outlook 3 • 2014 Highlights 7 • Business Review 38 • Appendix 66 FY14 2
Slide 4: 2015 Outlook
2015 Outlook FY14 3
Slide 5: 2015 Key Assumptions (1)
2015 Key Assumptions (1) 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. Royal
Slide 6: 2015 Key Assumptions (2) Capex Budget
2015 Key Assumptions (2) Capex Budget 2015 Capex Allocation Budget 2015 USD mn KIDECO Budget IE Holding 13.6 (USD mn) Allocation Petrosea 60.0-70.0* MBSS 8.0 Maintenance 12.3 Tripatra 4.0 Heavy Equipment & 5.5 Others MUTU 2.9 Resources 0 Total 17.8 Total 88.5-98.5 *include USD50 mn for POSB/Karianga
Slide 7: Dividend to be Paid in 2015
Dividend to be Paid in 2015 Dividend Collection (in USD mn) PTRO 1.2 MBSS 8.2 Tripatra 14.6 Kideco 65.1 Total 89.1 FY14 6
Slide 8: 2014 Highlights
2014 Highlights FY14 7
Slide 9: Key Assumptions vs Actual
Key Assumptions vs Actual Description Unit 2014 Assumptions 2014 Revised 2014 A 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 2014 A A
Slide 10: 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 11: Key Developments in 2014
Key Developments in 2014 23 October 2014 - PT Tripatra Engineering and PT Tripatra Engineers and Constructors (“Tripatra”), a subsidiary of PT Indika Energy Tbk. (“Indika Energy”), in consortium with PT Chiyoda International Indonesia, Chiyoda Corporation, PT Saipem Indonesia and PT Suluh Ardhi Engi
Slide 12: Indika's Financial Highlights (1)
Indika’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 1,109.5 38.8 193.4 863.4 161.0 28.9 TPE : USD417.7 PTRO : USD347.9 MBSS : USD134.1 Coal trading: USD143.0 Others : USD66.8 2013 2014 2013 2014 2013 2014 Margin 22.4% 14.5% Margin 4.5% 2.6% Income fr
Slide 13: Indika's Financial Highlights (2) Cash Balance & Debt
Indika’s Financial Highlights (2) Cash Balance & Debt (USD mn) 1,025.7 52.5 4) Lease 173.3 Bank loan 1) 411.1 2) 800.0 77.1 3) Bond 334.0 Cash Balance Debt Note : 1) Consists of: Petrosea: USD65.4 mn, MBSS: USD48.1 mn, Tripatra: USD58.6 mn & Indika: USD234.2 mn (including IIC, IIR and Others). 2) Ot
Slide 14: Indika's Financial Highlights (3)
Indika’s Financial Highlights (3) Revenues Coal trading 0.3% KPI Coal trading 5.4% 12.9% KPI 6.0% 31.4% PTRO 41.7% PTRO Tripatra 35.1% Tripatra 37.6% 12.1% 17.5% MBSS MBSS FY 2013: USD863.4mn FY 2014: USD1,109.5 million FY14 13
Slide 15: Indika's Financial Highlights (4) Capex Realization
Indika’s Financial Highlights (4) Capex Realization 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% FY14 14
Slide 16: Indika Energy Key Credit Ratios (1)
Indika Energy Key Credit Ratios (1) Revenue (USD mn) Debt / Capital Adj. FFO / Debt 1,109.5 52.4% 23.1% 863.4 52.1% 749.7 16.9% 15.4% 15.7% 593.4 51.0% 50.3% 2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014 Adj. EBIT to Assets (ROA) Adj. EBIT / Interest (x) Adj. FCF / Debt 3.6 11.5% 19.6%
Slide 17: Indika Energy's Key Credit Ratios (2)
Indika Energy’s Key Credit Ratios (2) Gross Debt & Net Deb / Adj. EBITDA (USD mn) & Adj. EBITDA (USD mn) Adj. EBITDA / Interest (x) EBITDA Margin 500 60% 4.4 4.27 50% 4.08 3.8 3.76 375 44.4% 3.12 3.4 42.1% 40% 3.0 2.43 2.48 250 30.2% 30% 1.76 1.87 20.9% 20% 125 10% 350.0 333.0 260.6 231.9 0 0% 2011
