PT Petrosea Tbk Analyst Presentation
July 2011Operations HighlightsOperations Highlights
December 2011
1
192
459383
672739
1,352
2006A 2007A 2008A 2009A 2010A Sep 2011A
E&C / POSB / Other Bayan Kideco Santan Batubara ABN
Strong Growth in Backlog Over Time(US$m)
Attractive and Visible Growth Supported by a Robust Contract Backlog
Pre-Indika Post-Indika
2
Asset Overview
CV (gar) 5,500
CV (adb) 5,800
Sulphur Content 0.6%
Ash Content 4–8%
Royalty 13.5%
Corporate Tax 25%
Pit-to-Port Distance ~35 km
Samarinda
Balikpapan
Santan Batubara
Reserves Resources
Ownership of a High Quality Coal Asset—Santan Batubara
1.31.6
2.0
1.3
'09A '10A 9m '10 9m '11
Production Volume(mt)
71.1
92.2
74.1
49.1
'09A '10A 9m '10 9m '11
Average Selling Price(US$ / t)
1.1
2.1
1.61.2
'09A '10A 9m '10 9m '11
Sales Volume(mt)
47.9 mt
283.7 mt
12.1
9.09.912.6
'09A '10A 9m '10 9m '11
Strip Ratio (x)
61.9
43.245.842.6
'09A '10A 9m '10 9m '11
Cash Cost(US$ / t, excluding royalty)
Santan Batubara Production Volume for FY 2011 is 1.7 million tonSantan Batubara Sales Volume for FY 2011 is 1.7 million tonSantan Batubara Average Selling Price, Cash Cost and Strip Ratio for FY 2011 are subject to finalization of the audited Financial Statements
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Attractive and Visible Growth Supported by Capacity Expansion
(1) One fleet typically consists of 1 excavator, 5-8 dump trucks and other auxiliary equipment. Represents 250t equivalent fleet(2) Represents actual volume removed during the period(3) Represents 12 months capacity
2011 Monthly Overburden Removal(mbcm)
8 7 8 9 10 10 11 10 1012 1110
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Dump Trucks Excavators
Bulldozers Graders
Annual Overburden Volumes (mbcm)
5372
81
116
FY '08A FY '09A FY '10A FY '11A
4
25
6165
'08A '09A '10A
3529
'08A '09A '10A
Mining Others
6
26
41
3%15%
22%
'08A '09A '10A
Petrosea Summary Financials
Revenue Net Income and MarginAdjusted EBITDA and Margin(US$m) (US$m)(US$m)
(1) Normalized for US$4m of provision for doubtful debts with respect to the PT Ilthabi Bara Utama contract. (2) Normalized for US$25m of provision for doubtful debts with respect to the PT Ilthabi Bara Utama contract. (3) Normalized for US$1.4m of recovery relating to the reversal of a provision for Petrosea’s portion of Santan Batubara’s accumulated losses as at the end of 2009 and US$0.3m of provision for doubtful debts.(4) Normalized for US$1.4m of recovery relating to the reversal of a provision for Petrosea’s portion of Santan Batubara’s accumulated losses as at the end of 2009 and US$0.5m of provision for doubtful debts. (5) Normalized for US$3.1m increase in depreciation expense due to a change in depreciation method from an hourly utilization basis through 2010 to a straight-line method in 2011.Note: adjusted EBITDA is calculated as operating income plus depreciation. Petrosea did not record any amortization in the shown periods.
22
14
9m '10 9m '11
44
63
9m '10 9m '11
25
33
9m '10 9m '11
206
100
106
172
137
187
157
136
185
114
170
Mining Others
32%32% 34%21% 20%
9m ‘10 9m ‘119m ‘10 9m ‘11’08A ’09A ’10A 9m ‘10 9m ‘11 9m ‘10 9m ’11(5)’08A ’09A ’10A(3)
28
36
(1) (2) (4)
13%
36% 35%
’08A ’09A ’10A
26
6165
5
41
1
2%
'09A '10A
Santan Batubara – Key Financial Highlights
Revenue Net Income and MarginAdjusted EBITDA and Margin(US$m) (US$m)(US$m)
55
'09A '10A 9m '10 9m '11
34
29
9m '10 9m '11
30
1
1%
'09A '10A
18
23
9m '10 9m '11
153
113 113
29%
30%25%
20%21% 16%
44
2%
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Growth Strategy - Continued Focus on Mining
9M 2011A Revenue Segmentation
9M 2008A Revenue Segmentation
POSB7%E&C
6%
Mining87%
US$185mUS$206m
POSB8%
E&C43%
Mining49%
US$162m
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Health and Safety
LTIR: Lost Time Injury RateTRIR: Total Recordable Injury Rate
US$185mUS$206mUm
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Thank You