13 November 2012
ANALYST BRIEFING3Q12 performance results
Disclaimer
The views expressed here contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by PT. Indo Tambangraya 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
Agenda
1. Introduction
2. Commercial review
3. Operational review
4. Financial review
Appendices
3
DisclaimerAgenda
1. Introduction
4
Asian thermal benchmark coal price trends 2007-2012
Slower global recovery than expected
Euro area falls into recession
Excess supply of coal due to :
Unusual warm winter in US and EU
Good weather for mining in Indonesia and Australia
Below normal freight rates and increased export from Atlantic
Increased utilization of natural gas
Increased production of shale gas
5
Response to changing market environment
Export sales mainly to strong credit large corporate buyers
Strong cash position
Financial discipline and risk management systems
Good corporate governance
FUNDAMENTALS
Adjust mine plans to lower strip ratios during 2012-13
Improve operational efficiency
Reduce overhead costs
Reduce and delay capex: target 30% cut 2012-15
Maintain dividend payout ratio
ACTION PLAN 2012-15
6
7
Progress on cost and capex reductionsTOTAL CASH COST MAJOR DISCRETIONARY CAPEX FOR 2012-2015
• Total cash costs down $4/t since 1Q12
• Further reductions planned for 4Q12
• Strip ratios reduced at Indominco and Trubaindo
• OB and mining contracts restructuring ($0.2M savings 4Q12)
• Other costs including overhead also being cut
• ITM is planning reduction of around 30% in original discretionary capex plans for 2012-2015
• Most capex cutbacks and postponement at Indominco and Trubaindo mines
• Limited impact to medium term output targets
4Q123Q12
67
2Q12
70
1Q12
71
Units: US$/t
345
245
Original plan
Revised plan
MAJOR PROJECTS
• Indominco East Block IPCC system
• Bontang port expansion
• Bunyut port expansion
• Bharinto improvement
Units: US$M-$4/t
vs 1Q12
Medium term preparation for coal market recovery
ILLUSTRATIVE AND INDICATIVE ONLY
INDO COAL - BONTANG BARGE LOADER EXPANSION INDO COAL - BUNYUT PORT EXPANSION
• Expansion of barge loader, conveyor, and off-shore floating crane at Bontang (2015)
• Increased handling capacity by 8-10Mt to 18-22Mt and lower unit costs
• Loading to capesize vessel will be facilitated which will increase group’s marketing flexibility
BoCT
Port stockyard
Existing facilities
Panamax95,000 DWT
Capesize150,000
DWT
OFFSHORE FLOATING CRANE
BARGE LOADER
Mahakam River
• Expansion of additional coal loader and coal stockpile capacity will facilitate increased Bharinto supply
• Higher tonnage and lower operating costs
• Provide a better position to ship coal from that region
INDOMINCO
TRUBAINDO
COAL LOADER COAL STOCKPILES
8
ITM group operations
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12E
Units: Mt
6.7 7.2
5.7
Indominco
Trubaindo
Bharinto
KitadinJorongEast
Kalimantan
Bunyut Port
Balikpapan
Palangkaraya
Banjarmasin
Central Kalimantan
South Kalimantan
KITADIN-EMBALUT
1.2 Mt
INDOMINCO 14.5 Mt
TRUBAINDO 7.4 Mt
BHARINTO0.3 Mt
JORONG 1.2 Mt
Samarinda
Jorong Port
Bontang Coal Terminal
Captive coal-fired power
project
KITADINTANDUNG MAYANG2.4 Mt
2012 outlook: 27Mt
2012 OUTPUT TARGETS*
INDICATIVE OUTPUT TARGETS**
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12E
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
2010 2011 2012E 2013E 2014E 2015E
Units: Mt
Indominco
Trubaindo
Bharinto
KitadinJorong
** Not including inorganic growth.Note: These output targets are indicative only and are subject to change
6.8 7.07.5
* Saleable tonnes
QUARTERLY OUTPUT
9
Highlights of 3Q12 and 9M12 results
3Q12
576
31%
133
120
$87.5
Q-Q
-8%
0%
-12%
-2%
-8%
Unit: US$ Mn
Coal sales
6.6 MtDown 0.3 Mt
-1% Q-Q
9M12
1,781
33%
454
367
$94.1
y-y
+8%
-4%
-7%
+2%
-1%
Coal sales
19.0 MtUp 1.4 Mt
+8% y-y
Total Revenue
Gross Profit Margin
EBIT
Net income
ASP (USD/ton)
2Q12
626
31%
152
122
$94.6
9M11
1,649
37%
487
361
$94.6
10
DisclaimerAgenda
2. Commercial review
11
Market adjusting from oversupply since early 2012
Excludes: anthracite and lignite imports to China Sources: Wood Mackenzie, Banpu
REST OF WORLD
JAPAN
SE ASIA
CHINA
INDIA
EUROPE
COLOMBIA
SOUTH AFRICA
INDONESIA
AUSTRALIA
USA S.KOREA
RUSSIA
Change in shipments (Mt)
2011 2012 CHANGE
TOTAL DEMAND(including stock change)
757 821 +64 Mt
TOTAL SHIPMENTS 741 822 +81 Mt
THERMAL DEMAND AND SUPPLY CHANGE 2011 – 2012 (MT) COMMENTS
• Demand continues to grow in 2012, at 8%, but slower than supply growth
• Key markets like China and India continue to grow
• Coal demand growth from Europe remains solid
• Supply growth continues to come from Indonesia and Australia.