Slide 18: Kideco's Financial Highlights (1)
Kideco’s Financial Highlights (1) Revenue (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 465.7 434.1 2,120.6 328.3 295.6 2,059.4 2013 2014 2013 2014 2013 2014 Margin 22.0% 15.9% Margin 20.5% 14.4% Net Profit (USD mn) EBITDA (USD mn) 463.7 212.2 328.7 154.4 2013 2014 2013 2014 Margin 10.0%
Slide 19: Kideco's Financial Highlights (2) Cash Balance
Kideco’s Financial Highlights (2) Cash Balance (USD mn) 142.2 107.3 2013 2014 Cash Balance FY14 18
Slide 20: Kideco's Operating Highlights (1)
Kideco’s Operating Highlights (1) Overburden Removal (mn bcm) Coal Production (mn ton) Stripping Ratio (X) 257.4 40.3 6.46 241.1 37.3 6.38 2013 2014 2013 2014 2013 2014 Cash Cost Excl. Royalty Coal Sales (mn ton) Average Selling Price (USD/ton) (USD/ton) 57.2 36.9 40.2 37.1 36.0 51.3 2013 2014 2013
Slide 21: Kideco's Financial Highlights (3) Capex Realization
Kideco’s Financial Highlights (3) Capex Realization 2014 FY14 Allocation Budget Realization Realization (USD mn) (USD mn) Maintenance 16.8 5.2 30.7% Heavy Equipment & Others 4.5 5.8 129.3% Total 21.3 11.0 51.5% FY14 20
Slide 22: Kideco's Operating Highlights (2)
Kideco’s Operating Highlights (2) 2014 Description Roto N Roto S Roto M Samarangau Susubang Total Waste removal (mn bcm) 18.6 115.9 35.8 81.7 5.3 257.4 Coal Production (mn tons) 3.0 15.9 4.3 16.7 0.5 40.3 Stripping Ratio (x) 6.3 7.3 8.3 4.9 10.4 6.4 Description kcal Average Roto 4,900 Samarangau 4,1
Slide 23: Petrosea's Financial Highlights (1)
Petrosea’s Financial Highlights (1) Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 90.9 62.5 360.1 66.6 40.1 348.0 16.0 Mining : USD294.2 ENC & serv. :USD53.8 2013 2014 2013 2014 2013 2014 Margin 25.3% 19.1% Margin 17.4% 11.5% Income from Associates (USD mn) EBITDA (USD mn) Net Pr
Slide 24: Petrosea's Financial Highlights (2) Cash Balance & Debt
Petrosea’s Financial Highlights (2) Cash Balance & Debt (USD mn) 190.6 52.5 Lease 22.8 Bank loan 66.8 Loan from 1.4*) 115.4 Indika Energy 65.4 Cash Balance Debt Note : * Other financial assets. FY14 23 23
Slide 25: Petrosea's Financial Highlights (3)
Petrosea’s Financial Highlights (3) Revenues Breakdown by Value (USD mn) E&C E&C Services 4.1% 5.2% Services 9.2% 10.2% Mining Mining 84.5% 86.37% FY 2013: USD360.1mn FY 2014: USD348.0mn Cost Structure (USD mn) MIS Others Others Subcontrac- MIS 3.7% Subcontrac- 0.6% 3.2% 1.1% tors 3.5% tors 5.1% Mat
Slide 26: Petrosea's Operating Mining's Operation
Petrosea’s Operating Mining’s Operation Waste Removal Volume (mn BCM) Coal Getting Volume (mn BCM) 141.1 13.5 12.1 131.2 2013 2014 2013 2014 2014 2014 Client FY14 2013 Changes Client FY14 2013 Changes 3M 6M 9M 3M 6M 9M Gunung Bayan Pratama 8.1 15.9 19.6 23.3 41.1 -43.4% Santan Batubara 0.3 0.4 0.4 0
Slide 27: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 418.6 39.4 24.7 303.4 17.7 36.6 2013 2014 2013 2014 2013 2014 Margin 12.1% 9.4% Margin 5.8% 5.9% Income from Associates (USD mn) Adjusted EBITDA* (USD mn) Net Profit** (USD mn) 8.8 8.8 31.7 19.4 23.
