PT BUMI Resources Tbk.
Presentasi Paparan Publik Tahunan
Jakarta, 26 November 2014
1.
Sekilas tentang Perseroan
2.
Kinerja Produksi dan Penjualan
3.
Kinerja Keuangan
–
Laba & Rugi
–
Neraca
–
Sejarah Dividen
4. Isu-isue terkini seputar BUMI
5. Lampiran
Sekilas Perusahaan
Salah satu pengekspor batubara terbesar di dunia
KPC merupakan tambang batubara bertujuan ekspor terbesar di dunia
Perusahaan berbasis sumber daya alam dan penghasil batubara termal terbesar di Indonesia
(KPC dan Arutmin) dengan penguasaan pasar batubara sebesar 18% dari seluruh produksi
batubara Indonesia pada tahun 2011
memproduksi batubara sebanyak 74 juta metrik ton pada tahun 2012, tahun 2013
sebanyak 80 juta ton; diharapkan mencapai 83 metrik ton di tahun 2014
Memiliki 3,2 miliar metrik ton cadangan batubara yang siap dipasarkan dan 13,9 miliar metrik ton
sumberdaya batubara (di luar cadangan)
(1)
Masih terdapat potensi yang sangat besar untuk mengembangkan cadangan; tambang
KPC baru sebagian yang dieksplorasi
Memililki lokasi yang ideal untuk pasar batubara utama di Asia dan Eropa
Memiliki pertambangan terbuka dengan fasilitas pengolahan batubara yang terpadu
Memiliki terminal bongkar muat batubara dilengkapi dengan fasilitas pelabuhan yang lengkap
Membagi bisnis menjadi batubara dan non batubara
- BUMI akan memfokuskan diri pada dominasi batubara termal
- BRM menjadi perusahaan terbuka yang fokus pada industri metal
Gorontalo Minerals – Gold & Copper Mining
(in exploration stage)
Citra Palu Minerals – Gold Mining
(in exploration stage)
Dairi Prima Minerals– Zinc ,Lead
(in exploitation stage)
Bumi Japan – Marketing Services 80% 100% 80% 96.97%
Newmont Nusa Tenggara – Gold (associated company)
(Mineral/Non-Batubara)
KPC
51%
(Batubara, Minyak & Gas)
Arutmin
Gallo Oil (Jersey) – Oil
Production (in exploration stage)
IndoCoal Resources
(Cayman) Ltd
70%
100% 70%
Effective Darma Henwa – Contract
Mining (associated company)
PT Sarkea Prima Minerals – Mining (exploration stage)
100%
PT Bumi Resources Minerals Tbk
87.09%
PT BUMI RESOURCES TBK.
24% 50%
IndoCoal KPC Resources
(Cayman) Ltd
Struktur Kepemilikan Bumi
Produksi Batubara
74
80
83 (e)
100 (e)
0
20
40
60
80
100
120
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Cadangan dan Sumber Daya Batubara – Terbesar di Indonesia
• Cadangan terkini sebesar 3,2 juta metrik ton, meningkat 27% dari 2,6 juta metrik ton di tahun 2009
• Cadangan & Sumberdaya, bersama-sama meningkat menjadi 17.3 juta metrik ton.
