PT BUMI Resources Tbk. Paparan Publik Tahunan
Jakarta, 8 Desember 2016
www.bumiresources.com
Agenda 1. Sekilas tentang Perseroan 2 Kinerja Produksi dan Penjualan 2. 3. Kinerja Keuangan –
Laba /Rugi g
–
Neraca
4. Gambaran Pasar dan Biaya Produksi 5. Usulan Restrukturisasi Utang 6. Rangkuman dan Rencana ke Depan
2
Sekilas Perusahaan 9
Salah satu pengekspor batubara terbesar di dunia
9
KPC merupakan tambang batubara bertujuan ekspor terbesar di dunia
Perusahaan berbasis sumber daya alam dan penghasil batubara termal terbesar di Indonesia (KPC dan Arutmin) dengan penguasaan pasar batubara dari seluruh produksi batubara Indonesia pada tahun 2016(1)
memproduksi batubara sebanyak 81 juta metrik ton pada tahun 2015, dan pada tahun 2016, diperkirakan sebanyak 86 juta metrik ton
Memiliki 2 2,2 2 miliar metrik ton cadangan batubara yang siap dipasarkan dan 12 12,4 4 miliar metrik ton sumberdaya batubara (di luar cadangan)
Masih terdapat potensi yang sangat besar untuk mengembangkan cadangan; tambang KPC baru sebagian yang dieksplorasi
9 9 9
Memiliki lokasi yang ideal untuk pasar batubara utama di Asia dan Eropa
9
Membagi bisnis menjadi batubara dan non batubara
Memiliki pertambangan terbuka dengan fasilitas pengolahan batubara yang terpadu Infrastruktur terdedikasi, termasuk terminal pemuatan batubara, fasilitas pelabuhan, pembangkit listrik dan konveyor batubara yang terikat
- BUMI akan memfokuskan diri pada dominasi batubara termal - BRMS S menjadi perusahaan terbuka yang ffokus pada industri metal (1) www.minerba.esdm.go.id
3
Struktur Kepemilikan Bumi Menjadi Perusahaan Sumberdaya Tambang Terdiversifikasi PT BUMI RESOURCES TBK.
Minerals (Non-Coal)
Coal, Oil & Gas KPC 51%
87,09%
PT Bumi Resources Minerals Tbk
Bumi Seri A (25%) Bumi Seri B (0,004%) 80%
Gorontalo Minerals – Gold & Copper Mining (in exploration stage)
70%
Arutmin 96,97%
70%
70%
IndoCoal Resources (Cayman) Ltd
(in exploration stage)
80%
Dairi Prima Minerals– Zinc ,Lead
100%
Bumi Japan – Marketing Services
(in exploitation stage)
IndoCoal KPC Resources (Cayman) Ltd (Forerunner International)
100%
Citra Palu Minerals – Gold Mining
Gallo Oil (Jersey) – Oil Production (in exploration stage)
Efektif 31,40%
Darma Henwa – Contract Mining (associated company)
Efektif 84,55%
Pendopo Energi Batubara – Coal (in exploration stage)
4
Batubara yang Diproduksi / Ditambang 20012017 (dalam Juta Ton)
> 90 (E) 86 (E)
84 81
5
Cadangan dan Sumber Daya Batubara – Terbesar di Indonesia • Cadangan terkini sebesar 2,2 miliar metrik ton • Cadangan & Sumberdaya, seluruhnya sebesar 14,5 miliar metrik ton
Dalam Juta Ton KPC:
Cadangan Batubara
Sumber Daya Batubara
Total
578
7,670
8,248
63 214
828 1,549
891 1,763
277
2,377
2,654
Pendopo:
1,306
2,311
3,617
TOTAL
2,161
12,358
14,519
Arutmin: Sub Bituminous Coal Ecocoal
Comments: Kapabilitas Produksi Saat Ini Cadangan Saat Ini S Sumber b D Daya hi hingga C Cadangan d (30%) Total Ekuivalen Produksi Tahun Ini
100 juta ton/tahun 21 tahun 37 ttahun h 58 tahun 6
1H’16 : Kinerja Operasional (on full basis) FUNDAMENTAL MASIH SANGAT KUAT
Pengupasan Tanah Penutup
Volume Batubara Ditambang
