Company Update Nine Months 2016

Transcription

1 Nine Mnths Nvember 2016 Share Price Data (as f 14 Nv 2016) DOID Last Price (Rp) 470 Outstanding Shares (mn) 8,311 Market Capitalizatin (Rp bn) 3,906 Market Capitalizatin (USD mn) * 292 * based n exchange rate f Rp13,358 Sharehlder Structure Nrthstar Tambang Persada Ltd 39.3% Public 60.7% Cntact Us Investr Relatins Department ir@deltadunia.cm PT Delta Dunia Makmur Tbk. Cyber 2 Twer, 28 th Flr Jl. H.R. Rasuna Said Blk X-5 N. 13 Jakarta Indnesia Phne: Fax: ) Cash psitin includes restricted cash in bank. 2) Debt includes nly the utstanding cntractual liabilities. 3) Restated due t retractive implementatin f PSAK 24 (Emplyee Benefits). 4) Margins are based n net revenues excluding fuel. 5) Free cash flw is cash flw befre debt service. Jakarta PT Delta Dunia Makmur Tbk. ( DOID r the Cmpany ) presents its newsletter with cnslidated financial and perating results that include its primary and whlly-wned subsidiary, PT Bukit Makmur Mandiri Utama ( BUMA ). The Cmpany psted US$25 millin net incme in 9M 2016 vs. a net lss f US$4 millin in 9M 2015, underpinned by EBITDA margin expansin and lwer ther expenses. HIGHLIGHTS OF CONSOLIDATED RESULTS (in US$M unless therwise stated) Prfitability 9M16 9M15 3) YY EBITDA % EBITDA Margin 4) 34.8% 33.9% Operating Prfit % Operating Margin 4) 17.2% 15.7% Net Prfit (Lss) 25 (4) n.m EPS (in Rp) Rp 41 Rp (6) n.m Cash Flws 9M16 9M15 YY Capex % Free Cash Flw 5) % Financial Psitin Sep-16 Dec-15 Δ Cash Psitin 1) Net Debt 2) (123) QUARTERLY RESULTS (in US$M unless therwise stated) Vlume 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 OB Remval (mbcm) Cal (mt) Financials 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Revenue EBITDA EBITDA Margin 4) 27.5% 34.4% 38.4% 33.7% 31.6% 33.4% 38.5% Operating Prfit Operating Margin 4) 6.4% 16.8% 21.9% 16.5% 11.9% 14.9% 23.3% Net Prfit (Lss) (10) 0 5 (5) M 2016 HIGHLIGHTS The Cmpany s verburden remval grew 10% YY and cal prductin increased by 14% YY in 3Q Cumulatively, verburden remval increased t millin bcm (+6% YY) in 9M 2016 while cal prductin was stable at 24.9 millin tns. Flat net revenue grwth in 9M 2016 was due t adjustment in mining rates fr several custmers. Ntwithstanding this, perating prfit grew by 7% YY t US$69 millin in 9M 2016, primarily due t lwer unit prductin cash cst (-8% YY) n the back f varius initiatives n maintenance and ther csts efficiency. EBITDA margin expanded t 34.8% in 9M16 vs. 33.9% in 9M Disciplined capex spending and wrking capital management resulted in US$151 millin (+30% YY) free cash flw generatin during 9M The Cmpany further deleveraged its balance sheet with an additinal US$40 millin vluntary prepayment f its bank lans, n tp f the scheduled amrtizatin. Net debt was reduced t US$445 millin (-20% YY), translating int a net debt t LTM EBITDA f 2.4x as f September 2016 vs. 3.0x in September

2 mn bcm mn bcm Nine Mnths 2016 Exhibit 1: Quarterly Prductin OVERBURDEN REMOVAL Exhibit 2: Net Debt US$293mn Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 COAL PRODUCTION Dec-13 Dec-14 Dec-15 Mar-16 Jun-16 Sep-16 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Net Debt Cnslidated Cash Outstanding Debt Exhibit 3: Cnslidated Free Cash Flws (6) (39) (34) 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Exhibit 4: Quarterly Prfitability Trend 38.4% 32.8% 30.2% 32.7% 32.2% 34.4% 33.7% 31.6% 33.4% 27.5% % Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 1) Margins are based n net revenues excluding fuel. EBITDA Revenues EBITDA Margin 1) 2

