PT BUMI Resources Tbk. Paparan Publik Tahunan Jakarta, 2 Oktober 2015 www.bumiresources.com
Agenda 1. Sekilas tentang Perseroan 2. Kinerja Produksi dan Penjualan 3. Kinerja Keuangan Laba /Rugi Neraca Perbandingan PSAK 66 - H1'15 vs H1'14 4. Gambaran Pasar dan Biaya Produksi 5. Usulan Restruktrurisasi Utang 6. Rangkuman dan Rencana ke Depan 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 26% dari seluruh produksi batubara Indonesia pada tahun 2014 (1) memproduksi batubara sebanyak 80 juta metrik ton pada tahun 2013, tahun 2014 sebanyak 84 juta ton Memiliki 3,2 miliar metrik ton cadangan batubara yang siap dipasarkan dan 13,9 miliar metrik ton sumberdaya batubara (di luar cadangan) (2) 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) www.minerba.esdm.go.id (2) 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) (Mineral/Non-Batubara) 51% 70% KPC Bumi Seri A (25%) Bumi Seri B (0,004%) Arutmin 87.09% PT Bumi Resources Minerals Tbk 80% Gorontalo Minerals Gold & Copper Mining (in exploration stage) 70% 70% 100% IndoCoal Resources (Cayman) Ltd IndoCoal KPC Resources (Cayman) Ltd (Forerunner International) Gallo Oil (Jersey) Oil Production (in exploration stage) 96,97% 80% 24% 100% Citra Palu Minerals Gold Mining (in exploration stage) Dairi Prima Minerals Zinc,Lead (in exploitation stage) Newmont Nusa Tenggara Gold (associated company) 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 80 84 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. Cadangan Batu Bara Sumber Daya Batu Bara Total Dalam Juta Ton 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 335 593 928 PEB 1,306 2,311 3,617 TOTAL 3,250 14,104 17,354 6
1H 15 : Kinerja Operasional* FUNDAMENTAL MASIH SANGAT KUAT Penjualan dan Produksi sedikit menurun Strip Ratio 6,9 Biaya produksi menurun Persediaan yang cukup Pengupasan Tanah Penutup Volume Batubara Ditambang (in mn bcm) (juta ton) 688 84 80 579 302 45 271 39 Rasio Pengupasan (bcm/t) 8,6x 6,9x 6,7x 6,9x Penjualan Batubara Persediaan Batubara * (juta ton) 82 85 44 40 (juta ton) 6 4 5 3 *Berdasarkan 100% basis Note: In-pit, ROM, Plant & Port Stocks 7
1H 15 1H 14 : Sekilas Kinerja* METRIKS OPERASIONAL Pengupasan Tanah Penutup 271,3 mbcm vs 302,1 mbcm atau berkurang 10% Volume Batubara Ditambang 39,1 juta metrik ton vs 45,2 metrik ton atau berkurang 14% Penjualan Batubara 39,9 juta metrik ton vs 44,2 metrik ton atau berkurang 10% Biaya Kas Produksi **) $ 32.1/ton vs $ 34.3/ton atau berkurang 6% Harga FOB **) $ 46,6/ton vs $ 52,7/ton atau berkurang 12% Rasio Pengupasan **) 6,9 bcm/ton vs 6,7 bcm/ton atau meningkat 3% Persediaan Akhir 2,7 juta metrik ton vs 5,3 juta metrik ton atau berkurang 49% * Berdasarkan 100% basis ** Penjualan/produksi batubara kalori rendah yang lebih tinggi mempengaruhi rasio pengupasan, biaya kas produksi & realisasi harga 8
Ikhtisar Keuangan Dalam Juta US$ H1 2014 H1 2015 % FY 2014 H1 2015 % Pendapatan 36,6 21,5 41% Beban Pokok Pendapatan 2,9 1,6 44% Laba Bruto 33,7 19,9 41% Laba Usaha 4,0 6,4 59% LABA (RUGI) NETO YANG DAPAT DIATRIBUSIKAN KEPADA Pemilik entitas induk 149,4 (555,7) 472% Kepentingan nonpengendali (19,3) (10,5) 46% Total 130,1 (566,2) 535% Aset Lancar 764,5 696,0 9% Aset Tidak Lancar 3.852,1 3.693,7 4% Total Aset 4.616,6 4.389,2 5% Liabilitas Jangka Pendek 4.938,8 5.166,2 5% Liabilitas Jangka Panjang 410,8 526,6 28% Total Liabilitas 5.349,6 5.692,8 6% Ekuitas Pemegang saham (733,0) (1.303,6) 78% Total Liabilitas & Ekuitas 4.616,6 4.389,2 5% Total Utang (termasuk Obligasi Konversi) 4.151,5 4.180,5 1% 9 9
