PT BUMI Resources Tbk.
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1 PT BUMI Resources Tbk. Jakarta, 20 March
2 Agenda 1. Company at a Glance Pg Healthy capital structure post PKPU Pg Production and Sales Performances Pg Financial Performance Pg Market and Production Highlights Pg Future Outlook Pg. 27 2
3 Company at a Glance Ø One of the largest coal exporters globally KPC is the largest export coal mine in the world Ø Leading natural resources group and the largest thermal coal producer in Indonesia, with KPC and Arutmin together commanding a dominant share of Indonesia coal production in 2016 Reached coal production of 81 million metric tonnes in 2015, and 86 million metric tonnes in 2016 Ø 2.2 billion metric tonnes of marketable coal reserves and 12.4 billion metric tonnes of coal resources High potential for reserves expansion; KPC only partially explored Ø Ideally located to serve important markets throughout Asia and Europe Ø Open cut mining with captive coal processing facilities Ø Dedicated infrastructure including coal loading terminals, port facilities, captive power plants and coal conveyors Ø Segmented coal and non-coal businesses BUMI will concentrate on increasing thermal coal dominance with increased reserves and value addition/further cost reductions. BRMS is a listed entity with an exclusive focus on metals industry 3
4 Bumi Ownership Structure Becoming a Diversified Mining Resources Company PT BUMI RESOURCES TBK. 51% 70% 70% 70% Coal, Oil & Gas KPC Arutmin IndoCoal Resources (Cayman) Ltd IndoCoal KPC Resources (Cayman) Ltd 87.09% 80% 96.97% 80% (Minerals/Non-Coal) PT Bumi Resources Minerals Tbk 100% Gorontalo Minerals Gold & Copper Mining (in exploration stage) Citra Palu Minerals Gold Mining (in exploration stage) Dairi Prima Minerals Zinc,Lead (in exploitation stage) Bumi Japan Marketing Services 100% Gallo Oil (Jersey) Oil Production (in exploration stage) Effective 31.40% Darma Henwa Contract Mining (associated company) Effective 84.55% Pendopo Energi Batubara Coal (in exploration stage) 4
5 Debt Restructuring Process CIC debt Restructuring - Master Deed dated 8 October 2013; amended and restated 28 Jan'2014 Debt to Asset sealement - KPC 19% to CIC Rights Issue IV - Debt ReducIon Debt Moratorium - Singapore PKPU RegistraIon to the Commercial Court by Creditor October 2013 July June November April 2016 Commercial Court Decision on Temporary Suspension of Debt Payment ObligaIons ( PKPU Sementara ) Commercial Court Decision on the Temporary PKPU to (Permanent) PKPU Creditors MeeIngs and VoIng for the ComposiIon Plan RaIficaIon Proceeding by the Panel Judge on the case 36/Pdt.Sus- PKPU/2016/ PN.Niaga.Jk t.pst. HomologaIon to the ComposiIon Plan by the Panel Judge on the case 36/Pdt.Sus- PKPU/2016/ PN.Niaga.Jk t.pst. 25 April June November November November 2016 Extraordinary General MeeIng for Shareholder approval for Rights Issue and MCBs Approval From OJK Facility Agreement and Indenture Docs Signed and Rights Issue & MCBs Issued 7 February 2017 April 2017 ( Expected ) June 2017 ( Expected ) 5
6 PKPU Result 28 November 2016 Ø On November 9th 2016, Bumi's verified creditors voted on the settlement plan proposed by Bumi (the " Composition Agreement#). The vote resulted in % of unsecured creditors (or kreditor konkuren) and 99.84% of secured creditors (or kreditor separatis) by value voted in favor of the Composition Agreement. Ø Based on the result of that vote, on November 28th 2016, the Commercial Court ratified the Composition Agreement, after which a homologated Composition Agreement will be implemented by Bumi, and the PKPU status of Bumi will be formally deleted from the company's name. 6
7 New Facilities Tranche A Tranche B Tranche C USD 600 million USD 600 million USD 406 million Interest up to 7.5% p.a. total interest (cash and accrued) determined based on the benchmark price. 8% p.a. (PIK Interest). 9% p.a. (PIK Interest). Cash interest due and payable on each interest payment date. Payable if cash is available under the Cash Waterfall. due and payable on each interest payment date. Accrued interest shall be capitalized and payable in full on Maturity to the extent not paid on each interest payment date. To the extent not paid, shall be capitalized and payable in full on Maturity Interest to the extent not paid shall be capitalized and payable in full on Maturity of the Tranche C Facility. Maturity 60 months from EffecRve Date 60 months from EffecRve Date 66 months from the EffecRve Date Payments Per cash availability priorirzed under the Cash Waterfall ConIngent Value Rights Amount: US$ 50 million Amount: US$ 50 million Trigger for SeXlement: In the event that the average Benchmark Price is higher than US$70/mt for a period of 18 consecurve months a\er the EffecRve Date NIL 7
