PT Indika Energy Tbk · IDX:INDY
PT Indika Energy Tbk — FY2011 Earnings Presentation
112 slides from PT Indika Energy Tbk's earnings presentation, Apr 16, 2012
Slide 1: Company Update FY11A
PT Indika Energy Tbk. Company Update FY11A 16 April 2012
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 Contents
Table of Contents ● 2011 in Review 4 ● Recent Development 27 ● Our Focus in 2012 40 ● Business Overview 44 – Energy Resource 45 – Energy Services 67 – Energy Infrastructure 78 ● Appendix – Fast Facts 91 – FY11A Financial Highlights 99 3
Slide 4: 2011 in Review
INDIKA 2011 in Review
Slide 5: 2011 Summary (1)
2011 Summary (1) Total Revenue increased by 38.4% to Rp 5,210 billion from Rp 3,765 billion reported in the corresponding period last year due mainly to: Higher revenue contribution from Petrosea US$ 263.8 million (+41.1% YoY) on the back of improved performance from mining contracting business with
Slide 6: 2011 Summary (2)
2011 Summary (2) Net Profit Rp 1,111 billion, a 43.7% YoY increased from Rp 773 billion due mainly to: Income from Associates increased 34.9% from Rp 1,443 billion to Rp 1,946 billion in 2011 attributable mainly to Income derived from Kideco, which accounts for approximately 91%. a) Kideco reported
Slide 7: 2011 Summary (3)
2011 Summary (3) Operating Expenses increased 42.0% from Rp 678 billion to Rp 963 billion due to increases in costs associated to company’s ongoing expansion programs in both resources and mining contracting business in particular : a) Rp 529.8 billion ,or a 57.9% increased in salaries, wages, emplo
Slide 8: 2011 Summary (4)
2011 Summary (4) Interest and Financial Charges Rp 657.9 billion, (+34.8% YoY) resulting from : a) Higher interest resulting from New Loan of US$ 180 million raised to fund MBSS’ acquisition and US$ 115 million new bond issuance during the Liability Management Exercise completed in May 2011. b) Addi
Slide 9: 2011 Summary (5)
2011 Summary (5) Forex Losses recorded at Rp 90.9 billion, jumped from Rp 28.8 billion in 2010 as a result of Indonesian Rupiah strengthened against US Dollar, from average exchange rate of USD/Rp 9.084 in 2010 to Rp 8.779 in 2011. Non Cash Amortization of Intangible Assets, jumped to Rp 168.2 billi
Slide 10: Indika's Financial Highlights (1)
Indika’s Financial Highlights (1) Revenue Net Profit Indika 7% Petrosea 19% Petrosea 44% MBSS 3% Tripatra Tripatra 4% 31% Kideco MBSS * 74% 16% Rp 5,210 billion Rp 1,111 billion Note : *bein g consolidated since April 2011 10
Slide 11: Indika's Financial Highlights (2)
Indika’s Financial Highlights (2) Revenue Gross Profit Operating Profit * (Rp bn) (Rp bn) (Rp bn) 6,000 1,200 1,127 250 5,210 165 200 413 1,678 150 3,765 128 612 100 922 -66 3,000 600 45 1,540 352 50 21 53 1,077 214 27 0 35 (31) 1,018 1,223 180 235 (43) -50 (91) 748 769 173 127 -100 0 0 FY10 FY11 FY
Slide 12: Cash Balance & Debt
1) Cash Balance & Debt (US$ mn) 980.14 1,000 69.65 Lease 315.49 Bank loan 560.76 500 3) 496.46 595.00 Bond Restricted 2) Cash 0 64.30 Cash Balance Debt Note : IDR 9,068/US$ 1)audited December 31, 2011 2)coal assets acquisition & one semi-annual interest payment of Bond 3)US$ 65 mn due 2012, US$ 230
Slide 13: Indika's Capex Realization 2011
Indika’s Capex Realization 2011 Allocation 2011 Budget 3M11 6M11 9M11 FY11 FY11 (US$ mn) Realization Realization Realization Realization Realization (US$ mn) (US$ mn) (US$ mn) (US$ mn)* % Petrosea 103.0 31.5 38.7 75.8 153.5 149.0% POSB 27.6 0.8 1.0 1.5 2.0 7.2% Tripatra 1.5 0.2 0.6 1.0 1.5 100.0% Re
Slide 14: Kideco's Financial Highlights (1)
