PT BUMI Resources Tbk. Presentasi Paparan Publik Tahunan
Jakarta, 26 November 2014
www.bumiresources.com
Agenda 1. Sekilas tentang Perseroan 2. Kinerja Produksi dan Penjualan
3. Kinerja Keuangan –
Laba & Rugi
–
Neraca
–
Sejarah Dividen
4. Isu-isue terkini seputar BUMI 5. Lampiran
2
Sekilas Perusahaan
Salah satu pengekspor batubara terbesar di dunia
Perusahaan berbasis sumber daya alam dan penghasil batubara termal terbesar di Indonesia (KPC dan Arutmin) dengan penguasaan pasar batubara sebesar 18% dari seluruh produksi batubara Indonesia pada tahun 2011
memproduksi batubara sebanyak 74 juta metrik ton pada tahun 2012, tahun 2013 sebanyak 80 juta ton; diharapkan mencapai 83 metrik ton di tahun 2014
Memiliki 3,2 miliar metrik ton cadangan batubara yang siap dipasarkan dan 13,9 miliar metrik ton sumberdaya batubara (di luar cadangan)(1)
KPC merupakan tambang batubara bertujuan ekspor terbesar di dunia
Masih terdapat potensi yang sangat besar untuk mengembangkan cadangan; tambang KPC baru sebagian yang dieksplorasi
Memililki lokasi yang ideal untuk pasar batubara utama di Asia dan Eropa Memiliki pertambangan terbuka dengan fasilitas pengolahan batubara yang terpadu Memiliki terminal bongkar muat batubara dilengkapi dengan fasilitas pelabuhan yang lengkap
Membagi bisnis menjadi batubara dan non batubara - BUMI akan memfokuskan diri pada dominasi batubara termal - BRM menjadi perusahaan terbuka yang fokus pada industri metal
(1) Laporan The Minerals Expert yang disusun oleh PT Runge Indonesia
3
Struktur Kepemilikan Bumi Menjadi Perusahaan Sumberdaya Tambang Terdiversifikasi PT BUMI RESOURCES TBK.
(Mineral/Non-Batubara)
(Batubara, Minyak & Gas) 87.09% 51%
PT Bumi Resources Minerals Tbk
KPC 80%
Gorontalo Minerals – Gold & Copper Mining (in exploration stage)
70%
Arutmin 96.97%
70%
50%
100%
Effective ~31.43%
IndoCoal Resources (Cayman) Ltd IndoCoal KPC Resources (Cayman) Ltd Gallo Oil (Jersey) – Oil Production (in exploration stage)
Darma Henwa – Contract Mining (associated company)
Effective ~50%
Fajar Bumi Sakti (FBS) – Coal
Effective ~84.55%
Pendopo Energi Batubara – Coal (in exploration stage)
Citra Palu Minerals – Gold Mining (in exploration stage)
80%
Dairi Prima Minerals– Zinc ,Lead
24%
Newmont Nusa Tenggara – Gold (associated company)
100%
Bumi Japan – Marketing Services
100%
PT Sarkea Prima Minerals – Mining (exploration stage)
(in exploitation stage)
(in production stage)
4
Produksi Batubara 120
100 (e) 100
80 80
83 (e)
74
60
40
20
0 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
5
Cadangan dan Sumber Daya Batubara – Terbesar di Indonesia • Cadangan terkini sebesar 3,2 juta metrik ton, meningkat 27% dari 2,6 juta metrik ton di tahun 2009 • Cadangan & Sumberdaya, bersama-sama meningkat menjadi 17.3 juta metrik ton.
In million tonnes KPC: Sangatta
Coal Reserve
Coal Resource
Total
957 242
7,747 1,560
8,704 1,802
1,199
9,307
10,506
35 60 22
407 262 -
442 322 22
117 292
669 1,224
786 1,516
410
1,893
2,303
PEB
303 1,306
593 2,311
896 3,617
TOTAL
3,218
14,104
17,322
Bengalon
Arutmin: Senakin Satui Batulicin Sub Bituminious Coal Ecocoal
FBS
6
1H’14 : Kinerja Operasional FUNDAMENTAL SANGAT KUAT • • • •
Penjualan dan Produksi meningkat, lebih tinggi sebesar 10% Strip Ratio menurun menjadi 6,7 Pengurangan Biaya Persediaan yang cukup
Pengupasan Tanah Penutup
Volume Batubara Ditambang
Rasio Pengupasan
(in mn bcm)
(juta ton)
(bcm/t)
776
80
74
688 367
10.4x 45
41
302
Penjualan Batubara
Persediaan Batubara *
(juta ton)
(juta ton)
68
8.6x
9.0x 6.7x
82 40
44
7 6
6
*Note: In-pit, ROM, Plant & Port Stocks
7
7
Ikhtisar Keuangan In million US$
H1 -2013
Revenue
H1 -2014
1,462.8
-25%
Non Current Assets
5,059.7
5,302.1
5%
Total Assets
7,003.9
6,764.9
-3%
Current Liabilities
4,719.9
4,177.3
-11%
Non Current Liabilities
2,587.0
2,830.1
9%
Total Liabilities
