company update - indika energy · 2019. 11. 7. · 1q14 2q14 3q14 4q14 1q15 2q15 3q15 4q15 1q16...
TRANSCRIPT
COMPANY UPDATE
Indika EnergyOctober 2018
Disclaimer
1
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.
Shareholder Structure
Changes YoYNo. of
Investors No. of shares %No. of
Investors No. of shares % %I. Domestic
Retail 11,549 871,883,318 16.7% 8,208 1,135,681,577 21.8% -30.3%Employee 20 9,569,500 0.2% 56 35,381,500 0.7% -269.7%Cooperative 6 524,700 0.0% 3 284,500 0.0% 45.8%Foundation 8 933,100 0.0% 7 5,374,200 0.1% -476.0%Pension Funds 28 18,803,700 0.4% 22 15,825,600 0.3% 15.8%Insurance 41 38,153,500 0.7% 7 4,197,400 0.1% 89.0%Bank 1 25,000 0.0% - - 0.0% 100.0%Corporation 83 3,618,762,730 69.5% 58 3,354,807,172 64.4% 7.3%Mutual Funds 156 157,019,608 3.0% 67 112,627,800 2.2% 28.3%Total 11,892 4,715,675,156 90.5% 8,428 4,664,179,749 89.5% 1.1%
II. INTERNATIONALRetail 73 3,955,400 0.1% 55 4,048,000 0.1% -2.3%Institutional 177 490,561,444 9.4% 90 541,964,251 10.4% -10.5%Total 250 494,516,844 9.5% 145 546,012,251 10.5% -10.4%
III. TOTAL 12,142 5,210,192,000 100.0% 8,573 5,210,192,000 100.0% 0.0%
No Description
By 30 September 2018 By 30 September 2017
2
Table of Contents
Results Overview Page # Key Highlights 3 Financial Statement Overview 4 Detail Income Statement Analysis 5 – 7 Cash & Debt 8 Commodity Price Outlook 9 – 10 Kideco Financial & Operational Overview 11 – 14 Asset Overview 15 – 16 Kideco Acquisition 17 – 18 Subsidiary Review 19 – 20 Corporate Guidance 21 Recent Developments 22 Peer Comparison 23
Appendix 25 – 44
Indika Energy Overview 46 – 51
3
Key Highlights
Kideco’s Coal Production & Strip Ratio
Capex (IE Consolidated) (US$m) Core Profit (Consolidated) vs Net Profit at Kideco
9,805 10,132 10,110
10,294
9,849
8,656
10,669
9,846
8,360 8,036
7,795 7,891 7,904 7,791
8,374
7,931 8,231 8,289
8,838
6.1
6.6 6.9
6.0 5.9
6.6 6.3
6.2
5.3
5.9
6.7
6.3
5.4 5.7
6.8
6.5
5.9 6.2
6.6
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7,000
7,500
8,000
8,500
9,000
9,500
10,000
10,500
11,000
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
Coal Production ('000 Ton) Strip Ratio (bcm/ton)
12.6 16.8 15.6
21.8
15.5 16.3
4.5
21.5
3.1 4.6 4.9 9.3 8.5
15.8 14.6
26.6
36.9 37.4 34.8
1.06.0
11.016.021.026.031.036.041.0
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
(9.4)
(38.7) (43.3)
94.5
163.6 154.4 138.1
88.6
277.1 224.1
-100
-50
0
50
100
150
200
250
300
FY 2014 FY 2015 FY 2016 FY 2017 9M18
Core Profit US$m
Kideco Net Profit US$m
Indika Energy’s Consolidated Balance Sheet
4
Summary Balance Sheet 9M18 * 9M17 * 2017 2016 2015 2014(in USD mn)
Cash balance** 785.4 718.9 729.0 311.9 339.4 411.1
Current assets 1,436.1 715.7 1,353.8 667.4 827.3 831.4
Total assets 3,678.8 1,931.4 3,635.7 1,822.3 2,150.4 2,290.3
Current liabilities 627.4 262.6 659.5 313.0 505.6 396.7
Total interest bearing debt*** 1,433.6 1,452.5 1,440.2 806.0 976.8 1,025.7
Shareholder equity 1,196.5 821.1 1,115.0 741.1 831.5 913.9
Current ratio (X) 2.4 2.7 2.1 2.1 1.6 2.1
Debt to equity (X) 1.3 1.2 1.3 1.1 1.2 1.1
Net debt to equity (X)**** 0.6 0.6 0.6 0.7 0.8 0.7
Core ROA***** 5.9% 5.4% 9.2% -3.7% -2.1% -1.2%
Core ROE***** 18.2% 12.9% 30.1% -9.1% -5.4% -3.0%
*) unaudited financial statements**) includes restricted cash
***) includes unamortized bond issuance costs
****) to tal cash balance deducted from to tal debt divided by shareholder's equity
*****) annualized
Indika Energy’s Consolidated Income Statement Highlights
5
*)Unaudited Financial Statements**)Consolidated EBITDA plus dividends received from associates
3Q18 3Q17 YoY 2Q18 QoQ 9M18 * 9M17 * YTD YoY
Revenues 733.2 241.6 203.4% 638.2 14.90% 2,180.4 694.7 213.9%
COGS (559.1) (211.7) 164.0% (489.2) 14.27% (1,628.5) (608.4) 167.7%
Gross Profit 174.2 29.8 483.6% 148.9 16.95% 551.9 86.3 539.5%SG&A Expenses (33.3) (14.6) 127.8% (32.9) 1.34% (98.9) (56.9) 73.8%
Operating Profit 140.9 15.2 825.0% 116.1 21.36% 453.0 29.4 1440.5%Pre tax Profit 84.2 33.2 153.9% 54.8 53.72% 278.2 79.0 252.2%Adjusted EBITDA *) 174.8 51.6 238.8% 151.7 15.27% 554.0 122.1 353.8%
Income Tax (40.5) (4.2) 852.7% (33.8) 19.78% (148.0) (2.9) 4924.3%
Core Profit 51.2 31.3 63.8% 36.9 38.68% 163.6 84.7 93.1%Net Profit 35.9 30.1 19.1% 17.9 99.92% 112.2 81.4 37.9%Gross Margin(%) 23.8% 12.4% 92.3% 23.3% 1.8% 25.3% 12.4% 103.7%