Slide 28: Tripatra's Financial Highlights (2) Cash Balance & Debt
Tripatra’s Financial Highlights (2) Cash Balance & Debt (USD mn) 60.7 24.5* Cash Debt Note : * Working capital loan & Investment Loan. FY14 27
Slide 29: Tripatra's Financial Highlights (3)
Tripatra’s Financial Highlights (3) Revenues Breakdown by Value (USD mn) O&M O&M 4.1% 4.3% EPC 95.9% EPC 95.7% FY13: USD303.4mn FY14: USD418.6mn Cost Structure (USD mn) Others Others 12.7% 12.5% Salary 12.2% Constructions Material Material 22.6% 52.9% 40.7% Constructions Salary 34.7% 11.8% FY13 COGS
Slide 30: Tripatra's Financial Highlights (4) Sea Bridge Shipping
Tripatra’s Financial Highlights (4) Sea Bridge Shipping’ Operation Revenue (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 28.2 12.8 27.9 13.7 11.3 10.0 2013 2014 2013 2014 2013 2014 Margin 48.7% 40.4% Margin 45.6% 35.8% Net Profit (USD mn) Coal Handle (mn tons) 8.8 13.9 7.0 13.1 2013 2014
Slide 31: Tripatra's Financial Highlights (5) Cotrans's Operation
Tripatra’s Financial Highlights (5) Cotrans’s Operation Revenue (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 84.2 16.4 14.6 10.8 11.4 78.7 2013 2014 2013 2014 2013 2014 Margin 14.5% 19.5% Margin 13.7% 17.3% Net Profit (USD mn) Coal Handle (mn tons) 34.4 13.5 10.5 30.7 2013 2014 2013 2014
Slide 32: MBSS' Financial Highlights (1)
MBSS’ Financial Highlights (1) Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 151.1 60.7 48.0 43.4 29.7 135.3 Barges :US$94.3 FC : US$41.0 2013 2014 2013 2014 2013 2014 Margin 40.2% 32.1% Margin 31.8% 22.0% Net Profit* (USD mn) EBITDA (USD mn) 71.5 38.3 53.5 20.1 2013 2014 2013 20
Slide 33: MBSS' Financial Highlights (2) Cash Balance & Debt
MBSS’ Financial Highlights (2) Cash Balance & Debt (USD mn) 85.9 48.1 Cash Debt FY14 3232
Slide 34: MBSS' Financial Highlights (3)
MBSS’ Financial Highlights (3) Revenues Breakdown by Value (USD mn) Foating crane 274% Floating crane Barging 30.3% Barging 72.6% 69.7% FY13: USD151.1 mn FY14: USD135.3mn Cost Structure (USD mn) Others Others 15.9% Fuel 20.2% Fuel Handling 30.1% 31.6% 4.5% Handling Rental 4.8% 3.6% Rental 5.3% Maint
Slide 35: MBSS' Operating Highlights
MBSS’ Operating Highlights Barging (mn ton) Floating Crane (mn ton) 38.4 21.5 31.1 20.9 2013 2014 2013 2014 2014 2014 Clients FY14 2013 C han ges Clients FY14 2013 C han ges 3M 6M 9M 3M 6M 9M Cotrans 2.4 4.8 7.4 9.8 8.7 13.1% Kideco 3.2 6.2 8.4 10.2 8.5 20.6% KPC 3 5.5 5.5 5.5 14.6 -62.2% BRAU 1.5 3
Slide 36: Cirebon Electric Power's Financial Highlights
Cirebon Electric Power’s Financial Highlights Revenue (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 272.3 107.5 102.3 84.1 90.7 254.1 2013 2014 2013 2014 2013 2014 Margin 39.5% 35.7% Margin 37.6% 33.1% Net Profit (USD mn) EBITDA (USD mn) 35.3 104.9 85.7 22.5 2013 2014 2013 2014 Margin 13.