Kideco’s Financial Highlights (1) Revenue Gross Profit Operating Profit (US$ mn) (US$ mn) (US$ mn) 2,400 2,267 1,125 900 824 618 865 900 218 1,605 675 1,600 232 556 412 675 596 581 130 224 450 139 231 423 450 156 800 576 163 197 388 211 225 225 122 127 382 477 191 148 185 152 0 0 0 FY10 FY11 FY10 FY
Slide 15: Kideco's Operating Highlights (2)
Kideco’s Operating Highlights (2) Overburden Removal (mn bc m) Coal Produc tion (mn ton) Stripping Ratio (X ) 240 219.0 38 38 31.5 29.1 6.95 170.1 52.6 7.9 5.85 160 25 7.9 25 6.64 45.0 56.3 8.0 5.76 7.0 7.05 39.3 5.58 80 55.5 13 13 7.2 7.9 42.0 6.98 5.84 43.8 54.6 7.0 7.7 7.14 6.24 0 0 0 FY10 FY11 F
Slide 16: Kideco's Capex Realization 2011
Kideco’s Capex Realization 2011 Allocation 2011 3M11 6M11 9M11 FY11 FY11 Budget Realization Realization Realization Realization Realization (US$ mn) (US$ mn) (US$ mn) (US$ mn) (US$ mn) % Maintenance 21.1 0.04 5.4 7.0 17.6 83.4% Expansion- 6.4 0.3 0.7 1.0 2.8 43.7% Workshop Facilities Expansion- 27.5
Slide 17: Petrosea's Financial Highlights (1)
Petrosea’s Financial Highlights (1) Revenue Net Profit * E&C TKCM 5% Santan * 1% POSB Batubara 7% 19% E& C 5% POSB 2% Coal Contract Coal Mining Contract 88% Mining 73% Note : *As s ociate companies US$ 263.8 million US$ 52.6 million 17
Slide 18: Petrosea's Financial Highlights (2)
Petrosea’s Financial Highlights (2) Revenue Gross Profit Operating Profit (Rp bn) (Rp bn) (Rp bn) 2,700 900 525 475 2,392 692 762 145 1,800 1,681 600 350 344 211 497 468 124 664 162 158 233 407 68 900 300 88 175 548 100 416 143 140 84 390 418 104 108 68 72 0 0 0 FY10 FY11 FY10 FY11 FY10 FY11 Inc ome
Slide 19: Petrosea's Operating Highlights (3)
Petrosea’s Operating Highlights (3) Mining’s Operation Overburden Removal V olume (mn bc m) Coal Getting V olume (mn ton) 120 116.10 8 6.84 33.12 80.78 1.94 21.48 31.21 4.09 60 4 0.99 2.16 19.42 29.09 0.97 19.19 1.61 0.95 20.69 22.68 1.18 1.13 0 0 FY10 FY11 FY10 FY11 1Q 2Q 3Q 4Q Client FY 10 FY 11 C
Slide 20: Petrosea's Financial Highlights (4)
Petrosea’s Financial Highlights (4) Santan’s Operation Revenue Gross Profit Operating Profit (US$ mn) (US$ mn) (US$ mn) 180 60 56.2 45 40.4 160 152.5 156.2 40 48.4 140 15.4 35 9.7 39.9 42.9 45 30.8 120 12.3 30 10.2 7.2 6.6 100 29.5 33.5 25 30 9.7 80 20 6.8 16.4 12.4 60 39.3 42.4 14.5 15 15 10.3 40 1
Slide 21: Petrosea's Operating Highlights (5)
Petrosea’s Operating Highlights (5) Santan’s Operation Overburden Removal (mn bc m) Coal Produc tion (mn ton) Stripping Ratio (X ) 25 2.5 60 20.4 2.0 11.81 19.6 2.0 1.72 9.86 4.9 5.1 0.41 11.13 40 1.5 0.45 12.37 0.48 13 5.6 12.95 5.5 1.0 0.43 0.48 11.56 20 4.1 4.6 11.26 0.42 0.5 8.54 5.1 5.1 0.63 11
Slide 22: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) Revenue Net Profit * Port & Logistic Tripatra 21% 20% O&M 13% EPC ** 66% Cotrans & SBS 80% Note : *Kuala Pelabuhan Indonesia (KPI) **As s ociate companies Rp 1,608 billion Rp 89 billion 22
Slide 23: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) Revenue Gross Profit Operating Profit (Rp bn) (Rp bn) (Rp bn) 2,400 200 113 200 96 72 1,774 150 150 80 1,608 74 1,600 340 53 100 100 95 533 45 38 68 600 50 50 49 27 800 495 45 16 0 18 0 13 535 (28) 329 (44) (78) (85) -50 -50 299 251 0 FY10 FY11 -100 FY 10 FY 11 -1
Slide 24: Tripatra's Financial Highlights (3)
Tripatra’s Financial Highlights (3) Cotrans’ Operation Revenue Gross Profit Operating Profit (US$ mn) (US$ mn) (US$ mn) 80 8 7.4 10 6.7 73.8 7 6.3 64.6 19.5 2.0 8 6 5.5 60 4.5 17.0 5 2.8 6 1.4 18.5 3.7 40 4 15.8 4 1.4 0.7 3 0.6 2.5 16.4 19.2 2.2 20 2 2 3.0 2.8 1 1.4 15.4 16.6 1.5 0 (0.4) 0 (0.2) 0 F
Slide 25: Tripatra's Financial Highlights (4)
