PT BUMI Resources Tbk.
PT BUMI Resources Tbk.
Paparan Publik Tahunan
Agenda
1.
Sekilas tentang Perseroan
2
Kinerja Produksi dan Penjualan
2.
Kinerja Produksi dan Penjualan
3.
Kinerja Keuangan
–
Laba /Rugi
g
–
Neraca
4.
Gambaran Pasar dan Biaya Produksi
5.
Usulan Restrukturisasi Utang
Sekilas Perusahaan
9
Salah satu pengekspor batubara terbesar di dunia
9
Salah satu pengekspor batubara terbesar di dunia
KPC merupakan tambang batubara bertujuan ekspor terbesar di dunia
9
Perusahaan berbasis sumber daya alam dan penghasil batubara termal terbesar di Indonesia
(KPC dan Arutmin) dengan penguasaan pasar batubara dari seluruh produksi batubara
Indonesia pada tahun 2016
(1)
memproduksi batubara sebanyak 81 juta metrik ton pada tahun 2015, dan pada tahun
2016, diperkirakan sebanyak 86 juta metrik ton
Memiliki 2 2 miliar metrik ton cadangan batubara yang siap dipasarkan dan 12 4 miliar
Memiliki 2,2 miliar metrik ton cadangan batubara yang siap dipasarkan dan 12,4 miliar
metrik ton sumberdaya batubara (di luar cadangan)
Masih terdapat potensi yang sangat besar untuk mengembangkan cadangan; tambang
KPC baru sebagian yang dieksplorasi
9
Memiliki lokasi yang ideal untuk pasar batubara utama di Asia dan Eropa
9
Memiliki pertambangan terbuka dengan fasilitas pengolahan batubara yang terpadu
9
Infrastruktur terdedikasi, termasuk terminal pemuatan batubara, fasilitas pelabuhan, pembangkit
listrik dan konveyor batubara yang terikat
9
Membagi bisnis menjadi batubara dan non batubara
Struktur Kepemilikan Bumi
Menjadi Perusahaan Sumberdaya Tambang Terdiversifikasi
Minerals (Non-Coal)
Coal, Oil & Gas
PT BUMI RESOURCES TBK.
Gorontalo Minerals – Gold & Copper Mining
(in exploration stage)
80%
KPC
Bumi Seri A (25%) Bumi Seri B (0,004%) 51%
Coal, Oil & Gas
Arutmin
70%
PT Bumi Resources Minerals Tbk
87,09%Citra Palu Minerals – Gold Mining (in exploration stage)
Dairi Prima Minerals– Zinc ,Lead (in exploitation stage)
80% 96,97% Arutmin IndoCoal Resources (Cayman) Ltd 70% IndoCoal KPC Resources
Gallo Oil (Jersey) – Oil Production (in exploration stage)
100%
70% (Cayman) Ltd (Forerunner International)
Bumi Japan – Marketing Services
100%
Efektif 31,40%
Efektif 84,55%
Darma Henwa – Contract Mining (associated company)
Pendopo Energi Batubara – Coal (in exploration stage)
Batubara yang Diproduksi / Ditambang
2001-2017
(dalam Juta Ton)
(dalam Juta Ton)
81
84 86 (E)
Cadangan dan Sumber Daya Batubara – Terbesar di Indonesia
• Cadangan terkini sebesar 2,2 miliar metrik ton
Dalam Juta Ton
Cadangan
Batubara
Total
Sumber Daya
Batubara
• Cadangan & Sumberdaya, seluruhnya sebesar 14,5 miliar metrik ton
Dalam Juta Ton
KPC:
578
7,670
8,248
Arutmin:
Arutmin:
Sub Bituminous Coal
63
828
891
Ecocoal
214
1,549
1,763
277
2,377
2,654
Pendopo:
1,306
2,311
3,617
TOTAL
2,161
12,358
14,519
Comments:
Kapabilitas Produksi Saat Ini
100 juta ton/tahun
1H’16 : Kinerja Operasional
(on full basis)
FUNDAMENTAL MASIH SANGAT KUAT
Pengupasan Tanah Penutup
(in mn bcm)
Volume Batubara Ditambang
(in mn tons) 579 578 299 271 579 578 81 40 39 84
Rasio Pengupasan
(in bcm/t)Penjualan Batubara
(in mn tons) 79 40 42 85 7.1x 6.9x 7.5x 6.9x Produksi dan Penjualan yang Membaik Secara Signifikan
Rasio Pengupasan (
Strip Ratio
) pada Tingkat Usia Tambang
H1’16 – H1’15 : Sekilas Kinerja*
METRIKS OPERASIONAL
Pengupasan Tanah Penutup
299,1 mbcm vs 271,3 mbcm atau meningkat 10%
Volume Batubara Ditambang
39,8 juta metrik ton vs 39,1 metrik ton atau meningkat 2%
