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PT Toba Bara Sejahtra Tbk (

Toba

)

Company Presentation

(2)

Disclaimer

These materials have been prepared by PT Toba Bara Sejahtra Tbk (the “Company”).

These materials may contain statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. The Company has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances.

These materials are for information purposes only and do not constitute or form part of an offer, solicitation or invitation of any offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice.

(3)

Table of Contents

2

5

Company Profile

4

9M16 Operational Highlights

3

9M16 Marketing Highlights

Guidance for 2016

1

9M16 Financial Highlights

3

(4)

4

Performance Highlights

Performance Highlights

(5)

PT Adimitra Baratama Nusantara (“ABN”) PT Indomining(“IM”)

PT Trisensa Mineral Utama (“TMU”)

 Location: Kutai Kartanegara, East Kalimantan

 Total Concession Area (3 mines) : 7,087 ha

 3 mines located adjacent to one another, prime location near Capital of East Kalimantan, and proximity to waterways provides operational cost edge to grow as logistical & operational center for the area

 JORC-compliant proved and probable reserves of 147 Mn tons and measured, indicated and inferred resources of 236 Mn tons (as per last JORC in 2012)

 Coal brands with mid to upper range calorific values

(CV) of 4,700-5,900 kcal/kg GAR 5

PT Perkebunan KaltimUtama I (“PKU”)

 Location: Kutai Kartanegara, East Kalimantan

 Plantation Area : 8,633 ha, (2,701 ha planted)

 To optimize downstream opportunity, palm oil mill operates in 2016 at capacity of 30 fresh fruit bunch

(“FFB”)tons per hour

PT Gorontalo Listrik Perdana(“GLP”)

 Location: Gorontalo Province, Sulawesi

 Established in February 2016 to develop coal-fired power plant (“CFPP”) project with capacity of 2x50 MW

 Obtained Power Purchase Agreement (“PPA”) with contract tenor of 25 years through Independent Power Producer(“IPP”)scheme

Coal Mining

Plantation and Power Generation

(6)

Note:

1. PLN: PT Perusahaan Listrik Negara (Persero)

Ownership Structure

License

Area

Davit Togar Pandjaitan PT Bara Makmur Abadi

PT Toba Sejahtra PT Sinergi Sukses Utama Roby Budi Prakoso

71.8% 0.8% 6.2% 5.1%

 20-year Production Operation Mining Permit (䇾IUP-OP䇿) expiring in

December 2029

 IUP-OP was converted from Kuasa Pertambangan

(䇾KP䇿) in 2009

 IUP-OP expires in June 2013

 IUP-OP was converted from KP in 2010

 IUP-OP extension was completed in March 2013 (First out of 2 extensions: in 2023, with tenor of 10 years each)

 13-year IUP-OP expires in December 2023

 IUP-OP was converted from a KP in 2010

 Plantation permit of PT Perkebunan Kaltim Utama I (PKU) expires in 2036

 IUP-P for downstream processing

 PPA with PLN(1)for 25-year contract

2,990 ha 683 ha 3,414 ha  8,633 ha (Right to Use Land)  ~60 ha

Reserves: 117 MT- JORC

Resources: 156 MT- JORC

 Reserve: 22 MT- JORC

 Resources: 37 MT- JORC

Reserves : 8 MT - JORC

Resources: 43 MT- JORC  Planted Area: 2,701 ha

 Offtake(“take or pay”) by PLN for 25 years

(7)

Strategic Mine Locations

Muara Berau

Muara Jawa Makassar Strait

~55 km (total ~120 km)

Balikpapan

Major city to north is less than 50 km

Adjacent locations for all

3 mines

Close proximity to jetty and transhipment point

of Muara Jawa Distance from pit to jetty, with closest one ~5 km and furthest ~25

km ~5 km

IM jetty

ABN jetty

Toba owns all infrastructures (coal processing plant, overland conveyors, and jetties), giving significant operating leverage vs other concessions in surrounding areas

