PT Indika Energy Tbk · IDX:INDY
PT Indika Energy Tbk — FY2018 Earnings Presentation
57 slides from PT Indika Energy Tbk's earnings presentation, March 2019
Slide 1: Company Updates FY 2018
Company Updates FY 2018 Indika Energy March 2019
Slide 2: Shareholder Structure
Shareholder Structure By 31 December 2018 By 31 December 2017 Changes YoY No. of No. of No. of shares No Description Investors No. of shares % Investors % % I. Domestic Retail 14,515 1,009,193,518 19.4% 6,971 1,029,255,578 19.8% -2.0% Employee 20 9,569,500 0.2% 47 28,952,500 0.6% -202.5% Cooperative
Slide 3: Table of Contents
Table of Contents Results Overview Page # Commodity Price Outlook 3-4 Key Highlights 5 Financial Statement Overview 6–8 Detail Income Statement Analysis 9 Cash & Debt 10 – 11 Kideco Financial & Operational Overview 12 – 14 Asset Overview 15 – 17 Kideco Acquisition 18 – 19 Subsidiar
Slide 4: Global Commodity Prices & Indicators continued to decline in 4Q18
Global Commodity Prices & Indicators continued to decline in 4Q18 Newcastle vs. QHD 5500 Price WTI Oil Price 697 160.0 115.0 700 QHD 5500 682 101.6 618 140.0 105.0 600 NEWCASTLE (RHS) 619 623 631 114.4 120.0 95.0 500 525 520 100.8 85.0 100.0 74.2 400 88.4 96.4 103.0 75.0 64.9 355 80.0 73.3 74.6 65.0
Slide 5: Coal Price Remains Above Our Internal Targets
Coal Price Remains Above Our Internal Targets US$/ton 130 0% Newcastle Price ASP 120 % Discount (RHS) % Average Discount (RHS) 114.4 110 -10% 113.9 100.8 100 103.0 96.4 -20% 90 -21.7% -21.5% 88.4 80 -29.7% 74.6 -30% 70 60 62.3 56.4 52.5 -40% 52.4 52.1 50 50.6 49.2 50.0 48.8 42.7 -41.5% 40 -50% -47.9
Slide 6: Key Highlights
Key Highlights Kideco’s Coal Production & Strip Ratio 11,000 10,669 10.0 9.0 10,500 10,132 10,110 10,294 8.0 10,000 9,805 9,849 9,846 6.9 6.8 6.6 6.4 7.0 6.6 6.6 6.7 6.5 9,500 6.1 6.3 6.2 6.3 6.2 6.0 5.9 5.9 5.9 6.0 5.4 5.7 9,000 5.3 8,838 5.0 8,656 8,641 8,360 8,374 4.0 8,500 8,231 8,289 8,036 7,93
Slide 7: Indika Energy's Consolidated Balance Sheet
Indika Energy’s Consolidated Balance Sheet Descriptions 2018 2017 2016 2015 2014 (in USD mn) audited audited audited audited audited Cash balance* 763.1 729.0 311.9 339.4 411.1 Current assets 1,459.8 1,353.8 667.4 827.3 831.4 Total assets 3,670.0 3,635.7 1,822.3 2,150.4 2,290.3 Current liabilities 6
Slide 8: Indika Energy's Consolidated Income Statement
Indika Energy’s Consolidated Income Statement Highlights Quarter Data Year To Date Summary P&L (USSmn) 1Q18 2Q18 3Q18 4Q18 QoQ FY18 FY17 YTD YoY Revenues 809.0 638.2 733.2 782.4 6.7% 2,962.9 1098.8 169.7% COGS (580.2) (489.2) (559.1) (693.1) 24.0% (2,321.6) -975.8 137.9% Gross Profit 228.8 148.9 174
Slide 9: Revenue Transformation Driven By Kideco Acquisition
Revenue Transformation Driven By Kideco Acquisition * Revenues FY18: US $ 2,962.9million FY17: US $1,098.8 million MBSS Others 2.4% 3.3% Others Kideco MBSS 6.6% 10.1% Tripatra 6.1% 9.0% Petrosea 14.3% Tripatra 25.0% Indika Resources Kideco 29.1% 58.2% Indika Resources 12.8% Petrosea 23.1% Subsidiary
Slide 10: Disaggregation of FY18 Consolidated Earnings
Disaggregation of FY18 Consolidated Earnings – Key Income Statement Segments Net Profit Disaggregation Revenue By Business Segment 3500 3,200.0 2,962.9 177.7 3000 278.3 2,800.0 441.4 2,400.0 2500 395.6 1,802.2 2,000.0 2000 2,321.6 1,600.0 1500 2,962.9 1,200.0 1000 800.0 20.6 133.2 13.7 100.0 500 195
