PT ABM Investama Tbk · IDX:ABMM
PT ABM Investama Tbk — Q1 2013 Earnings Presentation
56 slides from PT ABM Investama Tbk's earnings presentation, May 2013
Slide 1: PT. ABM Investama Tbk Q1 Result – Company Presentation
PT. ABM INVESTAMA TBK Q1 Result – Company Presentation Jakarta, May 2013
Slide 2: ABM Investama A Member of Tiara Marga Trakindo Group
ABM Investama A Member of Tiara Marga Trakindo Group Tiara Marga Trakindo Group Structure Overview of Tiara Marga Trakindo Group — Established in 1970, Trakindo was PT Tiara Marga Trakindo Group (TMT) founded by AHK Hamami — Trakindo became the sole authorized PT Chandra PT ABM Sakti Utama PT Mahada
Slide 3: ABM's Five Strategic Business Units
ABM’s Five Strategic Business Units Contract Power Coal Engineering Integrated Mining Solutions Production Services Logistics Services • Established 1997 • Established 1992 • Established 2010 • Established 1977 • Established 1997 • Fleet of 602 heavy • Approximately 833 • 7,703 hectares • 10 enginee
Slide 4: ABM Group and Shareholding Structure
ABM Group and Shareholding Structure PT Tiara Marga Trakindo (“TMT”) Valle Verde Pte. Ltd. Public 23.12% 55% 21.88% 99.99% 99.98% 99.99% 99.96% 99.99% PT Cipta PT Sumberdaya PT Reswara Minergi Hartama PT Sanggar Sarana PT Cipta Krida Bahari Kridatama (“CK”) Sewatama (“SS”) (“Reswara”) Baja (“SSB”) (
Slide 5: Comprehensive Footprint and Market Coverage in Indonesia
Comprehensive Footprint and Market Coverage in Indonesia — Able to operate throughout the country; competitive advantage over competitors — Difficult to replicate coverage strength and poses barriers to entry for new entrants BANDA ACEH MEDAN TARAKAN BENGALON MANADO TERNATE BATAM SANGATTA PADANG KUT
Slide 6: ABMM Business Update and Overview
ABMM Business Update and Overview • August 29, 2012 Sewatama announced 70% acquisition of independent power plant company PT Energi Alamraya Semesta (EAS). PT Pradipa Aryasatya, a Sewatama subsidiary served as a vehicle for the acquisition worth of US$7 million. • November 22, 2012 – PT Tunas Inti A
Slide 7: Q1 2013 ABM's Five SBU Operational & Financial Performance
Q1 2013 ABM’s Five SBU Operational & Financial Performance 7
Slide 8: Coal Production at TIA, South Kalimantan
Coal Production at TIA, South Kalimantan 8
Slide 9: Barge Conveyer at TIA
Barge Conveyer at TIA 2)
Slide 10: TIA: Coal Sales and Production
TIA: Coal Sales and Production Q1 2013 TIA coal Sales : 1.350,000 ton coal Q1 2013 TIA Coal Production : 1.133.000 ton coal TIA Coal Sales ( 000 tons coal) TIA Coal Production (000 ton coal) 506.4 411.5 451.6 392 363.5 358 Jan-13 Feb-13 Mar-13 Jan-13 Feb-13 Mar-13 10
Slide 11: MDB: MIFA and BEL Production (Aceh)
MDB: MIFA and BEL Production (Aceh) Q1 2013 MIFA coal Prod: 36,840 ton coal Q1 2013 BEL Coal Prod : 26,824 ton coal MIFA Prod (ton coal ) BEL Prod (ton coal) 21|507 11|572 9|455 5|797 7|414 7|919 Jan-13 Feb-13 Mar-13 Jan-13 Feb-13 Mar-13 11
Slide 12: TIA: OB and SR
TIA: OB and SR TIA ASP & Cash Cost TIA SR 5 37.8 37.6 37.5 4.5 4.5 4.5 4.5 4 3.5 3.4 3.3 3 3 2.5 32.5 2 32.2 32 1.5 1 0.5 0 Jan-13 Feb-13 Mar-13 Jan-13 Feb-13 Mar-13 TIA ASP TIA Cash Cost SR (Act) SR (Std) 12
Slide 13: TIA: ASP and Cash Cost
TIA: ASP and Cash Cost Reswara Revenue Q1 2013 : USD 52.7 mn Reswara Sales (mn tons coal) Revenue (mn USD) 1|413 19.77 17.47 70.8% 15.49 827 Q1 2012 Q1 2013 Jan-13 Feb-13 Mar-13 13
