Slide 1: www.bayan.com.sg
www.bayan.com.sg 0
Slide 2: Overview
Overview ➢ Operationally 2024 has seen a significant improvement over last year as coal production and sales volumes have increased significantly. ➢ Overall 2024 EBITDA and NPAT were higher than Budgeted performance principally due to lower costs, despite slightly lower than Budgeted revenue. ➢ 2024
Slide 3: Bayan's Financial and Operational Performance
Bayan’s Financial and Operational Performance 4Q23 4Q24 2023 2024 Financial Performance (In Million USD) Revenue 824.3 976.6 3,581.4 3,446.2 Gross Profit 340.1 418.1 1,664.2 1,332.8 EBITDA 445.3 434.8 1,718.9 1,355.0 Net Profit After Tax 328.3 308.3 1,279.6 943.4 Financial Ratios Gross Profit Margin
Slide 4: One of the Largest Coal Producers
One of the Largest Coal Producers 2024 Production ➢ Bayan is ranked 3rd by production 90 74.7 and by sales volumes in Indonesia. 75 65.8 Million Tonnes 60 56.9 50.7 ➢ Bayan’s 2024 production and sales 43.3 45 volumes increased by 12% and 30.7 30 20.2 16% over 2023 levels. 15 0 ➢ The first phase of M
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$10/ton discretionary growth Capex 175 facility were completed at the end 150 159 161 13
Slide 6: One of the Lowest Cost Producers in Indonesia
One of the Lowest Cost Producers in Indonesia Global Cost Competitive Positioning ➢ Tabang is independently rated as one of the worlds lowest cost energy-adjusted producers of seaborne thermal coal. ➢ Tabang has large reserves and a very low Life of Mine stripping ratio of 4.3. ➢ A new JORC reserves
Slide 7: And One of the Highest Margin Producers in Indonesia
And One of the Highest Margin Producers in Indonesia 2024 EBITDA Margin ➢ Bayan is consistently generating 50% one of the highest margins in the 40% 39% Indonesia thermal coal matrix. 30% 25% 23% 23% ➢ This is due to the ramp up of its 20% 19% world class Tabang coal complex, 10% 10% which is antici
Slide 8: Deleveraged the Group
Deleveraged the Group Quarterly Net Cash US$ Million ➢ Targeted net leverage of less than 750 2.5x EBITDA throughout the 600 572 commodity cycle. 517 462 406 450 332 ➢ Bayan has been re-assigned an 300 independent credit ratings of Ba2 150 by Moody’s in January 2024. 0 4Q23 1Q24 2Q24 3Q24 4Q24 Quart
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: 4Q 2024
4Q 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) (million BCM) 80 71.3 70.1 63.3 ➢ 4Q24 OB was lower than the Budget 60 59.2 and 3Q24, primarily due to: • Lower OB in FKP due to higher 40 rainfall than Budgeted. 20 • Delayed commencement of GBP due to delays in receipt of permits. 0 4Q23 3Q24 4Q24B 4Q24 • Lower OB productiv
Slide 12: Coal Production
Coal Production (million MT) 20 15.2 16.9 ➢ 4Q24 coal production was higher 16 14.0 14.4 than the Budget and 3Q24, primarily 12 due to: 8 • Site pushing to reach annual coal targets requiring changes to the 4 operational mine plan and continued expansion of TJ. 0 4Q23 3Q24 4Q24B 4Q24 Note : B stands
Slide 13: Weighted Average Stripping Ratio (SR)
Weighted Average Stripping Ratio (SR) 6 5.0 5 4.2 4.6 3.7 ➢ 4Q24 weighted average stripping 4 ratio was lower than the 3 Budget and 3Q24 due to changes in the mine plan at Tabang to still 2 try and achieve yearly coal 1 production targets. 0 4Q23 3Q24 4Q24B 4Q24 Note : B stands for Budget Figure Wei
Slide 14: Average Cash Costs (Budget vs Actual)
Average Cash Costs (Budget vs Actual) 50 39.0 ➢ 4Q24 Cash Costs were lower than the 40 34.1 Budget, primarily due to: Lower overburden costs due to (US$ / MT) 30 • shorter overhaul distance, lower fuel 20 price and lower SR. 10 • Lower royalty than Budgeted due to lower ASP. 0 • Lower fuel prices th
Slide 15: Average Cash Costs (4Q24 vs 3Q24)
Average Cash Costs (4Q24 vs 3Q24) 50 ➢ 4Q24 Cash Costs of US$ 34.1/MT were 38.4 40 34.1 lower than the 3Q24 of US$ 38.4/MT principally due to: (US$ / MT) 30.2 30 • Lower overburden costs primarily due 20 to shorter overhaul distance and lower SR. 10 • Lower coal purchased due to lower 0 quantity of
Slide 16: Coal Sales (by volume)
Coal Sales (by volume) 20 (million MT) 16.0 16.1 ➢ 4Q24 coal sales volume of 16.1 million 15.6 16 MT was inline with the Budget of 16.0 12 12.6 million MT and slightly higher than 3Q24. 8 4 0 4Q23 3Q24 4Q24B 4Q24 Note : B stands for Budget Figure ➢ Quarterly barging at Tabang Average Senyiur Water L
Slide 17: Coal Sales (by volume) (continued)
Coal Sales (by volume) (continued) Geographic Distribution (2024) – by Volume ➢ The Company is focusing on continuing to build its long term Per Region Per Country contracts within Indonesia and with East Asia Others 10% other South East Asian IPP’s. Domestic 26% Vietnam 23% 5% Philippines 27% Malay
Slide 18: Average Selling Price (ASP)
Average Selling Price (ASP) 70 65.2 63.8 ➢ 4Q24 ASP of US$ 60.6/MT was lower 60.6 60 60.1 than the Budget and inline with the 3Q24 due to continued weak market 50 price at the end of the year. (US$ / MT) 40 ➢ Actual coal prices as of 1st week of 30 March 2025 is US$ 96.4/MT for Newcastle and US$ 49.
Slide 19: EBITDA
EBITDA US$ Million 500 434.8 445.3 404.2 ➢ 4Q24 EBITDA of US$ 434.8 million 400 347.1 was higher than the Budget of 300 US$ 404.2 and 3Q24 of US$ 347.1 due to lower cash costs partially 200 offset by lower ASP. 100 0 4Q23 3Q24 4Q24B 4Q24 Note : B stands for Budget Figure EBITDA Margin 60% 54% 42% 40
Slide 20: Total Debt and Cash Position
Total Debt and Cash Position 1000 ➢ On December 13, the Company 917.3 912.2 signed a new WCF for US$ 100.0 900 million with Bank Mega, which now 800 brings our total WCF’s to US$ 600.0 (in million US$) million. 700 600 602.3 561.8 ➢ On December 11, the Company drew 486.4 down US$ 100.0 million (Mand
Slide 21: Capital Expenditure
Capital Expenditure 90 ➢ 4Q24 Capex was US$ 40.6 million, 80 78.3 which was lower than the Budget 71.3 primarily due to the timing delay in 70 67.8 63.9 certain projects such as contractor’s 60 55.9 camp and facilities and the new FSP In Million USD 50 camp. 42.3 44.1 45.2 40.6 40 30.9 30 ➢ 4Q24 spe
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