PT INDIKA ENERGY Tbk. ANNUAL REPORT 2013 ENERGY SYNERGY FORGING RESILIENCE
ANNUAL REPORT 2013 ENERGY SYNERGY
Forging Resilience Energy · Synergy In 2013, as global coal prices experienced a prolonged deterioration which impacted all coal businesses worldwide, Indika Energy focused its efforts on strengthening resilience in the face of adverse effects from this global situation. Indika Energy prioritised cash preservation and cost optimisation and proactively drew on efficiencies within the Group’s operations across the energy platforms. The Company substantially reduced capital expenditure and scaled down exploration activities compared to the previous year. It also managed its liabilities to lower interest costs going forward, and carried out a human capital rationalisation program followed by implementation of stricter internal operating and expense procedures. At the same time, the Company continued to build on its long-term strategy to capture both strategic and opportunistic business potentials and create synergies within the three business pillars of energy resources, services and infrastructure. As a result of the measures taken in 2013, coupled with the management’s commitment to turn the company around, Indika Energy is better prepared to face the challenges of 2014 and beyond. annual annualreport report2013 2013 PTPT Indika Indika Energy Energy Tbk. Tbk. 11
themes 1 Corporate Overview 5 1.1 MILESTONES 6 1.2 VISION, MISSION AND VALUES 10 1.3 INDIKA ENERGY AT A GLANCE 12 FORGING RESILiENCE 4 BOARD of Commissioners & Board of directors profiles 47 1.4 CORPORATE AND ORGANisATION STRUCTURE 20 5 5.1 ECONOMY AND INDUSTRY OVERVIEW 62 5.2 OPERATIONAL REVIEW 64 5.3 FINANCIAL REVIEW 88 5.4 BUSINESS PROSPECTS AND KEY RISK FACTORS 92 2 annual report 2013 PT Indika Energy Tbk.
2 financial highlights 25 3 PRESIDENT COMMISSIONER’S & president director’s MESSaGEs 37 2.1 FINANCIAL HIGHLIGHTS - INDIKA ENERGY 26 2.2 Stock highlights 29 2.3 FINANCIAL HIGHLIGHTS - ASSOCIATE COMPANY - KIDECO 32 MANAGEMENT REPORT 61 5.5 INFORMATION AND COMMUNICATIONS TECHNOLOGY 94 5.6 CORPORATE GOVERNANCE 96 5.7 HUMAN CAPITAL 110 5.8 CORPORATE SOCIAL RESPONSIBILITY 114 5.9 SUBSEQUENT EVENTS 118 6 7 FINANCIAL STATEMENTS 121 COMPANY INFORMATION 125 annual report 2013 PT Indika Energy Tbk. 3
4 annual report 2013 PT Indika Energy Tbk.
corporate overview annual report 2013 PT Indika Energy Tbk. 5
milestones Indika energy’s journey The establishment of Indika Energy. Indika Energy acquired a 41% stake in Kideco Kideco was established in 1982, engages in open-cut coal mining in East Kalimantan. Kideco holds CCoW first generation Mining Rights until 2023. Indika Energy increased its stake in Kideco by 5% to 46%. Indika Energy completed mergers with Tripatra Company and Ganesha Intra Development Company. Tripatra Company was established in 1973, engages in engineering, procurement and construction (EPC), operation & maintenance (O&M) in the energy sector. The establishment of Cirebon Electric Power, a 660MW coal-fired steam power generation plant. Indika Energy owns 20% stake in CEP. Tripatra acquired a 45% stake in Cotrans Asia, a coal logistics company established in 2004. 6 Indika Energy held its Initial Public Offering (IPO) on the Indonesia Stock Exchange, offering 937,284,000 shares or 20% ownership. The establishment of Sea Bridge Shipping, a transhipment service company, in which Tripatra owns a 46% stake. Kuala Pelabuhan Indonesia became a wholly owned subsidiary of Tripatra through the acquisition of an additional 50.1% stake. The establishment of Intan Resource Indonesia. Indika Energy acquired a 100% stake in Indika Capital Pte. Ltd. (previously Westlake Capital Pte. Ltd.) and Citra Indah Prima. annual report 2013 PT Indika Energy Tbk. 2000 2004 2006 2007 2008
Indika Energy acquired 98.55% stake in Petrosea. Petrosea was established in 1972, and engages in engineering & construction (E&C) and coal mining contractor. The establishment of Indika Logistic & Support Services (ILSS). Indika Energy entered into an Option Agreement to acquire 51% stake in MBSS. MBSS was established in 1994, engages in sea transportation and logistics services. Indika Energy acquired a 51% stake in MBSS. Indika Energy divested 28.75% of its shares in Petrosea. Indika Energy acquired 60% stake in Mitra Energi Agung (MEA) MEA was established in 2008 as a greenfield coal asset which owns an IUP concession area of 5,000 Ha in East Kalimantan. Indika Energy acquired 85% stake in Multi Tambangjaya Utama. MTU was established in 1989 as a bituminous thermal and coking coal mine holding a third generation CCoW in Central Kalimantan, with a concession area of 24,970 Ha. Cirebon Electric Power, a 660MW coal-fired steam power generation plant, reached its Commercial Operation Date (COD) and was fully operational. 2009 2010 2011 2012 annual report 2013 PT Indika Energy Tbk. 7
SIGNIFICANT DEVELOPMENTS IN 2013 JANUARY Issuance of US 500 million 10-year 6.375% Senior Notes due 2023. FEBRUARY Signed an agreement with Total E&P Indonesie West Papua to acquire a 10% participating interest in the Total Southwest Bird’s Head Production Sharing Contract (PSC). APRIL Internal restructuring : ILSS acquired 95% interest in KPI from TPEC. OCTOBER Signed a Principal Agreement with China Railway Group Limited to jointly develop mining and transportation infrastructure projects in Papua and Central Kalimantan. NOVEMBER 8 Early redemption of US 230 million 7-year 9.75% Senior Notes due 2023. annual report 2013 PT Indika Energy Tbk.
