PT BUMI Resources Tbk. Presentasi Paparan Publik Tahunan Jakarta, 26 November 2014 www.bumiresources.com
Agenda 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 2
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 (1) Laporan The Minerals Expert yang disusun oleh PT Runge Indonesia 3
Struktur Kepemilikan Bumi Menjadi Perusahaan Sumberdaya Tambang Terdiversifikasi PT BUMI RESOURCES TBK. (Batubara, Minyak & Gas) 51% 70% 70% KPC Arutmin IndoCoal Resources (Cayman) Ltd 50% IndoCoal KPC Resources (Cayman) Ltd 87.09% 80% 96.97% 80% (Mineral/Non-Batubara) PT Bumi Resources Minerals Tbk 24% Gorontalo Minerals Gold & Copper Mining (in exploration stage) Citra Palu Minerals Gold Mining (in exploration stage) Dairi Prima Minerals Zinc,Lead (in exploitation stage) Newmont Nusa Tenggara Gold (associated company) 100% Gallo Oil (Jersey) Oil Production (in exploration stage) 100% Bumi Japan Marketing Services Effective ~31.43% Darma Henwa Contract Mining (associated company) 100% PT Sarkea Prima Minerals Mining (exploration stage) Effective ~50% Fajar Bumi Sakti (FBS) Coal (in production stage) Effective ~84.55% Pendopo Energi Batubara Coal (in exploration stage) 4
Produksi Batubara 120 100 100 (e) 80 74 80 83 (e) 60 40 20 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 5
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. Coal Reserve Coal Resource Total 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 TOTAL 3,218 14,104 17,322 6
1H 14 : Kinerja Operasional FUNDAMENTAL SANGAT KUAT Penjualan dan Produksi meningkat, lebih tinggi sebesar 10% Strip Ratio menurun menjadi 6,7 Pengurangan Biaya Persediaan yang cukup Pengupasan Tanah Penutup (in mn bcm) Volume Batubara Ditambang (juta ton) Rasio Pengupasan (bcm/t) 776 688 367 302 74 80 41 45 10.4x 8.6x 9.0x 6.7x Penjualan Batubara (juta ton) Persediaan Batubara * (juta ton) 68 82 40 44 7 6 6 7 *Note: In-pit, ROM, Plant & Port Stocks 7
Ikhtisar Keuangan In million US$ H1-2013 H1-2014 % FY -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% 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% 8 8
1H 14 1H 13 : Sekilas Kinerja 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% Persediaan Akhir 6,5 juta metrik ton vs 5,7 juta metrik ton atau meningkat 14% * Penjualan/produksi batubara kalori rendah yang lebih tinggi mempengaruhi rasio pengupasan, biaya kas produksi & realisasi harga 9
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 (Rugi) Bersih *) Laba USD352,3 juta vs Kerugian USD277,7 juta Perbaikan (swing) positif sebesar USD630 juta secara yoy Laba USD168 juta vs Kerugian USD -248,6 juta Perbaikan (swing) positif sebesar USD416,6 juta secara yoy * Dari pengalihan 19% saham KPC ke CIC telah tercatat pada Semester I - 2014 10
Harga Jual Rata-rata Harga Jual Rata-rata Tertimbang (in US$ per ton) 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 Catatan: Harga Rata-rata Penjualan berdasarkan harga FOB, tidak termasuk royalti kepada pemerintah 11
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% *) Myanmar in 2014, Sri Lanka in 2013, Pakistan in 2012 (in millions) 25 20 15 10 5 0 Indonesia India Japan Philippines China Thailand Hong Kong Taiwan Europe Malaysia Korea Sales H1-2014 Sales 2013 Sales 2012 12
Biaya Produksi Batubara 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). Biaya Kas Produksi (1) (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 Komposisi Biaya Kas Produksi Kontraktor Tambang 58% Biaya Bahan Bakar 22% 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 Kas 2) 50.6 37.8 23.4 27.6 18.4 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 Pemeliharaan, Penyewaan Alat Berat 12% Biaya Tenaga Kerja 5% Bahan-bahan Lainnya 3% H1 2014 Curah Hujan di Sangatta Harga Diesel untuk Keperluan Industri di Indonesia Harga Diesel menurun secara signifikan bersamaan dengan turunnya harga minyak bumi 13
Laba & Rugi Dalam USD juta 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% 14
Sejarah Dividen Stabil Sejak 2005 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 19.404.000 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 20.773.400 2011 Final 14,31 Dibayarkan pada tanggal 6 Juli 2012 30 % maksimal dari pendapatan bersih atas persetujuan pemegang saham *Mewakili 30% Dividen atas pendapatan luar biasa sebesar USD 472 juta dari transaksi Tata pada bukan Juni 2007 15
Jadwal Pembayaran Kembali Utang BUMI yang Jatuh Tempo 16
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 TOTAL LOANS AT BUMI LEVEL 3,731.01 17
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 Gadai atas saham-saham perusahaan batubara 18
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 Biaya refinancing sebesar Libor + 6,7% pa vs. 12% coupon + IRR 19