Slide 37: Thermal Coal Price vs. Crude Oil Price
Thermal Coal Price vs. Crude Oil Price USD/ton USD/barrel 130 105 80 31 Dec’ 4 65.3 55 53.5 31 Dec’14 30 Jul.11 Jul'12 Jul'13 Jul'14 Dec'14 Jan'11 Jan'12 Jan'13 Jan'14 Source: Platts & U.S. Energy Information Administration FY14 36 36
Slide 38: Coal price remain weak
Coal price remain weak (USD/ton) 150 125 100 75 64.7 Dec’14 2011 Average 2012 Average 2013 Average 2014 Average 65.0 Dec’14 USD 121.3/ton USD 97.7/ton USD 84.9/ton USD70.6/ton USD 118.4/ton USD 98.2/ton USD 82.9/ton USD 72.6/ton 50 Jan'11 Jul'11 Jan'12 Jul'12 Jan'13 Jul'13 Jan'14 Jul'14 Source: *Pla
Slide 39: Business Review
Business Review FY14 38
Slide 40: Energy Resources
Energy Resources Kideco Santan Batubara MUTU MEA FY14 39
Slide 41: Indika's Coal Reserves and Resources
Indika’s Coal Reserves and Resources 2011 2012 2013 FY14 Reserves Resources Coal Assets Production Production Production Production (mn ton) (mn ton) (mn ton) (mn ton) (mn ton) (mn ton) Kideco 651 1,376.00 31.5 34.2 37.3 40.3 Santan 47.9 283.7 1.7 2.6 1.8 0.4 MUTU 40.6 75.2 n/a n/a n/a n/a MEA 40 10
Slide 42: 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 43: 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 44: Abundant Reserves and Resources
Abundant Reserves and Resources Reserves (in million ton) (1) Calorific 2) 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 Resource
Slide 45: 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 46: Supporting Reputation as the Most Reliable Supplier
… Supporting Reputation as the Most Reliable Supplier Unmatched Track Record of Production Achievement (mn ton) 40.0 40.3 37.0 37.3 34.0 34.2 31.0 31.5 101.6% 100.6% 100.8% 100.8% 2011 2012 2013 2014 Zero occurrence of force majeure since 1993 Enhanced Brand Credibility among Buyers Uninterrupted su
Slide 47: 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 & Overhead Labor & Overhead others 1.3% others 0.7% 5.8% Freight 3.9% FY13 Freight 5.9% 6.2% USD43.6 incl. royalty USD36.9 excl. royalty Material Material 13.3% 13.1% FY14 Contract USD42.1 incl. royalty
Slide 48: Kideco Operations Performance
Kideco Operations Performance (MN ton/BCM) 300 7.1 Overburden Coal Production Strip Ratio 7.0 7.0 7.0 257.4 250 239.4 6.9 219.0 6.8 200 6.7 177.9 6.6 150 6.5 6.4 6.4 6.4 100 6.3 50 6.2 40.3 31.5 34.2 27.9 6.1 0 6.0 2011 2012 2013 2014 FY14 47
Slide 49: Kideco Sales By Destination
Kideco Sales By Destination Strong Presence in Traditional & New Market FY13 – Total Sales Volume: 37.1mn tons FY14 – Total Sales Volume: 40.2mn tons Thailand Taiwan Thailand Philippines 2.5% 4.8% Hong Kong 3.6% 2.8% Others 3.8% 5.1% Indonesia Philippines Indonesia Hong Kong 4.1% 5.4% 29.0% 27.7% Ot
Slide 50: 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 51: 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 52: Energy Services
ENERGY SERVICES TRIPATRA & SUBSIDIARIES PT PETROSEA TBK. FY14 51
Slide 53: 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 54: 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 55: Tripatra's backlog in 2014
Tripatra’s backlog in 2014 Backlog Descriptions Time Period (USD mn) per 31 Dec. 2014 MCL Banyu Urip 2011-2015 13.2 JOB Pertamina-Medco Senoro Gas Dev. 2012-2015 57.1 ENI Jangkrik FPU 2014-2017 271.7 Conoco Phillips ESC 2012–2014 7.7 Chevron FEED AIP 2012–2014 3.5 PHE TSC 2013–2014 8.4 BP Tangguh 20