Slide 11: Cash and Debt Position
Cash and Debt Position Cash and Debt Breakdown US$ million 1,476.0 1600.0 15.1 120.9 1200.0 763.11) 800.0 68.6 81.5 1,340.0 400.0 613.0 0.0 CASH DEBT Cash Fin. Assets Rest. Cash Bonds 2) Bank Loans 3) Leases 4) 1) PTRO: $81.3mn, MBSS: $40.0mn, Tripatra: $133.6m, Kideco; $171.3mn, HoldCo: 336.9mn. 2)
Slide 12: Strong Cash Position and Low Net Debt Ratio
Strong Cash Position and Low Net Debt Ratio Cash Breakdown by Subsidiaries Free Cash Flow US$ million HoldCo Kideco Petrosea Tripatra MBSS US$ million 500 1,000.0 400 800.0 40.0 323.0 34.6 152.5 133.6 300 600.0 81.3 59.6 211.0 400.0 144.4 171.3 200 48.1 136.9 58.6 42.0 118.7 122.9 65.4 39.9 37.5 55.
Slide 13: Kideco Operational Highlights
Kideco Operational Highlights In Line Production Offset By DMO Pricing Quarter Data Year To Date Summary P&L (USSmn) 1Q18 2Q18 3Q18 4Q18 QoQ FY18 FY17 YoY Sales 527.8 411.0 469.9 393.6 -16.2% 1802.2 1633.0 10.4% Gross profit 196.5 109.6 124.0 62.2 -49.9% 492.1 527.8 -6.8% Operating profit 186.8 99.1
Slide 14: China, Indonesia & Korea Drive Kideco's Sales
China, Indonesia & Korea Drive Kideco’s Sales FY18 – Total Sales Volume: 34.1 mn ton FY17 – Total Sales Volume: 31.6 mn ton Others Southeast Japan Others Japan Asia 4% 2% 4% 2% Southeast 11% Asia 9% China Taiwan China Taiwan 25% 5% 32% 4% India India 9% 10% Korea Korea Indonesia 10% 13% 31% Indonesi
Slide 15: Kideco's Cash Costs Among the Lowest in the Industry
Kideco’s Cash Costs Among the Lowest in the Industry FY8 Cash Cost FY17 Cash Cost Labor Others Labor Others Freight 1% 0% 4% 2% -1% Freight Material O/H O/H 6% 8% 7% 7% Material 8% Gov. Royalty 18% Gov. Royalty Contract Contract 18% Mining + Mining + Rental Rental 62% 58% Kideco Cash Cost ex Royalty
Slide 16: Kideco Inside the Numbers
Kideco Inside the Numbers Reserves by Calorific Value Reserve to Resources (MT) 5,000-5,500 5,500+ 1% 2% Reserves 422 4,800-5,000 22% 4,200-4,300 Resources 75% 1375 Resources By Mine (MT) Reserves By Mine (MT) Roto South Roto South G Roto North G Roto North 8 9 33 Roto 40 Roto South South 175 62 Rot
Slide 17: Attractive Location With Well Built Infrastructure
Attractive Location With Well Built Infrastructure JORC resources as of June 2015 stood at 1,375mt and reserves at 422mt. We are in the process of updating our JORC report Kideco produces a range of sub-bituminous, ultra- low sulphur (0.1%) and low ash (average between 2.1% to 4.9%) coal Kideco has
Slide 18: One of the Lowest Cost Operators from Mine to Port
One of the Lowest Cost Operators from Mine to Port Total Reserves : 422MT Total Resources : 1,375MT Publicly Listed Competitor C Logistic Total Reserves : 223MT • Hauling road 38 Km Total Resources : 1,617MT • Barging & Shipping 58 km Logistic • Hauling road 40 Km to coal port • Conveyor belt from c
Slide 19: Kideco Acquisition Overview
Kideco Acquisition Overview Consideration Source & Use of Funds • Indika Energy entered into a SPA (Share Purchase Source of Funds (US$ mn) Agreement) on 22 September 2017 to acquire 40.0% and 5.0% of Kideco shares from Samtan and PT Muji Inti Notes Issuance $575.0 Utama, respectively. Total Sources
