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Third Quarter 2013Update Presentation
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Executive Summary
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Overall financial performance in YTD September 2013 decreased comparedto YTD September 2012 as net income includes a US$32.8 million foreign
exchange loss of prepaid tax and an impairment of US$29.6 million on thevalue of the inventory due to the reduction of coal price
Combined with lower sales volume and lower ASP (as a result of continuedweak market conditions) more than offsetting the reduction in costs
Revenue, Gross Profit, and Net Income include coal and non-coal sales ; 2) US$ is a convenience translation using the average yearlyexchange rate and quarterly rates
*
Sales Volume (milion MT) 16.0 16.0 to 17.011.9 10.7 -10%Coal Production (million MT) 16.3 14.0 to 15.0 12.3 10.3 -16%
Average Selling Price (US$/MT) 88.9 83 to 86 91.2 79.6 -13%
Average Cash Costs (US$/MT) 78.1 74 to 77 79.1 73.6 -7%
Var2013 B2012YTD Sept
2012
YTD Sept
2013
Average Selling Price includes coal and non-coal sales ; 2) US$ is a convenience translation using the average yearly exchange rate andaverage quarterly exchange rate; 3) Average Cash Costs include Royalty, Barging, SGA; 4) B stands for Budget Figures
*
Revenue 1,509.3 1,422.9 1,083.4 850.0 -22%
Gross Profit 439.8 258.7 201.2 106.5 -47%
Gross Profit Margin 29% 18% 19% 13%
Net Income213.3 54.9 57.6 (31.1)
-154%
(in million USD) 2012YTD Sept
2012
YTD Sept
2013Var2011
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3Q 2013
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Overburden Removal
Coal Production
Weighted Average Strip Ratio
Average Cash Costs
Coal Sales
Average Selling Price
Committed & Contractual Sales
Debt and Cash Position
Capex
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Overburden Removal (OB)
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(million BCM)
Overburden Removal
3 Q 1 3 O v e r b u r d e n r e m o v a l w a s 4 0 .6 m i l l io n B CM w h i c h w a s b e l o w 2 Q 1 3 a n d 3 Q 1 3 B u d g e t
65.8
41.0 40.6
3Q12 3Q13B 2Q13 3Q13
41 to 45
3Q13 OB was 40.6 million BCM
which was lower than 2Q13 and3Q13 Budget due to the decreasein OB activities as a result of theoverall decrease in strip ratiowhich took effect in 4Q12
OB volumes went down QoQ inWBM due to higher than expected
rainfall combined with significantinflow of water from Arutmin; in pitdumping was suspended due toflooding
This was partially offset by theincrease in OB from TSA/FKP andFSP due to contractors exceeding
their Budgeted OB volume
3Q12 3Q13
Gunungbayan Pratamacoal - Block II 26.2 16.1
Gunungbayan Pratamacoal - Block I 1.5 -
Perkasa Inakakerta 7.3 4.4
Teguh Sinar Abadi 1.2 3.3
Firman Ketaun Perkasa 11.4 4.0
Fajar Sakti Prima 1.3 1.2
Bara Tabang
Wahana Baratama Mining 15.4 11.6
Pakar South
Mamahak 1.5 -
Total 65.8 40.6
Overburden Removal(in million BCM)
Note : B stands for Budget Figure
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Coal Production
(million MT)
Coal Production Volume
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3 Q 1 3 c o a l p r o d u c t i o n w a s 3 .6 m i l l io n M T w h i ch w a s w i t h i n t h e r a n g e o f t h e 3 Q 1 3 B u d g e t
4.4
3.33.6
3Q12 3Q13B 2Q13 3Q13
3.5 to 3.7 3Q13 coal production was 3.6million MT which was higherthan 2Q13 but it was within therange of the 3Q13 Budget
Coal production went up incomparison to 2Q13 principallyat FSP as a result of the
contractors exceeding their CoalProduction Budget but this wasslightly offset by the decrease inproduction at WBM as a result ofpoor weather conditions
3Q12 3Q13
Gunungbayan Pratamaco al - Block II 1.0 0.9
Gunungbayan Pratamacoal - Block I -
Perkasa Inakakerta 0.7 0.6
Teguh Sinar Abadi 0.1 0.3
Firman Ketaun Perkasa 0.9 0.4
Fajar Sakti Prima 0.7 0.8
Bara Tabang
Wahana Baratama Mining 0.9 0.7
Pakar SouthMamahak 0.1 0.0
Total 4.4 3.6
Production(in million MT)
Note : B stands for Budget Figure
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Coal Sales (by volume)
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(million MT)
Coal Sales Volume
4.0
3.83.0
2Q12 3Q13B 2Q13 3Q13
4.2 to 4.4
Geographic Distribution (YTD)
3Q13 coal sales volume was 3.0million MT which was lower than2Q13 and 3Q13 Budget due to
Low water level at Tabang whichaffected barging activities andconsequently, impacted blending
Higher proportion of sales wascommitted in 4Q13
Japan and India are Bayans biggestcustomer in terms of YTD salesvolume
Top customers YTD (by salesvolume) are: Vitol Asia PTE LTD, J.Aron & Co, TNB Fuel Service
ENEL, and Adani
3 Q 1 3 c o a l s a le s v o l u m e w a s 3 .0 m i l l io n M T w h i c h w a s b e l o w t h e r a n g e o f t h e 2 Q 1 3 B u d g e t