Tripatra’s Financial Highlights (4) Sea Bridge Shipping’s Operation Revenue Gross Profit Operating Profit (US$ mn) (US$ mn) (US$ mn) 38 27 24 19.3 29.3 20.0 27.6 18 17.5 15.7 4.2 25 7.4 18 4.4 6.9 5.3 4.1 12 5.3 7.2 7.6 5.4 3.9 3.8 13 9 6.9 7.7 5.6 5.4 3.6 6 3.3 6.7 6.6 4.7 4.6 4.5 4.4 0 0 0 FY10 FY
Slide 26: MBSS' Financial Highlights
MBSS’ Financial Highlights Revenue Gross Profit Operating Profit (Rp bn) (Rp bn) (Rp bn) 1,200 450 426 375 1,069 321 297 1,000 129 332 300 96 800 763 300 250 236 76 210 101 58 600 272 75 193 79 63 400 150 104 125 255 79 190 77 61 200 210 68 92 71 170 54 0 0 0 FY10 FY11 FY10 FY11 FY10 FY11 EBITDA Net
Slide 27: Recent Developments
Recent Developments Indika Completed 28.75% of Petrosea Refloating Exercice Indika Signed CSPA to Purchase CCOW 3rd Generation Indika Signed SPA to Purchase Coal Assets Fitch Revised Indika’s Outlook to Positive & Affirms at B+ Petrosea Stock Split 1:10 Petrosea signed new coal mining contract with
Slide 28: Indika Completed Petrosea Refloating
Indika Completed Petrosea Refloating February 09, 2012 Issuer : PT. Petrosea Tbk. Selling shareholder : PT. Indika Energy Tbk. Type of offering : Global Offering Listing : The Indonesian Stock Exchange Base offer : 25% of existing shares Greenshoe : 3.75% of existing shares Price : Rp 36,000/share G
Slide 29: Indika Signed CSPA to Purchase CCOW 3rd Gen.
Indika Signed CSPA to Purchase CCOW 3rd Gen. • CSPA was signed on February 15, 2012 • Acquisition of 85% of PT Multi Tambangjaya Utama (“MTU”) from Asia Thai Mining Co. Ltd. (“ATM”) & an individual shareholder, and its coal right from International Coal Trading Limited • Total transaction value (on
Slide 30: Overview of MTU's Concession
Overview of MTU’s Concession Map of MTU Operations Business Description (Central and South Kalimantan) • MTU is a bituminous thermal and coking coal producer based in Central Kalimantan, holding a third generation CCOW expiring in 2039 63km • Mine is located about 30km northeast of Ampah City and ab
Slide 31: Existing Infrastructure Supports Production of up to 3 MTPA
Existing Infrastructure Supports Production of up to 3 MTPA Haul Road Crusher Approximately 63 km Capacity is sufficient private hauling road to handle 3Mtpa from Pit to Port is owned by MTU Conveyor Jetty Barge Port Capacity of conveyor MTU’s own barge jetty can be port has capacity of increased to
Slide 32: Key Investment Highlights
Key Investment Highlights 1 High CV Thermal and Coking Coal Reserves* • Thermal Coal CV : 6,500 – 7,200 adb • Coking Coal CV : 7,800 adb 5 2 Rare Opportunity to Acquire Developed Infrastructure and Asset Close to Production Stage Logistics • Production can commence once • Barge port capacity : 5Mtpa
Slide 33: MTU's Resources and Reserves
MTU’s Resources and Reserves Coal Reserves & Resources Thermal Coking Total Resources (mn tons)* 51.6 23.6 75.2 Reserves (mn tons)* 31.2 9.4 40.6 Strip Ratio (X) 13.0 17.0 Coal Quality Parameter** Thermal Coking Calorific Value (kcal/kg) 6,721 – 7,208 7,808 Total Moisture (%) 6.7 – 14.2 12.8 Ash (%)
Slide 34: Indika Signed SPA to Purchase IUP
Indika Signed SPA to Purchase IUP • SPA was signed on March 21, 2012 • Acquisition of 60% of stake of a greenfield IUP coal asset (PT Mitra Energi Agung) located in East Kalimantan for US$ 27 mn from Pacific Emperor Holdings Limited 34
Slide 35: Overview of MEA's Concession
Overview of MEA’s Concession Map of MEA Concession Business Description (East Kalimantan) • MEA hold an IUP license • The concession covers an area of 5,000 ha located at East Kutai, East Kalimantan • The quality of coal is low rank coal with approximately 3,750 – 4,000 kcal GAR • Based on initial s
Slide 36: Fitch Revised Indika's Outlook to Positive & Affirms at B+
