Slide 1: Third Quarter 2024 Investor Update
ey BAYAN RESGE Vee “Third pirertet 2027
Slide 2: Overview
Overview ➢ Operationally YTD 2024 has seen significant improvement over the same period last year as coal production and sales volumes have increased significantly. ➢ Overall YTD 2024 EBITDA and NPA were higher than Budgeted performance principally due to lower costs, despite slightly lower than Bud
Slide 3: Bayan's Financial and Operational Performance
Bayan’s Financial and Operational Performance YTD YTD 2023 3Q23 3Q24 3Q23 3Q24 Financial Performance (In Million USD) Revenue 3,581.4 2,757.1 2,469.6 717.9 935.6 Gross Profit 1,664.2 1,324.1 914.7 260.6 332.4 EBITDA 1,718.9 1,275.2 920.1 266.1 347.1 Net Profit After Tax 1,279.6 951.3 635.0 188.9 247
Slide 4: One of the Largest Coal Producers
One of the Largest Coal Producers 1H24 Production ➢ Bayan is ranked 3rd by production 40 37.7 35.7 and 4th by sales volumes in 35 Indonesia. Million Tonnes 30 25.6 24.8 25 20 18.8 14.9 ➢ Bayan’s YTD 2024 production and 15 9.2 sales volumes increased by 12% 10 5 and 16% over the same period last 0 ye
Slide 5: Low Cost Incremental Growth
Low Cost Incremental Growth Capex Intensity by Country (1) Tabang Capacity Growth ➢ Our new coal haul road and the 250 80+ …Unlocking tangible capacity 207 218 first and second barge loading 200 40+ upside at ~US$10/ton discretionary growth Capex 175 facility were completed at the end 150 159 161 13
Slide 6: One of the Lowest Cost Producers in Indonesia
One of the Lowest Cost Producers in Indonesia Global Cost Competitive Positioning ➢ Tabang is independently rated as one of the worlds lowest cost energy-adjusted producers of seaborne thermal coal. ➢ Tabang has large reserves and a very low Life of Mine stripping ratio of 4.3. ➢ A new JORC reserves
Slide 7: And One of the Highest Margin Producers in Indonesia
And One of the Highest Margin Producers in Indonesia 1H24 EBITDA Margin ➢ Over the last few years, Bayan 50% has transformed itself into one of 42% 40% 37% the highest margin producers in 32% Indonesia. 30% 20% 19% 18% 14% ➢ This is due to the ramp up of its 10% 8% world class Tabang coal complex, w
Slide 8: Deleveraged the Group
Deleveraged the Group Quarterly Net Cash US$ Million ➢ Targeted net leverage of less than 2,000 1,827 2.5x EBITDA throughout the commodity cycle. 1,500 1,325 1,219 ➢ Bayan has been re-assigned an 1,000 independent credit ratings of Ba2 500 335 by Moody’s in January 2024. 241 309 259 229 95 0 3Q22 4Q
Slide 9: Dividends
Dividends ➢ Bayan has a proven history of utilizing cash to reduce leverage and then return excess cash to shareholders. ➢ Bayan has paid a total of US$ 3,900 million in dividends over the last four years (the highest of any Indonesian listed coal company). ➢ Its payout ratio over the same period is
Slide 10: 3Q 2024
3Q 2024 Overburden Removal Coal Production Weighted Average Strip Ratio Average Cash Costs Coal Sales Average Selling Price Committed & Contracted Sales EBITDA Debt and Cash Position Capital Expenditure 9 www.bayan.com.sg
Slide 11: Overburden Removal (OB)
Overburden Removal (OB) ➢ 3Q24 OB was lower than the Budget, (million BCM) primarily due to: 100 79.8 • Lower OB productivity at Tabang than 80 71.3 Budgeted primarily due to narrow 61.2 60.9 working areas as an impact of delay’s 60 in IPPKH permits and delayed 40 equipment mobilization. 20 • Delaye
Slide 12: Coal Production
Coal Production (million MT) 20 16.8 ➢ 3Q24 coal production was lower 16 14.4 than the Budget, primarily due to: 12 11.7 11.6 • Lower overburden production which led to lower coal 8 extraction. 4 0 ➢ 3Q24 coal production was higher 3Q23 2Q24 3Q24B 3Q24 Note : B stands for Budget Figure than the 2Q24
Slide 13: Weighted Average Stripping Ratio (SR)