Slide 14: TIA: Sales Distribution 2012-2013
TIA: Sales Distribution 2012-2013 14
Slide 15: Coal Price: Index vs Reswara
100.00 $ 105.00 $ 120.00 $ 125.00 $ 130.00 $ 135.00 $ 140.00 $ 110.00 $ 115.00 $ 20.00 $ 25.00 $ 30.00 $ 35.00 $ 40.00 $ 45.00 $ 60.00 $ 65.00 $ 70.00 $ 75.00 $ 80.00 $ 85.00 $ 90.00 $ 95.00 $ 50.00 $ 55.00 $ 12-2009 01-2010 02-2010 03-2010 04-2010 05-2010 06-2010 07-2010 08-2010 09-2010 10-2010 11-
Slide 16: Reswara: Historical Sales and Plan 2013
Reswara: Historical Sales and Plan 2013 Reswara Sales 7|000 6|000 6|000 5|000 4|665 4|000 3|000 2|163 2|000 1|179 1|000 695 - FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 ( e) 16
Slide 17: TIA: ASP – Cash Cost - SR
TIA: ASP – Cash Cost - SR ASP Cash Cost Stripping Ratio (SR) 40.89 4.5 48.75 25.8% 26.6% 22.82% 37.6 32.5 3.3 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Q1 2012 Q1 2013 17
Slide 18: MDB Project Update
MDB Project Update MDB Project by Mar 2013: Completion 1. Land Acquisition 72% Target Q4 2013 2. Port Construction 61% 3. Mining site 49% 18
Slide 19: ABM Coal Reserve, Resources and Concession
ABM Coal Reserve, Resources and Concession TIA MDB Total Total Resources: 561 Million Tons Coal Reserves (MT) Proved Reserves 13 7 20 Probable 39 162 201 Reserves Total Reserves 52 169 221 Total Reserves: 221 Million Tons Coal Resources Measured 32 18 50 Indicated 39 289 328 Inferred 35 148 183 Tota
Slide 20: TIA: Demographic and Layout
TIA: Demographic and Layout PT Tunas Inti Abadi TIA Site (South Kalimantan Province ) • TIA was acquired in Dec 2007, Central Kalimantan Balikpapan commenced commercial production in Aug 2009 and coal sales in Oct 2009 • Coal mining is contracted to ABM Palangkaraya subsidiary, CK • 25 km from pit t
Slide 21: MDB: Demographic and Layout
MDB: Demographic and Layout MDB Site (Aceh Province) PT Media Djaya Bersama • 70% ownership in MDB • To begin coal production in 2012 by using existing infrastructure and begin construction of own infrastructure in 2012 • Intends to sell coal to Indian power plants for blending • Logistic advantages
Slide 22: Reswara: Coal Char and Concession
Reswara: Coal Char and Concession Coal Characteristics TIA MDB Calorific Value (Adb) 55-53k kcal/kg 53-51k kcal/kg Caloric Value (GAR) 3,960 kcal/kg 3,440 kcal/kg Total Moisture (AR) 37.4% 43.8% Ash Content (Adb) 5.7% 4.6% Sulfur (Adb) 0.15% 0.16% Concession Breakdown Current Expiry Date Concession
Slide 23: CK, The Contractor Mining
cK CK, The Contractor Mining Cipta Kridatama
Slide 24: OB Removal Q1 2013 vs Q1 2012
OB Removal Q1 2013 vs Q1 2012 OB Removal Q1 2013 : 23.5 mn bcm OB Removal (mn bcm) OB Removal (mn bcm) 28.1 8|729 16.3% 7|544 7|232 23.5 Jan-13 Feb-13 Mar-13 Q1 2012 Q1 2013 24
Slide 25: Rental Service
Rental Service Rental Services Q1 2013 : 3.3 mn coal Rental Services (mn ton coal) Rental Service (mn ton coal) 1|273 3.3 1|174 34.1 955 2.46 Jan-13 Feb-13 Mar-13 Q1 2012 Q1 2013 25
Slide 26: CK Q1 2013 Revenue
CK Q1 2013 Revenue CK Revenue Q1 2013 : USD 96.4 mn Revenue (mn USD) 37.08 32.44 26.89 Jan-13 Feb-13 Mar-13 26
Slide 27: Existing 2011 vs 2012 Client of CK
Existing 2011 vs 2012 Client of CK Client FY 2012 FY 2011 ∆ Old Client A 29.7 25.5 B 1.6 13.6 C 7.3 14.8 D 10.6 23.66 E 27.3 25.3 F 17.3 14.2 G 11.4 1 105.2 118.06 -12.86 New Client H 16.8 0 I 7.7 0 J 1.3 0 25.8 0 Total (mn bcm) 131 118.06 25.8 27