Penjualan Batubara
41,9 metrik ton vs 39,9 metrik ton atau meningkat 5%
Biaya Kas Produksi
$ 26,8/ton vs $ 32,1/ton atau berkurang 16%
Harga FOB
$ 39 8/ton vs $ 45 8/ton atau berkurang 13%
Harga FOB
$ 39,8/ton vs $ 45,8/ton atau berkurang 13%
Ikhtisar Keuangan
Dalam Juta US$
FY 2015 H1 2016 % FY ‐2015 H1‐2016 % Aset Lancar 542,0 182,7 ‐66% Aset Tidak Lancar 2.852,3 3.448,0 21% H1‐2016 H1‐2015 % Pendapatan 12,8 21,5 ‐40% B b P k k P d 1 6 100% Total Aset 3.394,3 3.630,7 7%
Liabilitas Jangka Pendek 5.474,2 5.722,7 ‐5% Liabilitas Jangka Panjang 825,0 824,7 0% Beban Pokok Pendapatan ‐ 1,6 ‐100%
Laba Bruto 12,8 19,9 ‐36%
Laba Usaha (1,7) 6,4 ‐127%
g j g , ,
Total Liabilitas 6.299,2 6.547,4 ‐4%
Ekuitas Pemegang saham (2.904,9) (2.916,7) 0%
Total Liabilitas & Ekuitas 3.394,3 3.630,7 ‐7%
LABA (RUGI) NETO YANG DAPAT DIATRIBUSIKAN KEPADA
Pemilik entitas induk (20,8) (562,5) ‐96%
Kepentingan non pengendalip g p g 9,0 (3,7) ‐343%( ) Total Liabilitas & Ekuitas 3.394,3 3.630,7 7%
H1’16 – H1’15 : Sekilas Kinerja
DATA KEUANGAN
Pendapatan
USD12,8 juta vs USD21,5 juta atau berkurang 40%
Beban Pokok Pendapatan
USD0 juta vs USD1 6 juta atau berkurang 100%
Beban Pokok Pendapatan
USD0 juta vs USD1,6 juta atau berkurang 100%
Laba Bruto
USD12,8 juta vs USD19,9 juta atau berkurang 36%
Margin Laba Bruto (% terhadap Pendapatan)
100% vs 93%
Beban Usaha
USD14,5 juta vs USD13,5 juta atau meningkat 7%
Laba Usaha
Rugi USD1,7 juta vs Laba USD6,4 juta atau berkurang 127%
Margin Laba Usaha (% terhadap Pendapatan) -13% vs 30%
Laba (Rugi) Sebelum Pajak
*)USD21,5 juta vs USD586,2juta
Pembalikan positif sebesar USD564,7 juta secara yoy
p
, j
y y
Laba (Rugi) Bersih
*)USD11,8 juta vs USD566,2juta
Harga Jual Rata-rata
Harga Jual Rata-rata Tertimbang
2012
2013
2014
2015
H1'15
H1'16
(in US$ per ton )
ASPs (exc . Ecocoal )
$
90.1
$
75.9
$
66.4
$
53.8
$
56.1
$
46.3
Ecocoal
$
52.7
$
34.8
$
29.7
$
24.8
$
23.8
$
24.2
ASPs KPC+AI
$
81.5
$
63.8
$
52.7
$
44.8
$
45.8
$
39.8
Catatan: Harga Rata-rata Penjualan berdasarkan harga FOB, termasuk royalti kepada pemerintah
Penjualan Batubara – berdasarkan Tujuan
J i J i 16 2015 2014
Peringkat Tujuan Januari – Juni 16 2015 2014
Penjualan (tons) Porsi (%) Penjualan (tons) Porsi (%) Penjualan (tons) Porsi (%) Domestik 1. Indonesia 14.708.600 35% 30.929.449 39% 38.236.788 45% Ekspor 2 I di 22% 32% 20 417 502 24% 2. India 9.220.014 22% 24.982.282 32% 20.417.502 24% 3. Japan 5.982.533 14% 9.239.461 12% 9.576.613 11% 4. China 5.610.025 13% 2.840.551 4% 6.135.167 7% 5. Philippines 2,534,568 6% 4.597.178 6% 3.943.209 5% 6. Thailand 1.292.834 3% 2.157.418 3% 1.927.178 2% 7. Lain-lain 2.648.170 6% 4.566.079 6% 4.494.094 6% Total Ekspor 27.258.144 65% 40.382.969 61% 46.493.763 55% Total (dalam Juta) 41.966.744 100% 79.312.418 100% 84.730.551 100%
Biaya Produksi Batubara
Komposisi Biaya Kas Produksi
(dalam USD per ton) FY13 FY14 FY15 H1’15* H1’16*
Bumi 40 5 34 6 30 2 32 1 26 8
Biaya Kas Produksi
(1)Kontraktor Tambang
Bumi 40,5 34,6 30,2 32,1 26,8
KPC 46,0 41,9 33,2 35,1 29,7
Arutmin 31,0 22,5 23,1 25,6 20,2
Biaya Bahan Bakar per Ton (USD) 9.7 7.7 5.6 6.0 3.9 Rasio Pengupasan 8.6x 6.9x 7.1x 6.9x 7.5x
Margin Kas2) 23 4 18 1 14 6 13 7 13 0
55,6%
Biaya Bahan Bakar 14,4%
Pemeliharaan, Penyewaan Alat Berat 19,4%
Biaya Tenaga Kerja 7 4%
Note: (1) Dihitung dengan cara membagi biaya kas produksi dengan produksi batubara yang ditambang, tidak termasuk FBS.