awards The Best Foreign Exchange Reporting on Foreign Debt Bank Indonesia Reporting Award Bank Indonesia recognized PT Indika Inti Energi (currently known as PT Indika Energy Tbk.) for the best foreign exchange reporting on foreign debt. This award is given annually to financial institutions and companies that provide complete, accurate and timely reporting. annual report 2013 PT Indika Energy Tbk. 9
visiON, misSION and values VISION MISSION To be a world-class Indonesian energy company recognized for its integrated competencies in energy resources, services and infrastructure. 1. 10 annual report 2013 PT Indika Energy Tbk. 2. 3. 4. 5. To capitalise on the abundant energy resources in support of the global economic growth. To create integration and synergies across businesses. To create optimum shareholders value. To continuously develop its human capital. To become a good corporate citizen.
VALUES Integrity: Honest with oneself, others and one’s work at every moment by upholding prevailing ethical standards and legal norms. Unity in diversity: Viewing diversity as an asset to the company and accepting, valuing, completing and strengthening one another as a solidly unified entity. Achievement: Achievement as the measure of success and the motivation to do what is best for the company. Social Responsibility: Highly concerned for the environment and community, and contributing added value as well as contributing to the prosperity of the society. Teamwork: Actively contributing and collaborating based on trust and shared interests rather than personal interests. annual report 2013 PT Indika Energy Tbk. 11
indika energy at a glance PT Indika Energy Tbk. (“Indika Energy” or “the Company”) listed on the Indonesian Stock Exchange (IDX) in 2008. Established in 2000, Indika Energy has grown to be one of Indonesia’s leading integrated energy companies with a portfolio of businesses spanning the energy resources, energy services and energy infrastructure sectors. We believe our portfolio of businesses enables us to provide complementary products and services to domestic and international customers, thereby positioning us to capture growth opportunities across the Indonesian energy sector. As of the end of 2013, Indika Energy has grown into a company with operations across the Indonesia archipelago. Over the years, the Company has grown from strength to strength both organically and through acquisition of synergistic businesses. Energy Resources Ownership Ownership 46.0% 85.0% PT Multi Tambangjaya Utama PT Kideco Jaya Agung Indonesia’s third largest coal mining company, located in East Kalimantan a thermal bituminous and coking coal asset in Central Kalimantan Ownership 100% PT Indika Multi Daya Energi holds participating interest in oil and gas project in Papua 12 Ownership Ownership 34.9% 60.0% PT Santan Batubara PT Mitra Energi Agung a coal mining company in East Kalimantan a greenfield coal mining project in East Kalimantan annual report 2013 PT Indika Energy Tbk.