• Unprecedented surge in US coal available for export has de-stabilized market
• The market is adjusting back to equilibrium but will take time
-4 +19
+7
+12
+12
+36
+10
+5
-1
+3+29
+15+7
-1 -5
Change in demand (Mt)
12
1950
7 5-1
60
7 7
10 8
15 10
29 40
Supply overhang has impacted market psyche
Source: Wood Mackenzie, Banpu
Supply Potential (Mt)
Supply Change 2012 vs2011 (Mt)
COLOMBIA
SOUTH AFRICA
INDONESIA
AUSTRALIA
RUSSIA
* Stocks in South and East coast area only (incl. at power stations)
USA
TOTAL SHIPMENT GROWTH +81 Mt
POTENTIAL SUPPLY +120 Mt
CHINA*
THERMAL SUPPLY POTENTIAL 2011 – 2012 (MT) COMMENTS
• Weakening market has put pressure on producers to reduce inventories, cut back production, close operations
• Idle capacity and stocks in Indonesia are lower CV
• High stocks in US implies big supply overhang – but in reality most cannot be exported or replaced at current spot prices
• Australia / Colombia selling coal at marginal cost, increasing exports in the short term
• South Africa / Colombia supply capped by port and social / union issues
Coal stocks at coal terminals in Europe 8Mt
(+60 Mt from China)
Freight rates at historical lows
13
US$/t
Approximately 20% of supply is below cash cost at $85/t Unit: MtSEABORNE THERMAL EXPORT TOTAL CV-ADJUSTED CASH COST CURVE COMMENTS
• At $85/t, approx 20% of world supply is below cash cost
• At $95/t, approx 10-15% of the supply curve is below cash cost
• High sulphur, high ash, high moisture and very low CV result in substantial discounts below CV adjusted price
• Production cuts already being implemented in all countries:
Indonesia: 30 – 60 Mt
Australia: 10 – 15 Mt
China: about 100 Mt
US: about 100 Mt
150
100
50
0 100 200 300 500 600 700
85
0
Source: Wood Mackenzie, AME, AWR Lloyd analysis
Colombia S.Africa Indonesia Australia US Appalachia
Russia
5261
75
5% 5% 18% 20%% below cash cost for new supply
92 95
100% 10%
US high sulfur
400
47 – 88 44 – 95 38 – 102 54 – 170 FOB cash cost range ($/t) 73 – 126 79 – 100 70 – 75
62
WEIGHTED
AVERAGE
COLOMBIA
WEIGHTED
AVERAGE
S.AFRICA
WEIGHTED
AVERAGE
INDONESIA 73
WEIGHTED
AVERAGE
US HIGH S
WEIGHTED
AVERAGE
AUSTRALIA
WEIGHTED
AVERAGE
US APPAL.