1H 15 1H 14 : Sekilas Kinerja DATA KEUANGAN Pendapatan USD21,5 juta vs USD36,6 juta atau berkurang 41% Beban Pokok Pendapatan USD1,6 juta vs USD2,9 juta atau berkurang 44% Laba Bruto USD19,9 juta vs USD33,7juta atau berkurang 41% Margin Laba Bruto (% terhadap Pendapatan) 93% vs 92% Beban Usaha USD13,5 juta vs USD29,7juta atau berkurang 55% Laba Usaha USD6,4 juta vs USD4,0 juta atau meningkat 59% Margin Laba Usaha (% terhadap Pendapatan) 30% vs 11% Laba (Rugi) Sebelum Pajak *) Laba (Rugi) Bersih *) Rugi USD 586,2 juta vs Laba USD 314,1 juta Pembalikan negatif sebesar USD 900,3 juta secara yoy Rugi USD 566,2 juta vs Laba USD 130,1 juta Pembalikan negatif sebesar USD 696,3 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) 2011 2012 2013 2014 H1'14 H1'15 Q2'15 ASPs (exc. Ecocoal) $ 99.8 $ 90.1 $ 75.9 $ 66.4 $ 69.5 $ 56.1 $ 55.0 Ecocoal $ 61.4 $ 52.7 $ 34.8 $ 29.7 $ 29.4 $ 26.6 $ 26.7 ASPs KPC+AI $ 92.3 $ 81.5 $ 63.8 $ 52.7 $ 52.7 $ 46.6 $ 47.4 Catatan: Harga Rata-rata Penjualan berdasarkan harga FOB, tidak termasuk royalti kepada pemerintah 11
Distribusi Pasar Tujuan Jun-15 2014 2013 Penjualan (ton) (%) Penjualan (ton) (%) Penjualan (ton) (%) Indonesia 16.323.680 40,9% 38.236.788 45,1% 21.896.274 26,7% India 11.486.652 28,8% 20.417.502 24,1% 23.348.163 28,5% Japan 4.381.329 11,0% 9.576.613 11,3% 11.425.964 13,9% Philippines 2.036.797 5,1% 3.943.209 4,7% 3.385.335 4,1% China 3.195.052 8,0% 6.135.167 7,2% 11.805.042 14,4% Thailand 1.073.924 2,7% 1.927.178 2,3% 1.820.723 2,2% Malaysia * 216.213 0,3% 2.892.586 3,5% Taiwan * 757.901 1,0% 1.826.930 2,2% Korea 254.099 0,6% 179.334 0,2% 877.120 1,1% Hong Kong 259.408 0,6% 2.274.020 2,7% 1.887.661 2,3% Europe 915.955 2,3% 916.620 1,1% 766.995 0,9% Others */** 150.006 0,2% 53.479 0,1% Grand Total 39.926.896 100% 84.730.551 100% 81.996.271 100% *) Tidak ada proses pengapalan Jan Jun 15 **) Myanmar, Cambodia, NZ di tahun 2014, Sri Lanka di tahun 2013 (Dalam Juta) 12
Biaya Produksi Batubara Biaya Kas Produksi Perseroan berkurang 6% berkat efisiensi yang lebih tinggi, 19% biaya bahan bakar yang lebih rendah dan perubahan strip ratio sebesar 3%, secara year-on-year (yoy). Biaya Kas Produksi (1) (dalam USD per ton) FY12 FY13 FY14 H1 14* H1 15* Bumi 43,7 40,5 34,6 34,3 32,1 KPC 46,5 46,0 41,9 42,8 35,1 Arutmin 39,1 31,0 22,5 21,8 25,6 Komposisi Biaya Kas Produksi Kontraktor Tambang 57% Biaya Bahan Bakar 19% Biaya Bahan Bakar per Ton (USD) 11,6 9,7 7,7 7,4 6,0 Rasio Pengupasan 10,4x 8,6x 6,9x 6,7x 6,9x Margin Kas 2) 37,8 23,4 18,1 18,4 14,5 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 15% Biaya Tenaga Kerja 6% Bahan-bahan Lainnya 3% H1 2015 Curah Hujan di Sangatta Harga Diesel untuk Keperluan Industri di Indonesia Harga Diesel menurun secara signifikan bersamaan dengan turunnya harga minyak bumi 13