Fitch Revised Indika’s Outlook to Positive & Affirms at B+ April 10, 2012 The Positive Outlook reflects Fitch's expectation of a sustained improvement in Indika's credit profile : Owing to robust dividend inflows from Kideco Increasing scale and diversity of the rest of its operations 36
Slide 37: Petrosea Stock Split
Petrosea Stock Split March 6, 2012 Stock Split : 1 : 10 Old nominal value : Rp 500 New nominal value : Rp 50 New number of share : 1,008,605,000 37
Slide 38: Petrosea Signed New Coal Mining Contract
Petrosea Signed New Coal Mining Contract Santan Batubara On March 02, 2012, Petrosea signed a 5 years New Coal Mining Contract with Santan Batubara for Uskap Pit Total value US$ 188 mn for : 85.4 mn bcm overburden 5.6 mn tons coal getting Gunungbayan Pratamacoal On March 26, 2012, Petrosea signed a
Slide 39: Dividends 2011
Dividends 2011 Company Net Profit 2011 Dividend Dec lared Indika Portion Dividend Rec eived Date Rec eived (US$ mn) (US$ mn) (US$ mn) (US$ mn) Pay out ratio 98.7% Kideco 456.1 100.0 46.0 46.0 Nov 2011 350.0 161.0 92.0 March 2012 69.0 July 2012 Total Kideco 450.0 207.0 207.0 Pay out ratio 40.4% Petro
Slide 40: 2012 Focus
INDIKA. 2012 Focus
Slide 41: 2012 Key Assumptions
2012 Key Assumptions Exc hange rate IDR 9,000/US$1 Coal Pric e (New Castle Index) US$ 103/ton / US$ 120/ton Fuel Cost (Diesel)-Pertamina IDR 9,400/liter Resources Average Selling Pric e (ASP) US$ 71.8/ton Produc tion V olume 34.0 mn tons Kideco Strip Ratio (SR) 6.7 X Cash Cost exl. Roy alty US$ 38.0
Slide 42: Indika 2012 CAPEX
Indika 2012 CAPEX Allocation US$ mn % Petrosea 180.0 70% MBSS 38.1 15% Tripatra 0.7 0.3% Resources 30.5 12% Holding 6.9 3% Total 256.2 100% F IN/ CP / 1 2 -I-0 0 5 -D0 0 5 42
Slide 43: Kideco 2012 CAPEX
Kideco 2012 CAPEX Allocation US$ mn % Maintenance 29.2 42% Expansion 8th Infrastructure Expansion 36.7 Camp Expansion 3.9 Total Expansion 40.6 58% Total CAPEX 69.8 100% 43
Slide 44: Business Overview
INDIKA Business Overview
Slide 45: Energy Resources
Energy Resources Kideco Santan Batubara West Kalimantan 45
Slide 46: Global Seaborne Thermal Coal Outlook
Global Seaborne Thermal Coal Outlook (mn ton) 1,000 shortfall still c ontinues 500 0 2008 2009 2010 2011F 2012F 2013F 2014F 2015F 2016F 2017F 2018F Demand Supply Source: Australia Mineral Economics (AME) & Wood Mackenzie April 2011 46
Slide 47: Strong Demand for Thermal Coal
Strong Demand for Thermal Coal Pacific market demand for thermal coal is set to continue to grow strongly over the next several decades. Seaborne imports are forecast to increase from around 500 mn tons in 2011 to 780 mn tons by 2020, representing a CAGR of 5.2%. Source: Wood Mackenzie Sept 2011 47
Slide 48: Strong Coal Market Fundamentals Over Medium-to-Long Term
Strong Coal Market Fundamentals Over Medium-to-Long Term • In order to support 9% GDP growth, power • China will continue to be a major importer requirements will grow by 6% p.a. throughout the forecast period. • Demand could rise to 900-1,000 mn tons by • Short term : the closure of small mines, 20
Slide 49: Strong Coal Market Fundamentals Over Medium-to-Long Term
Strong Coal Market Fundamentals Over Medium-to-Long Term • Indonesia expects to export thermal • Port & rail infrastructure problems is coal amounting to 229 mn tons this still become a constraint to export. year & expected to grow at a CAGR • Average production costs are of 4% between 2011 & 2025 t
Slide 50: Healthy Demand Outlook Fuelling Domestic Coal Production Growth
