Public Expose 2017 English FINAL
Public Expose
PT Golden Energy Mines Tbk
Table of Content
COMPANY OVERVIEW
SIGNIFICANT ACHIEVEMENTS
FINANCIAL 1ST QUARTER OVERVIEW
QUESTION & ANSWER
COMPANY OVERVIEW
COMPANY OVERVIEW
PT Golden Energy Mines Tbk :
1. The Company is engaged in the business of trading sector of
mining products and mining services.
2. On November 17, 2011, the Company became a Public
Company and was listed on the main board of Stock
Exchange, through the Initial Public Offering.
3. GMR Coal Resources Pte. Ltd. Became the Co pa y’s
strategic investor as it acquired 30% of shares out of the
total issued and paid-up capital of the Company.
4. On 20 April 2015, DSS has transferred its shares in the
Company to GEAR, a company existing and established
under the law of Singapore and listed on SGX-ST.
5. On 31 March 2017, the Co pa y’s capitalization value was
Rp. 17.588.235.470.000,- (Rp 2.990/shares)
COMPANY STRUCTURE
PT. Golden Energy Mines Tbk
RCI
BIB
TKS
KIM
GEMSTR
Shanghai Co
KMS
TBBU
: PT Roundhill Capital Indonesia
: PT Borneo Indobara
: PT Trisula Kencana Sakti
: PT Kuansing Inti Makmur
: GEMS Trading Resources Pte.Ltd
: Shanghai Jingguang Energy Co. Ltd
: PT Karya Mining Solutions
(d/h PT Bumi Anugerah Semesta)
: PT Tanjung Belit Bara Utama
KCP
BBU
BHBA
BNP
GEMS Energy
EMS
WRL
BSA
: PT Karya Cemerlang Persada
: PT Bungo Bara Utama
: PT Bara Harmonis Batang Asam
: PT Berkat Nusantara Permai
: PT GEMS Energy Indonesia
: PT Era Mitra Selaras
: PT Wahana Rimba Lestari
: PT Berkat Satria Abadi
MINE LOCATIONS
•License : IUP (2008-2027)
•Area
: 4.739 ha
•Location : South Sumatera and West
of Sumatera
EMS GROUP
•License
•Area
•Location
: IUP (2009-2029)
: 2.610 ha
: Bungo Regency, Jambi
KIM BLOK
With total areas of 42,904 ha and total
resources and reserves of
approximately 2.2 billion tons and 778
million tons.
•License :PKP2B Gen. 2 (2006-2036)
• Area
: 24.100 ha
•Location : Tanah Bumbu Regency , South of
Kalimantan
BIB
•License : IUP (2009-2028)
•Area
: 11.455 ha
•Location : North Barito and
East Barito Regencies, Central of
Kalimantan
TKS
SIGNIFICANT ACHIEVEMENTS
SIGNIFICANT ACHIEVEMENTS
TOP 50 LISTED COMPANY WITH THE BEST GCG
On 7 November 2017, at Hotel Indonesia
Kempinski Jakarta,
The Company continued to successfully
maintain its performance through the
recognition as “One of 50 Companies with
the Best GCG” by the IICD for the past 4
years.
SIGNIFICANT ACHIEVEMENTS
Achievements from the Government :
The Company through its Subsidiary, KIM received award in achievement of 22 million working
hour without accident (Loss Time Injury) from Bungo Regent. The award is given to the
Company with no working accident (zero accident) and comply to K3 until 31 December 20156.
The Company through its Subsidiaries receives several awards in environmental management,
both KIM and BIB, obtained PROPER BLUE certificates from the Ministry of Environment for the
achievement and performance in the sector of environmental management and monitoring of
mining companies for the 2015-2016 period.
SIGNIFICANT ACHIEVEMENTS
TOP CSR AWARD 2017
On 5 April 2017, at Balai Kartini, Jakarta,
The Company and its CEO received 2
awards on TOP CSR Award 2017. The
Awards were : TOP CSR Sustainability
Economy Empowerment and TOP Leader
on CSR Commitment, was hosted by
BusinessNews Indonesia, KNKG & CSR
Society Indonesia.