25 km

(8)

TMU

IM

ABN

TMU

Overland & Barge Loading Jetty: Speed

of 1,800 TPH High Built CPP Cap

up to 10 Mn TPA Short Coal Hauling

Distance < 5km

Hauling Road to Connect with ABN

CPP Capacity : 6 Mn

Tons/Annum (TPA) Conveyor to Jetty

Short Coal Hauling Distance ~4km

Infrastructure & Operational Capabilities

Toba’s Concessions

ROM Stockpile 8

Note:PT Adimitra Baratama Nusantara (ABN) PT Indomining (IM)

(9)

2012

2013

2014

2015

Forbes Indonesia’s Top 50

Companies

ABN: East Kalimantan

PROPER Green Mining Award

IM:East Kalimantan PROPER

Blue Mining Award

ABN: East Kalimantan

PROPER Blue Mining Award

IM: East Kalimantan PROPER

Blue Mining Award

PT Adimitra Baratama Nusantara

ABN received OHSAS

18001:2007 Certification

ABN received ISO 14001:2004

Certification

Finance Asia’s 7th Company Most Committed

to Paying Good Dividends

Awards and Accolades

ABN: East Kalimantan PROPER Gold

Mining Award

ABN: KUKAR CSR Award

IM and TMU: East Kalimantan PROPER Blue Mining Awards

ABN: ISO 9001 forQuality Management Certification

TMU: ISO 14001, OHSAS 18001 and ISO 9001 Certification

ABN: East

(10)

IM and PT Cipta Kridatama

(“CK”) signed 5-year mining

contract

Toba, through GLP, signed PPA with PLN to develop 2x50 MW CFPP

project, Sulbagut-1 in Gorontalo Province, Sulawesi

Material Contracts Secured in 2016

1 April 14 July 1 September

TMU and CK signed 3-year mining contract

Listing Date 6 July 2012

No of Shares Listed 210,681,000 shares or 10.47%

IPO Proceeds IDR 400,293,900,000

Stock Code TOBA

Anchor Investor Baring Private Equity Asia (8% at IPO)

Initial Public Offering (IPO)

Milestones

In May 2015, ABN already entered into mining contract with

CK

Cooperation between Toba Group and CK is expected to

improve further operational efficiency through better

economy of scale

(11)
(12)

Realization

9M 2016

Operational 9M15 9M16 Δ%

Production Vol 4.5 4.2 (6.7)%

Sales Vol 4.8 4.3 (10.4)%

Stripping Ratio x 12.3 13.0 5.7%

Sales 268.6 192.1 (28.4)%

EBITDA(2) 42.0 27.3 (35.0)%

Net Profit 20.3 9.7 (52.2)%

Financial 9M15 9M16

55.9

NEWC Index 61.4 56.4 (8.1)%

ASP 44.8 (19.9)%

mn ton

EBITDA Margin 15.6% 14.2%

Focused onprofitable production output based on mine plan through optimizationof :

Infrastructure and connectivity sharing

(hauling road, coal processing plants (CPP), & jetties) among Group mines

Joint mine plan between three adjacent mines

and contractors(1)

Competitive coal pricing driven by strong coal

branding from consistency in scheduled delivery/product quality and securing term contracts using mostly fixed price

Diversified customer base and export

market base through suitable mix between

end-users and traders, and more evenly spread stable demand markets respectively

Note:

(1) As per September 2016, all three Group mines of ABN, IM, and TMU have mining contracting cooperation with Cipta Kridatama (CK) to improve further cost efficiency through economies of scale and better mine planning (2) EBITDA = Gross Profit –selling expenses –G&A + depreciation and amortization

(13)