In million tonnes
KPC:
Sangatta
957
7,747
8,704
Bengalon
242
1,560
1,802
1,199
9,307
10,506
Arutmin:
Senakin
35
407
442
Satui
60
262
322
Batulicin
22
-
22
Sub Bituminious Coal
117
669
786
Ecocoal
292
1,224
1,516
410
1,893
2,303
FBS
303
593
896
PEB
1,306
2,311
3,617
Coal
Reserve
Total
Coal
Resource
1H’14 : Kinerja Operasional
Pengupasan Tanah Penutup
(in mn bcm)688
Volume Batubara Ditambang
(juta ton) 80 74Rasio Pengupasan
(bcm/t) 10.4x 8.6xPenjualan Batubara
(juta ton) 68 82Persediaan Batubara *
(juta ton) 7 6 776 302 367 41 45 9.0x 6.7x 40 44 6 7FUNDAMENTAL SANGAT KUAT
•
Penjualan dan Produksi meningkat, lebih tinggi sebesar 10%
•
Strip Ratio
menurun menjadi 6,7
•
Pengurangan Biaya
•
Persediaan yang cukup
Ikhtisar Keuangan
FY -2013
H1 -2014
%
Current Assets
1,944.2
1,462.8
-25%
Non Current Assets
5,059.7
5,302.1
5%
Total Assets
7,003.9
6,764.9
-3%
Current Liabilities
4,719.9
4,177.3
-11%
Non Current Liabilities
2,587.0
2,830.1
9%
Total Liabilities
7,306.9
7,007.4
-4%
Shareholder Equity
(303.0)
(242.5)
-20%
Total Liabilities & Equity
7,003.9
6,764.9
-5%
Total Debt (Include Convertible Bonds)
4,163.3
4,165.7
0%
H1 -2013 H1 -2014
%
Revenue
1,857.3
1,583.3
-15%
Cost of Revenue
(1,481.5)
(1,268.5)
-14%
Gross Profit
375.8
314.8
-16%
Operating Income (Loss)
142.9
111.0
-22%
Loss Attributable to:
Owners of The Parent
(248.6)
168.0 -168%
Non-controlling Interest
(21.1)
(37.9)
80%
Total Net (Loss)
(269.7)
130.1 148%
1H’14 – 1H’13 : Sekilas Kinerja
* Penjualan/produksi batubara kalori rendah yang lebih tinggi mempengaruhi rasio pengupasan, biaya kas produksi & realisasi harga
METRIKS OPERASIONAL
Pengupasan Tanah Penutup
302,1 mbcm vs 366,6 mbcm atau berkurang 18%
Volume Batubara Ditambang 45,3 juta metrik ton vs 41,0 metrik ton atau meningkat 10%
Penjualan Batubara
44,2 juta metrik ton vs 39,6 metrik ton atau meningkat 12%
Biaya Kas Produksi
*)
$ 34,3/ton vs $ 41,2/ton atau berkurang 17%
Harga FOB
*)
$ 52,7/ton vs $ 68,8/ton atau berkurang 23%
Rasio Pengupasan
*)
6,7 bcm/ton vs 9,0 bcm/ton atau berkurang 25%
1H’14 – 1H’13 : Sekilas Kinerja
DATA KEUANGAN
Pendapatan
USD1.583,3 juta vs USD1.857,3 juta atau berkurang 15%
Beban Pokok Pendapatan
USD1.268,5 juta vs USD1.481,5 juta atau berkurang 14%
Laba Bruto
USD314,8 juta vs USD375,8 juta atau berkurang 16%
Margin Laba Bruto (% terhadap Pendapatan) 19,9% vs 20,2%
Beban Usaha
USD203,8 juta vs USD232,9 juta atau berkurang 13%
Laba Usaha
USD111,0 juta vs USD142,9 juta atau berkurang 22%
Margin Laba Usaha (% terhadap Pendapatan) 7,0% vs 7,7%
Laba (Rugi) Sebelum Pajak
*)Laba USD352,3 juta vs Kerugian USD277,7 juta
Perbaikan (swing) positif sebesar USD630 juta secara yoy
Laba (Rugi) Bersih
*)Laba USD168 juta vs Kerugian USD
-
248,6 juta
Harga Jual Rata-rata
Catatan: Harga Rata-rata Penjualan berdasarkan harga FOB, tidak termasuk royalti kepada pemerintah
Harga Jual Rata-rata Tertimbang
2010
2011
2012
2013
H1'13
H1'14
Q2'14
ASPs (exc. Ecocoal)
$
76.3
$
99.8
$
90.1
$
75.9
$
79.5
$
69.5
$
66.7
Ecocoal
$
41.5
$
61.4
$
52.7
$
34.8
$
38.5
$
29.4
$
28.0
ASPs KPC+AI
$
70.9
$
92.3
$
81.5
$
63.8
$
68.8
$
52.7
$
50.4
(in US$ per ton)
Distribusi Pasar
Destination
Jun-14
2013
2012
Sales (tons)
Share (%)
Sales (tons)
Share (%)
Sales (tons)
Share (%)
Indonesia
21,073,158
48%
21,896,274
27%
11,214,474
16%
India
10,120,555
23%
23,348,163
28%
13,443,621
20%
Japan
5,047,016
11%
11,425,964
14%
11,410,641
17%
Philippines
2,349,897
5%
3,385,335
4%
1,764,933
3%
China
1,948,487
4%
11,805,042
14%
18,610,188
27%
Thailand
1,076,688
2%
1,820,723
2%
1,086,935
2%
Hong Kong
1,068,943
2%
1,887,661
2%
1,757,912
3%
Taiwan
546,104
1%
1,826,930
2%
3,019,632
4%
Europe
544,882
1%
776,995
1%
790,583
1%
Malaysia
216,213
0.49%
2,892,586
4%
3,787,152
6%
Korea
159,214
0.36%
877,120
1%
1,316,157
2%
Others*
22,000
0.05%
53,479
0.07%
95,948
0.10%
Grand Total
44,173,157
