20130802 toba mdna 1h 2013 english sf
Management Discussion & Analysis 1H 2013
PT Toba Bara Sejahtra Tbk and subsidiaries
June 2013
1
HIGHLIGHTS
The coal industry in 1H 2013 continued to be under pressure as a result of weak global economy
mainly due to the slower growth of coal demand in China. The average monthly selling price of
Newcastle Index decreased from US$ 105.3/ton in 1H 2012 to US$ 89.5/ton in 1H 2013. Amidst
this situation, PT Toba Bara Sejahtra Tbk ( The Company posted an increase in both production
and sales volume of 13.0% and 14.3% (yoy) respectively. Coal production volume rose from 2.47
million tons in 1H 2012 to 2.79 million tons in 1H 2013 while sales volume hit 2.80 million tons in
1H 2013 from 2.45 million tons in 1H 2012.
Quarter on quarter (qoq), the Co pa s oal production volume in 2Q 2013 rose 16.3% to
1.50 million tons from 1.29 million tons in 1Q 2013, mainly due to the completion of prestripping activities in PT Adimitra Baratama Nusantara (ABN) and the commencement of
production in PT Trise sa Mi eral Uta a s TMU) new block. Meanwhile, the coal sales volume
of 1Q 2013 was 4.2% higher than that of 2Q 2013, mainly attributable to inventory clearance
accumulated from 4Q 2012.
Fi a iall , the Co pa s sales de li ed 7.3% from US$ 202.9 million in 1H 2012 to US$ 188.1
million in 1H 2013 primarily because of the 18.6% decline in average selling price (ASP) that was
compensated by 14.3% increase in sales volume. The decline in the Co pa s ASP yoy was
relatively in line with the 17.6% decrease in the Newcastle Index, which the Company used as a
reference price.
Although sales increased, cost of goods sold (COGS) decreased 6.0% from US$ 167.0 million in 1H
2012 to US$ 157.0 million in 1H 2013 because of reduction in stripping ratio (SR) and overburden
(OB) dump distance. EBITDA dropped by 20.7% from US$ 27.6 million in 1H 2012 to US$ 21.9
million in 1H 2013, mainly attributable to the 18.6% decline in ASP.
After deducting net tax expense of US$ 5.8 million for 1H 2013, the Company posted total net
income (before minority interest and other comprehensive income) of US$ 12.7 million, or lower
than US$ 18.1 million in 1H 2012.
The Co pa s ash flo s i H 2013 were significantly stronger compared to 1H 2012. The
Company generated total operating cash flows of US$ 24.5 million compared to 1H 2012 of US$
(20.7 million).
The Co pa s cash balance rose to US$ 53.3 million in 1H 2013 from US$ 36.3 million as of
December 2012. The i rease i ash ala e aused the Co pa s et de t positio to de rease
to US$ 2.5 million in 1H 2013 from US$ 12.7 million as of December 2012.
PRODUCTION & OPERATIONS
The Co pa s oal produ tio of 2.79 million tons in 1H 2013 was generated by all three of its
operating subsidiaries, i.e. ABN, PT Indomining (IM) and TMU that contributed with 1.92 million
tons, 0.64 million tons, and 0.23 million tons respectively. The production growth of 13.0% (yoy)
2
was predominately driven by the growth of TMU and mining at the border area of IM and ABN
concessions as part of the effort to maximize reserves. In 1H 2013, the Company achieved 44% of
highest production target in 2013. The Company remains confident to reach a production target of
5.8 - 6.4 million tons this year, given the production plan in 2H 2013.
Production Growth of ABN, IM and TMU
Coal Production
(in 'KTon)
2,500
2,000
1,500
17.4x
15.4x
Stripping
Ratio (x)
1,920
1,962
1H 2012
1H 2013
1,000
11.8x
14.5x
500
426
637
12.1x
23.3x
83
0
ABN
IM
230
TMU
The Co pa s SR dropped 16.4% from 17.1x in 1H 2012 to 14.3x in 1H 2013. This was mainly due
to the reduction in ABN s pre-stripping activities during 1H 2013.