Slide 56: 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 57: PTRO's backlog in 2014
PTRO’s backlog in 2014 Descriptions Backlog (Per 31 Dec. 2014) (USD mn) Contract mining 828.2 Others 75.8 Total 904 904.0 *exclude Santan Batubara (suspended operation) and Gunung Bayan (early termination) FY14 56
Slide 58: 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. 31 Dec 31 Dec 31 Dec 31 Dec Type 2011 2012 2013 2014 Excavators 29 42 40 40 Dump Trucks 184 241 233 233 Bulldozers 37
Slide 59: 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 60: Energy Infrastructure
Energy Infrastructure PT Mitrabahtera Segara Sejati Tbk. PT Cirebon Electric Power FY14 59
Slide 61: 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 62: MBSS' Backlog in 2014
MBSS’ Backlog in 2014 Remaining New Contract/ Revenue Remaining Contract Value Adjustment Value in Recognition Contract Value Clients (USD mn) 2014 (USD mn) (USD mn) (USD mn) Per Period ended Per 31 Dec 2013 31 Dec. 2014 31 Dec. 2014 Barging 138.6 92.2 84.9 145.9 Floating Crane 143.0 15.3 40.6 117.7
Slide 63: Large Fleet of Vessels
Large Fleet of Vessels Barges Tug Floating Crane 75 3 82 1 7 0 Total 78 Total 83 Total 7 Cement Vessel Support Vessel 1 0 1 0 Total 1 Total 1 As of Dec 31’ 2013 Additional up to Dec. 2014 FY14 62
Slide 64: 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 65: Cirebon Electric Power reached COD and started selling electricity
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 66: Appendix
Appendix Financial highlights Fast facts FY14 65
Slide 67: Financial Highlights
Financial Highlights FY14 66
Slide 68: Kideco's Financial and Operating Highlights (1)
Kideco’s Financial and Operating Highlights (1) Description 2014 (unaudited) 2014 2013 2012 2011 (in USD mn) 3M 6M 9M audited audited audited audited Sales 537.5 1064.5 1564.9 2,059.4 2,120.6 2,357.3 2,266.6 Gross profit 100.1 189.7 250.6 328.3 465.7 733.4 864.7 Operating profit 93.6 174.4 228.1 295
Slide 69: Kideco's Financial and Operating Highlights (2)
Kideco’s Financial and Operating Highlights (2) Description 2014 (unaudited) 2014 2013 2012 2011 (in USD mn) 3M 6M 9M audited audited audited audited Current assets 570.1 475.3 559.7 396 457.6 523.7 604 Total assets 766 669.1 746.5 602.4 686.6 745.1 817.7 Current liabilities 335.2 313.0 361.1 224.3
Slide 70: Petrosea's Financial Highlights (1)
Petrosea’s Financial Highlights (1) Description 2014 (unaudited) FY14 2013 2012 2011 (USD mn) 3M 6M 9M audited audited audited audited Revenues 81.5 169.1 264.6 348.0 360.1 385.5 263.8 Mining 69.9 146.0 227.8 294.2 312.2 356.8 233.0 Services 8.2 16.5 25.8 35.6 33.1 26.5 17.9 Engineering & constructi
Slide 71: Petrosea's Financial Highlights (2)
Petrosea’s Financial Highlights (2) Description 2014 (unaudited) FY14 2013 2012 2011 (USD mn) 3M 6M 9M audited audited audited audited Current assets 187.0 190.2 172.2 176.8 188.6 165.6 105.2 Total assets 497.1 495.8 475.4 467.7 509.2 529.7 377.3 Current liabilities 113.4 126 111.5 107.5 121.3 125.9
Slide 72: MBSS' Financial Highlights (1)
