PT BUMI Resources Tbk. Paparan Publik Tahunan
Jakarta, 2 Oktober 2015
www.bumiresources.com
Agenda 1. Sekilas tentang Perseroan 2. Kinerja Produksi dan Penjualan 3. Kinerja Keuangan –
Laba /Rugi
–
Neraca
–
Perbandingan PSAK 66 - H1'15 vs H1'14
4. Gambaran Pasar dan Biaya Produksi 5. Usulan Restruktrurisasi Utang 6. Rangkuman dan Rencana ke Depan
2
Sekilas Perusahaan
Salah satu pengekspor batubara terbesar di dunia
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 sebesar 26% dari seluruh produksi batubara Indonesia pada tahun 2014(1)
memproduksi batubara sebanyak 80 juta metrik ton pada tahun 2013, tahun 2014 sebanyak 84 juta ton
Memiliki 3,2 miliar metrik ton cadangan batubara yang siap dipasarkan dan 13,9 miliar metrik ton sumberdaya batubara (di luar cadangan)(2)
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) www.minerba.esdm.go.id (2) 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) KPC 51%
Bumi Seri A (25%) Bumi Seri B (0,004%)
87.09%
PT Bumi Resources Minerals Tbk 80%
70%
(in exploration stage)
Arutmin 96,97%
70%
70%
IndoCoal Resources (Cayman) Ltd
100%
Effective ~31,43%
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)
IndoCoal KPC Resources (Cayman) Ltd (Forerunner International)
Gorontalo Minerals – Gold & Copper Mining
(in exploitation stage)
(in production stage)
4
Produksi Batubara
84 80
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.
Dalam Juta Ton KPC: Sangatta
Cadangan Batu Bara
Sumber Daya Batu Bara
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
335 1,306
593 2,311
928 3,617
TOTAL
3,250
14,104
17,354
Bengalon
Arutmin: Senakin Satui Batulicin Sub Bituminious Coal Ecocoal
FBS
6
1H’15 : Kinerja Operasional* FUNDAMENTAL MASIH SANGAT KUAT • • • •
Penjualan dan Produksi sedikit menurun Strip Ratio 6,9 Biaya produksi menurun Persediaan yang cukup
Pengupasan Tanah Penutup
Volume Batubara Ditambang
Rasio Pengupasan
(in mn bcm)
(juta ton)
(bcm/t)
80
688
8,6x
84
6,9x
579 45
302
Penjualan Batubara
Persediaan Batubara *
(juta ton)
(juta ton)
85
6 5
44
*Berdasarkan 100% basis
6,9x
39
271
82
6,7x
4 40
3
Note: In-pit, ROM, Plant & Port Stocks
7
1H’15 – 1H’14 : Sekilas Kinerja* METRIKS OPERASIONAL
Pengupasan Tanah Penutup
271,3 mbcm vs 302,1 mbcm atau berkurang 10%
Volume Batubara Ditambang
39,1 juta metrik ton vs 45,2 metrik ton atau berkurang 14%
Penjualan Batubara
39,9 juta metrik ton vs 44,2 metrik ton atau berkurang 10%
Biaya Kas Produksi**)
$ 32.1/ton vs $ 34.3/ton atau berkurang 6%
Harga FOB**)
$ 46,6/ton vs $ 52,7/ton atau berkurang 12%
Rasio Pengupasan**)
6,9 bcm/ton vs 6,7 bcm/ton atau meningkat 3%
Persediaan Akhir
2,7 juta metrik ton vs 5,3 juta metrik ton atau berkurang 49%
* Berdasarkan 100% basis ** Penjualan/produksi batubara kalori rendah yang lebih tinggi mempengaruhi rasio pengupasan, biaya kas produksi & realisasi harga
8
Ikhtisar Keuangan Dalam Juta US$
H1 ‐2014
Pendapatan
H1 ‐2015
36,6
21,5
‐41%
2,9
1,6
‐44%
Laba Bruto
33,7
19,9
‐41%
Laba Usaha
4,0
6,4
59%
Beban Pokok Pendapatan
FY ‐2014
% Aset Lancar
H1 ‐2015
%
764,5
696,0
‐9%
Aset Tidak Lancar
3.852,1
3.693,7
‐4%
Total Aset
4.616,6
4.389,2
‐5%
Liabilitas Jangka Pendek
4.938,8
5.166,2
5%
Liabilitas Jangka Panjang
410,8
526,6
28%
LABA (RUGI) NETO YANG DAPAT DIATRIBUSIKAN KEPADA