(in mn bcm)
(in mn tons)
579
578
84 271
299
39
Penjualan Batubara
Rasio Pengupasan
(in mn tons)
(in bcm/t)
85
40
7.5x
79 40
81
7.1x
42 6.9x
6.9x
Produksi dan Penjualan yang Membaik Secara Signifikan Rasio Pengupasan (Strip Ratio) pada Tingkat Usia Tambang Efisiensi dan Optimisasi yang Membaik 7
H1’16 – H1’15 : Sekilas Kinerja* METRIKS OPERASIONAL
Pengupasan Tanah Penutup
299,1 mbcm vs 271,3 mbcm atau meningkat 10%
Volume Batubara Ditambang
39,8 juta metrik ton vs 39,1 metrik ton atau meningkat 2%
Penjualan Batubara
41,9 metrik ton vs 39,9 metrik ton atau meningkat 5%
Biaya Kas Produksi
$ 26,8/ton vs $ 32,1/ton atau berkurang 16%
Harga FOB
$ 39,8/ton 39 8/ton vs $ 45,8/ton 45 8/ton atau berkurang 13%
Rasio Pengupasan
7,5 bcm/ton vs 6,9 bcm/ton meningkat 8%
8
Ikhtisar Keuangan Dalam Juta US$
H1‐2016
Pendapatan B b Pokok Beban P k k Pendapatan P d
H1‐2015
12,8 ‐
Laba Bruto
12,8
Laba Usaha
(1,7)
21,5
‐40%
1 6 ‐100% 1,6 100% 19,9
‐36%
6,4 ‐127%
LABA (RUGI) NETO YANG DAPAT DIATRIBUSIKAN KEPADA Pemilik entitas induk p g non pengendali p g Kepentingan Total
(20,8) 9,0 (11,8)
FY 2015 FY ‐2015
% Aset Lancar
%
542,0
182,7
‐66%
Aset Tidak Lancar
2.852,3
3.448,0
21%
Total Aset
3.394,3
3.630,7
7%
Liabilitas Jangka Pendek
5.474,2
5.722,7
‐5%
Liabilitas Jangka g Panjang j g
825,0 ,
824,7 ,
0%
6.299,2
6.547,4
‐4%
Total Liabilitas (562,5)
H1 2016 H1‐2016
‐96%
Ekuitas Pemegang saham
(2.904,9)
(2.916,7)
0%
((3,7)) ‐343%
Total Liabilitas & Ekuitas Total Liabilitas & Ekuitas
3.394,3
3.630,7
‐7% 7%
(566,2)
‐98%
9 9
H1’16 – H1’15 : Sekilas Kinerja DATA KEUANGAN Pendapatan
USD12,8 juta vs USD21,5 juta atau berkurang 40%
Beban Pokok Pendapatan
USD0 juta vs USD1,6 USD1 6 juta atau berkurang 100%
Laba Bruto
USD12,8 juta vs USD19,9 juta atau berkurang 36%
Margin Laba Bruto (% terhadap Pendapatan)
100% vs 93%
Beban Usaha
USD14,5 juta vs USD13,5 juta atau meningkat 7%
Laba Usaha
Rugi USD1,7 juta vs Laba USD6,4 juta atau berkurang 127%
Margin Laba Usaha (% terhadap Pendapatan) -13% vs 30% Laba (Rugi) Sebelum Pajak
*)
USD21,5 juta vs USD586,2juta positif sebesar USD564,7 , jjuta secara y yoy y Pembalikan p
Laba (Rugi) Bersih
*)
USD11,8 juta vs USD566,2juta Pembalikan positif sebesar USD554,4 juta secara yoy
10
Harga Jual Rata-rata Harga Jual Rata-rata Tertimbang (in US$ per ton )
ASPs (exc . Ecocoal ) Ecocoal ASPs KPC+AI
2012
2013
2014
2015
H1'15
H1'16
$
90.1
$
75.9
$
66.4
$
53.8
$
56.1
$
46.3
$
52.7
$
34.8
$
29.7
$
24.8
$
23.8
$
24.2
$
81.5
$
63.8
$
52.7
$
44.8
$
45.8
$
39.8
Catatan: Harga Rata-rata Penjualan berdasarkan harga FOB, termasuk royalti kepada pemerintah
11
Penjualan Batubara – berdasarkan Tujuan Peringkat
Tujuan
J Januari i – Juni J i 16 Penjualan (tons) Porsi (%)
2015 Penjualan (tons)
Porsi (%)
2014 Penjualan (tons)
Porsi (%)
Domestik 1.
Indonesia
14.708.600
35%
30.929.449
39%
38.236.788
45%
9.220.014 5.982.533
22%
24.982.282
32%
20 417 502 20.417.502
24%
14%
9.239.461
12%
9.576.613
11%
6.135.167
7%
Ekspor 2 2.
I di India
3.
Japan
4.
China
5.610.025
13%
2.840.551
4%
5.
Philippines
2,534,568
6%
4.597.178
6%
3.943.209
5%
6.
Thailand
1.292.834
3%
2.157.418
3%
1.927.178
2%
7.
