Analyst Briefing 1Q13 performance results 15 May 2013
The view s expressed here contain inform ation derived from publicly available sources that have not been independently verified. No representation or w arranty is m ade as to the accuracy, com pleteness or reliability of the inform ation. Any forw ard looking inform ation in this presentation has been prepared on the basis of a num ber of assum ptions w hich m ay prove to be incorrect. This presentation should not be relied upon as a recom m endation or forecast by PT. Indo Tam bangraya Megah Tbk. Nothing in this release should be construed as either an offer to buy or sell or a solicitation of an offer to buy or sell shares in any jurisdiction 2
Introduction 1 Operational review 2 Commercial review 3 Financial review 4 Appendices 3
Agenda Disclaim er 1. Introduction (a) Highlights of 1Q13 results (b) ITM new Board Mem ber (c) 2013 operation sum m ary 4
Highlights of 1Q13 results Coal Sales: 7.1 Mt Up 1.4 Mt Down 1.1 Mt +24% y-y -13% Q-Q Unit: USD Million y -y 1Q13 4Q12 1Q12 Q-Q Total Revenue -3% 563 658 578 -15% -13% Gross Profit Ma rgin 23% 24% 36% -1% EBIT -50 % 8 5 10 5 169 -19% -42% Net Incom e 72 65 124 +10 % -21% ASP* (USD/ ton) $8 0 .0 $8 0 .6 $10 1.1 -1% * Included bonus / penalty 5
Board of Directors Pongsak Thongampai Leksono Poeranto President Director Director Edward Manurung SE, MBA Sean Trehane Pellow Director Director Hartono Widjaja A.H Bram antya Putra Director Director (New Mem ber) 6
Brief resum e of A.H Bram antya Putra Date of birth : 10 Novem ber 1964 Education : Master Degree m ajoring in International Managem ent, Prasetiya Mulya Business School, Jakarta Bachelor Degree m ajoring in Geology UPN Veteran, Yogyakarta Experiences : 20 12 – Present Vice President - Corporate Service PT Indo Tam bangraya Megah, Tbk. 20 10 – 20 12 Mine Head PT Indom inco Mandiri 20 0 6 – 20 12 Kepala Teknik Tam bang PT Indom inco Mandiri 20 0 5 – 20 10 Adm inistration Mine Manager - PT Indom inco Mandiri Bontang 20 0 2 – 20 0 5 Corporate Hum an Resources Manager - Banpu Coal Operation Indonesia 20 0 1 – 20 0 2 Hum an Resources Manager - PT Kitadin 1997 – 20 0 1 Operation Support Dept. Head - PT Indom inco Mandiri 1994 – 1997 Technical Specialist - PT Indom inco Mandiri 1992 – 1994 Sr. Geologist - PT Indom inco Mandiri 1991 – 1992 Geologist - PT Indom inco Mandiri (Project Site) 7
20 13 operation sum m ary QUARTERLY OUTPUT 20 13 OUTPUT TARGET 20 13 Ta rget: 29m t Units: Mt 8 .0 7.3 7.1 7.0 Bharinto 6.8 KITADIN- East Jorong 5.7 TD.MAYANG Kalimantan Kitadin 2.4 Mt Trubaindo INDOMINCO 14.8 Mt Bontang Coal Terminal Bunyut Port Indominco TRUBAINDO 7.7 Mt 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 2Q13e 1Q12 2Q12 3Q12 4Q12 1Q13 Samarinda KITADIN- EMBALUT INDICATIVE OUTPUT TARGETS* BHARINTO Central Balikpapan 1.0 Mt 1.9 Mt Kalimantan 33.5 33.0 32.0 31.0 Bharinto 29.0 Palangkaraya Jorong South Kitadin Kalimantan Trubaindo Banjarmasin JORONG Indominco 1.2 Mt Jorong Port 20 13e 20 14 e 20 15e 20 16 e 20 17e 8 * Not including inorganic grow th. Note: These output targets are indicative only and are subject to change
1 Introduction 2 Operational review 3 Commercial review 4 Financial review Appendices 9
Indom inco Mandiri SCHEMATIC QUARTERLY UPDATES 20 13 ta rget: 14.8 m t 1Q13 production achieved higher than plan. � IPCC trial stage: crushing equipment is on site and � Operations waiting for transporting the conveying and stacking Ports system. WEST BLOCK Hauling Port expansion: evaluation of the bidding tender for ROM � Mine Stockpile stockpile construction contractors. stockyard Crusher EAST BLOCK QUARTERLY OUTPUT 4.5 Units: Mt Bontang City 3.8 3.7 3.5 3.5 W BLOCK 35Km 2.0 3.0 1.2 1.1 1.8 1.4 Sea conveyor 1.4 2.5Km Asphalt haul E BLOCK 2.5 2.5 road 2.4 2.1 2.0 1.6 Post Santan River Panamax Port stock 1Q12 2Q12 3Q12 4 Q12 1Q13 2Q13e yard 95,000DWT Units: Bcm / t Inland 13.1 13.0 11.1 12.4 11.9 Avg.SR: 10.2 conveyor 4km 19.1 E BLOCK W BLOCK 18.5 15.2 15.1 13.9 13.2 11.6 11.6 9.2 9.3 km 9.0 0 2 4 6 8 10 9.1 1Q12 2Q12 3Q12 4 Q12 1Q13 2Q13e 10