100%
81,996,271
100%
68,298,176
100%
10
15
20
25
*) Myanmar in 2014, Sri Lanka in 2013, Pakistan in 2012
Biaya Produksi Batubara
Komposisi Biaya Kas Produksi
(dalam USD per ton) FY11 FY12 FY13 H1’13 H1’14*
Bumi 42.1 43.7 40.5 41.2 34.3 KPC 45.5 46.5 46.0 46.5 42.8 Arutmin 36.3 39.1 31.0 32.9 21.8
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
Biaya Bahan Bakar per Ton (USD)
11.4 11.6 9.7 10.3 7.4
Rasio Pengupasan 11.5x 10.4x 8.6x 9.0x 6.7x Margin Kas2) 50.6 37.8 23.4 27.6 18.4
Biaya Kas Produksi
(1)
Kontraktor Tambang 58%
Biaya Bahan Bakar 22%
Pemeliharaan, Penyewaan Alat Berat 12%
Biaya Tenaga Kerja 5% Bahan-bahan Lainnya 3%
Curah Hujan di Sangatta
Harga Diesel untuk Keperluan Industri di Indonesia
Harga Diesel menurun secara signifikan bersamaan dengan turunnya harga minyak
bumi
H1 2014
Biaya Kas Produksi Perseroan berkurang 16% berkat efisiensi yang lebih tinggi, 28% biaya bahan
bakar yang lebih rendah dan penurunan strip ration sebesar 25%, secara year-on-year (yoy).
1H -2013
1H -2014
%
Pendapatan
1.857,3
1.583,3
-15%
Beban Pokok Pendapatan
(1.481,5)
(1.268,5)
-14%
Laba Bruto
375,8
314,8
-16%
Laba Usaha
142,9
111,0
-22%
Laba (Rugi) Bersih
(269,7)
130,1
148%
Dalam USD juta
30 % maksimal dari pendapatan bersih atas persetujuan pemegang saham
Tahun
Total Saham
Dividend per
Saham (Rp)
Keterangan
2000
1,0
2001
-2002
2,5
2003
-2005 Interim
5,0
2005 Final
10,0
2006 Final
16,0
Dibayarkan pada tanggal 25 Juni 2007
2007 Interim
66.0 *
Pertama dibayarkan 50% pada tanggal 2
Juli 2007, sisa 50% dibayarkan pada 5
September 2007
2007 Final
45,0
Dibayarkan pada tanggal 7 Agustus 2008
2008 Final
50,60
Dibayarkan pada tanggal 18 Agustus 2009
2009 Final
27,68
Dibayarkan pada tanggal 16 Agustus 2010
2010 Final
41,78 Dibayarkan pada tanggal 15 Agustus 2011
2011 Final
14,31
Dibayarkan pada tanggal 6 Juli 2012
19.404.000
20.773.400
Sejarah Dividen – Stabil Sejak 2005
Jadwal Pembayaran Kembali Utang BUMI yang Jatuh
Tempo
Pinjaman PT BUMI RESOURCES TBK yang
masih terutang
per Juni 2014
LOAN AT BUMI LEVEL
Current
(in Million of USD)
Guaranteed Convertible Bond I
375.00
Country Forest Limited Facility 2009
1,037.01
Guaranteed Senior Secured Notes
300.00
Credit Suisse 2010 Facility - 2 (Amended & Restated)
117.50
Guaranteed Senior Secured Note II
700.00
UBS AG Facility
62.50
Axis Bank Limited Facility 2011
140.00
Deutsche Bank 2011 Facility
54.00
China Development Bank Facility
600.00
RBI Loan Facility
80.69
Credit Suisse Facility - 2014
114.31
Castleford Investment Holdings Ltd. Facility 2013
150.00
Transaksi Bumi - CIC: Awal Mula
Ringkasan:
Jumlah Utang
: USD 1.9 miliar
Ketentuan Pembayaran: tingkat bunga tetap 12% per tahun dan 19% IRR yang wajib dibayar pada tanggal
pembayaran kembali Pokok Utang
Tranches:
Pembayaran 2013 : USD 600 juta
Pembayaran 2014: USD 600 juta
Pembayaran 2015: USD 700 juta
Penggunaan dana:
Pembayaran utang dan akuisisi terkini
USD 1.687 juta
Biaya dan pengeluaran
USD 10 juta
Modal kerja
USD 203 juta
2 tahun periode lock-up bagi para pihak
Transaksi Bumi – CIC: Pembayaran Tranche
Pertama
• Pada bulan November 2011, BUMI telah melakukan
refinancing
Tranche
I sebesar US$ 600 juta kepada CIC
•
Tranche
ini sebenarnya baru akan jatuh tempo pada 30 September
2013, namun demikian Perseroan telah melakukan
refinancing
2 tahun
lebih awal berdasarkan kesepakatan para pihak
• Secara efektif,
refinancing
ini telah mengurangi beban bunga
Perseroan sebesar kurang lebih $72 juta per tahun
Pandangan Perseroan sehubungan dengan
Penurunan Peringkat Utang
-
S&P menurunkan peringkat utang BUMI menjadi ‘D’ dari ‘SD’
pada tanggal 10 November 14
-
Penurunan peringkat utang tersebut dilakukan berdasarkan asumsi,
“Bumi Resources, sebagai penjamin (guarantor), tidak melakukan
pembayaran bunga dalam waktu tenggang 30 hari sebagaimana diatur
dalam perjanjian obligasi.”
