Pertamina - Hubungan Investor
PT Pertamina (Persero):
3Q16 (unaudited) results
November 2016
Strictly Private and Confidential
1
FINAL DRAFT
Disclaimer
By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following
limitations:
The information in this presentation has been prepared by representatives of PT Pertamina (Persero) (together with its subsidiaries, the “Company”) for
use in presentations by the Company at investor meetings and does not constitute a recommendation regarding the securities of the Company or any of its
affiliates.
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness
of the information, or opinions contained herein. Neither the Company nor any of the Company's affiliates, advisors or representatives shall have any
responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or
otherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and
amendment and such information may change materially.
This presentation contains data sourced from third parties and the views of third parties. In replicating such data in this presentation, the Company makes
no representation, whether express or implied, as to the relevance, adequacy or accuracy of such data. The replication of any views in this presentation
should be not treated as an indication that the Company agrees with or concurs with such views.
This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that
subsequent developments may affect the information contained in this presentation, which neither the Company nor its affiliates, advisors or representatives
are under an obligation to update, revise or affirm.
The information communicated in this presentation contains certain statements that are or may be forward-looking. These statements include descriptions
regarding the intent, belief or current expectations of the Company or its officers with respect to, among other things, the operations, business, strategy,
plans, goals, consolidated results of operations and financial condition of the Company. These statements typically contain words such as “expects,” “plan,”
“will,” “estimates,” “projects,” “intends,” "anticipates" and words of similar import. Such forward-looking statements are based on numerous assumptions
regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature,
forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Any
investment in securities issued by the Company or any of its affiliates will also involve certain risks. There may be additional material risks that are currently
not considered to be material or of which the Company and its advisors or representatives are unaware. Against the background of these uncertainties,
readers should not rely on these forward-looking statements. The Company assumes no responsibility to update forward-looking statements or to revise
them to reflect future events or developments.
This presentation and the information contained herein do not constitute or form part of any offer for sale or subscription of, or solicitation or invitation of any
offer to buy or subscribe for, any securities of the Company, including any notes to be issued under the Company’s global medium term note program (the
“Notes”), in any jurisdiction. Any decision to purchase or subscribe for any securities of the Company, including the Notes, should be made solely on the
basis of information contained in the offering memorandum (as supplemented or amended) issued in respect of the offering of such securities (which may
be different from the information contained herein) after seeking appropriate professional advice, and no reliance should be placed on any information other
than that contained in the offering memorandum (as supplemented or amended).
This presentation is confidential and the information contained herein are being furnished to you solely for your information and may not be reproduced or
redistributed to any other person, in whole or in part. In particular, neither the information contained in this presentation nor any copy hereof may be, directly
or indirectly, taken or transmitted or distributed.
The information contained in this presentation is provided as at the date of this presentation and is subject to change without notice.
2
FINAL DRAFT
Organizational Update
President Director
& CEO
Dwi Soetjipto
Upstream Director
Gas, New &
Renewable Energy
Director
Marketing Director
Refinery Director
Finance Director
Syamsu Alam
Yenni Andayani
Ahmad
Bambang
Rachmad
Hardadi
Arief Budiman
Human Resources
& General Affairs
Director
Dwi Wahyu
Daryoto
New Organization
President Director
& CEO
COO / Deputy
President
Director & CEO
Dwi Soetjipto
Ahmad Bambang
Upstream Director
Syamsu Alam
Refining &
Petrochemical
Megaproject Director
Gas Director
Finance &
Corporate
Strategy Director
Rachmad
Hardadi
Yenni Andayani
Arief Budiman
Human Resources
IT & General
Affairs Director
Dwi Wahyu
Daryoto
Marketing
Director
Refinery Director
Act: Ahmad
Bambang
Act: Rachmad
Hardadi
3
FINAL DRAFT
3Q16 Highlights
Key Financial Highlights (USD Billions)
Revenues by Segment (Percentage)
3Q16
3Q15
ICP (USD/BBL)
37.88
52.21
Revenues
26.62
31.99
EBITDA
6.23
3.55
Net Income
2.83
0.91
SG&A Cost (OPEX)
1.62
1.43
Upstream
8%
9%
Downstream
& Others
92%
91%
3Q16
3Q15
Priority Projects 2016
Upstream & Geothermal:
• Matindok Gas Development Project
• Jambaran-Tiung Biru Gas Field
• Geothermal Lumut Balai 1 & 2, Ulubelu 3 &4
Midstream, gas pipeline network:
• Muara Karang – Muara Tawar – Tegalgede (West Java)
• Gresik – Semarang (East Java & Central Java)
EBITDA by Segment (Percentage)
Upstream
27%
65%
35%
Downstream:
• Upgrade on Refinery IV Cilacap (Proyek Langit Biru Cilacap)
• Development of Fuel Terminal in Sambu Island
Downstream
& Others
73%
3Q16
3Q15
4
FINAL DRAFT
Recent Developments
Maurel et Prom Share Purchase
Crude Processing Deal with Shell
Pertamina purchased 24.53% shares of Maurel et Prom
(MP), a France based independent oil and gas company.
