PT Perusahaan Gas Negara (Persero) Tbk Class B · IDX:PGAS
PT Perusahaan Gas Negara (Persero) Tbk Class B — FY2003 Earnings Presentation
22 slides from PT Perusahaan Gas Negara (Persero) Tbk Class B's earnings presentation, March 2004
Slide 1: PT Perusahaan Gas Negara (Persero) 2003 Results Analysts Presentation
CONFIDENTIAL PT Perusahaan Gas Negara (Persero) 2003 Results Analysts Presentation March 2004 0
Slide 2: Disclaimer
CONFIDENTIAL The information contained in our presentation is intended solely for your personal reference. In addition, such information contains projections and forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. These views a
Slide 3: 2003: A Year of Milestones
CONFIDENTIAL 2003: A Year of Milestones 2
Slide 4: PGN's 2003 Achievements
CONFIDENTIAL PGN’s 2003 Achievements Corporate „ Global IPO and listing successfully completed in December „ S&P and Moody’s inaugural ratings and subsequent upgrades (B2/B+) „ Inaugural Euro and Global bond deals & securing of a major JBIC loan Operations „ Strong, double-digit growth in distributi
Slide 5: Inaugural Capital Offerings
CONFIDENTIAL Inaugural Capital Offerings (B3/B-) (B2/B+) US$150MM US$298MM US$125MM 7.50% Coupon Rp 1500/share 7.75% Coupon Due 2013 (put 2010) 38.5% public float Due 2014 (put 2011) Inaugural (Euro) Bond Global Initial Public Offering Global Bond Offering Offering (Reg S) (Rule 144A/Reg S) (Rule 14
Slide 6: Summary Results
CONFIDENTIAL Summary Results Rp bn USD mn Financial Year Ended 31 Dec 2002 2003 % Change 2003 Revenue Sale of Gas 2,585.3 2,964.3 14.7% 350.2 Transmission of Gas 561.6 627.1 11.7% 74.1 Others 4.9 4.8 (2.1%) 0.6 Total Revenue 3,151.8 3,596.2 14.1% 424.8 COGS 1,747.4 1,954.4 11.8% 230.9 Gross Profit 1
Slide 7: Key Financials
CONFIDENTIAL Key Financials Rp bn USD mn Financial Year Ended 31 Dec 2002 2003 % Change 2003 Revenue 3,151.8 3,596.2 14.1% 424.8 EBITDA 1,120.7 1,237.9 10.5% 146.2 EBIT 813.9 832.3 2.3% 98.3 Adjusted Net Income 537.6 519.5 (3.4%) 61.4 Cashflows from Operations 314.6 553.9 76.1% 65.4 Cashflows from I
Slide 8: Consistent Distribution Growth
CONFIDENTIAL Consistent Distribution Growth Distribution Gas Volume (In mmscf/d) 2003 Sales Volumes „ 10.6% YOY volume increase 263.9 „ 96.3 bcf of gas sold 238.6 208.2 187.5 2003 Marketing Performance 158.1 „ 722 industrial customers 153.2 3) -200 (1998 „ 29 new industrial customers R CAG (4% YOY i
Slide 9: Expanding Distribution Margins
CONFIDENTIAL Expanding Distribution Margins Realized Cost of Gas and Tariffs (In US$/mscf)) 2003 Realized Cost of Gas 3.64 „ 11% YOY gas cost increase 3.21 „ US$2.40/mscf avg. cost 2.70 2.72 2.40 2003 Realized Sales 2.16 2.04 1.89 „ 13% YOY gas sales price increase „ US$3.64/mscf avg. sales price 1.