-
Laporan S&P tidak memperhatikan kenyataan di lapangan, karena telah
menggunakan model yang telah usang (outdated) yang mengabaikan faktor-faktor
serta langkah-langkah mitigasi yang telah diambil Perseroan dalam rangka
menghadapi sentimen sektor dan harga batubara yang menurun tajam.
Pandangan Masa Depan
• Kapabilitas Produksi: 100 metrik ton di tahun 2015
• Memangkas utang dan bunga secara signifikan
• Mempercepat pengembangan BRM
• Menyelesaikan transaksi CIC
• Melakukan upaya terbaik agar kembali mampu menghasilkan laba
dan membagikan dividen segera setelah kondisi perusahaan
PENGGUNAAN DANA PUT IV BUMI
Berdasarkan Prospektus yang diterbitkan tanggal 30 Juni 2014 Pelaksanaan PUT IV
Jumlah saham (saham) 32.198.770.000 Jumlah saham (saham) 15.853.620.427 Dana yang dihimpun (Rp) 8.049.692.500.000 Dana yang dihimpun (Rp) 3.963.405.106.750 Dana yang dihimpun bersih (Rp) 7.700.170.000.000 Dana yang dihimpun bersih (Rp) 3.611.000.000.000
Penggunaan dana bersih hasil PUT IV: USD Rp Penggunaan dana bersih hasil PUT IV: USD Rp Modal kerja Perseroan meliputi biaya
operasional dan pembayaran bunga. 14.000.000 161.000.000.000 Modal kerja Perseroan meliputi biaya operasional dan pembayaran bunga. 14.000.000 161.000.000.000 Pelunasan fasilitas pinjaman Perseroan
kepada:
1) Axis Bank Limited 2011, 2) Credit Suisse 2010-2, 3) Deutsche Bank 2011, 4) UBS AG 2012-1, dan 5) CDB 2011
275.000.000 3.162.500.000.000
Perseroan memutuskan untuk membatalkan rencana pengeluaran saham untuk pembayaran utang kepada kreditur-kreditur Perseroan tersebut dikarenakan Perseroan tidak memperoleh dana tunai yang memadai, dan kreditur-kreditur tersebut tidak bersedia pelunasan utangnya dibayar dengan saham.
- -
Merealisasikan anggaran program untuk Blok 13 dan Blok R2 dari konsesi
hidrokarbon yang dimiliki Gallo Oil (Jersey) Ltd.
48.000.000 552.000.000.000
Karena tidak diperolehnya dana tunai dari pelaksanaan PUT IV, maka Perseroan membatalkan rencana pengeluaran saham-saham senilai USD48 juta tersebut.
- -
Melakukan feasibility study konsesi tembaga dan emas yang dimiliki oleh PT
Gorontalo Minerals 32.580.000 374.670.000.000
Karena tidak diperolehnya dana tunai dari pelaksanaan PUT IV, maka Perseroan membatalkan rencana pengeluaran saham-saham senilai USD32,58 juta tersebut.
- -
Melakukan pelunasan sebagian fasilitas pinjaman dari China Investment
Corporation (“CIC”) melalui Country Forest 150.000.000 1.725.000.000.000
Melakukan pelunasan sebagian fasilitas pinjaman dari China Investment Corporation
Para Pihak yang mengambil bagian dalam Right Issue
• Publik sejumlah 11.530.427 saham
• Long Haul Holding Ltd. sejumlah 6.900.000.000 saham melalui mekanisme
debt to equity conversion
, dengan PT Karsa Daya Rekatama sebagai agen
fasilitas Long Haul (tidak memiliki hubungan afiliasi dengan Perseroan).