Energy Services Ownership Ownership 69.8% 100% PT Petrosea Tbk. PT Tripatra Engineering & PT Tripatra Engineers & Constructors an engineering & construction (E&C) and coal contract mining company an engineering, procurement and construction (EPC) oil & gas services company Energy Infrastructure Ownership Ownership 51.0% 20.0% PT Mitrabahtera Segara Sejati Tbk. PT Cirebon Electric Power an integrated sea transportation & logistics services company a 660 MW coal-fired steam power generation plant in Cirebon, West Java Ownership 100% PT Kuala Pelabuhan Indonesia an integrated port management service company in Papua annual report 2013 PT Indika Energy Tbk. 13
CAPABILTIES CAPABILiTIESACROSS ACROSSTHE ENTIRE COAL VALUE CHAIN THE ENTIRE COAL VALUE CHAIN 3 Economic and feasibility study of coal reserves 4 1 2 Engineering and construction of coal production infrastructure Field exploration process of potential coal resources Identification of potential coal resources through geological studies 8 Coal loading terminal with stockpile prior to barging 9 14 annual report 2013 PT Indika Energy Tbk. Loading process of coal to barges
5 7 Coal extraction and overburden removal 6 Transportation of processed coal to coal terminal 10 11 Crushing and washing of extracted coal Unloading coal from barges to mother vessel Transporting coal to end user annual report 2013 PT Indika Energy Tbk. 15
operationS map 2 4 3 3 1 16 16 annual annualreport report2013 2013 PT PTIndika IndikaEnergy EnergyTbk. Tbk. 1
5 6 4 8 7 5 6 2 4 3 2 2 1 3 7 1 energy resources energy services energy infrastructure 1 Multi Tambangjaya Utama 1 Exxon Mobil Cepu Project 1 Cirebon Electric Power 2 Kideco Jaya Agung 2 JOB Pertamina Medco - Senoro 2 Petrosea Offshore Supply Base 3 Santan Batubara 3 Pertamina HE ONWJ 3 Kuala Pelabuhan Indonesia 4 Mitra Energi Agung 4 Conoco Phillips - ESC 5 Gunung Bayan Pratama Project 6 Kideco Project 7 Santan Batubara Nusantara Project 8 Adimitra Baratama Nusantara Project Floating crane 1 FC Nicholas 2 FC Rachel 3 FC Ben Glory 4 FC Abby 5 FC Chloe 6 FC Blitz 7 FC Vittoria annual annualreport report2013 2013 PT PTIndika IndikaEnergy EnergyTbk. Tbk. 17 17
BUSINESS STRATEGy Indika Energy’s five long term business strategies are reflected in its focus on creating synergies within the Company’s three business pillars, boosting organic growth and expanding through acquisitions, to generate value to stakeholders. 1 To capitaliSe on Indonesia’s abundant natural resources and growth in energy demand, including identifying and acquiring attractive energy investments. Indika Energy seeks out investments in the energy sector through a disciplined acquisition approach based on deep comprehension of energy assets. This requires Indika Energy to stay informed of natural resources regulatory developments and to promote Indonesia’s economic development through its domestic and international interests. 18 annual report 2013 PT Indika Energy Tbk. 2 3 To integrate diverse energy platforms and extract operational efficiencies. To leverage existing partnerships and expertise in the energy sector by pursuing initiatives aimed at supplying and serving new markets. Indika Energy’s expertise and capabilities now span the entire coal energy operations business chain. Improved operational flexibility and cost management, and the provision of efficient services to clients throughout the value chain, are critical to extracting synergies from this integration. Currently, Indika Energy plays a considerably large role in the coal mining industry as well as nationwide energy services including the logistics and energy infrastructure (power plant) businesses. Kideco’s international customers include leading power plant companies from 16 countries across Asia and Europe. Its eco-friendly, low calorific, low-ash and low-sulfur coal gives rise to the possibility through blending of creating new products, for new markets.
