Pt Indika Energy Tbk · IDX:INDY
Pt Indika Energy Tbk — 6M24 Earnings Presentation
67 slides from Pt Indika Energy Tbk's earnings presentation, July 2024
Slide 1: Company Update 6M24
Company Update 6M24 PT Indika Energy Tbk. July 2024
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, from energy resources, logistic and infrastructure, minerals as well as green business. ✓ Well-placed to capture domestic economic growth and global economic recov
Slide 3: Indika Energy's Consolidated Income Statement Highlights
Indika Energy’s Consolidated Income Statement Highlights Year To Date Summary P&L 2Q24 2Q23 YoY 1Q24 QoQ 6M24 6M23 YTD YoY Revenues 629.4 766.4 -17.9% 567.3 10.9% 1,196.7 1,673.2 -28.5% COGS (523.5) (615.5) -15.0% (473.8) 10.5% (997.2) (1,323.3) -24.6% Gross Profit 106.0 150.8 -29.8% 93.6 13.3% 199.
Slide 4: Indika Energy – 6M24 Revenue Contribution
Indika Energy – 6M24 Revenue Contribution Revenue 6M24 : US$926.1m Revenue 6M23 : US$1,234.6m Non-coal Non-coal 10% 12% 2% 2% 7% 8% 1% 3% 2% Kideco 8% MUTU 9% Coal Trading 5,8% 9% 1% Interport - Cotrans Interport Tripatra 13,6% Others 72% 74% 78,1% 7,1% Coal Coal 88% 90% 4
Slide 5: 6M24 Business Highlights – Revenue Breakdown
6M24 Business Highlights – Revenue Breakdown 6M24 6M23 Subsidiaries YoY Chg Remarks (US$ mn) (US$ mn) • ASP ▼ 24% (-US$19.8/ton) from US$82.3/ton in 6M23 to US$62.6/ton in 6M24, Sales Volume ▼ -1.3% (-0.2MT) to 14.8MT in 6M24; Kideco -25.0% 926.1 1,234.6 (ICI-1: US$121.9/ton in 6M24 vs US$176.4/ton
Slide 6: 6M24 Business Highlights- Gross Profit/ Margin
6M24 Business Highlights- Gross Profit/ Margin 6M24 6M23 YoY Subsidiaries Remarks (US$ mn) (US$ mn) Change Gross Profit 199.5 349.9 -43.0% Gross Margin (%) 16.7% 20.9% • Cash cost inc Royalty ▼ (-US$12.2/ton) from US$63.2/ton in 6M23 to US$51.0/ton in 6M24 mainly due to 1) lower royalty (-US$11.2ton
Slide 7: Strong Cash Position supports sound Balance Sheet
Strong Cash Position supports sound Balance Sheet Total Consolidated Cash Total Consolidated Debt US$m US$m 863 1,158 1,081 1,074 21 777 Other Loans 20 23 696 234 224 1) 564 Bank Loans Cash & 294 294 Other 0 Notes 2024 Financial assets 224 Notes 2025 534 534 350 Notes 2029 Dec-23 Mar-24 Jun-24 Dec-2
Slide 8: Refinancing Updates
Refinancing Updates Refinancing update Total Debt after Tap Issuance Debt maturity profile after Tap Issuance • 3 May 2024, the 2024 Notes US$ million US$ million 455 was fully repaid with Baron IV 1,263 facility US$300m 21 1,081 Other Loans • 7 May 2024,the settlement of 20 the new notes US$350m an
Slide 9: Indika Energy – Sound Balance Sheet
Indika Energy – Sound Balance Sheet Cash Breakdown by Subsidiaries LTM Free Cash Flow US$ million US$ million HoldCo & Others Kideco Tripatra 800 725 700 42 597 600 63 500 44 29 822 450 400 290 296 43 300 188 176 200 158 473 492 538 392 393 100 42 0 2020 2021 2022 2023 6M24 2020 2021 2022 2023 6M24
Slide 10: Corporate Guidance - 2024
Corporate Guidance - 2024 2024 2024 Budget 6M24 Operational Data Guidance 6M24 6M23 % Budget CAPEX (US$M) (US$M) KIDECO Kideco 16.4 8.1 49.4% Production (MT) 29.4 14.9 14.3 4.2% Indika Resources - 2.7 100.0% Strip Ratio (x) 5.7 5.5 5.4 1.9% Xapiens 3.2 0.5 15.6% Newcastle Benchmark ($/ton) 143.0 131
Slide 11: Thermal Coal Price
Thermal Coal Price USD/ton 450 421 400 373 381 350 300 264 242 250 200 184 168 158 149 136 136 150 126 109 86 93 82 89 82 91 77 100 69 66 73 64 59 57 57 53 54 52 55 50 43 36 36 35 45 85 91 89 94 87 31 41 65 71 77 62 65 63 63 34 27 52 0 24 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1
Slide 12: Indonesia Coal Outlook