2008 2009 2010 2011 2012 2013 2014 2015 9M16

ABN IM TMU

Annual Coal Production

Mt : In Million Tons

5.6

6.5

5.0 - 6.0

8.1

 Production volume rose from only

800K tons in 2008 to 6.1 mn tons in

2015, booking CAGR growth of

33.6% over 8 years

9M16 production results from mining subsidiaries came in line with guidance

With strategy to sustain certain margin, while preserving life-of-mine (LoM) reserves, 2016 production guidance is estimated at 5.0-6.0 mn tons (from 5.0-7.0 mn tons previously)

2016 Stripping Ratio (SR) is expected to stabilize at 12.5x-13.5xfrom11x-12x previously Cumulative production

achievement >10 Mt

Cumulative production achievement >20 Mt 5.2

4.1

0.8

2.0

2016 Production Guidance

2008 2009

(14)

9M16 Operational Performance

Quarterly Production & SR

Production in Thousand Tons

Production Summary

MT: Million Ton

9M15 9M16 Change Comment

Sales Volume

9M16 sales volume tracked its 9M16 production volume

SR edged up due to pre-stripping at ABN, and in line with mine plan

4.5 4.2

Production volume in 9M16 stabilized at 4.2 mn tons in line with mine plan, while ensuring certain margin and optimizing reserve preservation

(6.7)%

Production Volume

Production Summary

MT: Million Tons

 Q-o-q production volume of 1.39 mn tons in 3Q16 came in line with 2016 quarterly guidance of 1.25 -1.50 mn tons

 3Q16 SR fell to 12.8x from 13.8x in 2Q16 due primarily to normalization after pre-stripping activity at ABN new pit in 2Q16

 SR for full year is expected to stabilize at 12.5x –13.5x

14

2.330 1.653 1.505 1.469 1.565 1.529 1.503 1.269 1.387 12,5x

13,8x

12,4x 12,5x 12,0x 12,1x 12,4x

13,8x

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

TOBA

(15)

ABN Operational Performance

ABN

TMU

IM

PT Kutai Energi

Quarterly Production & SR

Production in Thousand Tons

Key Highlights

 3Q16 quarterly production rose y-o-y and q-o-q from 2Q16 and 3Q15 respectively due to normalization of mining activity post pre-stripping activity in 2Q16

 SR in 3Q16 fell from 15.0x in 2Q16 post pre-stripping activity at ABN’s opening of new pit

15

987 994 1.071 876 1.018

13,0x 12,6x 12,9x

15,0x

3Q15 4Q15 1Q16 2Q16 3Q16

ABN

(16)

IM Operational Performance

TMU

ABN

PT Kutai Energi

Quarterly Production & SR

Production in Thousand Tons

Key Highlights

 Production rise to 186K tons in 3Q16 came in line with 2016 internal quarterly guidance of 125K - 150K tons  SR in 3Q16 stabilized y-o-y as well as q-o-q at 11.9x

3Q15 4Q15 1Q16 2Q16 3Q16

IM

(17)

TMU Operational Performance

ABN IM

Note:

- - -

Hauling road

Key Highlights

Quarterly Production & SR

Production in Thousand Tons

 3Q16 production volume came in at 182K tons, slightly below 2016 internal quarterly production guidance of 225K-275K tons

 3Q16 SR on q-o-q stabilized but edged up on y-o-y basis

17

3Q15 4Q15 1Q16 2Q16 3Q16

TMU

(18)
(19)

Evolution of Quarterly FOB Cash Cost from 3Q12-3Q16

Quarterly FOB Cash Cost

In US$/ton

Notes:

(1) FOB Cash Cost = COGS including royalty and selling & marketing expense –depreciation and amortization

(2) Adj. FOB cash costs = COGS, including selling & marketing expense and royalty –depreciation & amortization of deferred exploration & development costs and excluding deferred stripping cost

Divergence between SR averaging at 12x-13x and falling FOB cash cost reflect Toba operating within mine plan and more efficiently over time

19

12,7x 12,7x 13,5x

13,8x 12,5x

13,8x

12,4x 12,4x 12,0x 12,1x 12,4x

13,9x

3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

(20)

