Pt Bayan Resources Tbk · IDX:BYAN
Pt Bayan Resources Tbk — Q3 2022 Earnings Presentation
24 slides from Pt Bayan Resources Tbk's earnings presentation, 2022
Slide 1: Third Quarter 2022 Update Presentation
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Slide 2: Overview
Overview Market prices have remained strong and are currently forecast to continue at elevated levels throughout the remainder of 2022. Operationally 2022 has been a challenging period with the Government of Indonesia’s export ban and significantly higher rainfall than anticipated which reduced
Slide 3: Bayan's Financial and Operational Performance
Bayan’s Financial and Operational Performance YTD 2020 2021 3Q21 3Q22 3Q22 Financial Performance (In Million USD) Revenue 1,395.1 2,852.2 3,348.2 725.4 1,343.1 Gross Profit 462.9 1,901.1 2,420.6 484.8 970.4 EBITDA 356.7 1,743.0 2,243.8 438.6 917.4 Net Profit After Tax 344.5 * 1 1,266.0 1,707.6 321.1
Slide 4: One of the Largest Coal Producers
One of the Largest Coal Producers 1H22 Production Bayan is ranked 4th by production and sales volumes in Indonesia. 40 34.5 35 Even though we expect 2H 2022 Million Tonnes 30 28.0 25 17.6 production to be higher than 1H 20 16.9 15 16.4 15.9 2022, Bayan’s sales volumes will 10 7.7 remain at simil
Slide 5: Low Cost Incremental Growth
Low Cost Incremental Growth Capex Intensity by Country (1) Construction of the new haul road Tabang Capacity Growth commenced in December 2019 250 60+ 218 and is progressing albeit behind …Unlocking tangible capacity schedule. 207 200 30+ upside at ~US$13/ton 175 discretionary growth Capex 159 161
Slide 6: One of the Lowest Cost Producers in Indonesia
One of the Lowest Cost Producers in Indonesia Global Cost Competitive Positioning Tabang is independently rated as one of the worlds lowest cost energy-adjusted producers of seaborne thermal coal. Tabang has large reserves and a very low Life of Mine (LOM) stripping ratio of 4.3. A new JORC re
Slide 7: And One of the Highest Margin Producers in Indonesia
And One of the Highest Margin Producers in Indonesia 1H22 EBITDA Margin (%) Over the last few years, Bayan 70 66.2 66.0 has transformed itself into one of 60 50.1 the highest margin producers in 50 45.6 40.8 Indonesia. 40 30 25.4 This is due to the ramp up of its 20 world class Tabang coal compl
Slide 8: Deleveraged the Group
Deleveraged the Group Net Debt / EBITDA In January 2020, the Company x issued a 3 year Non-Call Life “NCL” 8 bond of US$ 400 million to ensure 5.8x 6 adequate liquidity going forward. 4 2.6x In 4Q21 Bayan fully prepaid all the 2 0.1x 0 0.5x 0.1x outstanding Bonds. (0.6)x (0.7)x(0.2)x (0.4)x 0 20
Slide 9: 3Q 2022
3Q 2022 Overburden Removal Coal Production Weighted Average Strip Ratio Average Cash Costs Coal Sales Average Selling Price Committed & Contracted Sales EBITDA Debt and Cash Position Capital Expenditure 8 www.bayan.com.sg
Slide 10: Overburden Removal (OB)
Overburden Removal (OB) (million BCM) 50 46.7 44.3 3Q22 OB of 44.3 million BCM was 40 36.8 37.8 lower than the Budget due to higher rainfall mainly at TSA/FKP 30 mine. 20 3Q22 OB was higher than 2Q22 10 due to Tabang having completed the rectification work on the 0 geotechnical slippage which 3Q
Slide 11: Coal Production
Coal Production (million MT) 12 9.9 11.2 11.0 3Q22 coal production of 11.0 10 9.3 million MT was marginally lower 8 than the Budget but higher than 2Q22 as Tabang improved 6 performance to catch up for the 4 production loss in 1Q22. 2 0 3Q21 2Q22 3Q22B 3Q22 Note : B stands for Budget Figure (in mi
Slide 12: Weighted Average Stripping Ratio (SR)