Perbandingan PSAK 66 - H1'15 vs H1'14 (Laba & Rugi) June 30 June 30 2015 2014 Increase (Decrease) Six months)* Six months)* Amount % REVENUES 21,499,109 36,604,272 (15,105,163) -41% COSTS OF REVENUES 1,601,221 2,858,030 (1,256,809) -44% GROSS PROFIT 19,897,888 33,746,242 (13,848,354) -41% OPERATING EXPENSES General and administrative 13,479,248 29,698,385 (16,219,137) -55% Total Operating Expenses 13,479,248 29,698,385 (16,219,137) -55% OPERATING INCOME 6,418,640 4,047,857 2,370,783 59% OTHER INCOME (EXPENSES) Equity interest in net income of associates 30,653,338 38,020,888 (7,367,550) -19% Gain (loss) on foreign exchange - net 540,075 (35,498) 575,573-1621% Impairment loss on exploration and evaluation asset (212,329,697) - (212,329,697) 100% Amortization expenses (319,799) (13,052,437) 12,732,638-98% Interest expense and finance charges (279,881,708) (484,939,609) 205,057,901-42% Interest Income 19,353,767 24,542,791 (5,189,024) -21% loss on derivative transactions - (2,954,729) 2,954,729-100% Net gain on sale of Subsidiaries 16,206,368 754,607,427 (738,401,059) -98% Others - net (166,842,680) (6,120,345) (160,722,335) 2626% Total other expenses - Net (592,620,336) 310,068,488 (902,688,824) -291% INCOME BEFORE TAX (586,201,696) 314,116,345 (900,318,041) -287% TAX BENEFIT (EXPENSES) 19,960,138 (184,017,348) 203,977,486-111% NET INCOME (566,241,558) 130,098,997 (696,340,555) -535% NET INCOME ATRIBUTABLE TO: Owners Of the Parent (555,742,598) 149,403,240 (705,145,838) -472% Non-controlling interest (10,498,960) (19,304,243) 8,805,283-46% Total (566,241,558) 130,098,997 (696,340,555) -535% 14
Perbandingan PSAK 66 - H1'15 vs H1'14 (Neraca) Audit Audit A S E T June 30, Dec 31 Increase (Decrease) 2015 2014 Amount % ASET LANCAR Cash and cash equivalents 5,765,623 6,777,995 (1,012,372) -14.94% Restricted cash in banks 12,576,308 12,576,084 224 0.00% Other receivables Third parties 162,788,058 236,943,100 (74,155,042) -31.30% Related parties 194,519 472,532 (278,013) -58.83% Long-term receivables 432,948,262 408,241,409 24,706,853 6.05% Value-Added Tax recoverable 548,071 620,821 (72,750) -11.72% Prepaid expenses 113,251 278,420 (165,169) -59.32% Disposal groups classified as held for sale 79,223,591 97,652,734 (18,429,143) -18.87% Other current assets 1,418,430 926,959 491,471 53.02% Total Current Assets 695,576,113 764,490,054 (68,913,941) NON-CURRENT ASSETS Due from related parties 6,173,142 5,474,878 698,264 12.75% Deferred tax assets - net 188,659,091 165,556,009 23,103,082 13.95% Investment in associates 1,803,436,852 1,772,689,188 30,747,664 1.73% Fixed assets (net of 219,214,389 221,781,508 (2,567,119) -1.16% Mining Properties 580,505,355 587,078,319 (6,572,964) -1.12% Exploration and evaluation assets 329,275,977 538,121,991 (208,846,014) -38.81% Claim for tax refund 71,689,190 69,439,800 2,249,390 3.24% Goodwill - net 308,277,116 308,277,116-0.00% Other non-current assets Third parties 183,794,242 180,972,272 2,821,970 1.56% Related parties 2,648,498 2,671,629 (23,131) -0.87% Total Non-Current Assets 3,693,673,852 3,852,062,710 (158,388,858) TOTAL ASSETS 4,389,249,965 4,616,552,764 (227,302,799) 15