EBIT Margin(%) 19.2% 6.3% 204.9% 18.2% 5.6% 20.8% 4.2% 390.8%
Core Profit Margin(%) 7.0% 12.9% -46.0% 5.8% 20.7% 7.5% 12.2% -38.5%
Net Profit Margin(%) 4.9% 12.5% -60.8% 2.8% 74.0% 5.1% 11.7% -56.1%
Summary P&L (US$ mn) Quarter Data Year To Date
6
Revenue Transformation Driven By KidecoAcquisition
*
Revenues9M17: US $694.7 million9M18: US $2,180.4 million
Kideco64.6%
Indika Resources
12.9%
Petrosea10.7%
Tripatra8.5%
MBSS2.1%Others
1.2%
Indika Resources
29.7%
Petrosea26.0%
Tripatra30.5%
MBSS7.2%
Others6.5%
Indika Resources 206.4Petrosea 180.9Tripatra 212.0MBSS 50.3Others 45.2
Subsidiary 9M17 Revenues (US$ mn)
Kideco 1,408.7Indika Resources 281.3Petrosea 232.4Tripatra 184.8MBSS 46.7Others 26.7
Subsidiary 9M18 Revenues (US$ mn)
Disaggregation of 9M18 Consolidated Earnings – Key Income Statement Segments
7
Net Profit Disaggregation Revenue By Business Segment
Cost of Goods Sold Disaggregation SG&A Per Subsidiary
2,180.4 1,628.5
17.5 98.9 7.0 74.7
142.5 148.0
112.2 -
400.0
800.0
1,200.0
1,600.0
2,000.0
2,400.0
Revenue COGS Inc fromAssociates
SG&A Other Inc. FinanceCosts
Other XP Tax NPAT
1,408.7281.3
232.4184.8 73.4
2,180.4
0
500
1000
1500
2000
2500
Kideco IndikaResources
Petrosea Tripatra MBSS &Others
TotalRevenue
24.1
32.1
14.612.7
8.5 6.998.9
0
20
40
60
80
100
120
HoldingCo
Kideco Petrosea IIR Tripatra MBSS Total
600.7
272.4
187.0127.4
111.780.3
249.1 1,628.5
0
200
400
600
800
1000
1200
1400
1600
1800
Contractor Materials Royalty Fuel Salary Depr. Others TotalCOGS
Cash and Debt Position
8
637.9
79.068.5
1,340.0
44.2 49.4
0
400
800
1,200
1,600
CASH DEBT
Cash Fin. Assets Rest. Cash Bonds 2) Bank Loans 3) Leases 4)
1)PTRO: $63.1m, MBSS: $34.5 m, Tripatra: $131.5m, Kideco; $225.4m, HoldCo: 330.9m. 2)$265.0m due 2022 (Snr. notes V), $500m due 2023 (Snr. Notes IV), and $575 due 2024 (Snr. Notes VI). 3) PTRO: $20.1m, MBSS $14.3m, HoldCo.: $9.8m. 4) PTRO $49.4m.
785.41)
1,433.6US$ million
Cash and Debt Breakdown
34.5 17.9 19.1 3.0
279.9
504.0 575.0
0
100
200
300
400
500
600
700
2018 2019 2020 2021 2022 2023 2024 2025 2026
Strong Cash Position and Low Net Debt Ratio
9
Net Debt Ratios ImprovingDebt Maturity Profile US$ millionUS$ million
614.6
466.6 494.2
711.2 648.2
2.7
2.4 3.2
2.4
0.9
0.7 0.6
0.7 0.6 0.5
- 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0
0
150
300
450
600
750
2014 2015 2016 2017 9M18
Net debtNet debt to LTM EBITDA
239.0 202.5 146.3
337.9 330.9
144.4 225.4
65.4 55.0
67.8
59.6 63.1
58.6 39.9 60.3
152.5 131.5
48.1 42.0 37.5
34.6 34.5
100
250
400
550
700
2014 2015 2016 2017 9M18
HoldCo Kideco Petrosea Tripatra MBSSUS$ million
Cash Breakdown by Subsidiaries
52.3 105.6
45.3
165.0 133.0
289.3
48.8 15.4
49.4
15.8
(5.9)
27.0
(4.0)
20.4
23.4
25.3
8.8 1.7 7.8
6.9
(10.1)-20
80
180
280
380
480
2014 2015 2016 2017 LTM 9M18
HoldCo Kideco Petrosea Tripatra MBSSUS$ million
Free Cash Flow
10Source: Bloomberg
Global Commodity Prices & Indicators Declined Modestly in 3Q18
Newcastle vs. QHD 5500 Price
ICI 4 Historical Pricing China PMI
WTI Oil Price
50.350.1 49.7
51.451.6
51.551.5
51.3
48.0
48.5
49.0
49.5
50.0
50.5
51.0
51.5
52.0
52.5
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
38.636.3
26.8
42.245.7
48.2
44.6
41.7
20
25
30
35
40
45
50
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
525 520
355
619
697
623
682
631
74.5562.3
50.6
88.4
100.896.4
114.4113.9
0
20
40
60
80
100
120
140
160
0
100
200
300
400
500
600
700
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
QHD 5500NEWCASTLE (RHS)
101.6
53.337.0
53.7 60.464.9 74.2
73.3
0
20
40
60
80
100
120
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
11
Source: Platts & US Energy Information Administration
Coal Price Remains Above Our Internal Targets
• Newcastle coal prices were relatively stable in 3Q18 but started to see some demand weakness through August and September that increased decoupling of ICI4 pricing from Newcastle 6300 price.
• We anticipate that as we move into 4Q18 that Chinese demand will start to increase which could provide some modest improvement in pricing, but we are cautious on Indonesian government export targets.
• Full year 2018 internal target of $90/ MT for Newcastle is expected to be achieved. • DMO is leading to greater spread between our ASP and Newcastle which now stands at 53.2%.