While in 2013 our fundamental strategies remained unchanged, due to the prolonged coal market downturn, management attention focused on cash preservation and cost optimisation. Specifically, throughout 2013 management conducted a thorough review of capital expenditure and costs across the organisation, initiated a liability management exercise in early 2013 and started a human capital rationalisation program in the second half of 2013 which continues in 2014. 4 5 TO OPTIMISE PRODUCTION OPERATIONAL EFFICIENCIES BY LEVERAGING EXISTING ASSETS FOR PRODUCTIVITY AND EFFICIENCY IN THE MINING OPERATIONS To continue to diversify earnings sources and stabiliSe cash flows. Through structural planning and corporate work plans, Indika Energy’s advanced Information and Communication Technology (ICT) system has been harnessed to support business decision-making processes and objectives across all business units to achieve optimal efficiencies in the use of resources, cost management, fleet management and operational flexibility. Indika Energy’s business includes integrating attractive investments to diversify and grow earnings while maintaining financial prudence to ensure value protection. annual report 2013 PT Indika Energy Tbk. 19
CORPORATE STRUCTURE ENERGY SERVICES ENERGY RESOURCES 100% PT Indika Multi Energi (Indonesia) Investment Holding Company 90% PT Indika Indonesia Resources (Indonesia) Investment Holding Company Coal Trading Business 100% PT Indika Inti Corpindo (Indonesia) Investment Holding Company Coal Trading Business 100% PT Tripatra Engineers and Constructors (Indonesia) EPC and O&M Services 10% 100% 100% PT Indika Multi Daya Energi (Indonesia) Oil & Gas Participating Interest Holder Indika Capital Pte. Ltd. (Singapore) Finance Subsidiary 100% 60% 85% PT Mitra Energi Agung (Indonesia) Coal Producer and distribution PT Multi Tambangjaya Utama (Indonesia) Coal Producer 45% PT Cotrans Asia (Indonesia) Trans-shipment and barging services 46% PT Sea Bridge Shipping (Indonesia) Trans-shipment and barging services 100% Tripatra (Singapore) Pte. Ltd. (Singapore) Investment holding company Indika Capital Resources Limited (B.V.I) Finance Subsidiary 46% PT Kideco Jaya Agung (Indonesia) Coal producer and distribution 100% 100% Indika Capital Investments Pte. Ltd. (Singapore) Coal trading 43,3% PT Intan Resource Indonesia (Indonesia) Coal distribution Tripatra Investments Limited (B.V.I) Investment holding company 100% Asia Prosperity Coal B.V. (The Netherlands) (B.V.I) Finance Subsidiary 100% PT Citra Indah Prima (Indonesia) Investment Holding Company 90% PT Sindo Resources (Indonesia) Coal producer 90% PT Melawi Rimba Minerals (Indonesia) Coal producer Note : 100% shareownership in Indika Energy Group companies represents ownership by PT Indika Energy Tbk together with one or more subsidiaries. 20 annual report 2013 PT Indika Energy Tbk. 100% PT Tripatra Engineering (Indonesia) Engineering and Project Management
ENERGY INFRASTRUCTURE 69,80% 100% 100% 100% 100% PT Indika Infrastruktur Investindo (Indonesia) Investment Holding Company PT Petrosea Tbk. (Indonesia) Mining and EPC 50% PT Santan Batubara (Indonesia) Coal producer & distribution 47% PT. Tirta Kencana Cahaya Mandiri (Indonesia) Water treatment plant 99,8% Indika Power Investments Pte. Ltd (Singapore) Investment Holding Company Indo Integrated Energy B.V (The Netherlands) Finance subsidiary PT Indika Energy Infrastructure (Indonesia) Infrastructure Holding Company 100% 5% PT Cirebon Electric Power (Indonesia) Independent Power Plant (IPP) 1 X 660 MW 15% 51% 5% PT Cirebon Power Services (Indonesia) O & M company 15% 100% 100% PT. POSB Infrastructure Kalimantan (Indonesia) Port and logistics services PT Mitrabahtera Segara Sejati Tbk (Indonesia) Transport and Logistic services PT Indika Multi Energi Internasional (Indonesia) Subholding 100% 100% PT Wahida Arta Guna Lestari (Indonesia) LPG Filling 69,97% PT Mitra Swire CTM (Indonesia) Shipping 50% PT Mitra Hartono Sejati (Indonesia) Shipping 5% PT Kuala Pelabuhan Indonesia (Indonesia) Port and logistics services 100 % PT LPG Distribusi Indonesia (Indonesia) Subholding 100% 100% Indo Energy Capital B.V. (The Netherlands) Finance subsidiary 100% Indo Energy Finance II B.V. (The Netherlands) Finance subsidiary 100% Indo Energy Capital II B.V. (The Netherlands) Finance subsidiary PT Jatiwarna Gas Utama (Indonesia) LPG Filling PT Satya Mitra Gas (Indonesia) LPG Filling 100% 51% Mitrabahtera Segara Sejati Pte.Ltd. (Singapore) Shipping (Indonesia) Shipping PT Mitra Alam Segara Sejati (Indonesia) Shipping Indo Energy Finance B.V. (The Netherlands) Finance subsidiary 100% PT Indika Logistic & Support Services (Indonesia) Port and logistics services 95% 99,8% PT. Petrosea Kalimantan (Indonesia) Contractor, trade and services Indo Integrated Energy II B.V. (The Netherlands) Finance subsidiary 60% annual report 2013 PT Indika Energy Tbk. 21