Financial Performance

Notes: (1) FOB Cash Cost = COGS including royalty and selling expense –depreciation and amortization (2) EBITDA = Gross Profit –selling expenses –G&A + depreciation and amortization

NEWC index price decreased 8.1% y-o-y in 9M16, while it gained ground q-o-q in 3Q16 from 2Q16. ASP fell higher y-o-y in 9M16 by 19.9% as most sales volume were contracted at fixed price in 1H16, hence not capturing NEWC price uptick in 3Q16

Balance sheet position remains positive

despite lower cash holdings in 9M16, while debt exposure fell due to partial loan repayment

SR edged up y-o-y in 9M16 due to pre-stripping activity in 2Q16 as ABN opened new pit

21 Gross profit margin, and EBITDA margin each stabilized and slightly fell y-o-y to 9M16 resulting from better operational

performance, disciplined cost

management initiatives Financial and Ope rational Highlights

All figures are in million US$

unless otherwise stated 9M15 9M16 Cha nges

Ope ration

Financial Pe rform ance

Profi t (Loss) 9M15 9M16 Cha nges

Sales US$ mn 268.6 192.1 (28.5)%

Interest Bearing Debt US$ mn 64.0 54.4 (15.0)%

Cash and Cash Equivalents US$ mn 45.5 31.1 (31.6)%

Net Debt*** US$ mn 18.5 23.3 25.9 %

Total Assets US$ mn 282.4 261.8 (7.3)%

Total Liabilities US$ mn 127.3 110.6 (13.1)%

Total Equity US$ mn 155.1 151.2 (2.5)%

Fi na nci a l Ra ti os

Gross Prof it Margin % 19.2% 19.2%

EBITDA Margin % 15.6% 14.2%

(21)

Balance Sheet

Consolidated Balance Sheet In Million US$

Net Debt to EBITDA2) In Million US$

Total assets fell 7.3% to US$ 261.8 mn at end-Sept 2016 from US$ 282.4 mn as per end 2015, while total liabilities dropped much more by 13.1% to US$ 110.6 mn over the same period due mainly to loan repayment

Total equity value edged down slightly by 2.6%to US$ 151.1 mn from US$ 155.1 mn over the same period

Net Debt to EBITDA ratio has constantly recorded stabilityfrom quarter to quarter at below 2x Note:

(1) Restated due to compliance on PSAK 24R implementation

(2) EBITDA = Gross Profit –selling expenses –G&A + depreciation and amortization

22

261.8

Total Assets 282.4 -7.3%

Interest Bearing Debt 64.0 54.4 15.0%

Total Liabilities 127.3 110.6 -13.1%

Shareholders Equity 155.1 151.1 -2.6%

Balance Sheet Dec’151) Sept16 Changes

Cash and Cash Equivalent 45.5 31.1 31.6% 63 64 61 58

54

49 46 49

41

31

3Q15 4Q15 1Q16 2Q16 3Q16

Net Debt (Cash) (US$ Mn) EBITDA (US$ Mn)

(22)

22

(23)

Optimizing Selling Price & Product Quality

 In 2013-2015, the spread between NEWC Index and ASP has narrowed through marketing initiative of selling forward to premium customers in Japan, Korea, Taiwan, and Malaysia at predominantly fixed price

 Using the same strategy in 2016 and having secured sales volume in 1H16 at fixed price, sudden jump in coal price in the last 2 months beyond market prediction was not reflected in the YTD ASP

24 Notes:

- HSis High Sulphur, max 2.0%, RSis Regular Sulphur, max 1.0%, LSis Low Sulphur, max 0.6%

(24)

Diversified Export Market Base

Initiatives Undertaken:

Export Market Focus 2014-9M16 Sales Destinations by Country 9M16

 Given China’s economic situation in 2015, focus shifted towards export markets whose economies showed stable demand prospects ie. Korea, India, and Taiwan