SIGNIFICANT ACHIEVEMENTS
On 18 May 2017, the Company through its Subsidiary BIB received UTAMA’
Award for the environmental management of mining companies 2016 and
PRATAMA Awards Mining Safety Management Group of Mining Companies
Holders of Mining License and PKP2B Period of 2016 from the Ministry of
Energy and Mineral Resources Directorate General of Mineral and Coal.
SIGNIFICANT ACHIEVEMENTS
Production
Sales
4,000
3,500
52%
3,000
2,989
3,000
2,500
2,000
3,500
27%
3,407
2,679
2,500
1,963
2,000
1,500
1,500
1,000
1,000
500
500
-
Q1 2016
* In Million MT
Q1 2017
Q1 2016
Q1 2017
SIGNIFICANT ACHIEVEMENTS
Acquisition of BSL Group
The Company has signed the Conditional Share & MCB Purchase
Agreement with GMR Energy (Netherland) BV and GMR
Infrastructure (Overseas) Ltd on 12 May 2017 related to the plan
of acquisition 100% shares of BSL Group with a value of
USD59,270,00 and Mandatory Convertible Bond of BSL Group
equivalent USD6,368,158.
Such Disclosure Information has been announce to the public on
Investor Daily dated 16 May 2017.
PENCAPAIAN SIGNIFIKAN
Right Issue with Non-Preemptive Rights
The Company is processing the Company's capital increase plan
through the mechanism of Right Issue with non-preemptive right to
Comply with Free Float as stipulated in Regulation IA - Decree of
Board of Directors of IDX Number KEP-00001 / BEI / 01-2014 of
2014 regarding Amendment to Rule Number IA concerning
Recording Stocks and Equity Securities In addition to Shares
Issued by Listed Companies.
To support this corporate action, on March 29, 2017, the Company
has appointed PT Mandiri Sekuritas and Jefferies Singapore Ltd as
the Placement Agent.
GEMS –Financial Review
Q1-2017
17-Jul-12
17 Sep 2012
17-Sep-12
17 Nov 2012
17-Nov-12
17 Jan 2013
17-Jan-13
17 Mar 2013
17-Mar-13
17 May 2013
17-May-13
17 Jul 2013
17-Jul-13
17 Sep 2013
17-Sep-13
17 Nov 2013
17-Nov-13
17 Jan 2014
17-Jan-14
17 Mar 2014
17-Mar-14
17 May 2014
17-May-14
NEWC
17 Jul 2012
ICI4
17-May-12
17 Jul 2014
$113.60
17-Mar-12
17-Jul-14
17 Sep 2014
17-Sep-14
17 Nov 2014
17-Nov-14
17 Jan 2015
17-Jan-15
17 Mar 2015
17-Mar-15
17-May-15
17 May 2015
17-Jul-15
17 Jul 2015
17-Sep-15
17 Sep 2015
17-Nov-15
17 Nov 2015
17-Jan-16
17 Jan 2016
17-Mar-16
17 Mar 2016
17-May-16
17 Sep 2016
17 Nov 2016
17-Jul-16
17-Sep-16
17-Nov-16
$37.75
16
17-Mar-17
17-May-17
$73.58
17-Jan-17
7 Nov’ – 22 May’ 7
Dropped by 33%
17 Jul 2016
7 Nov’ – 22 May’ 6
Dropped by 24%
17 May 2016
Prices start to grow
130.00
120.00
110.00
100.00
90.00
80.00
17-Jan-12
17 May 2012
17 May 2017
70.00
$49.85
17 Mar 2012
17 Mar 2017
60.00
17-Nov-11
17 Jan 2012
17 Jan 2017
50.00
40.00
60.00
50.00
40.00
30.00
20.00
10.00
-
17 Nov 2011
IDR Slipped
8,500
IDR/USD
9,500
IDR appreciated ~ 1% during
Jan’ 7 – May’ 7
10,500
11,500
12,500
13,500
14,500
15,500
Sales Volume
In mmt
12.000
9.474
10.000
8.370