Indonesia Coal Outlook • The government revised domestic production target for 2024 from initially 710MT to 922MT in 2024, or 19% increase from realized output of 775MT in 2023. • YTD domestic coal production as of June 24 is estimated at 401MT or +5% YoY, or 43% from FY24 government’s target. • The
Slide 13: Net-Zero
Indika Energy has set out bold aspirations as part of its ESG commitment 50% Net-Zero emissions by 2050 non-coal revenue by 2028 Notable green initiatives: A leading Indonesian One of The 1st Indonesian One of The 1st Indonesian Investment group company to commit to a Net investment groups Zero targ
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: Diversified Revenue Streams from Disciplined Investments and Partnerships
Diversified Revenue Streams from Disciplined Investments and Partnerships 16
Slide 17: Indika Energy has developed into an 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 18: Green Business - Aims to accelerate Indonesia's EV ecosystem
Green Business - Aims to accelerate Indonesia’s EV ecosystem PT Indika Energy Tbk Other IMG Investors 100% PT Solusi Mobilitas Indonesia Holding of EV Company 100% 100% 100% PT Ilectra Motor Group PT Mitra Motor Group PT Kalista Nusa PT Industri Baterai Armada Holding of Electric 2 Holding of Electr
Slide 19: Green Business – To support reducing GHG emission in transport sector
Green Business – To support reducing GHG emission in transport sector Indonesia GHG emission from Industrial activities 2011-2022 Indonesia GHG emission shares in Transportation Sector in 2022 • The transport sector stands as the country’s second-largest contributor to greenhouse gas (GHG) emissions
Slide 20: Indonesia's EV – Still in early stage, but fast growing
Indonesia’s EV – Still in early stage, but fast growing EV adoption status and targets E2W growth projection for Jakarta & Bali with IDR 7 million incentive Source: IESR, Indonesia Electric Vehicle Outlook 2023 Source: IESR, ADB, 2022 • EV adoption has been increasing in recent years. In 2022 alone,
Slide 21: IMG launched its brand ALVA with its own manufacturing
IMG launched its brand “ALVA” with its own manufacturing facilities and builds experience center Manufacturing Facilities ALVA Experience Center My ALVA App Key Highlights Seamless interconnection experience with enhanced Fully operational manufacturing facilities located in 1st 2W experience cent
Slide 22: IMG already introduced 5 ALVA products
IMG already introduced 5 ALVA products Products ALVA One ALVA One XP Launched in 2022 Launched in 2023 ALVA Cervo ALVA Cervo Boost Charge ALVA Cervo Q Launched in 2023 Launched in 2024 Launched in 2024 22
Slide 23: Launched a new model in Mid segment ALVA N3 in GIIAS 2024
Launched a new model in Mid segment “ALVA N3” in GIIAS 2024 • ALVA introduced a new model in mid-segment called ALVA N3 • The price starts from Rp 11.5 million (without battery, after govt's subsidy), competitive compared to market • N3 already adopts boost-charge technology in its battery, capable
Slide 24: Developing businesses to operate across the value chain in commercial EV
Developing businesses to operate across the value chain in commercial EV, with a vision to drive EV adoption in Indonesia Indika Energy has established businesses across the EV value chain Manufacturing Distribution Fleet-as-a-Service Charging Point Operatorship Local manufacturing of: Development o
Slide 25: Commercial EV - MMG Group
Commercial EV - MMG Group A group of E4W manufacturing & distributor Co with strong foreign partners Foxconn Indika Motor (FIM) Energi Makmur Buana (INVI) A joint venture between Foxconn & Indika Energy Act as distributor for commercial vehicle and its on Bus Manufacturing Facilities, which further