Trubaindo and Bharinto SCHEMATIC QUARTERLY UPDATES Mahakam 20 13 Ta rget: TCM : 7.7m t Trubaindo: River � BEK : 1.9m t � 1Q13 production was higher than plan despite higher Bunyut rainfall. Port Bunyut port expansion: Already completed the feasibility � Product coal EAST KALIMANTAN study and continue with EPC bidding process. conveyor, stacking, stockpile Bharinto: � 40km � 1Q13 production achieved higher than plan despite higher Mine to port Operations rainfall. Barge Port Kedangpahu QUARTERLY OUTPUT Hauling River PT. Stockpile TRUBAINDO Units: Mt 2.4 2.3 2.3 2.0 2.0 0.3 ROM 0.5 1.7 BHARINTO stockpile North Block Bharinto 60km 2.1 2.0 2.0 2.0 1.8 TRUBAINDO 1.7 south west of Trubaindo South Block 1 North Block (Dayak Besar) 1Q12 2Q12 3Q12 4 Q12 1Q13 2Q13e Units: Bcm / t 7.8 7.6 7.5 7.4 South Block 2 BHARINTO (Biangan) PT. 13.5 13.4 13.4 TRUBAINDO BHARINTO 12.7 0 5 10 15 20 25 km 10.9 10.9 1Q12 2Q12 3Q12 4 Q12 1Q13 2Q13e 11
Kitadin Em balut and Tandung Mayang SCHEMATIC QUARTERLY UPDATES 20 13 Ta rget: EMB : 1.0 m t Kitadin Embalut: � TDM : 2.4m t � 1Q13 production slightly lower than plan. TD. MAYANG Kitadin Tandung Mayang: � Bontang city � 1Q13 production was slightly higher than plan. IMM WB IMM EB � Starting 2013, TDM will work at its own concession Bontang Port area only. ROM stockpile EMBALUT QUARTERLY OUTPUT 5km Mine to port Embalut Port Units: Mt Mahakam River 1.0 1.0 1.0 Samarinda TDM 0.9 0.8 to Muara Berau 0.7 EAST KALIMANTAN 0.7 0.7 0.8 0.5 0.6 0.4 EMB 0.3 0.3 0.3 0.3 0.3 0.2 1Q12 2Q12 3Q12 4 Q12 1Q13 2Q13e to Muara Jawa Units: Bcm/t Operations 15.1 15.1 15.1 15.1 15.1 15.1 Balikpapan TDM Ports Hauling 12.0 11.8 11.5 11.4 11.3 EMB Stockpile 6.0 0 2 4 6 8 10 km Crusher 1Q12 2Q12 3Q12 4 Q12 1Q13 2Q13e 12
Jorong SCHEMATIC MAJOR QUARTERLY UPDATES • 1Q13 production as according to plan. FY13 ta rget: 1.2m t • Construction of river diversion project is ongoing and expected to be finished by around mid 2013. Pelaihari QUARTERLY OUTPUT Haul road Units: Mt 20km 0.3 0.3 0.3 0.3 0.3 0.3 1Q12 2Q12 3Q12 4 Q12 1Q13 2Q13e Jorong Units: Bcm / t Coal Operations terminal Pacific Ocean Barge Port 8.6 8.6 8.6 8.6 8.6 8.6 Hauling Stockpile 1Q12 2Q12 3Q12 4 Q12 1Q13 2Q13e 0 5 10 15 20 25 km 13
1 Introduction 2 Operational review 3 Com m ercial review 4 Financial review Appendices 14
Agenda Disclaim er 3. Com m ercial Review (a) Coal m arket update (b) Long-term coal m arket analysis 15
Seaborne therm al coal m arket drivers: 1Q update WEATHER CHINESE DEMAND OTHER DRIVERS • Indonesia wet season started after 3 • • Economic activity still healthy Mixed sentiment, resulting from months of relatively good weather although GDP disappointed and mixed data from China and USA, electricity generation slowed prevails throughout 1Q • Chinese heating season ended at the • But underlying trends are positive • end of March, good hydropower Coal production flattening, but generation into April stocks remain • Gas prices continues to support coal demand in Europe, while USA • Australian normal weather pattern • Imports in 1Q 2013 was 80 Mt, up continues adjusting by 30% Y-0-Y or 19 Mt • USA/Europe normal weather • In 2013, political and social factors • pattern China Electricity Council (CEC) may impact supply, but extent still expects power consumption to unpredictable increase by 4–6% Y-o-Y in 2013 • World growth forecast of 2.3%* • Hydropower and wind power (Prev. 2.4%); Asian growth generation likely to increase and forecast of 6.3%* (Prev. 6.4%) in impact coal power mix, although 2013 coal imports expected to increase in April 16 * Economist Intelligence Unit, Global Outlook, February 2013
ITM ASPs vs therm al coal benchm ark prices ITM ASP VS BENCHMARK PRICES COMMENTS Unit: $/t • ASP declined marginally in 1Q and this 200 Monthly BJI Monthly NEX reflects the general market sentiment and 180 Quarterly Banpu Indonesia ASP ITM quarterly ASP quality mix 160 140 • Despite healthy demand, continuing pressure from the well-supplied market 120 impacts ASP 100 80 • JPU benchmark was agreed and set at 60 $95.00/ton, lower than originally 40 expected 20 • Concluded sales of 7.1 Mt in 1Q at ASP of 0 Feb-07 May-07 Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 $80.0/ton, down 1% QoQ $80.0 ASP 1Q13 $101.1 ASP 1Q12 $87.5 NEX* May 9, 20 13 * Barlow Jonker Index: benchmark NSW FOB thermal coal index 17
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