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  • BU

    ILDIN

    G O

    N S

    YN

    ER

    GIE

    SP

    T IND

    IKA

    ENER

    GY Tbk.

    PT INDIKA ENERGY Tbk.Mitra Building 7th FloorJl. Jend. Gatot Subroto Kav.21, Jakarta 12930 - Indonesiacorporate.secretary@indikaenergy.co.idinvestor.relations@indikaenergy.co.id

    www.indikaenergy.co.id

    AN

    NU

    AL R

    EPO

    RT 2

    012

    BUILDING ONSYNERGIES

    E N E R G Y S Y N E R G Y

    AnnuAl RepoRt 2012

    synergy100_80_60 inggris.indd 1-3synergy100_80_60 inggris.indd 1-3 5/6/13 8:43 PM5/6/13 8:43 PM5/6/13 8:43 PM5/6/13 8:43 PM5/6/13 8:43 PM5/6/13 8:43 PM

  • BUILDING ON SYNERGIES1

    Annual Report 2012 PT Indika Energy Tbk.

    CONTENTS

    THEMEBUILDING ON SYNERGIES

    2

    3. PRESIDENT COMMISSIONERS MESSAGE 37

    4. PRESIDENT DIRECTORS MESSAGE 43

    27

    6. MANAGEMENT REPORT

    7. FINANCIAL STATEMENTS 117

    8. COMPANY INFORMATION 119

    5. BOARD PROFILES AND SHAREHOLDERS OWNERSHIP INFORMATION 53

    67

    1. CORPORATE OVERVIEW 5

    1.1 MILESTONES 1.2 VISION, MISSION AND VALUES1.3 INDIKA ENERGY AT A GLANCE1.4 CORPORATE AND ORGANIZATION STRUCTURE

    6121422

    2. FINANCIAL HIGHLIGHTS

    2.1 FINANCIAL HIGHLIGHTS INDIKA ENERGY2.2 STOCK HIGHLIGHTS2.3 FINANCIAL HIGHLIGHTS ASSOCIATE COMPANY KIDECO

    283132

    6.1 ECONOMY AND INDUSTRY OVERVIEW6.2 OPERATIONAL REVIEW6.3 FINANCIAL REVIEW6.4 BUSINESS PROSPECTS AND KEY RISK FACTORS6.5 INFORMATION AND COMMUNICATIONS TECHNOLOGY (ICT)6.6 CORPORATE GOVERNANCE6.7 HUMAN CAPITAL6.8 CORPORATE SOCIAL RESPONSIBILITY (CSR)6.9 SUBSEQUENT EVENTS

    687084889092

    107111115

  • BUILDING ON SYNERGIES2Annual Report 2012 PT Indika Energy Tbk.

    BUILDING ON SYNERGIES

    Indika Energy prudently continues to pursue the corporate plan to become a fully integrated

    energy company by extracting greater value from the synergies of businesses across energy

    resources, energy services, and energy infrastructure, from exploration to mining, transhipment

    to customers, and usage of coal Indika Energy produces for power generation plants. In 2012,

    those strategic milestones were achieved, and the resulting synergies from the intra-group

    cross-selling opportunities to Indika Energys own customers and cost synergies derived in

    the long term from integrated operations helped deliver more stable earnings and improved

    cash-flow in contributions from diversification in the energy services and energy infrastructure

    businesses of the Company.

  • BUILDING ON SYNERGIES3

    Annual Report 2012 PT Indika Energy Tbk.

  • BUILDING ON SYNERGIES4Annual Report 2012 PT Indika Energy Tbk.

  • BUILDING ON SYNERGIES5

    Annual Report 2012 PT Indika Energy Tbk.

    CORPORATE OVERVIEW

  • Annual Report 2012 PT Indika Energy Tbk.

    2006 Indika Energy acquired another 5%

    stake in Kideco. Indika Energy now owns 46% stake.

    2004 Indika Energy acquired a 41% stake in

    Kideco. Kideco was established in 1982, engages

    in surface open-cut coal mining in East

    Kalimantan. Kideco holds CCoW first

    generation Mining Rights until 2023.

    2007 Indika Energy completed mergers with Tripatra

    Company and Ganesha Intra Development Company. Tripatra Company was established in 1973, engages in

    engineering, procurement and construction (EPC), operation

    & maintenance (O&M) in the energy sector.

    The establishment of Cirebon Electric Power, a 660MW coal-fired steam power generation plant. Indika Energy owns 20% stake in CEP.

    Tripatra acquired a 45% stake in Cotrans Asia, a tug & barges for coal logistics, established in 2004.

    Tripatra acquired a 46% stake in Twinstar Shipping Ltd, a transhipment company (floating loading facility), established in 2004.

    2008 Indika Energy launched its IPO, offering 937,284,000

    shares or 20% of enlarge capital. The establishment of Sea Bridge Shipping, a

    transhipment service company, in which Tripatra owns 46% stake.

    Kuala Pelabuhan Indonesia become Tripatra wholly owned subsidiary through the acquisition of an additional 50.1% stake.

    The establishment of Intan Resource Indonesia. Indika Energy acquired 100% stake in Indika Capital

    Pte Ltd (previously Westlake Capital Pte Ltd) and Citra Indah Prima.