US$/ton
74.6
62.3
50.6
88.4
100.8
96.4
114.4
113.9
52.4
48.8
39.7
42.7
52.5 56.452.1 53.3
-29.7%-21.7% -21.5%
-51.7%-47.9%
-41.5%
-54.5% -53.2%-60%
-50%
-40%
-30%
-20%
-10%
0%
20
30
40
50
60
70
80
90
100
110
120
130
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18* 3Q18
Newcastle Price ASP % Discount (RHS) % Average Discount (RHS)
Kideco Operational HighlightsIn Line Production Offset By DMO Pricing
12
Summary P&L (USD mn) 3Q18 3Q17 YoY 2Q18 QoQ 9M18 9M17 YoY Sales 469.9 424.1 11% 411.0 14.3% 1408.7 1232.9 14.3%
Gross profit 124.0 147.9 -16% 109.6 13.1% 430.1 435.8 -1.3%
Operating profit 112.9 140.6 -20% 99.1 13.9% 398.9 413.4 -3.5%
Net income 61.3 78.3 -22% 56.0 9.5% 224.1 229.8 -2.5%
EBITDA 119.9 146.6 -18.3% 108.0 10.9% 422.9 431.3 -1.9%
Gross margin 26.4% 34.9% -24.3% 26.7% -1.1% 30.5% 35.3% -13.6%
Operating margin 24.0% 33.2% -27.5% 24.1% -0.4% 28.3% 33.5% -15.6%
Net margin 13.1% 18.5% -29.3% 13.6% -4.2% 15.9% 18.6% -14.7%
EBITDA margin 30.0% 34.6% -13.2% 26.3% 14.2% 30.0% 35.0% -14.2%
Overburden (mn bcm) 58.4 57.2 2.1% 51.3 14.0% 158.3 144.6 9.5%
Production volume (Mt) 8.8 8.4 5.5% 8.3 6.6% 25.4 24.1 5.4%
Sales volume (Mt) 8.8 7.9 12.4% 7.9 11.8% 26.1 23.8 9.4%
Stripping ratio (X) 6.6 6.8 -3.2% 6.2 6.9% 6.2 6.0 3.9%
Cash Cost excl royalty (US$/ton) 31.9 28.2 13.1% 30.8 3.5% 30.0 26.4 13.5%
Average selling price (US$/ton) 53.3 54.0 -1.4% 52.1 2.3% 54.0 51.7 4.4%
13
China, Indonesia & Korea Drive Kideco’s Sales
9M17 – Total Sales Volume: 23.8 mn ton9M18 – Total Sales Volume: 26.1 mn ton
Growth By Country Products Breakdown
China32%
Indonesia29%
Korea11%
India9%
Taiwan5%
Southeast Asia8%
Japan3%
Others3%
China26%
Indonesia30%
Korea12%
India10%
Taiwan4%
Southeast Asia12%
Japan4%
Others2%
SM 4200-4300 Kcal
58%
Blended 4500 Kcal
11%
Roto 4900 Kcal31%
Destination Sales YoY GrowthChina 8,335,085.0 35.5%Indonesia 7,446,548.0 4.7%Korea 2,811,605.0 -3.0%India 2,377,393.0 2.9%Taiwan 1,343,068.0 25.6%Southeast Asia 2,194,676.0 -24.1%Japan 809,655.0 -6.3%Others 758,342.0 42.5%
TOTAL 26,076,372.0 9.4%
Kideco’s Cash Costs Among the Lowest in the Industry
14
3Q17 Cash Cost3Q18 Cash Cost
365 369 367 357 308 285 290 272 249
203 227 217 220 189
221 252 259 243
281
37.2 36.4 36.3 34.7
31.2 32.9
27.2 27.6
26.3 26.4 29.5 28.5
25.8 25.3 28.2
33.0
27.6
30.8 31.9
0
5
10
15
20
25
30
35
40
-
100
200
300
400
500
600
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
Total Cash Cost excl. royalty (US$ million) (LHS) Cash Cost/Ton excl. royalty (US$/Ton)
Kideco Cash Cost ex Royalty
Contract Mining + Rental59%
Gov. Royalty17%
Material8%
Freight5%
O/H10%
Labor1%
Others0%
Contract Mining + Rental58%
Gov. Royalty17%
Material9%
Freight6%
O/H5%
Labor2%
Others-3%
Kideco Inside the Numbers
15
Reserves by Calorific Value Reserve to Resources (MT)
Resources By Mine (MT) Reserves By Mine (MT)
4,200-4,30075%
4,800-5,00022%
5,000-5,5001%
5,500+2%
Reserves422
Resources 1375
Roto South175
Roto North40
Roto Middle
187
Susubang9
Samarangau935
Roto South G33 Roto
South62
Roto North9
Roto Middle22
Susubang4
Samarangau317
Roto South G8
16
Attractive Location With Well Built Infrastructure
Indika Energy owns 91% of Kideco, the third-largest coal producer in Indonesia with a 50,921
Hectare concession in East Kalimantan
Kideco has engaged in surface open-cut mining since 1993
First-generation Coal Contract of Work valid through 2023
Kideco produces a range of sub-bituminous, ultra-low sulphur (0.1%) and low ash (average between
2.1% to 4.9%) coal
JORC resources as of June 2015 stood at 1,375mt and reserves at 422mt. We are in the
process of updating our JORC report
Logistic• Hauling road 38 Km• Barging & Shipping 58 km
Logistic• Hauling road 80 Km• Barging & Shipping 240 km
Logistic• Port ~280Km and to secondary port
~160km
Logistic• Hauling road 40 Km to coal port• Conveyor belt from coal port to Panamax 6.5 km
One of the Lowest Cost Operators from Mine to Port
Total Reserves : 223MTTotal Resources : 1,617MT
Total reserves : 1,354 MT Total Resources : 13,700MT
Total Reserves : 422MTTotal Resources : 1,375MT
Total Reserves : 3,330MTTotal Resources : 8,270MT
Publicly Listed Competitor A
Publicly Listed Competitor C
Publicly Listed Competitor B
Kideco Acquisition Overview
18
• Indika Energy entered into a SPA (Share PurchaseAgreement) on 22 September 2017 to acquire 40.0% and5.0% of Kideco shares from Samtan and PT Muji IntiUtama, respectively.
• The transaction was completed on 8 December 2017,and increased Indika Energy’s stake to a 91.0% equityinterest in Kideco .