Healthy Demand Outlook Fuelling Domestic Coal Production Growth Indonesian Thermal Coal Production (mn tons) 450 405 361 321 300 185 254 270 240 191 217 193 201 198 206 150 163 191 145 220 170 120 48 54 49 56 64 0 2006 2007 2008 2009 2010 2015F 2020F 2025F Domestic Export 50 Sourc e: ESDM 2011
Slide 51: PLN's Coal Fired Plant Capacity
PLN’s Coal Fired Plant Capacity (MW ) 25,000 19,182 19,452 17,782 15,282 9,730 10,000 8,330 12,500 10,082 5,830 630 9,452 9,452 9,452 9,452 9,452 0 2010 2011F 2012F 2013F 2014F Existing Additional from 10,000 MW Project 51 Sourc e: PLN 2011
Slide 52: PLN's Coal Consumption
PLN’s Coal Consumption Mostly Driven by Low Rank Coal (mn tons) 125 100 95.3 87.5 8.9 77.0 8.9 75 8.9 59.4 42.1 4.9 43.2 50 40.8 36.9 4.9 28.7 25 27.7 44.3 32.2 35.4 25.8 8.2 0 2010 2011F 2012F 2013F 2014F 4200 kcal 5100 kcal 6100 kcal 4,200 kcal Projected Consumption 5-year CAGR : 52.5% 52 Sourc e:
Slide 53: Coal Price – Newcastle & ICI Benchmark
Coal Price – Newcastle & ICI Benchmark (US$/ton) 200 Jan’12 116.5 175 168.4 150 130.0 112.3 125 119.5 112.4 112.7 95.2 100 88.9 91.8 81.6 103.4 80.5 79.5 77.4 75 78.7 74.5 106.0 50 51.1 05 Apr’12 2007 A v erage 2008 A v erage 2009 A v erage 2010 A v erage 2011 A v erage 25 US$ 64.9/to n US$ 125.2/to
Slide 54: 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 res
Slide 55: 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 56: Abundant Reserves and Resources
Abundant Reserves and Resources Reserves (in million tons)1) Calorific 2) Area Value (kcal) Proved Probable Total 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) Resour
Slide 57: 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 58: Supporting Reputation as the Most Reliable Supplier
… Supporting Reputation as the Most Reliable Supplier Unmatched Track Record of Production Achievement (mn ton) 101.6% 35 100.2% 31.0 31.5 103.1% 29.0 29.1 100.0% 104.1% 24.8 102.2% 24.0 101.1% 22.0 22.0 19.7 20.5 18.0 18.2 18.5 18.9 18 0 2005 2006 2007 2008 2009 2010 2011 Target Actual Zero occurre
Slide 59: Kideco Operations Performance
Kideco Operations Performance (mn ton) (multiple) 250 8 7.05 6.95 6.60 219.0 5.45 6 5.85 4.85 170.1 163.0 125 133.3 4 112.1 106.7 2 29.1 31.5 22.0 24.7 18.9 20.6 0 0 2006 2007 2008 2009 2010 2011 Overburden Coal Production Strip Ratio 59
Slide 60: Kideco's Operating Highlights
Kideco’s Operating Highlights Description 2010 1Q 2Q 3Q 4Q FY* Coal Production (mn ton) 7.0 7.2 7.0 7.8 29.05 Coal Sales (mn ton) 7.3 7.2 7.3 7.3 29.08 Stripping ratio (X) 6.24 5.84 5.58 5.76 5.85 Cash Cost (US$/ton incl. royalty) 31.94 35.52 36.02 34.35 34.36 Cash Cost (US$/ton excl. royalty) 25.37
Slide 61: One of the Lowest Cost Coal Producers in Indonesia
One of the Lowest Cost Coal Producers in Indonesia Cash Cost Component US$ Cash Cost / ton Fr eight M aterial Fr eight M aterial 4% 5% 15% 14% FY11 G o v. Labo r Labo r G o v. US$ 43.75 incl. royalty Ro yalty 1% 1% Ro yalty 20% Ov erhead 19% Ov erhead US$ 35.14 ex. royalty 6% 6% FY10 US$ 34.36 incl.
Slide 62: Kideco Sales By Countries
Kideco Sales By Countries Strong Presence in Traditional & New Markets FY11 – Total Sales Volume : 31.6 mn tons FY10 – Total Sales Volume : 29.1 mn tons Others Others Thailand PhilippinesThailand 4.2% 3.2% 5.5% Indo nesia 4.3% 5.1% Indo nesia Philippines 22.9% 22.4% 7.4% Ho ng Kong 2.1% Ho ng Kong M
Slide 63: PT Santan Batubara
PT 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
Slide 64: Santan Batubara – High Value Coal Mining Asset
Santan Batubara – High Value Coal Mining Asset Resources & Reserve (in million tons) Coal Quality Area Resources Reserves Calorific Value (kcal/kg) 5,500 – 5,800 1) 1) Separi 61.5 17.3 Sulphur Content 1.0% Birawa 57.8 2) 20.5 2) Ash Content 4 – 8% Uskap 96.1 2) 8.1 2) Royalty 13.5% Santan 68.3 2) 2.