7,306.9
7,007.4
-4%
168.0 -168%
Shareholder Equity
(303.0)
(242.5)
-20%
(21.1)
(37.9)
80%
Total Liabilities & Equity
7,003.9
6,764.9
-5%
(269.7)
130.1
148%
Total Debt (Include Convertible Bonds)
4,163.3
4,165.7
0%
-15%
(1,481.5)
(1,268.5)
-14%
Gross Profit
375.8
314.8
-16%
Operating Income (Loss)
142.9
111.0
-22%
Loss Attributable to:
Non-controlling Interest Total Net (Loss)
%
1,944.2
1,583.3
Owners of The Parent
H1 -2014
Current Assets
1,857.3
Cost of Revenue
FY -2013
%
(248.6)
8 8
1H’14 – 1H’13 : Sekilas Kinerja METRIKS OPERASIONAL
Pengupasan Tanah Penutup
302,1 mbcm vs 366,6 mbcm atau berkurang 18%
Volume Batubara Ditambang
45,3 juta metrik ton vs 41,0 metrik ton atau meningkat 10%
Penjualan Batubara
44,2 juta metrik ton vs 39,6 metrik ton atau meningkat 12%
Biaya Kas Produksi*)
$ 34,3/ton vs $ 41,2/ton atau berkurang 17%
Harga FOB*)
$ 52,7/ton vs $ 68,8/ton atau berkurang 23%
Rasio Pengupasan*)
6,7 bcm/ton vs 9,0 bcm/ton atau berkurang 25%
Persediaan Akhir
6,5 juta metrik ton vs 5,7 juta metrik ton atau meningkat 14%
* Penjualan/produksi batubara kalori rendah yang lebih tinggi mempengaruhi rasio pengupasan, biaya kas produksi & realisasi harga
9
1H’14 – 1H’13 : Sekilas Kinerja DATA KEUANGAN Pendapatan
USD1.583,3 juta vs USD1.857,3 juta atau berkurang 15%
Beban Pokok Pendapatan
USD1.268,5 juta vs USD1.481,5 juta atau berkurang 14%
Laba Bruto
USD314,8 juta vs USD375,8 juta atau berkurang 16%
Margin Laba Bruto (% terhadap Pendapatan)
19,9% vs 20,2%
Beban Usaha
USD203,8 juta vs USD232,9 juta atau berkurang 13%
Laba Usaha
USD111,0 juta vs USD142,9 juta atau berkurang 22%
Margin Laba Usaha (% terhadap Pendapatan) 7,0% vs 7,7% Laba (Rugi) Sebelum Pajak
*)
Laba USD352,3 juta vs Kerugian USD277,7 juta Perbaikan (swing) positif sebesar USD630 juta secara yoy
Laba (Rugi) Bersih
*)
Laba USD168 juta vs Kerugian USD -248,6 juta Perbaikan (swing) positif sebesar USD416,6 juta secara yoy
* Dari pengalihan 19% saham KPC ke CIC telah tercatat pada Semester I - 2014
10
Harga Jual Rata-rata Harga Jual Rata-rata Tertimbang
2010
(in US$ per ton)
ASPs (exc. Ecocoal) Ecocoal ASPs KPC+AI
2011
2012
2013
H1'13
H1'14
Q2'14
$
76.3 $
99.8 $
90.1 $
75.9
$
79.5 $
69.5 $
66.7
$
41.5 $
61.4 $
52.7 $
34.8
$
38.5 $
29.4 $
28.0
$
70.9 $
92.3 $
81.5 $
63.8
$
68.8 $
52.7 $
50.4
Catatan: Harga Rata-rata Penjualan berdasarkan harga FOB, tidak termasuk royalti kepada pemerintah
11
Distribusi Pasar Jun-14 2013 Sales (tons) Share (%) Sales (tons) Share (%) Indonesia 21,073,158 48% 21,896,274 27% India 10,120,555 23% 23,348,163 28% Japan 5,047,016 11% 11,425,964 14% Philippines 2,349,897 5% 3,385,335 4% China 1,948,487 4% 11,805,042 14% Thailand 1,076,688 2% 1,820,723 2% Hong Kong 1,068,943 2% 1,887,661 2% Taiwan 546,104 1% 1,826,930 2% Europe 544,882 1% 776,995 1% Malaysia 216,213 0.49% 2,892,586 4% Korea 159,214 0.36% 877,120 1% Others* 22,000 0.05% 53,479 0.07% Grand Total 44,173,157 100% 100% 81,996,271 *) Myanmar in 2014, Sri Lanka in 2013, Pakistan in 2012 Destination
2012 Sales (tons) Share (%) 11,214,474 16% 13,443,621 20% 11,410,641 17% 1,764,933 3% 18,610,188 27% 1,086,935 2% 1,757,912 3% 3,019,632 4% 790,583 1% 3,787,152 6% 1,316,157 2% 95,948 0.10% 68,298,176 100%
(in millions)
25 20 15 10 5 0 Indonesia
India
Japan
Philippines
Sales H1-2014
China
Thailand Hong Kong
Sales 2013
Taiwan
Europe
Malaysia
Korea
Sales 2012
12
Biaya Produksi Batubara Biaya Kas Produksi Perseroan berkurang 16% berkat efisiensi yang lebih tinggi, 28% biaya bahan bakar yang lebih rendah dan penurunan strip ration sebesar 25%, secara year-on-year (yoy). Biaya Kas Produksi (1)
Komposisi Biaya Kas Produksi
FY11
FY12
FY13
H1’13
H1’14*
Bumi
42.1
43.7
40.5
41.2
34.3
KPC Arutmin
45.5 36.3
46.5 39.1
46.0 31.0
46.5 32.9
42.8 21.8
(dalam USD per ton)
Biaya Bahan Bakar per Ton (USD)
11.4
11.6
Rasio Pengupasan
