PT Indika Energy Tbk · IDX:INDY
PT Indika Energy Tbk — 3M2016 Earnings Presentation
28 slides from PT Indika Energy Tbk's earnings presentation, May 2016
Slide 1: Company Update 3M2016
COMPANY UPDATE 3M2016 Indika Energy May 2016
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 2016 Description Unit FY15 A 3M16 A Budget Exchange Rate Average USD/IDR 13,392.0 13,900.0 13,527.1 Thermal Coal Price (NC) Average USD/ton 58.0 53.5 52.8 KIDECO Production Volume Mt 39.0 32.0 8.4 Strip ratio x 6.3 5.7 5.3 Capex USD mn 7.6 2.8 0.7 PTRO Overburden Volume BCM
Slide 4: Recent Developments
Recent Developments • In April, Moody’s downgraded Indika’s rating on both US$171mn notes due 2018 and US$500mn notes due 2023 to ‘Caa1' from 'B3'. The Outlook on the ratings remains Negative. • Approved Dividend 2015 Net Dividend Proposed Indika Energy Portion Payout Company Profit Declared Payment
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) 314.3 8.4 -37.9% 195.1 -175.8% (6.4) 32.3 TPE: USD75.7 mn -36.8% PTRO: USD42.2 mn 20.4 MBSS: USD18.3 mn Coal trading: USD42.3 mn Others: USD16.5 mn 3M15 3M16 3M15 3M16 3M15 3M16 Margin 10.3%
Slide 6: Indika Energy's Financial Highlights (2)
Indika Energy’s Financial Highlights (2) * Revenues Others Others 5.4% 8.5% Coal trading Coal trading Tripatra 25.8% 21.7% 38.8% Tripatra 39.9% 8.3% 9.4% MBSS MBSS 20.6% 21.6% PTRO PTRO 3M15: USD314.3 million 3M16: USD195.1 million 5
Slide 7: Indika Energy's Financial Highlights (3)
Indika Energy’s Financial Highlights (3) * Cash Balance & Debt (USD mn) as of Mar 31, 2016 1) Consists of : Petrosea: USD72.2 mn, MBSS: USD37.1 mn, Tripatra: 989.9 5) USD72.0 mn, Indika Holding: 29.8 Leases USD215.1 mn (including IIC, IIR, ILSS and Others). 288.6 4) 2) Other financial assets. Bank l
Slide 8: Indika Energy's Financial Highlights (4) Capex Spending
Indika Energy’s Financial Highlights (4) Capex Spending * 2016 B 3M16 Capex Allocation Realization (USD mn) Actual IE Holding 1.4 0.0 0.0% PTRO 27.4 1.7 6.2% MBSS 6.1 1.4 23.0% Tripatra 0.0 0.0 0.0% MUTU 2.3 0.0 0.0% Resources 1.0 0.0 0.0% Total 38.2 3.1 8.1% 7
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 1,097.3 500 60% 42.1% 44.4% 863.4 749.7 29.5% 593.4 250 20.9% 18.5% 21.6% 30% 17.7% 314.3 195.1 250.0 333.0 260.6 231.9 193.8 219.3 210.8 0 0% 2011 2012 2013 2014 2015 3M15 3M16 2011 2012 2
Slide 10: Kideco's Financial Highlights (1)
Kideco’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 487.3 -26.5% 358.2 114.1 108.4 -47.4% -48.9% 60.0 55.3 3M15 3M16 3M15 3M16 3M15 3M16 Margin 23.4% 16.7% 22.2% 15.4% Margin EBITDA (USD mn) Net Profit (USD mn) 116.1 -46.9% 60.2 61.6 -49.0% 30.7 3M15
Slide 11: Kideco's Financial Highlights (2)
Kideco’s Financial Highlights (2) * Cash Balance & Debt (USD mn) as of Mar 31, 2016 224.4 152.9 3M15 3M16 CASH 10
Slide 12: Kideco's Operating Highlights (2)
Kideco’s Operating Highlights (2) Overburden Removal Stripping Ratio (x) (mn bcm) Coal Production (mn ton) 56.9 -22.2% 44.3 9.8 8.4 -15.1% 5.8 -8.3% 5.3 3M15 3M16 3M15 3M16 3M15 3M16 Average Selling Price Cash Cost Excl./Incl. Royalty Coal Sales (mn ton) (USD/ton) (USD/ton) 47.0 -19.4% 37.9 37.1 34.
