PT Indika Energy Tbk · IDX:INDY
PT Indika Energy Tbk — FY2017 Earnings Presentation
88 slides from PT Indika Energy Tbk's earnings presentation, March 2018
Slide 1: Company Update FY 2017
COMPANY UPDATE FY 2017 Indika Energy March 2018
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: Content
Content • FY17 Highlight • 2018 Outlook • Business Review 37 - Energy Resources 38 - Energy Services 50 - Energy Infrastructure 57 • Appendix 65 2
Slide 4: 2017 Highlight
INDIKA_ 2017 Highlight
Slide 5: Key Assumptions vs Actual
Key Assumptions vs Actual Description Unit 2017 Budget 1Q17 A 1H17 A 9M17 A FY17 A Exchange Rate Average USD/IDR 13,300.0 13,348.5 13,330.7 13,330.5 13,384.1 Thermal Coal Price (NC) Average USD/ton 70.0 80.9 80.5 85.4 88.4 KIDECO Overburden Volume BCM 192.0 43.0 87.1 142.8 194.1 Production Volume Mt
Slide 6: Development in 2017
Development in 2017 • In April 2017, IE completed liability management for its 2018 Notes and bank loans in subsidiaries with a new bond maturing 2022 in the amount of USD265 million. • In October 2017, Indika Energy issued a new bond of US$575.0 million, 5.875% Senior Notes due 2024. The use of pro
Slide 7: Developments in 2017 (2)
Developments in 2017 (2) Accounting Treatment Impacts Post Kideco Transactions One-Off Gain on Revaluation Calculation Goodwill Calculation Description UoM Description UoM Transaction value 46% Kideco US$m 529.0 Cash consideration paid US$m 517.5 Book Value 46% Kideco US$m (144.8) Transaction Value
Slide 8: Indika Energy's Financial Highlights (1)
Indika Energy’s Financial Highlights (1) The Company’s financial statement has consolidated Kideco’s financials from 1 December to 31 December 2017 * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 41.7% 1,098.8 775.2 404.1 437.3% 34.1 38.6% 122.9 4.7 207.5 241.6 36.6 15.2 88.7 211
Slide 9: Indika Energy's Financial Highlights (2)
Indika Energy’s Financial Highlights (2) * Revenues Others Others 8.6% KJA* 6.6% Tripatra Tripatra 10.1% 25.0% 28.0% IIR 28.0% IIR 29.1% PTRO MBSS 23.1% PTRO 8.4% 27.0% MBSS 6.1% 2016: USD775.2 million 2017: USD1,098.8 million TPE: USD274.8 mn TPE: USD217.3 mn PTRO: USD254.3 mn PTRO: USD208.9 mn MBS
Slide 10: Indika Energy's Financial Highlights (3)
Indika Energy’s Financial Highlights (3) * Cash Balance & Debt (USD mn) as of Dec 31, 2017 1) Consists of : Petrosea: US$59.6 mn, MBSS: USD34.6 mn, Tripatra: 1,440.2 US$152.5 mn, Kideco: US$144.4m; 17.9 Leases 5) Indika Holding: US$337.9 mn 4) (including IIC, IIR, ILSS and Others). 82.3 Bank loans 2
Slide 11: Indika Energy's Financial Highlights (4) Capex Spending