11.5x
10.4x
Margin Kas2)
50.6
37.8
9.7
10.3
8.6x
9.0x
6.7x
27.6
18.4
23.4
Kontraktor Tambang 58%
7.4
Pemeliharaan, Penyewaan Alat Berat 12% Biaya Tenaga Kerja 5% Bahan-bahan Lainnya 3%
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
Biaya Bahan Bakar 22%
H1 2014
Harga Diesel untuk Keperluan Industri di Indonesia Harga Diesel menurun secara signifikan bersamaan dengan turunnya harga minyak bumi
13
Laba & Rugi Dalam USD juta
1H -2013
1H -2014
%
1.857,3
1.583,3
-15%
(1.481,5)
(1.268,5)
-14%
Laba Bruto
375,8
314,8
-16%
Laba Usaha
142,9
111,0
-22%
(269,7)
130,1
148%
Pendapatan Beban Pokok Pendapatan
Laba (Rugi) Bersih
14
Sejarah Dividen – Stabil Sejak 2005
2007 Final 2008 Final
Dividend per Keterangan Saham (Rp) 1,0 2,5 5,0 10,0 16,0 Dibayarkan pada tanggal 25 Juni 2007 Pertama dibayarkan 50% pada tanggal 2 66.0 * Juli 2007, sisa 50% dibayarkan pada 5 September 2007 45,0 Dibayarkan pada tanggal 7 Agustus 2008 50,60 Dibayarkan pada tanggal 18 Agustus 2009
2009 Final
27,68 Dibayarkan pada tanggal 16 Agustus 2010
Tahun
Total Saham
2000 2001 2002 2003 2005 Interim 2005 Final 2006 Final
19.404.000
2007 Interim
2010 Final 2011 Final
20.773.400
41,78 Dibayarkan pada tanggal 15 Agustus 2011 14,31 Dibayarkan pada tanggal 6 Juli 2012
30 % maksimal dari pendapatan bersih atas persetujuan pemegang saham *Mewakili 30% Dividen atas pendapatan luar biasa sebesar USD 472 juta dari transaksi Tata pada bukan Juni 2007 15
Jadwal Pembayaran Kembali Utang BUMI yang Jatuh Tempo
16
Pinjaman PT BUMI RESOURCES TBK yang masih terutang per Juni 2014 LOAN AT BUMI LEVEL Guaranteed Convertible Bond I Country Forest Limited Facility 2009
Current (in Million of USD) 375.00 1,037.01
Guaranteed Senior Secured Notes
300.00
Credit Suisse 2010 Facility - 2 (Amended & Restated)
117.50
Guaranteed Senior Secured Note II
700.00
UBS AG Facility Axis Bank Limited Facility 2011 Deutsche Bank 2011 Facility China Development Bank Facility RBI Loan Facility
62.50 140.00 54.00 600.00 80.69
Credit Suisse Facility - 2014
114.31
Castleford Investment Holdings Ltd. Facility 2013
150.00
TOTAL LOANS AT BUMI LEVEL
3,731.01
17
Transaksi Bumi - CIC: Awal Mula Ringkasan: Jumlah Utang
: USD 1.9 miliar
Ketentuan Pembayaran: tingkat bunga tetap 12% per tahun dan 19% IRR yang wajib dibayar pada tanggal pembayaran kembali Pokok Utang Tranches:
Pembayaran 2013 : USD 600 juta
Pembayaran 2014: USD 600 juta
Pembayaran 2015: USD 700 juta
Penggunaan dana:
Pembayaran utang dan akuisisi terkini
USD 1.687 juta
Biaya dan pengeluaran
USD
Modal kerja
USD 203 juta
10 juta
2 tahun periode lock-up bagi para pihak Gadai atas saham-saham perusahaan batubara
18
Transaksi Bumi – CIC: Pembayaran Tranche Pertama • Pada bulan November 2011, BUMI telah melakukan refinancing Tranche I sebesar US$ 600 juta kepada CIC • Tranche ini sebenarnya baru akan jatuh tempo pada 30 September 2013, namun demikian Perseroan telah melakukan refinancing 2 tahun lebih awal berdasarkan kesepakatan para pihak • Secara efektif, refinancing ini telah mengurangi beban bunga Perseroan sebesar kurang lebih $72 juta per tahun • Biaya refinancing sebesar Libor + 6,7% pa vs. 12% coupon + IRR
19
Pandangan Perseroan sehubungan dengan Penurunan Peringkat Utang -
S&P menurunkan peringkat utang BUMI menjadi ‘D’ dari ‘SD’ pada tanggal 10 November 14
-
Penurunan peringkat utang tersebut dilakukan berdasarkan asumsi, “Bumi Resources, sebagai penjamin (guarantor), tidak melakukan pembayaran bunga dalam waktu tenggang 30 hari sebagaimana diatur dalam perjanjian obligasi.” -
Laporan S&P tidak memperhatikan kenyataan di lapangan, karena telah menggunakan model yang telah usang (outdated) yang mengabaikan faktor-faktor serta langkah-langkah mitigasi yang telah diambil Perseroan dalam rangka menghadapi sentimen sektor dan harga batubara yang menurun tajam.
