Pt Indika Energy Tbk · IDX:INDY
Pt Indika Energy Tbk — 6M2023 Earnings Presentation
65 slides from Pt Indika Energy Tbk's earnings presentation, July 2023
Slide 1: Company Update 6M2023
Company Update 6M2023 PT Indika Energy Tbk. July 2023
Slide 2: Indika Energy - To Energize Indonesia for a Sustainable Future
Indika Energy - To Energize Indonesia for a Sustainable Future ✓ An Investment Holding Company with portfolio spanning across Indonesia, especially in energy value chain. ✓ Well-placed to capture domestic economic growth and global economic recovery ✓ Provides complementary products and services to
Slide 3: Consolidated Income Statement Highlights
Indika Energy’s Consolidated Income Statement Highlights Year To Date Summary P&L 2Q23 2Q22 YoY 1Q23 QoQ 6M23 6M22 YTD YoY Revenues 766.4 1,108.2 -30.8% 906.8 -15.5% 1,673.2 1,939.0 -13.7% COGS (615.5) (700.1) -12.1% (707.7) -13.0% (1,323.3) (1,270.1) 4.2% Gross Profit 150.8 408.1 -63.0% 199.1 -24.2
Slide 4: 6M23 Revenue Contribution
Indika Energy – 6M23 Revenue Contribution Revenue 6M23 : US$1,673.2m Revenue 6M22 : US$1,939.0m Non-coal Non-coal 9.7% 10.4% 2% 7.4% 6.9% 2.0% 1.9% 0.9% 1.3% Kideco 7.3% MUTU 13.0% Coal Trading 8.5% 5,8% 6.3% Interport - Cotrans Interport Tripatra 71.0% 13,6% 71.6% Others 78,1% 7,1% Coal Coal 90.3%
Slide 5: 6M23 Business Highlights – Revenue Breakdown
6M23 Business Highlights – Revenue Breakdown 6M23 6M22 Subsidiaries YoY Chg Remarks (US$ mn) (US$ mn) Sales Volume ▼ -11.4% (-2.0MT) to 15.0MT in 6M23 due lower annual target production in 2023. (Target Production Volume = 31MT in FY23 vs 34MT in Kideco -10.8% 1,234.6 1,384.8 FY22). ASP ▲1.0% (+US$0
Slide 6: 6M23 Business Highlights - Gross Profit/Margin
6M23 Business Highlights- Gross Profit/ Margin 6M23 6M22 YoY Subsidiaries Remarks (US$ mn) (US$ mn) Change Gross Profit 349.9 668.9 -47.7% Gross Margin (%) 20.9% 34.5% Sales Volume ▼ -11.4% (-2.0MT) to 15.0MT in 6M23 due lower annual target production in 2023. Cash cost inc Royalty ▲ (+US$16.7/ton)
Slide 7: Highlights of Recent Key Events
Highlights of Recent Key Events Kideco obtains IUPK until 2033 • Kideco has obtained an extension of the operating license to become a Special Mining Business Permit/ IUPK on 16 December 2022 • The IUPK is granted with a period of 10 years until 13 March 2033, and can be extended another 10 years ac
Slide 8: Cash and Debt Position 6M23
Cash and Debt Position 6M23 Total Consolidated Cash Total Consolidated Debt US$m US$m 1,350 1,088 1,096 1,058 1,257 14 8 Other Loans 8 183 159 198 Bank Loans 1) 804 Notes 2024 323 323 323 Cash & Other Financial assets Notes 2025 568 568 568 Dec-22 Mar-23 Jun-23 Dec-22 Mar-23 Jun-23 1) Kideco: US$159
Slide 9: Indika Energy – Sound Balance Sheet
Indika Energy – Sound Balance Sheet Cash Breakdown by Subsidiaries LTM Free Cash Flow US$ million US$ million HoldCo & Others Kideco Tripatra 800 725 700 42 597 600 63 500 455 29 822 450 400 160 43 300 154 188 198 176 114 200 616 392 473 393 100 310 0 2019 2020 2021 2022 6M23 2019 2020 2021 2022 6M2
Slide 10: Operational Highlights Vs Corporate Guidance
Operational Highlights Vs Corporate Guidance 2023 2023 Budget 6M23 % Operational Data Guidance 6M23 6M22 % CAPEX Budget (US$M) (US$M) Kideco 43.3 3.4 7.9% KIDECO Indika Resources 43.9 5.7 13.0% Production (MT) 31.0 14.3 16.4 -12.8% Indika Hold Co. 1.2 0.9 75.0% Strip Ratio (x) 6.0 5.4 5.3 1.9% Inter
Slide 11: Thermal Coal Price