Perbandingan PSAK 66 - H1'15 vs H1'14 (Lanjutan) (Neraca) Audit Audit LIABILITAS DAN EKUITAS June 30, Dec 31 Increase (Decrease) 2015 2014 Amount % LIABILITAS JANGKA PENDEK Short term loan 208,032,935 193,897,249 14,135,686 7.29% Trade payables 11,498,387 11,223,027 275,360 2.45% Other payables 261,480,868 216,436,774 45,044,094 20.81% Accrued expenses 394,234,989 259,007,148 135,227,841 52.21% Tax payable 207,675,645 196,609,908 11,065,737 5.63% Liabilities directly associated with disposal groups classified as held for sale 110,748,366 104,247,515 6,500,851 6.24% Current maturities of Long-term loans 3,597,506,788 3,582,418,484 15,088,304 0.42% Convertible bonds 375,000,000 375,000,000-0.00% Total Current Liabilities 5,166,177,978 4,938,840,105 227,337,873 NON-CURRENT LIABILITIES Due to related parties 521,723,698 405,629,253 116,094,445 28.62% Deferred tax liabilities - net 4,904,772 4,930,681 (25,909) -0.53% Long-term liabilities - net of current Long-term loans 3,913 191,768 (187,855) -97.96% Long-term liabilities - others 2,160 2,315 (155) -6.70% Total Non-Current Liabilities 526,634,543 410,754,017 115,880,526 Total liabilitas 5,692,812,521 5,349,594,122 343,218,399 EKUITAS Capital stock 1,614,650,269 1,614,650,269-0.00% Additional paid-in capital - net (672,000,931) (672,000,931) - 0.00% Treasury stock (34,159,759) (34,159,759) - 0.00% Different transaction in a joint controlled entity (27,756,685) (27,756,685) - 0.00% Different transactions of of entities under common control (306,833,020) (306,833,020) - 0.00% Other capital reserves 11,075,874 11,593,231 (517,357) -4.46% Retained earnings Appropriated 417,634,883 417,634,883-0.00% Unappropriated (2,403,419,872) (1,847,677,274) (555,742,598) 30.08% Equity attributable to the owners of the parent (1,400,809,241) (844,549,286) (556,259,955) Non-controlling interest 97,246,685 111,507,928 (14,261,243) -12.79% Equity - Net (1,303,562,556) (733,041,358) (570,521,198) TOTAL LIABILITIES AND EQUITY 4,389,249,965 4,616,552,764 (227,302,799) 16
Usulan Restrukturisasi Utang Utang Pokok Yang Belum Dibayar per 31 Agustus 2015 Estimasi Utang Yang Belum Dibayar per 31 Agustus 2015 Total Fasilitas Bergaransi Baru* % dari Estimasi Utang yang Belum Dibayar Utang yang akan Dikonversi Menjadi Saham Bumi** *** % dari Estimasi Utang yang Belum Dibayar Utang yang akan Dikonversi Menjadi Saham Tertutup**** % dari Estimasi Utang yang Belum Dibayar 3,605.4 3,984.4 1,200.0 30.1% 2,054.4 51.6% 730.0 18.3% Catatan: * Trance A US$ 600 juta bunga 6% per tahun Trance B US$ 600 juta bunga PIK 9% per tahun Jatuh tempo 5 tahun untuk kedua Trance ** Termasuk pinjaman CIC sebesar US$ 150 juta *** Berdasarkan Valuasi Ekuitas sebesar US$ 4,6 miliar **** Sisa utang dikonversi menjadi saham tertutup (private equity) (Pinjaman CIC sebesar US$ 630 juta dan pinjaman Axis Bank sebesar US$ 100 juta) Usulan Restrukturisasi Utang secara lengkap kepada lender asing telah dimuat di situs BEI dan Perseroan pada tanggal 28 Sept'15 17
Pandangan Masa Depan Kapabilitas Produksi: 100 metrik ton di tahun 2015 Memangkas utang dan bunga secara signifikan dengan menyelesaikan Restrukturisasi Utang secepat mungkin Mempercepat pengembangan Bumi Resources Minerals Melakukan upaya terbaik agar kembali mampu menghasilkan laba dan membagikan dividen segera setelah kondisi perusahaan kembali layak dan menguntungkan 18
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. 19
PT BUMI Resources Tbk. Annual Public Expose Jakarta, 2 October 2015 www.bumiresources.com