-
Perseroan telah berupaya untuk memperbaiki penjualan dan mengurangi biaya.
20
Pandangan Masa Depan • • • • •
Kapabilitas Produksi: 100 metrik ton di tahun 2015 Memangkas utang dan bunga secara signifikan Mempercepat pengembangan BRM Menyelesaikan transaksi CIC Melakukan upaya terbaik agar kembali mampu menghasilkan laba dan membagikan dividen segera setelah kondisi perusahaan kembali layak dan menguntungkan
21
PENGGUNAAN DANA PUT IV BUMI Berdasarkan Prospektus yang diterbitkan tanggal 30 Juni 2014 Jumlah saham (saham)
32.198.770.000
Pelaksanaan PUT IV Jumlah saham (saham)
15.853.620.427
Dana yang dihimpun (Rp)
8.049.692.500.000
Dana yang dihimpun (Rp)
3.963.405.106.750
Dana yang dihimpun bersih (Rp)
7.700.170.000.000
Dana yang dihimpun bersih (Rp)
3.611.000.000.000
Penggunaan dana bersih hasil PUT IV: Modal kerja Perseroan meliputi biaya operasional dan pembayaran bunga. Pelunasan fasilitas pinjaman Perseroan kepada: 1) Axis Bank Limited 2011, 2) Credit Suisse 2010-2, 3) Deutsche Bank 2011, 4) UBS AG 2012-1, dan 5) CDB 2011 Merealisasikan anggaran program untuk Blok 13 dan Blok R2 dari konsesi hidrokarbon yang dimiliki Gallo Oil (Jersey) Ltd. Melakukan feasibility study konsesi tembaga dan emas yang dimiliki oleh PT Gorontalo Minerals
USD 14.000.000
Rp 161.000.000.000
Penggunaan dana bersih hasil PUT IV: Modal kerja Perseroan meliputi biaya operasional dan pembayaran bunga.
Rp
14.000.000
161.000.000.000
Perseroan memutuskan untuk membatalkan rencana pengeluaran saham untuk pembayaran utang kepada kreditur-kreditur Perseroan tersebut dikarenakan Perseroan tidak memperoleh dana tunai yang memadai, dan kreditur-kreditur tersebut tidak bersedia pelunasan utangnya dibayar dengan saham.
-
-
275.000.000
3.162.500.000.000
48.000.000
552.000.000.000
Karena tidak diperolehnya dana tunai dari pelaksanaan PUT IV, maka Perseroan membatalkan rencana pengeluaran sahamsaham senilai USD48 juta tersebut.
-
-
374.670.000.000
Karena tidak diperolehnya dana tunai dari pelaksanaan PUT IV, maka Perseroan membatalkan rencana pengeluaran sahamsaham senilai USD32,58 juta tersebut.
-
-
150.000.000
1.725.000.000.000
150.000.000
1.725.000.000.000
314.000.000
3.611.000.000.000
32.580.000
Melakukan pelunasan sebagian fasilitas pinjaman dari China Investment Corporation (“CIC”) melalui Country Forest Limited (“CFL”).
150.000.000
1.725.000.000.000
Melakukan pelunasan sebagian fasilitas pinjaman dari China Investment Corporation (“CIC”) melalui Country Forest Limited (“CFL”).
Melakukan pelunasan seluruh utang Perseroan kepada Castleford Investment Holdings Ltd (“Castleford”).
150.000.000
1.725.000.000.000
Melakukan pelunasan seluruh utang Perseroan kepada Castleford Investment Holdings Ltd (“Castleford”).
669.580.000
7.700.170.000.000
TOTAL
USD
TOTAL
22
Para Pihak yang mengambil bagian dalam Right Issue •
Publik sejumlah 11.530.427 saham
•
Long Haul Holding Ltd. sejumlah 6.900.000.000 saham melalui mekanisme debt to equity conversion, dengan PT Karsa Daya Rekatama sebagai agen fasilitas Long Haul (tidak memiliki hubungan afiliasi dengan Perseroan).
•
Castleford Holding Ltd. sejumlah 6.900.000.000 saham melalui mekanisme debt to equity conversion, dengan PT Damar Reka Energi sebagai agen fasilitas Castleford (tidak memiliki hubungan afiliasi dengan Perseroan).
•
PT Danatama Makmur sebagai Pembeli Siaga berdasarkan Akta Perjanjian Pembelian Siaga tanggal 19 Juni 2014 sejumlah 2.042.090.000.
