COMPANY UPDATE 9M19 PT Indika Energy Tbk. October 2019
Shareholder Structure By 30 Sept 2019 By 30 Sept 2018 Changes YoY No Description No. of No. of No. of shares % No. of shares % % Investors Investors I. Domestic Retail 17,566 1,126,583,895 21.6% 11,526 871,882,984 16.7% 22.6% Employee 15 8,086,000 0.2% 20 9,569,500 0.2% -18.3% Cooperative 6 819,500 0.0% 6 524,700 0.0% 36.0% Foundation 7 805,800 0.0% 8 933,100 0.0% -15.8% Pension Funds 33 20,104,000 0.4% 28 18,803,700 0.4% 6.5% Insurance 26 27,682,600 0.5% 41 38,153,500 0.7% -37.8% Bank 0.0% 1 25,000 0.0% 0.0% Corporation 82 3,626,645,270 69.6% 78 3,618,762,395 69.5% 0.2% Mutual Funds 81 62,322,843 1.2% 156 157,019,608 3.0% -151.9% Total 17,816 4,873,049,908 93.5% 11,864 4,715,674,487 90.5% 3.2% II. INTERNATIONAL Retail 83 5,634,000 0.1% 73 3,955,400 0.1% 29.8% Institutional 118 331,507,220 6.4% 176 490,561,436 9.4% -48.0% Total 201 337,141,220 6.5% 249 494,516,836 9.5% -46.7% III. TOTAL 18,017 5,210,191,128 100% 12,113 5,210,191,323 100% 0.0% Disclaimer Investors and security holders are cautioned that this communication contains forward-looking statements and 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 PT Indika Energy Tbk. Neither PT Indika Energy Tbk., its affiliates nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements in this communication. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 2
Table of Contents Results Overview Page # Commodity Price Outlook 4 - 5 Key Highlights 6 Financial Statement Overview 7 – 8 Detail Income Statement Analysis 9 - 10 Cash & Debt 11 – 12 Kideco Financial & Operational Overview 13 – 15 Asset Overview 16 – 18 Kideco Acquisition 19 – 20 Subsidiary Review 21 – 22 Corporate Guidance 23 - 24 Recent Developments 25 Peer Comparison 26 27 – 36 Our Sustainability Initiatives 37 – 59 Appendix 60 – 69 Indika Energy Overview 3
Global Commodity Prices & Indicators slightly declined in 3Q19 while ICI-4 dropped further Newcastle vs. QHD 5500 Price WTI Oil Price 80 QHD 5500 800 160.0 74.2 710 70 700 NEWCASTLE (RHS) 140.0 682 682 580 60.1 58.5 597 582 623 60 60.4 600 120.0 59.5 589 114.4 569 54.1 53.7 103.0 50 53.9 500 100.0 97.3 96.4 47.6 46.0 45.1 394 445 88.4 48.3 355 81.0 40 400 80.0 68.4 72.2 37.0 300 60.0 30 56.8 70.9 53.9 51.1 20 200 40.0 10 100 20.0 0 - 0 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 China PMI ICI 4 Historical Pricing 53 60.0 52.5 50.0 52 51.7 45.7 51.6 44.6 51.5 51.5 51.4 42.2 37.5 40.0 40.1 51 35.2 50.5 35.1 50.5 33.1 32.2 33.9 30.0 50.2 50.1 28.7 50 49.8 49.8 49.4 49.9 50.0 49.5 27.3 26.8 20.0 49.7 49 48.5 10.0 48 47.5 - 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4 Source: Bloomberg
Coal Price Trend : Newcastle, ICI-3 & ICI4 Newcastle ICI-3 ICI-4 US$/ton 140.0 Avg. 2018 120.0 Newcastle : 107.3 117.5 ICI-3 : 60.7 104.5 104.4 102.9 ICI-4 : 42.1 100.0 95.9 80.0 79.9 Avg. YTD Sept 2019 70.0 Newcastle : 81.3 68.2 64.4 ICI-3 : 50.8 60.0 59.2 53.1 51.7 ICI-4 : 35.3 49.4 48.2 47.7 44.6 41.7 40.0 37.5 35.2 33.9 33.1 20.0 - 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 • The Chinese government is expected to continue implementation of current import policies, with total coal imports are expected to be around 280 million ton in 2019 • Price capped of US$70/ton for DMO still continues until end of 2019 • Full year 2019 internal target of $75/ton where Newcastle on average US$77.4/ton year to date September 2019. 5
Key Highlights Kideco’s Coal Production & Strip Ratio Coal Production ('MT) Strip Ratio (x) 25.0 10.0 20.0 8.0 6.8 6.7 6.6 6.6 6.5 6.4 6.4 6.3 6.3 6.2 6.2 15.0 6.0 6.0 5.9 5.9 5.9 5.9 5.7 5.4 5.3 10.7 9.8 9.8 9.1 8.8 8.7 8.6 8.4 8.4 8.3 8.3 10.0 8.2 8.2 4.0 8.0 7.9 7.8 7.9 7.9 7.8 5.0 2.0 - - 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Capex (IE Consolidated) (US$m) Core Profit (Consolidated) vs Net Profit at Kideco 150.4 160.0 277.1 300.0 260.1 130.2 120.0 200.0 168.4 138.1 100.5 80.0 94.5 65.6 88.6 57.8 100.0 61.2 (38.7) (43.3) 40.0 21.9 - FY 2015 FY 2016 FY 2017 FY 2018 9M19 - (100.0) FY 2015 FY 2016 FY 2017 FY 2018 9M19 6 Core Profit US$m Kideco Net Profit US$m