Agenda 1. Company at a Glance 2. Production and Sales Performances 3. Financial Performance Profit & Loss Balance Sheet PSAK 66 Comparison H1'15 vs H1'14 4. Market and Production Highlights 5. Debt Restructuring Proposal 6. Future Outlook 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 KPC and Arutmin together commanding a dominant 26% market share of Indonesia coal production in 2014 (1) Reached coal production of 80 million metric tonnes in 2013, and 84 million metric tonnes in 2014 3.2 billion metric tonnes of marketable coal reserves and 13.9 billion metric tonnes of coal resources (excluding resources) (2) High potential for reserves expansion; KPC only partially explored Ideally located to serve important markets throughout Asia and Europe Open cut mining with captive coal processing facilities Dedicated infrastructure including coal loading terminals, port facilities and coal conveyors 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 (1) www.minerba.esdm.go.id (2) Laporan The Minerals Expert yang disusun oleh PT Runge Indonesia 3
Bumi Ownership Structure Becoming a Diversified Mining Resources Company PT BUMI RESOURCES TBK. (Coal, Oil & Gas) (Minerals/Non-Coal) 51% 70% KPC Bumi Seri A (25%) Bumi Seri B (0,004%) Arutmin 87.09% PT Bumi Resources Minerals Tbk 80% Gorontalo Minerals Gold & Copper Mining (in exploration stage) 70% 70% 100% IndoCoal Resources (Cayman) Ltd IndoCoal KPC Resources (Cayman) Ltd (Forerunner International) Gallo Oil (Jersey) Oil Production (in exploration stage) 96,97% 80% 24% 100% Citra Palu Minerals Gold Mining (in exploration stage) Dairi Prima Minerals Zinc,Lead (in exploitation stage) Newmont Nusa Tenggara Gold (associated company) 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
Coal Production 80 84 5
Coal Reserves and Resources Largest in Indonesia Reserves are now 3.2 million metric tonnes, an increase by 27% from 2.6 million metric tonnes in 2009. Reserves & Resources, together increase to 17.3% million metric tons. Coal Reserves Coal Resource Total In Million Tons 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 335 593 928 PEB 1,306 2,311 3,617 TOTAL 3,250 14,104 17,354 6
1H 15 : Operational Performance* FUNDAMENTAL VERY STRONG Sales and production is decreased Strip Ratio 6.9 Cost Reduction Comfortable Inventory OB Removed (in mn bcm) 688 579 Coal Mined (juta ton) 80 84 Strip Ratio (bcm/t) 8.6x 6.9x 6.7x 6.9x 302 271 45 39 Coal Sales Coal Inventories * (juta ton) 82 85 44 40 (juta ton) 6 4 5 3 *Based on 100% basis *Note: In-pit, ROM, Plant & Port Stocks 7
1H 15 1H 14 : Performance at a Glance* OPERATIONAL METRICS OB Removed 271.3 mbcm vs 302.1 mbcm or decreased by 10% Coal Mined 39.1 million metric tonnes vs 45.2 million metric tonnes or decreased by 14% Sales Volume 39.9 million metric tonnes vs 44.2 million metric tonnes or decreased by 10% Production Cash Cost **) $ 32.1/ton vs $ 34.3/ton or decreased by 6% FOB Price **) $ 46.6/tons vs $ 52.7/tons or decreased by 12% Strip Ratio **) 6.9 bcm/ton vs 6.7 bcm/ton or increased by 3% Closing Inventory 2.7 million metric tonnes vs 5.3 million metric tonnes or decreased by 49% * Based on 100% basis ** Higher sales/production of low CV coal affected strip ratio, production cash cost & realized price 8