(2) Dihitung dengan cara mengurangi biaya kas produksi dari haga rata-rata penjualan. * Tidak Diaudit
Margin Kas2) 23.4 18.1 14.6 13.7 13.0 Biaya Tenaga Kerja 7,4%
Bahan-bahan Lainnya 3,2% H1 2016
Harga Harga Diesel Diesel menurun menurun secarasecara
signifikan signifikan bersamaan bersamaan d d tt
Curah Hujan di Sangatta
Harga Diesel untuk Keperluan Industri di Indonesia
dengan dengan turunnyaturunnya
harga harga minyakminyak
bumi bumi
Hasil PKPU
28 November 2016
Pada tanggal 9 November 2016, para kreditor BUMI (Perseroan) yang telah
terverifikasi
melaksanakan
pemungutan
suara
(voting)
atas
rencana
terverifikasi
melaksanakan
pemungutan
suara
(voting)
atas
rencana
perdamaian yang diajukan oleh Perseroan (“Perjanjian Perdamaian”).
Berdasarkan hasil voting, 100% kreditur konkuren dan 99,84% kreditur
separatis yang hadir menyepakati isi Perjanjian Perdamaian tersebut.
Kemudian, berdasarkan hasil voting tersebut, Pengadilan Niaga telah
menghomologasi dan memberikan putusan pengesahan atas perjanjian
perdamaian dimaksud pada tanggal 28 November 2016, dan selanjutnya
perdamaian dimaksud pada tanggal 28 November 2016, dan selanjutnya
status PKPU Bumi dicoret dari nama Perseroan.
Restrukturisasi Utang BUMI (non-konsolidasi)
(Dalam US$)
Sebelum PKPU
Setelah PKPU
*Bergantung pada persetujuan pemegang saham dan mematuhi peraturan yang berlakuLiabilitas
Pinjaman + Notes + CBs + Bunga
4.057,9
Pinjaman Intercompany
2.731,9
d
& l i
2
Liabilitas
Fasilitas Baru (tranche A+B+C)
1.607,0
Pinjaman Intercompany
2.731,9
V
d
31 5
Vendor & lainnya
211,5
Total Liabilitas
7.001,3
Vendor
31,5
Total Liabilitas
4.370,3
Ekuitas
Total Ekuitas
2.630,9
MCB
639,0
Ekuitas*
1.991,9
Total 7.001,3
Total Keseluruhan
7.001,3
*tidak termasuk ESOP dan biaya transaksiFasilitas Baru
total bunga hingga 7,5% p.a.(kas
dan akrual) ditetapkan
Tranche A
Tranche B
Tranche C
USD 600juta USD 600juta USD 406juta
Bunga
8% p.a. (PIK Interest).
9% p.a. (PIK Interest).
berdasarkan harga acuan
(benchmark price).
Bunga kas jatuh tempo dan wajib
dibayar pada setiap tanggal
pembayaran bunga.
B
k
l h
dik it li
i
Wajib dibayar apabila kas tersedia
berdasarkan Cash Waterfall.
Jatuh tempo dan wajib dibayar
pada setiap tanggal pembayaran
bunga.
Bunga akrual harus dikapitalisasi
dan dibayarkan secara penuh pada
saat Jatuh Tempo sepanjang tidak
dibayarkan pada masing‐masing
tanggal pembayaran bunga.
Sepanjang tidak dibayarkan harus
dikapitalisasi dan dibayarkan secara
penuh pada saat Jatuh Tempo
Bunga sepanjang tidak
dibayarkan harus dikapitalisasi
dan dibayarkan secara penuh
pada saat Fasilitas Tranche C
Jatuh Tempo
Jatuh Tempo
Pembayaran
5 tahun sejak Tanggal Efektif
Sesuai ketersediaan kas mengikuti urutan prioritas
Cash Waterfall
Contingent Value Rights
(CVR)
Jumlah:US$50juta
Jumlah: USD50juta
Pemicu Penyelesaian : dalam hal Harga Acuan Rata‐Rata lebih tinggi dari USD70/mt dalam jangka waktu 18
bulan berturut‐turut setelah Tanggal Efektif.
N/A
Obligasi Wajib Konversi (MCB)
Bunga (kupon): 6,0% p.a., dibayarkan setiap bulan mengikuti urutan prioritas Cash Waterfall
sepanjang terdapat dana yang memadai atau ditunda dan wajib dibayar pada saat jatuh
tempo.
Jatuh Tempo: 7 tahun dari Tanggal Efektif MCB.
Harga Konversi:
• Tahun 1 – 2: 30% lebih tinggi dari Harga Acuan (Reference Price).
• Tahun 3 - 4: lebih rendah dari Harga Acuan dan 40% lebih tinggi dari rata-rata aritmatik
IDR VWAP (Harga Rata-rata Tertimbang Volume-Rupiah) harian saham Bumi selama
IDR VWAP (Harga Rata rata Tertimbang Volume Rupiah) harian saham Bumi selama
periode 6 bulan (“VWAP** Period”) yang berakhir pada Hari Kerja sebelum hari pertama
Tahun 3.
