Q2 2017 Investors Update
0
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Executive Summary
Overall financial performance as at YTD June 2017 better than YTD June 2016
and the Budget
(in million USD)
Revenue (1)
Gross Profit (1)
Gross Profit Margin
YTD June
2016
YTD June
2017 Budget
YTD June
2017 Actual
221.7
347.6
423.1
22%
65.4
136.1
214.1
57%
29%
39%
51%
Var
29%
1) Revenue, Gross Profit include coal and non-coal sales ;
YTD June
2016
YTD June
2017 Budget
YTD June
2017 Actual
5.4
8.1
8.4
3%
3.7
8.4
8.4
0%
Average Selling Price (US$/MT) (1)
41.2
42.7
50.4
18%
Average Cash Costs (US$/MT) (2)
31.2
29.9
28.0
-6%
Sales Volume (milion MT)
Coal Production (million MT)
Var
1) Average Selling Price includes coal and non-coal sales ; 2) Average Cash Costs include Royalty, Barging, SGA;
Overall sales volumes at YTD June 2017 were higher than the Budget mainly
due to increased production at Tabang.
Actual ASP was higher than the Budget as market prices remained above the
Budgeted levels.
1
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Executive Summary - continued
Sales volumes 2Q17 was 4.7 million MT which was higher than 1Q2017
and the Budget of 4.2 million MT mainly due to increased production at
Tabang.
2Q17 Coal Production achieved was 4.3 million MT which was principally
in line with the Budget of 4.3 million MT. However, it was higher than
1Q17 mainly due to the relocation of our contractor at Tabang to low strip
areas during the quarter in order to better match production and trucking
capacity, earlier commencement of mining at Wahana and the arrival of
additional mining fleets at PIK.
2Q17 SR was 3.9:1 which was principally in line with 1Q17 (3.8:1) and
the Budget of 3.9:1.
2
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Executive Summary - continued
2Q17 Cash costs of US$ 28.6/MT was lower than the Budget of US$
29.5/MT mainly due to:
• Higher actual sales volumes which decreased certain unit costs
• Lower spend on material and spare parts as well as repair and
maintenance
• Lower unit rates at Tabang in OB Removal, coal mining and hauling as a
result of a discount received from subcontractor to increase the volumes
from the original contract
• Lower than Budgeted demurrage;
• General lower actual fuel price rate which resulted decrease in barging
cost and fuel consumption cost;
Partially offset by:
• Higher weighted stripping ratio at PIK and TSA/FKP;
• Higher royalty cost mainly due to higher ASP;
3
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2Q 2017
Overburden Removal
Coal Production
Weighted Average Strip Ratio
Average Cash Costs
Coal Sales
Average Selling Price
Committed & Contractual Sales
Debt and Cash Position
Capex
4
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Overburden Removal (OB)
Overburden Removal
(million BCM)
15.0
1Q17
16.6
2Q17B
17.1
2Q17 OB was 17.1 million
BCM which was higher than
1Q17 and the Budgeted
mainly due to:
Contractor has
mobilized additional
equipment in 2Q17 to
rectify the shortfall and
new geological model
was prepared to correct
for the discrepancies
(TSA/FKP)
Mobilization of
additional mining fleets
at PIK coupled with
lower rainfall
2Q17
Note : B stands for Budget Figure
(in million BCM)
Gunungbayan PratamacoalBlock II
Teguh Sinar Abadi/ Firman
Ketaun Perkasa
Perkasa Inakakerta
Tabang Concessions
Wahana Baratama Mining
Total
Overburden Removal
2Q17B
2Q17
1.5
-
6.1
8.2
1.7
4.9
2.3