• The total consideration for the 45.0% stake was US$677.5 million , consisting of:o US$517.5 million upfront payment at closing; ando Deferred payment of US$160.0mn or 25.0% of the
shares of Kideco (at Indika’s option) at the time ofCCOW conversion
o Excludes full cash distribution via dividend toexisting shareholders at the end of 2017(estimated $250mn)
Consideration Source & Use of FundsSource of Funds (US$ mn)
Notes Issuance $575.0
Total Sources $575.0
Use of Funds (US$ mn)
Kideco Stake Purchase $517.5
General Corporate Purposes & Transaction Costs
$57.5
Total $575.0
19
Acquisition of additional 45% Stake in Kideco
Accounting Treatment Impact Post Kideco Transaction
Transaction value 46% Kideco
Book Value 46% Kideco
Gain on Revaluation
Description
529.0
(144.8)
384.2
US$m
US$m
US$m
UoM
One-Off Gain on Revaluation Calculation
Cash consideration paid
Transaction Value 46% Kideco
Contingent consideration obligation
91% net asset Kideco*
Goodwill
Description
517.5
529.0
127.5
(538.8)
635.2
US$m
US$m
US$m
US$m
US$m
UoM
Goodwill Calculation
Intangible assets
Amortization exp/year
Deferred tax liability
Deferred tax liability/ year
Net Amortization
Description
701.7
131.6
(327.3)
(61.4)
70.2
Until LoC (2023)/ 5.33yr
US$m
US$m
US$m
US$m
US$m
UoM
Amortization Calculation
*) based on independent appraisal
Total Backlog Total Backlog Total Backlog 660MW PowerPlant$873.7M $125.2M $477.5M
9M18 Net Income 9M18 Net Income 9M18 Net Income 9M18 Net Income$17.8M -$10.4M $25.5M $24.1M (20% Indika)
9M18 EBITDA Margin 9M18 EBITDA Margin 9M18 Adjusted EBITDA Margin 9M18 EBITDA Margin27.1% 27.8% 13.5% 30.9%ROE ROE ROE ROE9.6% -5.8% 18.7% 6.9%
• Coal contract mining and E&C capabilities
• Integrated coal transport & logistics business
• Multi-disciplined engineering/EPC and project capabilities
• Kideco cross sells approximately 1.6MT to CEP annually
• Opportunity to increase group synergies by winning more Kideco contracting share
• Consists of 78 barges, 87 tugboats, 1 support vessel, 4 floating cranes and 2 floating loading facilities
• Two subsidiaries: • Indika’s portion of net income in 9M18 is 4.8M
1) PT Cotrans Asia – 45% stake barging / transportation business
• 20% ownership of CEP
• 69.8% ownership • 51% ownership2) PT Sea Bridge Shipping –
46% stake; domestic coal transshipment for Kideco
• 6.25% ownership of CEP II (expansion project)
20
Supported by Improving Subsidiary Results
PetroseaPetrosea MBSSMBSS TripatraTripatra Cirebon Electric PowerCirebon Electric Power
Existing Synergies & Future Opportunities
21
• Plans to increase production over the medium term could be driven by increased synergies with Petrosea and MBSS.
• Increased production could come from Samarangau in an area where Petrosea is the contractor.
• Kideco is contracted to provide 60% of coal demand to CEP which is the equivalent of 1.6MT of coal per year
• Upon completion in 2022 could provide 2MT of coal to CEP2 plant
• 14-20% of Kideco's overburden removal historically could rise to 25-30%+. Through 9M18, Petrosea’s revenues are $67.6M for OB removal of 30.6 Mbcm at Kideco (19%).
• Bridge Construction for Kideco with a 2018 projected revenue of $3.6 million..
• Floating crane contracted to Kideco in 9M18 provided $6.6 million in revenue and transported 3.9MT
• Barging Opportunity with Kideco and MUTU• Currently barges approximately 30% of Kideco coal
Indika Energy’s 2018 Corporate Guidance
22
2018 9M18 2017 YoYTarget Actual Actual Change
KIDECO
Production (MT) 33-34 25.4 32.0 2.9
Strip Ratio (x) 5.9 6.2 6.1 -3.3%
Cash Cost xRoyalty ($/MT) 30.0 30.0 28.0 7.0%
Capex ($Millions) 7.6 0.5 2.2 245.5%
Overburden Volume (BCM) 202 158.3 194.1 4.1%
PETROSEAOverburden Volume (BCM) 133.9 104.1 97.6 37.2%
Backlog ($Millions) 1,026.7 873.7 696.2 47.5%
Capex ($Millions) 112.6 78.6 49.6 127.0%
MBSSBarging Volume (MT) 22.2 16.0 18.5 20.0%
Floating Crane Volume (MT) 8.2 8.3 8.7 -5.7%
Backlog ($Millions) 67.9 125.2 67.9 0.0%
Capex ($Millions) 27.2 24.6 10.7 154.2%
TRIPATRABacklog ($Millions) 583.0 477.5 601.2 -3.0%
• On October 9, 2018, Petrosea and PT Bank Mandiri (Persero) Tbk signed a new long-term loan agreement consisting of a total facility of US$130 million. This loan consists of an investment credit facility amounting to US$40 million, a special transaction loan amounting to US$60 million, a working capital loan amounting to US$30 million and adjustment of investment credit facility (PT Kideco Jaya Agung) of US$15 million.
• On October 16, 2018, Kideco declared an interim dividend in the amount of US$100 million. PT Indika Energy Tbk will receive our proportion (91%) at the end of November 2018.
Recent Developments
23
Peer Comparison (2Q18 Data)
24
EBITDA MARGIN
PRODUCTION YTD ANNUALIZED STRIP RATIO
RESERVE/RESOURCE RATIO
CASH COSTS
Domestic Sales/ Total (DMO 25%)
52%
28%
22% 11%
0%
10%
20%
30%
40%
50%
60%
PTBA INDY ADRO ITMG
DMO Requirement
*Kideco only
22%
31%
40%
16%
0%5%
10%15%20%25%30%35%40%45%
ADRO INDY PTBA ITMG
48.12
33
22.4
18.6
15
20
25
30
35
40
45
50
ADRO INDY * PTBA ITMG
4.45.3
6.1
10.8
0.0
2.0
4.0
6.0
8.0
10.0
12.0
PTBA ADRO INDY * ITMG
36.8 38.236.0
57.0
2023262932353841444750535659
ADRO PTBA INDY * ITMG
39.0%
33.0%
22.0%
32.3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
ADRO PTBA ITMG INDY*
25
Appendix
(27.6) (44.6)(65.9)
335.5
112.2
-100
0
100
200
300
400
2014 2015 2016 2017 9M18
(9.4) (38.7) (43.3)
94.5
163.6
-100
-50
0
50
100
150
200
2014 2015 2016 2017 9M18
26
Indika Energy’s Financial Highlights
Gross Profit (USD mn) Operating Profit (USD mn) Income from Associates (USD mn)
Core Profit/Loss**(USD mn)
Net Profit/Loss*(USD mn)
* Profit/loss for the period attributable to owners of the company** Core Profit/Loss defined as Net Profit/Loss for the year Attributable to Owners of the Company
excluding one-off non-operating gains or losses (amortization of intangible assets, impairment of assets and gain on revaluation of assets) and related taxes.