8 Mandatory Convertible Bonds Ø Coupon Interest: 6.0% p.a., paid monthly in cash pursuant to the Cash Waterfall to the extent there are sufficient funds or deferred and payable on maturity. Ø Maturity: 7 years from the MCB Effective Date Ø Conversion Price: 1 st - 2 nd yr: 30% premium to Reference Price 3 rd and 4 th yr: the lower of Reference Price and 40% premium to arithmetic mean of the daily IDR VWAP of Bumi shares for the period of 6 months (VWAP** Period) ending on the Business Day before the 1st day of year 3 5 th - 7 th yr: the lower of Reference Price and 25% premium to arithmetic mean of ending on the Business Day before the 1st day of each relevant VWAP Period. Maturity: mandatory conversion at the arithmetic mean of the daily IDR VWAP of Bumi shares for the period of 6 months ending on the Business Day before the MCB Maturity Date Ø Subject to shareholders approval and government regulations Ø Reference price equals to Rp per share Ø MCB holders are entitled to convert 25% of debts per year 8
9 Vendors Settlement Vendors who do not want to convert their claim into Company's shares, the Repayment Plan for up to maximum 10 years depending on the balance outstanding as summarized below: 9
10 Rights Issue Ø Convert total USD1,992 million of debts and vendors claims into Company's Equity. Ø Based on Net Asset Equity Value USD4.6 billion, conversion price would be Rp per share, using the exchange Rp13,235. Ø Target time of issuance: on or before 30 June 2017 subject to the Indonesian capital market regulations and other applicable laws including but not limited to the approval by the general meeting of shareholders of the Company, and capital market authorities (if necessary). 10
11 Improved Corporate Governance - Strengthened Management 11
12 Scope of Work of the Monitoring Accountant *The Monitoring Accountant will perform (without limitaron) the following services and prepare a report (the "Monitoring Accountant Report") for distriburon to the New Senior Secured Creditors on a quarterly basis 12
13 Market Capitalization Change - Pre & Post Restructuring - For illustration Only PRESENT OUTSTANDING SHARES : 36.6 billion NEW SHARE ISSUE : 29.1 billion EXPANDED OUTSTANDING SHARES NEW SHARE ISSUE PRICE : 65.7 billion : Rp /share BASIS OF NEW SHARE PRICE : NAV USD 4.6 billion PRESENT MARKET CAPITALIZATION : Rp 12.0 trillion (Rp 328/share)** NEW SHARE ISSUE VALUE : Rp 26.9 trillion (Rp /share) NEW THEORETICAL MARKET CAP : Rp trillion (Rp926.16/share) *E & OE ** Per price on 6 Mar17 13
14 Balance Sheet Pro-forma* December 31, Adjustment June 30, (in million of USD) Assets 3,102.1 (150.0) 2,952.1 LiabiliIes Trade & Other Payables Loan, Notes, CB Intercompany Loans , (180.0) (2,600.9) , Others Total LiabiliIes ,886.8 (218.0) (2,998.9) ,887.9 Equity (Capital Deficiency) MCBs Capital Stock Retained Earnings Others Equity (Capital Deficiency) - net Total LiabiliIes and Capital Defeciency - 1,614.7 (3,289.4) (1,110.0) (2,784.7) 3, , ,848.9 (150.0) ,606.6 (3,091.4) (1,090.0) ,952.1 *Unaudited **by close of PKPU, BR will return to posirve equity 14
15 Improved Governance - A Re-Emphasis Operations Ø Shareholder Representatives on Coal Subsidiaries Since 2007 Ø Ø Ø Ø Ø Ø Ø Induction of 3 New Board Members from Lenders CIC, Debt & Equity 1 each Lenders have right to appoint the Cash Monitoring Accountant For Cash Waterfall Cash Flow Forecasts and Actuals, Disbursements and Bank Accounts Controls Over Related Party Transactions & Contracts Control Over Disbursements > $ 500,000 Review Working Capital & Funding Facilities Bumi subsidiaries are amongst Best on CSR, HSE, Community Development, Reclamation, Replanting, Conservation & Social Initiative KPC is recognized as Best on Sustainability by The Indonesian Government Impressive Safety Record A comprehensive Board Manual Residual Debt reduces to $ 1.6 billion ( from $ 4.2 billion) after restructuring 15
16 Coal Produced / Mined (in Million Tonnes)
17 Coal Reserves and Resources Largest in Indonesia o Reserves are now 2.2 billion metric tonnes o Reserves & Resources, together are 14.5 billion metric tonnes. In million tonnes KPC: Coal Reserve 578 Coal Resource 7,670 Total 8,248 Arutmin: Sub Bituminous Coal Ecocoal Pendopo: TOTAL ,549 1, ,377 2,654 1,306 2,311 3,617 2,161 12,358 14,519 Comments: Present Production Capability Present Reserve Resource To Reserve (30%) Total Present Years Production Equivalent 100 million tons/year 21 years 37 years 58 years 17