Weighted Average Stripping Ratio (SR) 6 5.2 5.3 5.0 5 4.7 ➢ 3Q24 weighted average stripping 4 ratio was higher than the 3 Budget due to slightly higher SR’s across most sites. 2 1 0 3Q23 2Q24 3Q24B 3Q24 ➢ 3Q24 weighted average stripping Note : B stands for Budget Figure ratio was lower than the 2Q24
Slide 14: Average Cash Costs (Budget vs Actual)
Average Cash Costs (Budget vs Actual) 42 39.5 38.4 35 ➢ 3Q24 Cash Costs were slightly lower than the Budget, primarily due to: 28 Lower fuel prices which impacted (US$ / MT) • 21 overburden, coal haulage and barging costs. 14 • Lower royalties due to lower ASP 7 combined with lower proportion of 0 e
Slide 15: Average Cash Costs (3Q24 vs 2Q24)
Average Cash Costs (3Q24 vs 2Q24) 60 ➢ 3Q24 Cash Costs of US$ 38.4/MT were lower than the 2Q24 of US$ 42.2/MT 50 42.6 42.2 principally due to: 38.4 (US$ / MT) 40 • Lower employee costs due to the final 30 payment of bonus occurred in 2Q24. 20 • Higher sales volume than 2Q24 that reduce certain unit
Slide 16: Coal Sales (by volume)
Coal Sales (by volume) 20 (million MT) 17.4 ➢ 3Q24 coal sales volume of 15.6 million MT 16 15.6 was lower than the Budget of 17.4 million 12.4 MT primarily due to lower barging 12 10.8 volumes as an impact of lower than 8 anticipated water levels in August & September 2024. 4 0 ➢ 3Q24 coal sales vol
Slide 17: Coal Sales (by volume) (continued)
Coal Sales (by volume) (continued) Geographic Distribution (YTD24) – by Volume ➢ The Company is focusing on Per Region Per Country continuing to build its long term Bangladesh Others 2% South Korea 4% contracts within Indonesia and with 4% other South East Asian IPP’s. Vietnam Domestic East Asia 5%
Slide 18: Average Selling Price (ASP)
Average Selling Price (ASP) 80 ➢ 3Q24 ASP of US$ 60.1/MT was lower 70 66.7 64.4 than the Budget and slightly lower 61.8 60.1 than the 2Q24 due to continued lower 60 than anticipated market prices. (US$ / MT) 50 40 ➢ Coal prices appear to have stabilized 30 and are currently around US$ 140/MT for New
Slide 19: EBITDA
EBITDA US$ Million 500 ➢ 3Q24 EBITDA of US$ 347.1 million 439.6 was lower than the Budget of US$ 400 347.1 439.6 due to lower sales volume 300 266.1 251.0 combined with lower ASP, partially offset by lower cash costs. 200 100 0 3Q23 2Q24 3Q24B 3Q24 ➢ 3Q24 EBITDA was higher than 2Q24 Note : B stands
Slide 20: Total Debt and Cash Position
Total Debt and Cash Position 800 ➢ On 8 July 2024, the Company drew 735.0 down a total of US$ 200 million of it 700 WCF to improve BR’s cash position. (in million US$) 600 ➢ At 30 September 2024 the Company had outstanding loans of US$ 230.0 500 million. 400.0 399.2 400 ➢ Working capital facilities
Slide 21: Capital Expenditure
Capital Expenditure ➢ 3Q24 Capex was US$ 45.2 million, 90 which was lower than the Budget 78.3 primarily due to the timing delay in 80 71.3 certain projects such as contractor’s 70 67.8 63.9 camp and facilities, river diversion, 60 riverbank protection at Senyiur and the new FSP camp. In Million USD
Slide 22: Appendix
Appendix PT Perkasa Inakakerta PIK PT Teguh Sinarabadi TSA PT Firman Ketaun Perkasa FKP PT Wahana Baratama Mining WBM PT Brian Anjat Sentosa BAS PT Bara Tabang BT Tabang PT Fajar Sakti Prima FSP PT Dermaga Energi DE PT Tanur Jaya TJ North Pakar PT Tiwa Abadi TA PT Silau Kencana SK PT Orkida Makmur O
Slide 23: Appendix
Appendix Kangaroo Resources Pty Ltd KRL PT Dermaga Perkasapratama DPP PT Indonesia Pratama IP PT Muji Lines Muji PT Bayan Energy BE PT Metalindo Prosestama MP PT Karsa Optima Jaya KOJ PT Gunungbayan Pratamacoal GBP PT Kariangau Power KP 22 www.bayan.com.sg
Slide 24: Disclaimer
Disclaimer This presentation contains forward-looking statements based on assumptions and forecasts made by PT. Bayan Resources Tbk management. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are base
Slide 25: Thank You
Thank You 24 www.bayan.com.sg