Financial Highlights In million US$ H1 2014 H1 2015 % FY 2014 H1 2015 % Revenue 36.6 21.5 41% Cost of Revenue 2.9 1.6 44% Gross Profit 33.7 19.9 41% Operating Income (Loss) 4.0 6.4 59% Loss Attributable to: Owners of The Parent 149.4 (555.7) 472% Non controlling Interest (19.3) (10.5) 46% Total Net (Loss) 130.1 (566.2) 535% Current Assets 764.5 696.0 9% Non Current Assets 3,852.1 3,693.7 4% Total Assets 4,616.6 4,389.2 5% Current Liabilities 4,938.8 5,166.2 5% Non Current Liabilities 410.8 526.6 28% Total Liabilities 5,349.6 5,692.8 6% Shareholder Equity (733.0) (1,303.6) 78% Total Liabilities & Equity 4,616.6 4,389.2 5% Total Debt (Include Convertible Bonds) 4,151.5 4,180.5 1% 9 9
1H 15 1H 14 : Performance at a Glance FINANCIALS Net Revenue USD21.5 million vs USD36.6 million or decreased by 41% Cost of Revenue USD1.6 million vs USD2.9 million or decreased by 44% Gross Margin USD19.9 million vs USD33.7 million or decreased by 41% Gross Margin (% to revenue) 93% vs 92% Operating Expenses USD13.5 million vs USD29.7 million or decreased by 55% Operating Income USD6.4 million vs USD4.0 million or increased by 59% Operating Income Margin (% to Revenue) 30% vs 11% Profit (Loss) Before Tax *) Net Profit (Loss) *) Loss of USD 586.2 million vs Profit of USD 314.1 million Negative swing of USD 900.3 million yoy Loss of USD 566.2 million vs Profit of USD 130.1 million Negative swing of USD 696.3 million yoy * Proceeds from transfer of 19% of KPC shares had been recorded in Half year I - 2014 10
Average Selling Price Weighted Average Selling Price (in US$ per ton) 2011 2012 2013 2014 H1'14 H1'15 Q2'15 ASPs (exc. Ecocoal) $ 99.8 $ 90.1 $ 75.9 $ 66.4 $ 69.5 $ 56.1 $ 55.0 Ecocoal $ 61.4 $ 52.7 $ 34.8 $ 29.7 $ 29.4 $ 26.6 $ 26.7 ASPs KPC+AI $ 92.3 $ 81.5 $ 63.8 $ 52.7 $ 52.7 $ 46.6 $ 47.4 Note: Average Selling Price based on FOB prices, excluding royalties to the government. 11
Market Distribution Destination Jun-15 2014 2013 Sales (tons) Share (%) Sales (tons) Share (%) Sales (tons) Share (%) Indonesia 16.323.680 40,9% 38.236.788 45,1% 21.896.274 26,7% India 11.486.652 28,8% 20.417.502 24,1% 23.348.163 28,5% Japan 4.381.329 11,0% 9.576.613 11,3% 11.425.964 13,9% Philippines 2.036.797 5,1% 3.943.209 4,7% 3.385.335 4,1% China 3.195.052 8,0% 6.135.167 7,2% 11.805.042 14,4% Thailand 1.073.924 2,7% 1.927.178 2,3% 1.820.723 2,2% Malaysia * 216.213 0,3% 2.892.586 3,5% Taiwan * 757.901 1,0% 1.826.930 2,2% Korea 254.099 0,6% 179.334 0,2% 877.120 1,1% Hong Kong 259.408 0,6% 2.274.020 2,7% 1.887.661 2,3% Europe 915.955 2,3% 916.620 1,1% 766.995 0,9% Others */** 150.006 0,2% 53.479 0,1% Grand Total 39.926.896 100% 84.730.551 100% 81.996.271 100% *) There was no sales process on Jan Jun 15 **) Myanmar, Cambodia, NZ in 2014, Sri Lanka in 2013 (in million) 12
Cash Costs of Coal Production Production Cash Costs of the Company decreased by 6% thanks to higher efficiencies, 19% lower unit fuel costs and strip ratio by 3%, year-on-year (yoy). Production Cash Cost (1) (in USD per ton) FY12 FY13 FY14 H1 14* H1 15* Bumi 43,7 40,5 34,6 34,3 32,1 KPC 46,5 46,0 41,9 42,8 35,1 Arutmin 39,1 31,0 22,5 21,8 25,6 Fuel Cost per Ton (USD) 11,6 9,7 7,7 7,4 6,0 Strip Ratio 10,4x 8,6x 6,9x 6,7x 6,9x Cash Margin 2) 37,8 23,4 18,1 18,4 14,5 Notes: (1) calculated by dividing production cash cost by coal mined, excluding FBS. (2) calculated by deducting production cash cost from average selling price. * Unaudited Komposisi Biaya Kas Produksi Mining Contractors 57% H1 2015 Fuel Costs 19% Maintenance, Lease of Heavy Equipment 15% Labor Cost 6% Other Materials 3% Rainfall in Sangatta Diesel Prices for Industrial Purposes in Indonesia Diesel prices saw a significant drop, along with the declining oil prices 13