 Diversification towards countries ex.China remains a highlight for 2016

25

2014 2015 9M16

China Korea India Taiwan

(25)

Product Contribution by Calorific Value

Initiatives Undertaken:

Product Composition (GAR) 2014-9M16 Product Composition (GAR) 9M16

 Since 2014 until September 2016, the 5600 GAR products have consistently accounted for the largest product contribution at 55%-65% of total sales volume

26

9M14 9M15 9M16

(26)
(27)

Snapshot of 2016F

Operation

Prod Vol (mn ton)

SR (x) 12.3x

6.1 2014

13.3x 8.1

NEWC Coal Price (US$/ton) 70.8 59.2

 Objective is to execute disciplined mine plan that generates certain margin without compromising long term reserves

 Post 17.6% and 20.1% y-o-y FOB cash cost reductions in 2015 and 9M16 respectively, joint mine plan and infrastructure sharing are to be better streamlined among 3 operating subsidiaries, with initiatives to lower costs throughout value chain from mining to logistics costs

 Marketing is to focus on better diversification of export destination base and customer base (ideal mix between traders and end-users) and maintaining product branding

 2016 CAPEX is estimated at US$ 5 - 8 mn to support mainly mining facilities and equipment, and plantation operation of PKU (palm oil mill). The palm oil mill has installed capacity of 30 fresh fruit bunch (FFB) / hour with potential capacity upgrade to become 60 FFB tons / hour. To date, Toba has realized CAPEX worth US$ 8.6 mn, which includes among others, preliminary investment in the power plant project of Sulbagut-1

 Toba aspires to become an integrated energy company in the long run through sustainable growth. To

maximize existing assets and ensure future sustainable growth backed by more stable revenue stream, it is engaging in downstream integration in the power sector

28

12.5x–13.5x 5 - 6 2016 F

(28)
(29)

5.5% 7.1%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

839

186 196 200

0

2011 2012 2013 2014 2015

646

702

746 779 784

Indonesian Economy & Energy Demand

Source: PLN Business Plan (RUPTL) 2016 –2025; Central Bureau of Statistics (BPS); Note: PLN is State Electricity Utility

 Energy plays fundamental part in economic growth process. Economic growth needs to be supported by sufficient Electrification Ratio (ER)

 Power consumption is related to productivity level of its population. As countries switch to manufacturing-based economies, power consumption per capita increases

GDP Growth (%)

Electricity Consumption (TWh)

Electricity Consumption per Capita (KWh)

FORECAST

(30)

Growing Power Demand

As government pushes for infrastructure & industrial development, low electricity consumption and installed capacity levels create significant upside potentials in electricity demand

 Indonesia is behind its ASEAN peers in Electrification Ratio (ER)

 Developed countries tend to have larger electricity consumption per capita

ASEAN Electrification Ratio Comparables

Target 2019: >95%

Energy Consumption per Capita (KWh)

Source: PLN Investor Presentation May 2015, RUPTL 2016-2025, MEMR, World Bank, Indexmundi

(31)

23 GW

Installed Capacity* 46 GW

Electricity Development Progress

 Coal and gas are largest sources of energy for electricity generation with highest total installed capacity and at most economical price

* Per 2015, excluding rental from 3rdparty sources ~4 GW

 Installed capacity of power plants increased slowly at 6% CAGR over 2010-2015

 PLN installed capacity increased at 5% CAGR, while IPP increased at 11% CAGR

Installed Capacity 2010 - 2015

Installed Capacity excluding Rental Power as

of December 2015

Source: RUPTL 2016 –2025; Note: IPP is Independent Power Producer

31GW 34GW

37GW

41GW 43GW

46GW

2010 2011 2012 2013 2014 2015

PLN IPP Total

(32)