organisation structure GOOD CORPORATE GOVERNANCE COMMITTEE AUDIT COMMITTEE CORPORATE SECRETARY & LEGAL GROUP CHIEF FINANCIAL OFFICER (Ad Interim) M. Arsjad Rasjid P.M. Investor Relations & Corporate Finance Financial Controller Corporate Planning Tax & Risk Management 22 annual report 2013 PT Indika Energy Tbk. DIRECTOR Energy Resources Coal and Oil & Gas Azis Armand DIRECTOR Energy Services - Mining Energy Infrastructure - Power Eddy Junaedy Danu DIRECTOR Energy Services - Oil & Gas Joseph Pangalila
BOARD OF COMMISSIONERS RISK & INVESTMENT COMMITTEE HUMAN CAPITAL COMMITTEE PRESIDENT DIRECTOR Group Chief Executive Officer Wishnu Wardhana VICE PRESIDENT DIRECTOR M. Arsjad Rasjid P.M. INTERNAL AUDIT DIRECTOR Energy Infrastructure Sea Logistics Rico Rustombi INDEPENDENT DIRECTOR Business Development Richard Bruce Ness GROUP CHIEF OPERATING OFFICER (Ad Interim) M. Arsjad Rasjid P.M. Office of The CEO ICT & Business Process Improvement Human Capital & Internal Communication Project Development & Services CSR & External Communication Corporate Security Indika annual report 2013 PT Indika Energy Tbk. 23
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2013 FINANCIAL HIGHLIGHTS annual report 2013 PT Indika Energy Tbk. 25
INDIKA ENERGY financial highlights Expressed in US , unless otherwise stated CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Revenues Cost of Contracts and Goods Sold Gross Profit General and Administrative Expenses Operating Profit (Loss) Profit for The Year Total Comprehensive (Loss) Income for The Year (Loss) Profit Attributable to: Owners of The Company Non-Controlling Interests Total Comprehensive (Loss) Income Attributable to: Owners of the Company Non-Controlling Interests Equity in net profit of Associates and Jointly Controlled Entities Outstanding Shares Earnings per share 2013 2012 2011 863,394,192 670,295,971 193,098,221 152,450,752 40,647,469 (53,798,103) (49,329,010) 749,705,785 556,462,501 193,243,284 158,569,000 34,674,284 87,207,432 84,832,965 593,398,921 462,615,208 130,783,713 109,705,618 21,078,095 138,267,202 138,365,399 (62,487,116) 8,689,013 68,680,536 18,526,896 127,868,804 10,398,398 (58,018,023) 8,689,013 102,511,466 5,210,192,000 (0.0120) 66,306,069 18,526,896 178,983,576 5,210,192,000 0.0132 127,967,001 10,398,398 222,267,857 5,210,192,000 0.0245 286,550,051 21,102,394 54,896,489 759,345,558 1,556,977,758 2,316,323,316 347,398,333 1,019,053,345 1,366,451,678 949,871,638 2,316,323,316 288,079,887 25,528,684 40,026,825 698,911,436 1,660,820,522 2,359,731,958 542,284,297 794,927,594 1,337,211,891 1,022,520,067 2,359,731,958 330,330,452 22,892,000 10,245,048 65,249,669 702,194,125 1,312,828,194 2,015,022,319 492,108,268 668,136,394 1,160,244,662 854,777,657 2,015,022,319 15.2% 20.5% -0.1% -3.9% 17.2% -191.0% -1.8% 2.2% -7.1% 26.3% 20.3% 47.8% 44.5% 64.5% -46.3% 17.1% 15.3% 19.6% 43.2% 33.7% 91.2% 45.8% 408.8% 23.6% 59.9% 73.9% 44.0% 4.71 -7.24 0.04 -0.07 0.02 -0.03 4.63 9.16 0.03 0.07 0.01 0.03 3.55 21.55 0.02 0.15 0.01 0.06 2.19 1.44 0.59 1.29 1.31 0.57 1.43 1.36 0.58 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Investments in associates Investment in jointly-controlled entities Investment in portfolio - Third party Investments in bonds - Third party Total Current Assets Total Non-Current Assets Total Assets Total Current Liabilities Total Non-Current Liabilities Total Liabilities Total Equity Total Liabilities & Equity Growth Ratio Revenues Cost of Contracts and Goods Sold Gross Profit General and Administrative Expenses Operating Profit (Loss) Profit Attributable to Owners of the Company Total Assets Total Liabilities Total Equity Profit Operating Ratio Operating Profit / Revenues (%) (Loss) Profit Attributable to Owners of the Company / Revenues (%) Operating Profit / Total Equity (x) (Loss) Profit Attributable to Owners of the Company / Total Equity (x) Operating Profit / Total Assets (x) (Loss) Profit Attributable to Owners of the Company / Total Assets (x) Profit Financial Ratio Total Current Assets / Total Current Liabilities (x) Total Liabilities / Total Equity (x) Total Liabilities / Total Assets (x) 26 annual report 2013 PT Indika Energy Tbk.