Indika Energy’s Financial Highlights (4) Capex Spending * Capex 2017 B 1Q17 1H17 9M17 FY17 Realization Allocation (USD mn) Actual Actual Actual Actual IE Holding 0.5 0.0 0.0 0.3 1.5 300.8% PTRO 68.4 1.7 18.6 28.3 49.6 72.6% MBSS 11.5 1.4 4.3 7.4 10.7 92.7% Tripatra 0.0 0.0 0.0 0.0 0.0 N/A Resources
Slide 12: Indika Energy's Key Business Indicators
Indika Energy’s Key Business Indicators Revenues (USD mn) Adj. EBITDA (USD mn) & EBITDA Margin (%) 1,109.5 1,097.3 1,098.8 500 60% 42.1% 44.4% 863.4 749.7 775.2 26.5% 29.5% 593.4 250 20.9% 20.1% 30% 17.5% 250.0 333.0 260.6 231.9 192.0 155.7 291.5 0 0% 2011 2012 2013 2014 2015 2016 2017 2011 2012 201
Slide 13: Indika Energy's Key Credit Ratios (1)
Indika Energy’s Key Credit Ratios (1) Gross Debt & Net Debt / Adj. EBITDA (x) Debt / Capital (%) 5.1 5.2 4.9 4.9 4.1 4.3 3.8 54.0% 56.4% 52.4% 50.3% 52.1% 51.0% 52.3% 3.1 3.2 2.4 2.5 2.4 1.8 1.9 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 Adj. FFO / Debt (%) Adj. FCF / Debt
Slide 14: Indika Energy's Key Credit Ratios (2)
Indika Energy’s Key Credit Ratios (2) Adj EBITDA / Interest (x) Adj EBIT / Interest (x) 4.1 4.4 3.6 3.8 3.7 3.4 2.7 3.0 2.2 2.7 2.6 2.0 1.2 0.8 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 FFO + Interest / Interest (x) Adj EBITDA Less Capex / Interest (x) 4.2 2.3 2.5 2.2 3.7
Slide 15: Kideco's Financial Highlights FY2017 (1)
Kideco’s Financial Highlights FY2017 (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 30.9% 1,633.0 193.2% 527.8 496.4 219.5% 400.1 1,247.8 92.0 83.0 325.5 424.1 147.9 140.6 287.6 386.0 180.0 143.9 155.4 135.0 276.5 63.4 57.1 21.3 15.4 358.2 422.7 35.1 144.0 27.4 137.8 60.1 55
Slide 16: Kideco's Financial Highlights FY2017 (2)
Kideco’s Financial Highlights FY2017 (2) * Cash Balance & Debt (USD mn) as of Dec 31, 2017 144.4 32.8 FY16 FY17 CASH 15
Slide 17: Kideco's Operating Highlights FY2017
Kideco’s Operating Highlights FY2017 Overburden Removal Coal Production Stripping Ratio (mn bcm) (mn ton) (x) 1.0% -0.3% 195.9 1.3% 193.9 49.4 51.3 32.1 32.0 6.0 6.1 7.9 7.9 6.3 6.5 52.6 57.2 7.8 8.4 6.7 6.8 47.7 44.4 8.0 7.8 5.9 5.7 44.3 43.0 8.4 7.9 5.3 5.4 FY16 FY17 FY16 FY17 9M16 9M17 Coal Sales
Slide 18: Petrosea's Financial Highlights
Petrosea’s Financial Highlights * Revenues Gross Profit Operating Profit (USD mn) (USD mn) (USD mn) 24.1% 259.9 209.4 79.0 17.4% 40.9 60.6 36.2% 21.9 72.3 34.9 16.1 10.3 5.7 59.7 Mining: USD171.3 mn 13.4 E&C: USD70.2 mn 50.1 14.0 8.8 POSB & others: 9.7 46.5 USD18.4 mn 12.7 5.4 0.4 42.6 58.5 4.3 11.2
Slide 19: Petrosea's Financial Highlights (2)