Thermal Coal Price USD/ton 450 421 381 400 373 350 300 264 250 242 200 168 184 158 150 134 109 96 86 93 89 91 87 81 82 82 100 70 66 69 57 53 66 54 73 82 46 47 44 43 43 45 91 94 77 36 36 35 85 89 53 50 35 38 41 65 71 64 27 31 52 33 34 34 0 24 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q2
Slide 12: Indonesia Coal Outlook
Indonesia Coal Outlook • Total Indonesia coal production 2022 is estimated at 687MT or 4% higher than target of 663MT, grew 12% YoY from 614MT in 2021. • Total Indonesia’s coal export in 2022 was 494MT, up 16% YoY. • According to MEMR, Indonesia’s domestic consumption in 2022 was 193MT, up 45% YoY •
Slide 13: Net-Zero
Indika Energy has set out bold aspirations as part 50% non-coal revenue by 2025 of its ESG commitment Net-Zero emissions by 2050 2
Slide 14: Our Diversified Business Portfolio
Our Diversified Business Portfolio
Slide 15: Transforming into a diversified business portfolio
Transforming into a diversified business portfolio Current: Coal as core business Future: Diversified Business Portfolio Business that ✓ Diversified Business relies on coal, from Portfolio resources, ✓ Significant growth services and ✓ Less volatility infrastructure ✓ ESG investment Funding - Key Co
Slide 16: Investment company with a sustainable business portfolio
Indika Energy has developed into an investment company with a sustainable business portfolio Logistics & Logistic assets, EPC services, infrastructure, e.g. fuel storage Field exploration of coal resources, Energy Infrastructure production and trading resources Exploration of gold and other metals M
Slide 17: Investments – Green Businesses: Ilectra Motor Group
‘ Investments – Green Businesses Diversification Electric 2W – Establishment of Ilectra Motor Group (IMG) IMG is an E2W IMG venture business… Manufacturing Co. Distribution Co. (PT Electra Mobilitas Indonesia) (PT Electra Distribusi Indonesia) EMI EDI Dealer Co. (PT Electra Auto Indonesia) EAI …back
Slide 18: Investments – Electric Vehicle: IMG Major Milestones
Diversification ‘ Investments – Electric Vehicle IMG – Major Milestones 2022 - We have launched our product, 1st E2W experience center in Indonesia and an operational manufacturing center 2023 – We launched second product: Alva Cervo within 10 months after the first launch Jun/22 Aug/22 Oct/22 Nov/2
Slide 19: Introducing Our Electric Motorcycle Brand: ALVA
Introducing Our Electric Motorcycle Brand : ALVA Alva Mobile APP 1. Remote On/Off 2. Bike Sharing Access 3. GPS Locator & Tracker 4. Battery Monitoring 5. Charging Station Locator 6. ALVA Experience Center Locator 7. ALVA Roadside Assistance 8. Monthly Saving Estimator RP 36.500.000 19
Slide 20: Introducing Our Electric Motorcycle Brand: ALVA
Introducing Our Electric Motorcycle Brand : ALVA Alva Mobile APP 1. Remote On/Off 2. Bike Sharing Access 3. GPS Locator & Tracker 4. Battery Monitoring 5. Charging Station Locator 6. ALVA Experience Center Locator 7. ALVA Roadside Assistance 8. Monthly Saving Estimator 103kph* 125 Km** 17 degree* (2
Slide 21: Ilectra Motor Group
Ilectra Motor Group Ilectra Motor Group (IMG) is a lifestyle mobility solution company with aspiration to become a leading electric two wheelers champion and prime mover of the local green mobility ecosystem • ALVA is a lifestyle mobility solution from IMG, part of Indika Energy, Alpha JWC Ventures,
Slide 22: Product launch in GIIAS 2022
Product launch in GIIAS 2022 …with clear customer buy-in Alva One successfully launched on GIIAS 2022, biggest auto show in Indonesia… Awarded as Best Daily Bike in GIIAS Awarded as Best Electric Motorcycle Scooter 2022 by GridOto-Kompas Gramedia Group 86% will recommend Alva one to others ~400 pre-