WEIGHTED
AVERAGE
RUSSIA
14
15
Historical perspective and rise in off-spec coal supply
HISTORICAL MARGINAL COST CURVE AND NET PRICE RELATIONSHIP COMMENTS
• In the past when prices have fallen close to or below 90th
cost percentile, it has been sign of an imminent spike
• A spike historically has resulted from two events coinciding: 1) demand recovery 2) supply reduction
• Current situation is more complex with uncertainty of demand recovery and greater % of lower net priced supply
• Higher quality coals more scarce
• Since 2010, proportion of off-spec coals in global seaborne supply has increased
US$/t
Source: Wood Mackenzie, AME, AWR Lloyd analysis
0
20
40
60
80
100
120
140
160
180
200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
90th cost (seaborne FOB)
80th cost (seaborne FOB)
Spot coal price
Hi Sulfur, Hi ash, net Price
LCV (4200 kcal/kg, GAR), net priceCV adjusted to 6322 GAR
*Off-Spec = quality which does not fit within traditional range of standard or benchmark grades
Percentage of coal at off-spec* quality
As of 2012
8% 21% 35%
16
3Q 2012 seaborne thermal coal market drivers
• Downward trend in sentiment, despite global coal trade expanding.
• Gas prices support coal demand in Europe but opposite in USA which diverted coal to export.
• Rate of cutbacks and closures increases in all countries
• World growth forecast of 2.2%* (Prev. 2.1%**) in 2012 and 2.4%* in 2013; Asian growth forecast of 5.7%* (Prev. 6.5%**) in 2012 and 6.4%* in 2013
* Economist Intelligence Unit, Global Outlook, October 2012** Internal Macroeconomic Assumptions as of July 2012
• Indonesia normal. Stocks built up.
• Chinese winter/summer normal. Good rains increase hydro, exceptionally.
• Australia nothing significant.
• USA mild 1H, reduces demand.
• Economic activity declining well below announced GDP levels.
• Coal production increased beyond consumption increase. Electricity Dddeclining for coal.
• Imports in 1H 2012, double 1H 2011, continuing strong.
• Policy uncertainty clouds upsides
• Overall impact – high stock and low domestic price, despite minor recovery.
WEATHER CHINESE DEMAND OTHER DRIVERS
0
20
40
60
80
100
120
140
160
180
200
Feb-
07M
ay-0
7A
ug-0
7N
ov-0
7Fe
b-08
May
-08
Aug
-08
Nov
-08
Feb-
09M
ay-0
9A
ug-0
9N
ov-0
9Fe
b-10
May
-10
Aug
-10
Nov
-10
Feb-
11M
ay-1
1A
ug-1
1N
ov-1
1Fe
b-12
May
-12
Aug
-12
Nov
-12
17
ITM ASP VS BENCHMARK PRICES
ITM ASPs vs seaborne thermal coal benchmark prices
COMMENTS
Unit: US$/t
Monthly NEXITM quarterly ASP
ASP 3Q12 $87.5/tASP 2Q12 $94.6/t
NEX* Nov 08, 2012$80.35
• ASP started to decline marginally in 2Q and this extended to 3Q, but not as quickly as the general market and spot.
• Continuing pressure from weaker market prices and product mix, impacts ASP and tonnage but not significantly.
• ITM fully sold status for 2012
* Barlow Jonker Index: benchmark NSW FOB thermal coal index
26%
17%
12%9%
8%
7%
6%
5%5% 3%2%
0%
18
COAL SALES BREAKDOWN BY DESTINATION 2012e (Mt) COAL SALES 2012e
Total Coal Sales: c26.5 Mt
Japan
China
Taiwan
S Korea
Italy
Thailand
Philippines
Hong Kong
IndiaIndonesia
JAPAN4.5 Mt
PHILIPPINES1.6 Mt
THAILAND1.9 MtINDIA
3.2 Mt
HK0.7 Mt
S KOREA1.5 MtCHINA
6.7 Mt
TAIWAN2.1 Mt
ITALY1.4 Mt
1.5
INDONESIA2.3 Mt
MALAYSIA0.4 Mt
Malaysia
ITM coal sales 2012e
OTHERS 0.1 Mt
Others
Indicative 2012-2013 coal sales
Contracted96%
4%
TARGET SALES 2012: c26.5 MtAs at 12 November 2012
2012 SALES TARGET
INDICATIVE SALES 2013: c28.5 Mt
2013 INDICATIVE SALES
10%
46%
Unpriced
28%
16%
Indexed
Priced
Unsold
Focus more on index-linkedFocus on lower quality product sales
Priced
Indexed
19
DisclaimerAgenda
3. Operational review
20
Indominco Mandiri
EAST BLOCK
Santan River Port stock yard
Bontang City
Asphalt haul road 2.5Km
35Km
Sea conveyor
Mine stockyard
Inland conveyor 4km
0 106 82 km4
WEST BLOCK
Operations
Stockpile
Ports
Hauling
Crusher
ROM stockpile
Post Panamax
95,000DWT
SCHEMATIC
10.9
13.1
10.9
13.3E
BLO
CK
WB
LOC
K
12.5
13.915.8
11.2
E B
LOC
KW
BLO
CK
QUARTERLY OUTPUT
QUARTERLY UPDATES
2.1 2.11.6
2.1 2.0 2.1
2.1 2.0
1.41.4 1.8
2.1
4.2 4.1
3.03.5 3.8
4.2
3Q12 production achieved according to plan.Expect lower SR during 2H12 in response to declining coal price.Already obtained forestry permit for the remaining East Block area.IPCC system: on process to obtain import permit for crusher and conveyer unit.Port expansion: completed the feasibility study by consultants and continue with construction (EPC) bidding process.