To enhance its profitability, the Company has continued to undertake cost reduction initiatives,
including lowering SR and shortening overburden (OB) dump distance, which has been lowered
from 2.4 km in 1H 2012 to 1.7 km in 1H 2013.
3
Financial and Operational Highlights
% Changes
1H 20122013
1Q 2013
2Q 2013
1H 2012
1H 2013
Million ton
1.29
1.50
2.47
2.79
Sales Volume
Million tons
1.43
1.37
2.45
2.80
14.1%
Overburden Removal (OB)
Mbcm
19.45
20.39
42.18
39.84
(5.6%)
Stripping Ratio (SR)
X
15.1
13.6
17.1
14.3
(16.4%)
FOB Vessel Cash Cost
US$/ton
55.3
54.6
67.6
55.0
(18.6%)
US$/ton
66.4
68.1
82.6
67.2
(18.6%)
1Q 2013
2Q 2013
1H 2012
Figures in US$ million unless stated
otherwise
Operational
Coal Production Volume
Average Selling Price (ASP)
13%
Financial Performance
1H 2013
Profit and Loss
% Changes
1H 20122013
Sales
US$ Million
94.94
93.16
202.86
188.10
(7.3%)
Cost of Goods Sold
US$ Million
80.55
76.44
166.96
156.99
(6.0%)
Gross Profit
US$ Million
14,39
16.71
35.90
31.10
(13.4%)
Operating Profit
US$ Million
7,74
10.08
25.11
17.82
(29.0%)
EBITDA
US$ Million
9.44
12.48
27.63
21.92
(20.7%)
Net Income
US$ Million
5.97
6.70
18.15
12.65
(30.3%)
Capex
US$ Million
3.02
6.60
11.70
9.62
(17.8%)
Free cash flows*
US$ Million
29.53
(14.61)
(32.38)
14.92
146.1%
1Q 2013
2Q 2013
Balance Sheet
Interest Bearing Debt
US$ Million
Cash and Cash Equivalents
US$ Million
43.35
60.35
Net Debt **
US$ Million
Net cash
2.52
Total Assets
US$ Million
283.26
294.31
Total Liabilities
US$ Million
166.34
179.20
Total Equity
US$ Million
116.92
115.11
1Q 2013
December
2012
June 2013
% Changes
1H 20132012
55.80
49.03
55.80
13.8%
53.29
36.31
53.29
46.8%
12.73
2.52
(80.2%)
261.53
294.31
12.5%
150.58
179.20
19.0%
110.94
115.11
3.8%
2Q 2013
1H 2012
1H 2013
Financial Ratios
% Changes
1H 20122013
%
0.15
0.17
0.18
0.17
(6.6%)
EBITDA Margin
%
0.09
0.13
0.14
0.12
(14.4%)
Operating Margin
%
0.08
0.11
0.12
0.09
(23.5%)
0.02
0.11
0.02
(81.8%)
Gross Profit Margin
Return on Equity
X
Net cash
Note:
*Free cash flows = Operating cash flows less Capex
* Net debt = Interest bearing rate less cash and cash equivalents
4
PROFIT AND LOSS
SALES
The Co pa s sales dropped by 7.3% from US$ 202.9 million in 1H 2012 to US$ 188.1 million in
1H 2013. This decline was attri uta le to the drop i the Co pa s A“P
. % fro U“$
82.6/ton in 1H 2012 to US$ 67.2/ton in 1H 2013 that was compensated by the 14.3% increase in
sales volume in 1H 2013 compared to a year ago.
However, on a qoq basis, the Co pa s sales o l de li ed
1.9% in 2Q 2013 to US$ 93.1
million from US$ 94.9 million in 1Q 2013. Although qoq sales volume of 2Q 2013 dropped by 4.2%,
the Co pa s A“P rose .7% to US$ 68.1/ton.