Indika Energy’s Consolidated Balance Sheet Summary (US$ mn) 9M19 9M18 YoY FY18 YTD Cash balance* 754.5 785.4 -3.9% 763.1 -1.1% Current assets 1,490.3 1,436.1 3.8% 1,459.8 2.1% Total assets 3,704.1 3,678.8 0.7% 3,670.0 0.9% Current liabilities 757.2 627.4 20.7% 670.4 12.9% Total Debt** 1,506.4 1,433.6 5.1% 1,476.0 2.1% Shareholder equity 1,082.6 1,196.5 -9.5% 1,127.2 -4.0% Current ratio (X) 2.0 2.3 -14.0% 2.2 -9.6% Debt to equity (X) 1.4 1.2 16.8% 1.3 7.7% Net debt to equity (X)*** 0.7 0.5 29.2% 0.6 16.7% * includes restricted cash ** total debt with interest bearing *** total debt minus total cash balance divided by shareholder equity 7
Indika Energy’s Consolidated Income Statement Highlights Quarter Data Yearly Data Summary P&L (US$mn) 3Q19 3Q18 YoY 2Q19 QoQ 9M19 9M18 YoY Revenues 699.4 733.2 -4.6% 679.7 2.9% 2,079.9 2,180.4 -4.6% COGS (607.0) (559.1) 8.6% (561.9) 8.0% (1,752.0) (1,628.5) 7.6% Gross Profit 92.5 174.2 -46.9% 117.8 -21.5% 327.9 551.9 -40.6% SG&A Expenses (33.0) (33.3) -0.8% (36.7) -10.0% (104.7) (98.9) 5.9% 59.5 140.9 -57.8% 81.1 -26.7% 223.2 453.0 -50.7% Operating Profit Pre tax Profit (6.5) 84.2 -107.7% 24.1 -127.0% 53.5 278.2 -80.8% Adjusted EBITDA *) 92.9 174.8 -46.9% 129.1 -28.1% 346.2 554.0 -37.5% Income Tax (8.0) (40.5) -80.1% (18.5) -56.5% (44.0) (148.0) -70.3% Core Profit 4.8 51.1 -90.5% 22.8 -78.8% 61.2 163.5 -62.6% Net Profit (21.3) 35.9 -159.4% 1.0 -2303.5% (8.6) 112.2 -107.7% Gross Margin (%) 13.2% 23.8% 17.3% 15.8% 25.3% EBIT Margin (%) 8.5% 19.2% 11.9% 10.7% 20.8% Core Profit Margin (%) 0.7% 7.0% 3.4% 2.9% 7.5% Net Profit Margin (%) -3.0% 4.9% 0.1% -0.4% 5.1% *) Consolidated EBITDA plus dividends received from associates **) Core Profit refers to the current year’s profit attributable to the owner of the company, excluding non -operating gains / losses and related taxes (amortization of intangible assets, impairment of assets, fair value changes on contingent consideration obligation, and gain on revaluation). 8
Consolidated Revenue Breakdown * Revenues 9M19: US$2,079.9 million 9M18: US$2,180.4 million Others MBSS MBSS Others 2.8% Tripatra 2.7% 2.3% 1.6% 8.2% Tripatra 13.5% Petrosea 13.3% Kideco Petrosea 53.2% 16.9% Kideco Indika 62.2% Resources Indika 12.4% Resources 10.8% Subsidiary 9M19 Revenues (US$ mn) Subsidiary 9M18 Revenues (US$ mn) 1,194.3 1,408.7 Kideco Kideco Petrosea 378.7 Petrosea 301.8 Tripatra 304.1 Tripatra 184.8 Indika Resources 243.1 Indika Resources 281.3 MBSS 60.6 MBSS 51.8 Others 63.5 Others 35.2 Elimination (164.5) Elimination (83.2) 9
Disaggregation of 6M19 Consolidated Earnings – Key Income Statement Segments Net Profit Disaggregation Revenue By Business Segment 2,080 64 2,080 165 61 304 379 1,194 243 1,752 24 100 12 86 143 44 -9 Kideco Indika Petrosea Tripatra MBSS Others Elimination Total Resources Revenue Revenue COGS Inc from SG&A Other Inc. Finance Other XP Tax NPAT Associates Costs Cost of Goods Sold Disaggregation SG&A Per Subsidiary 1,752 100 8 341 10 87 17 126 137 16 176 259 626 32 17 Contractors Materials Royalty Fuel Salary Depr. Others Total Holding Co Kideco Petrosea IIR Tripatra MBSS Total SG&A COGS 10
Cash and Debt Position Cash and Debt Breakdown US$ million 1,503.1 1600.0 4) 1400.0 345.4 1200.0 32.7 1000.0 754.5 1) 800.0 73.7 70.4 600.0 1,125.0 400.0 610.5 200.0 0.0 CASH DEBT Cash Fin. Assets Rest. Cash Bonds 2) Leases 4) Bank Loan 3) 1) PTRO: $62.5mn, MBSS: $51.9mn, Tripatra: $200.8mn, Kideco: $91.1mn, Indika Resources: $31.7mn, ILSS-Interport: $2.3mn, HoldCo: $314.5mn. 2) $265mn due 2022 (Senior Notes V), $285mn due 2023 (Senior Notes IV), and $575mn due 2024 (Senior Notes VI). 3) PTRO: $135.9mn, MBSS: $11.3mn, HoldCo: $198.1mn 4). PTRO $32.7mn. 11
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