2.3
4.4
2.2
16.5
17.1
2Q17 Overburden removal of 17.1 million BCM was higher than the 1Q17 and 2Q17 Budget
5
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Coal Production
Coal Production Volume
(million MT)
4.0
1Q17
4.3
2Q17B
4.3
2Q17
Note : B stands for Budget Figure
(in million MT)
Gunungbayan Pratamacoal- Block II
Teguh Sinar Abadi/ Firman Ketaun Perkasa
Perkasa Inakakerta
Tabang Concessions
Wahana Baratama Mining
Total
Production
2Q17B
2Q17
0.1
0.5
0.5
0.3
0.3
3.2
3.3
0.2
0.3
4.3
4.3
2Q17 coal production of 4.3
million MT was principally in line
with 2Q17 Budget, however it
was higher than 1Q17 mainly due
to :
The
relocation
of
our
contractor at Tabang to low
strip areas during the quarter
in order to better match
production
and
trucking
capacity and also as a result of
higher rainfall which flooded
certain sections of the working
area
Earlier
commencement
mining at Wahana
of
Arrival of an additional mining
fleet in early April 2017 (PIK)
2Q17 coal production of 4.3 million MT was in line with the 2Q17 Budget
6
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Actual Weighted Average Stripping Ratio (SR)
Weighted Average Strip Ratio
3.8
3.8
1Q17
2Q17B
2Q17 weighted average
stripping ratio of 3.8: 1
was principally in line with
1Q17 and 2Q17 Budget
Higher SR at TSA/FKP in
2Q17 compared to the
Budget due to change in
scheduling
required
to
develop the pit at higher
production rate compared
to Budget and variations in
the geological model
Higher stripping ratio at
PIK due to change in
production plan following
the
contractor’s
Q2
equipment
deliveries
counteracting operating at
lower strip ratios in Q1
2017
3.9
2Q17
Note : B stands for Budget Figure
Weighted Average SR (:1)
Weighted Ave SR
2Q17B
2Q17
Gunungbayan Pratamacoal Block II
16.3
-
Teguh Sinar Abadi/Firman Ketaun Perkasa
12.1
17.5
Perkasa Inakakerta
6.7
8.6
Tabang Concessions
1.5
1.3
Wahana Baratama Mining
10.0
8.3
Total
3.8
3.9
2Q17 actual weighted average strip ratio of 3.9 : 1 was principally in line with 1Q17 and the
2Q17 Budget
7
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Average Cash Costs
(US$ / MT)
Average Cash Costs per MT(*)
27.2
1Q17
*
29.5
2Q17B
28.6
2Q17
(1) Average Cash Costs include Royalty, Barging, SGA
(2) US$ is a convenience translation using the average quarterly
exchange rate for the quarter numbers
(3) B stands for Budget Figure
2Q17 Average Cash Costs were lower than the
Budget of US$29.5/MT mainly due to:
• Higher actual sales volumes which decreased
certain unit costs
• Lower spend on material and spare parts as
well as repair and maintenance
• Lower unit rates at Tabang in OB Removal,
coal mining and hauling as a result of a
discount received from subcontractor to
increase the volumes from the original
contract
• Lower than Budgeted demurrage;
• General lower actual fuel price rate which
resulted decrease in barging cost and fuel
consumption cost;
Partially offset by:
• Higher weighted stripping ratio at PIK and
TSA/FKP;
• Higher royalty cost mainly due to higher ASP;
2Q17 average cash costs were US$ 28.6/MT which was lower than the Budget of US$ 29.5/MT
8
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Coal Sales
(by volume)
Coal Sales Volume
(million MT)
4.7
4.2
3.7
1Q17
2Q17B
Geographic Distribution (1Q17)
Singapore
3%
Thailand
4%
2Q17 coal sales volume of 4.7 million MT
was higher than 1Q17 and 2Q17B mainly
due to changes in shipping schedule.