Pertamina appointed Shell to process the crude from
Iraq’s West Qurna 1 Block to produce Gasoline RON 88
MP’s operations are in Gabon, Namibia, Nigeria, Tanzania,
Myanmar, Canada, and Italy.
Shell will process 1 million barrels of crude per month
from July to December 2016 at Singapore refinery.
Pertamina is currently performing a voluntary tender offer,
expected to be completed by the end of 2016.
New Product Launch
Pertamina launched Pertamax Turbo, a gasoline with
minimum Research Octane Number of 98.
Head of Agreement with REPSOL
Pertamina and Repsol signed the HoA to develop Treated
Distillate Aromatic Extract (TDAE) Plant at Refinery Unit
IV, Cilacap.
Plant is designed at a capacity of 60.000 tons/annum of
TDAE, to process Distillate Aromatic Extract into a Rubber
Processing Oil (material for synthetic rubber and tire).
Plant will be operated in 2019. Total investment amounting
to US$ 80 Million.
Pertamina also introduces Pertamax Turbo to the
European market (Belgium, France, UK, Italy).
Efficiency Program
Pertamina maintains continuous efficiency program
through Breakthrough Project (BTP) New Initiatives.
The program yielded a value of US$ 1.6 Billion as of
3Q2016.
Includes Optimization of Integrated Supply Chain, Hydro
Procurement, Marketing Operation Excellence and
Upstream Efficiency Initiative.
Source: Pertamina
5
FINAL DRAFT
Financial Performance
USD Billions
-2%
71.10
3.06
70.00
Revenues
32.00
2014*
-1%
66.26
2015
1.45
1.42
0.91
2013
2014*
2015
3Q15
-14%
-42%
6.66
65.56
-27%
37.84
2014*
2015
29.55
3Q15
5.74
EBITDA
3Q16
+75%
-11%
COGS & OPEX
2013
-2%
26.62
3Q16
3Q15
2.83
Net Income
-17%
41.76
2013
+209%
-53%
-40%
6.23
5.13
3.55
21.57
3Q16
2013
2014*
2015
3Q15
3Q16
+107%
Income from
Operations
-8%
4.84
-12%
4.44
5.05
2014*
23.42
3.92
2.44
2013
EBITDA
Margin (%)
2015
*Restated
3Q15
3Q16
9.30
8.20
2013
2014
12.28
11.09
2015
3Q15
3Q16
6
FINAL DRAFT
Upstream Performance
Daily Oil Production
(MBOPD)
Daily Gas Production
(MMSCFD)
+12%
+34%
+3%
278
270
277
309
+18%
+13%
+18%
+6%
1,902
1,528
1,613
2013
2014
Daily Oil and Gas Production
(MBOEPD)
1,730
1,953
2014*
2015
3Q15
3Q16
Yearly Oil Production
(MMBO)
+34%
+3%
98.61
2013
2015
3Q16
2013
3Q15
84.77
+18%
2013
575
2015
1H15
2014
2015
3Q15
646
1H16
+11%
200
589
472
3Q16
607
+13%
+13%
+6%
558
2014*
+12%
Yearly Oil and Gas Production
(MMBOE)
694
75.56
2014*
3Q15
+18%
101.60
73.55
2015
Yearly Gas Production
(BSCF)
+12%
549
465
202
2013
+11%
535
170
3Q16
2013
221
157
2014*
2015
3Q15
177
3Q16
*Restated due to change in the method of accounting record
Production figures includes overseas production & entitlement.