Total Liabilitas
5.349,6
5.692,8
6%
Pemilik entitas induk
149,4
Ekuitas Pemegang saham
(733,0)
(1.303,6)
78%
Kepentingan nonpengendali
(19,3)
Total Liabilitas & Ekuitas
4.616,6
4.389,2
‐5%
Total
130,1
Total Utang (termasuk Obligasi Konversi)
4.151,5
4.180,5
1%
(555,7) ‐472% (10,5)
‐46%
(566,2) ‐535%
9 9
1H’15 – 1H’14 : Sekilas Kinerja DATA KEUANGAN Pendapatan
USD21,5 juta vs USD36,6 juta atau berkurang 41%
Beban Pokok Pendapatan
USD1,6 juta vs USD2,9 juta atau berkurang 44%
Laba Bruto
USD19,9 juta vs USD33,7juta atau berkurang 41%
Margin Laba Bruto (% terhadap Pendapatan)
93% vs 92%
Beban Usaha
USD13,5 juta vs USD29,7juta atau berkurang 55%
Laba Usaha
USD6,4 juta vs USD4,0 juta atau meningkat 59%
Margin Laba Usaha (% terhadap Pendapatan) 30% vs 11% Laba (Rugi) Sebelum Pajak
*)
Rugi USD 586,2 juta vs Laba USD 314,1 juta Pembalikan negatif sebesar USD 900,3 juta secara yoy
Laba (Rugi) Bersih
*)
Rugi USD 566,2 juta vs Laba USD 130,1 juta Pembalikan negatif sebesar USD 696,3 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
2011
(in US$ per ton)
ASPs (exc. Ecocoal) Ecocoal ASPs KPC+AI
2012
2013
2014
H1'14
H1'15
Q2'15
$
99.8 $
90.1 $
75.9 $
66.4
$
69.5 $
56.1 $
55.0
$
61.4 $
52.7 $
34.8 $
29.7
$
29.4 $
26.6 $
26.7
$
92.3 $
81.5 $
63.8 $
52.7
$
52.7 $
46.6 $
47.4
Catatan: Harga Rata-rata Penjualan berdasarkan harga FOB, tidak termasuk royalti kepada pemerintah
11
Distribusi Pasar Tujuan
Jun-15 Penjualan (ton)
2014 Penjualan (ton)
(%)
2013 Penjualan (ton)
(%)
(%)
Indonesia
16.323.680
40,9%
38.236.788
45,1%
21.896.274
26,7%
India
11.486.652
28,8%
20.417.502
24,1%
23.348.163
28,5%
Japan
4.381.329
11,0%
9.576.613
11,3%
11.425.964
13,9%
Philippines
2.036.797
5,1%
3.943.209
4,7%
3.385.335
4,1%
China
3.195.052
8,0%
6.135.167
7,2%
11.805.042
14,4%
1.073.924
2,7%
1.927.178
2,3%
1.820.723
2,2%
216.213
0,3%
2.892.586
3,5%
757.901
1,0%
1.826.930
2,2%
Thailand Malaysia
*
*
Taiwan Korea
254.099
0,6%
179.334
0,2%
877.120
1,1%
Hong Kong
259.408
0,6%
2.274.020
2,7%
1.887.661
2,3%
Europe
915.955
2,3%
916.620
1,1%
766.995
0,9%
150.006
0,2%
53.479
0,1%
84.730.551
100%
81.996.271
100%
Others
*/**
Grand Total
39.926.896
100%
*) Tidak ada proses pengapalan Jan – Jun’15 **) Myanmar, Cambodia, NZ di tahun 2014, Sri Lanka di tahun 2013 (Dalam Juta)
12
Biaya Produksi Batubara Biaya Kas Produksi Perseroan berkurang 6% berkat efisiensi yang lebih tinggi, 19% biaya bahan bakar yang lebih rendah dan perubahan strip ratio sebesar 3%, secara year-on-year (yoy). Biaya Kas Produksi (1)
Komposisi Biaya Kas Produksi
FY12
FY13
FY14
H1’14*
H1’15*
Bumi
43,7
40,5
34,6
34,3
32,1
KPC
46,5
46,0
41,9
42,8
35,1
Arutmin
39,1
31,0
22,5
21,8
25,6
Biaya Bahan Bakar per Ton (USD)
11,6
9,7
7,7
7,4
6,0
Rasio Pengupasan
10,4x
8,6x
6,9x
6,7x
6,9x
Margin Kas2)
37,8
(dalam USD per ton)
23,4
18,1
18,4
Kontraktor Tambang 57%
Biaya Bahan Bakar 19%
Pemeliharaan, Penyewaan Alat Berat 15%
14,5
Biaya Tenaga Kerja 6% 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 2015
Harga Diesel untuk Keperluan Industri di Indonesia Harga Diesel menurun secara signifikan bersamaan dengan turunnya harga minyak bumi
13
Perbandingan PSAK 66 - H1'15 vs H1'14 (Laba & Rugi)