Catatan: Sisa saham dikembalikan ke dalam portepel Perseroan
23
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. 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.
24
Peristiwa Lanjutan terkait Restrukturisasi Utang Setelah transaksi CIC, penerbitan saham baru, dan upaya memperpanjang jatuh tempo obligasi, dan juga pelemahan harga batubara, Perseroan berinisiatif untuk melakukan langkah-langkah berikut: 1. BUMI mengadakan Perjanjian Jual Beli Bersyarat untuk menjual Saham di FBS •
•
•
Menandatangani Perjanjian Jual Beli Bersyarat dengan Jainson Holding Hong Kong Limited untuk menjual 50% saham di FBS dengan nilai transaksi maksimum sebesar USD 140 juta. Setelah transaksi tersebut diselesaikan, hasil dari penjualan saham tersebut diharapkan lebih lanjut mengurangi utang Perseroan. Transaksi tersebut diharapkan dapat dirampungkan pada kuartal 1, 2015.
25
Peristiwa Lanjutan terkait Restrukturisasi Utang 2. Anak perusahaan yang seluruh sahamnya dimiliki BUMI, yaitu: • • •
Bumi Capital Pte. Ltd. (penerbit Surat Berharga Bergaransi Senior (Guaranteed Senior Secured Notes) senilai 300 juta Dolar AS berkupon 12%), Bumi Investment Pte. Ltd. (penerbit Surat Berharga Bergaransi Senior (Guaranteed Senior Secured Notes) senilai 700 juta Dolar AS berkupon 10,75%), Enercoal Resources Pte. Ltd. (penerbit Obligasi Konversi Bergaransi (Guaranteed Convertible Bonds) senilai 375 juta Dolar AS berkupon 9,25%)
telah mengajukan permohonan di Singapura untuk mengikuti proses peradilan formal berdasarkan Section 210(10) Undang-undang Perusahaan dari Negara Republik Singapura sebagai bagian dari upaya untuk merestrukturisasi kewajiban utang di atas. Ketiga anak Perseroan di Singapura tersebut telah mengajukan permohonan dan berhasil memperoleh penundaan kewajiban pembayaran utang (moratorium) selama enam bulan terhadap upaya hukum dan upaya paksa yang dapat dilakukan kreditor. Hal tersebut dilakukan dalam rangka memfasilitasi pembicaraan dengan para pemegang surat utang (noteholders) dan pemegang obligasi (bondholders), serta dalam rangka melanjutkan upaya restrukturisasi. 26
PT Bumi Resources Tbk Annual Public Expose 2014
Jakarta, 26 November 2014
www.bumiresources.com
Agenda 1. Company at a Glance 2. Production and Sales Performances 3. Financial Performance
- Profit & Loss - Balance Sheet - Dividend History 4. Current Issues on BUMI 5. Appendix
2
Overview
One of the largest coal exporters globally
Leading natural resources group and the largest thermal coal producer in Indonesia, with together (KPC and Arutmin) commanded a dominant 18% market share of Indonesia coal production in 2011
74m tonnes of coal mined in 2012, 80 m tonnes in 2013. Expected for 2014 is 83 m tonnes
3.2 billion metric tonnes of marketable coal reserves from four mining assets and 13.9 billion metric tonnes of coal resources (excluding reserves)(1)
KPC is the largest export coal mine in the world
High potential for reserves expansion; KPC only partially explored
Ideally located to serve important markets in Asia and Europe Open cut mining with captive coal processing facilities Dedicated infrastructure e.g. coal loading terminals, port facilities and conveyors
Segment coal and non-coal businesses - BUMI will concentrate on increasing thermal coal dominance - BRMS created as a listed entity with exclusive focus on metals industry
(1) The Minerals Expert’s Report prepared by PT Runge Indonesia
3 3
Bumi Ownership Structure Becoming a Diversified Mining Resources Company PT BUMI RESOURCES TBK.