MBSS’ Financial Highlights (1) 2014 (unaudited) FY14 2013 2012 2011 Description (U SD mn) 3M 6M 9M audited audited audited audited Rev enues 38.2 74.7 103.8 135.3 151.1 141.4 121.6 Barging 27.7 52.8 72.5 94.3 109.7 106.5 91.2 Transshipment 10.5 21.9 31.4 41.0 41.4 34.9 30.4 Gross Profit 14.8 27.2 35
Slide 73: MBSS' Financial Highlights (2)
MBSS’ Financial Highlights (2) 2014 (unaudited) FY14 2013 2012 2011 Description (USD mn) 3M 6M 9M audited audited audited audited Current assets 93.3 89.7 91.0 95.4 80.3 52.9 40.6 Total assets 360.9 352.3 349.9 351.6 352.8 345.4 304.2 Current liabilities 38.5 34.6 35.9 38.9 37.2 61.5 59.6 Total debt
Slide 74: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) 2014 (unaudited) FY2014 2013 2012 2011 Description (US$ mn) 3M 6M 9M audited audited audited audited Revenue 88.8 192.0 285.3 418.6 303.4 210.1 187.7 Gross Profit 11.3 23.8 30.2 39.4 36.6 22.5 14.6 Equity in net earnings (loss) of associate 2.8 5.8 7.4 8.8 8.8 8.0
Slide 75: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) 2014 (unaudited) FY2014 2013 2012 2011 Description 3M 6M 9M audited audited audited audited Current Assets 279.5 262.2 303.5 248.1 234.6 115.4 110.6 Total Assets 349.2 327.7 369.9 318.4 302.1 185.3 177.6 Current Liabilities 194.4 175.3 216.5 160.9 154.9 55.0 49.8
Slide 76: Cirebon's Financial Highlights (1)
Cirebon’s Financial Highlights (1) 2014 (unaudited) FY14 2013 2012 2011 Description (US$mn) 3M 6M 9M audited audited audited audited Revenue 58.8 140.3 177.5 254.1 272.3 141.6 0.0 Gross Profit 21.4 54.3 62.1 90.7 107.5 48.9 0.0 Operating expenses -1.0 -2.9 -4.7 -6.6 -5.3 -7.3 -6.4 Operating Income 2
Slide 77: Cirebon's Financial Highlights (2)
Cirebon’s Financial Highlights (2) 2014 (unaudited) FY14 2013 2012 2011 Description (US$mn) 3M 6M 9M audited audited audited audited Current assets 198.7 250.1 118.2 164.1 195.4 175.7 26.5 Total assets 954.3 1001.8 865.1 893.3 954.8 944.3 790.4 Current liabilities 241.1 232.1 159.9 139.3 197.0 198.0
Slide 78: Indika's Financial Highlights (1)
Indika’s Financial Highlights (1) Description 2014 (unaudited) 2014 2013 2012 2011 (in USD mn) 3M 6M 9M audited audited audited audited Total revenues 241.4 523.1 785.3 1109.5 863.4 749.7 593.4 T ripatra 88.6 191.5 284.6 417.7 303.4 210.1 184.0 Petrosea 81.5 169.1 264.6 347.9 360.0 385.5 249.2 MBSS
Slide 79: Indika's Financial Highlights (2)
Indika’s Financial Highlights (2) 2014 (unaudited) 2014 2013 2012 2011 Description 3M 6M 9M audited audited audited audited Current assets 786.7 843.7 854.6 831.4 759.3 690.7 702.2 T otal assets 2,352.4 2,316.9 2,318.3 2,290.4 2,316.3 2,347.2 2,015.0 Current liabilities 380.6 361.0 395.3 396.7 347.4
Slide 80: Fast Fact
Fast Fact FY14 79
Slide 81: 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 82: 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 83: Corporate Structure
Corporate Structure as of 16 Januari 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 84: 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 85: 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 86: 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 Dec. 2014 – IDR0.9 trillion (USD75.0 million)*** Note: *Since February 09, 2012 (Indika complete
Slide 87: 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 Dec 2014 – IDR1.8 trillion (USD140.7 million)** Note : *since May 4,
Slide 88: 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 FY14 87