7
FINAL DRAFT
Refining Performance
Total Output (MMBbl)
Total Intake (MMBbl)
0%
314,03
+1%
-3%
314,42
305,95
2014
2015
3Q15
3Q16
Volume Valuable Product (MMBbl)
227,59
229,98
+8%
230,94
214,66
2013
2014
2015
3Q15
3Q16
Yield Valuable Product On Total Intake (%)
0%
+1%
290,22
244,91
226,28
2013
297,36
295,27
+8%
-2%
+13%
231,05
+5%
+3%
+1%
72,47
73,14
75,52
74,39
77,75
2013
2014
2015
3Q15
3Q16
190,29
168,32
2013
2014
2015
3Q15
3Q16
8
FINAL DRAFT
Marketing & Trading Performance
Fuel Sales (Million KL)
0%
65,37
Non-Fuel Sales (Domestic Gas & Petrochemical ) (Million KL)
65,23
2013
2015
13,80
+5%
61,69
2014
+1%
+14%
-5%
45,73
47,80
3Q15
3Q16
Lubricant Sales (Million KL)
2013
2014
Jan 2016
+2%
0,46
0,34
2014
10,28
10,80
3Q15
3Q16
2015
3Q15
Jun 2016
3Q16
Sep 2016
12,9%
0,7%
13,3%
28,2%
54,5%
0,35
86,8%
2013
2015
4,2%
0,6%
8,4%
+3%
0,44
+5%
Shift in Fuel Consumption (Total National Sales)
-23%
0,58
13,97
12,06
73,0%
0,8%
16,5%
PERTALITE (RON 90)
PERTAMAX (RON 92)
PERTAMAX PLUS (RON 95)/TURBO (RON 98)
PREMIUM (RON 88)
9
FINAL DRAFT
thank you
3Q16 (unaudited) results
November 2016
Strictly Private and Confidential
1
FINAL DRAFT
Disclaimer
By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following
limitations:
The information in this presentation has been prepared by representatives of PT Pertamina (Persero) (together with its subsidiaries, the “Company”) for
use in presentations by the Company at investor meetings and does not constitute a recommendation regarding the securities of the Company or any of its
affiliates.
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness
of the information, or opinions contained herein. Neither the Company nor any of the Company's affiliates, advisors or representatives shall have any
responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or
otherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and
amendment and such information may change materially.
This presentation contains data sourced from third parties and the views of third parties. In replicating such data in this presentation, the Company makes
no representation, whether express or implied, as to the relevance, adequacy or accuracy of such data. The replication of any views in this presentation
should be not treated as an indication that the Company agrees with or concurs with such views.
This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that
subsequent developments may affect the information contained in this presentation, which neither the Company nor its affiliates, advisors or representatives
are under an obligation to update, revise or affirm.
The information communicated in this presentation contains certain statements that are or may be forward-looking. These statements include descriptions
regarding the intent, belief or current expectations of the Company or its officers with respect to, among other things, the operations, business, strategy,
plans, goals, consolidated results of operations and financial condition of the Company. These statements typically contain words such as “expects,” “plan,”
“will,” “estimates,” “projects,” “intends,” "anticipates" and words of similar import. Such forward-looking statements are based on numerous assumptions
regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature,
forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Any
investment in securities issued by the Company or any of its affiliates will also involve certain risks. There may be additional material risks that are currently
not considered to be material or of which the Company and its advisors or representatives are unaware. Against the background of these uncertainties,
readers should not rely on these forward-looking statements. The Company assumes no responsibility to update forward-looking statements or to revise
them to reflect future events or developments.