Coal, Oil & Gas 51%
KPC
70%
Arutmin
70%
IndoCoal Resources (Cayman) Ltd
50%
IndoCoal KPC Resources (Cayman) Ltd
100%
Effective ~31.43%
(Minerals/Non-Coal) 87.09%
PT Bumi Resources Minerals Tbk 80%
(in exploration stage)
96.97%
Effective ~50%
Fajar Bumi Sakti (FBS) – Coal
Effective ~84.55%
Pendopo Energi Batubara – Coal (in exploration stage)
Citra Palu Minerals – Gold Mining (in exploration stage)
80%
Dairi Prima Minerals– Zinc ,Lead
24%
Newmont Nusa Tenggara – Gold (associated company)
100%
Bumi Japan – Marketing Services
100%
PT Sarkea Prima Minerals – Mining (exploration stage)
Gallo Oil (Jersey) – Oil Production (in exploration stage)
Darma Henwa – Contract Mining (associated company)
Gorontalo Minerals – Gold & Copper Mining
(in exploitation stage)
(in production stage)
4
Coal Production 120
100 (e) 100
80 80
83 (e)
74
60
40
20
0 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
5
Coal Reserves & Resources – Largest in Indonesia • Reserves are now 3.2 billion tonnes, increase 27% from 2.6 billion tonnes in 2009 • Reserves & Resources together increase to 17.3 billion tonnes
In million tonnes KPC: Sangatta
Coal Reserve
Coal Resource
Total
957 242
7,747 1,560
8,704 1,802
1,199
9,307
10,506
35 60 22
407 262 -
442 322 22
117 292
669 1,224
786 1,516
410
1,893
2,303
PEB
303 1,306
593 2,311
896 3,617
TOTAL
3,218
14,104
17,322
Bengalon
Arutmin: Senakin Satui Batulicin Sub Bituminious Coal Ecocoal
FBS
6
1H’14 : Operational Performance FUNDAMENTAL VERY STRONG • • • •
Sales and Production 10% Higher Strip Ration Down to 6.7 Cost Reduction Comfortable Inventory OB Removed
Coal Mined
Strip Ratio
(in mn bcm)
(in mn tons)
(in bcm/t)
776
80
74
688 367
10.4x 45
41
302
Coal Sales
Coal Inventories*
(in mn tons)
(in mn tons)
68
8.6x
9.0x 6.7x
82 40
44
7 6
6
7
*Note: In-pit, ROM, Plant & Port Stocks
7
Summary Financial Highlights
In million US$
H1 -2013
Revenue
H1 -2014
1,462.8
-25%
Non Current Assets
5,059.7
5,302.1
5%
Total Assets
7,003.9
6,764.9
-3%
Current Liabilities
4,719.9
4,177.3
-11%
Non Current Liabilities
2,587.0
2,830.1
9%
Total Liabilities
7,306.9
7,007.4
-4%
168.0 -168%
Shareholder Equity
(303.0)
(242.5)
-20%
(37.9)
Total Liabilities & Equity
7,003.9
6,764.9
-5%
Total Debt (Include Convertible Bonds)
4,163.3
4,165.7
0%
-15%
(1,481.5)
(1,268.5)
-14%
Gross Profit
375.8
314.8
-16%
Operating Income (Loss)
142.9
111.0
-22%
Loss Attributable to:
Non-controlling Interest Total Net (Loss)
(248.6) (21.1) (269.7)
%
1,944.2
1,583.3
Owners of The Parent
H1 -2014
Current Assets
1,857.3
Cost of Revenue
FY -2013
%
80%
130.1 -148%
8 8
1H’14 – 1H’13 : Performance at a Glance OPERATIONAL METRICS
OB Removed
302.1 mbcm vs 366.6 mbcm or decreased by 18%
Coal Mined
45.3 m tonnes vs 41.0 m tonnes or increased by 10%
Sales Volume
44.2 m tonnes vs 39.6 m tonnes or increased by 12%
Production Cash Cost*)
$ 34.3/ton vs $ 41.2/ton or decreased by 17%
FOB Price*)
$ 52.7/ton vs $ 68.8/ton or decreased by 23%
Strip Ratio*)
6.7 bcm/ton vs 9.0 bcm/ton or decreased by 25%
Closing Inventory
6.5 m tonnes vs 5.7 m tonnes or increased by 14%
* Higher sales/production of low CV coal influenced strip ratio, production cash cost & realized price
9
1H’14 – 1H’13 : Performance at a Glance FINANCIALS Net Revenue
$ 1,583.3 million vs $ 1,857.3 million or decreased by 15%
Cost of Revenue
$ 1,268.5 million vs $ 1,481.5 million or decreased by 14%
Gross Margin
$ 314.8 million vs $ 375.8 million or decreased by 16%
Gross Margin (% to Revenue)
19.9% vs 20.2%
Operating Expenses
$ 203.8 million vs $ 232.9 million or decreased by 13%
Operating Income
$ 111.0 million vs $ 142.9 million or decreased by 22%
Operating Income (% to Revenue)
7.0% vs 7.7%
Income Before Tax
*)
Profit $ 352.3 million vs Loss $ 277.7 million positive swing of $ 630 million yoy
Net Income*)
Profit $ 168.0 million vs Loss $ 248.6 million positive swing of $ 416.6 million yoy
* From transfer of 19% KPC shares to CIC has been accounted in 1H’2014
10
Average Selling Price Harga Jual Rata-rata Tertimbang 2010
(in US$ per ton)
ASPs (exc. Ecocoal) Ecocoal ASPs KPC+AI
2011
2012
2013
H1'13
H1'14
Q2'14
$
76.3
$
99.8
$
90.1
$
75.9
$
79.5
$
69.5
$
66.7
$
41.5
$
61.4
$
52.7
$
34.8
$
38.5
$
29.4
$
28.0
$
70.9
$
92.3
$
81.5
$
63.8
$
68.8
$
52.7
$
50.4
Catatan: Harga Rata-rata Penjualan berdasarkan harga FOB, tidak termasuk royalti kepada pemerintah
11
Market Distribution Jun-14
Destination
2013