10.981
9.010
7.687
44%
8.000
52%
6.000
55%
60%
66%
4.000
2.679
3.407
56%
2.000
34%
45%
40%
48%
2012
2013
2014
2015
Domestic
Export Sales
Net Sales - IDR vs USD
In m usd
2016
49%
66%
51%
34%
Q1 2016
Q1 2017
450
400
350
300
250
200
150
100
50
-
28%
32%
42%
51%
57%
IDR
72%
58%
68%
36%
49%
46%
53%
47%
2012 2013 2014 2015 2016
USD
64%
Q1
Q1
2016 2017
17
$108.22
BRENT
140.00
120.00
100.00
80.00
60.00
40.00
20.00
-
17-Nov-11
17-Jan-12
17-Mar-12
17-May-12
17-Jul-12
17-Sep-12
17-Nov-12
17-Jan-13
17-Mar-13
17-May-13
17-Jul-13
17-Sep-13
17-Nov-13
17-Jan-14
BRENT
17-Mar-14
17-May-14
17-Jul-14
17-Sep-14
17-Nov-14
17-Jan-15
17-Mar-15
17-May-15
17-Jul-15
17-Sep-15
17-Nov-15
17-Jan-16
17-Mar-16
17-Jul-16
17-Sep-16
17-Nov-16
17-Mar-17
17-May-17
$53.81
17-Jan-17
7 Nov’ – 22 May’ 7
Dropped by 50%
17-May-16
Quantitative Performance (in mmt)
Production
10.000
Sales
12.000
9.514
9.000
10.000
8.000
6.000
5.345
9.010
9.474
8.370
6.582
7.000
5.000
10.981
8.697
7.687
8.000
5.356
6.000
4.390
5.689
4.000
2.989
3.000
4.000
3.407
2.679
1.963
2.000
2.000
1.000
-
11
12
13
14
15
16
Q1 2016 Q1 2017
11
12
13
14
15
16
Q1 2016 Q1 2017
19
Market portfolio - changing landscape
Sales YTD Mar
2017
3.407 mmt
66%
Exports
2.253 mmt
18%
India
0.604 mmt
45%
China
1.543 mmt
34%
Domestic
1.154 mmt
3%
Others
0.106 mmt
18%
APP
0.628 mmt
12%
PLN
0.399 mmt
4%
Others
0.127 mmt
20
Q1-2017 Financial Performance
Q1 2016
Production
(mmt)
Sales (mmt)
Q1 2017
%
1.963
2.989
52%
2.679
3.407
27%
Net Sales
94.165
141.978
51%
Gross Profit
23.644
71.736
203%
25%
51%
11.943
42.932
13%
30%
4.408
41.643
5%
29%
1.533
30.879
EAT %
2%
22%
Cash Profit
8.950
44.140
CP %
10%
31%
(m usd)
GM %
EBITDA
EBITDA %
EBT
EBT %
EAT
259%
845%
1914%
393%
21
Statement of Financial Position (m usd)
Liabilities
Dec 2016
Mar 2017
Net Worth
265
296
Borrowings
49
Other liabilities
11
TOTAL
325
Dec 2016
Mar 2017
Fixed Assets
50
50
48
Def Exploration
and Def Stripping
45
50
12
Net Working
Capital
93
94
Cash and cash
equivalents
58
84
Other assets
79
78
TOTAL
325
356
356
Assets
22
Cash Management
Description
31 Dec
2012
31 Dec
2013
31 Dec
2014
31 Dec
2015
31 Dec
2016
31 Mar
2017
End cash balance – in m
usd
98
64
63
43
58
84
Debt Balance – in m usd
-
-
-
48
49
48
Debt to Equity Ratio (X)
-
-
-
0.20
0.19
0.16
23
Key Ratio
FINANCIAL RATIO
Q1 2016
Q1 2017
Return on Asset Ratio (%)
0.4%
7.1%
Return on Equity Ratio (%)
0.6%
10.4%
Net Income to Net Sales Ratio (%)
1.6%
21.7%
Current Ratio (X)
2.85
3.13
Liabilities to Equity Ratio (X)
0.50
0.48
Liabilities to Assets Ratio (X)
0.33
0.32
PT Golden Energy Mines Tbk
Table of Content
COMPANY OVERVIEW
SIGNIFICANT ACHIEVEMENTS
FINANCIAL 1ST QUARTER OVERVIEW
QUESTION & ANSWER
COMPANY OVERVIEW
COMPANY OVERVIEW
PT Golden Energy Mines Tbk :
1. The Company is engaged in the business of trading sector of
mining products and mining services.