Slide 26: Kalista - Developing trials for a fleet-as-a-service model
Kalista - Developing trials for a fleet-as-a-service model, working with local governments and bus operators About Kalista’s FaaS model Kalista is partnering with governments and public transport The fleet-as-a-service business model enables organizations to support trials from Medan to Surabaya gov
Slide 27: Diversification Investments – Green Businesses
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 (not consolidated). • EMITS will provide a one-
Slide 28: EMITS – Helping Corporates, SOE, and Utility to decarbonize
EMITS – Helping Corporates, SOE, and Utility to decarbonize through our Renewable Energy solutions EMITS is Indonesia’s leading Customer Centric Renewable Energy Solutions provider on-track to build up to 500MW Operational Portfolio across Indonesia by 2027. To be a Market-Leader Installed Base* Fas
Slide 29: EMITS – End to End Capabilities
EMITS – End to End Capabilities Solar Hybrid Solution Rooftop Solar (Diesel + Batteries) Simplest solar solution on your factory rooftop to move forward Round The Clock power supply to renewable energy in Off-grid mode Canal Top Solar Unique solar solution to reduce Ground-mount Solar wide area requ
Slide 30: Indonesia's Renewable Energy – Huge solar potential, yet undeveloped
Indonesia’s Renewable Energy – Huge solar potential, yet undeveloped Installed renewable power capacity in 2021 compared to the estimated Large-scale solar capacity addition plan in RUPTL 2021–2030 (MWp) potential renewable energy capacity *exclude rooftop (3.6 GWp by 2025) and floating solar (26.65
Slide 31: Govt to convert 2.6GW diesel-fired power plants with renewable energy
Govt to convert 2.6GW diesel-fired power plants with renewable energy Indika’s consortium won tender for 102MWp hybrid solar + 252MWh Battery Storage PLN’s De-Dieselization program Phase I – total 167 MW Signing LOI to develop 102MWp hybrid solar power (Cluster II) • Indika Energy, part of a consort
Slide 32: EMITS – Project Highlights
EMITS – Project Highlights Type : Ground Mounted for pulp & paper Solar Capacity : 12.8 MWp spread over 14 ha Location : Riau, Sumatera Timeline : project carried out in record 6-mo time 8,402 tons 41,114 kilo 796,406 quantity of liters equivalent Coal saved water Carbon offset saved Type : Ground M
Slide 33: Diversification Investments – Green Businesses
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 34: Indika Nature – Biomass Energy to produce wood pellet
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 total TCG planting of 5,000 ha • With average calorific value of 4,200–4,750 kcal/kg, wood pellet is suitable for biomass
Slide 35: Indika Nature – Carbon Business at TMK to support Net Zero Target
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. Kalimantan Block A • The area is dominated by Meranti t
Slide 36: Indika Nature – Expanding to essential oil business
Indika Nature – Expanding to essential oil business Indika Nature acquired 100% 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 traditionality and Products fragmented players
Slide 37: Diversification Investments – Minerals
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 38: Diversification Investments – Minerals
Diversification Investments – Minerals Bauxite Mine and Nickel Trading • Bauxite mine in W. Kalimantan • Entering nickel trading business by acquiring • Est. Reserve: 5.7 WMT 100% shares in PT Rockgeo Energi Nusantara • Est. Resources: 30 WMT • To build-up sizeable reserves with LT target to build a