Slide 65: Santan's Operating Highlights
Santan’s Operating Highlights Description 2010 1Q 2Q 3Q 4Q FY* Coal Production (mn ton) 0.6 0.5 0.5 0.4 2.0 Coal Sales (mn ton) 0.7 0.5 0.4 0.5 2.1 Stripping ratio (X) 8.00 8.54 11.56 12.37 9.86 Cash Cost (US$/ton incl. royalty) 51.22 55.93 46.50 75.52 56.06 Cash Cost (US$/ton excl. royalty) 43.37 4
Slide 66: West Kalimantan Project
West Kalimantan Project Asset Overview Acquired coal mining rights (“KPs”) in February 2009 for US$18.0 mn Original Concession area was 53,050 Ha in Melawi, West Kalimantan. Detailed Geological Survey and Paloh Mapping has focused on the remaining 34,200 Ha Exploration Drilling is on going Pontianak
Slide 67: Energy Services
Energy Services Tripatra & Subsidiaries PT Petrosea Tbk. 67
Slide 68: Direct Exposure to Growth in Indonesian Infrastructure Spending
Direct Exposure to Growth in Indonesian Infrastructure Spending Energy services will experience strong growth driven by significant infrastructure investment. Expected New LNG Capacity in Indonesia Upstream Oil and Gas Capex Investment Plan for IPP and PLN Indonesia (US$bn) (US$bn) (m mtpa) 8,000 14
Slide 69: Tripatra Has 38 Years Track Record in the Energy Services
Tripatra Has 38 Years Track Record in the Energy Services Established in 1973 Multi-discipline engineering / EPC and project capabilities Well-established track record with highly rated multinational companies Long-term relationships with key customers including Chevron, Exxon Mobil and HESS Leading
Slide 70: Tripatra's Backlog in 2012
Tripatra’s Backlog in 2012 Client Projec t descriptions Contrac t Time period Remaining Revenue Remaining V alue Contrac t V alue Rec ognition Contrac t V alue (US$ mn) (US$ mn) (US$ mn) (US$ mn) Per Period ended Per 31 Dec 2010 31 Dec 2011 31 Dec 2011 Ongoing 1) Jambi Merang Field Development 185.7
Slide 71: Tripatra's Subsidiaries
Tripatra’s Subsidiaries PT Kuala Pelabuhan Indonesia Since Dec 2008 Tr ipatr a holds a 100% equity inter est in KPI thr ough dir ect KUALA and indir ect owner ship PELABUHAN INDONESIA KPI pr ovides four major ser vices : mar ine oper ation, r oad & tr anspor tation, constr uction and maintenance. PT
Slide 72: 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 73: 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 74: Petrosea's Strong Backlog in 2012
Petrosea’s Strong Backlog in 2012 Client Project descriptions Contract Scope of W ork Time period Remaining Addition Adjusted Revenue Remaining value Contract In 2011 Remaining Recognition Contract (US$ mn) Value Contract Value Value (US$ mn) (US$ mn) (US$ mn) (US$ mn) (US$ mn) Per Period Per 31 Dec
Slide 75: Petrosea's Project Pipelines in 2012
Petrosea’s Project Pipelines in 2012 Project stage Contract Scope of Work Time period value (US$ mn) Submitted proposal for new 1 OB removal/1coal mining & 245 2012–2018 project processing Submitted proposal 80 Engineering & Construction1 2012 Submitted proposals 294 Engineering & Construction2 2012
Slide 76: Petrosea's Mining Operating Highlights
Petrosea’s Mining Operating Highlights Overburden Removal Volume (mn bcm) Client 1Q10 2Q10 3Q10 4Q10 FY10 1Q11 2Q11 3Q11 4Q11 FY11 Gunung Bayan Pratama 9.94 9.32 9.96 9.49 38.71 9.80 10.57 11.10 11.14 42.61 Santan Batubara 5.08 4.39 5.25 5.17 19.89 5.06 4.67 5.56 5.09 20.38 Adimitra Baratama 5.67 5.
Slide 77: Mining Fleet
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 2010 30 Sep 2011 31 Dec 2011 Excavators 21 25 29 Dump Trucks 84 125 184 Bulldozers 25 37 37 Graders 11 14 17 Ancilla
Slide 78: Energy Infrastructure
Energy Infrastructure PT Mitrabahtera Segara Sejati Tbk. PT Cirebon Electric Power 78
Slide 79: 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. The services range from ship management, ship registration, harbor assist tugs, LCT, floating cranes, floating terminals, manning services, marine consultan
Slide 80: Revenue from Top Tier Customers Supported by Long Term Contracts
Revenue from Top Tier Customers- Supported by Long Term Contracts Diversified client base • MBSS customers are primarily the country’s largest thermal coal producers with of top-tier Indonesian strong credit profiles such as Adaro, KPC, Bukit Asam, Berau Coal, Kideco, Banpu, coal producers and Strai
Slide 81: Large Fleet of Young Vessels
Large Fleet of Young Vessels Tug Barges Floating Crane 52 15 48 18 4 1 Total 67 Total 66 Total 5 Cement Vessel MBSS Capex Realization 2011 Support Vessel 2011 Budget FY 11 Realization* FY 11 Realization (US$ mn) (US$ mn) (%) 74.3 80.4** 108.2% 15 tugs 18 barges 1 0 1 floating crane 1 0 Total 1 Total
Slide 82: MBSS' Backlog in 2012 (1)
MBSS’ Backlog in 2012 (1) Client Time period Remaining New Contract/ Revenue Remaining ended Contract Value Additional Value Recognition Contract Value (US$ mn) (US$ mn) (US$ mn) (US$ mn) Per Period ended Per 31 Dec 2010 31 Dec 2011 31 Dec 2011 Barging Adaro Energy 2010-2017 165.3 14.1 151.2 Kaltim
Slide 83: MBSS' Backlog in 2012 (2)
MBSS’ Backlog in 2012 (2) Client Time period Remaining New Contract/ Revenue Remaining ended Contract Value Additional Value Recognition Contract Value (US$ mn) (US$ mn) (US$ mn) (US$ mn) Per Period ended Per 31 Dec 2010 31 Dec 2011 31 Dec 2011 Transshipments Kideco Jaya Agung 2010-2015 27.7 4.9 22.