2. On November 17, 2011, the Company became a Public
Company and was listed on the main board of Stock
Exchange, through the Initial Public Offering.
3. GMR Coal Resources Pte. Ltd. Became the Co pa y’s
strategic investor as it acquired 30% of shares out of the
total issued and paid-up capital of the Company.
4. On 20 April 2015, DSS has transferred its shares in the
Company to GEAR, a company existing and established
under the law of Singapore and listed on SGX-ST.
5. On 31 March 2017, the Co pa y’s capitalization value was
Rp. 17.588.235.470.000,- (Rp 2.990/shares)
COMPANY STRUCTURE
PT. Golden Energy Mines Tbk
RCI
BIB
TKS
KIM
GEMSTR
Shanghai Co
KMS
TBBU
: PT Roundhill Capital Indonesia
: PT Borneo Indobara
: PT Trisula Kencana Sakti
: PT Kuansing Inti Makmur
: GEMS Trading Resources Pte.Ltd
: Shanghai Jingguang Energy Co. Ltd
: PT Karya Mining Solutions
(d/h PT Bumi Anugerah Semesta)
: PT Tanjung Belit Bara Utama
KCP
BBU
BHBA
BNP
GEMS Energy
EMS
WRL
BSA
: PT Karya Cemerlang Persada
: PT Bungo Bara Utama
: PT Bara Harmonis Batang Asam
: PT Berkat Nusantara Permai
: PT GEMS Energy Indonesia
: PT Era Mitra Selaras
: PT Wahana Rimba Lestari
: PT Berkat Satria Abadi
MINE LOCATIONS
•License : IUP (2008-2027)
•Area
: 4.739 ha
•Location : South Sumatera and West
of Sumatera
EMS GROUP
•License
•Area
•Location
: IUP (2009-2029)
: 2.610 ha
: Bungo Regency, Jambi
KIM BLOK
With total areas of 42,904 ha and total
resources and reserves of
approximately 2.2 billion tons and 778
million tons.
•License :PKP2B Gen. 2 (2006-2036)
• Area
: 24.100 ha
•Location : Tanah Bumbu Regency , South of
Kalimantan
BIB
•License : IUP (2009-2028)
•Area
: 11.455 ha
•Location : North Barito and
East Barito Regencies, Central of
Kalimantan
TKS
SIGNIFICANT ACHIEVEMENTS
SIGNIFICANT ACHIEVEMENTS
TOP 50 LISTED COMPANY WITH THE BEST GCG
On 7 November 2017, at Hotel Indonesia
Kempinski Jakarta,
The Company continued to successfully
maintain its performance through the
recognition as “One of 50 Companies with
the Best GCG” by the IICD for the past 4
years.
SIGNIFICANT ACHIEVEMENTS
Achievements from the Government :
The Company through its Subsidiary, KIM received award in achievement of 22 million working
hour without accident (Loss Time Injury) from Bungo Regent. The award is given to the
Company with no working accident (zero accident) and comply to K3 until 31 December 20156.
The Company through its Subsidiaries receives several awards in environmental management,
both KIM and BIB, obtained PROPER BLUE certificates from the Ministry of Environment for the
achievement and performance in the sector of environmental management and monitoring of
mining companies for the 2015-2016 period.
SIGNIFICANT ACHIEVEMENTS
TOP CSR AWARD 2017
On 5 April 2017, at Balai Kartini, Jakarta,
The Company and its CEO received 2
awards on TOP CSR Award 2017. The
Awards were : TOP CSR Sustainability
Economy Empowerment and TOP Leader
on CSR Commitment, was hosted by
BusinessNews Indonesia, KNKG & CSR
Society Indonesia.