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. - Perseroan telah berupaya untuk memperbaiki penjualan dan mengurangi biaya. 20
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 kembali layak dan menguntungkan 21
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 sahamsaham 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 sahamsaham senilai USD32,58 juta tersebut. - - Melakukan pelunasan sebagian fasilitas pinjaman dari China Investment Corporation ( CIC ) melalui Country Forest Limited ( CFL ). 150.000.000 1.725.000.000.000 Melakukan pelunasan sebagian fasilitas pinjaman dari China Investment Corporation ( CIC ) melalui Country Forest Limited ( CFL ). 150.000.000 1.725.000.000.000 Melakukan pelunasan seluruh utang Perseroan kepada Castleford Investment Holdings Ltd ( Castleford ). 150.000.000 1.725.000.000.000 Melakukan pelunasan seluruh utang Perseroan kepada Castleford Investment Holdings Ltd ( Castleford ). 150.000.000 1.725.000.000.000 TOTAL 669.580.000 7.700.170.000.000 TOTAL 314.000.000 3.611.000.000.000 22
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. Catatan: Sisa saham dikembalikan ke dalam portepel Perseroan 23
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. 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 occurrence of anticipated results or otherwise. 24
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. Transaksi tersebut diharapkan dapat dirampungkan pada kuartal 1, 2015. 25
Peristiwa Lanjutan terkait Restrukturisasi Utang 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 pemegang surat utang (noteholders) dan pemegang obligasi (bondholders), serta dalam rangka melanjutkan upaya restrukturisasi. 26
PT Bumi Resources Tbk Annual Public Expose 2014 Jakarta, 26 November 2014 www.bumiresources.com
Agenda 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 2
Overview 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 - BRMS created as a listed entity with exclusive focus on metals industry (1) The Minerals Expert s Report prepared by PT Runge Indonesia 3 3
Bumi Ownership Structure Becoming a Diversified Mining Resources Company PT BUMI RESOURCES TBK. KPC 51% Coal, Oil & Gas 87.09% (Minerals/Non-Coal) PT Bumi Resources Minerals Tbk 70% Arutmin 80% Gorontalo Minerals Gold & Copper Mining (in exploration stage) 70% IndoCoal Resources (Cayman) Ltd 96.97% Citra Palu Minerals Gold Mining (in exploration stage) 50% IndoCoal KPC Resources (Cayman) Ltd 100% Effective ~31.43% Gallo Oil (Jersey) Oil Production (in exploration stage) Darma Henwa Contract Mining (associated company) 80% 24% 100% 100% Dairi Prima Minerals Zinc,Lead (in exploitation stage) Newmont Nusa Tenggara Gold (associated company) Bumi Japan Marketing Services PT Sarkea Prima Minerals Mining (exploration stage) Effective ~50% Fajar Bumi Sakti (FBS) Coal (in production stage) Effective ~84.55% Pendopo Energi Batubara Coal (in exploration stage) 4
Coal Production 120 100 100 (e) 80 74 80 83 (e) 60 40 20 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 5
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 Coal Reserve Coal Resource Total 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 TOTAL 3,218 14,104 17,322 6
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) Coal Mined (in mn tons) Strip Ratio (in bcm/t) 776 688 367 302 74 80 41 45 10.4x 8.6x 9.0x 6.7x Coal Sales (in mn tons) Coal Inventories* (in mn tons) 68 82 40 44 7 6 6 7 *Note: In-pit, ROM, Plant & Port Stocks 7
Summary Financial Highlights In million US$ H1-2013 H1-2014 % FY -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% 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% 8 8
1H 14 1H 13 : Performance at a Glance 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% Closing Inventory 6.5 m tonnes vs 5.7 m tonnes or increased by 14% * Higher sales/production of low CV coal influenced strip ratio, production cash cost & realized price 9
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 *) Net Income *) Profit $ 352.3 million vs Loss $ 277.7 million positive swing of $ 630 million yoy Profit $ 168.0 million vs Loss $ 248.6 million positive swing of $ 416.6 million yoy * From transfer of 19% KPC shares to CIC has been accounted in 1H 2014 10
Average Selling Price Harga Jual Rata-rata Tertimbang (in US$ per ton) 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 Catatan: Harga Rata-rata Penjualan berdasarkan harga FOB, tidak termasuk royalti kepada pemerintah 11
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% *) Myanmar in 2014, Sri Lanka in 2013, Pakistan in 2012 (in Millions) 25 20 15 10 5 0 Indonesia India Japan Philippines China Thailand Hong Kong Taiwan Europe Malaysia Korea Sales H1-2014 Sales 2013 Sales 2012 12