3 Nine Mnths 2016 DOID S CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME In US$ mn (unless therwise stated) 9M16 9M15 4) YY Net revenues % Revenue excl. fuel % Cst f revenues % Grss prfit % Operating expenses (30) (29) 3% Finance cst (34) (35) -1% Others - net 4 (30) n.m. Pretax prfit (lss) 39 (0) n.m. Tax expense % Prfit (lss) fr the perid 25 (4) 774% Other cmprehensive incme - net % Cmprehensive incme 27 1 n.m. EBITDA % Basic EPS (in Rp) 3) Rp 41 Rp (6) 774% DOID S CONSOLIDATED STATEMENTS OF FINANCIAL POSITION In US$ mn (unless therwise stated) Sep-16 Dec-15 YTD Cash and cash equivalents % Trade receivables - current % Other current assets % Trade receivables - nn-current - 1 n.m. Restricted cash in bank % Fixed assets - net % Other nn-current assets % TOTAL ASSETS % Trade payables % LT liabilities - current % Derivative liabilities-current - 2 n.m. Other current liabilities % LT liabilities - nn current % Other nn-current liabilities % TOTAL LIABILITIES % TOTAL EQUITY % DOID S FINANCIAL RATIOS 1) DOID S CONSOLIDATED STATEMENTS OF CASH FLOWS 9M16 9M15 Grss margin 24.7% 22.8% Operating margin 17.2% 15.7% EBITDA margin 34.8% 33.9% Pretax margin 9.7% -0.1% Net margin 6.3% -0.9% In US$ mn (unless therwise stated) 9M16 9M15 Net CF frm Operating Activities 5) Net CF frm Investing Activities (5) (9) Net CF frm Financing Activities (84) (52) Net change in cash & cash equivalents Beginning balance cash & cash equivalents Effect f freign exchange rate changes 5) 1 (4) Ending balance cash & cash equivalents 2) ) Margins are based n net revenues excluding fuel. 2) Excludes restricted cash in bank. 3) Reprted Basic EPS translated int Rp using average exchange rate f Rp13,328 and Rp13,263 fr 9M16 and 9M15, respectively. 4) Restated due t retractive implementatin f PSAK 24 (Emplyee Benefits). 5) Reclassificatin t the presentatin fr cmparative purpses. 3

4 Nine Mnths 2016 BUMA S STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME BUMA S STATEMENTS OF FINANCIAL POSITION In US$ mn (unless therwise stated) 9M16 9M15 2) YY Net revenues % Revenue excl. fuel % Cst f revenues % Grss prfit % Operating expenses (28) (27) 2% Finance cst (34) (35) -1% Others - net 11 (20) 155% Pretax prfit % Tax expense % Prfit fr the perid % Other cmprehensive incme - net % Cmprehensive incme % EBITDA % In US$ mn (unless therwise stated) Sep-16 Dec-15 YTD Cash % Trade receivables - current % Other current assets % Trade receivables - nn-current - 1 n.m. Restricted cash in bank % Due frm related party % Fixed assets - net % Other nn-current assets % TOTAL ASSETS 1,001 1,043-4% Trade payables % LT liabilities - current % Derivative liabilities-current - 2 n.m. Other current liabilities % LT liabilities - nn-current % Other nn-current liabilities % TOTAL LIABILITIES % TOTAL EQUITY % BUMA S STATEMENTS OF CASH FLOWS In US$ mn (unless therwise stated) 9M16 9M15 Net CF frm Operating Activities Net CF frm Investing Activities (5) (10) Net CF frm Financing Activities (84) (52) Net change in cash Beginning balance cash Ending balance cash 1) ) Excludes restricted cash in bank 2) Restated due t retractive implementatin f PSAK 24 (Emplyee Benefits). 4

5 Nine Mnths 2016 OTHER UPDATES A. NEW CONTRACTS BUMA signed several cntracts in Nvember 2016 with an aggregate value f ver Rp42 trillin (~US$3.3 billin), which will cntribute psitively t the Cmpany s future grwth: A life f mine cntract with PT Tadjahan Antang Mineral ( TAM ) with a cntract value f apprximately IDR 3.8 trillin (~US$288 millin). This cntract is an extensin f a previus cntract signed in August The mining services cntract has a ttal prductin target f apprximately 147 millin bcm f verburden and 28 millin tns f cal. The prject is lcated in Gunung Mas District, Central Kalimantan. Tw cntract amendments fr Lati and Binungan prjects with PT Berau Cal at an aggregate cntract value f apprximately Rp39 trillin (~US$ 3 billin). Please nte that these cntracts were initially signed in A breakdwn f the prductin targets and cntract perid f bth cntracts are set ut belw: Lcatin Overburden Cal Vlume Cntract Perid Vlume Lati 1,360 mn bcm 112 mn tns Fr Life f Mine (expected until 2025) Binungan 300 mn bcm 33 mn tns Until 2020 Ttal 1,660 mn bcm 145 mn tns An Infrastructure Cntract with PT UPC Sidrap Bayu Energy. The cntract value is apprximately Rp57 billin (~US$4 millin). This is the first Pwer Plant Infrastructure prject fr BUMA with mst f the wrk related t infrastructure within earthmving peratins. B. DEBT REPAYMENTS As f September 30, 2015, BUMA made a ttal vluntary prepayment f US$40 millin tward its US$603 millin Syndicated Lan Facility and US$25 millin PT CIMB Niaga Tbk. Credit Facility. Thrughut 2016, including the scheduled amrtizatin and finance leases, BUMA has reduced its debt level by US$70 millin. Since the beginning f 2014, BUMA reduced its utstanding debt by US$293 millin, bringing the ttal utstanding debt dwn t US$596 millin as f September 30, 2016 frm US$889 millin as f December 31, C. BOND ISSUANCE BUMA is currently explring t issue a high-yield glbal bnd with a maximum size f US$500 millin. The Cmpany intend t use the prceed frm the bnd issuance t repay in pr-rata its tw bank facilities. The bnd issuance will nt increase the ttal debt f the Cmpany.