• Castleford Holding Ltd. sejumlah 6.900.000.000 saham melalui mekanisme
debt to equity conversion
, dengan PT Damar Reka Energi sebagai agen
fasilitas Castleford (tidak memiliki hubungan afiliasi dengan Perseroan).
• PT Danatama Makmur sebagai Pembeli Siaga berdasarkan Akta Perjanjian
Pembelian Siaga tanggal 19 Juni 2014 sejumlah 2.042.090.000.
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
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.
Peristiwa Lanjutan terkait Restrukturisasi
Utang
Setelah transaksi CIC, penerbitan saham baru, dan upaya
memperpanjang jatuh tempo obligasi, dan juga pelemahan harga
batubara, Perseroan berinisiatif untuk melakukan langkah-langkah
berikut:
1.
BUMI mengadakan Perjanjian Jual Beli Bersyarat untuk
menjual Saham di FBS
• Menandatangani Perjanjian Jual Beli Bersyarat dengan Jainson Holding Hong
Kong Limited untuk menjual 50% saham di FBS dengan nilai transaksi
maksimum sebesar USD 140 juta.
• Setelah transaksi tersebut diselesaikan, hasil dari penjualan saham tersebut
diharapkan lebih lanjut mengurangi utang Perseroan.
2.
Anak perusahaan yang seluruh sahamnya dimiliki BUMI, yaitu:
•
Bumi Capital Pte. Ltd. (penerbit Surat Berharga Bergaransi Senior (Guaranteed Senior
Secured Notes) senilai 300 juta Dolar AS berkupon 12%),
•
Bumi Investment Pte. Ltd. (penerbit Surat Berharga Bergaransi Senior (Guaranteed Senior
Secured Notes) senilai 700 juta Dolar AS berkupon 10,75%),
•
Enercoal Resources Pte. Ltd. (penerbit Obligasi Konversi Bergaransi (Guaranteed
Convertible Bonds) senilai 375 juta Dolar AS berkupon 9,25%)
telah mengajukan permohonan di Singapura untuk mengikuti proses peradilan formal
berdasarkan Section 210(10) Undang-undang Perusahaan dari Negara Republik
Singapura sebagai bagian dari upaya untuk merestrukturisasi kewajiban utang di
atas.
Ketiga anak Perseroan di Singapura tersebut telah mengajukan permohonan dan
berhasil memperoleh penundaan kewajiban pembayaran utang (moratorium) selama
enam bulan terhadap upaya hukum dan upaya paksa yang dapat dilakukan kreditor.
Hal tersebut dilakukan dalam rangka memfasilitasi pembicaraan dengan para
Peristiwa Lanjutan terkait Restrukturisasi
Utang
PT Bumi Resources Tbk
Annual Public Expose 2014
Jakarta, 26 November 2014
1.
Company at a Glance
2.
Production and Sales Performances
3.
Financial Performance
- Profit & Loss
- Balance Sheet
- Dividend History
4. Current Issues on BUMI
5. Appendix
Overview
(1)
The Minerals Expert’s Report prepared by PT Runge Indonesia
3
One of the largest coal exporters globally
KPC is the largest export coal mine in the world
Leading natural resources group and the largest thermal coal producer in Indonesia, with together
(KPC and Arutmin) commanded a dominant 18% market share of Indonesia coal production in
2011
74m tonnes of coal mined in 2012, 80 m tonnes in 2013. Expected for 2014 is 83 m tonnes
3.2 billion metric tonnes of marketable coal reserves
from four mining assets and 13.9 billion
metric tonnes of coal resources (excluding reserves)
(1)
High potential for reserves expansion; KPC only partially explored
Ideally located to serve important markets in Asia and Europe
Open cut mining with captive coal processing facilities
Dedicated infrastructure e.g. coal loading terminals, port facilities and conveyors
Segment coal and non-coal businesses
- BUMI will concentrate on increasing thermal coal dominance
Bumi Ownership Structure
Becoming a Diversified Mining Resources Company
Gorontalo Minerals – Gold & Copper Mining
(in exploration stage)
Citra Palu Minerals – Gold Mining
(in exploration stage)
Dairi Prima Minerals– Zinc ,Lead
(in exploitation stage)
Bumi Japan – Marketing Services 80% 100% 80% 96.97%
Newmont Nusa Tenggara – Gold (associated company)
(Minerals/Non-Coal)
KPC
51%
Coal, Oil & Gas
Arutmin
Gallo Oil (Jersey) – Oil
Production (in exploration stage)
IndoCoal Resources
(Cayman) Ltd
70% 100% 70% Effective ~31.43%Darma Henwa – Contract
Mining (associated company) 100% PT Sarkea Prima Minerals – Mining (exploration stage)
PT Bumi Resources Minerals Tbk
87.09%
PT BUMI RESOURCES TBK.