13.2
9.2
2012 outlook: 14.5 Mt
Units: Mt
Units: Bcm/t 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12e
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12e
13.1
9.0
21
Trubaindo and Bharinto
22
1.8 2.1 1.7 2.0 2.0 1.8
0.21.82.1
1.72.0 2.0 2.0
Mahakam River
South Block 1(Dayak Besar)
North Block
40kmMine to port
KedangpahuRiver
ROM stockpile
BunyutPort
0 10 2515 205 km
Product coal conveyor, stacking,
stockpile
EAST KALIMANTAN
Bharinto 60km south west of
TrubaindoNorth Block
South Block 2(Biangan)
PT. BHARINTO
PT. TRUBAINDO
SCHEMATIC
TRU
BA
IND
O
14.112.4
13.4 13.5
Operations
Stockpile
Hauling
Barge Port
TRU
BA
IND
OB
HA
RIN
TO
QUARTERLY OUTPUT
QUARTERLY UPDATES
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12e
Trubaindo: 3Q12 production was according to plan due to better weather and improved coal hauling capacity.Expects lower strip ratio towards the end of the year to reduce production cost.Bunyut Port expansion: discussing with consultants on project scope and expectation.
Bharinto: Coal crushing activities started in August 2012 and initial coal sales was done in September 2012.
13.4
2012 outlook TCM: 7.4 MtBEK: 0.3 Mt
Units: Mt
Units: Bcm/t
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12e
12.7
BH
AR
INTO
7.4 7.4
Balikpapan
MahakamRiver Samarinda to Muara Berau
Bontang city
EMBALUT
Embalut Port
to Muara Jawa
ROM stockpile
Operations
Stockpile
Ports
Hauling
Crusher0 106 82 km4
5km Mine to port
TD. MAYANG
EAST KALIMANTAN
IMM EBIMM WB
Bontang Port
Kitadin Embalut and Tandung Mayang
0.3 0.4 0.3 0.3 0.3 0.3
0.5 0.7 0.6 0.60.3
0.8 0.8 1.0 0.9 0.9
11.511.212.0 11.7
TDM
EM
BE
MB
QUARTERLY OUTPUT
15.1TD
M 15.1 15.1 15.1
Kitadin Embalut:
3Q12 production achieved according to plan.
Expects higher coal production by the end of the year due to better working conditions.
Kitadin Tandung Mayang:
3Q12 production and full year target is lower than plan due to change in market requirement.
11.4
15.1
Units: Mt
Units: Bcm/t
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12e
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12e
11.5
15.1
SCHEMATIC QUARTERLY UPDATES
2012 outlook EMB: 1.2 MtTDM 2.4 Mt
23
Jorong
0.4 0.3 0.3 0.3 0.3 0.3
Coal terminal
Jorong
Pelaihari
Pacific Ocean
Haul road
0 10 2515 205 km
20km
MAJOR QUARTERLY UPDATESSCHEMATIC
8.68.68.6 8.6 8.6Operations
Stockpile
Hauling
Barge Port
QUARTERLY OUTPUT
• 3Q12 production achieved above the plan due to better weather condition and optimization of the mining equipment.
• Annual production output is expected to be slightly higher than plan.