SIGNIFICANT ACHIEVEMENTS
On 18 May 2017, the Company through its Subsidiary BIB received UTAMA’
Award for the environmental management of mining companies 2016 and
PRATAMA Awards Mining Safety Management Group of Mining Companies
Holders of Mining License and PKP2B Period of 2016 from the Ministry of
Energy and Mineral Resources Directorate General of Mineral and Coal.
SIGNIFICANT ACHIEVEMENTS
Production
Sales
4,000
3,500
52%
3,000
2,989
3,000
2,500
2,000
3,500
27%
3,407
2,679
2,500
1,963
2,000
1,500
1,500
1,000
1,000
500
500
-
Q1 2016
* In Million MT
Q1 2017
Q1 2016
Q1 2017
SIGNIFICANT ACHIEVEMENTS
Acquisition of BSL Group
The Company has signed the Conditional Share & MCB Purchase
Agreement with GMR Energy (Netherland) BV and GMR
Infrastructure (Overseas) Ltd on 12 May 2017 related to the plan
of acquisition 100% shares of BSL Group with a value of
USD59,270,00 and Mandatory Convertible Bond of BSL Group
equivalent USD6,368,158.
Such Disclosure Information has been announce to the public on
Investor Daily dated 16 May 2017.
PENCAPAIAN SIGNIFIKAN
Right Issue with Non-Preemptive Rights
The Company is processing the Company's capital increase plan
through the mechanism of Right Issue with non-preemptive right to
Comply with Free Float as stipulated in Regulation IA - Decree of
Board of Directors of IDX Number KEP-00001 / BEI / 01-2014 of
2014 regarding Amendment to Rule Number IA concerning
Recording Stocks and Equity Securities In addition to Shares
Issued by Listed Companies.
To support this corporate action, on March 29, 2017, the Company
has appointed PT Mandiri Sekuritas and Jefferies Singapore Ltd as
the Placement Agent.
GEMS –Financial Review
Q1-2017
17-Jul-12
17 Sep 2012
17-Sep-12
17 Nov 2012
17-Nov-12
17 Jan 2013
17-Jan-13
17 Mar 2013
17-Mar-13
17 May 2013
17-May-13
17 Jul 2013
17-Jul-13
17 Sep 2013
17-Sep-13
17 Nov 2013
17-Nov-13
17 Jan 2014
17-Jan-14
17 Mar 2014
17-Mar-14
17 May 2014
17-May-14
NEWC
17 Jul 2012
ICI4
17-May-12
17 Jul 2014
$113.60
17-Mar-12
17-Jul-14
17 Sep 2014
17-Sep-14
17 Nov 2014
17-Nov-14
17 Jan 2015
17-Jan-15
17 Mar 2015
17-Mar-15
17-May-15
17 May 2015
17-Jul-15
17 Jul 2015
17-Sep-15
17 Sep 2015
17-Nov-15
17 Nov 2015
17-Jan-16
17 Jan 2016
17-Mar-16
17 Mar 2016
17-May-16
17 Sep 2016
17 Nov 2016
17-Jul-16
17-Sep-16
17-Nov-16
$37.75
16
17-Mar-17
17-May-17
$73.58
17-Jan-17
7 Nov’ – 22 May’ 7
Dropped by 33%
17 Jul 2016
7 Nov’ – 22 May’ 6
Dropped by 24%
17 May 2016
Prices start to grow
130.00
120.00
110.00
100.00
90.00
80.00
17-Jan-12
17 May 2012
17 May 2017
70.00
$49.85
17 Mar 2012
17 Mar 2017
60.00
17-Nov-11
17 Jan 2012
17 Jan 2017
50.00
40.00
60.00
50.00
40.00
30.00
20.00
10.00
-
17 Nov 2011
IDR Slipped