Slide 84: CEP's Project Structure
CEP’s Project Structure Location ● Cirebon, Java Capacity ● 1x660MW Shareholding ● Marubeni Corp.: 32.5% ● KOMIPO Co.: 27.5% ● Samtan Co.: 20% ● Indika: 20% Off-taker ● PLN Target Completion ● 2011 Indika holds a 20% equity interest in CEP, the first international tender of IPP post Asian financial
Slide 85: CEP's Project Status
CEP’s Project Status ● Overall Progress Accomplishment As of March 31, 2012 overall project progress is 98.76% Equipment Supply : 99.99% Construction : 99.87% Commissioning : 71.67% ● Operation & Maintenance (O&M) – PT. Cirebon Power Services Established in February 2010 Some activities in relation
Slide 86: CEP's Progress Development (1)
CEP’s Progress Development (1) Turbine & Generator Boiler Plant 86
Slide 87: CEP's Progress Development (2)
CEP’s Progress Development (2) Transmission Line Switch Yard Electrical Transfermator Switch Yard 87
Slide 88: CEP's Progress Development (3)
CEP’s Progress Development (3) Control Building Administration Building Civil and Structural Facilities Water Treatment Building Fire Station 88
Slide 89: CEP's Progress Development (4)
CEP’s Progress Development (4) Inland Conveyor Transfer Point Conveyor Facilities Conveyor House In-plant Conveyor 89
Slide 90: Appendix
Appendix 1. Fast Facts 2. FY11A Financial Highlights 90
Slide 91: Fast Facts
INDIKA. Fast Facts
Slide 92: Indonesia's Leading Fully Integrated Energy Company
Indonesia’s Leading Fully Integrated Energy Company Energy Resources Energy Services Energy Infrastructure Established in 1982 Established in 1973 Established in 2007 50,400 ha Concession Leader in EPC services 660 MW IPP No.3 coal producer (onshore Oil & Gas) Signed 30 years PPA with 31.5 mt produc
Slide 93: Corporate Structure
Corporate Structure As of April 13, 2012 PT. Indika Energy Tbk. (Indonesia) 90 % 100% 100% 100% 69.8% 100% 100% 100% 100% PT. Indika Indonesia Resources PT. Indika Inti Corpindo PT. Tripatra Engineers PT. Tripatra PT Indika Indika Power PT Indika Energy Indo Integrated Energy (Indonesia) PT. Petrose
Slide 94: INDY Shareholding Structure
INDY Shareholding Structure PT Indika Mitra Individual Founders Public Energi (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 : 5,207,142,000 Part of IDX’s LQ 45 Index and MSCI Indonesia Index Market Cap.
Slide 95: 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 April 12, 2012 – IDR 4.39 trillion (US$ 479 mn)*** *since Febr uary 09, 2012 (Indika completed Pet
Slide 96: MBSS Shareholding Structure
MBSS Shareholding Structure PT Indika Energy PT. Patin Resources Public Infrastructure 51.00% 36.50% 12.50% 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 April 12, 2012 – IDR 2.68 trillion (US$ 29
Slide 97: Key Milestones 2011
Key Milestones 2011 Marc h April August Soliciting consent from Acquiring a majority 51% TPEC & Samsung Engineering Consortium awarded by ExxonMobil Senior Notes Due 2012 stake of MBSS for Rp 1.45 (Mobil Cepu Ltd.) for the EPC1 Production Processing Facilities Cepu Noteholders in seeking trillion (a
Slide 98: Outstanding Bond
Outstanding Bond B2 B1 Positive Outlook Upgraded to Positive Outlook The Senior Notes are rated: B+ * B+ Stable Outlook Reaffirm ed at Positive Outlook Indo Integrated Energy B.V. Indo Integrated Energy II B.V. Indo Energy Finance B.V. US$ 65 mn US$ 230 mn US$ 300 mn 9.00% 5-year Senior Notes 9.75%
Slide 99: FY11A Financial Highlights
FY11A Financial Highlights 99
Slide 100: Indika's Financial Highlights (1)
Indika’s Financial Highlights (1) Description 2009 2010 2011 Changes (in Rp. Billion) audited audited audited 2010-2009 2011-2010 Revenue 2,487 3,765 5,210 51.4% 38.4% Gross Profit 620 612 1,127 -1.2% 84.1% Income from Associate Companies 1,475 1,443 1,946 -2.2% 34.9% Profit before tax 897 908 1,342
Slide 101: Indika's Financial Highlights (2)