Slide 20: Acquisition of additional 45% Stake in Kideco
Acquisition of additional 45% Stake in Kideco Accounting Treatment Impact Post Kideco Transaction One-Off Gain on Revaluation Calculation Goodwill Calculation Description UoM Description UoM Transaction value 46% Kideco US$m 529.0 Cash consideration paid US$m 517.5 Book Value 46% Kideco US$m (144.8)
Slide 21: Supported by Improving Subsidiary Results
Supported by Improving Subsidiary Results Petrosea MBSS Tripatra Cirebon Electric Power Total Backlog Total Backlog Total Backlog 660MW PowerPlant $919.5M $66.3M $457.9M FY18 Net Income FY18 Net Income FY18 Net Income FY18 Net Income $23.6M -$17.1M $29.1M $30.7M (20% Indika) FY18 EBITDA Margin FY18
Slide 22: Existing Synergies & Future Opportunities
Existing Synergies & Future Opportunities • Plans to increase production over the medium term could be driven by increased synergies with Petrosea and MBSS. • Increased production could come from Samarangau in an area where Petrosea is the contractor. • 14-20% of Kideco's overburden removal historic
Slide 23: Indika Energy's 2018 Corporate Guidance
Indika Energy’s 2018 Corporate Guidance 2018 2018 2017 YoY Target Actual Actual Change KIDECO Production (MT) 33-34 34 32 2.9% Strip Ratio (x) 6.0 6.3 6.1 -3.3% Cash Cost xRoyalty ($/MT) 30.0 31.0 28.0 7.0% Capex ($Millions) 7.6 3.9 2.2 245.5% Overburden Volume (mbcm) 202.0 213.6 194.1 4.1% PETROSEA
Slide 24: Recent Developments
Recent Developments • On December 5, 2018, PT Indika Energy announced the distribution of its 2018 Interim Dividend, Indika Energy declared an interim dividend payment of Rp. 283.6 billion (equivalent to ± US$ 20 million), or Rp. 54.43 per share. This dividend is based on Indika Energy’s 9M18 report
Slide 25: Indika Energy's 2019 Corporate Guidance
Indika Energy’s 2019 Corporate Guidance 2019 CAPEX 2019 Budget Operational Data Guidance Budget KIDECO (US$ million) Production (MT) 34 Kideco 7.7 Strip Ratio (x) 6.3 Petrosea 177.2 Newcastle Benchmark ($/ton) 85 Cash Cost xRoyalty ($/ton) 32.7 MBSS 11.7 Overburden Volume (BCM) 214.0 Tripatra 10.0 P
Slide 26: Peer Comparison (3Q18 Data)
Peer Comparison (3Q18 Data) PRODUCTION YTD ANNUALIZED STRIP RATIO CASH COSTS ex Royalty 55 52 12 50 48.4 11 50 47 10 44 45 41 8 40 38 6.2 34 34.3 35 6 5.2 35 31.6 30 4.1 32 30.0 26 4 29 25 21 26 2 20 23 15 0 20 ADRO INDY * PTBA ITMG PTBA ADRO INDY * ITMG ADRO PTBA INDY * ITMG Domestic Sales/ Total (
Slide 27: Appendix
INDIKA ENERAY Appendix 26
Slide 28: Indika Energy's Financial Highlights
Indika Energy’s Financial Highlights Gross Profit (USD mn) Operating Profit (USD mn) Income from Associates (USD mn) 700 641.2 580 160 508.1 136.2 600 140 480 120 500 380 100 400 280 80 73.5 72.6 300 59.5 60 180 200 161.0 122.9 40 88.3 88.7 80 20.6 100 28.8 34.1 20 -15.4 -10.1 0 -20 0 2014 2015 2016
Slide 29: Indika Energy's Key Business Indicators
Indika Energy’s Key Business Indicators Revenues (USD mn) EBITDA* (USD mn) & EBITDA Margin (%) 3,000 2,962.9 EBITDA EBITDA Margin 800 50% 2,500 44.4% 652.5 42.1% 40% 600 2,000 29.5% 26.6% 30% 1,500 400 333.0 20.1% 22.0% 20.9% 291.9 1,109.5 1,097.3 1,098.8 250.0 260.6 17.5% 20% 231.9 1,000 863.4 192.