Lain-lain
2.648.170
6%
4.566.079
6%
4.494.094
6%
65%
40.382.969
61%
46.493.763
55%
100%
79.312.418
100%
84.730.551
100%
Total Ekspor
27.258.144
Total (dalam Juta)
41.966.744
12
Biaya Produksi Batubara Biaya Kas Produksi (1)
Komposisi Biaya Kas Produksi
FY13
FY14
FY15
H1’15*
H1’16*
Bumi
40 5 40,5
34 6 34,6
30 2 30,2
32 1 32,1
26 8 26,8
KPC
46,0
41,9
33,2
35,1
29,7
Arutmin
31,0
22,5
23,1
25,6
20,2
7.7
5.6
6.0
3.9
(dalam USD per ton)
Biaya Bahan Bakar per Ton (USD)
9.7
Rasio Pengupasan
8.6x
6.9x
7.1x
6.9x
7.5x
Margin Kas2)
23 4 23.4
18 1 18.1
14 6 14.6
13 7 13.7
13 0 13.0
Kontraktor Tambang 55,6%
Biaya Bahan Bakar 14,4%
Pemeliharaan, Penyewaan Alat Berat 19,4% Biaya Tenaga Kerja 7,4% 7 4% Bahan-bahan Lainnya 3,2%
Note: (1) Dihitung dengan cara membagi biaya kas produksi dengan produksi batubara yang ditambang, tidak termasuk FBS. (2) Dihitung dengan cara mengurangi biaya kas produksi dari haga rata-rata penjualan. * Tidak Diaudit
Curah Hujan di Sangatta
H1 2016
Harga Diesel untuk Keperluan Industri di Indonesia Harga Diesel menurun secara signifikan bersamaan d dengan t turunnya harga minyak bumi
13
Proses Restrukturisasi Utang
14
Hasil PKPU 28 November 2016
Pada tanggal 9 November 2016, para kreditor BUMI (Perseroan) yang telah terverifikasi melaksanakan pemungutan suara (voting) atas rencana perdamaian yang diajukan oleh Perseroan (“Perjanjian Perdamaian”). Berdasarkan hasil voting, 100% kreditur konkuren dan 99,84% kreditur separatis yang hadir menyepakati isi Perjanjian Perdamaian tersebut. Kemudian, berdasarkan hasil voting tersebut, Pengadilan Niaga telah menghomologasi dan memberikan putusan pengesahan atas perjanjian perdamaian dimaksud pada tanggal 28 November 2016, dan selanjutnya status PKPU Bumi dicoret dari nama Perseroan.
15
Restrukturisasi Utang BUMI (non-konsolidasi) (Dalam US$)
Setelah PKPU
Sebelum PKPU Liabilitas Pinjaman + Notes + CBs + Bunga Pinjaman Intercompany Vendor & lainnya d &l i Total Liabilitas
Total 7.001,3
*Bergantung pada persetujuan pemegang saham dan mematuhi peraturan yang berlaku
4.057,9 2.731,9 2 211,5 7.001,3
Liabilitas Fasilitas Baru (tranche A+B+C) Pinjaman Intercompany V d Vendor
1.607,0 2.731,9 31 5 31,5
Total Liabilitas
4.370,3
Ekuitas MCB Ekuitas*
639,0 1.991,9
Total Ekuitas
2.630,9
Total Keseluruhan
7.001,3
*tidak termasuk ESOP dan biaya transaksi
16
Fasilitas Baru Bunga
Tranche A
Tranche B
Tranche C
USD 600juta
USD 600juta
USD 406juta
total bunga hingga 7,5% p.a.(kas dan akrual) ditetapkan berdasarkan harga acuan (benchmark price). Bunga kas jatuh tempo dan wajib dibayar pada setiap tanggal pembayaran bunga. B Bunga akrual harus dikapitalisasi k lh dik it li i dan dibayarkan secara penuh pada saat Jatuh Tempo sepanjang tidak dibayarkan pada masing‐masing tanggal pembayaran bunga.
8% p.a. (PIK Interest).
9% p.a. (PIK Interest).
Jatuh Tempo
Jatuh tempo dan wajib dibayar pada setiap tanggal pembayaran bunga.
Sepanjang tidak dibayarkan harus Bunga sepanjang tidak dikapitalisasi dan dibayarkan secara dibayarkan harus dikapitalisasi penuh pada saat Jatuh Tempo dan dibayarkan secara penuh pada saat Fasilitas Tranche C Jatuh Tempo 5 tahun sejak Tanggal Efektif
Sesuai ketersediaan kas mengikuti urutan prioritas Cash Waterfall
Pembayaran Contingent Value Rights (CVR)
Wajib dibayar apabila kas tersedia berdasarkan Cash Waterfall.
Jumlah:US$50juta
Jumlah: USD50juta
N/A
Pemicu Penyelesaian : dalam hal Harga Acuan Rata‐Rata lebih tinggi dari USD70/mt dalam jangka waktu 18 bulan berturut‐turut setelah Tanggal Efektif.