India and China are
destinations in 2Q2017
Top Customers 2Q17 (by Sales Volume)
are TNB Fuel, Noble Resources and
Sembcorp Gayatri Power Limited
2Q17
Note : B stands for Budget Figure
Others
14%
the
top
two
India
25%
Indonesia
9%
Korea
11%
China
21%
Philippines
13%
2Q17 coal sales volume was 4.7 million MT which was higher than 1Q17 and 2Q17 Budget due
to changes in shipping schedule
9
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Average Selling Price (ASP)
(US$ / MT)
Average Selling Price
50.7
40.9
(*)
50.2
1Q17
*
2Q17B
2Q17
2Q17 ASP was US$ 50.2/MT which was
marginally
lower
than
1Q17
of
US$ 50.7/MT but higher than the
Budget of US$ 40.9 due to:
Higher benchmark prices in 2Q17
than the 2Q17 Budget
(US$ 79.8/MT vs US$ 65.0/MT)
2Q17 average CV was 4,682 GAR kcal
compared to 1Q17 at 4,707 GAR kcal
(1) ASP includes coal and non-coal sales
(2) US$ is a convenience translation using the average quarterly
exchange rate for the quarter numbers
(3) B stands for Budget Figure
2Q17 ASP was US$ 50.2/ MT which was higher than the Budget as the Company benefited
from more exposure to the current higher benchmark prices
10
www.bayan.com.sg
EBITDA
EBITDA
(US$ Million)
101.6
2Q17 EBITDA generation was
stronger than Budgeted due to:
Higher than Budgeted ASP
86.8
Higher than Budgeted sales
volume
46.8
Lower than Budgeted Cash
Costs
1Q17
2Q17B
2Q17
Note : B stands for Budget Figure
11
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Committed and Contracted Sales for 2017
17.7 million MT
28%
As at 30 June 2017 committed and
contracted sales were 17.7 million MT
with an average CV of 4,629 GAR kcal
2017 Fixed Price element at US$
45.69/ MT with an average CV of
4,613 GAR kcal
72%
2017
Fixed Price
Floating Price
Note : June 2017
12
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Net Debt and Cash
470.3
465.6
465.4
429.9
(in million US$)
318.3
263.1
156.2
119.9
88.1
1Q16
85.3
2Q16
83.7
3Q16
70.4
4Q16
Note : Total Net Debt and Cash + Debt Service Reserve Account (DSRA)
1Q17
2Q17
Net Debt
Cash
As of 30 June 2017, the total TLF Loan was US$ 399.2 million (excluding PIK
Interest)
The Company reduced the Net Debt to EBITDA to 0.86x as at 30 June 2017
13
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Capital Expenditure
CAPEX
(*)
14.3
11.9
2Q17 Capex was US$ 14.3 million
which was higher than the Budget of
US$ 11.9 million, principally consisted
of:
Heavy equipments (i.e. Komatsu
Bulldozer, Dump Trailer and
Terrain Crane)
Tabang related infrastructure at
Senyiur Jetty (i.e. Palu Gravel,
relocation & re installment of Silo
from Pakar to ICF)
2Q17B
2Q17
* US$ is a convenience translation using the average annual
exchange rate;
* B stands for Budget Figure
14
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Appendix
PT Perkasa Inakakerta
PIK
PT Teguh Sinarabadi
TSA
PT Firman Ketaun Perkasa
FKP
PT Wahana Baratama Mining
WBM
PT Fajar Sakti Prima
FSP
PT Bara Tabang
BT
PT Brian Anjat Sentosa
BAS
PT Tanur Jaya
TJ
PT Silau Kencana
SK
PT Orkida Makmur
OM
PT Tiwa Abadi
TA
PT Sumber Api
SA
PT Dermaga Energi
DE
PT Bara Sejati
BS
PT Apira Utama
AU
PT Cahaya Alam
CA
PT Mamahak Coal Mining
MCM
PT Bara Karsa Lestari
BKL
PT Mahakam Energi Lestari
MEL
PT Mahakam Bara Energi
MBE
PT Graha Panca Karsa
GPK
Tabang
Pakar
Mamahak
15
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Appendix
Kangaroo Resources Limited
KRL
PT Dermaga Perkasapratama
DPP
PT Indonesia Pratama
IP
PT Muji Lines
Muji
PT Bayan Energy
BE
PT Metalindo Prosestama
MP
PT Sumber Aset Utama
SAU
PT Karsa Optima Jaya
KOJ
16
www.bayan.com.sg
Disclaimer
This presentation contains forward-looking statements based on assumptions and forecasts made by PT. Bayan
Resources Tbk management. Statements that are not historical facts, including statements about our beliefs
and expectations, are forward-looking statements. These statements are based on current plans, estimates and
projections, and speak only as of the date they are made. We undertake no obligation to update any of them in
light of new information or future events.
