pt. bayan resources tbk....pt bara tabang bt pt brian anjat sentosa bas pt tanur jaya tj pt silau...
TRANSCRIPT
0
www.bayan.com.sg
1
Executive Summary
www.bayan.com.sg
Overall financial performance in FY 2016 increased compared to FY 2015
Actual ASP was higher than the Budget
1) Revenue, Gross Profit include coal and non-coal sales ; 2) 2016 Unaudited Figures
1) Average Selling Price includes coal and non-coal sales ; 2) Average Cash Costs include Royalty, Barging, SGA; 3) B stands for Budget Figures 4) 2016 Unaudited figures
Revenue (1) 828.3 465.0 555.2 19%
Gross Profit (1) 97.0 122.8 212.6 73%
Gross Profit Margin 12% 26% 38%
(in million USD) 2015FY 2016
(2)Var2014
Sales Volume (milion MT) 8.9 16.3 13.0 20%
Coal Production (million MT) 11.3 14.8 9.8 34%
Average Selling Price (US$/MT) (1) 52.1 36.6 42.8 14%
Average Cash Costs (US$/MT) (2) 43.2 28.2 29.8 -6%
Var2015FY 2016
(4)2016 B
2
Executive Summary - continued
www.bayan.com.sg
4Q16 Coal Production achieved was 3.0 million MT which was lower than
Budgeted of 3.7 million MT as the result of WBM’s coal reserves in the
western area have been depleted (CA11). However, the management
has reached an agreement with the neighboring concession holder in
regards of the timing of commencement of mining in the boundary area
(CA12). Management believes that the coal mining should begin towards
the end of the first quarter of 2017.
4Q16 SR was 3.0:1 which was higher than 3Q16 and the Budget as result
of the use of opportunistic dozer push and the geotechnical issues on
site at TSA/FKP partially offset with further reduction of WBM as coal
reserves in the western area have been depleted (CA11).
FY Capex was US$ 25.9 million which was lower than Budgeted
principally due to delay in commencement of Tabang/ Pakar which has
resulted in timing difference.
3
Executive Summary - continued
www.bayan.com.sg
4Q16 Cash costs were US$ 28.0/MT which was lower compared to 3Q16
of US$ 29.8/ MT
• Decrease in Others (Selling) due to ENEL Sales Penalty adjustment
in 3Q2016 amounting to US$ 6 million which did not recur in 4Q2016
• Decrease in Salaries and Allowances due to the THR and Bonus
distributed in 3Q2016 which did not recur in 4Q2016
Partially offset with:
• Increase in Professional Fees due to various year end accruals for
Audit, KSC case (Drew & Napier) and monitoring accountant fees
(Borelli Walsh)
the 4Q16 ASP was principally in line with the Budget of US$ 28.8/MT
4
4Q 2016
www.bayan.com.sg
Overburden Removal
Coal Production
Weighted Average Strip Ratio
Average Cash Costs
Coal Sales
Average Selling Price
Committed & Contractual Sales
Debt and Cash Position
Capex
5
Overburden Removal (OB)
www.bayan.com.sg
(million BCM)
Overburden Removal
4Q16 Overburden removal was 9.2 million BCM which was lower than the 4Q16 Budget
9.5 9.3 9.2
4Q15 4Q16B 3Q16 4Q16
10.4
4Q16 OB was 9.2 million BCM which was lower than 3Q16, Budget 4Q16 and 4Q15 due to further reduction of WBM as coal reserves in the western area have been depleted (CA11) coupled with geotechnical issue at TSA/FKP
The management had reached an agreement with neighboring concession holder in regards to the timing of commencement of mining in the boundary area (CA12)
4Q15 4Q16
Teguh Sinar Abadi/ Firman
Ketaun Perkasa4.8 4.7
Perkasa Inakakerta 1.1 1.3
Tabang Concessions 2.4 3.1
Wahana Baratama Mining 1.2 0.1
Total 9.5 9.2
(in million BCM)Overburden Removal
Note : B stands for Budget Figure
6
Coal Production
(million MT)
Coal Production Volume
www.bayan.com.sg
4Q16 coal production was 3.0 million MT which was lower than the 4Q16 Budget
3.4 3.0 3.0
4Q15 4Q16B 3Q16 4Q16
3.7
4Q16 coal production was 3.0 million MT which was principally in line with 3Q16. However it was slightly lower than 4Q16B and 4Q15 primarily due to WBM has stopped its coal production, as a result of CA11
The management had reached an agreement with neighboring concession holder in regards to the timing of commencement of mining in the boundary area (CA12)
4Q15 4Q16
Teguh Sinar Abadi/ Firman Ketaun Perkasa 0.7 0.5
Perkasa Inakakerta 0.2 0.1
Tabang Concessions 2.0 2.4
Wahana Baratama Mining 0.5 -
Total 3.4 3.0
Production(in million MT)
Note : B stands for Budget Figure
7
Actual Weighted Average Stripping Ratio (SR)
www.bayan.com.sg
Weighted Average Strip Ratio
4Q16 actual weighted average strip ratio of 3.0 : 1 which was slightly decreased than 3Q16 and 4Q16 Budget
2.8 3.1 3.0
4Q15 4Q16B 3Q16 4Q16
2.9 4Q16 weighted average
stripping ratio was 3.0 : 1 which was slightly higher than 4Q15 due to the higher SR at TSA/FKP as result of the use of opportunistic dozer push and the geotechnical issues on site
4Q15 4Q16
Teguh Sinar Abadi 7.1 10.1
Perkasa Inakakerta 5.6 7.4
Tabang Concessions 1.2 1.3
Wahana Baratama Mining 2.4 -
Total 2.8 3.0
Weighted Ave SRWeighted Average SR (:1)
Note : B stands for Budget Figure
8
Average Cash Costs per MT(*)
Average Cash Costs
www.bayan.com.sg
(1) Average Cash Costs include Royalty, Barging, SGA (2) US$ is a convenience translation using the average quarterly
exchange rate for the quarter numbers (3) B stands for Budget Figure
(U
S$
/ M
T)
4Q14 average cash costs were US$ 65.5 / MT which exceeded the range of the 2014 Budget
*
4Q16 Average Cash Costs were lower than 3Q16 and 4Q15 due to:
Higher sales volume which decreased certain unit cost as follows:
Salaries, wages and allowances under other costs and general and administrative cost
Coal mining & hauling
4Q146 Cash Costs were principally in line with the Budget
39.6
29.8 28.0
4Q15 2016B 3Q16 4Q16
28.2
9
Coal Sales (by volume)
www.bayan.com.sg
(million MT)
Coal Sales Volume
2.5
3.7 3.9
4Q15 4Q16B 3Q16 4Q16
3.6 4Q16 coal sales volume was 3.9
million MT which was higher than 3Q16, 4Q15 and 4Q16B due to changes in shipping schedule.