PSAK 66 Comparison H1'15 vs H1'14 (Profit & Loss) June 30 June 30 2015 2014 Increase (Decrease) Six months)* Six months)* Amount % REVENUES 21,499,109 36,604,272 (15,105,163) -41% COSTS OF REVENUES 1,601,221 2,858,030 (1,256,809) -44% GROSS PROFIT 19,897,888 33,746,242 (13,848,354) -41% OPERATING EXPENSES General and administrative 13,479,248 29,698,385 (16,219,137) -55% Total Operating Expenses 13,479,248 29,698,385 (16,219,137) -55% OPERATING INCOME 6,418,640 4,047,857 2,370,783 59% OTHER INCOME (EXPENSES) Equity interest in net income of associates 30,653,338 38,020,888 (7,367,550) -19% Gain (loss) on foreign exchange - net 540,075 (35,498) 575,573-1621% Impairment loss on exploration and evaluation asset (212,329,697) - (212,329,697) 100% Amortization expenses (319,799) (13,052,437) 12,732,638-98% Interest expense and finance charges (279,881,708) (484,939,609) 205,057,901-42% Interest Income 19,353,767 24,542,791 (5,189,024) -21% loss on derivative transactions - (2,954,729) 2,954,729-100% Net gain on sale of Subsidiaries 16,206,368 754,607,427 (738,401,059) -98% Others - net (166,842,680) (6,120,345) (160,722,335) 2626% Total other expenses - Net (592,620,336) 310,068,488 (902,688,824) -291% INCOME BEFORE TAX (586,201,696) 314,116,345 (900,318,041) -287% TAX BENEFIT (EXPENSES) 19,960,138 (184,017,348) 203,977,486-111% NET INCOME (566,241,558) 130,098,997 (696,340,555) -535% NET INCOME ATRIBUTABLE TO: Owners Of the Parent (555,742,598) 149,403,240 (705,145,838) -472% Non-controlling interest (10,498,960) (19,304,243) 8,805,283-46% Total (566,241,558) 130,098,997 (696,340,555) -535% 14
PSAK 66 Comparison H1'15 vs H1'14 (Balance Sheet) Audit Audit A S E T June 30, Dec 31 Increase (Decrease) 2015 2014 Amount % ASET LANCAR Cash and cash equivalents 5,765,623 6,777,995 (1,012,372) -14.94% Restricted cash in banks 12,576,308 12,576,084 224 0.00% Other receivables Third parties 162,788,058 236,943,100 (74,155,042) -31.30% Related parties 194,519 472,532 (278,013) -58.83% Long-term receivables 432,948,262 408,241,409 24,706,853 6.05% Value-Added Tax recoverable 548,071 620,821 (72,750) -11.72% Prepaid expenses 113,251 278,420 (165,169) -59.32% Disposal groups classified as held for sale 79,223,591 97,652,734 (18,429,143) -18.87% Other current assets 1,418,430 926,959 491,471 53.02% Total Current Assets 695,576,113 764,490,054 (68,913,941) NON-CURRENT ASSETS Due from related parties 6,173,142 5,474,878 698,264 12.75% Deferred tax assets - net 188,659,091 165,556,009 23,103,082 13.95% Investment in associates 1,803,436,852 1,772,689,188 30,747,664 1.73% Fixed assets (net of 219,214,389 221,781,508 (2,567,119) -1.16% Mining Properties 580,505,355 587,078,319 (6,572,964) -1.12% Exploration and evaluation assets 329,275,977 538,121,991 (208,846,014) -38.81% Claim for tax refund 71,689,190 69,439,800 2,249,390 3.24% Goodwill - net 308,277,116 308,277,116-0.00% Other non-current assets Third parties 183,794,242 180,972,272 2,821,970 1.56% Related parties 2,648,498 2,671,629 (23,131) -0.87% Total Non-Current Assets 3,693,673,852 3,852,062,710 (158,388,858) TOTAL ASSETS 4,389,249,965 4,616,552,764 (227,302,799) 15