REVENUES COSTS OF REVENUES GROSS PROFIT OPERATING EXPENSES General and administrative Total Operating Expenses OPERATING INCOME OTHER INCOME (EXPENSES) Equity interest in net income of associates Gain (loss) on foreign exchange - net Impairment loss on exploration and evaluation asset Amortization expenses Interest expense and finance charges Interest Income loss on derivative transactions Net gain on sale of Subsidiaries Others - net Total other expenses - Net INCOME BEFORE TAX TAX BENEFIT (EXPENSES) NET INCOME NET INCOME ATRIBUTABLE TO: Owners Of the Parent Non-controlling interest Total
June 30 2015
June 30 2014
Six months)*
Six months)*
21,499,109 1,601,221 19,897,888
36,604,272 2,858,030 33,746,242
Increase (Decrease) Amount % (15,105,163) -41% (1,256,809) -44% (13,848,354) -41%
13,479,248 13,479,248 6,418,640
29,698,385 29,698,385 4,047,857
(16,219,137) (16,219,137) 2,370,783
-55% -55% 59%
30,653,338 540,075 (212,329,697) (319,799) (279,881,708) 19,353,767 16,206,368 (166,842,680) (592,620,336) (586,201,696) 19,960,138 (566,241,558)
38,020,888 (35,498) (13,052,437) (484,939,609) 24,542,791 (2,954,729) 754,607,427 (6,120,345) 310,068,488 314,116,345 (184,017,348) 130,098,997
(7,367,550) 575,573 (212,329,697) 12,732,638 205,057,901 (5,189,024) 2,954,729 (738,401,059) (160,722,335) (902,688,824) (900,318,041) 203,977,486 (696,340,555)
-19% -1621% 100% -98% -42% -21% -100% -98% 2626% -291% -287% -111% -535%
(555,742,598) (10,498,960) (566,241,558)
149,403,240 (19,304,243) 130,098,997
(705,145,838) 8,805,283 (696,340,555)
-472% -46% -535%
14
Perbandingan PSAK 66 - H1'15 vs H1'14 (Neraca) Audit ASET
Audit Dec 31 2014
Increase (Decrease) Amount %
5,765,623 12,576,308
6,777,995 12,576,084
(1,012,372) 224
-14.94% 0.00%
162,788,058 194,519 432,948,262 548,071 113,251 79,223,591 1,418,430 695,576,113
236,943,100 472,532 408,241,409 620,821 278,420 97,652,734 926,959 764,490,054
(74,155,042) (278,013) 24,706,853 (72,750) (165,169) (18,429,143) 491,471 (68,913,941)
-31.30% -58.83% 6.05% -11.72% -59.32% -18.87% 53.02%
6,173,142 188,659,091 1,803,436,852 219,214,389 580,505,355 329,275,977 71,689,190 308,277,116
5,474,878 165,556,009 1,772,689,188 221,781,508 587,078,319 538,121,991 69,439,800 308,277,116
698,264 23,103,082 30,747,664 (2,567,119) (6,572,964) (208,846,014) 2,249,390 -
12.75% 13.95% 1.73% -1.16% -1.12% -38.81% 3.24% 0.00%
183,794,242 2,648,498 3,693,673,852 4,389,249,965
180,972,272 2,671,629 3,852,062,710 4,616,552,764
2,821,970 (23,131) (158,388,858) (227,302,799)
1.56% -0.87%
June 30,
2015 ASET LANCAR Cash and cash equivalents Restricted cash in banks Other receivables Third parties Related parties Long-term receivables Value-Added Tax recoverable Prepaid expenses Disposal groups classified as held for sale Other current assets Total Current Assets NON-CURRENT ASSETS Due from related parties Deferred tax assets - net Investment in associates Fixed assets (net of Mining Properties Exploration and evaluation assets Claim for tax refund Goodwill - net Other non-current assets Third parties Related parties Total Non-Current Assets TOTAL ASSETS
15