18 Operating Performance (on full basis) FUNDAMENTALS VERY STRONG OB Removed (in mn bcm) Coal Mined (in mn tons) KPC 2016 Arutmin KPC 2016 Arutmin Coal Sales (in mn tons) Strip Ratio (in bcm/t) 7.1x 6.9x 6.9x KPC 2016 Arutmin Significantly Improved Production & Sales Strip Ratio at Life of Mine Level Improved Efficiencies & Optimization 18
19 FY16* - FY15 : Performance at a Glance OPERATING METRICS OB Removed mbcm vs mbcm or increased by 3% Coal Mined 86.5 million metric tonnes vs 81.2 million metric tonnes or increased by 7% Sales Volume 87.7 million metric tonnes vs 79.3 million metric tonnes or increased by 11% Production Cash Cost USD27/ton vs USD30.2/ton or decreased by 12% FOB Price USD42.1/tons vs USD44.8/tons or decreased by 6% Strip Ratio 6.9 bcm/ton vs 7.1bcm/ton or decreased by 4% *FY 16 unaudited 19
20 Financial Highlights Consolidated Profit or Loss In million US$ FY-2016 FY-2015 % Revenue % Cost of Re venue - - 0% Gross Profit % Operating Loss (5.4) (9.4) -43% Income (Loss) Attributable to: Owne rs of The Parent 67.7 (1,925.4) -104% Non-controlling Interest 52.6 (260.1) -120% Net (2,185.5) -106% Gross margin to revenue 100% 100% Operating loss to reve nue -23% -23% Loss before tax (9.4) (2,040.6) -100% Operating expense s % 20
21 Financial Highlights Consolidated Financial Position in US$ million FY-2016 FY-2015 % Current Assets % Non-Current Assets 2, , % Total Assets 3, , % Current Liabilities , % Non-Current Liabilities 5, % Total Liabilities 5, , % Capital Deficiency - Net (2,784.8) (2,904.9) -4% Total Liabilities & Capital Deficiency 3, , % 21
22 FY16 - FY15: Performance at a Glance FINANCIALS Revenue USD23.4 million vs USD40.5 million or decreased by 42% Cost of Revenue N/A Gross Margin USD23.4 million vs USD40.5 million decreased by 42% Gross Margin (% to revenue) 100% vs 100% Operating Expenses USD28.8 million vs USD49.9 million or decreased by 42% Operating Loss USD5.4 million vs USD9.4 million or decreased by 43% Operating Income Margin (% to Revenue) Loss Before Tax* Net Profit (Loss)* -23% vs -23% USD9.4 million vs USD2,040.6 million Positive swing of USD 2,031.2 million yoy USD120.3 million vs USD(2,185.5) million Positive swing of USD2,305.8 million yoy 22
23 Current Reporting Standards vs. Fully Consolidated Financials Year Ended December 31, 2016 Current IAS Full (PSAK 66) Consolidated* (US$ millions) Revenues ,773.6 Cost of revenues - (3,069.0) Gross profit OperaRng expenses (28.8) (423.9) OperaRng income (loss) (5.4) Others expenses - net (4.0) (122.7) Income (loss) before income tax expense (9.4) Income tax benefit - net Net income before NCI Non-controlling interests Net income ajer NCI * Unaudited 23
24 Average Coal Prices* (in US$ per ton) ** Jan'17** ASPs (exc. Ecocoal ) $ 90.1 $ 75.9 $ 66.4 $ 53.8 $ 51.0 $ 65.0 Ecocoal $ 52.7 $ 34.8 $ 29.7 $ 24.8 $ 21.9 $ 33.3 ASPs KPC+AI $ 81.5 $ 63.8 $ 52.7 $ 44.8 $ 42.1 $ 56.7 *Average Sale Prices based on FOB price, including royalties to the government ** Unaudited ** Jan2017 Average Sale Prices increased around 35% compared to that of FY
25 Coal Sales by Destination 25
26 Coal Production Costs Production Cash Costs (1) (in US$ per ton) FY13 FY14 FY15 FY16* Bumi 40,5 34,6 30,2 27,0 KPC 46,0 41,9 33,2 29,9 Arutmin 31,0 22,5 23,1 19,4 Fuel Cost per Ton (USD) 9,7 7,7 5,6 3,8 Striping Ratio 8,6x 6,9x 7,1x 6,9x Cash Margin ) 23,4 18,1 14,6 15,1 Note: (1) Calculated by dividing production cash costs by coal mined, excluding FBS. (2) Calculated by subtracting production cash costs from average coal price. *unaudited Composition of Production Cash Costs Mining Contractors 53% Fuel Costs19% Mining Contractors 54% Fuel Costs 14% Maintenance, Lease of Heavy Equipment 19% Maintenance, Lease of Heavy Equipment 19% Labor Costs 6% Labor Costs 6% Others Materials 3% Other Materials 7% FY 2015 FY 2016* FY 16* unaudited 26
27 Future Outlook Ø Production Capability: 100 m metric tons in 2017 Ø Major beneficiary of coal price buoyancy, lowered costs Ø Debt Reduction - USD 2.6 b (from USD 4.2b to USD 1.6 b) Ø Speed up the development of Bumi Resources Minerals Ø Make best endeavors to return to profit starting FY16 Ø Restructuring benefit in FY17 Financials Annual Interest reduction by more than USD 250m Healthy capital structure to benefit capital growth Ø Guidance Production & sales - Coal Price higher by 5% - 7% higher by 30% 27
28 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. 28
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