This presentation and the information contained herein do not constitute or form part of any offer for sale or subscription of, or solicitation or invitation of any
offer to buy or subscribe for, any securities of the Company, including any notes to be issued under the Company’s global medium term note program (the
“Notes”), in any jurisdiction. Any decision to purchase or subscribe for any securities of the Company, including the Notes, should be made solely on the
basis of information contained in the offering memorandum (as supplemented or amended) issued in respect of the offering of such securities (which may
be different from the information contained herein) after seeking appropriate professional advice, and no reliance should be placed on any information other
than that contained in the offering memorandum (as supplemented or amended).
This presentation is confidential and the information contained herein are being furnished to you solely for your information and may not be reproduced or
redistributed to any other person, in whole or in part. In particular, neither the information contained in this presentation nor any copy hereof may be, directly
or indirectly, taken or transmitted or distributed.
The information contained in this presentation is provided as at the date of this presentation and is subject to change without notice.
2
FINAL DRAFT
Organizational Update
President Director
& CEO
Dwi Soetjipto
Upstream Director
Gas, New &
Renewable Energy
Director
Marketing Director
Refinery Director
Finance Director
Syamsu Alam
Yenni Andayani
Ahmad
Bambang
Rachmad
Hardadi
Arief Budiman
Human Resources
& General Affairs
Director
Dwi Wahyu
Daryoto
New Organization
President Director
& CEO
COO / Deputy
President
Director & CEO
Dwi Soetjipto
Ahmad Bambang
Upstream Director
Syamsu Alam
Refining &
Petrochemical
Megaproject Director
Gas Director
Finance &
Corporate
Strategy Director
Rachmad
Hardadi
Yenni Andayani
Arief Budiman
Human Resources
IT & General
Affairs Director
Dwi Wahyu
Daryoto
Marketing
Director
Refinery Director
Act: Ahmad
Bambang
Act: Rachmad
Hardadi
3
FINAL DRAFT
3Q16 Highlights
Key Financial Highlights (USD Billions)
Revenues by Segment (Percentage)
3Q16
3Q15
ICP (USD/BBL)
37.88
52.21
Revenues
26.62
31.99
EBITDA
6.23
3.55
Net Income
2.83
0.91
SG&A Cost (OPEX)
1.62
1.43
Upstream
8%
9%
Downstream
& Others
92%
91%
3Q16
3Q15
Priority Projects 2016
Upstream & Geothermal:
• Matindok Gas Development Project
• Jambaran-Tiung Biru Gas Field
• Geothermal Lumut Balai 1 & 2, Ulubelu 3 &4
Midstream, gas pipeline network:
• Muara Karang – Muara Tawar – Tegalgede (West Java)
• Gresik – Semarang (East Java & Central Java)
EBITDA by Segment (Percentage)
Upstream
27%
65%
35%
Downstream:
• Upgrade on Refinery IV Cilacap (Proyek Langit Biru Cilacap)
• Development of Fuel Terminal in Sambu Island
Downstream
& Others
73%
3Q16
3Q15
4
FINAL DRAFT
Recent Developments
Maurel et Prom Share Purchase
Crude Processing Deal with Shell
Pertamina purchased 24.53% shares of Maurel et Prom
(MP), a France based independent oil and gas company.
Pertamina appointed Shell to process the crude from
Iraq’s West Qurna 1 Block to produce Gasoline RON 88
MP’s operations are in Gabon, Namibia, Nigeria, Tanzania,
Myanmar, Canada, and Italy.
Shell will process 1 million barrels of crude per month
from July to December 2016 at Singapore refinery.
Pertamina is currently performing a voluntary tender offer,
expected to be completed by the end of 2016.
New Product Launch
Pertamina launched Pertamax Turbo, a gasoline with
minimum Research Octane Number of 98.
Head of Agreement with REPSOL
Pertamina and Repsol signed the HoA to develop Treated
Distillate Aromatic Extract (TDAE) Plant at Refinery Unit
IV, Cilacap.
Plant is designed at a capacity of 60.000 tons/annum of
TDAE, to process Distillate Aromatic Extract into a Rubber
Processing Oil (material for synthetic rubber and tire).
Plant will be operated in 2019. Total investment amounting
to US$ 80 Million.
Pertamina also introduces Pertamax Turbo to the
European market (Belgium, France, UK, Italy).