Slide 10: Stabilizing Transmission Growth
CONFIDENTIAL Stabilizing Transmission Growth 2003 Operating Results Transmission Gas Volume „ 20% YOY volume increase (In mmscf/d) „ 141 bcf of gas transmitted Stabilizing Profile „ Realized tariff of US$0.53/mscf 377.0 369.8 383.2 354.4 321.4 Grissik-Duri „ Return to above SOP levels 2003H2 „ 345 m
Slide 11: Revenues and Gross Profit
CONFIDENTIAL Revenues and Gross Profit Revenues Gross Profit (Rp bn) (Rp bn) R 3,596 R 1,642 CAG AG C 18% 3,152 17% 15% 1,404 2,780 18% 38% 1,179 23% 1,071 40% 2,182 28% 55% 56% 83% 82% 77% 62% 72% 60% 44% 45% 2000 2001 2002 2003 2000 2001 2002 2003 Distribution Transmission Distribution Transmissio
Slide 12: Cost Structure
CONFIDENTIAL Cost Structure Operating Costs (Rp bn) 810 Increased depreciation 594 of fixed assets from 406 Grissik - Singapore 474 454 pipeline 310 267 Increase in G&A costs 247 248 largely due to increases in staff costs and rent 161 126 116 Increase in distribution 123 156 and transportation also
Slide 13: EBITDA
CONFIDENTIAL EBITDA EBITDA(1) (Rp bn) 40% 35% 36% 34% 1,238 1,121 973 37% AGR 864 13% C 40% 57% 59% 63% 60% 41% 43% 2000 2001 2002 2003 Distribution Transmission EBITDA Margin Source: PGN’s financial statements Note: LPG attributed to Distribution. No segmental breakdown available for 9M data (1) Es
Slide 14: Net Income
CONFIDENTIAL Net Income Net Income(1) (Rp bn) 1,116 578 519 313 538 7 2000 2001 2002 2003 Adjusted Net Income Gain on Sale Source: PGN’s financial statements (1) Adjusted for after-tax Gain on Sale of (gain of Rp825.9bn taxed at 30%) from sale of TGI to TransAsia in 2002 Net Income (adjusted for gai
Slide 15: 2003 Balance Sheet Growth
CONFIDENTIAL 2003 Balance Sheet Growth Year--on Year on-- Year Balance Sheet Movements As of Dec. 31, 2002 As of Dec. 31, 2003 Increase in cash from Cash(1) Eurobond and IPO offerings, +185% as well as earnings Increase in fixed assets due Fixed Assets to Grissik-Singapore +38% pipeline investments
Slide 16: Capital Expenditure Outlook
CONFIDENTIAL Capital Expenditure Outlook Forecast Capex of Approved Projects „ Includes South Sumatra - West Java Phase I and II, and Duri - Medan projects „ All planned distribution networks included Cumulative (2004 - 2007) (US$mm) 559 1,430 1,430 Internal Required 438 Funding future funding New D
Slide 17: Growth Outlook
CONFIDENTIAL Growth Outlook 16
Slide 18: Transmission: Development Plans
CONFIDENTIAL Transmission: Development Plans All three approved projects are under the early stages of development Operational Length Capacity PGN’s Transmission Projects Name Date (km) (mmscfd) Existing Pipelines Transmission - Under Development Pipelines Under S Sumatra Development 2006 499 250 Ma
Slide 19: Transmission Growth Outlook
CONFIDENTIAL Transmission Growth Outlook Transmission Volume Potential (mmscfd) Existing Networks Approved Networks Planned Networks 3,000 E-W Java (TBD) E Java- 2,500 E Kalimantan-Java 2,000 (TBD) R CAG % 1,500 ~48 S Sumatra - West Java P II S Sumatra - West Java P I 1,000 Duri - Medan R 6% CAG Gri
Slide 20: Distribution: Development Plans
CONFIDENTIAL Distribution: Development Plans PGN is targeting six new distribution markets for development Operational Length Capacity PGN’s Distribution Projects Name Date (km) (mmscfd) Distribution - Licensed Batam 2004 120 125 Mala Pekan Baru 2004 -8 253 50 Medan ysia Jambi 2006 44 35 Duri Lampun
Slide 21: Distribution Growth Outlook
CONFIDENTIAL Distribution Growth Outlook Contracted Gas Supply Volumes(1) (mmscfd) 1,400 1,200 Kalimantan- TBD 1,000 Gas under 800 negotiation Gas under MOU 600 R 400 8% CAG ~1 R 200 8% CAG Gas under GPA ~2 11% 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Key Incremental South Sumat
Slide 22: PGN's Upcoming Events
CONFIDENTIAL PGN’s Upcoming Events 2003 Dividend Announcement „ To be set at upcoming Shareholders meeting in May 2004 Quarterly and Mid-year Earnings „ 2004Q1 financial results announcements expected by May 2004 „ 2004H1 expected by August 2004 Investor Relations in 2004 „ Investor conference parti
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