17
Obligasi Wajib Konversi (MCB) Bunga (kupon): 6,0% p.a., dibayarkan setiap bulan mengikuti urutan prioritas Cash Waterfall sepanjang terdapat dana yang memadai atau ditunda dan wajib dibayar pada saat jatuh tempo. Jatuh Tempo: 7 tahun dari Tanggal Efektif MCB. Harga Konversi: • Tahun 1 – 2: 30% lebih tinggi dari Harga Acuan (Reference Price). • Tahun 3 - 4: lebih rendah dari Harga Acuan dan 40% lebih tinggi dari rata-rata aritmatik IDR VWAP (Harga Rata Rata-rata rata Tertimbang Volume Volume-Rupiah) Rupiah) harian saham Bumi selama periode 6 bulan (“VWAP** Period”) yang berakhir pada Hari Kerja sebelum hari pertama Tahun 3. • Tahun 5 – 7: lebih rendah dari Harga Acuan dan/atau 25% lebih tinggi dari rata-rata aritmatik Periode VWAP yang berakhir pada Hari Kerja sebelum hari pertama masing masingmasing Periode VWAP yang bersangkutan. • Jatuh Tempo: konversi wajib pada rata-rata aritmatik IDR VWAP saham Bumi selama periode 6 bulan yang berakhir pada Hari Kerja sebelum Tanggal Jatuh Tempo Obligasi Wajib Konversi (MCB). Bergantung persetujuan pemegang saham dan mematuhi peraturan yang berlaku. Harga Acuan (Reference Price) setara dengan Rp926,16 per lembar. Pemegang MCB memiliki hak untuk mengkonversi 25% utang per tahun. 18
Pelunasan Vendor • Selain dari Vendor yang ingin mengkonversi piutangnya menjadi saham Perseroan, Perseroan telah menyusun Rencana Pembayaran hingga maksimum k i 10 tahun t h bergantung b t d i sisa dari i pembayaran, b sebagaimana b i d dapat t dilihat dalam tabel di bawah ini: Sisa Pembayaran hingga
Tahun 1
Tahun 2
Tahun 3
Tahun 4
IDR 1 miliar
50%
50%
IDR 2 6 ili IDR 2,6miliar
20%
IDR 6,6 miliar 7,5%
Tahun 5
Tahun 6
20%
30%
30%
7,5%
12,5%
12,5%
25%
25%
Tahun 7
Tahun 8
IDR 13 miliar
5%
5%
7,5%
7,5%
12,5%
12,5%
25,0%
25%
IDR67 5 miliar IDR67,5 ili
1%
1%
1 5% 1,5%
1 5% 1,5%
2 5% 2,5%
2 5% 2,5%
15 0% 15,0%
15%
Tahun 9
30%
Tahun 10
30%
19
Penerbitan Saham Baru (Rights Issue) Konversi total utang dan klaim vendor sebesar USD1.992 juta menjadi saham Perseroan. Berdasarkan Nilai Ekuitas Aset Bersih sebesar USD4,6 miliar, harga konversi ditetapkan sebesar Rp926,16 per lembar, menggunakan kurs tukar @Rp13.235. Target waktu pelaksanaan: pada atau sebelum tanggal 30 Juni 2017, dengan mematuhi ketentuan di bidang pasar modal dan peraturan terkait lain yang berlaku di Indonesia, termasuk namun tidak terbatas pada persetujuan rapat umum pemegang saham Perseroan dan otoritas pasar modal (jika dipersyaratkan).
20
Tata Kelola Perusahaan yang Semakin Baik
21
Lingkup Kerja Akuntan Pengawas
*Ak t pengawas akan *Akuntan k melakukan l k k (tanpa (t batasan) b t ) kegiatan-kegiatan k i t k i t b berikut ik t d dan menyiapkan i k llaporan (“Laporan Akuntan Pengawas”) untuk disampaikan kepada Kreditor New Senior Secured setiap triwulan.
22
Kapitalisasi Pasar – Perubahan – Sebelum & Sesudah Restrukturisasi Ilustrasi JUMLAH SAHAM BEREDAR SAAT INI
: 36,6 miliar
PENERBITAN SAHAM BARU
: 29,1 29 1 miliar
PENAMBAHAN SAHAM
: 65,7 milliar
HARGA PENERBITAN SAHAM BARU
: Rp926,16/lembar
BASIS HARGA PENERBITAN SAHAM BARU
: NAV USD 4,6 miliar
KAPITALISASI PASAR SAAT INI
: Rp11,1 triliun
(Rp304/lembar)**
NILAI PENERBITAN SAHAM BARU
: Rp26,9 Rp26 9 triliun
(Rp926 16/lembar) (Rp926,16/lembar)
NEW THEORETICAL MARKET CAP DEEMED SHARE VALUE (Penambahan Saham)
: Rp38,0 triliun : Rp580/lembar
*E & OE **Per harga penutupan tanggal 6 Desember 2016
23
PERSEPSI TATA KELOLA YANG SEMAKIN BAIK Operasional -
Perwakilan Pemegang Saham di anak perusahaan batubara sejak tahun 2007
-
Pengenalan 3 Direktur dan 3 Komisaris dari pihak Kreditor – CIC, Debt & Equity – masing-masing 1 direktur dan 1 komisaris
-
Kreditor memiliki hak untuk menunjuk Akuntan Pengawas Kas untuk melakukan pengawasan atas: • pelaksanaan Cash Waterfall • ramalan Arus Kas dan Arus Kas Aktual, Aktual Pembayaran dan Rekening Bank • melakukan pengawasan atas Kontrak & Transaksi antar Pihak Berelasi • melakukan pengawasan atas Pengeluaran biaya dengan nilai di atas USD500,000 • melakukan peninjauan atas Modal Kerja & Fasilitas Pendanaan