Revenues 15.2% Gross Profit in US 2013 2012 863,394,192 749,705,785 in US 2013 2012 40,647,469 34,674,284 (Loss) Profit Attributable to Owners of the Company -191.0% 193,098,221 193,243,284 -42.7% in US 2013 2012 102,511,466 178,983,576 Adjusted EBITDA* in US 2013 2012 2013 2012 Equity in net profit of Associates and Jointly Controlled Entities Operating Profit 17.2% -0.1% in US (62,487,116) 68,680,536 -21.5% in US 2013 2012 260,553,462 332,076,126 * Including dividends received from associates and jointly controlled company annual report 2013 PT Indika Energy Tbk. 27
REVENUE BREAKDOWN 2013 US 863.4 Million Tripatra (35.2%) 28 annual report 2013 PT Indika Energy Tbk. Petrosea (41.8%) MBSS (17.6%) Other (5.4%)
STOCKS HIGHLIGHTS Share Price 2013 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Open Highest Lowest Close 1,680 1,260 860 830 1,210 7,20 500 590 1,220 770 740 590 1,240 770 750 600 (in Rp) 2012 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Open Highest Lowest Close 2,125 2,575 1,910 1,600 2,725 2,575 2,050 1,600 2,125 2,560 1,510 1,290 2,525 1,860 1,620 1,420 stock trading volume and value 2013 Average/day-Volume (thousand) Average/day-Value (Rp billion) Q1 Q2 Q3 Q4 2,317 17.2 1,483 7.7 4,056 14.0 1,938 7.6 2012 Average/day-Volume (thousand) Average/day-Value (Rp billion) Q1 Q2 Q3 Q4 16.361 41.0 9.461 19.6 6.730 11.7 5.089 7.5 Share Listing Chronological Description Total Number of Shares Shares Offered Initial Public Offering Employee and Management Stock Options 937,284,000 3,050,000 Date of Effective Statement from Bapepam-LK/Shareholders Meeting Approval 5,207,142,000 5,210,192,000 2 June 2008 8 May 2008 Listing Date IDX 11 June 2008 11 August 2011 BOND INFORMATION Description Value Stock Listing Notes 2018 US 300 Million US 500 Million Singapore Stock Exchange Singapore Stock Exchange Notes 2023 Interest Rate 7% Effective Date Maturity Date 5 May 2011 Rating May 2018 “B1” with stable outlook by Moody’s and “B ” with stable outlook by Fitch. 6.375% 24 January 2013 January 2023 “B1” with stable outlook by Moody’s and “B ” with stable outlook by Fitch. Dividend Policy Dividend Amount Dividend per Share 437.40 362.83 249.94 135.39 385.30 312.61 US 19,000,000.00 84.00 69.68 (Dividend Interim) 48.00 (Final Dividend) 26.00 74.00 60.00 US 0.003647 (in billion Rp) 2008 2009 2010 Total 2011 2012 (Rp) Dividend Payout Ratio 40.32% of 2008 Net Income 50.00% of 2009 Net Income 50.00% of 2010 Net Income 25.79% of 2011 Net Income 21.79% of 2012 Net Income Dividend Payment Date 3 July 2009 25 June 2010 30 November 2010 29 July 2011 26 July 2012 31 July 2013 annual report 2013 PT Indika Energy Tbk. 29
SHAREHOLDING STRUCTURE AS OF 31 DECEMBER 2013 PT Indika Mitra Energi (63.47%) Public (30.11%) Board of Commissioners & Board of Directors (6.42%) Share Ownership by Board of Commissioners & Board of Directors as of 31 December 2013 No 1 2 3 4 5 6 7 8 9 10 11 12 13 Name Position Wiwoho Basuki Tjokronegoro Agus Lasmono Indracahya Basuki Pandri Prabono-Moelyo Anton Wahjosoedibjo Dedi Aditya Sumanagara Wishnu Wardhana M. Arsjad Rasjid P.M. Azis Armand Eddy Junaedy Danu Rico Rustombi Joseph Pangalila Richard Bruce Ness President Commissioner Vice President Commissioner Commissioner Commissioner Independent Commissioner Independent Commissioner President Director Vice President Director Director Director Director Director Independent Director Total 30 annual report 2013 PT Indika Energy Tbk. Shares Amount Shares (%) 5,264,500 10,156,000 1,403,500 231,100,200 1,208,500 1,208,000 1,208,000 81,880,500 165,000 810,000 0.10 0.19 0.03 4.44 0.02 0.02 0.02 1.57 0.00 0.02 334,404,200 6.42