Slide 23: Electric 2W – Establishment of Ilectra Motor Group
‘ Investments – Green Businesses Diversification Electric 2W – Establishment of Ilectra Motor Group (IMG) About Market Opportunity • 1st E2W venture backed by an established Indonesian group • $10 billion market 2W market growing at ~2% annually alongside seasoned VCs • 120 million 2Ws on the road o
Slide 24: Indonesia is the 3rd Largest Market for 2W in the World
Diversification Investments – Green Businesses Electric 2W – Indonesia is the 3rd Largest Market for 2W in the World 2W ownership penetration, by country, 2019-20 # owned per 100 population Indonesia EV vehicle sales1, Million vehicles Total Addressable Market ~US$ 7 Bn in 2035 E2W penetration2 1. I
Slide 25: EV 4W – Foxconn Indika Motor
Diversification Investments – Green Businesses EV 4W – Foxconn Indika Motor (FIM) to support EV Ecosystem in Indonesia 100% Mitra Motor Foxteq Singapore Group (MMG) Pte Ltd 60% 40% Foxconn Indika Motor (FIM) • On 22 Sept 2022, through fully owned PT Mitra Motor Group (MMG) has established a JV with
Slide 26: EV Sector – To Develop EV Ecosystem in Indonesia
EV Sector – To Develop EV Ecosystem in Indonesia IBC MOU Electric Battery Industry Electric Vehicle Industry Supporting Industries Value Cell, ESS, Precursor, R&D Chain module exchange cathode, 2-wheel EV 4-wheel EV E-Bus of Battery & & battery stations anode pack EV & recycling INDY signed MOU toge
Slide 27: EV 4W – Electric Bus & Charging Stations
Diversification Investments – Electric Vehicle EV 4W – Electric Bus & Charging Stations • Indika Energy acquired 51% shares in PT Energi Makmur Buana (EMB/). • Energi Makmur Buana (EMB) is a distributor of electric buses for the Edison Motors and Foxtron brands, as well as supporting facilities for
Slide 28: Solar Power – EMITS
Diversification Investments – Green Businesses Solar Power – EMITS • Formed a JV to develop solar power business with Fourth Partner Energy Limited (4PEL), India’s leading solar developer, called Empat Mitra Indika Tenaga Surya (EMITS), with 51% stakes. • EMITS will provide a one-stop-shop, renewabl
Slide 29: EMITS' Project Design Experience
Diversification Investments – Green Businesses EMITS’ Project Design Experience ROOFTOP SOLAR (CURVED TYPE) CARPORT SOLAR ROOFTOP SOLAR GROUND-MOUNTED SOLAR BESS CANAL TOP SOLAR FLOATING SOLAR 29
Slide 30: EMITS – Project Highlights
Diversification Investments – Green Businesses EMITS – Project Highlights Type : Ground Mounted for pulp & paper Solar Capacity : 12.8 MWp spread over 14 ha Location : Riau, Sumatera Timeline : project executed in record 6-mo time 8,402 tons 41,114 kilo 796,406 quantity of liters equivalent Coal sav
Slide 31: Indika Nature – Biomass, Agroforestry, Carbon Offset
Diversification Investments – Green Businesses Indika Nature – Biomass, Agroforestry, Carbon Offset Energy Plantation Environment Services Agroforestry & Non Timber Forest Product • Designated for planting Calliandra trees to • Process of obtaining a carbon credit • Develop agricultural products tha
Slide 32: Indika Nature – Biomass Energy to produce wood pellet
Diversification Investments – Green Businesses Indika Nature – Biomass Energy to produce wood pellet DIVA Jaya Bumi Paser 23,590 Ha East Kalimantan Diva Perdana Pesona 29,485 Ha East Kalimantan TMK • Currently in phase I with target to TCG plant 7,500 ha of Calliandra by 2024 • First harvest is expe