Note : B stands for Budget Figure
17%
8%
17%
13%
14%
9%
11%
11%
China
India
Japan
Taiwan
Philippines
Malaysia
Others
Italy
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Average Selling Price (ASP)
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(US$/MT)
Average Selling Price (*)
3 Q 1 3 A SP w a s U S$ 7 4 . 2 / M T w h i ch w a s b e l o w t h e r a n g e o f t h e 2 0 1 3 B u d g e t
(1) ASP includes coal and non-coal sales(2) US$ is a convenience translation using the average quarterly
exchange rate for the quarter numbers(3) B stands for Budget Figure
*
79.0 79.774.2
3Q12 2013B 2Q13 3Q13
83 to 86 3Q13 ASP was US$ 74.2 / MT
which was lower than 2Q13 and2013 Budget due to thecontinued weak marketconditions
3Q13 ASP reflect current indexpricing since a major proportionof sales were index linked
3Q13 average CV was 5,843 GARkcal compared to 2Q13 at 5,834GAR kcal
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Committed and Contracted Sales
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2013
Fixed Price Floating Price
14.3 million MT
81.2%
18.8%
Note : September 2013
As at 30 September 2013committed and contracted saleswere 14.3 million MT with anaverage CV of 5,877 GAR kcal
2013 Fixed Price element of 11.6million MT at US$ 78.3 / MT withan average CV of 5,811 GAR kcal
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Total Net Debt and Cash
In 2012, the Company refinanced its existing debt with a US$750 millionfacility which comprises :
US$ 400 milion Term Loan Facility, amortizing over 5 years
US$ 200 million Capex Facility, amortizing over 5 years
US$ 150 million Working Capital Facility, bullet after 3 years
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431.2415.0
463.6495.1
446.4469.4
479.7
128.2115.9
99.5
152.8
201.2 198.7212.2
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
Total Debt CashNote : Total Debt less cash and Debt Service Reserve Account (DSRA)
(inmillionUS$)
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Capital Expenditure
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US$ is a convenience translation using the average annualexchange rate; B stands for Budget Figure
*
(US$ million)
CAPEX (*)
9.4
Budget YTD Actual
45 to 55
YTD Capex was US$ 9.4 million
3Q13 Capex was principally forthe following :
Bara Tabang Haul Road
Cilong Haul Road
Majority of capex will be spent
towards the end of the year asconstruction of Tabang haul roadis anticipated to gain momentum
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PT Perkasa Inakakerta PIK
PT Teguh Sinarabadi TSA
PT Firman Ketaun Perkasa FKPPT Wahana Baratama Mining WBM
PT Fajar Sakti Prima FSP
PT Bara Tabang BT
PT Brian Anjat Sentosa BAS
PT Tanur Jaya TJ
PT Silau Kencana SK
PT Orkida Makmur OM
PT Tiwa Abadi TA
PT Sumber Api SA
PT Dermaga Energi DE
PT Bara Sejati BS
PT Apira Utama AU
PT Cahaya Alam CA
PT Mamahak Coal Mining MCM
PT Bara Karsa Lestari BKL
PT Mahakam Energi Lestari MEL
PT Mahakam Bara Energi MBE
PT Graha Panca Karsa GPK
Tabang
Pakar
Mamahak
Appendix
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Appendix
Kangaroo Resources Limited KRL
PT Dermaga Perkasapratama DPP
PT Indonesia Pratama IP
PT Muji Lines Muji
PT Bayan Energy BE
PT Metalindo Prosestama MP
PT Sumber Aset Utama SAU
PT Bara Karsa Lestari BKL
PT Karsa Optima Jaya KOJ
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Disclaimer
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This presentation contains forward-looking statements based on assumptions and forecasts made by PT. BayanResources Tbk management. Statements that are not historical facts, including statements about our beliefs
and expectations, are forward-looking statements. These statements are based on current plans, estimates andprojections, and speak only as of the date they are made. We undertake no obligation to update any of them inlight of new information or future events.
These forward-looking statements involve inherent risks and are subject to a number of uncertainties, includingtrends in demand and prices for coal generally and for our products in particular, the success of our miningactivities, both alone and with our partners, the changes in coal industry regulation, the availability of funds forplanned expansion efforts, as well as other factors. We caution you that these and a number of other knownand unknown risks, uncertainties and other factors could cause actual future results or outcomes to differmaterially from those expressed in any forward-looking statement.
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Thank You
For more information, please contact :
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