Government 35 GW Program

35 GW Power Projects

Coal Fired Power

Plant (CFPP) Gas & Steam Power Others

~20 GW ~7.5 GW ~6.5 GW

PLN

2 GW

IPP

18 GW

Project Costs US$ 27 –36 bln

60% 21% 19%

DEBT (Proj. Financing)

US$ 19 –25 bln

EQUITY US$ 8 – 11 bln

 President Jokowi ‘s Administration committed to adding 35 GW new capacity to current installed capacity of 46 GW to increase ER from currently ~88% to >95% by after 2019

 ~60% of total 35 GW power projects will come from CFPP & this 35 GW require significant participation from private (IPP) at ~53% of project costs vs PLN’s portion of ~47% (inc. transmission)

 IPPs (inc. CFPP) secure power purchase agreement (PPA) from PLN with typical tenor of 25-30 years

(33)

27 GW 28 GW 31 GW 48 GW 53 GW 55 GW 55 GW 56 GW 56 GW 58 GW 50 GW 54 GW

67 GW

88 GW 94 GW 97 GW

100 GW104 GW

113 GW

126 GW

0 20 40 60 80 100 120 140

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

CFPP Others Total

CFPP Will Drive National Electricity

Planned Year-End Capacity

2025 Installed Capacity Composition

Total installed capacity will grow by 10% CAGR in next 10 years.

CFPP installed capacity will grow by 11 % in same period By 2025, CFPP will make up 46% of all power plants in Indonesia

Source: RUPTL 2016-2025

13%

30%

46%

11%

Renewables Gas Coal Others

35 GW Electricity Program Future Electricity Programs

(34)

34 45 53

55 70

88

2010 2011 2012 2013 2014 2015

93 95 109

166 168 170 171 173 175 177

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

11 GW

15 GW 16 GW

20 GW 22 GW 23 GW

26 GW 27 GW

31 GW

48 GW

53 GW 54 GW 55 GW 55 GW 56 GW

58 GW

Coal Requirement for CFPP

Coal requirements for power (million tons)

Installed coal-fired power plants (GW)

CAGR: 21% CAGR: 21%

 Coal consumption has increased by 21% CAGR in past five years

 It is expected to continue to increase by another 21% CAGR from 2016 until 2019, if 20 GW of new CFPP capacity from 35 GW program is installed according to plan

 This assumes each MW requires 3500 - 4000 tons of coal p.a.

35 GW Electricity Program

Source: PWC Report - Supplying and Financing Coal-Fired Power Plants in the 35 GW Program, RUPTL 2016 - 2025

Forecast

(35)

Expansion Strategy for Sustainable Growth & Value

Forward-Looking Expansion

Upstream

INTEGRATED MINING AND ENERGY COMPANY

Target participation in power generation business through IPP

scheme, while evaluating prospects in captive power and

renewables

Continuous

Operational

Efficiency

Improvement to

Sustain Margins

Existing Mines

Sustainability

Downstream (Diversification)

Target coal mining company that can create synergy with existing

coal mining assets

(36)

PT Gorontalo Listrik Perdana (

GLP

) was established in February 2016 to

engage in power plant development and operation

GLP is owned by consorsium: PT Toba Bara Sejahtra Tbk (

60%

), PT Toba

Sejahtra (

20%

) dan Shanghai Electric Power Construction Co. Ltd (

20%

)

Sulbagut-1 Coal-Fired Power Project

Developer

Contract Type

Power Purchase Agreement (PPA) with PLN, signed on 14 July 2016

Independent Power Producer (

IPP

) scheme

25-year Contract Period

Project Cost

US$ 180 - US$ 220 Mn

Commitment

GLP will undergo the

process of meeting

Financial Date and

Commercial Operation Date

as stipulated in the PPA

Project Profile

Coal-Fired Power Plant (

Location: Gorontalo Province, Sulawesi

CFPP

), 2 x 50 MW capacity

Kalimantan

Sulawesi

Sulbagut-1

Toba Concessions

(37)

THANK YOU

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