PT Indika Energy Tbk · IDX:INDY
PT Indika Energy Tbk — H1 2015 Earnings Presentation
28 slides from PT Indika Energy Tbk's earnings presentation, August 2015
Slide 1: Company Update 1H15 Results
COMPANY UPDATE 1H15 RESULTS Indika Energy August 2015
Slide 2: Disclaimer
Disclaimer Investors and security holders are cautioned that this communication contains forward- looking statements and that forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of PT Indika Energy Tbk
Slide 3: Recent Development
Recent Development • In July, Fitch downgraded Indika’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) to 'B' from 'B+'. The Outlook on the ratings remains Negative. Indika's senior unsecured notes have also been downgraded to 'B' from 'B+', with a Recovery Rating of 'RR4‘. • Petr
Slide 4: Key Assumptions vs Actual
Key Assumptions vs Actual 2015 2015 Description Unit 1Q15 A 2Q15A 1H5 A Budget Revision Exchange Rate USD/IDR 12,000.0 13,290 12,771.0 13,126.0 12,971.0 Thermal Coal Price (NC) USD/ton 65.0-70.0 58.8 62.9 59.3 62.1 Fuel Cost IDR/ltr 8,957.0 9,358 8,619.0 9,322.0 8.971.0 KIDECO Average Selling Price
Slide 5: Indika Energy's Financial Highlights (1)
Indika Energy’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 618.3 523.1 18.2% 304.0 94.1 281.6 TPE: 263.5mn PTRO: 114.7mn 30.9% MBSS: 53.0mn 45.4 65.0 Coal trading: 154.9mn 28.0 Others: 32.2mn 32.7 314.3 11.1 63.8% 10.1 241.4 48.7 32.3 16.9 1.7 8.4 1H
Slide 6: Indika Energy's Financial Highlights (2)
Indika Energy’s Financial Highlights (2) * Revenues Others Others Coal trading 6.5% PTRO 5.2% 10.3% 18.6% PTRO 32.3% Coal trading 25.1% MBSS 8.6% Tripatra 36.6% 14.3% MBSS Tripatra 42.6% 1H14: USD523.1 million 1H15: USD618.3 million 5
Slide 7: Indika Energy's Financial Highlights (3)
Indika Energy’s Financial Highlights (3) * Cash Balance & Debt (USD mn) 1,125.6 5) 35.1 Lease 4) 290.4 Bank loan 1) 409.4 3) 2) 800.0 Bond 94.8 314.5 Cash Debt 1) Consists of : Petrosea: USD59.1mn, MBSS: USD36.4mn, Tripatra: USD62.9mn & Indika: USD251.1mn (including IIC,IIR and Others) 2) Other fina
Slide 8: Indika Energy's Financial Highlights (4) Capex Realization
Indika Energy’s Financial Highlights (4) Capex Realization * 2015 Capex Allocation Budget 1H15 A Realization (USD mn) IE Holding 13.6 5.1 37.5% PTRO 60.0-70.0* 21.1 35.3%-30.3% MBSS 8.0 5.6 70.0% Tripatra 4.0 0.3 7.5% MUTU 2.9 0.0 0.0 Total 88.5-98.5 32.2 36.4%-32.7% * Includes USD50.0 mn for POSB/K
Slide 9: Indika Energy's Key Business Indicators
Indika Energy’s Key Business Indicators Revenues (USD mn) LTM Adj. EBITDA (USD mn) & EBITDA Margin (%) 1,109.5 500 60% 42.1% 44.4% 863.4 749.7 29.5% 27.4% 593.4 618.3 250 20.9% 30% 523.1 14.6% 250.0 333.0 260.6 231.9 266.2 176.3 0 0% 2011 2012 2013 2014 1H14 1H15 2011 2012 2013 2014 1H14 1H15 EBITDA
Slide 10: Kideco's Financial Highlights (1)
Kideco’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 1,064.5 189.7 174.4 158.0 18.7% 865.4 16.7% 144.2 527.0 88.7 17.3% 43.9 80.8 378.1 35.9 101.0 114.1 108.4 537.5 487.3 93.6 1H14 1H15 1H14 1H15 1H14 1H15 Margin 17.8% 18.3% Margin 16.4% 16.7% EBITDA
Slide 11: Kideco's Financial Highlights (2)
Kideco’s Financial Highlights (2) * Cash Balance & Debt (USD mn) 168.2 136.5 1H14 1H15 CASH 10
Slide 12: Kideco's Financial Highlights (4)
Kideco’s Financial Highlights (4) Capex Realization * 2015 1H15 Capex Allocation Budget (USD Realization Realization mn) (USD mn) Structure, Maintenance, and Others 12.3 2.3 18.0% Heavy Equipment and Machinery 5.5 1.1 20.0% Total 17.8 3.4 19.0% 11
Slide 13: Kideco's Operating Highlights (1)
Kideco’s Operating Highlights (1) Overburden Removal Stripping Ratio (x) (mn bcm) Coal Production (mn ton) 126.3 115.3 8.6% 66.7 57.3 19.9 18.5 7.2% 6.3 6.2 10.1 8.7 1.5% 59.6 58.0 6.6 6.6 9.8 9.8 6.1 5.9 1H14 1H15 1H14 1H15 1H14 1H15 Average Selling Price Coal Sales (mn ton) (USD/ton) 52.8 45.3 14.