• Tahun 5 – 7: lebih rendah dari Harga Acuan dan/atau 25% lebih tinggi dari rata-rata
aritmatik Periode VWAP yang berakhir pada Hari Kerja sebelum hari pertama
masing-aritmatik Periode VWAP yang berakhir pada Hari Kerja sebelum hari pertama masing
masing Periode VWAP yang bersangkutan.
• Jatuh Tempo: konversi wajib pada rata-rata aritmatik IDR VWAP saham Bumi selama
periode 6 bulan yang berakhir pada Hari Kerja sebelum Tanggal Jatuh Tempo Obligasi
Wajib Konversi (MCB).
Wajib Konversi (MCB).
Bergantung persetujuan pemegang saham dan mematuhi peraturan yang berlaku.
Harga Acuan (Reference Price) setara dengan Rp926,16 per lembar.
Pelunasan Vendor
• Selain dari Vendor yang ingin mengkonversi piutangnya menjadi saham
Perseroan, Perseroan telah menyusun Rencana Pembayaran hingga
k i
10 t h
b
t
d i i
b
b
i
d
t
maksimum 10 tahun bergantung dari sisa pembayaran, sebagaimana dapat
dilihat dalam tabel di bawah ini:
Sisa
Sisa
Pembayaran
hingga
Tahun
1
Tahun
2
Tahun
3
Tahun
4
Tahun
5
Tahun
6
Tahun
7
Tahun
8
Tahun
9
Tahun
10
IDR 1 miliar
50%
50%
IDR 2 6 ili
20%
20%
30%
30%
IDR 2,6miliar
20%
20%
30%
30%
IDR 6,6 miliar 7,5%
7,5%
12,5%
12,5%
25%
25%
IDR 13 miliar
5%
5%
7,5%
7,5%
12,5%
12,5%
25,0%
25%
IDR67 5
ili
1%
1%
1 5%
1 5%
2 5%
2 5%
15 0%
15%
IDR67,5 miliar
1%
1%
1,5%
1,5%
2,5%
2,5%
15,0%
15%
30%
30%
Penerbitan Saham Baru (Rights Issue)
Konversi
total utang dan klaim vendor sebesar USD1.992 juta menjadi
saham Perseroan.
Berdasarkan Nilai Ekuitas Aset Bersih sebesar USD4,6 miliar, harga konversi
ditetapkan
sebesar
Rp926,16
per
lembar,
menggunakan
kurs
tukar
@Rp13.235.
Target waktu pelaksanaan: pada atau sebelum tanggal 30 Juni 2017, dengan
mematuhi ketentuan di bidang pasar modal dan peraturan terkait lain yang
berlaku di Indonesia, termasuk namun tidak terbatas pada persetujuan rapat
umum
pemegang
saham Perseroan dan otoritas
pasar modal (jika
umum
pemegang
saham Perseroan dan otoritas
pasar modal (jika
dipersyaratkan).
Kapitalisasi Pasar – Perubahan – Sebelum & Sesudah
Restrukturisasi
Ilustrasi
JUMLAH SAHAM BEREDAR SAAT INI : 36,6 miliar
PENERBITAN SAHAM BARU : 29 1 miliar
PENERBITAN SAHAM BARU : 29,1 miliar
PENAMBAHAN SAHAM : 65,7 milliar
HARGA PENERBITAN SAHAM BARU : Rp926,16/lembar
BASIS HARGA PENERBITAN SAHAM BARU : NAV USD 4,6 miliar
KAPITALISASI PASAR SAAT INI : Rp11,1 triliun (Rp304/lembar)**
NILAI PENERBITAN SAHAM BARU : Rp26 9 triliun (Rp926 16/lembar)
NILAI PENERBITAN SAHAM BARU : Rp26,9 triliun (Rp926,16/lembar)
NEW THEORETICAL MARKET CAP : Rp38,0 triliun
DEEMED SHARE VALUE (Penambahan Saham) : Rp580/lembar *E & OE
PERSEPSI TATA KELOLA YANG SEMAKIN BAIK
Operasional
-
Perwakilan Pemegang Saham di anak perusahaan batubara sejak tahun 2007
-
Pengenalan 3 Direktur dan 3 Komisaris dari pihak Kreditor – CIC, Debt & Equity –
masing-masing 1 direktur dan 1 komisaris
-
Kreditor memiliki hak untuk menunjuk Akuntan Pengawas Kas untuk melakukan
pengawasan atas:
• pelaksanaan Cash Waterfall
• ramalan Arus Kas dan Arus Kas Aktual Pembayaran dan Rekening Bank
• ramalan Arus Kas dan Arus Kas Aktual, Pembayaran dan Rekening Bank
• melakukan pengawasan atas Kontrak & Transaksi antar Pihak Berelasi
• melakukan pengawasan atas Pengeluaran biaya dengan nilai di atas USD500,000
• melakukan peninjauan atas Modal Kerja & Fasilitas Pendanaan
• melakukan peninjauan atas Modal Kerja & Fasilitas Pendanaan
-
Anak perusahaan BUMI mendapat predikat terbaik di bidang Tanggung Jawab Sosial
Perusahaan (CSR), Kesehatan, Keselamatan dan Lingkungan (HSE), Pengembangan
Masyarakat, Reklamasi, Penanaman Kembali, Konservasi & Inisiatif Sosial
-
KPC mendapat predikat terbaik di bidang keberlanjutan (Best on Sustainability) oleh
Pemerintah Indonesia
-
Catatan Keamanan yang Bagus
P d
T t K j D
K
i
i d
Di k i
B ik
Tinjauan Masa Depan
•
Kapabilitas Produksi: 100 juta metrik ton di tahun 2017
•
Keuntungan kenaikan harga batubara, penurunan biaya
•
Pengurangan utang - USD2,6 miliar (dari USD4,2 miliar
USD1,6 miliar)
•
Mempercepat pengembangan Bumi Resources Minerals
•
Melakukan upaya terbaik untuk kembali menghasilkan profit (laba)
mulai Laporan Keuangan 2016
•
Manfaat restrukturisasi dalam Laporan Keuangan 2017
p
g
- Pengurangan pembayaran bunga tahunan sebesar lebih dari ¼ miliar USD
•
Pedoman 2017
Pedoman 2017
- Produksi & Penjualan
lebih tinggi 5% - 7%
Terima Kasih
Disclaimer: Forward-Looking Statements
This communication contains forward-looking financial projections and estimates with respect to the future operations and performance of PT Bumi Resources Tbk and its affiliates.