Petrosea’s Financial Highlights (2) * Revenues Breakdown by Value POSB POSB 11.9% 7.1% E&C E&C Contract 27.0% 33.5% 54.6% Mining Contract 65.9% Mining 2016: USD209.4 mn 2017: USD259.9 mn * Cost Structure Others Others Rental Rental 7.4% 6.8% 8.9% 13.3% 27.9% Operation 33.2% Operation Sub contractor
Slide 20: Petrosea's Financial Highlights (3)
Petrosea’s Financial Highlights (3) * Cash Balance & Debt (USD mn) as of Dec 31, 2017 147.1 10.6 Lease 17.9 Bank loan * 59.6 Loan from 2.1 118.6 IEC II BV 57.5 CASH DEBT ** * Includes other financial assets ** includes accrued interest 19
Slide 21: Petrosea's Contract Mining Operation
Petrosea’s Contract Mining Operation * Overburden Removal Volume (Mn BCM) Coal Getting Volume (Mn Tonne) 46.6% 84.0 74.6% 57.3 24.8 14.2 FY16 FY17 FY16 FY17 Client FY16 FY17 Client FY16 FY17 Kideco Jaya Agung 27.9 31.0 Kideco Jaya Agung 6.9 6.2 Tabang *) 7.6 32.3 Tabang 5.9 13.6 Indoasia Cemerlang 1
Slide 22: Tripatra's Financial Highlights
Tripatra’s Financial Highlights * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 26.3% 274.8 31.7% 217.5 62.7 45.0 51.1% 5.1 44.3 34.2 62.8 29.1 12.0 54.1 0.7 15.5 19.2 8.7 78.9 15.5 43.2 8.4 11.2 12.0 TPEC: US$249.9 mn TPE: US$24.8 mn 2.3 75.9 70.3 12.4 4.4 7.9 8.3 4.0 FY16 FY17
Slide 23: Tripatra's Financial Highlights (3)
Tripatra’s Financial Highlights (3) * Cash Balance & Debt (USD mn) As of Dec 31, 2017 152.5 15.0 CASH DEBT 22
Slide 24: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) * Revenues Breakdown by Value TPE TPE 3.8% 9.0% 96.2% 91.0% TPEC TPEC 2016: USD217.5 mn 2017: USD274.8 mn * Cost Structure Misc Misc Rental & Repair 7.4% Handling 1.4% 14.4% 3.3% Rental & Repair Salary 6.5% 8.2% 43.5% Sub contractor 10.9% 53.5% Sub Contractor Sala
Slide 25: Tripatra's Financial Highlights (1) Cotrans Asia
Tripatra’s Financial Highlights (1) Cotrans Asia’s Operation * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) -0.1% 59.9 59.3 -4.9% -6.7% 17.7 14.0 13.0 12.3 12.0 14.3 14.5 11.2 3.5 2.5 3.2 2.1 14.2 14.3 2.9 2.7 5.0 4.8 3.2 3.0 16.7 16.5 2.8 2.6 1.7 3.7 1.5 3.4 FY16 FY17 FY16 FY17
Slide 26: Tripatra's Financial Highlights (2) Sea Bridge Shipping
Tripatra’s Financial Highlights (2) Sea Bridge Shipping’s Operation * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 1.0% -7.0 -6.2% 24.7 24.9 5.3 6.4 11.5 10.7 10.7 10.0 5.0 2.3 1.5 2.1 1.3 6.2 1.6 3.1 1.4 3.0 5.9 2.0 1.8 5.5 2.5 2.4 8.5 5.6 5.4 6.9 3.5 3.4 FY16 FY17 FY16 FY17 FY
Slide 27: MBSS' Financial Highlights (1)
MBSS’ Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 4.1% 41.3% (10.6) (6.2) 171.7% 0.2 65.8 68.5 (1.7) (3.7) (0.4) 15.7 17.5 0.9 2.5 (2.1) 0.8 (1.8) 16.9 17.8 Barges: US$50.4 mn 0.5 (2.1) FC: US$18.1mn 0.1 3.0 1.4 14.7 17.4 0.6 (5.3) (1.0) 18.3 15.8 (1.