24% 50%
IndoCoal KPC Resources
Coal Production
74
80
83 (e)
100 (e)
0
20
40
60
80
100
120
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Coal Reserves & Resources – Largest in Indonesia
• Reserves are now 3.2 billion tonnes, increase 27% from 2.6 billion tonnes in 2009
• Reserves & Resources together increase to 17.3 billion tonnes
In million tonnes
KPC:
Sangatta
957
7,747
8,704
Bengalon
242
1,560
1,802
1,199
9,307
10,506
Arutmin:
Senakin
35
407
442
Satui
60
262
322
Batulicin
22
-
22
Sub Bituminious Coal
117
669
786
Ecocoal
292
1,224
1,516
410
1,893
2,303
FBS
303
593
896
PEB
1,306
2,311
3,617
Coal
Reserve
Total
Coal
Resource
1H’14 : Operational Performance
FUNDAMENTAL VERY STRONG
•
Sales and Production 10% Higher
•
Strip Ration Down to 6.7
•
Cost Reduction
•
Comfortable Inventory
OB Removed
(in mn bcm) 688Coal Mined
(in mn tons) 80 74Strip Ratio
(in bcm/t) 10.4x 8.6xCoal Sales
(in mn tons) 68 82Coal Inventories*
(in mn tons) 7 6*Note: In-pit, ROM, Plant & Port Stocks 776
302
367 41 45 9.0x 6.7x
Summary Financial Highlights
FY -2013
H1 -2014
%
Current Assets
1,944.2
1,462.8
-25%
Non Current Assets
5,059.7
5,302.1
5%
Total Assets
7,003.9
6,764.9
-3%
Current Liabilities
4,719.9
4,177.3
-11%
Non Current Liabilities
2,587.0
2,830.1
9%
Total Liabilities
7,306.9
7,007.4
-4%
Shareholder Equity
(303.0)
(242.5)
-20%
Total Liabilities & Equity
7,003.9
6,764.9
-5%
Total Debt (Include Convertible Bonds)
4,163.3
4,165.7
0%
H1 -2013 H1 -2014
%
Revenue
1,857.3
1,583.3
-15%
Cost of Revenue
(1,481.5)
(1,268.5)
-14%
Gross Profit
375.8
314.8
-16%
Operating Income (Loss)
142.9
111.0
-22%
Loss Attributable to:
Owners of The Parent
(248.6)
168.0 -168%
Non-controlling Interest
(21.1)
(37.9)
80%
Total Net (Loss)
(269.7)
130.1 -148%
1H’14 – 1H’13 : Performance at a Glance
* Higher sales/production of low CV coal influenced strip ratio, production cash cost & realized price
OPERATIONAL METRICS
OB Removed
302.1 mbcm vs 366.6 mbcm or decreased by 18%
Coal Mined
45.3 m tonnes vs 41.0 m tonnes or increased by 10%
Sales Volume
44.2 m tonnes vs 39.6 m tonnes or increased by 12%
Production Cash Cost
*)
$ 34.3/ton vs $ 41.2/ton or decreased by 17%
FOB Price
*)
$ 52.7/ton vs $ 68.8/ton or decreased by 23%
Strip Ratio
*)
6.7 bcm/ton vs 9.0 bcm/ton or decreased by 25%
1H’14 – 1H’13 : Performance at a Glance
FINANCIALS
Net Revenue
$ 1,583.3 million vs $ 1,857.3 million or decreased by 15%
Cost of Revenue
$ 1,268.5 million vs $ 1,481.5 million or decreased by 14%
Gross Margin
$ 314.8 million vs $ 375.8 million or decreased by 16%
Gross Margin (% to Revenue)
19.9% vs 20.2%
Operating Expenses
$ 203.8 million vs $ 232.9 million or decreased by 13%
Operating Income
$ 111.0 million vs $ 142.9 million or decreased by 22%
Operating Income (% to Revenue) 7.0% vs 7.7%
Income Before Tax
*)
Profit $ 352.3 million vs Loss $ 277.7 million
Average Selling Price
Catatan: Harga Rata-rata Penjualan berdasarkan harga FOB, tidak termasuk royalti kepada pemerintah
Harga Jual Rata-rata Tertimbang
2010
2011
2012
2013
H1'13
H1'14
Q2'14
ASPs (exc. Ecocoal)
$
76.3
$
99.8
$
90.1
$
75.9
$
79.5
$
69.5
$
66.7
Ecocoal
$
41.5
$
61.4
$
52.7
$
34.8
$
38.5
$
29.4
$
28.0
ASPs KPC+AI
$
70.9
$
92.3
$
81.5
$
63.8
$
68.8
$
52.7
$
50.4
Market Distribution
Destination
Jun-14
2013
2012
Sales
Share (%)
Sales
Share (%)
Sales
Share (%)
Indonesia