Investors and security holders are cautioned 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 the company Such risks and uncertainties could cause actual results and are difficult to predict and are generally beyond the control of the company. Such risks and uncertainties could cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements include, but are not limited to, fuel prices and international coal demand and supply position.
Neither PT Bumi Resources Tbk. or any other person assumes responsibility for the accuracy and completeness of the forward-looking statement in this communication. The forward-looking statements speak only as of the date of this communication. PT Bumi Resources Tbk is under no duty to update any of the forward-looking statements after this date to conform such statements to actual results or to reflect the is under no duty to update any of the forward-looking statements after this date to conform such statements to actual results or to reflect the
PT BUMI Resources
PT BUMI Resources Tbk
Tbk..
Annual Public Expose
Agenda
1.
Company at a Glance
2
Production and Sales Performances
2.
Production and Sales Performances
3.
Financial Performance
–
Profit & Loss
–
Balance Sheet
4.
Market and Production Highlights
5.
Debt Restructuring Proposal
Overview
9
O
f th l
t
l
t
l b ll
9
One of the largest coal exporters globally
KPC is the largest export coal mine in the world
9
Leading natural resources group and the largest thermal coal producer in Indonesia, with KPC
and Arutmin together commanding a dominant share of Indonesia coal production in 2015
(1)and Arutmin together commanding a dominant share of Indonesia coal production in 2015
Reached coal production of 81 million metric tonnes in 2015, and 86 million metric tonnes
in 2015
9
2.2 billion metric tonnes of marketable coal reserves and 12.4 billion metric tonnes of coal
resources
High potential for reserves expansion; KPC only partially explored
9
Ideally located to serve important markets throughout Asia and Europe
9
9
Open cut mining with captive coal processing facilities
9
Dedicated infrastructure including coal loading terminals, port facilities, captive power plants
and coal conveyors
9
Segmented coal and non-coal businesses
9
Segmented coal and non-coal businesses
- BUMI will concentrate on increasing thermal coal dominance
- BRMS is a listed entity with an exclusive focus on metals industry
Bumi Ownership Structure
Becoming a Diversified Mining Resources Company
(Minerals/Non-Coal)
Coal, Oil & Gas
PT BUMI RESOURCES TBK.
Gorontalo Minerals – Gold & Copper Mining
(in exploration stage)
80% KPC Bumi Seri A (25%) Bumi Seri B (0,004%) 51%
,
Arutmin 70%PT Bumi Resources Minerals Tbk
87.09%Citra Palu Minerals – Gold Mining (in exploration stage)
Dairi Prima Minerals– Zinc ,Lead (in exploitation stage)
80% 96.97% IndoCoal Resources (Cayman) Ltd 70% IndoCoal KPC Resources
Gallo Oil (Jersey) – Oil Production (in exploration stage)
100%
70% (Cayman) Ltd
(Forerunner International) 100% Bumi Japan – Marketing Services
Effective 31.40%
Effective 84.55%
Darma Henwa – Contract Mining (associated company)
Pendopo Energi Batubara – Coal (in exploration stage)
Coal Produced / Mined 2001 – 2017
(in Million Tonnes)
81
86 (E)
> 90 (E) 84
Coal Reserves and Resources – Largest in Indonesia
• Reserves are now 2.2 billion metric tonnes
R
& R
t
th
14 5 billi
t i t
In million tonnes
Coal
Reserve
Total
Coal
Resource
• Reserves & Resources, together are 14.5 billion metric tonnes.