Slide 30: Indika Energy's Key Credit Ratios (1)
Indika Energy’s Key Credit Ratios (1) Gross Debt & Net Debt / Adj. EBITDA (x) Debt / Capital (%) 8 80% 6 60% 56.4% 56.7% 5.2 52.4% 52.1% 54.0% 52.3% 5.14.9 4.9 50.3% 51.0% 4.1 4.3 3.8 4 40% 3.1 3.2 2.4 2.5 2.4 2.3 1.8 1.9 2 20% 1.1 0 0% 2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 201
Slide 31: Indika Energy's Key Credit Ratios (2)
Indika Energy’s Key Credit Ratios (2) EBITDA / Interest (x) EBIT / Interest (x) 8 8 6.5 6 6 5.1 4.4 3.8 3.7 3.6 4 3.4 4 3.0 2.7 2.6 2.7 2.0 2.2 2 2 1.2 0.8 0.4 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 2018 FFO + Interest / Interest (x) EBITDA Less Capex / Intere
Slide 32: Indika Energy's Subsidiaries Backlog
Indika Energy’s Subsidiaries Backlog New Contract/ Remaining Contract Revenue Remaining Contract Adjustment Value Descriptions Value Recognition Value in 2018 Per 31 Dec 2017 Per 31 Dec 2018 Per 31 Dec 2018 Petrosea Contract mining 487.2 473.7 264.5 696.4 E&C 140.1 152.0 122.6 169.5 POSB 68.9 63.3 7
Slide 33: Capex Spending & Approved Dividend
Capex Spending & Approved Dividend * CAPEX Allocation Unit 2018 Budget 3M18 A 6M18 A 9M18 A FY18 A Realization IE Holding USD mn 1.3 0.4 0.3 0.4 1.4 107.7% PTRO USD mn 112.6 32.7 60.1 78.6 112.0 99.5% MBSS USD mn 27.2 1.8 11.6 24.6 26.1 96.0% Tripatra USD mn - - - - 0.7 100.0% ILSS USD mn 0.3 0 0.1
Slide 34: Kideco's Financial Highlights
Kideco’s Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 2500 600 600 527.8 2059.4 492.1 469.4 2000 1,802.2 450.3 1658.2 450 450 1633 1500 328.9 1247.8 281.3 295.6 300 300 253.8 1000 180.0 155.4 150 150 500 0 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 201
Slide 35: Kideco's Operational Highlights
Kideco’s Operational Highlights Overburden Removal (mn bcm) Coal Production (mn ton) Coal Sales (mn ton) 300 60 60 257.4 244.6 225 213.6 45 45 193.9 195.9 40.3 39.0 40.2 38.6 34.0 32.5 34.1 32.1 32.0 31.5 150 30 30 75 15 15 0 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017
Slide 36: Petrosea's Financial Highlights (1)
Petrosea’s Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) Overburden Removal (mbcm) 500 465.7 80 140 131.2 73.1 121.1 70 66.6 120 400 348.0 60 97.6 100 313.5 300 50 45.7 80 66.0 206.8 209.4 40 34.9 57.3 29.1 60 200 30 40 20 100 20 10 0 0 0 2014 2015 2016 2017 2018 2014 2015 2016
Slide 37: Petrosea's Financial Highlights (2)
Petrosea’s Financial Highlights (2) * Revenues Breakdown by Value FY18: USD465.7 mn FY17: USD313.5 mn Other Other POSB 1% 1% 7% KPI KPI 9% 17% POSB 5% E&C Contract Contract 26% Mining E&C Mining 57% 22% 55% * Cost Structure FY18: USD392.6 mn FY17: USD267.8 mn Other Other Rental3.3% Rental 7.3% 3.3%