Slide 33: Indika Nature – Carbon Business at TMK
Diversification Investments – Green Businesses Indika Nature – Carbon Business at TMK to support Net Zero Target Location Project Overview • PT Telaga Mas Kalimantan (TMK) is the holder of Forest Concession Rights (IUPHHK-HA (now PBPH) with an area of 82,805 ha, located in Paser Regency, E. Kalimant
Slide 34: Indika Nature – Expanding to essential oil business
Diversification Investments – Green Businesses Indika Nature – Expanding to essential oil business Indika Nature acquired 46% shares in PT Natura Aromatik Nusantara An essential oil producer with the fourth largest exporter in Indonesia located in Solo, Central Java Sector attractiveness due to its
Slide 35: Developing Gold Asset Project through Nusantara Resources
Diversification Investments – Minerals Developing Gold Asset Project through Nusantara Resources A Strategic investment in Nusantara Resources Limited. Nusantara owned 100% PT Masmindo Dwi Area which has sole rights to exploit in Awak Mas Gold Project Location : South Sulawesi, 370 km from Makasar P
Slide 36: Developing Bauxite mine
Diversification Investments – Minerals Developing Bauxite mine Entering bauxite sector with long term view to develop alumina smelter in West Kalimantan by acquiring 100% shares in PT Perkasa Investama Mineral (“PIM’)/ Mekko Indika Energy Location : Ngabang, Landak, West Kalimantan 100% ( 70 km from
Slide 37: Nickel Trading
Diversification Investments – Minerals Nickel Trading Entering nickel trading business by acquiring 100% shares in PT Rockgeo Energi Nusantara Volume WMT 158,941 44,719 23,480 2021 2022 6M23
Slide 38: Kariangau Fuel Tank Storage Is Up and Running
Diversification Investments – Logistics & Infrastructure Kariangau Fuel Tank Storage Is Up and Running Build and operate fuel storages exclusively for ExxonMobil Location : Balikpapan, Kariangau, East Kalimantan Project Company : PT Karingau Gapura Terminal Energy Total Project Cost : US$115million
Slide 39: Patimban Port
Diversification Investments – Logistics & Infrastructure Patimban Port ▪ A strategic infrastructure project development; as the first integrated supply chain port in Indonesia ▪ On 30 Dec 20, Ministry of Transport has appointed a consortium, as operator of Patimban Port for Phase 1 ▪ Indika joined t
Slide 40: Divestment - Reducing Exposure in Coal Related Business
Divestment - Reducing Exposure in Coal Related Business Completed Completed PT Petrosea Tbk PT Mitrabahtera Segara Sejati Tbk ✓ One of strategic directions to diversify away from coal ✓ Signed CSPA to divest 69.8% stake in PTRO on 18 Feb ✓ Signed CSPA to divest 51.0% stake in MBSS on 6 Aug 22 to PT
Slide 41: Net-Zero
Indika Energy has set out bold aspirations as part 50% non-coal revenue by 2025 of its ESG commitment Net-Zero emissions by 2050 2
Slide 42: ESG Ratings have improved
ESG: Our ESG Ratings have improved, reflecting our initiatives and commitment Risk Rating has declined from AAA Severe to High Last update: 21 Feb 2023 50 AA Score: BBB 45 44.2 A 40 38.1 35 34.5 BBB BBB updated: 24 June 2021 BBB BBB 30 25 updated: 28 July 2022 BB BB BB 20 B 15 CCC 10 5 0 Dec-18 Jan-
Slide 43: Key ESG Metrics vs 2025 target
Our Key ESG Metrics have shown significant progress compared to 2025 target ENVIRONMENT SOCIAL GOVERNANCE Scope 1 GHG emissions intensity Community Development Spending Sustainability Committee 2025: to decline by 10% to 0.028 To spend 1% of EBIT p.a Started in 2022 0.035 0.031 0.030 0.028 Rp 137bn/