Perbandingan PSAK 66 - H1'15 vs H1'14 (Lanjutan) (Neraca) LIABILITAS DAN EKUITAS LIABILITAS JANGKA PENDEK Short term loan Trade payables Other payables Accrued expenses Tax payable Liabilities directly associated with disposal groups classified as held for sale Current maturities of Long-term loans Convertible bonds Total Current Liabilities NON-CURRENT LIABILITIES Due to related parties Deferred tax liabilities - net Long-term liabilities - net of current Long-term loans Long-term liabilities - others Total Non-Current Liabilities Total liabilitas EKUITAS Capital stock Additional paid-in capital - net Treasury stock Different transaction in a joint controlled entity Different transactions of of entities under common control Other capital reserves Retained earnings Appropriated Unappropriated Equity attributable to the owners of the parent Non-controlling interest Equity - Net TOTAL LIABILITIES AND EQUITY
Audit June 30, 2015
Audit Dec 31 2014
Increase (Decrease) Amount %
208,032,935 11,498,387 261,480,868 394,234,989 207,675,645 110,748,366
193,897,249 11,223,027 216,436,774 259,007,148 196,609,908 104,247,515
14,135,686 275,360 45,044,094 135,227,841 11,065,737 6,500,851
7.29% 2.45% 20.81% 52.21% 5.63% 6.24%
3,597,506,788 375,000,000 5,166,177,978
3,582,418,484 375,000,000 4,938,840,105
15,088,304
0.42% 0.00%
521,723,698 4,904,772
405,629,253 4,930,681
116,094,445 (25,909)
28.62% -0.53%
3,913 2,160 526,634,543 5,692,812,521
191,768 2,315 410,754,017 5,349,594,122
(187,855) (155) 115,880,526 343,218,399
-97.96% -6.70%
1,614,650,269 (672,000,931) (34,159,759) (27,756,685)
1,614,650,269 (672,000,931) (34,159,759) (27,756,685)
-
0.00% 0.00% 0.00% 0.00%
(306,833,020) 11,075,874
(306,833,020) 11,593,231
(517,357)
0.00% -4.46%
417,634,883 (2,403,419,872) (1,400,809,241) 97,246,685 (1,303,562,556)
417,634,883 (1,847,677,274) (844,549,286) 111,507,928 (733,041,358)
(555,742,598) (556,259,955) (14,261,243) (570,521,198)
0.00% 30.08%
4,389,249,965
4,616,552,764
(227,302,799)
227,337,873
-12.79%
16
Usulan Restrukturisasi Utang Utang Pokok Estimasi Utang Yang Belum Dibayar Yang Belum Dibayar per 31 Agustus 2015 per 31 Agustus 2015 3,605.4 3,984.4
Total Fasilitas Bergaransi Baru* 1,200.0
% dari Estimasi Utang yang Belum Dibayar 30.1%
Utang yang akan % dari Dikonversi Menjadi Estimasi Saham Bumi** Utang yang *** Belum Dibayar 2,054.4
51.6%
% dari Utang yang akan Estimasi Dikonversi Menjadi Saham Utang yang Tertutup**** Belum Dibayar 730.0
18.3%
Catatan: * Trance A ‐ US$ 600 juta – bunga 6% per tahun Trance B ‐ US$ 600 juta – bunga PIK 9% per tahun Jatuh tempo 5 tahun untuk kedua Trance ** Termasuk pinjaman CIC sebesar US$ 150 juta *** Berdasarkan Valuasi Ekuitas sebesar US$ 4,6 miliar **** Sisa utang dikonversi menjadi saham tertutup (private equity) (Pinjaman CIC sebesar US$ 630 juta dan pinjaman Axis Bank sebesar US$ 100 juta) Usulan Restrukturisasi Utang secara lengkap kepada lender asing telah dimuat di situs BEI dan Perseroan pada tanggal 28 Sept'15
17
Pandangan Masa Depan
• • • •
Kapabilitas Produksi: 100 metrik ton di tahun 2015 Memangkas utang dan bunga secara signifikan dengan menyelesaikan Restrukturisasi Utang secepat mungkin Mempercepat pengembangan Bumi Resources Minerals Melakukan upaya terbaik agar kembali mampu menghasilkan laba dan membagikan dividen segera setelah kondisi perusahaan kembali layak dan menguntungkan
18
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.