COGS
The 6% drop in COGS in 1H 2013 was the result of the decrease in FOB vessel cash cost (including
royalty) from US$ 67.6/ton in 1H 2012 to US$ 55.0/ton in 1H 2013. The Co pa s i itiati e to
lower SR and shorten OB dump distance that started at the end of 4Q 2012 had contributed to
lower FOB vessel cash cost.
EBITDA
EBITDA dropped 20.7% from US$ 27.6 million in 1H 2012 to US$ 21.9 million in 1H 2013, mainly as
a result of 18.6% decrease in ASP, which was compensated by lower COGS and increased in sales
volume.
NERACA
ASSETS
The Co pa s assets stood at US$ 294.3 million in 1H 2013, or increased by 12.5% from US$
261.5 million as of the end of 2012. The increase in total assets was mainly due to the increase in
cash and cash Equivalents as well as capital expenditures spending. In 1H 2013, the Company
recorded a significant increase of 46.8% in cash and cash Equivalents, from US$ 36.3 million as of
the end of 2012 to US$ 53.3 million. The Company spent US$ 9.6 million for capital expenditures
that as used for the o stru tio of TMU s hauli g road to IM, o stru tio of Coal Pro essi g
Plant (CPP) facility at IM as well as exploration and development.
LIABILITIES
Meanwhile, total liabilities increased by 19.0% to US$ 179.2 million in 1H 2013 from US$ 150.6
million as of 31 December 2012. This increase was primarily due to the rise in Trade Payables as a
result of increased production activities and additional long term loan acquired by PKU.
The Co pa s et debt stood at US$ 2.5 million, as a result of total interest bearing debt of US$
55.8 million subtracted from cash and cash Equivalents of US$ 53.3 million.
EQUITY
Total equity in 1H 2013 increased by 3.8% to US$ 115.1 million from US$ 110.9 million as of the
end of 2012, and the rise was attributable to the increase of earnings generated in 1H 2013.
5
MARKETING
In 1H 2013, the Company sold its coal to Asian countries including Taiwan, China, India, Korea, and
several other countries. The usto ers are ostl reputa le glo al traders. The Co pa s sales
have currently achieved 50 - 90% of the production guidance for 2013, sold under fixed price.
OPERATIONAL UPDATES
ABN
In 1H 2013, despite higher than anticipated rainfall delayed operational activities, ABN still
managed to increase coal production by 7.4% from 1Q 2013 to 2Q 2013.
ABN s se o d u derpass is urre tl u der o stru tio a d proje ted to e o pleted
4Q 2013. This second underpass is expected to reduce OB dump distance.
IM
In 2Q 2013, coal production increased by 29.6% compared to 1Q 2013, mainly attributable
to coal produced through border mining with ABN.
The new CPP that is currently under construction, is e pe ted to i rease IM s oal
production capacity to 6 million tons per annum Hence, IM will have the capacity to
process the coal produced by TMU in addition to reducing cost and adding stockpile
capacity. The Company is targeting to complete this CPP in 3Q 2013.
IM had received term loan facility of US$ 15 million from Standard Chartered Bank (SCB) Singapore, with a tenor of 3 (three) years and interest rate LIBOR plus applicable margin
p.a. The term loan facility will be used to fund the capital expenditure for the construction
of the new CPP, purchase of equipment, supporting infrastructure and other capital
expenditures.
TMU
The new hauling road of TMU, stretching along 17 km to IM through ABN, was completed
in May 2013, sooner than the original target. After the hauling road is fully operational,
TMU s tra sportatio ost is e pe ted to de rease US$ 5 – 10/ton. TMU has also begun
to use CPP and jetty facility owned by IM.
TMU has achieved coal production of 72 thousand tons/month in June 2013, or an increase
of 125.0% from January 2013 that was recorded at 32 thousand tons/month.