-
Anak perusahaan BUMI mendapat predikat terbaik di bidang Tanggung Jawab Sosial Perusahaan (CSR), Kesehatan, Keselamatan dan Lingkungan (HSE), Pengembangan Masyarakat, Reklamasi, Penanaman Kembali, Konservasi & Inisiatif Sosial
-
KPC mendapat predikat terbaik di bidang keberlanjutan (Best on Sustainability) oleh Pemerintah Indonesia
-
Catatan Keamanan yang Bagus
-
P d Pedoman T t Kerja Tata K j Dewan D K i i dan Komisaris d Direksi Di k i yang Baik B ik
-
Sisa utang berkurang hingga USD1,6 miliar (dari USD4,2 miliar setelah restrukturisasi) 24
Tinjauan Masa Depan • • • • • •
Kapabilitas Produksi: 100 juta metrik ton di tahun 2017 Keuntungan kenaikan harga batubara, penurunan biaya Pengurangan utang - USD2,6 miliar (dari USD4,2 miliar USD1,6 miliar) Mempercepat pengembangan Bumi Resources Minerals Melakukan upaya terbaik untuk kembali menghasilkan profit (laba) mulai Laporan Keuangan 2016 Manfaat restrukturisasi dalam Laporan p Keuangan g 2017 - Pengurangan pembayaran bunga tahunan sebesar lebih dari ¼ miliar USD
•
Pedoman 2017 - Produksi & Penjualan - Harga Batubara
lebih tinggi 5% - 7% lebih tinggi 30%
25
Terima Kasih Disclaimer: Forward-Looking Statements This communication contains forward-looking financial projections and estimates with respect to the future operations and performance of PT Bumi Resources Tbk and its affiliates. Investors and security holders are cautioned 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 the company. company Such risks and uncertainties could cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements include, but are not limited to, fuel prices and international coal demand and supply position. Neither PT Bumi Resources Tbk. or any other person assumes responsibility for the accuracy and completeness of the forward-looking statement in this communication. The forward-looking statements speak only as of the date of this communication. PT Bumi Resources Tbk is under no duty to update any of the forward-looking statements after this date to conform such statements to actual results or to reflect the occurrence of anticipated results or otherwise.
26
PT BUMI Resources Tbk. Tbk. Annual Public Expose
Jakarta, 8 December 2016
www.bumiresources.com
Agenda 1. Company at a Glance 2 Production and Sales Performances 2. 3. Financial Performance –
Profit & Loss
–
Balance Sheet
4. Market and Production Highlights 5. Debt Restructuring Proposal 6. Future Outlook
2
Overview 9
O off the One th largest l t coall exporters t globally l b ll
9
Leading natural resources group and the largest thermal coal producer in Indonesia, with KPC and Arutmin together commanding a dominant share of Indonesia coal production in 2015(1)
9
KPC is the largest export coal mine in the world
Reached coal production of 81 million metric tonnes in 2015, and 86 million metric tonnes in 2015
2.2 billion metric tonnes of marketable coal reserves and 12.4 billion metric tonnes of coal resources
High potential for reserves expansion; KPC only partially explored
9 9 9
Ideally located to serve important markets throughout Asia and Europe
9
Segmented coal and non-coal businesses
Open cut mining with captive coal processing facilities Dedicated infrastructure including coal loading terminals, port facilities, captive power plants and coal conveyors
- BUMI will concentrate on increasing thermal coal dominance - BRMS is a listed entity with an exclusive focus on metals industry (1) www.minerba.esdm.go.id
3
Bumi Ownership Structure Becoming a Diversified Mining Resources Company PT BUMI RESOURCES TBK.
(Minerals/Non-Coal)
Coal,, Oil & Gas KPC 51%
87.09%
PT Bumi Resources Minerals Tbk
Bumi Seri A (25%) Bumi Seri B (0,004%) 80%