Efficiency Program
Pertamina maintains continuous efficiency program
through Breakthrough Project (BTP) New Initiatives.
The program yielded a value of US$ 1.6 Billion as of
3Q2016.
Includes Optimization of Integrated Supply Chain, Hydro
Procurement, Marketing Operation Excellence and
Upstream Efficiency Initiative.
Source: Pertamina
5
FINAL DRAFT
Financial Performance
USD Billions
-2%
71.10
3.06
70.00
Revenues
32.00
2014*
-1%
66.26
2015
1.45
1.42
0.91
2013
2014*
2015
3Q15
-14%
-42%
6.66
65.56
-27%
37.84
2014*
2015
29.55
3Q15
5.74
EBITDA
3Q16
+75%
-11%
COGS & OPEX
2013
-2%
26.62
3Q16
3Q15
2.83
Net Income
-17%
41.76
2013
+209%
-53%
-40%
6.23
5.13
3.55
21.57
3Q16
2013
2014*
2015
3Q15
3Q16
+107%
Income from
Operations
-8%
4.84
-12%
4.44
5.05
2014*
23.42
3.92
2.44
2013
EBITDA
Margin (%)
2015
*Restated
3Q15
3Q16
9.30
8.20
2013
2014
12.28
11.09
2015
3Q15
3Q16
6
FINAL DRAFT
Upstream Performance
Daily Oil Production
(MBOPD)
Daily Gas Production
(MMSCFD)
+12%
+34%
+3%
278
270
277
309
+18%
+13%
+18%
+6%
1,902
1,528
1,613
2013
2014
Daily Oil and Gas Production
(MBOEPD)
1,730
1,953
2014*
2015
3Q15
3Q16
Yearly Oil Production
(MMBO)
+34%
+3%
98.61
2013
2015
3Q16
2013
3Q15
84.77
+18%
2013
575
2015
1H15
2014
2015
3Q15
646
1H16
+11%
200
589
472
3Q16
607
+13%
+13%
+6%
558
2014*
+12%
Yearly Oil and Gas Production
(MMBOE)
694
75.56
2014*
3Q15
+18%
101.60
73.55
2015
Yearly Gas Production
(BSCF)
+12%
549
465
202
2013
+11%
535
170
3Q16
2013
221
157
2014*
2015
3Q15
177
3Q16
*Restated due to change in the method of accounting record
Production figures includes overseas production & entitlement.
7
FINAL DRAFT
Refining Performance
Total Output (MMBbl)
Total Intake (MMBbl)
0%
314,03
+1%
-3%
314,42
305,95
2014
2015
3Q15
3Q16
Volume Valuable Product (MMBbl)
227,59
229,98
+8%
230,94
214,66
2013
2014
2015
3Q15
3Q16
Yield Valuable Product On Total Intake (%)
0%
+1%
290,22
244,91
226,28
2013
297,36
295,27
+8%
-2%
+13%
231,05
+5%
+3%
+1%
72,47
73,14
75,52
74,39
77,75
2013
2014
2015
3Q15
3Q16
190,29
168,32
2013
2014
2015
3Q15
3Q16
8
FINAL DRAFT
Marketing & Trading Performance
Fuel Sales (Million KL)
0%
65,37
Non-Fuel Sales (Domestic Gas & Petrochemical ) (Million KL)
65,23
2013
2015
13,80
+5%
61,69
2014
+1%
+14%
-5%
45,73
47,80
3Q15
3Q16
Lubricant Sales (Million KL)
2013
2014
Jan 2016
+2%
0,46
0,34
2014
10,28
10,80
3Q15
3Q16
2015
3Q15
Jun 2016
3Q16
Sep 2016
12,9%
0,7%
13,3%
28,2%
54,5%
0,35
86,8%
2013
2015
4,2%
0,6%
8,4%
+3%
0,44
+5%
Shift in Fuel Consumption (Total National Sales)
-23%
0,58
13,97
12,06
73,0%
0,8%
16,5%
PERTALITE (RON 90)
PERTAMAX (RON 92)
PERTAMAX PLUS (RON 95)/TURBO (RON 98)
PREMIUM (RON 88)
9
FINAL DRAFT
thank you