PT TOBA BARA SEJAHTRA Tbk at A GLANCE
PT Toba Bara Sejahtra Tbk The Co pa
is o e of the ajor o petiti e produ ers of ther al
coal in Indonesia. The Company has grown into a major coal producer operating 3 (three) coal
mine concessions in East Kalimantan. These adjacent coal mining concessions, which are held
through various operating companies, all enjoy highly favorable mine locations, with close
pro i it to lo al ri er ports. The Co pa s o essio areas total appro i atel ,
he tares.
The Company currently has three operating subsidiaries, namely PT Adimitra Baratama Nusantara
ABN , PT I do i i g IM a d PT Trise sa Mi eral Uta a TMU . The Co pa s o erships i
ABN, IM, and TMU are 51.00%, 99.99%, and 99.99% respectively.
6
On 6th July, 2012, the Company listed its shares at the Indonesia Stock Exchange (IDX) under the
ti ker TOBA a d released as a as
, ,
shares or . % of its paid up apital ith a
IPO proceed of IDR 400.3 billion.
Lo ations of To a Bara’s Mine Sites
ABN is located in Sanga-Sanga, Kutai Kartanegara, East Kalimantan and is operated under the
IUPOP permit. It started operations in September 2008. ABN covers an area reaching 2,990
hectares, and has an estimated coal resource of around 156 million tons.
IM is located in Sanga-Sanga, Kutai Kartanegara, East Kalimantan and is operated under the IUPOP
permit. It started operations in August 2007. IM covers 683 hectares of land, and has an estimated
coal resource of 37 million tons.
Meanwhile, TMU is located in Loa Janan, Muara Jawa and Sanga-Sanga, Kutai Kartanegara, East
Kalimantan. With IUPOP permit, TMU started operations in October 2011. TMU covers 3,414
hectares of land, and has an estimated coal resource of 43 million tons.
Altogether, the total coal resource of the Company is currently estimated at 236 million tons.
For further information, please contact:
PT Toba Bara Sejahtra Tbk
Perry B. Slangor
Corporate Secretary
Email: corsec@tobabara.com
Iwan Sanyoto
Head of Investor Relations
Email: iwan.sanyoto@tobabara.com
PT Toba Bara Sejahtra Tbk and subsidiaries
June 2013
1
HIGHLIGHTS
The coal industry in 1H 2013 continued to be under pressure as a result of weak global economy
mainly due to the slower growth of coal demand in China. The average monthly selling price of
Newcastle Index decreased from US$ 105.3/ton in 1H 2012 to US$ 89.5/ton in 1H 2013. Amidst
this situation, PT Toba Bara Sejahtra Tbk ( The Company posted an increase in both production
and sales volume of 13.0% and 14.3% (yoy) respectively. Coal production volume rose from 2.47
million tons in 1H 2012 to 2.79 million tons in 1H 2013 while sales volume hit 2.80 million tons in
1H 2013 from 2.45 million tons in 1H 2012.
Quarter on quarter (qoq), the Co pa s oal production volume in 2Q 2013 rose 16.3% to
1.50 million tons from 1.29 million tons in 1Q 2013, mainly due to the completion of prestripping activities in PT Adimitra Baratama Nusantara (ABN) and the commencement of
production in PT Trise sa Mi eral Uta a s TMU) new block. Meanwhile, the coal sales volume
of 1Q 2013 was 4.2% higher than that of 2Q 2013, mainly attributable to inventory clearance
accumulated from 4Q 2012.
Fi a iall , the Co pa s sales de li ed 7.3% from US$ 202.9 million in 1H 2012 to US$ 188.1
million in 1H 2013 primarily because of the 18.6% decline in average selling price (ASP) that was
compensated by 14.3% increase in sales volume. The decline in the Co pa s ASP yoy was
relatively in line with the 17.6% decrease in the Newcastle Index, which the Company used as a
reference price.
Although sales increased, cost of goods sold (COGS) decreased 6.0% from US$ 167.0 million in 1H
2012 to US$ 157.0 million in 1H 2013 because of reduction in stripping ratio (SR) and overburden
(OB) dump distance. EBITDA dropped by 20.7% from US$ 27.6 million in 1H 2012 to US$ 21.9
million in 1H 2013, mainly attributable to the 18.6% decline in ASP.