8.6
2012 outlook JBG: 1.2 Mt
Units: Mt
Units: Bcm/t
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12e
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12e
24
DisclaimerAgenda
4. Financial review
25
Sales revenue
SALES VOLUME REVENUE* GROWTH
3Q11 4Q11 1Q12 2Q12 3Q12
3Q11 4Q11 1Q12 2Q12 3Q12
6.8 7.1
98.4
103.1
5.7
101.1
-3% YoY0% QoQ
-11% YoY-8% QoQ
3Q11 4Q11 1Q12 2Q12 3Q123Q11 4Q11 1Q12
675
729
575
-15% YoY-8% QoQ
Units: Mt
Units: US/t
Units: US$M
Indominco
Trubaindo
JorongKitadin
Indominco
Trubaindo
Jorong
Kitadin
6.6
94.6
2Q12
622
* excluding port revenue
6.6
Bharinto
87.5
ASP
3Q12
572
26
Average gross margin
* COGS included royalty
ITM Consolidated3Q11
678
39%
2Q12 3Q12
626
31%
Indominco Trubaindo Kitadin Jorong
486
34%
229
28%
36% 45
30%
26
19%
46%
17%
Revenue
GPM* (%)434
20%
219
30%
95
41%23
26%3Q11 2Q12 3Q12 3Q11 2Q12 3Q12 3Q11 2Q12 3Q12 3Q11 2Q12 3Q12
Units: US$M
390
22%
188
28%
103
35% 1716%
576
31%
27
Cash costs
WEIGHTED AVERAGE STRIP RATIO CASH PRODUCTION COST
3Q11 4Q11 1Q12 2Q12 3Q12
49.3 48.051.9
3Q11 4Q11 1Q12 2Q12 3Q12
11.8 11.913.1
FUEL PRICE TOTAL CASH COST
3Q11 4Q11 1Q12 2Q12 3Q12 3Q11 4Q11 1Q12 2Q12 3Q12
1.05 1.03 1.0770.2 71.0
68.5
Units: US$/t
Units: Bcm/t
Units: US$/Ltr
Units: US$/t13.1
1.07
51.6
70.01.02
12.0 49.8
67.2
28
EBITDA
29
*COGS = Prod cost + Transport cost + Inv. movement
Indominco Trubaindo3Q11
Kitadin Jorong2Q12 3Q12
78.6
49.2 39.7
4.2
3Q11 2Q12 3Q12 3Q11 2Q12 3Q12 3Q11 2Q12 3Q12
-36% YoY-12% QoQ
Revenue2Q123Q11 3Q12
167.9
COGS SellingRoyalty Admin
232.9
148.4+23.7
Royalty decreased with revenues
Lower ASP by 8%Lower sales volume by 1%
(50.1)
CONSOLIDATED
MINE BY MINE
Units: US$M
Units: US$M
+5.8 +1.0 +0.1
150.9
61.0
15.73.5
75.8
36.6 37.3
2.0
Net income
30
101.1
8.5
44.0
1.8
58.933.133.8
0.1
76.9
25.2 19.2
3Q11 2Q12 3Q12 3Q11 2Q12 3Q12 3Q11 2Q12 3Q12 3Q11 2Q12 3Q12
1.4
-23% YoY-2% QoQ
2Q12 3Q12OthersEBIT IncomeTax
DerivativeTransactions
FOREXNet Fin.Charges
3Q11
155.9
122.2 119.9
Derivative gain
(19.6)
CONSOLIDATED
MINE BY MINE
Indominco Trubaindo Kitadin Jorong
Units: US$M
Units: US$M
+2.8 +4.3
+40.6
(14.8)(15.6)
Lower ASP by 8%Lower sales volume by 1%
Balance sheet
CASH POSITION KEY RATIOS
Units: US$M
DEBT POSITION
Units: US$M
2008
222
2008
1155
2009
429
2009
2011
612
0
2011
295
2010
0
2010
3Q12
0
3Q12
Net Market Gearing (%)
Net D/E (times)
(0.34)
(34%)
(0.47)
(44%)
(0.57)
(57%)
(0.41)
(41%)
2008 2009 20112010 3Q12
631
(0.67)
(67%)
31
1
2
Capital expenditure 2012*
Unit: US$M
Indominco
Trubaindo
Bharinto
Kitadin
Jorong
ITM Consolidated
35
15
27
77
Realized up to Sep’12
2012 Capex plan
108
80
4
209
8
32
1
*Total capex includes Jakarta office and maintenance capex
11
1
73
Capex postponed
53
132
32
Disclaimer