Sales Share (%) Indonesia 21,073,158 48% India 10,120,555 23% Japan 5,047,016 11% Philippines 2,349,897 5% China 1,948,487 4% Thailand 1,076,688 2% Hong Kong 1,068,943 2% Taiwan 546,104 1% Europe 544,882 1% Malaysia 216,213 0.49% Korea 159,214 0.36% Others* 22,000 0.05% Grand Total 44,173,157 100% *) Myanmar in 2014, Sri Lanka in 2013, Pakistan in 2012
Sales
2012 Share (%)
21,896,274 23,348,163 11,425,964 3,385,335 11,805,042 1,820,723 1,887,661 1,826,930 776,995 2,892,586 877,120 53,479 81,996,271
27% 28% 14% 4% 14% 2% 2% 2% 1% 4% 1% 0.07% 100%
Sales 11,214,474 13,443,621 11,410,641 1,764,933 18,610,188 1,086,935 1,757,912 3,019,632 790,583 3,787,152 1,316,157 95,948 68,298,176
Share (%) 16% 20% 17% 3% 27% 2% 3% 4% 1% 6% 2% 0.10% 101%
(in Millions)
25 20 15 10 5 0 Indonesia
India
Japan
Philippines
Sales H1-2014
China
Thailand Hong Kong
Sales 2013
Taiwan
Europe
Malaysia
Korea
Sales 2012
12
Cash Costs of Coal Production Production Cash Costs of the Company decreased by 16% due to higher efficiencies, 28% lower unit fuel costs and a 25% fall in strip ratio, year-on-year Biaya Kas Produksi (1)
Komposisi Biaya Kas Produksi
FY11
FY12
FY13
H1’13
H1’14*
Bumi
42.1
43.7
40.5
41.2
34.3
KPC Arutmin
45.5 36.3
46.5 39.1
46.0 31.0
46.5 32.9
42.8 21.8
Biaya Bahan Bakar per Ton (USD)
11.4
11.6
Rasio Pengupasan
11.5x
10.4x
Kas2)
50.6
37.8
(dalam USD per ton)
Margin
9.7 8.6x 23.4
10.3
Kontraktor Tambang 58%
Biaya Bahan Bakar 22%
7.4
9.0x
6.7x
27.6
18.4
Pemeliharaan, Penyewaan Alat Berat 12% Biaya Tenaga Kerja 5% Bahan-bahan Lainnya 3%
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 2014
Harga Diesel untuk Keperluan Industri di Indonesia Harga Diesel menurun secara signifikan bersamaan dengan turunnya harga minyak bumi
13
Profit & Loss In US$ million
1H -2013
1H -2014
1,857.3
1,583.3
-15%
(1,481.5)
(1,268.5)
-14%
Gross Income
375.8
314.8
-16%
Operating Income
142.9
111.0
-22%
(269.7)
130.1
148%
Income Income Expenses
Net Profit (Loss)
%
14
Dividend History – Steady since 2005 Year 2000 2001 2002 2003 2005 Interim 2005 Final 2006 Final
Total Share
19,404,000
2007 Interim 2007 Final 2008 Final 2009 Final 2010 Final 2011 Final
20,773,400
Dividends Remarks per Share 1.0 2.5 5.0 10.0 16.0 Paid on 25 June 2007 50% paid on 2 July 2007, balance 66.0 * 50% paid on 5 September 2007 45.0 Paid on 7 August 2008 50.60 Paid on 18 August 2009 27.68 Paid on 16 August 2010 41.78 Paid on 15 August 2011 14.31 Paid on 6 July 2012
30% max of net income subject to shareholder approval * Represent 30% Dividend in XO gain of $472 million from Tata transaction in June 2007 15
BUMI LOAN MATURITY REPAYMENT SCHEDULE
16
PT BUMI RESOURCES TBK Outstanding Loan As of September 2014
LOAN AT BUMI LEVEL Guaranteed Convertible Bond I Country Forest Limited Facility 2009
Current (in Million of USD) 375.00 1,037.01
Guaranteed Senior Secured Notes
300.00
Credit Suisse 2010 Facility - 2 (Amended & Restated)
117.50
Guaranteed Senior Secured Note II
700.00
UBS AG Facility Axis Bank Limited Facility 2011 Deutsche Bank 2011 Facility China Development Bank Facility RBI Loan Facility
62.50 140.00 54.00 600.00 80.69
Credit Suisse Facility - 2014
114.31
Castleford Investment Holdings Ltd. Facility 2013
150.00
TOTAL LOANS AT BUMI LEVEL
3,731.01
17
Bumi - CIC Deal : The Beginning Summary of Terms: Debt Size
: USD 1.9 billion
Payment terms
: fixed interest rate 12% p.a. and 19% IRR Payable on Principle Repayment Date
Tranches:
2013 Payment : USD 600 million
2014 Payment : USD 600 million
2015 Payment : USD 700 million
Use of Proceeds
Debt Refinancing and the recent acquisitions
USD 1,687 million
Fees and expenses
USD
Working Capital
USD 203 million
10 million
2 years lock-up for both parties Pledge of coal company share
18
Bumi - CIC Deal : First Tranche Payment • In November 2011, Bumi has refinanced Tranche 1 amounting to US$ 600 million to CIC • This tranche was falling due on 30 September 2013 and has been repaid almost 2 years earlier by mutual consent • Effectively, this refinancing would reduce the interest by ca $72 m on an annualised basis • Refinancing cost was Libor + 6.7% pa vs 12% coupon + IRR
19
Our View on Debt Rating Downgrades -
S&P downgraded BUMI to ‘D' from ‘SD‘ on 10 Nov ’14
-
Downgrades due to assumption of, “Bumi Resources, the guarantor, has failed to make the interest payment within the 30-day grace period allowed under the bond indenture" -
S&P report was "devoid of ground reality, employing an outdated model ignoring the mitigating factors and steps the company has taken to counter the weak sector sentiment and sharply falling prices.”