After deducting net tax expense of US$ 5.8 million for 1H 2013, the Company posted total net
income (before minority interest and other comprehensive income) of US$ 12.7 million, or lower
than US$ 18.1 million in 1H 2012.
The Co pa s ash flo s i H 2013 were significantly stronger compared to 1H 2012. The
Company generated total operating cash flows of US$ 24.5 million compared to 1H 2012 of US$
(20.7 million).
The Co pa s cash balance rose to US$ 53.3 million in 1H 2013 from US$ 36.3 million as of
December 2012. The i rease i ash ala e aused the Co pa s et de t positio to de rease
to US$ 2.5 million in 1H 2013 from US$ 12.7 million as of December 2012.
PRODUCTION & OPERATIONS
The Co pa s oal produ tio of 2.79 million tons in 1H 2013 was generated by all three of its
operating subsidiaries, i.e. ABN, PT Indomining (IM) and TMU that contributed with 1.92 million
tons, 0.64 million tons, and 0.23 million tons respectively. The production growth of 13.0% (yoy)
2
was predominately driven by the growth of TMU and mining at the border area of IM and ABN
concessions as part of the effort to maximize reserves. In 1H 2013, the Company achieved 44% of
highest production target in 2013. The Company remains confident to reach a production target of
5.8 - 6.4 million tons this year, given the production plan in 2H 2013.
Production Growth of ABN, IM and TMU
Coal Production
(in 'KTon)
2,500
2,000
1,500
17.4x
15.4x
Stripping
Ratio (x)
1,920
1,962
1H 2012
1H 2013
1,000
11.8x
14.5x
500
426
637
12.1x
23.3x
83
0
ABN
IM
230
TMU
The Co pa s SR dropped 16.4% from 17.1x in 1H 2012 to 14.3x in 1H 2013. This was mainly due
to the reduction in ABN s pre-stripping activities during 1H 2013.
To enhance its profitability, the Company has continued to undertake cost reduction initiatives,
including lowering SR and shortening overburden (OB) dump distance, which has been lowered
from 2.4 km in 1H 2012 to 1.7 km in 1H 2013.
3
Financial and Operational Highlights
% Changes
1H 20122013
1Q 2013
2Q 2013
1H 2012
1H 2013
Million ton
1.29
1.50
2.47
2.79
Sales Volume
Million tons
1.43
1.37
2.45
2.80
14.1%
Overburden Removal (OB)
Mbcm
19.45
20.39
42.18
39.84
(5.6%)
Stripping Ratio (SR)
X
15.1
13.6
17.1
14.3
(16.4%)
FOB Vessel Cash Cost
US$/ton
55.3
54.6
67.6
55.0
(18.6%)
US$/ton
66.4
68.1
82.6
67.2
(18.6%)
1Q 2013
2Q 2013
1H 2012
Figures in US$ million unless stated
otherwise
Operational
Coal Production Volume
Average Selling Price (ASP)
13%
Financial Performance
1H 2013
Profit and Loss
% Changes
1H 20122013
Sales
US$ Million
94.94
93.16
202.86
188.10
(7.3%)
Cost of Goods Sold
US$ Million
80.55
76.44
166.96
156.99
(6.0%)
Gross Profit
US$ Million
14,39
16.71
35.90
31.10
(13.4%)
Operating Profit
US$ Million
7,74
10.08
25.11
17.82
(29.0%)
EBITDA
US$ Million
9.44
12.48
27.63
21.92
(20.7%)
Net Income
US$ Million
5.97
6.70
18.15
12.65
(30.3%)
Capex
US$ Million
3.02
6.60
11.70
9.62
(17.8%)
Free cash flows*
US$ Million
29.53
(14.61)
(32.38)
14.92
146.1%
1Q 2013
2Q 2013
Balance Sheet
Interest Bearing Debt
US$ Million
Cash and Cash Equivalents
US$ Million
43.35
60.35
Net Debt **