Question & Answer
33
DisclaimerAgenda
Appendices
34
27%
17%
11%10%
7%
7%
6%
5%5% 3%
1%
1%
COAL SALES BREAKDOWN BY DESTINATION 9M12 (Mt) COAL SALES 9M12
Total Coal Sales: 19.0 Mt
Japan
China
Taiwan
S Korea
Italy
Thailand
Philippines
Hong Kong
India
Indonesia
JAPAN3.2 Mt
PHILIPPINES1.1 Mt
THAILAND1.3 MtINDIA
2.0 Mt
HK0.5 Mt
S KOREA1.0 Mt
CHINA5.2 Mt
TAIWAN1.4 Mt
ITALY1.0 Mt
1.5
INDONESIA1.9 Mt
MALAYSIA0.2 Mt
Malaysia
ITM coal sales 9M12
OTHERS0.1 Mt
Others
35
ITM structure and history
Note: * Updated Coal Resources and Reserves as of 30 Sep 2012
ITMG
65.00%
Indominco Trubaindo Jorong
PT Indominco Mandiri
(CCOW Gen.I)
PT Trubaindo Coal Mining
(CCOW Gen II)
PT Kitadin-Embalut
(KP)
PT Jorong Barutama Greston
(CCOW Gen II)
50.00%
PT Indo TambangrayaMegah Tbk.
Banpu Minerals (Singapore) Pte Ltd
99.99% 99.99% 99.99% 99.67%
Banpu Minerals Co.Ltd
Reserves 398* Mt
Resources 1,627* Mt
BMS
99.99%
BMC
Banpu PCLBanpu
Public35.00%
Kitadin
PT Kitadin-Td.Mayang
(KP)
BCI50.00%
100.00%Banpu Coal
Investment Co.Ltd
East Kalimantan East Kalimantan South KalimantanEast Kalimantan
INDONESIAN STOCK EXCHANGEIPO 18th Dec 2007
6,500-7,300 kcal/kg6,000-6,300 kcal/kg 5,800 kcal/kg 6,700 kcal/kg 5,300 kcal/kg
Acquired Jorongin 1997 Transferred into ITM 2007
Output 12: 15.0 Mt Output 12: 7.1 Mt Output 12 : 2.7 Mt Output 12 : 1.0 Mt
Bharinto
PT Bharinto Ekatama
(CCOW Gen III)
99.99%
East / Central Kalimantan
6,400-6,800 kcal/kg
Output 12 : 0.7 Mt
The “Indocoal” assets
East Kalimantan
164 Mt
695 MtResources
Reserves96 Mt
327 MtResources
Reserves13 Mt
150 MtResources
Reserves112 Mt
298 MtResources
Reserves5 Mt
144 MtResources
Reserves7 Mt13 Mt
Resources
Reserves
36
Income statement
Unit: US$ thousand 3Q12 2Q12 QoQ%
Net Sales 576,267 626,403 -8%Gross Profit 176,334 196,988 -10%GPM 31% 31%SG&A (43,827) (44,897) EBIT 132,507 152,091 -13%EBIT Margin 23% 24%EBITDA 148,448 167,867 -12%EBITDA Margin 26% 26%Net Interest Income / (Expenses) 4,474 1,660 FX Gain / (Loss) (1,912) (6,189) Derivative Gain / (Loss) 35,617 (4,966) Others (3,403) 11,411 Profit Before Tax 167,283 154,007 9%Income Tax (47,392) (31,763) Net Income 119,891 122,244 -2%Net Income Margin 21% 20%
37
Income statement
Unit: US$ thousand 9M12 9M11 YoY%
Net Sales 1,780,625 1,648,752 8%Gross Profit 582,529 606,472 -4%GPM 33% 37%SG&A (128,749) (119,365) EBIT 453,780 487,107 -7%EBIT Margin 25% 30%EBITDA 500,166 529,381 -6%EBITDA Margin 28% 32%Net Interest Income / (Expenses) 9,162 2,649 FX Gain / (Loss) (10,239) 1,861 Derivative Gain / (Loss) 57,567 (2,876) Others (13,484) (7,258) Profit Before Tax 496,786 481,483 3%Income Tax (130,154) (120,273) Net Income 366,632 361,210 2%Net Income Margin 21% 22%
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