Slide 44: Indika Energy Flagship Programs in Sustainability
Indika Energy Flagship Programs in Sustainability As a follow up of the IMPACT launching on last March, together with the Badan Restorasi Gambut dan Mangrove Indonesia (BRGM) and Maroon as the implementing partner, we discussed further plans for planting and maintaining mangroves in Paser, East Kali
Slide 45: Key ESG initiatives to drive impact throughout the past year
Key ESG initiatives to drive impact throughout the past year Environmental Social Increased use of solar power Kideco’s ESG Day • Solar PV in INDY Bintaro office (313Kwp) • A 10-day program to increase employees’ • Solar PV in Interport Business Park, knowledge of ESG through competitions and Balikp
Slide 46: Review of ESG-related policy framework
We also embarked on a comprehensive review of our company’s ESG-related policy framework As part of our efforts to improve our sustainability governance, we have developed and published five new policies on our website Contents Scope Governance Next Steps Mechanism Each policy outlines the key These
Slide 47: Joining ESG-related associations
We also expanded our network by joining ESG-related associations Overview Overview The UN Global Compact is a conviction rooted in universal Indonesia Business Council for Sustainable Development principles to help the global marketplace to be more socially and (IBCSD) is a CEO-led association of co
Slide 48: Appendix
Appendix 48
Slide 49: Indika Energy, Indonesia's a diversified investment company
Indika Energy, Indonesia’s a diversified investment company PT Indika Energy Tbk. 1 ▪ Energy Resources 2 ▪ Energy Services 4 Logistic & Infrastructure 6 • Green Businesses Renewable Energy - Established since 2018 - Established since 2021 - Established since 1991 - Integrated logistic services - Joi
Slide 50: Indika Energy's Financial Highlights
Indika Energy’s Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 4500 4,334.9 1600 1400 1,450.8 1,210.1 3600 3,069.2 1200 1050 2,782.7 918.1 772.7 2700 800 700 1,813.8 1,673.2 1800 426.7 349.9 350 289.5 400 230.8 900 173.3 71.9 0 0 0 2019 2020 2021 2022 6M23 201
Slide 51: Key Business and Credit Ratios
Indika Energy’s Key Business and Credit Ratios LTM Adj EBITDA* (USD mn) & LTM Adj EBITDA Margin (%) Gross Debt & Net Debt / Adj. EBITDA (x) Debt / Capital (%) 70% 66.1% 63.7% EBITDA EBITDA Margin Gross Debt Net Debt 59.9% 1,500 1,409.8 40% 8 60% 6.2 977.5 35% 50% 44.8% 44.8% 1,150 6 920.5 30% 33.5%
Slide 52: Kideco – Leading Coal Producer in Indonesia
Kideco – Leading Coal Producer in Indonesia • Third largest coal producer in Indonesia • Environmental friendly thermal coal with ultra-low sulphur of 0.1% and low ash of (2.1% to 4.9%) • Attractive location with well-built infrastructure, and integrated value chain within the group, allowing for st
Slide 53: Kideco's Financial Highlights
Kideco’s Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 3200 3,008.8 1350 1350 1,222.7 1,126.9 1080 1080 2400 2,196.9 835.4 773.7 810 810 1,574.2 1600 1,249.5 1,234.6 540 540 800 248.5 274.5 270 270 208.2 230.0 177.1 138.3 0 0 0 2019 2020 2021 2022 6M23 2019 2
Slide 54: Kideco's Operational Highlights
Kideco’s Operational Highlights Cash Cost Breakdown Coal Production (mn ton) Coal Sales (mn ton) O/H Labor & Others 40 40 35.8 34.8 34.9 35.8 34.8 6.9% 2.8% 34.3 35 33.0 35 33.0 Freight 4.0% 30 30 Material 8.1% CM & Rental 25 25 37.4% 20 20 14.3 15.0 15 15 10 10 5 5 Gov. Royalty 40.8% 0 0 2019 2020