US$ Million
Net cash
2.52
Total Assets
US$ Million
283.26
294.31
Total Liabilities
US$ Million
166.34
179.20
Total Equity
US$ Million
116.92
115.11
1Q 2013
December
2012
June 2013
% Changes
1H 20132012
55.80
49.03
55.80
13.8%
53.29
36.31
53.29
46.8%
12.73
2.52
(80.2%)
261.53
294.31
12.5%
150.58
179.20
19.0%
110.94
115.11
3.8%
2Q 2013
1H 2012
1H 2013
Financial Ratios
% Changes
1H 20122013
%
0.15
0.17
0.18
0.17
(6.6%)
EBITDA Margin
%
0.09
0.13
0.14
0.12
(14.4%)
Operating Margin
%
0.08
0.11
0.12
0.09
(23.5%)
0.02
0.11
0.02
(81.8%)
Gross Profit Margin
Return on Equity
X
Net cash
Note:
*Free cash flows = Operating cash flows less Capex
* Net debt = Interest bearing rate less cash and cash equivalents
4
PROFIT AND LOSS
SALES
The Co pa s sales dropped by 7.3% from US$ 202.9 million in 1H 2012 to US$ 188.1 million in
1H 2013. This decline was attri uta le to the drop i the Co pa s A“P
. % fro U“$
82.6/ton in 1H 2012 to US$ 67.2/ton in 1H 2013 that was compensated by the 14.3% increase in
sales volume in 1H 2013 compared to a year ago.
However, on a qoq basis, the Co pa s sales o l de li ed
1.9% in 2Q 2013 to US$ 93.1
million from US$ 94.9 million in 1Q 2013. Although qoq sales volume of 2Q 2013 dropped by 4.2%,
the Co pa s A“P rose .7% to US$ 68.1/ton.
COGS
The 6% drop in COGS in 1H 2013 was the result of the decrease in FOB vessel cash cost (including
royalty) from US$ 67.6/ton in 1H 2012 to US$ 55.0/ton in 1H 2013. The Co pa s i itiati e to
lower SR and shorten OB dump distance that started at the end of 4Q 2012 had contributed to
lower FOB vessel cash cost.
EBITDA
EBITDA dropped 20.7% from US$ 27.6 million in 1H 2012 to US$ 21.9 million in 1H 2013, mainly as
a result of 18.6% decrease in ASP, which was compensated by lower COGS and increased in sales
volume.
NERACA
ASSETS
The Co pa s assets stood at US$ 294.3 million in 1H 2013, or increased by 12.5% from US$
261.5 million as of the end of 2012. The increase in total assets was mainly due to the increase in
cash and cash Equivalents as well as capital expenditures spending. In 1H 2013, the Company
recorded a significant increase of 46.8% in cash and cash Equivalents, from US$ 36.3 million as of
the end of 2012 to US$ 53.3 million. The Company spent US$ 9.6 million for capital expenditures
that as used for the o stru tio of TMU s hauli g road to IM, o stru tio of Coal Pro essi g
Plant (CPP) facility at IM as well as exploration and development.
LIABILITIES
Meanwhile, total liabilities increased by 19.0% to US$ 179.2 million in 1H 2013 from US$ 150.6
million as of 31 December 2012. This increase was primarily due to the rise in Trade Payables as a
result of increased production activities and additional long term loan acquired by PKU.
The Co pa s et debt stood at US$ 2.5 million, as a result of total interest bearing debt of US$
55.8 million subtracted from cash and cash Equivalents of US$ 53.3 million.
EQUITY
Total equity in 1H 2013 increased by 3.8% to US$ 115.1 million from US$ 110.9 million as of the
end of 2012, and the rise was attributable to the increase of earnings generated in 1H 2013.