Slide 28: MBSS' Financial Highlights (2)
MBSS’ Financial Highlights (2) * Revenues Breakdown Floating crane 27.5% Floating crane 26.4% 72.5% 73.6% Barging Barging FY16: USD65.8 mn FY17: USD68.5 mn * Cost Structure Others Others 19.4% 18.0% Port Charge Depreciation Port Charge 38.5% 36.7% 2.8% Depreciation 4.3% 6.9% Consumable 6.8% Consumab
Slide 29: MBSS' Financial Highlights (3)
MBSS’ Financial Highlights (3) * Cash Balance & Debt (USD mn) As of Dec. 31, 2017 42.0 34.6 CASH DEBT 28
Slide 30: MBSS' Operating Highlights
MBSS’ Operating Highlights * Barging (mn ton) Floating Crane (mn ton) -16.3% 22.1 18.5 -32.6% 12.9 8.7 FY16 FY17 FY16 FY17 Clients FY16 FY17 Clients FY16 FY17 ADRO 4.6 3.2 Contrans 9.9 9.3 KJA 4.9 4.1 BCS 1.9 0.3 BRAU 5.0 0.5 MMS 1.2 1.4 BCS 2.1 2.2 KPC 0.2 0 Others 0.9 1.9 BSSR 0.1 0 Others 4.2 1.1
Slide 31: Cirebon Electric Power's Financial Highlights (1)
Cirebon Electric Power’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 7.0% -6.9% 245.7 229.6 38.2 71.6 -7.1% 93.0 86.6 98.4 10.3 63.1 91.4 65.5 27.6 25.5 12.0 28.7 27.5 64.5 26.4 70.5 26.7 27.8 29.1 26.0 63.9 27.3 27.2 38.1 28.6 8.6 9.9 FY16 FY17 FY16
Slide 32: Cirebon Electric Power's Financial Highlights (2)
Cirebon Electric Power’s Financial Highlights (2) * Cash Balance & Debt (USD mn) As of Dec 31, 2017 452.2 76.8 CASH DEBT 31
Slide 33: Coal price had been remained strong for past one year
Coal price had been remained strong for past one year USD/ton 150 129.9 127.1 125 As of 23 Mar’18 92.8 100 86.3 per end of’17 75 50 25 2010 Average 2011 Average 2012 Average 2013 Average 2014 Average 2015 Average 2016 Average 2017 Average USD 99.2/ton USD 121.3/ton USD 97.7/ton USD 84.9/ton USD70.4/
Slide 34: Coal Price remains strong while oil price starting to recover
Coal Price remains strong while oil price starting to recover USD/ton USD/barrel 140 As of 23 Mar’18 92.8 70 62.3 As of 16 Mar’18 2010 Average 2011 Average 2012 Average 2013 Average 2014 Average 2015 Average 2016 Average 2017 Average USD 99.2/ton USD 121.3/ton USD 97.7/ton USD 84.9/ton USD70.36/ton
Slide 35: Content
Content • FY17 Highlight • 2018 Outlook • Business Review 37 - Energy Resources 38 - Energy Services 50 - Energy Infrastructure 57 • Appendix 65 34
Slide 36: 2018 Outlook
—, INDIKA_ 2018 Outlook 35
Slide 37: Key assumptions in 2018 budget
Key assumptions in 2018 budget Description Unit 2018 Budget Exchange Rate Average USD/IDR 13500.0 CAPEX Unit 2018 Budget Thermal Coal Price (NC) Average USD/ton 85.0 Allocation KIDECO IE Holding USD mn 1.3 Overburden Volume BCM 202.0 PTRO USD mn 112.6 Production Volume Mt 32 – 34 Strip ratio x 5.9 M
Slide 38: Content
Content • FY17 Highlight • 2018 Outlook • Business Review 37 - Energy Resources 38 - Energy Services 50 - Energy Infrastructure 57 • Appendix 65 37
Slide 39: Business Review
—, INDIKA_ Business Review 38
Slide 40: Energy Resources
ENERGY RESOURCES Kideco Jaya Agung Santan Batubara Multi Tambangjaya Utama 39
Slide 41: Indika Energy's Coal Reserves and Resources
Indika Energy’s Coal Reserves and Resources Concession Coal Assets Reserves Resources Areas Kideco 422.0 1,375.00 50,921 Santan 100.7 754.5 24,930 MUTU 40.6 75.2 24,970 (Mn ton) JORC Standard Reserves: 563.3 mn tons Resources: 2,204.7 mn tons 40
Slide 42: Kideco Jaya Agung
Kideco Jaya Agung Indika Energy owns 91% of Kideco, the third-largest coal producer in Indonesia with 50,921 Ha concession in East Kalimantan Kideco engages in surface open-cut mining since 1993 First-generation Coal Contract of Work valid through 2023 JORC resources as of June 2015 at 1,375mt and r