Slide 39: Diversification Investments – Logistics & Infrastructure
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 40: Diversifying Beyond Coal: Disposals
Diversifying Beyond Coal: Disposals Continued Divestments of Coal and Coal-related Businesses Transaction Date Initiative Description Indicative impact Proceeds – Sale of all shares owned by IIR and ICI in PT Multi Tambangjaya Utama (MUTU) and marketing right held by ICI Divestment of MUTU Feb-2024
Slide 41: Divestment - Reducing Exposure in Coal Related Business
Divestment - Reducing Exposure in Coal Related Business Completed– PT Multi Tambangjaya Utama (MUTU) 41
Slide 42: 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 43: ESG: Our ESG Ratings have improved
ESG: Our ESG Ratings have improved, reflecting our initiatives and commitment Risk Rating has declined from AAA 50 Severe to High Last update: 21 Feb 2024 AA Score: BBB 45 44.2 A 40 38.1 35 34.5 34.9 BBB BBB BBB BBB BBB 30 25 updated: 31 July 2023 BB BB BB 20 B 15 10 CCC 5 0 Jan-18Dec-18 Jan-19 Dec-
Slide 44: ESG Targets Revised in 2023 to Become Even More Ambitious
ESG Targets Revised in 2023 to Become Even More Ambitious Revised Key Targets Indika Energy 2025 and 2030 ESG Targets (Relative to 2020 baseline) 2020 6M24 2025 2030 • % reduction of Emissions Scope1&2: 1,203ktCO2eq Scope1&2: 422ktCO2eq 65% 25% 33% Scope 1: 0.031 TonCO2eq/ ton • % reduction of Emiss
Slide 45: IMPACT: Indika Energy Mangrove Program in Action
FLAGSHIP PROGRAMS IMPACT: Indika Energy Mangrove Program in Action IMPACT is a three-year initiative program that targets 250 Ha of mangrove planting, restoration and rehabilitation in four villages in Paser, East Kalimantan. The program also encompasses ecosystem restoration and community developme
Slide 46: CANTING: Cegah dan Tangani Stunting Berkelanjutan
FLAGSHIP PROGRAMS CANTING: Cegah dan Tangani Stunting Berkelanjutan In partnership with Kideco and our implementation partner, we are working to prevent and address stunting through sustainable health and nutrition interventions. This initiative is dedicated to enhancing the growth and development o
Slide 47: CANTING: Cegah dan Tangani Stunting Berkelanjutan
FLAGSHIP PROGRAMS CANTING: Cegah dan Tangani Stunting Berkelanjutan Align with our CANTING Berkelanjutan initiatives, our sub-holdings such as Tripatra, Interport and Masmindo also initiate interventions to address stunting within their operations and surrounding areas. Interport stunting interventi
Slide 48: ESG Initiatives
ESG Initiatives Kideco Kideco is collaborating with the United Nations Development Program (UNDP) and GRI to provide human rights training and is in the process of developing related policies. Kideco is also enhancing its diversity and inclusion practices Program and through the DREAMS program, whic
Slide 49: Company's 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 50: We also expanded our network by 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 51: Appendix
INDIKA_ | NET-ZERO|2 Appendix 51
Slide 52: 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 53: 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 3,026.8 918.1 772.7 2700 800 700 1,813.8 1800 552.0 1,196.7 312.2 400 350 900 199.5 173.3 107.0 71.9 0 0 0 2020 2021 2022 2023 1H24 202
Slide 54: Indika Energy's 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 1,500 1,409.8 40% 8 60% 6.2 977.5 35% 50% 44.8% 45.9% 1,150 6 44.3% 30% 5 4.1 40% 33
Slide 55: 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 56: Kideco obtains IUPK until 2033
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 according to statutory provisions.