161.0
88.3 88.7 122.9
551.9
0
100
200
300
400
500
600
2014 2015 2016 2017 9M18
28.8 (15.4) (10.1) 34.1
453.0
-50
50
150
250
350
450
2014 2015 2016 2017 9M18
73.5 72.6 59.5
136.2
17.5
0
40
80
120
160
2014 2015 2016 2017 9M18
198.0270.3
166.0121.3
55.2 74.6
330.8
582.733.4%
36.1%
19.2%
10.9%5.0%
9.6%
30.1%26.7%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0
100
200
300
400
500
600
700
2011 2012 2013 2014 2015 2016 2017 9M18
Adj. EBIT EBIT Margin
LTM Adj. EBITDA* (USD mn) & EBITDA Margin (%)Revenues (USD mn)
27
Indika Energy’s Key Business Indicators
LTM Adj. EBIT to Assets (ROA)LTM Adj. EBIT (USD mn) & EBIT Margin** (%)
** Adjusted EBITDA / EBIT includes consolidated EBITDA / EBIT plus dividends from Kideco, Cotrans, SBS, and CEP
* Last twelve months period ended September 31, 2018. Includes dividends from associates
593.4 749.7
863.4 1,109.5 1,097.3
775.2
1,098.8
2,180.4
0
400
800
1,200
1,600
2,000
2,400
2011 2012 2013 2014 2015 2016 2017 9M18
9.8%11.5%
7.2%
5.3%
2.6%4.1%
9.1%
16.4%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
2011 2012 2013 2014 2015 2016 2017 9M18
250.0 333.0
260.6 231.9 192.0 155.7
291.9
724.3
42.1% 44.4%
29.5%
20.9% 17.5%20.1%
26.6%33.2%
0%
10%
20%
30%
40%
50%
0
200
400
600
800
2011 2012 2013 2014 2015 2016 2017 9M18
EBITDA EBITDA Margin
LTM Adj. FFO / Debt (%)
Gross Debt & Net Debt / Adj. EBITDA (x)
LTM Adj. FCF / Debt (%)
Debt / Capital (%)
28
Indika Energy’s Key Credit Ratios (1)
3.8 3.1
4.1 4.3 5.1 5.2 4.9
2.0 1.8 1.9 2.4 2.5
4.9
3.2 2.4
0.9
0
2
4
6
8
2011 2012 2013 2014 2015 2016 2017 9M18
52.4% 50.3% 52.1% 51.0% 54.0% 52.3%56.4% 54.5%
0%
20%
40%
60%
80%
2011 2012 2013 2014 2015 2016 2017 9M18
16.9%
23.1%
14.5% 15.7%11.9% 11.8%
15.1%
31.6%
0%
20%
40%
60%
2011 2012 2013 2014 2015 2016 2017 9M18-21.0%
5.9%
19.6%15.4% 13.6%
16.6% 15.7%
31.6%
-30%
-5%
20%
45%
2011 2012 2013 2014 2015 2016 2017 9M18
LTM EBITDA Less Capex / Interest (x)LTM FFO + Interest / Interest (x)
LTM EBIT / Interest (x)LTM EBITDA / Interest (x)
29
Indika Energy’s Key Credit Ratios (2)
3.4
4.4
3.03.8
2.7 2.6
3.7
6.9
0
2
4
6
8
2011 2012 2013 2014 2015 2016 2017 9M18
3.1
4.2
2.83.4
2.6 2.6
3.8
5.6
0
2
4
6
8
2011 2012 2013 2014 2015 2016 2017 9M18
2.7
3.6
2.0 2.2
0.81.2
0.4
4.3
0
2
4
6
8
2011 2012 2013 2014 2015 2016 2017 9M18
(2.6)
0.8
2.3 2.5 1.9 2.2
2.9
5.6
(4)
(2)
0
2
4
6
8
2011 2012 2013 2014 2015 2016 2017 9M18
Indika Energy’s Subsidiaries Backlog
30
New Contract/ Adjustment Value
in 2018Per 31 Dec 2017 Per 30 Sep 2018 Per 30 Sep 2018
Contract mining 487.2 422.9 196.9 713.2
E&C 140.1 35.8 76.9 99.0
POSB 68.9 45.0 52.4 61.5
Total (USD mn) 696.2 503.7 326.2 873.7
Tripatra Engineers & Constructors 564.3 46.7 162.2 448.8
Tripatra Engineering 36.9 14.3 22.6 28.6
Total (USD mn) 601.2 61.0 184.8 477.4
Barging 40.1 78.7 38.0 80.8
Floating Crane*) 27.8 30.5 13.8 44.5
Total (USD mn) 67.9 109.2 51.8 125.3Total Consolidated (USD mn) 1,365.3 673.9 562.8 1,476.4
Tripatra
MBSS
DescriptionsRemaining Contract
ValueRevenue
RecognitionRemaining Contract
Value
Petrosea
*) includes time charter
31
Capex Spending & Approved Dividend*
*) CEP cash return consisted of dividend, repayment of SH loan principal and SH Loan Interest
CAPEX Allocation Unit 2018 Budget 3M18 A 1H18 A 9M18 A Realization
IE Holding USD mn 1.3 0.4 0.3 0.4 31.7%
PTRO USD mn 112.6 32.7 60.1 78.6 69.8%
MBSS USD mn 27.2 1.8 11.6 24.6 90.6%
ILSS USD mn 0.3 0.0 0.1 0.2 72.0%
Kideco USD mn 7.6 0.4 0.5 0.5 6.6%
Resources USD mn 13.8 1.6 1.7 4.7 34.2%
Total USD mn 162.8 36.9 74.4 109.1 67.0%
May-18 75.0 68.3
Jul-18 50.0 45.5
Kideco (2018 interim) 100.0 Nov-18 100.0 91.0
Petrosea 4.5 May-18 4.5 3.2
Apr-18 4.2 1.9
Oct-18 1.8 0.8
Apr-18 7.3 3.3
Oct-18 2.9 1.3
ILSS/KPI 8.0 Jun-18 8.0 8.0
Mar-18 24.0 4.8
Sep-18 18.0 3.6
231.7Total
Indika Energy Portion (USD mn)
Sea Bridge Shipping (SBS) 6.0
Cotrans 10.2
Company Dividend Declared (USD mn)
Payment Scheduled (USD mn)
CEP cash return*) 42.0
Kideco (2017 performance) 125.0
32
Kideco’s Financial Highlights
Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn)
Net Profit (USD mn) EBITDA (USD mn) Cash Balance (USD mn)
2059.4
1658.2
1247.8
16331408.7
0
500
1000
1500
2000
2500
2014 2015 2016 2017 9M18
328.9281.3
180.0
527.8
430.1
0
150
300
450
600
2014 2015 2016 2017 9M18
295.6253.8
155.4
469.4
397.5
0
150
300
450
600
2014 2015 2016 2017 9M18
154.4138.1
88.6
277.1
224.1
0
75
150
225
300
2014 2015 2016 2017 9M18
328.7281.8
179.7
526.0
422.9
0
150
300
450
600
2014 2015 2016 2017 9M18
107.3
188.6
32.8
144.4
225.4
0
75
150
225
300
2014 2015 2016 2017 9M18
33
Kideco’s Operational Highlights
Overburden Removal (mn bcm) Coal Production (mn ton) Coal Sales (mn ton)