5
MARKETING
In 1H 2013, the Company sold its coal to Asian countries including Taiwan, China, India, Korea, and
several other countries. The usto ers are ostl reputa le glo al traders. The Co pa s sales
have currently achieved 50 - 90% of the production guidance for 2013, sold under fixed price.
OPERATIONAL UPDATES
ABN
In 1H 2013, despite higher than anticipated rainfall delayed operational activities, ABN still
managed to increase coal production by 7.4% from 1Q 2013 to 2Q 2013.
ABN s se o d u derpass is urre tl u der o stru tio a d proje ted to e o pleted
4Q 2013. This second underpass is expected to reduce OB dump distance.
IM
In 2Q 2013, coal production increased by 29.6% compared to 1Q 2013, mainly attributable
to coal produced through border mining with ABN.
The new CPP that is currently under construction, is e pe ted to i rease IM s oal
production capacity to 6 million tons per annum Hence, IM will have the capacity to
process the coal produced by TMU in addition to reducing cost and adding stockpile
capacity. The Company is targeting to complete this CPP in 3Q 2013.
IM had received term loan facility of US$ 15 million from Standard Chartered Bank (SCB) Singapore, with a tenor of 3 (three) years and interest rate LIBOR plus applicable margin
p.a. The term loan facility will be used to fund the capital expenditure for the construction
of the new CPP, purchase of equipment, supporting infrastructure and other capital
expenditures.
TMU
The new hauling road of TMU, stretching along 17 km to IM through ABN, was completed
in May 2013, sooner than the original target. After the hauling road is fully operational,
TMU s tra sportatio ost is e pe ted to de rease US$ 5 – 10/ton. TMU has also begun
to use CPP and jetty facility owned by IM.
TMU has achieved coal production of 72 thousand tons/month in June 2013, or an increase
of 125.0% from January 2013 that was recorded at 32 thousand tons/month.
PT TOBA BARA SEJAHTRA Tbk at A GLANCE
PT Toba Bara Sejahtra Tbk The Co pa
is o e of the ajor o petiti e produ ers of ther al
coal in Indonesia. The Company has grown into a major coal producer operating 3 (three) coal
mine concessions in East Kalimantan. These adjacent coal mining concessions, which are held
through various operating companies, all enjoy highly favorable mine locations, with close
pro i it to lo al ri er ports. The Co pa s o essio areas total appro i atel ,
he tares.
The Company currently has three operating subsidiaries, namely PT Adimitra Baratama Nusantara
ABN , PT I do i i g IM a d PT Trise sa Mi eral Uta a TMU . The Co pa s o erships i
ABN, IM, and TMU are 51.00%, 99.99%, and 99.99% respectively.
6
On 6th July, 2012, the Company listed its shares at the Indonesia Stock Exchange (IDX) under the
ti ker TOBA a d released as a as
, ,
shares or . % of its paid up apital ith a
IPO proceed of IDR 400.3 billion.
Lo ations of To a Bara’s Mine Sites
ABN is located in Sanga-Sanga, Kutai Kartanegara, East Kalimantan and is operated under the
IUPOP permit. It started operations in September 2008. ABN covers an area reaching 2,990
hectares, and has an estimated coal resource of around 156 million tons.
IM is located in Sanga-Sanga, Kutai Kartanegara, East Kalimantan and is operated under the IUPOP
permit. It started operations in August 2007. IM covers 683 hectares of land, and has an estimated
coal resource of 37 million tons.
Meanwhile, TMU is located in Loa Janan, Muara Jawa and Sanga-Sanga, Kutai Kartanegara, East
Kalimantan. With IUPOP permit, TMU started operations in October 2011. TMU covers 3,414
hectares of land, and has an estimated coal resource of 43 million tons.
Altogether, the total coal resource of the Company is currently estimated at 236 million tons.
For further information, please contact:
PT Toba Bara Sejahtra Tbk
Perry B. Slangor
Corporate Secretary
Email: corsec@tobabara.com
Iwan Sanyoto
Head of Investor Relations
Email: iwan.sanyoto@tobabara.com