19
PT BUMI Resources Tbk. Annual Public Expose
Jakarta, 2 October 2015
www.bumiresources.com
Agenda 1. Company at a Glance 2. Production and Sales Performances 3. Financial Performance –
Profit & Loss
–
Balance Sheet
–
PSAK 66 Comparison H1'15 vs H1'14
4. Market and Production Highlights 5. Debt Restructuring Proposal 6. Future Outlook
2
Overview
One of the largest coal exporters globally
Leading natural resources group and the largest thermal coal producer in Indonesia, with KPC and Arutmin together commanding a dominant 26% market share of Indonesia coal production in 2014(1)
Reached coal production of 80 million metric tonnes in 2013, and 84 million metric tonnes in 2014
3.2 billion metric tonnes of marketable coal reserves and 13.9 billion metric tonnes of coal resources (excluding resources)(2)
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 throughout Asia and Europe Open cut mining with captive coal processing facilities Dedicated infrastructure including coal loading terminals, port facilities and coal conveyors Segmented coal and non-coal businesses - 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 (2) Laporan The Minerals Expert yang disusun oleh PT Runge Indonesia
3
Bumi Ownership Structure Becoming a Diversified Mining Resources Company PT BUMI RESOURCES TBK.
(Minerals/Non-Coal)
(Coal, Oil & Gas) KPC 51%
Bumi Seri A (25%) Bumi Seri B (0,004%)
87.09%
PT Bumi Resources Minerals Tbk 80%
70%
(in exploration stage)
Arutmin 96,97%
70%
70%
IndoCoal Resources (Cayman) Ltd
100%
Effective ~31,43%
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)
IndoCoal KPC Resources (Cayman) Ltd (Forerunner International)
Gorontalo Minerals – Gold & Copper Mining
(in exploitation stage)
(in production stage)
4
Coal Production
84 80
5
Coal Reserves and Resources – Largest in Indonesia • Reserves are now 3.2 million metric tonnes, an increase by 27% from 2.6 million metric tonnes in 2009. • Reserves & Resources, together increase to 17.3% million metric tons.
In Million Tons KPC: Sangatta
Coal Reserves
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
335 1,306
593 2,311
928 3,617
TOTAL
3,250
14,104
17,354
Bengalon
Arutmin: Senakin Satui Batulicin Sub Bituminious Coal Ecocoal
FBS
6
1H’15 : Operational Performance* FUNDAMENTAL VERY STRONG • • • •
Sales and production is decreased Strip Ratio 6.9 Cost Reduction Comfortable Inventory
OB Removed
Coal Mined
Strip Ratio
(in mn bcm)
(juta ton)
(bcm/t)
8.6x
84
80
688
6.9x
579 45
302
Coal Sales
Coal Inventories *
(juta ton)
(juta ton)
85
6 5
44
*Based on 100% basis
6.9x
39
271
82
6.7x
4 40
3
*Note: In-pit, ROM, Plant & Port Stocks
7
1H’15 – 1H’14 : Performance at a Glance* OPERATIONAL METRICS
OB Removed
271.3 mbcm vs 302.1 mbcm or decreased by 10%
Coal Mined
39.1 million metric tonnes vs 45.2 million metric tonnes or decreased by 14%
Sales Volume
39.9 million metric tonnes vs 44.2 million metric tonnes or decreased by 10%
Production Cash Cost**)
$ 32.1/ton vs $ 34.3/ton or decreased by 6%
FOB Price**)
$ 46.6/tons vs $ 52.7/tons or decreased by 12%
Strip Ratio**)
6.9 bcm/ton vs 6.7 bcm/ton or increased by 3%
Closing Inventory
2.7 million metric tonnes vs 5.3 million metric tonnes or decreased by 49%
* Based on 100% basis ** Higher sales/production of low CV coal affected strip ratio, production cash cost & realized price
8
Financial Highlights In million US$