Indika’s Financial Highlights (2) Description 2009 2010 2011 Changes (in Rp. Billion) audited audited audited 2010-20092011-2010 Current Assets 4,876 4,782 6,346 -1.9% 32.7% Total Assets 11,684 11,459 18,254 -1.9% 59.3% Current Liabilities 1,382 1,359 3.876 -1.7% 185.1% Total Debt 5,051 4,854 8,516
Slide 102: Kideco's Financial and Operating Highlights (1)
Kideco’s Financial and Operating Highlights (1) Description FY09 FY10 FY11 Changes (in US$ mn) audited audited audited FY10-FY09 FY11-FY10 Revenue 1,312 1,605 2,267 22.3% 41.2% Gross Profit 506 581 865 14.7% 48.9% Operating Profit 490 556 824 13.5% 48.2% Net Profit 288 316 456 9.9% 44.2% EBITDA 511
Slide 103: Kideco's Financial and Operating Highlights (2)
Kideco’s Financial and Operating Highlights (2) Description FY09 FY10 FY11 Changes (in US$ mn) audited audited audited FY10-FY09 FY11-FY10 Current Assets 560 477 604 -14.8% 26.7% Total Assets 730 666 818 -8.7% 22.8% Current Liabilities 306 276 316 -9.7% 14.5% Debt 11 9 7 -17.4% -21.1% Shareholders'
Slide 104: Petrosea's Financial Highlights (1)
Petrosea’s Financial Highlights (1) Description FY09 FY10 FY11 Changes (in US$ mn) audited audited audited 2010-2009 2011-2010 Revenue 171.8 186.9 263.8 8.8% 41.1% Gross Profit 55.2 55.3 76.3 0.1% 38.1% Operating Profit 39.5 38.3 52.4 -3.0% 36.8% Income from Associates 0.4 14.4 12.3 3,253.1% -14.4%
Slide 105: Petrosea's Financial Highlights (2)
Petrosea’s Financial Highlights (2) Description FY09 FY10 FY11 Changes (in US$ mn) audited audited audited 2010-2009 2011-2010 Current Assets 82.1 68.7 105.2 -16.3% 53.0% Total Assets 194.5 222.5 377.3 14.4% 69.6% Current Liabilities 61.2 65.6 112.5 7.1% 71.5% Debt 75.0 54.5 137.0 -27.4% 151.6% Shar
Slide 106: Petrosea's Financial Highlights (3)
Petrosea’s Financial Highlights (3) Santan’s Operation Description FY09 FY10 FY11 Changes (in US$ mn) audited audited audited 2010-2009 2011-2010 Revenue 54.8 152.5 156.2 178.1% 2.4% Gross Profit 5.3 56.1 48.4 953.1% -13.8% Operating Profit 0.8 40.5 30.9 4,910.8% -23.8% Net Profit 0.5 30.1 22.9 5,50
Slide 107: Petrosea's Financial Highlights (4)
Petrosea’s Financial Highlights (4) Santan’s Operation Description FY09 FY10 FY11 Changes (in US$ mn) audited audited audited 2010-20092011-2010 Current Assets 21.9 20.5 40.1 -6.5% 95.9% Total Assets 33.6 36.2 55.9 7.6% 54.4% Current Liabilities 18.1 18.3 24.4 1.1% 33.6% Debt 18.0 - - -100% n/a Shar
Slide 108: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) Description 2009 2010 2011 Changes (in Rp. Billion) audited audited audited 2010-2009 2011-2010 Revenue 1,226 1,774 1,608 44.8% -9.4% Gross Profit 298 96 113 -67.6% 16.9% Operating Profit 278 72 52 -74.0% -27.8% Income from Associate Companies 156 54 71 -65.3% 31.
Slide 109: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) Description 2009 2010 2011 Changes (in Rp. Billion) audited audited audited 2010-2009 2011-2010 Current Assets 808 837 1,005 3.6% 20.1% Total Assets 1,831 1,429 1,584 -22.0% 10.9% Current Liabilities 422 504 451 19.5% -10.5% Debt 595 34 169 -94.3% 393.4% Sharehold
Slide 110: MBSS' Financial Highlights (1)
MBSS’ Financial Highlights (1) Description 2009 2010 2011 Changes (in Rp. Billion) audited audited audited 2010-2009 2011-2010 Revenue 686 763 1,069 11.3% 40.0% Gross Profit 310 300 426 -3.2% 42.0% Operating Profit 238 236 321 -1.0% 36.2% Net Profit 244 198 247 -18.6% 24.4% EBITDA 319 342 469 7.1% 3
Slide 111: MBSS' Financial Highlights (2)
MBSS’ Financial Highlights (2) Description 2009 2010 2011 Changes (in Rp. Billion) audited audited audited 2010-2009 2011-2010 Current Assets 189 216 368 14.2% 70.4% Total Assets 1,409 1,988 2,801 41.0% 40.9% Current Liabilities 284 391 541 37.6% 38.2% Debt 448 656 934 46.3% 42.4% Shareholders' Equi
Slide 112: Thank You
Thank You PT. Indika Energy Tbk. Mitra Building 7 th Floor Jl. Jend. Gatot Subroto Kav. 21 Jakarta 12930 Indonesia (6221) 2557-9888 www.indikaenergy.co.id investor.relations@indikaenergy.co.id 112