21,073,158
48%
21,896,274
27%
11,214,474
16%
India
10,120,555
23%
23,348,163
28%
13,443,621
20%
Japan
5,047,016
11%
11,425,964
14%
11,410,641
17%
Philippines
2,349,897
5%
3,385,335
4%
1,764,933
3%
China
1,948,487
4%
11,805,042
14%
18,610,188
27%
Thailand
1,076,688
2%
1,820,723
2%
1,086,935
2%
Hong Kong
1,068,943
2%
1,887,661
2%
1,757,912
3%
Taiwan
546,104
1%
1,826,930
2%
3,019,632
4%
Europe
544,882
1%
776,995
1%
790,583
1%
Malaysia
216,213
0.49%
2,892,586
4%
3,787,152
6%
Korea
159,214
0.36%
877,120
1%
1,316,157
2%
Others*
22,000
0.05%
53,479
0.07%
95,948
0.10%
Grand Total
44,173,157
100%
81,996,271
100%
68,298,176
101%
10
15
20
25
*) Myanmar in 2014, Sri Lanka in 2013, Pakistan in 2012
(in Millions)Cash Costs of Coal Production
Production Cash Costs of the Company decreased by 16% due to higher efficiencies, 28% lower unit
fuel costs and a 25% fall in strip ratio, year-on-year
Komposisi Biaya Kas Produksi
(dalam USD per ton) FY11 FY12 FY13 H1’13 H1’14*
Bumi 42.1 43.7 40.5 41.2 34.3 KPC 45.5 46.5 46.0 46.5 42.8 Arutmin 36.3 39.1 31.0 32.9 21.8
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
Biaya Bahan Bakar per Ton (USD)
11.4 11.6 9.7 10.3 7.4
Rasio Pengupasan 11.5x 10.4x 8.6x 9.0x 6.7x Margin Kas2) 50.6 37.8 23.4 27.6 18.4
Biaya Kas Produksi
(1)
Kontraktor Tambang 58%
Biaya Bahan Bakar 22%
Pemeliharaan, Penyewaan Alat Berat 12%
Biaya Tenaga Kerja 5% Bahan-bahan Lainnya 3%
Curah Hujan di Sangatta
Harga Diesel untuk Keperluan Industri di Indonesia
Harga Diesel menurun secara signifikan bersamaan dengan turunnya harga minyak
bumi
1H -2013
1H -2014
%
Income
1,857.3
1,583.3
-15%
Income Expenses
(1,481.5)
(1,268.5)
-14%
Gross Income
375.8
314.8
-16%
Operating Income
142.9
111.0
-22%
Net Profit (Loss)
(269.7)
130.1
148%
In US$ million
Dividend History – Steady since 2005
30% max of net income subject to shareholder approval
*
Represent 30% Dividend in XO gain of $472 million from Tata transaction in June 2007
Year
Total Share
Dividends
per Share
Remarks
2000
1.0
2001
-2002
2.5
2003
-2005 Interim
5.0
2005 Final
10.0
2006 Final
16.0 Paid on 25 June 2007
2007 Interim
66.0 *
50% paid on 2 July 2007, balance
50% paid on 5 September 2007
2007 Final
45.0 Paid on 7 August 2008
2008 Final
50.60 Paid on 18 August 2009
2009 Final
27.68 Paid on 16 August 2010
2010 Final
41.78 Paid on 15 August 2011
2011 Final
14.31 Paid on 6 July 2012
19,404,000
PT BUMI RESOURCES TBK Outstanding Loan
As of September 2014
LOAN AT BUMI LEVEL
Current
(in Million of USD)
Guaranteed Convertible Bond I
375.00
Country Forest Limited Facility 2009
1,037.01
Guaranteed Senior Secured Notes
300.00
Credit Suisse 2010 Facility - 2 (Amended & Restated)
117.50
Guaranteed Senior Secured Note II
700.00
UBS AG Facility
62.50
Axis Bank Limited Facility 2011
140.00
Deutsche Bank 2011 Facility
54.00
China Development Bank Facility
600.00
RBI Loan Facility
80.69
Credit Suisse Facility - 2014
114.31
Castleford Investment Holdings Ltd. Facility 2013
150.00
Bumi - CIC Deal : The Beginning
Summary of Terms:
Debt Size
: USD 1.9 billion
Payment terms
: fixed interest rate 12% p.a. and 19% IRR Payable on Principle Repayment Date
Tranches:
2013 Payment : USD 600 million
2014 Payment : USD 600 million
2015 Payment : USD 700 million
Use of Proceeds
Debt Refinancing and
USD 1,687 million
the recent acquisitions
Fees and expenses