Capital Structure as of 31 December 2013 Authorized Capital Issued & Paid-Up Capital Rp1,700,000,000,000 (Divided into 17,000,000,000 Shares, Each Share With a Par Value of Rp100) Rp521,019,200,000 (US 56,892,154) (Divided into 5,210,192,000 Shares) Controlling Shareholders as of 31 December 2013 Ownership Status PT Indika Mitra Energi* Public (under 5%) Number of Shares Ownership (%) 3,307,097,790 1,903,094,210 63.47 36.53 *) Controlled by Wiwoho Basuki Tjokronegoro & family with 40.5% ownership and Agus Lasmono with 59.5% ownership. Share Ownership Composition as of 31 December 2013 Ownership Status Number of Shares Ownership (%) Limited Liability Companies Individual – Foreign Institutions – Foreign Insurance Pension Funds Employees Mutual Funds Cooperatives Foundations Individuals – Domestic 3,329,433,941 918,208,631 571,567,928 239,954,000 65,187,000 35,579,500 35,041,000 6,460,500 4,866,500 3,893,000 63.90 17.62 10.97 4.62 1.25 0.68 0.67 0.12 0.09 0.08 Total 5,210,192,000 100.00 annual report 2013 PT Indika Energy Tbk. 31
ASSOCIATE COMPANY - KIDECO Expressed in million US , unless otherwise stated 2013 2012 2011 Sales 2,120.6 2,357.3 2,266.6 Cost of Sales 1,654.9 1,623.9 1,401.9 465.7 733.4 864.7 COMPREHENSIVE STATEMENTS OF INCOME Gross Profit 31.6 40.4 40.8 Operating Income 434.1 692.9 823.9 Net Income 212.2 380.0 456.1 Total Current Assets 457.6 523.7 604.0 Total Non-Current Assets 229.0 221.4 213.7 Total Assets 686.6 745.1 817.7 Total Current Liabilities 272.0 312.1 316.5 Operating Expenses STATEMENT OF FINANCIAL POSITION 51.4 46.9 45.3 Total Liabilities 323.4 359.1 361.8 Total Equity 363.3 386.0 456.0 Total Liabilities & Equity 686.6 745.1 817.7 -10.0 4.0 41.2 Total Non-Current Liabilities GROWTH (%) Sales 1.9 15.8 36.8 Gross Profit -36.5 -15.2 49.0 Operating Expenses -21.9 -0.8 65.6 Operating Income -37.4 -15.9 48.2 Net Income -44.2 -16.7 44.2 Total Assets -7.8 -8.9 22.8 Total Liabilities -9.9 -0.7 12.6 Total Equity -5.9 -15.3 32.2 Operating Income / Sales (%) 20.47 29.40 36.35 Net Income / Sales (%) Cost of Sales Operating RatioS 10.01 16.12 20.12 Operating Income / Total Equity (x) 1.20 1.80 1.81 Net Income / Total Equity (x) 0.58 0.98 1.00 Operating Income / Total Assets (x) 0.63 0.93 1.01 Net Income / Total Assets (x) 0.31 0.51 0.56 Total Current Assets / Total Current Liabilities (x) 1.68 1.68 1.91 Total Liabilities / Total Equity (x) 0.89 0.93 0.79 Total Liabilities / Total Assets (x) 0.47 0.48 0.44 FINANCIAL RatioS 32 annual report 2013 PT Indika Energy Tbk.
PT Kideco Jaya Agung Gross Profit Revenues -10.0% in million US 2013 2012 2,120.6 2,357.3 Operating Income -37.4% 2013 2012 465.7 733.4 Net Income in million US 2013 2012 434.1 692.9 -44.2% in million US 2013 2012 212.2 380.0 Sales Volume EBITDA -35.5% -36.5% in million US in million US 2013 2012 463.7 719.4 8.4% in million tonnes 2013 2012 37.1 34.2 annual report 2013 PT Indika Energy Tbk. 33
Kideco’s Coal Production 37.3 2013 2012 34.2 2011 31.5 2010 29.1 24.7 2009 22.0 2008 20.6 2007 2006 18.9 2005 18.2 2004 16.0 14.0 2003 11.5 2002 2001 10.3 8.5 2000 7.4 1999 1998 5.0 (in million tonnes) 5 10 20 15 25 30 Coal Reserves by Pit Area Roto South Roto North Roto Middle Susubang Samarangau Total 35 40 in million tonnes Calorific Value (kcal) Proved Probable Total 4,870 5,470 4,730 5,120 4,430 91 22 79 66 18 17 16 342 157 18 39 16 421 192 459 651 Based on JORC Report dated April 2011 34 annual report 2013 PT Indika Energy Tbk.