-
The company has been trying to improve sales and reduce costs.
20
Future outlook • • • • •
Production capability: 100 mta in 2015 Cut debt and interest significantly Accelerate BRM development Close CIC deal Best effort to restructure to profit and dividends status as early as is feasible
21
PT Bumi Resources Tbk. - Rights Issue (PUT IV) As per the Company’s Prospectus published on 30 June 2014 Total Number of Shares to be Issued
32,198,770,000
Execution of LPO IV Total Number of Shares Issued
15,853,620,427
Proceeds raised to be Issued (Rp)
8,049,692,500,000
Proceeds raised (Rp)
3,963,405,106,750
Net Proceeds raised to be Issued (Rp)
7,700,170,000,000
Net Proceeds raised (Rp)
3,611,000,000,000
Use of Net Proceeds of the Rights Issue: Working Capital of the Company, consisting of operating cost and interest payment. Repayment of loan facilities to: 1) Axis Bank Limited 2011, 2) Credit Suisse 2010-2, 3) Deutsche Bank 2011, 4) UBS AG 2012-1, dan 5) CDB 2011 For realizing program budget in respect of Block 13 and Block R2 of hydrocarbon concession owned by Gallo Oil (Jersey) Ltd.
USD 14,000,000
Rp 161,000,000,000
Use of net proceeds from the Rights Issue Working Capital of the Company, consisting of operating cost and interest payment.
USD
Rp
14,000.000
161,000,000,000
The Company has decided to drop its rights issue plan initially intended for repayment to its creditors because it did not succeed in raising sufficient cash, and that those creditors were not willing to be paid with shares.
-
-
275,000,000
3,162,500,000,000
48,000,000
552,000,000,000
Since the Company was not successful in raising cash from the Rights Issue, the Company has dropped its plan to issue the new shares worth USD48 million
-
-
Since the Company was not successful in raising cash from the Rights Issue, the Company has dropped its plan to issue the new shares worth USD32.58 million
-
-
For conducting a feasibility study of copper and gold of concession of PT Gorontalo Minerals
32,580,000
374,670,000,000
Part payment of CIC Loan secured through Country Forest Limited (“CFL”).
150,000,000
1,725,000,000,000
Part payment of CIC Loan secured through Country Forest Limited (“CFL”).
150,000,000
1,725,000,000,000
Full Repayment of the Company’s loan facility to Castleford Investment Holdings Ltd (“Castleford”).
150,000,000
1,725,000,000,000
Full Repayment of the Company’s loan facility to Castleford Investment Holdings Ltd (“Castleford”).
150,000,000
1,725,000,000,000
669,580,000
7,700,170,000,000
TOTAL
TOTAL
314,000,000 3,611,000,000,000
22
The Parties who have subscribed to the Rights Issue •
Public: 11,530,427 shares
•
Long Haul Holding Ltd. : 6,900,000,000 shares, through debt to equity conversion with PT Karsa Daya Rekatama as its facility agent of Long Haul (unaffiliated with the Company).
•
Castleford Holding Ltd. : 6,900,000,000 shares, through debt to equity conversion with PT Damar Reka Energi as its facility agent of Castleford (unaffiliated with the Company).
•
PT Danatama Makmur as Standby Buyer under a Standby Purchase Agreement of 19 June 2014 : 2,042,090,000.
Note: Remaining unsubscribed shares to be returned to unissued stock capital of the Company
23
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. 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.
24
Subsequent Events Related to Restructuring Following CIC transaction, rights issue, and the attempt to extend the bond maturity in addition to the weakening coal price, the Company initiates to take the following actions: 1. BUMI Enters Into Conditional Sale & Purchase Agreement to Sell FBS Stake – Executed a CSPA with Jainson Holding Hong Kong Limited for 50% of shares in FBS – The proceeds from this share sale when concluded is expected to further reduce the company’s debt
25
Subsequent Events Related to Restructuring 2. BUMI’s wholly owned subsidiaries in Singapore, viz: – – –
Bumi Capital Pte. Ltd. (issuer of USD 300 million 12% Guaranteed Senior Secured Notes), Bumi Investment Pte. Ltd. (issuer of USD 700 million 10.75% Guaranteed Senior Secured Notes), Enercoal Resources Pte. Ltd. (issuer of USD 375 million 9.25% Guaranteed Convertible Bond),
have filed an application in Singapore to initiate a formal court process under Section 210 of the Singapore Companies Act as part of on-going effort to restructure the above debt obligations The Singapore subsidiaries have sought and obtained a moratorium of six months against legal and enforcement action, to facilitate discussions with note-holders and bondholders and continue with the restructuring efforts.
26
