A Ancora Indonesia Resources I d i R Public Expose Q4 2010 - - PowerPoint PPT Presentation
Strictly Private & Confidential Strictly Private & Confidential A Ancora Indonesia Resources I d i R Public Expose Q4 2010 2/16/2011 1 Agenda Introduction to AIR Kinerja dan Pencapaian 2010 Kinerja dan Pencapaian 2010
Strictly Private & Confidential Strictly Private & Confidential
2/16/2011
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Agenda
Kinerja dan Pencapaian 2010
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Ancora Indonesia Resources (AIR) is a diversified natural resources company with subsidiaries in mining services and oil & gas services
~605million*
AIR
605million
experience from world-class companies
EBITDA of US$ ~16 million
AIR MNK Bormindo
service in drilling and workover services
50% market share
entry industry Audited financials 2009: – Revenues of US$ 31.5 million – EBITDA of US$ 7.6 million – Net Income of US$ 2.1 million y y
– Revenues of US$ 126.7 million – EBITDA of US$ 17.6 million – Net Income of US$ 8.7 million 3 et co e o US$ 8
Shareholding structure
Ancora Summer Burgundy Ancora Resources Summer Harvest Burgundy Assets Corp Lain-lain 52% 17.18% 11.04% 19.78% Shareholding composition 31 Okt 2009 31 Okt 2010 Shareholding composition 31 Okt 2009 31 Okt 2010 Ancora Resources 56.70% 52.00% Summer Harvest 20.68% 17.18% Burgundy Assets Corp 14.05% 11.04% Masyarakat 8.57% 19.78%
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Ancora Indonesia Resources has professional management and advisors with experience from world-class institutions
Dewan Direksi yang profesional dengan pengalaman dari institusi-institusi kelas dunia… …yang didukung oleh tim penasehat yang kuat dan mempunyai keahlian relevan di sumber daya alam Dharma Djojonegoro CEO Dharma brings more than 12 years of experience with a focus on strategy and operations in natural
Tengku Nathan Machmud Penasehat Previously the CEO of ARCO Indonesia with current posts as the President Commissioner of the state-
recently McKinsey and Company where he helped leading natural resources companies in Europe and Asia in their transformation journey towards world- class performance.
Aulia Oemar CFO Aulia has multiple years of experience in investment banking, having worked in JP Morgan and involved in broad range of corporate finance transactions in Wibowo Suseno Wirjawan Komisaris MNK Previously the CEO for Jakarta International Container Terminal, with current post as Finance Deputy of BP Migas the regulatory body for oil & gas Roger Harkin Business Development Director broad range of corporate finance transactions in
leading player of mining explosives in Indonesia Deputy of BP Migas, the regulatory body for oil & gas in Indonesia. Tjetjep Muljana Penasehat Business Development Director Roger brings 25 years of extensive experience in logistic services. He was in the management team at PT AKR Corporindo Tbk, and was the CEO of Jardines Group business in Transport Services both i I d i d Phili i Penasehat Previously CFO with TOTAL E&P Indonesia with over three decades in oil & gas experience, with current posts of Executive Advisor for TOTAL.