Slide 55: Kideco's Operational Highlights
Kideco’s Operational Highlights YTD Summary P&L (US$mn) 2Q23 2Q22 YoY 1Q23 QoQ 6M23 6M22 YoY Sales 575.3 820.1 -29.9% 659.3 -12.7% 1234.6 1384.8 -10.8% Gross profit 117.8 361.9 -67.5% 156.8 -24.9% 274.5 574.0 -52.2% Operating profit 96.4 338.4 -71.5% 133.6 -27.8% 230.0 529.6 -56.6% Net income 63.8 1
Slide 56: Peer Comparison (3M23 Data)
Peer Comparison (3M23 Data) PRODUCTION ANNUAL (MT) STRIP RATIO (x) CASH COSTS ex Royalty (US$/t) 70.0 14.0 62.8 80.0 72.0 12.0 11.5 60.0 70.0 50.0 10.0 60.0 52.9 40.0 8.0 7.1 50.0 27.2 27.6 5.4 40.0 34.7 30.0 6.0 28.0 18.0 3.6 30.0 20.0 4.0 20.0 10.0 2.0 10.0 - - - ADRO PTBA INDY ITMG ADRO PTBA INDY
Slide 57: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) Revenue (USD mn) Gross Profit (USD mn) Net Profit* (USD mn) 500 462.3 50 20 16.9 37.5 40 10 400 30 18.8 0 301.0 306.2 20 300 6.9 -3.9 10 -10 231.8 -7.8 0 200 -20 -10 127.2 -7.4 -30 -20 -30.6 100 -30 -40 -31.4 -43.5 0 -40 -50 2019 2020 2021 2022 6M23 2019 2020 2021
Slide 58: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) * Revenues Breakdown by Value 6M23: US$127.2 mn 6M22: US$134.1 mn TPE TPE 9.8% 15.7% TPEC TPEC 84.3% 90.2% Cost Structure 6M23: US$120.3 mn 6M22: US$126.2 mn Othes Transportation Others Salaries 9.8% Insurance 3.2% 2.1% Insurance 3.1% 0.2% Rental & repair 0.6% 7.7
Slide 59: Tripatra Backlog
Tripatra Backlog New Contract/ Remaining Contract Revenue Remaining Contract Adjustment Value Descriptions Value Recognition Value in 2023 Per 31 Dec 2022 Per 30 Jun. 2023 Per 30 Jun. 2023 Tripatra Tripatra Engineers & Constructors 112.3 16.4 107.2 21.5 Tripatra Engineering 52.8 5.1 20.0 37.9 Total
Slide 60: Indika Resources' Financial Highlights
Indika Resources’ Financial Highlights Revenues (USD mn) Cost of Good Sold (USD mn) Gross Profit (USD mn) 900 852.7 700 660.2 250 800 600 192.6 700 200 500 600 417.4 491.4 150 500 400 300.8 400 325.9 300 100 271.1 216.8 74.0 300 200 167.9 54.3 190.5 200 50 100 21.3 22.6 100 0 0 0 2019 2020 2021 2022
Slide 61: Indika Resources' Financial Highlights (2)
Indika Resources’ Financial Highlights (2) * Revenues Breakdown 6M23: US$271.1 mn 6M22: US$373.4 mn Coal MUTU Trading 32.6% MUTU Coal 46.7% 53.3% Trading 67.4% MUTU ASP (USD/ton) * MUTU Cash Cost (USD/ton) 250 160 140 133.6 192.9 127.7 200 120 148.1 100 150 80 93.0 60.3 100 60 53.2 76.3 46.6 60.1 40
Slide 62: Interport's Financial Highlights
Interport’s Financial Highlights Revenues (USD mn) Revenue Breakdown Gross Profit (USD mn) Others, KGTE 18 60 2.4% 25.9% 15.8 53.6 16 13.9 50 14 12 40 34.7 10 8.7 29.0 30 8 7.2 IBP 6 20 15.2 7.8% Cotrans 4 10 5.7 63.8% 2.0 2 0 0 2019 2020 2021 2022 6M23 2019 2020 2021 2022 6M23 Net Profit (USD mn) E
Slide 63: Notes Outstanding
Notes Outstanding Ba 3 Stable Outlook (as of Jan 2023) The Senior BB - / Stable Outlook Notes are rated: International Ratings (as of May 2023) A + / Stable Outlook National Ratings (as of May 2023) Indika Energy Capital III Pte. Ltd. Indika Energy Capital IV Pte. Ltd. USD 322.9mn USD567.9 mn 5.875%
Slide 64: Strong Focus on and Commitment to ESG Initiatives
Strong Focus on and Commitment to ESG Initiatives Environmental Social Responsibility Governance ✓ Comply with all Indonesian environmental laws, ✓ Focus on supporting long-term economic growth and improving the quality of life in regions of operation ✓ Continuously implementing and improving good r
Slide 65: THANK YOU
THANK YOU 65