In million tonnes
KPC:
578
7,670
8,248
Arutmin:
Sub Bituminous Coal
63
828
891
Ecocoal
214
1,549
1,763
277
2,377
2,654
Pendopo:
1,306
2,311
3,617
TOTAL
2,161
12,358
14,519
Comments:
Present Production Capability
100 million tons/year
Present Reserve
Resource To Reserve (30%)
37 years
Total Present Years Production Equivalent
58 years
21 years
1H’16 : Operational Performance (on full basis)
FUNDAMENTALS VERY STRONG
OB Removed
(in mn bcm)Coal Mined
(in mn tons) 81 299 271 579 578 40 39 84 271 40 39Strip Ratio
(in bcm/t)Coal Sales
(in mn tons) 79 7.5x 85 7.1x 6.9x 6.9x 40 42 Significantly Improved Production & Sales
Strip Ratio at Life of Mine Level
1H’16 – 1H’15 : Performance at a Glance
OPERATING METRICS
OB Removed
299.1 mbcm vs 271.3 mbcm or increased by 10%
y
Coal Mined
39.8 million metric tonnes vs 39.1 million metric tonnes or increased by 2%
S l
V l
41 9
illi
t i t
39 9
illi
t i t
i
d b 5%
Sales Volume
41.9 million metric tonnes vs 39.9 million metric tonnes or increased by 5%
Production Cash Cost
USD26.8/ton vs USD32.1/ton or decreased by 16%
FOB Price
USD39.8/tons vs USD45.8/tons or decreased by 13%
Financial Highlights
In million US$ FY ‐2015 H1‐2016 % Current Assets 542.0 182.7 ‐66% H1‐2016 H1‐2015 % Revenue 12.8 21.5 ‐40% Non Current Assets 2,852.3 3,448.0 21% Total Assets 3,394.3 3,630.7 7% Current Liabilities 5,474.2 5,722.7 ‐5% Cost of Revenue ‐ 1.6 ‐100% Gross Profit 12.8 19.9 ‐36% Operating Income /(Loss) (1.7) 6.4 ‐127% Non Current Liabilities 825.0 824.7 0% Total Liabilities 6,299.2 6,547.4 ‐4% Capital Deficiency Net (2,904.9) (2,916.7) 0% (Loss) Attributable to: Owners of The Parent (20.8) (562.5) ‐96% Total Liabilities & Equity 3,394.3 3,630.7 ‐7% Non‐controlling Interest 9.0 (3.7) ‐343% Net (11.8) (566.2) ‐98%FINANCIALS
H1’16 – H1’15: Performance at a Glance
Net Revenue
USD12.8 million vs USD21.5 million or decreased by 40%
Cost of Revenue
USD - million vs USD1.6 million or decreased by 100%
Gross Margin
USD12.8 million vs USD19.9 million decreased by 36%
Gross Margin (% to revenue)
g
(
)
100% vs 93%
Operating Expenses
USD14.5 million vs USD13.5 million or increased by 7%
Operating Income
Loss (USD1.7) million vs Profit USD6.4 million or decreased by 127%
Operating Income Margin
(% to Revenue)
-13% vs 30%
Loss Before Tax
USD21.5 million vs USD586.2 million
Positive swing of USD564 7 million yoy
Positive swing of USD564.7 million yoy
Net Loss
USD11.8 million vs USD566.2 million
Dropped USD554.4 million yoy
Average Selling Price
Weighted Average Selling Price
2012
2013
2014
2015
H1'15
H1'16
(in US$ per ton)
ASPs (exc. Ecocoal)
$
90.1
$
75.9
$
66.4
$
53.8
$
56.1
$
46.3
Ecocoal 52.7
$
$
34.8
$
29.7
$
24.8
$
23.8
$
24.2
ASPs KPC+AI
$
81 5
$
63 8
$
52 7
$
44 8
$
45 8
$
39 8
Note: Average Selling Price based on FOB prices, including royalties to the government.
Coal Sales – by Destination
Ranking Destination Jan – Jun 16 2015 2014
Sales (tons) Share (%) Sales (tons) Share (%) Sales (tons) Share (%) Domestic 1. Indonesia 14,708,600 35% 30,929,449 39% 38,236,788 45% Export 2 India 9 220 014 22% 24 982 282 32% 20 417 502 24% 2. India 9,220,014 22% 24,982,282 32% 20,417,502 24% 3. Japan 5,982,533 14% 9,239,461 12% 9,576,613 11% 4. China 5,610,025 13% 2,840,551 4% 6,135,167 7% 5. Philippines 2,534,568 6% 4,597,178 6% 3,943,209 5% 6. Thailand 1,292,834 3% 2,157,418 3% 1,927,178 2% 7. Others 2,648,170 6% 4,566,079 6% 4,494,094 6% Total Export 27,258,144 65% 40,382,969 61% 46,493,763 55% Grand Total (in million) 41,966,744 100% 79,312,418 100% 84,730,551 100%
Cash Costs of Coal Production
Composition of Production Cash Costs
Production Cash Costs
(1)(in US$ per ton) FY13 FY14 FY15 H1’15* H1’16*
Bumi 40.5 34.6 30.2 32.1 26.8 Mining Contractor Fuel Costs 14.4% KPC 46.0 41.9 33.2 35.1 29.7 Arutmin 31.0 22.5 23.1 25.6 20.2
Fuel Cost per Ton (US$) 9.7 7.7 5.6 6.0 3.9
Strip Ratio 8.6x 6.9x 7.1x 6.9x 7.5x Cash Margin(2) 23.4 18.1 14.6 13.7 13.0 55.6 % Maintenance, Equipment 19.4% Labor costs 7 4%
Note: (1) Calculated by dividing the production cash costs with the companies’ coal mined; excluded FBS (2) Calculated by subtracting production cash costs from average selling price (does not include
royalty & selling expenses)
S
tt R i f ll
Indonesian Ind strial Diesel Oil Prices
Labor costs 7.4% Other materials 3.2%