Gorontalo Minerals – Gold & Copper Mining (in exploration stage)
70%
Arutmin 96.97%
70%
70%
IndoCoal Resources (Cayman) Ltd
(in exploration stage)
80%
Dairi Prima Minerals– Zinc ,Lead
100%
Bumi Japan – Marketing Services
(in exploitation stage)
IndoCoal KPC Resources (Cayman) Ltd (Forerunner International)
100%
Citra Palu Minerals – Gold Mining
Gallo Oil (Jersey) – Oil Production (in exploration stage)
Effective 31.40%
Darma Henwa – Contract Mining (associated company)
Effective 84.55%
Pendopo Energi Batubara – Coal (in exploration stage)
4
Coal Produced / Mined 2001 – 2017 (in Million Tonnes)
> 90 (E) 86 (E)
84 81
5
Coal Reserves and Resources – Largest in Indonesia • Reserves are now 2.2 billion metric tonnes • Reserves R &R Resources, ttogether th are 14.5 14 5 billion billi metric t i tonnes. t
In million tonnes KPC:
Coal Reserve
Coal Resource
Total
578
7,670
8,248
63 214
828 1,549
891 1,763
277
2,377
2,654
Pendopo:
1,306
2,311
3,617
TOTAL
2,161
12,358
14,519
Arutmin: Sub Bituminous Coal Ecocoal
Comments: Present Production Capability Present Reserve Resource To Reserve (30%) Total Present Years Production Equivalent
100 million tons/year 21 years 37 years 58 years
6
1H’16 : Operational Performance (on full basis) FUNDAMENTALS VERY STRONG OB Removed
Coal Mined
(in mn bcm)
(in mn tons)
579
578
84 271
39
Strip Ratio
(in mn tons)
(in bcm/t)
40
7.5x
79 40
299
Coal Sales 85
81
7.1x
42 6.9x
6.9x
Significantly Improved Production & Sales Strip Ratio at Life of Mine Level Improved Efficiencies & Optimization 7
1H’16 – 1H’15 : Performance at a Glance OPERATING METRICS
OB Removed
299.1 mbcm vs 271.3 mbcm or increased by y 10%
Coal Mined
39.8 million metric tonnes vs 39.1 million metric tonnes or increased by 2%
S l Volume Sales V l
41 9 million 41.9 illi metric t i tonnes t vs 39.9 39 9 million illi metric t i tonnes t or increased i d by b 5%
Production Cash Cost
USD26.8/ton vs USD32.1/ton or decreased by 16%
FOB Price
USD39.8/tons vs USD45.8/tons or decreased by 13%
Strip Ratio
7.5 bcm/ton vs 6.9bcm/ton or increased by 8%
8
Financial Highlights
In million US$
H1‐2016
Revenue
H1‐2015
‐40%
12.8
21.5
‐
1.6
Gross Profit
12.8
19.9
‐36%
Operating Income /(Loss)
(1.7)
6.4
‐127%
Cost of Revenue
FY ‐2015
%
‐100%
Current Assets
Owners of The Parent
182.7
‐66%
Non Current Assets
2,852.3
3,448.0
21%
Total Assets
3,394.3
3,630.7
7%
Current Liabilities
5,474.2
5,722.7
‐5%
825.0
824.7
0%
6,299.2
6,547.4
‐4%
(2,904.9)
(2,916.7)
0%
Non‐controlling Interest
3,394.3
3,630.7
‐7%
Net
Total Liabilities (20.8)
(562.5)
‐96%
9.0
(3.7)
‐343%
(11.8)
(566.2)
‐98%
%
542.0
Non Current Liabilities (Loss) Attributable to:
H1‐2016
Capital Deficiency Net Total Liabilities & Equity
9
H1’16 – H1’15: Performance at a Glance FINANCIALS
Net Revenue
USD12.8 million vs USD21.5 million or decreased by 40%
Cost of Revenue
USD - million vs USD1.6 million or decreased by 100%
Gross Margin
USD12.8 million vs USD19.9 million decreased by 36%
Gross Margin g ((% to revenue))
100% vs 93%
Operating Expenses
USD14.5 million vs USD13.5 million or increased by 7%
Operating Income
Loss (USD1.7) million vs Profit USD6.4 million or decreased by 127%
Operating Income Margin (% to Revenue)
-13% vs 30% USD21.5 million vs USD586.2 million
Loss Before Tax Positive swing of USD564.7 USD564 7 million yoy USD11.8 million vs USD566.2 million Net Loss Dropped USD554.4 million yoy
10
Average Selling Price Weighted Average Selling Price 2012
(in US$ per ton)
ASPs (exc. Ecocoal) Ecocoal ASPs KPC+AI KPC AI
2013
2014
2015
H1'15
H1'16
$
90.1
$
75.9
$
66.4
$
53.8
$
56.1
$
46.3
$
52.7
$
34.8
$
29.7
$
24.8
$
23.8
$
24.2
$
81 5 81.5
$
63 8 63.8
$
52 7 52.7
$
44 8 44.8
$
45 8 45.8
$
39 8 39.8
Note: Average Selling Price based on FOB prices, including royalties to the government.
11
Coal Sales – by Destination Ranking 1. 2. 2 3. 4. 5. 6. 7.