H1 ‐2014
Revenue Cost of Revenue Gross Profit Operating Income (Loss)
H1 ‐2015
FY ‐2014
%
36.6
21.5
‐41%
2.9
1.6
‐44%
33.7
19.9
‐41%
4.0
6.4
59%
Current Assets
Owners of The Parent
149.4
Non‐controlling Interest
(19.3)
Total Net (Loss)
130.1
(555.7) ‐472% (10.5)
‐46%
(566.2) ‐535%
%
764.5
696.0
‐9%
Non Current Assets
3,852.1
3,693.7
‐4%
Total Assets
4,616.6
4,389.2
‐5%
Current Liabilities
4,938.8
5,166.2
5%
410.8
526.6
28%
Total Liabilities
5,349.6
5,692.8
6%
Shareholder Equity
(733.0)
(1,303.6)
78%
Total Liabilities & Equity
4,616.6
4,389.2
‐5%
Total Debt (Include Convertible Bonds)
4,151.5
4,180.5
1%
Non Current Liabilities Loss Attributable to:
H1 ‐2015
9 9
1H’15 – 1H’14 : Performance at a Glance FINANCIALS Net Revenue
USD21.5 million vs USD36.6 million or decreased by 41%
Cost of Revenue
USD1.6 million vs USD2.9 million or decreased by 44%
Gross Margin
USD19.9 million vs USD33.7 million or decreased by 41%
Gross Margin (% to revenue)
93% vs 92%
Operating Expenses
USD13.5 million vs USD29.7 million or decreased by 55%
Operating Income
USD6.4 million vs USD4.0 million or increased by 59%
Operating Income Margin (% to Revenue)
30% vs 11%
*)
Loss of USD 586.2 million vs Profit of USD 314.1 million
Profit (Loss) Before Tax
Negative swing of USD 900.3 million yoy *)
Net Profit (Loss)
Loss of USD 566.2 million vs Profit of USD 130.1 million Negative swing of USD 696.3 million yoy
* Proceeds from transfer of 19% of KPC shares had been recorded in Half year I - 2014
10
Average Selling Price Weighted Average Selling Price
2011
(in US$ per ton)
ASPs (exc. Ecocoal) Ecocoal ASPs KPC+AI
2012
2013
2014
H1'14
H1'15
Q2'15
$
99.8 $
90.1 $
75.9 $
66.4
$
69.5 $
56.1 $
55.0
$
61.4 $
52.7 $
34.8 $
29.7
$
29.4 $
26.6 $
26.7
$
92.3 $
81.5 $
63.8 $
52.7
$
52.7 $
46.6 $
47.4
Note: Average Selling Price based on FOB prices, excluding royalties to the government.
11
Market Distribution Destination
Jun-15 Sales (tons)
2014 Share (%)
Sales (tons)
Share (%)
2013 Sales (tons)
Share (%)
Indonesia
16.323.680
40,9%
38.236.788
45,1%
21.896.274
26,7%
India
11.486.652
28,8%
20.417.502
24,1%
23.348.163
28,5%
Japan
4.381.329
11,0%
9.576.613
11,3%
11.425.964
13,9%
Philippines
2.036.797
5,1%
3.943.209
4,7%
3.385.335
4,1%
China
3.195.052
8,0%
6.135.167
7,2%
11.805.042
14,4%
1.073.924
2,7%
1.927.178
2,3%
1.820.723
2,2%
216.213
0,3%
2.892.586
3,5%
757.901
1,0%
1.826.930
2,2%
Thailand Malaysia
*
*
Taiwan Korea
254.099
0,6%
179.334
0,2%
877.120
1,1%
Hong Kong
259.408
0,6%
2.274.020
2,7%
1.887.661
2,3%
Europe
915.955
2,3%
916.620
1,1%
766.995
0,9%
150.006
0,2%
53.479
0,1%
84.730.551
100%
81.996.271
100%
Others
*/**
Grand Total
39.926.896
100%
*) There was no sales process on Jan – Jun’15 **) Myanmar, Cambodia, NZ in 2014, Sri Lanka in 2013 (in million)
12
Cash Costs of Coal Production Production Cash Costs of the Company decreased by 6% thanks to higher efficiencies, 19% lower unit fuel costs and strip ratio by 3%, year-on-year (yoy). Production Cash Cost
(1)
Komposisi Biaya Kas Produksi
FY12
FY13
FY14
H1’14*
H1’15*
Bumi
43,7
40,5
34,6
34,3
32,1
KPC
46,5
46,0
41,9
42,8
35,1
Arutmin
39,1
31,0
22,5
21,8
25,6
Fuel Cost per Ton (USD)
11,6
9,7
7,7
7,4
6,0
6,7x
6,9x
(in USD per ton)
Strip Ratio
10,4x
Cash Margin2)
37,8
8,6x 23,4
6,9x 18,1
18,4
Mining Contractors 57%
Fuel Costs 19%
Maintenance, Lease of Heavy Equipment 15%
14,5
Labor Cost 6% Other Materials 3%