India and China account for 53% of the total sales volume in 4Q2016
Top Customers 4Q2016 (by Sales Volume) are Thermal Powertech, TNB Fuel, ADANI
Top customers YTD (by sales volume) are: ADANI, TNB Fuel, and CV Sumber Sarana Indah
4Q16 coal sales volume was 3.9million MT which was higher than 4Q16 Budget
Note : B stands for Budget Figure
Geographic Distribution (4Q16)
India
37%
China
16%
Malaysia
14%
Korea
9%
Japan
8%
Indonesia
7%
Philippines
5%
Others
4%
10
Average Selling Price (ASP)
www.bayan.com.sg
(U
S$
/ M
T)
Average Selling Price (*)
4Q16 ASP was US$ 45.7/ MT which was higher than 4Q16 ASP Budget
(1) ASP includes coal and non-coal sales (2) US$ is a convenience translation using the average quarterly
exchange rate for the quarter numbers (3) B stands for Budget Figure
*
56.7
41.9 45.7
4Q15 4Q16B 3Q16 4Q16
35.09
4Q16 ASP for Coal was US$ 44.0 / MT which was higher than 3Q16 due to higher benchmark prices as temporary production cuts in China and a continued rainy season in Indonesia which has made supply become tight.
4Q16 average CV was 4,613 GAR kcal compared to 3Q16 at 4,878 GAR kcal
11
Committed and Contracted Sales
www.bayan.com.sg
2017
Fixed Price Floating Price
13.2 million MT
55%
45%
Note : January 2017
As at 31 January 2017 committed and contracted sales were 13.2 million MT with an average CV of 4,600 GAR kcal
2017 Fixed Price element at US$
47.11/ MT with an average CV of 4,600 GAR kcal
12
Net Debt and Cash
As of 31 December 2016, the total TLF Loan was US$ 484.2 million
www.bayan.com.sg
444.1 425.9
453.9 456.9 470.3 465.6 465.4
429.9
130.7 150.6
121.2 91.0 88.1 85.3 83.7 70.4
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
Net Debt Cash Note : Total Net Debt and Cash + Debt Service Reserve Account (DSRA)
(in
mil
lio
n U
S$
)
13
Capital Expenditure
www.bayan.com.sg
CAPEX (*)
3Q14 ASP was US$ 67.6/ MT which was within the range of the 2014 Budget
US$ is a convenience translation using the average annual exchange rate; B stands for Budget Figure
*
CAPEX YTD WAS US$ 25.9 million:
CIP in IP and BR for the construction of the Tabang/Pakar haul road and related infrastructure
Majority of capex is anticipated to be spent as equipment mobilization and construction in the Tabang project gains momentum
48.2
25.9
Budget YTD Actual
14
www.bayan.com.sg
PT Perkasa Inakakerta PIK
PT Teguh Sinarabadi TSA
PT Firman Ketaun Perkasa FKP
PT Wahana Baratama Mining WBM
PT Fajar Sakti Prima FSP
PT Bara Tabang BT
PT Brian Anjat Sentosa BAS
PT Tanur Jaya TJ
PT Silau Kencana SK
PT Orkida Makmur OM
PT Tiwa Abadi TA
PT Sumber Api SA
PT Dermaga Energi DE
PT Bara Sejati BS
PT Apira Utama AU
PT Cahaya Alam CA
PT Mamahak Coal Mining MCM
PT Bara Karsa Lestari BKL
PT Mahakam Energi Lestari MEL
PT Mahakam Bara Energi MBE
PT Graha Panca Karsa GPK
Tabang
Pakar
Mamahak
Appendix
15
www.bayan.com.sg
Appendix
Kangaroo Resources Limited KRL
PT Dermaga Perkasapratama DPP
PT Indonesia Pratama IP
PT Muji Lines Muji
PT Bayan Energy BE
PT Metalindo Prosestama MP
PT Sumber Aset Utama SAU
PT Karsa Optima Jaya KOJ
16
Disclaimer
www.bayan.com.sg
This presentation contains forward-looking statements based on assumptions and forecasts made by PT. Bayan Resources Tbk management. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and speak only as of the date they are made. We undertake no obligation to update any of them in light of new information or future events. These forward-looking statements involve inherent risks and are subject to a number of uncertainties, including trends in demand and prices for coal generally and for our products in particular, the success of our mining activities, both alone and with our partners, the changes in coal industry regulation, the availability of funds for planned expansion efforts, as well as other factors. We caution you that these and a number of other known and unknown risks, uncertainties and other factors could cause actual future results or outcomes to differ materially from those expressed in any forward-looking statement.