Slide 14: Petrosea's Financial Highlights (1)
Petrosea’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 169.0 38.0 87.5 32.1% 114.7 50.1 17.9 28.3 52.1% 18.2 Mining: USD87.9 10.5 Services: USD17.3 61.3% E&C: USD9.5 9.6 81.5 20.1 9.5 64.6 8.6 14.1 4.9 4.6 1H14 1H15 1H14 1H15 1H14 1H15 Margin 24.7% 15
Slide 15: Petrosea's Financial Highlights (2)
Petrosea’s Financial Highlights (2) * Revenues Breakdown by Value E&C E&C POSB 3.9% 9.8% 8.3% POSB 15.1% Contract 86.3% Contract 76.6% 1H14: USD169.1 mn 1H15: USD114.7 mn * Cost Structure Others Others 6.8% Sub-contractors 1.3% Sub-contractors 3.0% 6.2% Wages 19.4% Wages 16.6% 43.9% Operation 50.5%
Slide 16: Petrosea's Mining Operation
Petrosea’s Mining Operation * Waste Removal Volume (Mn BCM) Coal Getting Volume (Mn BCM) 70.2 7.1 6.7 44.7% 38.8 6.6% 1H14 1H15 1H14 1H15 Client 1H14 1H15 Changes Client 1H14 1H15 Changes Gunung Bayan Pratama 16.0 0.0 (100.0%) Santan Batubara 0.4 0.0 (100.0%) Santan Batubara 1.2 0.0 (100.0%) Adimitr
Slide 17: Petrosea's Backlog in 2015
Petrosea’s Backlog in 2015 (USD mn) Remaining New Contract/ Revenue Remaining Contract Value Adjustment Value Recognition Contract Value Descriptions Per Period ended Per 31 Dec 2014 30 Jun 2015 30 Jun 2015 Contract mining 828.2 (274.8)* 89.1 464.6 Others 75.8 66.5 26.7 115.6 Total 904.0 (208.3) 115
Slide 18: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 263.9 192.0 37.5% 138.4 23.8 16.7 15.0 103.2 12.5 5.7 29.7% 7.2 50.0% 7.5 125.6 11.3 11.0 88.8 7.8 7.6 (0.1) 1H14 1H15 1H14 1H15 1H14 1H15 Margin 12.4% 6.3% Margin 7.8% 2.8% Income from Associates
Slide 19: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) * Revenues Breakdown by Value TPE TPE 11.3% 12.3% 88.7% 87.7% TPEC TPEC 1H14: USD192.0 mn 1H15: USD263.9 mn * Cost Structure Misc Rental & Repair Misc 5.8% 10.3% 16.3% Salary & Wage 12.2% 10.4% Salary & Wage 50.4% Rental & Repair Construction 22.8% 71.7% Construct
Slide 20: Tripatra's Backlog in 2015
Tripatra’s Backlog in 2015 (USD mn) New Contract/ Remaining Revenue Remaining Adjustment Value Contract Value Recognition Contract Value Descriptions in 2015 Per Period ended Per 31 Dec 2014 30 Jun 2015 30 Jun 2015 Tripatra Engineers & 344.2 161.5 248.5 257.2 Constructors Tripatra Engineering 32.7 4
Slide 21: Sea Bridge Shipping's Operation