Slide 43: Indika Energy is solely controlling shareholder in Kideco
Indika Energy is solely controlling shareholder in Kideco 91% 9% Shareholding • Indonesian expertise and local • Leading Korean energy company access • 45 years of mining experience Role • Business opportunities via the • Marketing agent energy platform of Indika Energy Kideco’s dividend history 500
Slide 44: Kideco's Abundant Reserves and Resources
Kideco’s Abundant Reserves and Resources Reserves* Area Calorific Value (kcal)** Proved Probable Total (mn ton) Roto South 4,890.0 43.0 19.0 62.0 Roto North 5,630.0 - 9.0 9.0 Roto Middle 4,820.0 14.0 8.0 22.0 Susubang 5,110.0 1.0 3.0 4.0 Samarangau 4,390.0 96.0 221.0 317.0 Roto South G. 4,860.0 0.0
Slide 45: Well developed infrastructure with end-to-end control of mining process
Well developed infrastructure with end-to-end control of mining process… Overburden Removal Process Barging and Shipping Production of “Run of Mine” (58km) 1 (ROM) Coal 6 2 • Capable of loading a number of vessels simultaneously Total Distance: 99 – 107km Stockpiling at TMCT Crushing (3-11km) Exclus
Slide 46: Supported with reputation as the most reliable supplier
…supported with reputation as the most reliable supplier Unmatched Track Record of Production Achievement (mn ton) 40.3 37.3 40.0 40.0 39.0 34.2 37.0 34.0 32.1 32.0 29.1 31.0 31.5 32.0 32.1 29.0 24.0 24.8 20.6 22.0 22.0 18.2 18.9 16.9 14.0 10.3 11.5 8.5 2000 2001 2002 2003 2004 2005 2006 2007 2008 2
Slide 47: One of the lowest cost coal producers in Indonesia
One of the lowest cost coal producers in Indonesia Cash Cost Component USD Cash Cost / ton Labor & Labor & other other Overhead 2016 (divided by sales vol.) 3.8% Overhead 0.2% USD32.1 incl. royalty 4.9% 6.9% Freight 6.5% 6.5% Freight USD27.6 excl. royalty 6.6% 8.6% Material Material 13.8% Contract 2
Slide 48: Kideco Operational Performance
Kideco Operational Performance Mn ton/BCM 300.0 10.0 257.4 239.4 241.1 244.6 219.0 193.9 195.9 200.0 7.0 7.0 6.5 6.4 6.3 6.0 6.1 5.0 100.0 37.3 40.3 39.0 31.5 34.2 32.1 32.0 - - 2011 2012 2013 2014 2015 2016 2017 Overburden Stripping Ratio Coal Production Roto North Roto South Roto Middle Samarangau
Slide 49: Kideco Sales by Destination
Kideco Sales by Destination Strong presence in traditional & new market and strong customer based – mostly power plant FY16 – Total Sales Volume: 32.5mn tons FY17 – Total Sales Volume: 31.5mn ton Others Others Taiwan 7.5% 8.1% Japan 3.9% 3.8% Japan Indonesia Taiwan 4.5% 26.4% 4.5% Indonesia 31.2% Ko
Slide 50: Santan Batubara
Santan Batubara Petrosea owns 50% of Santan, the third-generation Coal Contract of Work with 24,930 Ha concession in East Kalimantan and valid through 2038 Petrosea engages coal mining services and Harum Energy who owns other 50% stake in Santan, engages coal marketing services Santan engages in sur
Slide 51: Multi Tambangjaya Utama
Multi Tambangjaya Utama MUTU is a bituminous thermal and coking coal producer based in Central Kalimantan, holding a third generation CCOW expiring in 2039. 63km Mine is located about 30km northeast of Ampah City and about 250km north of Banjarmasin, the capital of South Kalimantan. Hauling road : 6
Slide 52: Energy Services
ENERGY SERVICES Tripatra & Subsidiaries Petrosea 51
Slide 53: Tripatra has 40 years track record in the energy services
Tripatra has 40 years track record in the energy services • Established in 1973 • Multi-discipline engineering / EPC and project capabilities • Well-established track record with highly rated multinational companies • Long-term relationships with key customers including Chevron, Exxon Mobil and HESS