Slide 28: OB Removal Historical and Plan 2013
OB Removal Historical and Plan 2013 OB Removal (mn bcm) 150.0 140.0 130.0 130.0 118.0 110.0 104.2 100.0 90.0 73.8 70.0 50.0 30.0 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 ( e) 28
Slide 29: Rental Service Historical and Plan 2013
Rental Service Historical and Plan 2013 Rental Service ( mn ton coal) 18.0 16.0 16.0 14.0 11.9 12.0 10.6 10.0 8.3 8.0 7.1 6.0 5.4 4.0 2.0 - FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 ( e) 29
Slide 30: Current Customers and Backlog
Current Customers and Backlog Operating Agreements as of Mar 31, 2013 Client Mining Project Sites Expected Backlog Kalimantan Contract Duration (bcm/ton) Jun 2004 – Sep 1 Separi, East Kalimantan 72.5 / 7.5 2015. Nov, 2007 – Oct 2 Jongon East Kalimantan 69.2 / 5 2 1 2015 7 Sebambam, Tanah Bumbu, Apri
Slide 31: Heavy Equipment and Machinery
Heavy Equipment and Machinery Type of equipment Capacity Number of units Average age (in years) Mar 31, 2013 Excavator 250 - 350 tons 15 5.07 20 - 100 tons 104 2.03 Truck 30 - 100 tons 334 3.1 Dozer 85 1.74 Grader 14 - 16 feet 46 2.27 Wheel loader 5 2.1 Compactor 12 2.16 Drill machine 1 2.7 Total 60
Slide 32: PT Sumber Daya Sewatama (SS) – Power Solutions
PT Sumber Daya Sewatama (SS) – Power Solutions 32
Slide 33: Capacity Installed and KWh Generated
Capacity Installed and KWh Generated Capacity Installed Q1 2013 : 1,010 MW kWh generated Q1 2013 : 303,354 kWh Capacity Installed kWh Generated 103|887 103|363 1|010 1|010 1|010 96|104 Jan-13 Feb-13 Mar-13 Jan-13 Feb-13 Mar-13 33
Slide 34: Capacity Installed and Lease Rate
Capacity Installed and Lease Rate Capacity Installed Lease Rate Rp/kwh 1|010 6.9% 275.3 944 272.3 271.1 Jan-13 Feb-13 Mar-13 Q1 2012 Q1 2013 ASP Rp/kwh 34
Slide 35: Lease Rate and Revenue
Lease Rate and Revenue SS Revenue Q1 2013 : USD 34.87 mn Lease Rate (Rp/Kwh) Revenue (mn USD) 287 273 11.90 269 1.5% 11.63 267 11.33 247 227 207 187 167 147 Q1 2012 Q1 2013 Jan-13 Feb-13 Mar-13 35
Slide 36: Capacity Historical and Plan Installed and Utilization Rate
Capacity Historical and Plan Installed and Utilization Rate Capacity Installed (MW) 1|400 1|250 1|200 1|010 1|010 1|000 934 792 800 758 638 73% 73% 600 74% 74% 70% 400 72% 200 - FY 2008 FY 2009 FY 2012 FY 2011 FY 2012 Q1 2013 FY 2013 (e ) 36
Slide 37: Diesel Genset is the Majority of Generators
Diesel Genset is the Majority of Generators Number of Units Average Average Age as of as of Mar 31, Capacity Useful Life Mar 31, 201 Model 2013 (kW) (Yrs) (Yrs) Diesel 828 1,001,054 10 6 Generator Sets Gas Generator 5 9,000 15 2 Sets Total 833 1,010,054 37
Slide 38: PT. Sanggar Sarana Baja (SSB) – Engineering Services
PT. Sanggar Sarana Baja (SSB) – Engineering Services Business Overview Transport Designing, manufacturing and distributing products for Equipment transportation and material handling business Division Site Services On-site repair, process plant maintenance and construction Division services Fabricat
Slide 39: Site Service work at SSB Client
Site Service work at SSB Client SSB Revenue Q1 2013 : USD 28.1mn Revenue (mn USD) 13.21 8.15 6.78 Jan-13 Feb-13 Mar-13 39
Slide 40: Fabrication Division
Gi SANGGAR SARANA BAJA Fabrication Division
Slide 41: PT. Cipta Krida Bahari (CKB) – Integrated Logistic