Slide 38: Petrosea's Contract Mining Operation
Petrosea’s Contract Mining Operation * Overburden Removal Volume (Mn BCM) Coal Getting Volume (Mn Tonne) 40 160 56.6% 34.6 44.3% 121.2 30 120 22.1 84.0 80 20 40 10 0 0 2017 2018 2017 2018 Client FY17 FY18 Client FY17 FY18 KJA 31.0 41.4 KJA 6.2 8.7 TBG 18.7 44.9 TBG 13.6 19.2 IAC 11.6 3.2 IAC 0.8 0.8
Slide 39: Tripatra's Financial Highlights (1)
Tripatra’s Financial Highlights (1) Revenue (USD mn) Gross Profit (USD mn) Net Profit* (USD mn) 475.9 60 40 500 418.6 45.0 28.4 45 41.7 25.8 375 39.4 22.8 24 34.2 19.4 274.8 278.3 250 217.5 30 18.9 8 125 15 (5.5) 0 0 -8 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Incom
Slide 40: Tripatra's Financial Highlights (2)
Tripatra’s Financial Highlights (2) * Revenues Breakdown by Value 2018: USD278.3 mn 2017: USD274.8 mn TPE TPE 11.3% 8.3% 88.7% 91.7% TPEC TPEC Cost Structure 2018: USD236.6 mn 2017: USD229.8 mn Misc Misc Rental & Repair Rental & Repair 4.9% 7.4% Handling 3.5% Handling 1.4% 6.2% 3.3% Salary Salary 6.
Slide 41: Cotrans' Financial Highlights
Cotrans’ Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 90 84.2 20 20 80.0 17.1 16.4 16.3 75 70.5 16 16 14.6 59.9 59.3 13.0 13.2 60 12.3 12.0 12.2 12 12 11.2 45 8 8 30 4 4 15 0 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Net
Slide 42: SBS' Financial Highlights
SBS’ Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 35 20 20 31.2 29.4 27.9 28 24.9 16 16 24.7 14.0 14.0 12.7 13.3 11.3 11.5 21 12 10.7 12 10.7 10.0 10.0 14 8 8 7 4 4 0 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Net Profit (
Slide 43: MBSS' Financial Highlights (1)
MBSS’ Financial Highlights (1) * Revenues (USD mn) Gross Profit (USD mn) EBITDA (USD mn) 160 50 60 53.0 135.3 43.4 40 120 45 89.8 30 29.5 75.4 30 80 65.8 68.5 23.6 20 18.6 15.1 14.8 40 15 10 4.9 2.5 0.9 0 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Net Profit (USD
Slide 44: MBSS' Financial Highlights (2)
MBSS’ Financial Highlights (2) * Revenues Breakdown 2018: USD75.4 mn 2017: USD68.5 mn Floating crane 26.4% Floating crane 26.4% 73.6% 73.6% Barging Barging Cost * Structure 2018: USD70.5 mn 2017: USD65.9 mn Others Repair Others 11.5% Port Charge Repair 16.9% 1.6% 5.9% Depreciation Port Charge 1.0% 3
Slide 45: MBSS' Operating Highlights
MBSS’ Operating Highlights * Barging (mn ton) Floating Crane (mn ton) 19.5% 22.1 35.6% 11.8 18.5 8.7 2017 2018 2017 2018 Clients 2018 2017 Clients 2018 2017 Cotrans 12.9 9.3 Kideco 5.0 4.1 Adaro 3.1 3.2 MBP 3.1 0.0 SPOT 2.0 3.1 SPOT 1.9 0.0 BAG 1.1 0.0 BYAN 0.7 0.0 BYAN 1.1 0.0 BCS 0.0 2.2 Others 1.