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 (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 Biaya Bahan Bakar per Ton (USD) Biaya Kas Produksi (1) 11.4 11.6 9.7 10.3 7.4 Rasio Pengupasan 11.5x 10.4x 8.6x 9.0x 6.7x Margin Kas 2) 50.6 37.8 23.4 27.6 18.4 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 Komposisi Biaya Kas Produksi Kontraktor Tambang 58% Biaya Bahan Bakar 22% Pemeliharaan, Penyewaan Alat Berat 12% Biaya Tenaga Kerja 5% Bahan-bahan Lainnya 3% H1 2014 Curah Hujan di Sangatta Harga Diesel untuk Keperluan Industri di Indonesia Harga Diesel menurun secara signifikan bersamaan dengan turunnya harga minyak bumi 13
Profit & Loss In US$ million 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% 14
Dividend History Steady since 2005 Year Total Share Dividends per Share Remarks 2000 1.0 2001-2002 2.5 2003-2005 Interim 5.0 2005 Final 10.0 19,404,000 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 20,773,400 2011 Final 14.31 Paid on 6 July 2012 30% max of net income subject to shareholder approval * Represent 30% Dividend in XO gain of $472 million from Tata transaction in June 2007 15
BUMI LOAN MATURITY REPAYMENT SCHEDULE 16
PT BUMI RESOURCES TBK Outstanding Loan As of September 2014 LOAN AT BUMI LEVEL Current (in Million of USD) Guaranteed Convertible Bond I 375.00 Country Forest Limited Facility 2009 1,037.01 Guaranteed Senior Secured Notes 300.00 Credit Suisse 2010 Facility - 2 (Amended & Restated) 117.50 Guaranteed Senior Secured Note II 700.00 UBS AG Facility 62.50 Axis Bank Limited Facility 2011 140.00 Deutsche Bank 2011 Facility 54.00 China Development Bank Facility 600.00 RBI Loan Facility 80.69 Credit Suisse Facility - 2014 114.31 Castleford Investment Holdings Ltd. Facility 2013 150.00 TOTAL LOANS AT BUMI LEVEL 3,731.01 17
Bumi - CIC Deal : The Beginning Summary of Terms: Debt Size Payment terms : USD 1.9 billion : fixed interest rate 12% p.a. and 19% IRR Payable on Principle Repayment Date Tranches: 2013 Payment : USD 600 million 2014 Payment : USD 600 million 2015 Payment : USD 700 million Use of Proceeds Debt Refinancing and USD 1,687 million the recent acquisitions Fees and expenses USD 10 million Working Capital USD 203 million 2 years lock-up for both parties Pledge of coal company share 18
Bumi - CIC Deal : First Tranche Payment In November 2011, Bumi has refinanced Tranche 1 amounting to US$ 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 19
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. - The company has been trying to improve sales and reduce costs. 20
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 21
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 ( Castleford ). 150,000,000 1,725,000,000,000 TOTAL 669,580,000 7,700,170,000,000 TOTAL 314,000,000 3,611,000,000,000 22
The Parties who have subscribed to the Rights Issue Public: 11,530,427 shares Long Haul Holding Ltd. : 6,900,000,000 shares, through debt to equity conversion with PT Karsa Daya Rekatama as its facility agent of Long Haul (unaffiliated with the Company). Castleford Holding Ltd. : 6,900,000,000 shares, through debt to equity conversion with PT Damar Reka Energi as its facility agent of Castleford (unaffiliated with the Company). PT Danatama Makmur as Standby Buyer under a Standby Purchase Agreement of 19 June 2014 : 2,042,090,000. Note: Remaining unsubscribed shares to be returned to unissued stock capital of the Company 23
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 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 occurrence of anticipated results or otherwise. 24
Subsequent Events Related to Restructuring Following CIC transaction, rights issue, and the attempt to extend the bond maturity in addition to the weakening coal price, the Company initiates to take the following actions: 1. BUMI Enters Into Conditional Sale & Purchase Agreement to Sell FBS Stake Executed a CSPA with Jainson Holding Hong Kong Limited for 50% of shares in FBS The proceeds from this share sale when concluded is expected to further reduce the company s debt 25
Subsequent Events Related to Restructuring 2. BUMI s wholly owned subsidiaries in Singapore, viz: Bumi Capital Pte. Ltd. (issuer of USD 300 million 12% Guaranteed Senior Secured Notes), Bumi Investment Pte. Ltd. (issuer of USD 700 million 10.75% Guaranteed Senior Secured Notes), Enercoal Resources Pte. Ltd. (issuer of USD 375 million 9.25% Guaranteed Convertible Bond), have filed an application in Singapore to initiate a formal court process under Section 210 of the Singapore Companies Act as part of on-going effort to restructure the above debt obligations The Singapore subsidiaries have sought and obtained a moratorium of six months against legal and enforcement action, to facilitate discussions with note-holders and bondholders and continue with the restructuring efforts. 26