PSAK 66 Comparison H1'15 vs H1'14 (continue) (Balance Sheet) Audit Audit LIABILITAS DAN EKUITAS June 30, Dec 31 Increase (Decrease) 2015 2014 Amount % LIABILITAS JANGKA PENDEK Short term loan 208,032,935 193,897,249 14,135,686 7.29% Trade payables 11,498,387 11,223,027 275,360 2.45% Other payables 261,480,868 216,436,774 45,044,094 20.81% Accrued expenses 394,234,989 259,007,148 135,227,841 52.21% Tax payable 207,675,645 196,609,908 11,065,737 5.63% Liabilities directly associated with disposal groups classified as held for sale 110,748,366 104,247,515 6,500,851 6.24% Current maturities of Long-term loans 3,597,506,788 3,582,418,484 15,088,304 0.42% Convertible bonds 375,000,000 375,000,000-0.00% Total Current Liabilities 5,166,177,978 4,938,840,105 227,337,873 NON-CURRENT LIABILITIES Due to related parties 521,723,698 405,629,253 116,094,445 28.62% Deferred tax liabilities - net 4,904,772 4,930,681 (25,909) -0.53% Long-term liabilities - net of current Long-term loans 3,913 191,768 (187,855) -97.96% Long-term liabilities - others 2,160 2,315 (155) -6.70% Total Non-Current Liabilities 526,634,543 410,754,017 115,880,526 Total liabilitas 5,692,812,521 5,349,594,122 343,218,399 EKUITAS Capital stock 1,614,650,269 1,614,650,269-0.00% Additional paid-in capital - net (672,000,931) (672,000,931) - 0.00% Treasury stock (34,159,759) (34,159,759) - 0.00% Different transaction in a joint controlled entity (27,756,685) (27,756,685) - 0.00% Different transactions of of entities under common control (306,833,020) (306,833,020) - 0.00% Other capital reserves 11,075,874 11,593,231 (517,357) -4.46% Retained earnings Appropriated 417,634,883 417,634,883-0.00% Unappropriated (2,403,419,872) (1,847,677,274) (555,742,598) 30.08% Equity attributable to the owners of the parent (1,400,809,241) (844,549,286) (556,259,955) Non-controlling interest 97,246,685 111,507,928 (14,261,243) -12.79% Equity - Net (1,303,562,556) (733,041,358) (570,521,198) TOTAL LIABILITIES AND EQUITY 4,389,249,965 4,616,552,764 (227,302,799) 16
Debt Restructuring Proposal Principal Outstanding as 31 Aug 2015 Estimated Debt Outstanding as 31 Aug 2015 Total New Secured Facility* % of Estimated Debt Outstanding Debts to be converted to Bumi Equity** *** % of Estimated Debt Outstanding Debts to be converted to Private Equity**** % of Estimated Debt Outstanding 3,605.4 3,984.4 1,200.0 30.1% 2,054.4 51.6% 730.0 18.3% Notes: * Tranche A US$ 600 million 6% interest p.a Tranche B US$ 600 million 9% interest p.a PIK 5 year maturity for both Tranches. ** Include US$ 150 million CIC loan *** Based on Equity Valuation US$ 4.6 billion **** Balance of debt will be converted into private equity (US$ 630 of CIC loan and US$ 100 of Axis loan) Full Revised Restructuring Proposal to foreign lenders has been posted on IDX and Company s website on 28 Sept 15 17
Future Outlook Production Capability: 100 million metric tons in 2015 To significantly trim debts and interest by concluding Debt Restructuring expeditiously To speed up the development of Bumi Resources Minerals To make best endeavors to return to profits and dividend payments as soon as possible. 18
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. 19