Weighted Average Stripping Ratio (SR) 6 5 3Q22 weighted average stripping 4.0 3.8 4.2 4.0 ratio was slightly lower than the 4 Budget due to: 3 Expansion of Pakar North in 2 low SR areas. 1 0 3Q21 2Q22 3Q22B 3Q22 Note : B stands for Budget Figure Weighted Average SR (:1) 2Q22 3Q22B 3Q22 Teguh Sin
Slide 13: Average Cash Costs (Budget vs Actual)
Average Cash Costs (Budget vs Actual) 45 39.9 3Q22 Cash Costs were higher than Budget 40 34.2 due to: 35 30 Higher royalties due to significantly (US$ / MT) 25 higher ASP. 20 Higher subcontractor charges due to 15 higher fuel price. 10 5 Higher accrual of DMO expenses due 0 to implementation
Slide 14: Average Cash Costs (3Q22 vs 2Q22)
Average Cash Costs (3Q22 vs 2Q22) 40.8 39.9 3Q22 Cash Costs of US$ 39.9/MT were 40 generally in line with 2Q22 of US$ 40.8/MT 35 due to: 29.9 30 Full bonus paid in 2Q22 whilst no (US$ / MT) 25 bonus paid in 3Q22. 20 15 Lower cost of purchased coal due to 10 lower purchase price and quantity 5
Slide 15: Coal Sales (by volume)
Coal Sales (by volume) 12 (million MT) 9.6 9.5 10.9 10.7 3Q22 coal sales volumes of 10.7 10 million MT were principally in line 8 with Budget. 6 4 Higher sales volume compare to 2 2Q22 due to higher production 0 despite lower water level at 3Q21 2Q22 3Q22B 3Q22 Senyiur compared to the 2Q22, as N
Slide 16: Coal Sales (by volume) (continued)
Coal Sales (by volume) (continued) Geographic Distribution (YTD 3Q22) – by Volume The Company is focusing on Per Region Per Country continuing to build its long term North Taiwan China 2% 2% Others contracts with Indonesian and Asia Vietnam 3% Domestic 25% 20% Malaysia 2% other South East Asian IP
Slide 17: Average Selling Price (ASP)
Average Selling Price (ASP) 3Q22 ASP of US$ 125.2/MT was 140 127.9 125.2 significantly higher than the Budget 120 due to market prices continuing to be strong. 100 (US$ / MT) 3Q22 ASP was slightly lower than 75.4 80 2Q22 as certain renegotiated fixed 60.8 prices deliveries commenced. 60 40 For
Slide 18: EBITDA
EBITDA 1,000 831.9 917.4 3Q22 EBITDA was significantly 800 higher than the Budget due to significantly higher ASP. 600 438.6 400 291.3 3Q22 EBITDA was higher than 200 2Q22 due to higher sales volume. 0 3Q21 2Q22 3Q22B 3Q22 3Q22 EBITDA was the best quarter Note : B stands for Budget Figure ever
Slide 19: Total Debt and Cash Position
Total Debt and Cash Position 1600 Issued US$ 400 million 3NCL 1400 1,346.7 Bonds at 6.125% coupon on 1,324.6 24 January 2020. (in million US$) 1200 994.8 Bayan fully repaid the Bond in 1000 2021. 800 620.2 Working capital facilities of 600 547.9 approximately US$ 280 million remain available.
Slide 20: Capital Expenditure
Capital Expenditure 120 YTD 3Q22 Capex was US$ 166.2 million, which was lower than the 100 97.7 Budget (US$ 218.1 million) due to slower than Budgeted progress on 80 69.8 71.9 the new Tabang 100km coal hauling In Million USD road and overland conveyor (“OLC”) 60 50.5 56.1 facilities primarily as a
Slide 21: Appendix
Appendix PT Perkasa Inakakerta PIK PT Teguh Sinarabadi TSA PT Firman Ketaun Perkasa FKP PT Wahana Baratama Mining WBM PT Brian Anjat Sentosa BAS PT Bara Tabang BT Tabang PT Fajar Sakti Prima FSP PT Dermaga Energi DE North PT Tanur Jaya TJ Pakar PT Tiwa Abadi TA PT Silau Kencana SK PT Orkida Makmur O
Slide 22: Appendix
Appendix Kangaroo Resources Pty Ltd KRL PT Dermaga Perkasapratama DPP PT Indonesia Pratama IP PT Muji Lines Muji PT Bayan Energy BE PT Metalindo Prosestama MP PT Sumber Aset Utama SAU PT Karsa Optima Jaya KOJ PT Gunungbayan Pratamacoal GBP 21 www.bayan.com.sg
Slide 23: Disclaimer
Disclaimer This presentation contains forward-looking statements based on assumptions and forecasts made by PT. Bayan Resources Tbk management. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are base
Slide 24: Thank You
Thank You 23 www.bayan.com.sg