USD 10 million
Working Capital
USD 203 million
2 years lock-up for both parties
Pledge of coal company share
Bumi - CIC Deal : First Tranche Payment
• In November 2011, Bumi has refinanced Tranche 1 amounting to
US$ 600 million to CIC
• This tranche was falling due on 30 September 2013 and has been
repaid almost 2 years earlier by mutual consent
• Effectively, this refinancing would reduce the interest by ca $72 m on
an annualised basis
• Refinancing cost was Libor + 6.7% pa
vs 12% coupon + IRR
Our View on Debt Rating Downgrades
-
S&P downgraded BUMI to ‘D' from ‘SD‘ on 10 Nov ’14
-
Downgrades due to assumption of, “Bumi Resources, the guarantor, has
failed to make the interest payment within the 30-day grace period
allowed under the bond indenture"
-
S&P report was "devoid of ground reality, employing an outdated model ignoring
the mitigating factors and steps the company has taken to counter the weak sector
sentiment and sharply falling prices.”
Future outlook
• Production capability: 100 mta in 2015
• Cut debt and interest significantly
• Accelerate BRM development
• Close CIC deal
• Best effort to restructure to profit and
dividends status as early as is feasible
PT Bumi Resources Tbk. - Rights Issue (PUT IV)
As per the Company’s Prospectus published on 30 June 2014 Execution of LPO IV
Total Number of Shares to be Issued 32,198,770,000 Total Number of Shares Issued 15,853,620,427 Proceeds raised to be Issued (Rp) 8,049,692,500,000 Proceeds raised (Rp) 3,963,405,106,750 Net Proceeds raised to be Issued (Rp) 7,700,170,000,000 Net Proceeds raised (Rp) 3,611,000,000,000
Use of Net Proceeds of the Rights Issue: USD Rp Use of net proceeds from the Rights Issue USD Rp Working Capital of the Company, consisting of
operating cost and interest payment. 14,000,000 161,000,000,000 Working Capital of the Company, consisting of operating cost and interest payment. 14,000.000 161,000,000,000 Repayment of loan facilities to:
1) Axis Bank Limited 2011, 2) Credit Suisse 2010-2, 3) Deutsche Bank 2011, 4) UBS AG 2012-1, dan 5) CDB 2011
275,000,000 3,162,500,000,000
The Company has decided to drop its rights issue plan initially intended for repayment to its creditors because it did not succeed in raising sufficient cash, and that those creditors were not willing to be paid with shares.
- -
For realizing program budget in respect of Block 13 and Block R2 of hydrocarbon
concession owned by Gallo Oil (Jersey) Ltd. 48,000,000 552,000,000,000
Since the Company was not successful in raising cash from the Rights Issue, the Company has dropped its plan to issue the new shares worth USD48 million
- -
For conducting a feasibility study of copper and gold of concession of PT Gorontalo
Minerals 32,580,000 374,670,000,000
Since the Company was not successful in raising cash from the Rights Issue, the Company has dropped its plan to issue the new shares worth USD32.58 million
- -
Part payment of CIC Loan secured through
Country Forest Limited (“CFL”). 150,000,000 1,725,000,000,000 Part payment of CIC Loan secured through Country Forest Limited (“CFL”). 150,000,000 1,725,000,000,000 Full Repayment of the Company’s loan facility
to Castleford Investment Holdings Ltd
(“Castleford”). 150,000,000 1,725,000,000,000
Full Repayment of the Company’s loan facility to Castleford Investment Holdings Ltd