Slide 13: Kideco's Financial Highlights (3) Capex Spending
Kideco’s Financial Highlights (3) Capex Spending * 2016 3M16 Capex Allocation Budget Spending % (USD mn) (USD mn) Maintenance 2.3 0.7 30.4% Equipment & others 0.5 0.0 0.0% Total 2.8 0.7 25.0% 12
Slide 14: Petrosea's Financial Highlights
Petrosea’s Financial Highlights * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 64.6 -34.1% 8.6 42.6 -48.9% 4.4 4.6 Mining: USD20.4 Services: USD6.7 E&C: USD15.5 -108.4% (0.4) 3M15 3M16 3M15 3M16 3M15 3M16 Margin 13.3% 10.3% Margin 7.1% -0.9% Income from Associates EBITDA (USD mn
Slide 15: Petrosea's Financial Highlights (2)
Petrosea’s Financial Highlights (2) * Revenues Breakdown by Value E&C E&C POSB 10.1% 14.1% 36.5% POSB 47.8% 75.8% Contract 15.7% Contract 3M15: USD64.6 mn 3M16: USD42.6 mn * Cost Structure Others Others Sub contractor Sub-contractors 2.2% 6.0% 2.9% 6.5% Rental Rental 14.7% 12.7% 30.5% 36.3% Operatio
Slide 16: Petrosea's Contract Mining Operation
Petrosea’s Contract Mining Operation * Overburden Removal Volume (Mn BCM) Coal Getting Volume (Mn Tonne) 21.8 -49.5% 11.0 -46.8% 3.8 4.4% 2.0 3M15 3M16 3M15 3M16 Client 3M15 3M16 Client 3M15 3M16 Adimitra Baratama* 10.9 0.0 Adimitra Baratama* 0.9 0.0 Kideco Jaya Agung 9.3 6.8 Kideco Jaya Agung 2.0 1
Slide 17: Petrosea's Backlog in 2016
Petrosea’s Backlog in 2016 USD mn New Contract/ Remaining Revenue Remaining Adjustment Value in Contract Value 2016 Recognition Contract Value Descriptions Per Period ended Per 31 Dec 2015 31 Mar 2016 31 Mar 2016 Contract mining 436.7 (30.4) 20.4 385.9 E&C 170.2 (8.4) 15.5 146.3 POSB 72.9 1.8 6.7 68
Slide 18: Tripatra's Financial Highlights
Tripatra’s Financial Highlights * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 125.6 11.0 -39.5% -28.1% 7.6 75.9 7.9 -47.2% 4.0 3M15 3M16 3M15 3M16 3M15 3M16 Margin 8.8% 10.4% Margin 6.1% 5.3% Income from Associates* Adj. EBITDA* (USD mn) Net Profit/Loss** (USD mn) (USD mn) 9.7
Slide 19: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) * Revenues Breakdown by Value TPE TPE 7.5% 4.9% 92.5% 95.1% TPEC TPEC 3M15: USD125.6 mn 3M16: USD75.9 mn * Cost Structure Misc Misc Rental & Repair 12.4% Rental & Repair 10.7% 5.6% 8.0% 11.4% 46.4% Sub Contractor Salary Salary 11.2% 55.6% Sub contractor 24.2% 14.5
Slide 20: Tripatra's Backlog in 2016
Tripatra’s Backlog in 2016 USD mn New Contract/ Remaining Revenue Remaining Adjustment Value Contract Value Recognition Contract Value Descriptions in 2016 Per Period ended Per 31 Dec 2015 31 Mar 2016 31 Mar 2016 Tripatra Engineers & 167.7 59.6 70.2 157.1 Constructors Tripatra Engineering 12.3 4.5 5
Slide 21: Cotrans Asia's Operation
Tripatra’s Financial Highlights (1) Cotrans Asia’s Operation * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 5.2 5.1 20.9 -20.3% 16.7 -67.7% -70.8% 1.7 1.5 3M15 3M16 3M15 3M16 3M15 3M16 Margin 24.9% 10.1% Margin 24.2% 8.8% Net Profit (USD mn) Coal Handling (mn tons) 8.4 5.1 -3.6%
Slide 22: 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) 8.5 5.6 5.4 4.5 4.1 25.6% 13.0% 7.5 33.8% 3M15 3M16 3M15 3M16 3M15 3M16 Margin 59.6% 66.1% Margin 54.0% 63.9% Net Profit (USD mn) Coal Handle (mn tons) 4.1 4.5 3.7
Slide 23: MBSS' Financial Highlights (1)
MBSS’ Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 26.2 -30.0% 18.3 -94.4% 8.2 5.9 -62.9% Barges: US$12.2 mn FC: US$6.1 mn 3.0 0.3 3M15 3M16 3M15 3M16 3M15 3M16 Margin 31.2% 16.6% Margin 22.7% 1.8% EBITDA (USD mn) Net Profit/Loss* (USD mn) 4.0 117.2% -
Slide 24: MBSS' Financial Highlights (2)
MBSS’ Financial Highlights (2) * Revenues Breakdown Floating crane 36.5% 33.5% Floating crane 63.5% 66.5% Barging Barging 3M15: USD26.2 mn 3M16: USD18.3 mn * Cost Structure Vessel rental Vessel Rental 3.5% 3.5% Depreciation 31.9% 31.9% Depreciation Others 33.9% Others 33.9% 11.6% 2.9% 11.6% Docs. 2.
Slide 25: MBSS' Operating Highlights
MBSS’ Operating Highlights * Barging (mn ton) Floating Crane (mn ton) 6.1 5.6 5.6 3.5 8.9% -37.5% 3M15 3M16 3M15 3M16 Clients 3M15 3M16 Clients 3M15 3M16 Cotrans 2.5 2.9 KJA 2.6 1.3 KPC 0.0 0.0 BRAU 1.9 1.7 ADRO 1.8 1.3 ADRO 0.0 0.0 BORN 0. 0.0 BCS 0.7 0.5 BCS 0.6 0.6 Others 0.4 0.0 KJA 0.2 0.0 Othe
Slide 26: MBSS' Backlog in 2015
MBSS’ Backlog in 2015 USD mn Remaining New Contract/ Revenue Remaining Contract Adjustment Recognition Contract Value Value in 2016 Value Clients Per Period ended Per 31 Dec 2015 31 Mar 2016 31 Mar 2016 Barging 102.2 (4.2) 12.2 85.8 Floating Crane 87.2 (4.7) 6.1 76.4 Total 189.4 (8.9) 18.3 162.2 * 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) 5.8% 13.5% 13.3% 60.4 63.9 25.2 28.6 24.0 27.2 3M15 3M16 3M15 3M16 3M15 3M16 Margin 41.7% 44.8% Margin 39.8% 42.6% Net Profit (USD mn) EBITDA (USD mn) 13.2% 45.7% 24.1 27.3 7.6 11.1 3M15
Slide 28: 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