Slide 54: Tripatra's subsidiaries
Tripatra’s subsidiaries • Establish in June 2004, Tripatra has 45% equity • Establish in October 2008 Started (commercial interest in Cotrans operation in March 2009), Tripatra has 46% equity interest in Sea Bridge Shipping (SBS) • Cotrans provides offshore coal transportation and transshipment serv
Slide 55: Tripatra's Backlog in FY2017
Tripatra’s Backlog in FY2017 USD mn New Contract/ Remaining Revenue Remaining Adjustment Value Contract Value Recognition Contract Value Descriptions in 2017 Per Period ended Per 31 Dec 2016 31 Dec 2017 31 Dec 2017 Tripatra Engineers & 761.6 52.6 249.9 564.3 Constructors Tripatra Engineering 49.4 14
Slide 56: Petrosea
Petrosea • Petrosea is a multi-disciplinary engineering, construction and mining company with a track record of achievement in Indonesia since 1972 • Today, Petrosea is recognised as one of Indonesia's leading engineering and construction contractors • Petrosea’s strategy is to be an Indonesian mini
Slide 57: Petrosea's Backlog in FY2017
Petrosea’s Backlog in FY2017 USD mn New Contract/ Remaining Revenue Remaining Adjustment Value in Contract Value 2017 Recognition Contract Value Descriptions Per Period ended Per 31 Dec 2016 31 Dec 2017 31 Dec 2017 Contract mining 658.6 6.4 177.8 487.2 E&C 100.5 119.6 80.0 140.1 POSB 59.9 26.6 17.6
Slide 58: Petrosea Offshore Supply Base
Petrosea Offshore Supply Base FACILITIES: • Quay (inner : 4-6 meters & outer 5-8 meters water depth) • Storage: • Undercover (13,500 square meters) & Open (80,000 square meters) • Oil (4,000 cubic meters) & diesel (3,000 cubic meters) • Barite silos (8,000 cubic feet) & cement silos (5,000 cubic fee
Slide 59: Energy Infrastructure
ENERGY INFRASTRUCTURE Mitrabahtera Segara Sejati Cirebon Electric Power 58
Slide 60: Mitrabahtera Segara Sejati
Mitrabahtera Segara Sejati MBSS is an integrated coal transport and logistics (one-stop-solution) service company incorporated in 1994. Since 1998 MBSS has shown its commitment to customers by being the first company in Indonesia to sign a contract with a dispatch and demurrage provision clause, thu
Slide 61: MBSS' Backlog in FY2017
MBSS’ Backlog in FY017 USD mn Remaining New Contract/ Revenue Remaining Contract Adjustment Recognition Contract Value Value in 2017 Value Clients Per Period ended Per 31 Dec 2016 31 Dec 2017 31 Dec 2017 Barging 27.1 62.9 49.9 40.1 Floating Crane 49.4 -2.4 19.2 27.8 Total 76.5 60.5 69.1 67.9 60
Slide 62: Large Fleet of Vessels
Large Fleet of Vessels As of Additional up to Dec 31, 2016 Dec 31, 2017 Barges Tug 75 -6 86 -5 Total 69 Total 81 Support Vessel Floating Crane 1 0 4 0 Total 1 Total 4 61
Slide 63: Cirebon Electric Power (1)
Cirebon Electric Power (1) Location Cirebon, Java Capacity 1x660MW Shareholding Marubeni Corp.: 32.5% KOMIPO Co.: 27.5% Samtan Co.: 20.0% Indika Energy: 20.0% Off-taker PLN Power Purchase Agreement 30 Years Tariff USD0.0443/kwh* Commercial Operation Date 27 July 2012 Sources of Coal Kideco : 1.85 mn
Slide 64: Cirebon Electric Power (2)
Cirebon Electric Power (2) CEP Performance in FY17 Availability Factor • Projected Availability Factor (AFpm) FY2017 = 80% • Actual Availability Factor (billing/AFa) FY17 = 78.8% Production • Energy Generated Gross = 4,392,324 MWh • Electric Energy Exported = 4,041,044 MWh Net Income • CEP’s net inc
Slide 65: Cirebon Electric Power (3)