Tripatra’s Financial Highlights (1) Sea Bridge Shipping’s Operation * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 13.3 12.7 29.7% 5.8 6.6 6.3 6.3 5.6 5.6 1.8 1.5 3.5 3.1 6.1 7.5 0.0% 0.0% 4.5 4.1 2.8 2.5 1H14 1H15 1H14 1H15 1H14 1H15 Margin 49.8% 47.5% Margin 44.7% 42.0% Net Pr
Slide 22: Cotrans Asia's Operation
Tripatra’s Financial Highlights (2) Cotrans Asia’s Operation * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 42.5 39.7 6.4% 21.2 18.8 11.1 10.8 10.2 9.6 8.8% 4.8 5.9 4.5 5.7 13.3% 21.3 20.9 5.4 5.2 5.1 5.1 1H14 1H15 1H14 1H15 1H14 1H15 Margin 24.1% 28.0% Margin 22.4% 27.1% Net Pr
Slide 23: MBSS' Financial Highlights (1)
MBSS’ Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 74.7 29.0% 36.5 53.0 27.3 26.8 19.7 12.5 41.5% 15.9 Barges : USD33.8 mn 8.4 45.7% 10.7 FC: USD19.2 mn 7.7 38.2 26.2 14.8 4.8 8.2 11.3 5.9 1H14 1H15 1H14 1H15 1H14 1H15 Margin 36.5% 30.0% Margin 26.3% 2
Slide 24: MBSS' Financial Highlights (2)
MBSS’ Financial Highlights (2) * Revenues Breakdown Floating crane 29.4% 36.2% Floating crane 63.8% 70.6% Barging Barging 1H14: USD74.7 mn 1H15: USD53.0 mn * Cost Structure Others Others Handling 14.4% Depreciation 16.1% 24.1% Handling 5.3% 3.1% 31.1% Depreciation Vessel Rental Vessel Rental 5.5% 4.
Slide 25: MBSS' Operating Highlights
MBSS’ Operating Highlights * Barging (mn ton) Floating Crane (mn ton) 18.0 36.3% 11.4 11.6 10.7 7.8% 1H14 1H15 1H14 1H15 Clients 1H14 1H15 Changes Clients 1H14 1H15 Changes KJA 5.0 5.2 4.7% Kideco 6.2 4.7 (23.6%) KPC 5.5 0.3 -95.3 BRAU 2.7 3.6 35.9% ADRO 3.1 3.0 (3.8%) ADRO 0.3 0.0 (100.0%) BORN 1.7
Slide 26: MBSS' Backlog in 2015
MBSS’ Backlog in 2015 (USD mn) Remaining New Contract/ Revenue Remaining Contract Adjustment Recognition Contract Value Value in 2015 Value Clients Per Period ended Per 31 Dec 2014 30 Jun 2015 30 Jun 2015 Barging 145.9 (8.9) 19.6 117.5 Floating Crane 117.7 0 18.2 99.5 Total 263.6 (8.9) 37.8 217.0 *
Slide 27: Cirebon Electric Power's Financial Highlights
Cirebon Electric Power’s Financial Highlights * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 140.3 9.8% 125.6 81.5 66.2 54.3 52.9 50.2 51.4 2.6% 2.2% 32.9 27.7 31.0 26.2 58.8 60.4 21.4 25.2 24.0 20.4 1H14 1H15 1H14 1H15 1H14 1H15 Margin 38.7% 41.8% Margin 36.7% 39.7% Net Profit
Slide 28: Company Update 1H15 Results
COMPANY UPDATE 1H15 RESULTS PT Indika Energy Tbk. Graha Mitra Jl. Jend. Gatot Subroto Kav. 21 Jakarta 12930, Indonesia + 62 21 2557 9888 www.indikaenergy.co.id Investor.relations@indikaenergy.co.id