H1 2016
Sangatta Rainfall
Indonesian Industrial Diesel Oil Prices
Diesel prices have Diesel prices have fallen significantly fallen significantly in
in--line with drop in line with drop in oil prices oil prices
Debt Restructuring Process
CIC debt Restructuring ‐
Master Deed dated 8 Debt to Asset
Rights Issue IV ‐ Debt Debt Moratorium ‐ PKPU Registration to October 2013; amended and restated 28 Jan'2014 settlement ‐ KPC 19% to CIC Rights Issue IV ‐ Debt Reduction Debt Moratorium ‐ Singapore the Commercial Court by Creditor
October 2013 July 2014 30 June 2014 24 November 2014 6 April 2016
Commercial Court Decision on Temporary Suspension of Debt Payment Obligations (“PKPU Sementara”) Commercial Court Decision on the Temporary PKPU to (Permanent) PKPU Creditors Meetings and Voting for the Composition Plan Ratification Proceeding by the Panel Judge on the case 36/Pdt.Sus‐ PKPU/2016/PN.Niaga.Jk t.Pst. Homologation to the Composition Plan by the Panel Judge on the case 36/Pdt.Sus‐ PKPU/2016/PN.Niaga.Jk ( PKPU Sementara ) t.Pst. t.Pst. 25 April 2016 9 June 2016 9 November 2016 28 November 2016 28 November 2016
PKPU Result
28 November 2016
On November 9th 2016, Bumi’s verified creditors of Bumi voted on then
settlement plan proposed by Bumi (the “Composition Agreement”) The
settlement plan proposed by Bumi (the Composition Agreement ). The
vote resulted in 100.00% of unsecured creditors (or kreditor konkuren) and
99.84% of secured creditors (or kreditor separatis) currently by value
then-currently attending the vote in favor of the Composition Agreement.
Based on the result of that vote, on November 28th 2016, the Commercial
Court ratified the Composition Agreement, after which a homologated
Composition Agreement will be issued, and the PKPU status of Bumi will be
p
g
,
formally deleted from the company’s name.
Debt Restructuring of BUMI (non-consolidated)
(in million of US$)
Before PKPU
After PKPU
*Subject to shareholders approval and government regulations
Liabilities
Loans + Notes + CBs + Interest
4,057.9
Intercompany Loans
2,731.9
d
&
h
2
Liabilities
New Facilities (tranche A+B+C)
1,607.0
Intercompany Loans
2,731.9
V
d
&
h
31 5
Vendors & others
211.5
Total Liabilities
7,001.3
Vendors & others
31.5
Total Liabilities
4,370.3
Equity
Total Equity
2,630.9
MCBS
639.0
Equity*
1,991.9
Grand Total 7,001.3
Grand Total
7,001.3
New Facilities
Tranche A
Tranche B
Tranche C
USD 600 million USD 600 million USD 406 million
Interest
up to 7.5% p.a. total interest
(cash and accrued) determined
8% p.a. (PIK Interest).
9% p.a. (PIK Interest).
(cash and accrued) determined
based on the benchmark price.
Cash interest due and payable on
each interest payment date.
Payable if cash is available under
the Cash Waterfall.
due and payable on each interest
payment date.
Accrued interest shall be
capitalized and payable in full on
Maturity to the extent not paid
on each interest payment date.
To the extent not paid, shall be
capitalized and payable in full on
Maturity
Interest to the extent not paid
shall be capitalized and payable
in full on Maturity of the Tranche
C Facility.
Maturity
Payments
5 years from Effective Date
Per cash availability prioritized under the Cash Waterfall
Contingent Value Rights
Amount: US$ 50 million
Amount: US$ 50 million
Trigger for Settlement: In the event that the average Benchmark
Price is higher than US$70/mt for a period of 18 consecutive months
ft
th Eff ti
D t
N/A
Mandatory Convertible Bond
Coupon Interest: 6 0% p a paid monthly in cash pursuant to the Cash Waterfall to the
Coupon Interest: 6.0% p.a., paid monthly in cash pursuant to the Cash Waterfall to the
extent there are sufficient funds or deferred and payable on maturity.
Maturity: 7 years from the MCB Effective Date
Conversion Price:
• 1
st- 2
ndyr: 30% premium to Reference Price
• 3
rdand 4
thyr: the lower of Reference Price and 40% premium to arithmetic mean of the
daily IDR VWAP of Bumi shares for the period of 6 months (“VWAP** Period”) ending
daily IDR VWAP of Bumi shares for the period of 6 months ( VWAP
Period ) ending
on the Business Day before the 1st day of year 3
• 5
th– 7
thyr: the lower of Reference Price or and 25% premium to arithmetic mean of the
VWAP Period ending on the Business Day before the 1st day of each relevant VWAP
Period
Period.