Slide 57: 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 2,223.3 835.4 773.7 810 810 1600 1,249.5 540 540 926.1 411.4 800 305.7 270 177.1 162.6 270 138.3 119.5 0 0 0 2020 2021 2022 2023 1H24 2020 202
Slide 58: 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 8.8% 35.8 34.8 35.8 34.8 0.7% 35 33.0 35 33.0 Freight 30.5 30.1 5.3% 30 30 Material 25 25 9.9% 20 20 CM & Rental 14.9 14.8 47.3% 15 15 10 10 5 5 Gov. Royalty 28.0% 0 0 2020 2021
Slide 59: Kideco's Operational Highlights
Kideco’s Operational Highlights YTD Summary P&L (US$mn) 2Q24 2Q23 YoY 1Q24 QoQ 6M24 6M23 YoY Sales 473.5 575.3 -17.7% 452.6 4.6% 926.1 1234.6 -25.0% Gross profit 92.2 117.8 -21.7% 70.3 31.1% 162.5 274.5 -40.8% Operating profit 67.2 96.4 -30.3% 52.3 28.5% 119.6 230.0 -48.0% Net income 52.6 63.8 -17.6
Slide 60: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) Revenue (USD mn) Gross Profit (USD mn) Net Profit* (USD mn) 400.0 30 25.1 20 18.8 8.9 20 10 301.0 306.2 8.6 1.5 0.2 300.0 10 0 231.8 228.6 0 -10 200.0 -10 -7.4 -20 101.8 -20 -30 100.0 -30.6 -30 -40 -31.4 0.0 -40 -50 -43.5 2020 2021 2022 2023 1H24 2020 2021 2022 20
Slide 61: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) * Revenues Breakdown by Value 1H24: US$101.8 mn 3M23: US$66.5 mn TPE 19.0% TPE 19.0% TPEC TPEC 81.0% 81.0% Cost Structure 1H24: US$93.2 mn 1H23: US$120.3 mn TPE TPE 16.7% 13.8% TPEC 86.2% TPEC 83.3% 61
Slide 62: Tripatra Backlog
Tripatra Backlog New Contract/ Remaining Contract Revenue Remaining Contract Adjustment Value Descriptions Value Recognition Value in 2024 Per 31 Dec 2023 Per 30 Jun. 2024 Per 30 Jun. 2024 Tripatra Tripatra Engineers & Constructors 184.1 109.9 82.4 211.6 Tripatra Engineering 28.6 8.7 19.4 17.9 Total
Slide 63: Indika Resources' Financial Highlights
Indika Resources’ Financial Highlights Revenues (USD mn) Cost of Goods Sold (USD mn) Gross Profit (USD mn) 900 852.7 700 660.2 250 800 600 192.6 700 200 500 600 417.4 491.4 150 500 439.4 400 359.5 400 300 100 79.9 74.0 300 200 167.9 190.5 200 110.2 50 115.0 22.6 100 100 4.7 0 0 0 2020 2021 2022 2023
Slide 64: Interport's Financial Highlights
Interport’s Financial Highlights Revenues (USD mn) Revenue Breakdown Gross Profit (USD mn) Others, KGTE 35 32.5 140 5.4% 21.3% 114.6 30 120 25 100 20 80 IBP 14.2 14.5 60 55.3 8.1% 15 9.3 40 34.7 10 29.1 7 20 15.5 Cotrans 5 65.1% 0 0 2020 2021 2022 2023 1H24 2020 2021 2022 2023 1H24 Net Profit (USD m
Slide 65: Notes Outstanding
Notes Outstanding Ba 3 Stable Outlook (as of April 2024) The Senior Notes are rated: BB - / Stable Outlook International Ratings (as of April 2024) Indika Energy Capital IV Pte. Ltd. PT Indika Energy Tbk. USD224 mn USD 455 mn 8.250% 5-year Senior Notes 8.75% 5-year Senior Notes Reg S / 144A Reg S /
Slide 66: 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 67: THANK YOU
INDIKA_ | NET-ZERO|2 THANK YOU 67