Notes: (1) calculated by dividing production cash cost by coal mined, excluding FBS. (2) calculated by deducting production cash cost from average selling price. * Unaudited
Rainfall in Sangatta
H1 2015
Diesel Prices for Industrial Purposes in Indonesia Diesel prices saw a significant drop, along with the declining oil prices
13
PSAK 66 Comparison H1'15 vs H1'14 (Profit & Loss)
REVENUES COSTS OF REVENUES GROSS PROFIT OPERATING EXPENSES General and administrative Total Operating Expenses OPERATING INCOME OTHER INCOME (EXPENSES) Equity interest in net income of associates Gain (loss) on foreign exchange - net Impairment loss on exploration and evaluation asset Amortization expenses Interest expense and finance charges Interest Income loss on derivative transactions Net gain on sale of Subsidiaries Others - net Total other expenses - Net INCOME BEFORE TAX TAX BENEFIT (EXPENSES) NET INCOME NET INCOME ATRIBUTABLE TO: Owners Of the Parent Non-controlling interest Total
June 30 2015
June 30 2014
Six months)*
Six months)*
21,499,109 1,601,221 19,897,888
36,604,272 2,858,030 33,746,242
Increase (Decrease) Amount % (15,105,163) -41% (1,256,809) -44% (13,848,354) -41%
13,479,248 13,479,248 6,418,640
29,698,385 29,698,385 4,047,857
(16,219,137) (16,219,137) 2,370,783
-55% -55% 59%
30,653,338 540,075 (212,329,697) (319,799) (279,881,708) 19,353,767 16,206,368 (166,842,680) (592,620,336) (586,201,696) 19,960,138 (566,241,558)
38,020,888 (35,498) (13,052,437) (484,939,609) 24,542,791 (2,954,729) 754,607,427 (6,120,345) 310,068,488 314,116,345 (184,017,348) 130,098,997
(7,367,550) 575,573 (212,329,697) 12,732,638 205,057,901 (5,189,024) 2,954,729 (738,401,059) (160,722,335) (902,688,824) (900,318,041) 203,977,486 (696,340,555)
-19% -1621% 100% -98% -42% -21% -100% -98% 2626% -291% -287% -111% -535%
(555,742,598) (10,498,960) (566,241,558)
149,403,240 (19,304,243) 130,098,997
(705,145,838) 8,805,283 (696,340,555)
-472% -46% -535%
14
PSAK 66 Comparison H1'15 vs H1'14 (Balance Sheet) Audit ASET
Audit Dec 31 2014
Increase (Decrease) Amount %
5,765,623 12,576,308
6,777,995 12,576,084
(1,012,372) 224
-14.94% 0.00%
162,788,058 194,519 432,948,262 548,071 113,251 79,223,591 1,418,430 695,576,113
236,943,100 472,532 408,241,409 620,821 278,420 97,652,734 926,959 764,490,054
(74,155,042) (278,013) 24,706,853 (72,750) (165,169) (18,429,143) 491,471 (68,913,941)
-31.30% -58.83% 6.05% -11.72% -59.32% -18.87% 53.02%
6,173,142 188,659,091 1,803,436,852 219,214,389 580,505,355 329,275,977 71,689,190 308,277,116
5,474,878 165,556,009 1,772,689,188 221,781,508 587,078,319 538,121,991 69,439,800 308,277,116
698,264 23,103,082 30,747,664 (2,567,119) (6,572,964) (208,846,014) 2,249,390 -
12.75% 13.95% 1.73% -1.16% -1.12% -38.81% 3.24% 0.00%
183,794,242 2,648,498 3,693,673,852 4,389,249,965
180,972,272 2,671,629 3,852,062,710 4,616,552,764
2,821,970 (23,131) (158,388,858) (227,302,799)
1.56% -0.87%
June 30,
2015 ASET LANCAR Cash and cash equivalents Restricted cash in banks Other receivables Third parties Related parties Long-term receivables Value-Added Tax recoverable Prepaid expenses Disposal groups classified as held for sale Other current assets Total Current Assets NON-CURRENT ASSETS Due from related parties Deferred tax assets - net Investment in associates Fixed assets (net of Mining Properties Exploration and evaluation assets Claim for tax refund Goodwill - net Other non-current assets Third parties Related parties Total Non-Current Assets TOTAL ASSETS