Cirebon Electric Power (3) Cirebon Power Expansion, 1 x 1,000 MW Coal Fired Power Plant • On October 23, 2015, CEPR (PT Cirebon Energi Prasarana), in which Indika has a 25% stake through PEC (PT Prasarana Energi Cirebon), signed a 25-year Power Purchase Agreement (PPA) with PT PLN (Persero). • Proje
Slide 66: Content
Content • FY17 Highlight • 2018 Outlook • Business Review 37 - Energy Resources 38 - Energy Services 50 - Energy Infrastructure 57 • Appendix 65 65
Slide 67: Appendix
—, INDIKA_ Appendix
Slide 68: Kideco's Financial and Operating Highlights (1)
Kideco’s Financial and Operating Highlights (1) Descriptions 2017 2016 2015 2014 (USD mn) audited audited audited audited Sales 1,633.0 1,247.8 1,658.2 2,059.4 Gross profit 527.8 180.0 281.3 328.3 Operating profit 496.4 155.4 253.6 295.6 Net income 277.1 88.6 138.1 154.4 EBITDA 526.0 179.7 281.8 328
Slide 69: Kideco's Financial and Operating Highlights (2)
Kideco’s Financial and Operating Highlights (2) Descriptions 2017 2016 2015 2014 (USD mn) audited audited audited audited Sales 1,633.0 1,247.8 1,658.2 2,059.4 Gross profit 527.8 180.0 281.3 328.3 Operating profit 496.4 155.4 253.6 295.6 Net income 277.1 88.6 138.1 154.4 EBITDA 526.0 179.7 281.8 328
Slide 70: Petrosea's Financial Highlights (1)
Petrosea’s Financial Highlights (1) Descriptions 2017 2016 2015 2014 (in USD mn) audited audited audited audited Total revenues 259.9 209.4 206.8 348.0 Mining 171.3 114.3 146.3 294.2 E&C 70.2 70.1 26.7 18.2 Services & others 18.4 24.9 33.8 35.6 Gross profit 40.9 34.9 29.1 66.7 General and administra
Slide 71: Petrosea's Financial Highlights (2)
Petrosea’s Financial Highlights (2) Descriptions 2017 2016 2015 2014 (in USD mn) audited audited audited audited Cash balance* 59.6 67.8 55.0 66.7 Current assets 161.1 147.7 141.2 175.5 Total assets 436.8 393.4 425.4 467.7 Current liabilities 97.4 68.4 90.9 107.5 Total debt 147.1 151.5 178.0 194.2 S
Slide 72: MBSS' Financial Highlights (1)
MBSS’ Financial Highlights (1) Descriptions 2017 2016 2015 2014 (USD mn) audited audited audited audited Total revenues 68.5 65.8 89.8 135.3 Tug & Barge 50.4 47.7 57.4 94.3 Transshipment 18.1 18.1 32.3 41.0 Gross profit 2.5 0.9 15.1 43.4 Selling and general & administrative expenses 8.8 11.5 12.2 13
Slide 73: MBSS' Financial Highlights (2)
MBSS’ Financial Highlights (2) Descriptions 2017 2016 2015 2014 (USD mn) audited audited audited audited Cash balance* 34.6 33.7 41.7 48.1 Current assets 52.8 56.4 81.5 95.4 Total assets 240.1 260.5 307.8 351.6 Current liabilities 8.8 43.2 39.0 38.9 Total debt 42.0 52.3 70.9 85.9 Shareholder equity
Slide 74: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) Descriptions 2017 2016 2015 2014 (in USD mn) audited audited audited audited Total revenues 274.8 217.5 475.9 418.6 Gross profit 45.0 34.2 18.9 39.4 General and administrative expenses 15.9 14.9 15.0 14.6 Operating profit 29.1 19.2 3.9 24.8 Equity in net earnings
Slide 75: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) Descriptions 2017 2016 2015 2014 (in USD mn) audited audited audited audited Cash balance* 152.5 60.3 39.9 60.7 Current assets 230.4 254.2 354.1 248.1 Total assets 278.6 307.4 398.6 318.4 Current liabilities 120.2 166.4 262.7 160.9 Total debt 15.0 62.9 88.6 24.5 S
Slide 76: CEP's Financial Highlights (1)
CEP’s Financial Highlights (1) Descriptions 2017 2016 2015 2014 (USD mn) audited audited audited audited Sales 245.7 229.6 261.9 254.1 Gross profit 91.4 98.4 109.9 90.7 Operating profit 86.6 93.0 104.2 84.1 Net income 34.9 99.2 38.9 22.5 EBITDA 89.9 96.0 106.8 84.4 Gross margin 34.3% 42.8% 42.0% 35.