Stripping Ratio (x) Average Selling Price (USD/ton) Cash Cost (USD mn)
257.4244.6
193.9 195.9
158.3
0
75
150
225
300
2014 2015 2016 2017 9M18
40.3 39.0
32.1 32.0
25.4
0
15
30
45
60
2014 2015 2016 2017 9M18
40.2 38.632.5 31.5
26.1
0
15
30
45
60
2014 2015 2016 2017 9M18
6.4 6.3 6.0 6.1 6.2
0
2
4
6
8
2014 2015 2016 2018 9M18
51.3
42.938.4
51.9 54.0
0
15
30
45
60
2014 2015 2016 2017 9M18
42.1
34.6 32.1 34.4 36.936.2
29.6 27.6 28.0 30.0
2014 2015 2016 2017 9M18
Incl Royalty Excl Royalty
34
Petrosea’s Financial Highlights (1)
Revenues (USD mn)
*
EBITDA (USD mn)Coal Getting Volume (MT) Net Profit/Loss* (USD mn)
Gross Profit (USD mn) Overburden Removal (MT)
348.0
206.8 209.4
259.9
326.2
0
100
200
300
400
2014 2015 2016 2017 9M18
66.6
29.134.9
40.9
52.3
0
20
40
60
80
2014 2015 2016 2017 9M18
131.2
66.057.3
97.689.2
0
50
100
150
2014 2015 2016 2017 9M18
13.5 14.1 14.2
24.826.8
0
10
20
30
40
2014 2015 2016 2017 9M18
112.0
66.3 68.774.6
83.7
0
30
60
90
120
2014 2015 2016 2017 9M18
2.4
(12.7)
(7.9)
8.2
17.8
-15
-10
-5
0
5
10
15
20
2014 2015 2016 2017 9M18
32.6%
18.8%17.6%
17.0%
9.9%4.1%
25.8%
12.1%
34.2%
17.8%
6.3%3.8%
60.4%23.6%
16.1%
35
Petrosea’s Financial Highlights (2)*
Revenues Breakdown by Value
*Cost Structure
Salary
Operation
Sub-contractors
Others
DepreciationOperationDepreciation
Salary
OthersRentalRental
E&C
POSB
Contract
Sub contractor
9M18: USD326.2 mn 9M17: USD224.1 mn
9M18: USD273.8 mn 9M17: USD189.5 mn
54.2%
20.5%
25.3%
Contract
E&C
POSB
17.9
26.8
0
10
20
30
40
9M17 9M18
59.5
89.2
0
20
40
60
80
100
9M17 9M18
36
Petrosea’s Contract Mining Operation*
Coal Getting Volume (Mn Tonne)Overburden Removal Volume (Mn BCM)
49.9%
49.7%
Client 9M17 9M18KJA 4.4 6.6TBG 9.7 14.9IAC 0.7 0.8ANZ 0.5 0.1BMB 2.5 4.4Total volume 17.9 26.8
Client 9M17 9M18KJA 22.0 30.6TBG 12.2 31.7IAC 10.0 3.2ANZ 3.4 0.7BMB 11.8 23.0
Total volume 59.5 89.2Revenue from Contract Mining 121.5 196.9
Contract Mining Revenue/Bcm 2.0 2.21
37
Tripatra’s Financial Highlights (1)
* Profit/loss for the period attributable to owners of the company** Including dividends from associates
Month/year Month/year
Revenue (USD mn) Gross Profit (USD mn) Net Profit* (USD mn)
Income from Associates (USD mn)
Month/year Month/yearAdjusted EBITDA** (USD mn)
418.6
475.9
217.5
274.8
184.8
0
125
250
375
500
2014 2015 2016 2017 9M18
39.4
18.9
34.2
45.0
36.8
0
15
30
45
60
2014 2015 2016 2017 9M18
19.4
(5.5)
22.8 25.8 25.5
-8
8
24
40
2014 2015 2016 2017 9M18
8.89.6 9.2
8.49.1
0
3
6
9
12
2014 2015 2016 2017 9M18
31.7
11.5
28.0
35.2
24.9
0
8
16
24
32
40
2014 2015 2016 2017 9M18
35.4%
43.4%
6.4%3.5%2.3%
9.1%
Salary
Rental & Repair
38
Tripatra’s Financial Highlights (2)*
Revenues Breakdown by Value
Cost Structure
TPEC
TPE
TPEC
TPE
Sub contractor
Salary
Rental & RepairMisc
Sub Contractor
Misc
MaterialMaterial
9M18: USD184.8 mn 9M17: USD212.0 mn
9M18: USD148.0 mn 9M17: USD172.1 mn
87.8%
12.2%
91.7%
8.3%
Handling
40.0%
35.5%
9.1%
5.7%3.7%
6.0%Handling
39
Cotrans’ Financial Highlights
Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn)
Net Profit (USD mn) Coal Handling (mn ton)
84.280.0
59.9 59.353.7
0
15
30
45
60
75
90
2014 2015 2016 2017 9M18
16.4 17.1
13.0 12.310.8
0
4
8
12
16
20
2014 2015 2016 2017 9M18
14.616.3
12.0 11.210.0
0
4
8
12
16
20
2014 2015 2016 2017 9M18
15.3 16.0
11.5 10.99.7
0
4
8
12
16
20
2014 2015 2016 2017 9M18
34.532.8
27.9 27.123.0
0
8
16
24
32
40
2014 2015 2016 2017 9M18
40
SBS’ Financial Highlights
Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn)
Net Profit (USD mn) Coal Handling (mn ton)
13.114.2
12.3 12.211.2
0
4
8
12
16
20
2014 2015 2016 2017 9M18
6.15.2
8.87.6
10.2
0
4
8
12
16
20
2014 2015 2016 2017 9M18
10.0
12.710.7 10.0
13.0
0
4
8
12
16
20
2014 2015 2016 2017 9M18
11.3
14.0
11.5 10.7
13.5
0
4
8
12
16
20
2014 2015 2016 2017 9M18
27.929.4
24.7 24.9 24.2
0
7
14
21
28
35
2014 2015 2016 2017 9M18
41
MBSS’ Financial Highlights (1)
*
Revenues (USD mn)
Net Profit (USD mn)
EBITDA (USD mn)
Floating Crane Vol. (mn ton)Barging Vol. (mn ton)
135.3
89.8
65.8 68.551.8
0
40
80
120
160
2014 2015 2016 2017 9M18
20.2
(12.0)
(29.9)
(8.9) (10.4)
-50
-25
0
25
50
2014 2015 2016 2017 9M18
53.0
29.5
14.818.4
14.6
0
15
30
45
60
2014 2015 2016 2017 9M18
21.5
15.812.9
8.7 8.3
0
8
16
24
32
40
2014 2015 2016 2017 9M18
31.1
22.2 22.118.5
16.0
0
8
16
24
32
40
2014 2015 2016 2017 9M18
Gross Profit (USD mn)
43.4
15.1
0.9 2.5 2.1
0
10
20
30
40
50
2014 2015 2016 2017 9M18
38.3%
22.9%
12.0%
7.2%
6.7%
13.0%
36.5%
21.3%
12.9%
6.7%
5.8%
16.8%
73.3%
26.7%
42
MBSS’ Financial Highlights (2)
*Revenues Breakdown
*
Floating crane
Barging
Floating crane
Barging
Salary
Fuel
Depreciation
Spare parts
Port Charge
Salary
Fuel
Others