    2000 The establishment of Indika Energy.

    MILESTONES

    INDIKA ENERGYS JOURNEY

    BUILDING ON SYNERGIES6Annual Report 2012 PT Indika Energy Tbk.

  • Annual Report 2012 PT Indika Energy Tbk.

    2012 Indika Energy divested 28.75% of its shares in Petrosea. Indika Energy acquired 60% stake in Mitra Energi Agung. MEA was established in 2008, a greenfield coal asset which holds an IUP

    concession area of 5,000 hectares in East Kalimantan.

    Indika Energy acquired 85% stake in Multi Tambangjaya Utama. MTU was established in 1989, a high-rank bituminous thermal and coking

    coal mine holding third generation CCoW based in Central Kalimantan, with a

    concession area of 24,970 hectares.

    Cirebon Electric Power, a 660 MW coal-fired steam power generation plant, reached Commercial Operation Date (COD).

    2009 Indika Energy acquired 98.55% stake in Petrosea. Petrosea was established in 1972, engages in engineering

    & construction (E&C) and coal mining contractor.

    2011 Indika Energy acquired 51% stake in MBSS.

    2010 The establishment of Indika Logistic & Support Services (ILSS). Indika Energy entered into an Option Agreement to acquire

    51% stake in MBSS. MBSS was established in 1994, engages in sea transportation and

    logistics services.

    BUILDING ON SYNERGIES7

    Annual Report 2012 PT Indika Energy Tbk.

  • Annual Report 2012 PT Indika Energy Tbk.

    SIGNIFICANT DEVELOPMENTS IN 2012

    FebruaryIndika Energy re-floated 28.75% of its shares in Petrosea, raising net proceeds of US$106.7 million and recorded net gains of US$57.2 million.

    This compulsory re-float was carried-out in compliance to BAPEPAM-LKs requlation following the acquisition of Petrosea and its tender offer completed in August 2009. Post transaction, the Company remains Petroseas largest shareholder with 69.8% interest.

    March Indika Energy acquired 60.0% interest in MEA, a greenfield coal asset which holds an IUP concession area of 5,000 hectares in East Kalimantan.

    MayIndika Energy acquired 85.0% interest in MTU, a high-rank bituminous thermal and coking coal mining company, which hold a third generation CCoW with concession area of 24,970 hectares in Central Kalimantan.

    BUILDING ON SYNERGIES8Annual Report 2012 PT Indika Energy Tbk.

  • Annual Report 2012 PT Indika Energy Tbk.

    JuneIndika Energy retired its remaining US$65 million Senior Notes issued in 2007.

    July Cirebon Electric Power, a 660MW coal-fired steam power generation plant, reached Commercial Operation Date (COD).

    This is the first coal-fired power project in Indonesia equipped with efficient and environmentally friendly supercritical boiler technology.

    BUILDING ON SYNERGIES9

    Annual Report 2012 PT Indika Energy Tbk.

  • BUILDING ON SYNERGIES10Annual Report 2012 PT Indika Energy Tbk.

    AWARDS 2012

    13th January 2012Best Corporate Citizen Award 2012

    Indika Energy was awarded as Best Corporate Citizen 2012 by The New Economy, London. This award is presented to business organizations which contribute to the public through direct corporate involvement in societal activities.

    The New Economy confers this award every year to promote sustainable Corporate Social Responsibility (CSR) strategies in various sectors. The New Economy is a quarterly magazine that covers and analyses events and information pertaining to constructive global economic development.

    This award reflects Indika Energys commitment to carrying out CSR as an integral part of its corporate values and culture. Indika Energys CSR program focuses on Education, Health, Community Development, and the Environment.

    7th February 2012MDG Awards 2011

    Indika Energy was presented with a Special Award at the MDG (Millennium Development Goals) Awards 2011 for the Gerakan Indonesia Mengajar program by the Vice President of Republic of Indonesia, Prof. Dr. Boediono. This award was presented in

    acknowledgement of the Companys special and innovative efforts in the allocation of funds towards the achievement of the long-term sustainable MDG program through Gerakan Indonesia Mengajar.

    Improving education in Indonesia is a goal that Indika Energy wants to achieve, and Gerakan Indonesia Mengajar is a form of the realization of this goal, by working together to ensure sustainable development of our nation in education sector.

    20th February 2012CSI Awarded ISO & OHSAS Certification

    Corporate Security Indika (CSI) has earned ISO 9001:2008 (Quality Management System) and OHSAS 18001:2007 (Workplace Health and Safety) certification. CSI is the work unit responsible for developing and maintaining safety systems to minimize operational risks for Indika Energy and all of the people it employs.

    Ir. S. Widodo (Business Country Manager Lloyds Register Quality Insurance) presented the certification directly to Mr. Arsjad Rasjid (Co-CEO of Indika Energy). Mr. Arsjad then conveyed the certification to the CSI Team led by Mr. M.B. Setiadharma (Senior Vice President Corporate Security Indika Energy).

    This CSI achievement is a direct result of the initiative that was part of Indika Energys Transformation program started in 2010. CSIs strong commitment and spirit toward continuous

  • BUILDING ON SYNERGIES11

    Annual Repor

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