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in Indonesia and Philippines
Ancora Indonesia Resources is committed to upholding highest standards of GCG
AIR telah menerapkan kerangka pengawasan yang ketat dan dinamis… …yang didukung oleh profesional-profesional dengan pengalaman dan keahlian yang relevan Dewan Komisaris responsibility of overseeing and advising management, and continuously monitors execution of business t t i Judi Magio Jusuf Komisaris Utama Retired Major General of the Indonesian Army where he served as assistant chief of staff for security in the I d i strategies Komite Audit & Manajemen Risiko appointed by and responsible to BOC. Responsible to assist BOC to monitor and evaluate company’s Indonesian army I Nyoman Tjager Komisaris Independen Currently the President Commissioner of the Indonesian Stock Exchange Vice President Commissioner of PT assist BOC to monitor and evaluate company s preparation and reporting of its financial statement and implementation of risk management, internal controls, audit processes and corporate governance Stock Exchange, Vice President Commissioner of PT. Indocement Edwin Stamboel Komisaris Previously a Director of the Indonesian Stock Exchange Komite Nominasi & Remunerasi recommend to BOC system and procedure of Previously a Director of the Indonesian Stock Exchange Usman Darus Komisaris Previously CEO of AIR recommend to BOC system and procedure of replacement of BOC and BOD members and evaluate remuneration policy Pat Lisk Anggota Komite Audit 25 years of risk management experience. Previously Ri k M t P t t E t & Y 6 Risk Management Partner at Ernst & Young,
Agenda
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Achievements 2010
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Despite plentiful challenges, 2010 was a very good year for AIR
Despite the many challenges of 2010, from weather challenges, the downturn of the drilling industry and the weakening of the US$, AIR enjoyed many accomplishments: 1 Increasing financial performance in 2010 vs 2009 2 On-track construction for MNK-2 3 Finalization of coal mine acquisition in East K li 3 Kalimantan
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Despite weakening US$ and the drilling industry downturn, AIR’s financial performance improved vs 2009 1
ESTIMATE – UNAUDITED FIGURES
Categories 2010 estimate 2009 audited Increase in percentage Revenues ~ Rp 1.36 trillion Rp 1.32 trillion 3% EBITDA ~ Rp 167 billion Rp 147.7 billion 13% Net Income TBD but likely to increase Rp 18.6 billion TBD
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The construction of MNK-2 is on-track and is expected to start commissioning on Jun 2011 2
tons for 2011, increasing to 140.000 ton in 2012
MNK with expected EBITDA increase of 40-60% in 2011 increase of 40 60% in 2011 (estimated using 2010 margins)
i t d d import needs decreases
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Ancora, through a sister company, has acquired a majority stake in a coal mine in Kutai Kartanegara 3
Gambaran ringkas
Samarinda
the concession: Formasi Kampung Baru and Formasi Balikpapan
– 5000-5500 Kcal/Kg (ADB) – 35-45% TM (AR) – 0.1-0.7% Sulphur (ADB) Sekilas operasional Sekilas operasional
tons per month
E l i ti
– 16 km hauling road ke jetty – 12-20 jam to anchorage with 300 ft barges
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The mine is very promising geologically and has low cash costs due to its easy logistics 3
Kilasan Geologis
JORC drilling program to determine total reserves: – We have drilled 26 holes with total depth of ~2832 meter. – Total area explored only 550 ha from total concession area of ~8500ha
tons
Sekilas finansial
Barge
buyer, with several other buyers in negotiation
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negotiation
AIR has signed a CSPA with Ancora Energy to acquire RKBM 3
p p p
p pp , p p pp , p appraisal and waiver from our corporate lender. In principle we feel that there will be no fundamental issue in getting all these approvals
AIR’s net gearing
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Agenda
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Kinerja dan Pencapaian 2010
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Our aspiration is to grow rapidly within the next 3-5 years both
Fase 2: Fase 3: Q2 2012 - 2013 Fase 1: 2010 – Q2 2011 Fase 2: Q3 2011-Q1 2012 Q2 2012 - 2013
growth in upstream assets ensure MNK2 is
MNK‐2 B ild l t d b i
i i d/ il & assets, ensure MNK2 is
into AIR
eg barging,
liquidity and research mining and/or oil & gas
awareness of AIR
governance coverage
awareness of AIR
We are here
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Agenda
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Kinerja dan Pencapaian 2010
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AIR 2011 strategic initiatives
Ensure MNK 2 is on target R – Ensure MNK-2 is on target – Monitor quality and quantity of production
Ramp-up production
– Finish construction of detonator assembly factory in East Increase Finish construction of detonator assembly factory in East Kalimantan – Increase blasting performance – Streamline costs in Bormindo Increase competitive advantage
Increase AIR’s Improve relationship with analysts and media – Site visit to MNK-2 – Periodic updates Increase AIR s profile in capital markets
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We target a significant performance increase in 2011
ESTIMATE ONLY – ASSUMES 2010 PRICES AND MARGINS
Categories 2011* target 2010 estimate % increase AIR Revenues Rp 1.55 - 1.7 trillion Rp 1.36 trillion 15-25% AIR EBITDA Rp 250-300 billion Rp 167 billion 50-80%
AIR performance will increase significantly driven by MNK‐2 and RKBM
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* Dengan menggunakan asumsi margin saat ini
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