Slide 46: MBSS Large Fleet of Vessels
MBSS Large Fleet of Vessels Barges Tug Floating Crane As of Additional As of Additional As of Additional Dec 31, 2017 YTD Dec 31, 2017 YTD Dec 31, 2017 YTD 69 +9 81 +6 4 0 Total 78 Total 87 Total 4 Support Vessel Floating Loading Facility As of Dec 31, 2017 Additional YTD As of Dec 31, 2017 Addition
Slide 47: Indika Resources' Financial Highlights
Indika Resources’ Financial Highlights Revenues (USD mn) Cost of Good Sold (USD mn) Gross Profit (USD mn) 500 40 400 36.2 359.4 395.6 400 306.5 300 30 319.8 300 221.5 239.0 209.3 216.7 200 20 17.5 200 139.3 13.3 143.0 100 10 7.4 100 3.7 0 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 20
Slide 48: Indika Resources' Financial Highlights (2)
Indika Resources’ Financial Highlights (2) * Revenues Breakdown FY18: USD395.6 mn FY17: USD319.9 mn MUTU 13.0% MUTU 26.9% Coal Trading 73.1% Coal Trading 87.0% MUTU ASP (USD/ton) * MUTU Cash Cost (USD/ton) 100 120 108.3 87.6 90 78.3 100 94.3 80 70 66.5 80 73.9 60 50 60 40 40 30 20 20 10 0 0 47 2014
Slide 49: CEP's Financial Highlights
CEP’s Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 300 150 150 254.1 261.9 245.7 250.0 240 229.6 120 109.9 120 98.4 104.2 90.7 91.4 93.0 90 80.9 84.1 86.6 180 90 75.2 120 60 60 60 30 30 0 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2
Slide 50: Indika Energy Overview
INDIKA ENERAY Indika Energy Overview
Slide 51: Indika Energy, Indonesia's leading fully integrated energy company
Indika Energy, Indonesia’s leading fully integrated energy company PT Indika Energy Tbk. 1 Energy Resources 2 Energy Services 3 Energy Infrastructure - 3rd largest coal producer - Transshipment and water transportation - Resources 1,375.0 MT, reserves 422.0 MT - Established since 1973 - 51.0%
Slide 52: A well-integrated energy platform across the entire value chain
Indika Energy Group Companies Cover End-To-End Coal Business Value Chain Identification / acquisition Energy resources of assets • Operational synergies from intra- Exploration group cross-selling opportunities A well-integrated energy platform across the entire value chain - part of Kideco's overbu
Slide 53: Indika Energy has grown through inorganic and organic expansions
Indika Energy has grown through inorganic and organic expansions 52
Slide 54: Notes Outstanding
Notes Outstanding Ba 3 Outlook Stable (as of Dec. 2018) The Senior BB - / Stable Outlook Notes are rated: International Ratings (as of Dec. 2018) A + / Stable Outlook National Ratings (as of Dec. 2018) Indo Energy Finance II B.V. Indo Energy Capital II Pte. Ltd. Indo Energy Capital III Pte. Ltd. USD
Slide 55: Corporate Structure
Corporate Structure 27 December 2018 PT Indika Energy Tbk. (Indonesia) 100% 90% 100% 100% 69.80% 100% 100% 100% PT Indika Mineral PT Indika Indonesia PT Indika Inti PT Indika PT Indy Properti PT Tripatra Multi PT Petrosea Tbk. PT Indika Energy Indika Power Investindo Resources Corpindo Infrastruktur
Slide 56: Indika Energy Group
Indika Energy Group INDY PTRO MBSS PT Indika Energy Tbk PT Petrosea Tbk PT Mitrabahtera Segara Sejati Tbk • PT Indika Inti Investindo : 37.79% • PT Indika Energy Tbk : 69.80% • PT Indika Energy Shareholding infrastructure : 51.00% • PT Teladan Resouces : 30.6 5% • Public : 30.20% • China Navigation
Slide 57: Thank you
Thank you PT Indika Energy Tbk. Graha Mitra Jl. Jend. Gatot Subroto Kav. 21 Jakarta 12930, Indonesia + 62 21 2557 9888 www.indikaenergy.co.id [email protected]