• Maturity: mandatory conversion at the arithmetic mean of the daily IDR VWAP of Bumi
shares for the period of 6 months ending on the Business Day before the MCB Maturity
Date
Subject to shareholders approval and government regulations
Reference price equals to Rp926.16 per share
Vendors Settlement
• Other than Vendors who want to convert their claim into Company’s shares,
the Repayment Plan for up to maximum 10 years depending on the balance
outstanding as summarized below:
Outstanding
Up to
Year
1
Year
2
Year
3
Year
4
Year
5
Year
6
Year
7
Year
8
Year
9
Year
10
IDR1 bn
50%
50%
IDR1 bn
50%
50%
IDR2.6 bn
20%
20%
30%
30%
IDR6.6 bn 7.5%
7.5%
12.5%
12.5%
25%
25%
IDR13 bn
5%
5%
7.5%
7.5%
12.5%
12.5%
25.0%
25%
IDR13 bn
5%
5%
7.5%
7.5%
12.5%
12.5%
25.0%
25%
IDR67.5 bn
1%
1%
1.5%
1.5%
2.5%
2.5%
15.0%
15%
30%
30%
Rights Issue
Convert total USD1,992 million of debts and vendors claims into Company’s
Equity.
Based on Net Asset Equity Value USD4 6 billion conversion price would be
Based on Net Asset Equity Value USD4.6 billion, conversion price would be
Rp926.16 per share, using the exchange rate @ Rp13,235.
Target time of issuance: on or before 30 June 2017 subject to the Indonesian
it l
k t
l ti
d th
li
bl l
i
l di
b t
t li it d
capital market regulations and other applicable laws including but not limited
to the approval by the general meeting of shareholders of the Company, and
capital market authorities (if necessary).
Improved Corporate Governance
-Strengthened Management
Scope of Work of the Monitoring Accountant
*The Monitoring Accountant will perform (without limitation) the following services and prepare a report (the "Monitoring Accountant Report") for distribution to the New Senior Secured Creditors on a quarterly basis
Market Capitalization – Change – Pre & Post Restructuring
- For illustration Only
PRESENT OUTSTANDING SHARES : 36.6 billion
NEW SHARE ISSUE : 29 1 billion
NEW SHARE ISSUE : 29.1 billion
EXPANDED OUTSTANDING SHARES : 65.7 billion
NEW SHARE ISSUE PRICE : Rp 926.16 /share
BASIS OF NEW SHARE PRICE : NAV USD 4.6 billion
PRESENT MARKET CAPITALIZATION : Rp 11.1 trillion (Rp 304/share)**
NEW SHARE ISSUE VALUE : Rp 26 9 Trillion (Rp 926 16/share)
NEW SHARE ISSUE VALUE : Rp 26.9 Trillion (Rp 926.16/share) NEW THEORETICAL MARKET CAP : Rp 38.0 trillion
DEEMED SHARE VALUE (ON EXPANDED CAPITAL) : Rp 580/share *E & OE
IMPROVED GOVERNANCE – A RE-EMPHASIS
Operations
-
Shareholder Representatives on Coal Subsidiaries Since 2007
-
Induction of 3 New Board Members from Lenders – CIC, Debt & Equity – 1 each
-
Lenders have right to appoint the Cash Monitoring Accountant For
• Cash Waterfall
• Cash Flow Forecasts and Actuals, Disbursements and Bank Accounts
• Controls Over Related Party Transactions & Contracts
• Control Over Disbursements > $ 500,000
• Review Working Capital & Funding Facilities
-
Bumi subsidiaries are amongst Best on CSR, HSE, Community Development,
Reclamation, Replanting, Conservation & Social Initiative
KPC is recognized as Best on Sustainability by The Indonesian Government
-
KPC is recognized as Best on Sustainability by The Indonesian Government
-
Impressive Safety Record
-
A comprehensive Board Manual
-
Residual Debt reduces to $ 1 6 billion ( from $ 4 2 billion) after restructuring
-
Residual Debt reduces to $ 1.6 billion ( from $ 4.2 billion) after restructuring
Future Outlook
•
Production Capability: 100 million metric tons in 2017
•
Major beneficiary of coal price buoyancy, lowered costs
•
Debt Reduction - USD 2.6 billion (from USD 4.2 billion
USD 1.6 billion)
•
To speed up the development of Bumi Resources Minerals
p
p
p
•
To make best endeavors to return to profit starting FY’16
•
Restructuring benefit in FY’17 Financials
Annual Interest reduction
- Annual Interest reduction
by more than a quarter billion USD
•
Guidance 2017
- Production & sales
higher by 5% - 7%
Thank you
Disclaimer: Forward-Looking Statements
This communication contains forward-looking financial projections and estimates with respect to the future operations and performance of PT Bumi Resources Tbk and its affiliates.
Investors and security holders are cautioned 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 the company Such risks and uncertainties could cause actual results and are difficult to predict and are generally beyond the control of the company. Such risks and uncertainties could cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements include, but are not limited to, fuel prices and international coal demand and supply position.
Neither PT Bumi Resources Tbk. or any other person assumes responsibility for the accuracy and completeness of the forward-looking statement in this communication. The forward-looking statements speak only as of the date of this communication. PT Bumi Resources Tbk is under no duty to update any of the forward-looking statements after this date to conform such statements to actual results or to reflect the is under no duty to update any of the forward-looking statements after this date to conform such statements to actual results or to reflect the