PT. Cipta Krida Bahari (CKB) – Integrated Logistic Business Overview • Integrated logistics provider offering freight forwarding, project logistics, industrial / offshore and coal logistics shipping, warehouse and shorebase management services • Freight forwarding services: Integrated logistics serv
Slide 42: Project Logistic of Overweight and over Size Cargo
Project Logistic of Overweight and over Size Cargo 42
Slide 43: CKB Revenue
CKB Revenue CK BRevenue Q1 2013 : USD 30.9 mn Revenue (mn USD) 10.77 10.23 9.90 Jan-13 Feb-13 Mar-13 43
Slide 44: ABMM 2013 Strategy & Mitigation
ABMM 2013 Strategy & Mitigation To anticipate the uncertainty Energy and Coal industry, our strategy is to maintain our growth and profitability, at the same time be cautious. We will focus on improving efficiency to reduce costs to keep its balance sheet healthy. Capex plan is mainly to complete MD
Slide 45: Financial Highlights and Review
Q1- 2013 Financial Highlights and Review 45
Slide 46: Q1 2013 Income Statement
Q1 2013 Income Statement ABM Consol Q1 - 2013 Q1 - 2012 ∆ Sales 213,244 200,174 7% COGS (174,762) (158,921) 10% Gross Profit 38,482 41,253 -7% Gross Profit Margin 18% 21% Operating Expenses (31,310) (27,165) 15% Other operating 18,351 (822) -2331% Income from Operations 25,523 13,266 92% Equity in n
Slide 47: Q1 Balance Sheet
Q1 Balance Sheet ABM Consol 31 Mar 2013 31 Dec 2012 Current Asset 501,915 461,744 Non Current Assets 798,204 801,654 Total Assets 1,300,119 1,263,398 Current Liabilities 381,556 376,625 Non Current Liabilities 558,057 540,713 Equity 360,506 346,060 Total Liabilities and 1,300,119 1,263,398 Equity 47
Slide 48: Q1 2013 Capex
Q1 2013 Capex Capex USD (‘000) Allocation in % ABM 4 0.01% CK 808 2.93% SS 14,575 52.92% SSB 260 0.94% CKB 889 3.23% Reswara 11,011 39.97% Total 27,547 100.00% 48
Slide 49: Contribution from Subsidiaries - Revenue
Contribution from Subsidiaries - Revenue Q1 - 2013 Q1 - 2012 Reswara Reswara 18% 22% CK CK 40% 42% CKB 13% CKB 13% SSB SSB 13% 11% SS SS 14% 14% 49
Slide 50: Contribution from Subsidiaries - Gross Profit
Contribution from Subsidiaries - Gross Profit Q1 - 2013 Q1 - 2012 CK 9% Reswara CK 16% 20% Reswara 30% SS CKB 30% 16% CKB SSB SS 16% 14% 34% SSB 15% 50
Slide 51: Contribution from Subsidiaries – Income From Operations
Contribution from Subsidiaries – Income From Operations Q1 - 2013 Q1 - 2012 Reswara Reswara CKB 1% CK -5% 8% 5% SSB CKB CK SS 1% 16% 26% 29% SSB 57% SS 52% 51
Slide 52: Contribution from Subsidiaries- Net Income
Contribution from Subsidiaries- Net Income Q1 - 2013 Q1 - 2012 Reswara CK Reswara CK -10% -8% -12% 10% CKB 5% SS 15% CKB 19% SS 51% SSB SSB 64% -8% 52
Slide 53: Historical Revenue
Historical Revenue Revenue (mn USD) 1000 887 900 800 754 700 600 520 500 400 300 200 100 0 FY 2010 FY 2011 FY 2012 53
Slide 54: Historical Gross Profit
Historical Gross Profit 200 25% 21% 19% 180 160 20% 140 15% 120 15% 100 80 172 10% 159 60 40 79 5% 20 0 0% FY 2010 FY 2011 FY 2012 Gross P GP Margin 54
Slide 55: Historical Net Income
Historical Net Income 60 8% 7.4% 7% 50 6% 40 5% 30 4% 56 3.4% 3% 20 2% 10 23 1.6% 14 1% 0 0% FY 2010 FY 2011 FY 2012 Net Income Margin 55
Slide 56: Contact
Contact Investor Relations Errinto Pardede Tel:6221-2997-6767 Ext.1874 Fax : 6221-2997-6768 Email : errinto.pardede@abm-Investama.co.id Email : ir@abm-investama.co.id Website : www.abm-investama.com A member of Tiara Marga Trakindo Group Gedung TMT 1, 18th Fl, Suite 1802 Jl Cilandak KKO No.1 Jakarta