Slide 77: CEP's Financial Highlights (2)
CEP’s Financial Highlights (2) Descriptions 2017 2016 2015 2014 (USD mn) audited audited audited audited Cash balance* 76.8 71.7 73.5 49.7 Current assets 188.8 144.0 180.4 161.1 Total assets 841.1 854.7 875.9 893.3 Current liabilities 127.8 96.3 131.1 139.3 Debt 452.2 507.6 588.3 653.8 Total equity
Slide 78: Indika Energy's Financial Highlights (1)
Indika Energy’s Financial Highlights (1) Descriptions 2017 2016 2015 2014 (in USD mn) audited audited audited audited Total revenues 1,098.8 775.2 1,097.3 1,109.5 Tripatra 274.8 217.3 475.1 417.7 Petrosea 254.3 208.9 206.8 347.9 MBSS 67.1 65.3 89.8 134.1 IIR 319.8 216.7 263.4 143.0 Kideco 110.5 0.0
Slide 79: Indika Energy's Financial Highlights (2)
Indika Energy’s Financial Highlights (2) Descriptions 2017 2016 2015 2014 (in USD mn) audited audited audited audited Cash balance* 729.0 311.9 339.4 411.1 Current assets 1,353.8 667.4 827.3 831.4 Total assets 3,635.7 1,822.3 2,150.4 2,290.3 Current liabilities 659.5 313.0 505.6 396.7 Total net inte
Slide 80: Fast facts
—, INDIKA_ Fast facts
Slide 81: Indika Energy, Indonesia's leading fully integrated energy company
Indika Energy, Indonesia’s leading fully integrated energy company PT Indika Energy Tbk. 1 Energy Resources 2 Energy Services 3 Energy Infrastructure - 3rd largest coal producer - Transshipment and water transportation - Resources 1,375.0 MT, reserves 422.0 MT - Established since 1973 - 51.0%
Slide 82: A well-integrated energy platform across the entire value chain
Indika Energy Group companies cover end-to-end coal business value chain Identification / acquisition Energy resources of assets • Operational synergies from intra- Exploration group cross-selling opportunities A well-integrated energy platform across the entire value chain - part of Kideco's overbu
Slide 83: Corporate Structure
Corporate Structure PT Indika Energy Tbk. (Indonesia) 100% 90% 100% 100% 100% 69.80% 100% 100% 100% PT Tripatra Multi PT Indika Indonesia PT Indika Inti PT Tripatra PT Indika PT Indy Properti PT Tripatra PT Petrosea Tbk. PT Indika Energy Indika Power Energi Resources Corpindo Engineers and Infrastru
Slide 84: Notes Outstanding
Notes Outstanding Ba 3 Outlook Stable (as of Dec. 2017) The Senior B + / Positive Outlook Notes are rated: International Ratings (as of Dec. 2017) A / Positive Outlook National Ratings (as of Dec. 2017) Indo Energy Finance II B.V. Indo Energy Capital II Pte. Ltd. Indo Energy Capital III Pte. Ltd. US
Slide 85: INDY shareholding structure
INDY shareholding structure PT Indika Inti PT Teladan Public Investindo Resources 37.79%* 30.65%* 31.56% PT Indika Energy Tbk. (INDY) listed in the Indonesia Stock Exchange on June 11, 2008 Number of shares: 5,210,192,000 Part of IDX’s LQ 45 Index and MSCI Indonesia Index Market Cap. as of 29 Dec. 2
Slide 86: PTRO shareholding structure
PTRO shareholding structure PT Indika Energy Public Tbk. 69.8%* 30.2% PT Petrosea Tbk. (PTRO) listed in the Indonesia Stock Exchange on May 21, 1990 Number of shares: 1,008,605,000** Market Cap. as of 29 Dec. 2017 – IDR1.7 trillion (USD123.7 million)*** * Since February 09, 2012 (Indika Energy compl
Slide 87: MBSS shareholding structure
MBSS shareholding structure PT China Navigation Co. PT Indika Energy Public Pte. Ltd. Infrastructure 25.68%* 51.0%* 23.32% PT Mitrabahtera Segara Sejati Tbk. (MBSS) listed in the Indonesia Stock Exchange on April 06, 2011 Number of shares: 1,750,026,639 Market Cap. as of 29 Dec. 2017 – IDR1,0 trilli
Slide 88: Thank You
THANK YOU 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