Destination Domestic Indonesia Export India Japan China Philippines Thailand Others
Jan – Jun 16 Sales (tons) Share (%)
2015 Sales (tons)
Share (%)
2014 Sales (tons)
Share (%)
14,708,600
35%
30,929,449
39%
38,236,788
45%
9,220,014 9 220 014 5,982,533
22% 14% 13% 6% 3% 6%
24,982,282 24 982 282 9,239,461 2,840,551 4,597,178 2,157,418 4,566,079
32% 12% 4% 6% 3% 6%
20,417,502 20 417 502 9,576,613 6,135,167 3,943,209 1,927,178 4,494,094
24% 11% 7% 5% 2% 6%
5,610,025 2,534,568 1,292,834 2,648,170
Total Export
27,258,144
65%
40,382,969
61%
46,493,763
55%
Grand Total (in million)
41,966,744
100%
79,312,418
100%
84,730,551
100%
Indonesia represents 35% of Sales (YTD June 2016)
12
Cash Costs of Coal Production Production Cash Costs(1)
Composition of Production Cash Costs
FY13
FY14
FY15
H1’15*
Bumi
40.5
34.6
30.2
32.1
KPC
46.0
41.9
33.2
35.1
29.7
Arutmin
31.0
22.5
23.1
25.6
20.2
5.6
6.0
3.9
7.1x
6.9x
7.5x
(in US$ per ton)
Fuel Cost per Ton (US$) Strip Ratio Cash
Margin(2)
9.7 8.6x 23.4
7.7 6.9x 18.1
14.6
13.7
H1’16* 26.8
Mining Contractor 55.6 %
Fuel Costs 14.4%
Maintenance, Equipment 19.4%
13.0 Labor costs 7 7.4% 4%
Note: (1) Calculated by dividing the production cash costs with the companies’ coal mined; excluded FBS (2) Calculated by subtracting production cash costs from average selling price (does not include royalty & selling expenses)
Other materials 3.2%
H1 2016
S Sangatta tt Rainfall R i f ll
Indonesian Industrial Ind strial Diesel Oil Prices Diesel prices have fallen significantly in--line with drop in in oil prices
13
Debt Restructuring Process CIC debt Restructuring ‐ Master Deed dated 8 October 2013; amended and restated 28 Jan'2014
Debt to Asset settlement ‐ KPC 19% to CIC
Rights Issue IV ‐ Rights Issue IV ‐ Debt Debt Reduction
Debt Moratorium ‐ Debt Moratorium ‐ Singapore
PKPU Registration to the Commercial Court by Creditor
October 2013
July 2014
30 June 2014
24 November 2014
6 April 2016
Homologation to the Composition Plan by the Panel Judge on the case 36/Pdt.Sus‐ PKPU/2016/PN.Niaga.Jk t.Pst. 28 November 2016
Commercial Court Decision on Temporary Suspension of Debt Payment Obligations ((“PKPU PKPU Sementara Sementara”))
Commercial Court Decision on the Temporary PKPU to (Permanent) PKPU
Creditors Meetings and Voting for the Composition Plan
Ratification Proceeding by the Panel Judge on the case 36/Pdt.Sus‐ PKPU/2016/PN.Niaga.Jk t.Pst.
25 April 2016
9 June 2016
9 November 2016
28 November 2016
14
PKPU Result 28 November 2016
On November 9th 2016, Bumi’s verified creditors of Bumi voted on then settlement plan proposed by Bumi (the “Composition Composition Agreement Agreement”)). The vote resulted in 100.00% of unsecured creditors (or kreditor konkuren) and 99.84% of secured creditors (or kreditor separatis) currently by value thencurrently attending the vote in favor of the Composition Agreement. Based on the result of that vote, on November 28th 2016, the Commercial Court ratified the Composition Agreement, after which a homologated Composition p Agreement g will be issued,, and the PKPU status of Bumi will be formally deleted from the company’s name.
15
Debt Restructuring of BUMI (non-consolidated) (in million of US$)
After PKPU
Before PKPU
*Subject to shareholders approval and government regulations
Liabilities Loans + Notes + CBs + Interest Intercompany Loans Vendors & others d & h Total Liabilities
4,057.9 2,731.9 2 211.5 7,001.3
Grand Total 7,001.3
Liabilities New Facilities (tranche A+B+C) Intercompany Loans V d & h Vendors & others
1,607.0 2,731.9 31 5 31.5
Total Liabilities
4,370.3
Equity MCBS Equity*
639.0 1,991.9
Total Equity
2,630.9
Grand Total
7,001.3
*does not include ESOP and transaction cost
16
New Facilities
Interest
Tranche A
Tranche B
Tranche C
USD 600 million
USD 600 million
USD 406 million
up to 7.5% p.a. total interest (cash and accrued) determined (cash and accrued) determined based on the benchmark price.
8% p.a. (PIK Interest).
9% p.a. (PIK Interest).
Cash interest due and payable on each interest payment date.
Payable if cash is available under the Cash Waterfall.
due and payable on each interest payment date.
Accrued interest shall be capitalized and payable in full on Maturity to the extent not paid on each interest payment date.
To the extent not paid, shall be capitalized and payable in full on Maturity
Interest to the extent not paid shall be capitalized and payable in full on Maturity of the Tranche C Facility.