Depreciation
Others
Spare parts
Cost Structure
Port Charge
9M18: USD49.7 mn 9M17: USD48.9 mn
9M18: USD51.8 mn 9M17: USD51.0 mn
72.3%
27.7%
14.216.0
0
4
8
12
16
20
9M17 9M18
7.08.3
0
2
4
6
8
10
9M17 9M18
Barging (mn ton)
43
MBSS’ Operating Highlights*
Floating Crane (mn ton)
* Includes time charter
18.6%12.7%
Clients 9M17 9M18ADRO 2.4 2.3Contrans 7.0 9.6BCS 0.3 0.0MMS 1.2 0.4BAG 0.0 0.8MUTU 0.2 0.0BPB 0.1 0.1Atlas 0.1 0.1Others 2.9 2.7Total Volume 14.2 16.0
Revenue (USD mn) 36.8 38.0
Revenue/ton 2.6 2.4
Clients 9M17 9M18KJA 3.1 3.9ADRO 0 1.5BYAN 0.0 0.7BRAU 0.5 0.0BCS 2.0 0.0BIB 0.0 0.4TCP 0.0 0.4MGM 0.0 0.4Others 1.4 1.0Total Volume 7.0 8.3
Revenue* (USD mn) 14.1 13.8
Revenue/ton 2.0 1.7
MBSS Large Fleet of Vessels
44
TugBarges Floating Crane
Support Vessel
As of Dec 31, 2017
AdditionalYTD
81 +6
Total 87
As of Dec 31, 2017
AdditionalYTD
69 +9
Total 78
As of Dec 31, 2017
AdditionalYTD
4 0
Total 4
As of Dec 31, 2017 Additional YTD
1 0
Total 1
Floating Loading Facility
As of Dec 31, 2017 Additional YTD
2 0
Total 2
45
CEP’s Financial Highlights
Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn)
Net Profit (USD mn) EBITDA (USD mn)
254.1 261.9
229.6245.7
189.1
0
60
120
180
240
300
2014 2015 2016 2017 9M18
90.7
109.998.4
91.4
61.9
0
30
60
90
120
150
2014 2015 2016 2017 9M18
84.1
104.293.0
86.6
58.4
0
30
60
90
120
150
2014 2015 2016 2017 9M18
22.5
38.9
99.2
34.924.1
0
30
60
90
120
150
2014 2015 2016 2017 9M18
84.4
106.896.0 89.9
60.7
0
30
60
90
120
150
2014 2015 2016 2017 9M18
46
Indika Energy Overview
Indika Energy, Indonesia’s leading fully integrated energy company
47*Companies within Indika Energy Group mentioned on this slide are non-exhaustive
Energy Resources
PT Indika Energy Tbk.
1
- 3rd largest coal producer- Resources 1,375.0 MT, reserves 422.0 MT- 91.0% ownership as of 6 Dec. 2017
- Bituminous thermal & coking coal- Resources 75.2 MT, reserves 40.6 MT- 85.0% ownership
- Coal trading, ~7.0 MT volume
- Transshipment and water transportation - 51.0% ownership
- 20.0% owned 660MW, enviro-friendly supercritical technology
- 6.25% owned 1000MW expansion , ultra supercritical technology
Offshore Supply Base- Pusat Logistik Berikat in Balikpapan- Logistic base for offshore operations
- 100% owned, integrated logistic services- Port Business Entity license to operate
and provide port and logistic services at all Indonesia major ports
- Established since 1973- Leading EPC and O&M
services in oil & gas- 100% ownership
- Established since 1972- Coal contract mining and
E&C capabilities in mining and oil and gas
- 69.8% ownership
2 3Energy Services Energy Infrastructure
Indika Energy Group Companies Cover End-To-End Coal Business Value Chain
48
A w
ell-i
nteg
rate
d en
ergy
pla
tform
acr
oss
the
entir
e va
lue
chai
n
Ener
gy re
sour
ces
Ener
gy s
ervi
ces
Ener
gy in
frast
ruct
ure
Identification / acquisition of assets
Exploration
Economic and feasibility study
Engineering and construction
Production
Processing
Land transportation
Barging
Loading / transshipment
Power generation
Offtake sales
• Operational synergies from intra-group cross-selling opportunities
- part of Kideco's overburden removal, coal barging and transshipment services outsourced to Petrosea and MBSS
- Kideco contracted to provide 1.9mt of coal per year to CEP
- discussion underway amongst MUTU, Petrosea and MBSS for the provision of overburden removal, coal barging and transshipment services
• Cost synergies from integrated operations - work-share and knowledge-share amongst Tripatra, Petrosea and MBSS
• Increasingly stable earnings and cashflow from continued diversification
Indika Energy has grown through inorganic and organic expansions
49
Notes Outstanding
50
Indo Energy Finance II B.V.
USD500.0 mn6.375% 10-year Senior Notes
Reg S / 144A due 2023
The Senior Notes are rated:
B + / Positive OutlookInternational Ratings (as of Dec. 2017)
A / Positive OutlookNational Ratings (as of Dec. 2017)
Ba 3Outlook Stable (as of Dec. 2017)
January 2013
*Subsequent to a tender offer to repurchase $128 .6 mm of principal amount in December 2015.
Indo Energy Capital II Pte. Ltd.
USD265.0 mn6.875% 5-year Senior Notes
Reg S / 144A due 2022
April 2017
Indo Energy Capital III Pte. Ltd.
USD575.0 mn5.875% 7-year Senior Notes
Reg S / 144A due 2024
November 2017
Coal transportation and transhipmentservice
Corporate Structure
PT Tripatra Engineering(Indonesia)
PT Tripatra Engineers and Constructors(Indonesia)
PT Indika IntiCorpindo
(Indonesia)
PT Indika InfrastrukturInvestindo(Indonesia)
Indika Power Investments Pte.Ltd
(Singapore)
PT Indika Energy Infrastructure(Indonesia)
Indo Integrated Energy B.V.