Coal Resources by Pit in million tonnes Measured Indicated Inferred Total Roto South Roto North Roto Middle Susubang Samarangau 106 27 88 114 22 33 21 570 44 57 62 7 225 264 79 122 28 883 Total 221 760 395 1,376 Area Based on JORC Report dated April 2011 Sales by Destination 2013 China 17.5% Others Korea 5.1% 7.0% Philippines Taiwan 4.8% 5.9% Japan 5.5% Hongkong 5.4% Thailand India 2.5% Indonesia 11.1% Malaysia 6.2% 29.0% Operation by Pit 2013 Description Overburden (million bcm) Production (million tonnes) Stripping Ratio (x) Roto North 21.4 3.4 6.4 Roto South 114.8 15.8 7.3 Roto Middle 32.5 3.8 8.5 Samarangau 66.5 13.8 4.8 Susubang Total 5.9 0.5 11.3 241.1 37.3 6.5 annual report 2013 PT Indika Energy Tbk. 35
CAPABILTIES ACROSS THE ENTIRE COAL VALUE CHAIN 36 annual report 2013 PT Indika Energy Tbk.
PResident commissioner’s & PResident director’s messages annual report 2013 PT Indika Energy Tbk. 37
PRESIDENT COMMISsIONER’S MESSaGE “ the actions taken by the management in addressing the difficult business conditions in 2013 will make the company more resilient in meeting future challenges.” Wiwoho Basuki Tjokronegoro President Comm
PT Indika Energy Tbk. ("Indika Energy" or "the Company") listed on the Indonesian Stock Exchange (IDX) in 2008. Established in 2000, Indika Energy has grown to be one of Indonesia's leading integrated energy companies with a portfolio of businesses spanning the energy resources, energy services and energy infrastructure sectors.
Get dataset D t {(s t,π*(s t))} D Aggregate dataset D D D t Train classifier π i ̂ 1 on D p̂t π θ(y1 set t s t) π θ(y t 2 s t) draw Bernoulli variable Z t 1 of parameter b b p̂t if Z t π i for t 1to T * After completing his Ph.D., Ellis worked at Bell Labs from 1969 to 1972 on probability theory. Name Entity .
Annual Report 2011- PT Duta Pertiwi Tbk Annual Report 2011 - PT Duta Pertiwi Tbk 11 DUTA PERTIWI AT A GlAnCE PT Duta Pertiwi Tbk (Duta Pertiwi) was established in 1972 and started its business as a developer and Real Estate company in 1987 by developing a commercial area, i.e. some shop
PT Gudang Garam Tbk 2018 Annual Report. 07 Pt Gudang Garam tbk 2018 Laporan tahunan Merah Series Surya Series surya pro Mild GG Mild GG Move PT Gudang Garam Tbk 2018 Laporan Tahunan. 08 Pt Gudang Garam tbk 2018 annua report Gudang Garam is a leading producer of kretek
PADA PT. ASTRA INTERNATIONAL TBK. HONDA CABANG YOGYAKARTA Oleh: Anna Ukhti Rhamdani 12810134004 Penelitian ini bertujuan untuk mengetahui : (1) Strateg i Promosi yang telah dilaksanakan pada PT. Astra Internatio nal Tbk. Honda. (2) Jenis promos i yang paling efektif pada PT. Astra International Tbk. Honda .
LAPORAN TAHUNAN 2018 ANNUAL REPORT. 2 PT Sampoerna Agro Tbk Laporan Tahnan 2018. PT Sampoerna Agro Tbk 2018 Annal Report 3. Penjelasan Tema Cover Story 2 Sanggahan Disclaimer 3 1 . PT SAMPOERNA AGRO TBK Kilas Kinerja 2018 2018 Flashback Performance Laporan Dewan Komisaris dan Direksi Board of Commissioners and Board of Directors Reports
PEDOMAN PENERAPAN TATA KELOLA PERSEROAN YANG BAIK (Good Corporate Governance Guideline) PT INDOCEMENT TUNGGAL PRAKARSA Tbk. Corporate Secretary and Legal Affairs Division, PT INDOCEMENT TUNGGAL PRAKARSA TBK. 2018 . Indocement’s Way- GCG Guideline 1 PERNYATAAN KOMITMEN DEWAN KOMISARIS DAN DIREKSI Dewan Komisaris dan Direksi PT Indocement Tunggal Prakarsa Tbk berkomitmen untuk menerapkan .
PT Astra International Tbk 2017 Full Year Financial Statements The following announcement was issued today by the Company’s 75%-owned subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT Astra International Tbk. For further information, please contact: Jardine Matheson Limited Neil M McNamara (852) 2843 8227
Days 1 to 5 PREDNISOLONE 40 mg/m2 PO daily. (Give first dose before rituximab as pre-med). * Vincristine 1 mg in patients over 70 years of age. Pretreatment with steroids: Some older patients may benefit from a steroid pre-phase consisting of 7 days of oral prednisolone at a dose of 50-100 mg daily. G-CSF primary prophylaxis: Consider if patient is over 70 years of age or is immunosuppressed .