Maturity
5 years from Effective Date
Payments
Per cash availability prioritized under the Cash Waterfall
Contingent Value Rights
Amount: US$ 50 million
Amount: US$ 50 million
N/A
Trigger for Settlement: In the event that the average Benchmark Price is higher than US$70/mt for a period of 18 consecutive months after the Effective Date ft th Eff ti D t
17
Mandatory Convertible Bond Coupon Interest: 6.0% 6 0% p.a., p a paid monthly in cash pursuant to the Cash Waterfall to the extent there are sufficient funds or deferred and payable on maturity. Maturity: 7 years from the MCB Effective Date Conversion Price: • 1st - 2nd yr: 30% premium to Reference Price • 3rd and 4th yr: the lower of Reference Price and 40% premium to arithmetic mean of the daily IDR VWAP of Bumi shares for the period of 6 months ((“VWAP** VWAP Period Period”)) ending on the Business Day before the 1st day of year 3 • 5th – 7th yr: the lower of Reference Price or and 25% premium to arithmetic mean of the VWAP Period ending on the Business Day before the 1st day of each relevant VWAP Period. Period • Maturity: mandatory conversion at the arithmetic mean of the daily IDR VWAP of Bumi shares for the period of 6 months ending on the Business Day before the MCB Maturity Date Subject to shareholders approval and government regulations Reference price equals to Rp926.16 per share MCB holders are entitled to convert 25% of debts per year 18
Vendors Settlement • Other than Vendors who want to convert their claim into Company’s shares, the Repayment Plan for up to maximum 10 years depending on the balance outstanding as summarized below: Outstanding Up to
Year Year Year Year Year Year Year Year Year Year 1 2 3 4 5 6 7 8 9 10
IDR1 bn IDR1 bn
50%
50%
IDR2.6 bn
20%
20%
30%
30%
IDR6.6 bn 7.5%
7.5%
12.5%
12.5%
25%
25%
IDR13 bn IDR13 bn
5%
5%
7.5%
7.5%
12.5%
12.5%
25.0%
25%
IDR67.5 bn
1%
1%
1.5%
1.5%
2.5%
2.5%
15.0%
15%
30%
30%
19
Rights Issue Convert total USD1,992 million of debts and vendors claims into Company’s Equity. Based on Net Asset Equity Value USD4.6 USD4 6 billion, billion conversion price would be Rp926.16 per share, using the exchange rate @ Rp13,235. Target time of issuance: on or before 30 June 2017 subject to the Indonesian capital it l market k t regulations l ti and d other th applicable li bl laws l i l di but including b t nott limited li it d to the approval by the general meeting of shareholders of the Company, and capital market authorities (if necessary).
20
Improved Corporate Governance Strengthened Management
21
Scope of Work of the Monitoring Accountant
*The Monitoring Accountant will perform (without limitation) the following services and prepare a report (the "Monitoring Accountant Report") for distribution to the New Senior Secured Creditors on a quarterly basis
22
Market Capitalization – Change – Pre & Post Restructuring - For illustration Only PRESENT OUTSTANDING SHARES
: 36.6 billion
NEW SHARE ISSUE
: 29.1 29 1 billion
EXPANDED OUTSTANDING SHARES
: 65.7 billion
NEW SHARE ISSUE PRICE
: Rp 926.16 /share
BASIS OF NEW SHARE PRICE
: NAV USD 4.6 billion
PRESENT MARKET CAPITALIZATION
: Rp 11.1 trillion
(Rp 304/share)**
NEW SHARE ISSUE VALUE
: Rp 26.9 26 9 Trillion
(Rp 926.16/share) 926 16/share)
NEW THEORETICAL MARKET CAP DEEMED SHARE VALUE (ON EXPANDED CAPITAL)
: Rp 38.0 trillion : Rp 580/share
*E & OE ** Per closing price of 6 December 2016
23
IMPROVED GOVERNANCE – A RE-EMPHASIS Operations -
Shareholder Representatives on Coal Subsidiaries Since 2007
-
Induction of 3 New Board Members from Lenders – CIC, Debt & Equity – 1 each
-
Lenders have right to appoint the Cash Monitoring Accountant For • Cash Waterfall • Cash Flow Forecasts and Actuals, Disbursements and Bank Accounts • Controls Over Related Party Transactions & Contracts • Control Over Disbursements > $ 500,000 • Review Working Capital & Funding Facilities
-
Bumi subsidiaries are amongst Best on CSR, HSE, Community Development, Reclamation, Replanting, Conservation & Social Initiative
-
KPC is recognized as Best on Sustainability by The Indonesian Government
-
Impressive Safety Record
-
A comprehensive Board Manual
-
Residual Debt reduces to $ 1.6 1 6 billion ( from $ 4 4.2 2 billion) after restructuring
24
Future Outlook • • • • • •
•
Production Capability: 100 million metric tons in 2017 Major beneficiary of coal price buoyancy, lowered costs Debt Reduction - USD 2.6 billion (from USD 4.2 billion USD 1.6 billion) To speed p up p the development p of Bumi Resources Minerals To make best endeavors to return to profit starting FY’16 Restructuring benefit in FY’17 Financials - Annual Interest reduction by more than a quarter billion USD Guidance 2017 - Production & sales - Coal Price
higher by 5% - 7% higher g by y 30% 25
Thank you Disclaimer: Forward-Looking Statements This communication contains forward-looking financial projections and estimates with respect to the future operations and performance of PT Bumi Resources Tbk and its affiliates. Investors and security holders are cautioned 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 the company. company Such risks and uncertainties could cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements include, but are not limited to, fuel prices and international coal demand and supply position. Neither PT Bumi Resources Tbk. or any other person assumes responsibility for the accuracy and completeness of the forward-looking statement in this communication. The forward-looking statements speak only as of the date of this communication. PT Bumi Resources Tbk is under no duty to update any of the forward-looking statements after this date to conform such statements to actual results or to reflect the occurrence of anticipated results or otherwise.
26