15
PSAK 66 Comparison H1'15 vs H1'14 (continue) (Balance Sheet) LIABILITAS DAN EKUITAS LIABILITAS JANGKA PENDEK Short term loan Trade payables Other payables Accrued expenses Tax payable Liabilities directly associated with disposal groups classified as held for sale Current maturities of Long-term loans Convertible bonds Total Current Liabilities NON-CURRENT LIABILITIES Due to related parties Deferred tax liabilities - net Long-term liabilities - net of current Long-term loans Long-term liabilities - others Total Non-Current Liabilities Total liabilitas EKUITAS Capital stock Additional paid-in capital - net Treasury stock Different transaction in a joint controlled entity Different transactions of of entities under common control Other capital reserves Retained earnings Appropriated Unappropriated Equity attributable to the owners of the parent Non-controlling interest Equity - Net TOTAL LIABILITIES AND EQUITY
Audit June 30, 2015
Audit Dec 31 2014
Increase (Decrease) Amount %
208,032,935 11,498,387 261,480,868 394,234,989 207,675,645 110,748,366
193,897,249 11,223,027 216,436,774 259,007,148 196,609,908 104,247,515
14,135,686 275,360 45,044,094 135,227,841 11,065,737 6,500,851
7.29% 2.45% 20.81% 52.21% 5.63% 6.24%
3,597,506,788 375,000,000 5,166,177,978
3,582,418,484 375,000,000 4,938,840,105
15,088,304
0.42% 0.00%
521,723,698 4,904,772
405,629,253 4,930,681
116,094,445 (25,909)
28.62% -0.53%
3,913 2,160 526,634,543 5,692,812,521
191,768 2,315 410,754,017 5,349,594,122
(187,855) (155) 115,880,526 343,218,399
-97.96% -6.70%
1,614,650,269 (672,000,931) (34,159,759) (27,756,685)
1,614,650,269 (672,000,931) (34,159,759) (27,756,685)
-
0.00% 0.00% 0.00% 0.00%
(306,833,020) 11,075,874
(306,833,020) 11,593,231
(517,357)
0.00% -4.46%
417,634,883 (2,403,419,872) (1,400,809,241) 97,246,685 (1,303,562,556)
417,634,883 (1,847,677,274) (844,549,286) 111,507,928 (733,041,358)
(555,742,598) (556,259,955) (14,261,243) (570,521,198)
0.00% 30.08%
4,389,249,965
4,616,552,764
(227,302,799)
227,337,873
-12.79%
16
Debt Restructuring Proposal Principal Outstanding as 31 Aug 2015
Estimated Debt Outstanding as 31 Aug 2015
3,605.4 3,984.4
*
** *** ****
Total New Secured Facility* 1,200.0
% of Estimated Debt Outstanding 30.1%
Debts to be % of converted to Estimated Bumi Equity** Debt *** Outstanding 2,054.4
51.6%
Debts to be % of converted to Estimated Private Debt Equity**** Outstanding 730.0
18.3%
Notes: Tranche A ‐ US$ 600 million ‐ 6% interest p.a Tranche B ‐ US$ 600 million ‐ 9% interest p.a PIK 5 year maturity for both Tranches. Include US$ 150 million CIC loan Based on Equity Valuation US$ 4.6 billion Balance of debt will be converted into private equity (US$ 630 of CIC loan and US$ 100 of Axis loan) Full Revised Restructuring Proposal to foreign lenders has been posted on IDX and Company’s website on 28 Sept’15
17
Future Outlook
• • • •
Production Capability: 100 million metric tons in 2015 To significantly trim debts and interest by concluding Debt Restructuring expeditiously To speed up the development of Bumi Resources Minerals To make best endeavors to return to profits and dividend payments as soon as possible.
18
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.
19