(The Netherland)
PT Indika Indonesia Resources (Indonesia)
PT Tripatra Multi Energi
(Indonesia)
PT Indika Energy Tbk. (Indonesia)
Consultation services for construction, industry and infrastructure
Provision of consultancy services, construction business and trading
100%
Energy Services
Investment and general trading
100%
Energy Resources Energy Infrastructure
Investment
100%
Coal-fired power plant
PT Cirebon Electric Power
(Indonesia)
Operations and maintenance of electrical equipment and facilities
PT Cirebon Power Services
(Indonesia)
Investment
100%
Trading, development and services
100%
100%
100%
Financing
90%
PT MitrabahteraSegara Sejati Tbk.
(Indonesia)
Sea logistics and transhipment
51% 100%
General trading
100%
PT Indika Multi Energi
Internasional(Indonesia)
General trading
Mining and trading
100%
69.80% 100%
Indo Integrated Energy II B.V.
(The Netherland)
Financing
Indo Energy Finance B.V.
(The Netherland)
Financing
100%
100%
Indo Energy Finance II B.V.
(The Netherland)
Financing
Indo Energy Capital II B.V.
(The Netherland)
Financing
100%PT Indika Logistic
& Support Services
(Indonesia)
Port operation
100%PT LPG Distribusi
Indonesia(Indonesia)
Trading, industry, mining and services
PT PrasaranaEnergi
Indonesia(Indonesia)
General trading
25%
General trading
MitrabahteraSegara Sejati
Pte.Ltd.(Singapore)
Shipping
100%
PT Mitra Jaya Offshore
(Indonesia)
Shipping
51%
PT MitraHartono Sejati
(Indonesia)
Shipping
50%
PT Mitra Swire CTM
(Indonesia)
Shipping
69.97%
PT Mitra AlamSegara Sejati(Indonesia)
Shipping
60%
15%
15%
5%
5%
100%
PT POSB Infrastructure
Indonesia(Indonesia)
Specific port management
100%
PT PetroseaKalimantan(Indonesia)
Trading and contracting services
100%
Tripatra(Singapore)
Pte.Ltd.(Singapore)
Investment
45%
PT Cotrans Asia(Indonesia)
46%PT Sea Bridge
Shipping(Indonesia)
Domestic goods shipment
TripatraInvestments
Limited (B.V.I)
Investment
100%
51%
PT Kideco Jaya Agung
(Indonesia) Exploration,
development, mining and marketing of coal
100%PT Citra Indah
Prima(Indonesia)
Investment
100%Indika Capital
Pte.Ltd. (Singapore)
Marketing and investment
Indika Capital Resources
Limited (B.V.I)
Financing
100%
43.3%
PT IntanResource Indonesia
(Indonesia) Coal trading and
mining consultancy
PT Melawi Rimba Minerals
(Indonesia)
Mining
90%
PT SindoResources (Indonesia)
Mining
90%
100%
PT Indika Multi Daya Energi(Indonesia)
General trading
60%PT Mitra Energi
Agung(Indonesia)
Coal mining
85% PT Multi Tambangjaya
Utama(Indonesia)
Coal mining
100%
Indika Capital Investments
Pte.Ltd.(Singapore)
Coal and mineral trading and general trading activities
PT IndikaEnergy Trading
(Indonesia)
Trading
90%
100%Indo Energy Capital B.V.
(The Netherland)
Financing
PT Indy PropertiIndonesia
(Indonesia) Development,
services and trading
100%
Mahaka IndustriPerdana
(Indonesia) Trading,
mining and other industries
51.25% Coal-fired
power plant
PT Kuala PelabuhanIndonesia
(Indonesia)
95%
Port operation
PT Indika Multi Niaga
(Indonesia)
Transportation management services, trading and other services
100%60%
Indika Energy Trading Pte.Ltd.
(Singapore)
Trading
PT Petrosea Tbk.(Indonesia)
Engineering, construction, mining and other services
Note:* 100% share ownership of Indonesian limited liability company (PT) held by 2 shareholders both of which are PT Indika Energy Tbk. and or its subsidiaries..
100%
PT POSB ReksabumiIndonesia
(Indonesia) Hazardous
waste management
PT PrasaranaEnergi Cirebon
(Indonesia)
100%
PT Cirebon Energi Prasarana
(Indonesia)
25%
100%Indika Energy Capital
Pte. Ltd.(Singapore)
Financing
Indika Energy Capital II Pte.Ltd.
(Singapore)
Financing
PT Kariangau Gapura Terminal
Energi(Indonesia)
75%
Specific port management
PT Karya Bhumi Lestari
(Indonesia)
Mining service
100%
PT Petrosea RekayasaKonstruksi(Indonesia)
Engineering and Construction
100%
PT Transship Teknik Solusi(Indonesia)
Maintenance Facility
100%
100%
Indika Energy Capital III Pte.Ltd.
(Singapore) Financing
100%
10%
25%
5%
Stevedoring
PT Mitra BarunaNusantara(Indonesia)
99,8%
40%
10%
Indika Energy Group
52** BI: IDR14,910/USD
Market CapAs of 30 Sept 18
Number of Shares
Listing
Shareholding Structure
• PT Indika Inti Investindo : 37.79%
• PT Teladan Resouces : 30.6 5%
• Public : 31.56%
listed in the Indonesia Stock Exchange on June 11, 2008
Part of IDX’s LQ 45 Index and MSCI Indonesia Index
5,210,192,000
IDR 2.800,-/ share IDR15.1 trillion
(USD1,010 million)**
• PT Indika Energy Tbk : 69.80%
• Public : 30.20%
listed in the Indonesia Stock Exchange on May 21, 1990
1,008,605,000
IDR 2.040,-/ share IDR2.1 trillion
(USD140 million)**
• PT Indika Energyinfrastructure : 37.79%
• China NavigationCo Pte Ltd : 30.6 5%
• Public : 31.56%
INDYPT Indika Energy Tbk
PTROPT Petrosea Tbk
MBSSPT Mitrabahtera Segara
Sejati Tbk
listed in the Indonesia Stock Exchange on April 06, 2011
1,750,026,639
IDR 610,- / shareIDR1.1 trillion
(USD74 million)**
THANK YOU
PT Indika Energy Tbk.Graha Mitra
Jl. Jend. Gatot Subroto Kav. 21Jakarta 12930, Indonesia
+ 62 21 2557 9888www.indikaenergy.co.id