8,500
IDR/USD
9,500
IDR appreciated ~ 1% during
Jan’ 7 – May’ 7
10,500
11,500
12,500
13,500
14,500
15,500
Sales Volume
In mmt
12.000
9.474
10.000
8.370
10.981
9.010
7.687
44%
8.000
52%
6.000
55%
60%
66%
4.000
2.679
3.407
56%
2.000
34%
45%
40%
48%
2012
2013
2014
2015
Domestic
Export Sales
Net Sales - IDR vs USD
In m usd
2016
49%
66%
51%
34%
Q1 2016
Q1 2017
450
400
350
300
250
200
150
100
50
-
28%
32%
42%
51%
57%
IDR
72%
58%
68%
36%
49%
46%
53%
47%
2012 2013 2014 2015 2016
USD
64%
Q1
Q1
2016 2017
17
$108.22
BRENT
140.00
120.00
100.00
80.00
60.00
40.00
20.00
-
17-Nov-11
17-Jan-12
17-Mar-12
17-May-12
17-Jul-12
17-Sep-12
17-Nov-12
17-Jan-13
17-Mar-13
17-May-13
17-Jul-13
17-Sep-13
17-Nov-13
17-Jan-14
BRENT
17-Mar-14
17-May-14
17-Jul-14
17-Sep-14
17-Nov-14
17-Jan-15
17-Mar-15
17-May-15
17-Jul-15
17-Sep-15
17-Nov-15
17-Jan-16
17-Mar-16
17-Jul-16
17-Sep-16
17-Nov-16
17-Mar-17
17-May-17
$53.81
17-Jan-17
7 Nov’ – 22 May’ 7
Dropped by 50%
17-May-16
Quantitative Performance (in mmt)
Production
10.000
Sales
12.000
9.514
9.000
10.000
8.000
6.000
5.345
9.010
9.474
8.370
6.582
7.000
5.000
10.981
8.697
7.687
8.000
5.356
6.000
4.390
5.689
4.000
2.989
3.000
4.000
3.407
2.679
1.963
2.000
2.000
1.000
-
11
12
13
14
15
16
Q1 2016 Q1 2017
11
12
13
14
15
16
Q1 2016 Q1 2017
19
Market portfolio - changing landscape
Sales YTD Mar
2017
3.407 mmt
66%
Exports
2.253 mmt
18%
India
0.604 mmt
45%
China
1.543 mmt
34%
Domestic
1.154 mmt
3%
Others
0.106 mmt
18%
APP
0.628 mmt
12%
PLN
0.399 mmt
4%
Others
0.127 mmt
20
Q1-2017 Financial Performance
Q1 2016
Production
(mmt)
Sales (mmt)
Q1 2017
%
1.963
2.989
52%
2.679
3.407
27%
Net Sales
94.165
141.978
51%
Gross Profit
23.644
71.736
203%
25%
51%
11.943
42.932
13%
30%
4.408
41.643
5%
29%
1.533
30.879
EAT %
2%
22%
Cash Profit
8.950
44.140
CP %
10%
31%
(m usd)
GM %
EBITDA
EBITDA %
EBT
EBT %
EAT
259%
845%
1914%
393%
21
Statement of Financial Position (m usd)
Liabilities
Dec 2016
Mar 2017
Net Worth
265
296
Borrowings
49
Other liabilities
11
TOTAL
325
Dec 2016
Mar 2017
Fixed Assets
50
50
48
Def Exploration
and Def Stripping
45
50
12
Net Working
Capital
93
94
Cash and cash
equivalents
58
84
Other assets
79
78
TOTAL
325
356
356
Assets
22
Cash Management
Description
31 Dec
2012
31 Dec
2013
31 Dec
2014
31 Dec
2015
31 Dec
2016
31 Mar
2017
End cash balance – in m
usd
98
64
63
43
58
84
Debt Balance – in m usd
-
-
-
48
49
48
Debt to Equity Ratio (X)
-
-
-
0.20
0.19
0.16
23
Key Ratio
FINANCIAL RATIO
Q1 2016
Q1 2017
Return on Asset Ratio (%)
0.4%
7.1%
Return on Equity Ratio (%)
0.6%
10.4%
Net Income to Net Sales Ratio (%)
1.6%
21.7%
Current Ratio (X)
2.85
3.13
Liabilities to Equity Ratio (X)
0.50
0.48
Liabilities to Assets Ratio (X)
0.33
0.32