These forward-looking statements involve inherent risks and are subject to a number of uncertainties, including
trends in demand and prices for coal generally and for our products in particular, the success of our mining
activities, both alone and with our partners, the changes in coal industry regulation, the availability of funds for
planned expansion efforts, as well as other factors. We caution you that these and a number of other known
and unknown risks, uncertainties and other factors could cause actual future results or outcomes to differ
materially from those expressed in any forward-looking statement.
17
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Thank You
18
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www.bayan.com.sg
Executive Summary
Overall financial performance as at YTD June 2017 better than YTD June 2016
and the Budget
(in million USD)
Revenue (1)
Gross Profit (1)
Gross Profit Margin
YTD June
2016
YTD June
2017 Budget
YTD June
2017 Actual
221.7
347.6
423.1
22%
65.4
136.1
214.1
57%
29%
39%
51%
Var
29%
1) Revenue, Gross Profit include coal and non-coal sales ;
YTD June
2016
YTD June
2017 Budget
YTD June
2017 Actual
5.4
8.1
8.4
3%
3.7
8.4
8.4
0%
Average Selling Price (US$/MT) (1)
41.2
42.7
50.4
18%
Average Cash Costs (US$/MT) (2)
31.2
29.9
28.0
-6%
Sales Volume (milion MT)
Coal Production (million MT)
Var
1) Average Selling Price includes coal and non-coal sales ; 2) Average Cash Costs include Royalty, Barging, SGA;
Overall sales volumes at YTD June 2017 were higher than the Budget mainly
due to increased production at Tabang.
Actual ASP was higher than the Budget as market prices remained above the
Budgeted levels.
1
www.bayan.com.sg
Executive Summary - continued
Sales volumes 2Q17 was 4.7 million MT which was higher than 1Q2017
and the Budget of 4.2 million MT mainly due to increased production at
Tabang.
2Q17 Coal Production achieved was 4.3 million MT which was principally
in line with the Budget of 4.3 million MT. However, it was higher than
1Q17 mainly due to the relocation of our contractor at Tabang to low strip
areas during the quarter in order to better match production and trucking
capacity, earlier commencement of mining at Wahana and the arrival of
additional mining fleets at PIK.
2Q17 SR was 3.9:1 which was principally in line with 1Q17 (3.8:1) and
the Budget of 3.9:1.
2
www.bayan.com.sg
Executive Summary - continued
2Q17 Cash costs of US$ 28.6/MT was lower than the Budget of US$
29.5/MT mainly due to:
• Higher actual sales volumes which decreased certain unit costs
• Lower spend on material and spare parts as well as repair and
maintenance
• Lower unit rates at Tabang in OB Removal, coal mining and hauling as a
result of a discount received from subcontractor to increase the volumes
from the original contract
• Lower than Budgeted demurrage;
• General lower actual fuel price rate which resulted decrease in barging
cost and fuel consumption cost;
Partially offset by:
• Higher weighted stripping ratio at PIK and TSA/FKP;
• Higher royalty cost mainly due to higher ASP;
3
www.bayan.com.sg
2Q 2017
Overburden Removal
Coal Production
Weighted Average Strip Ratio
Average Cash Costs
Coal Sales
Average Selling Price
Committed & Contractual Sales
Debt and Cash Position
Capex
4
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Overburden Removal (OB)
Overburden Removal
(million BCM)
15.0
1Q17
16.6
2Q17B
17.1
2Q17 OB was 17.1 million
BCM which was higher than
1Q17 and the Budgeted
mainly due to:
Contractor has
mobilized additional
equipment in 2Q17 to
rectify the shortfall and
new geological model
was prepared to correct
for the discrepancies
(TSA/FKP)
Mobilization of
additional mining fleets
at PIK coupled with
lower rainfall
2Q17
Note : B stands for Budget Figure
(in million BCM)
Gunungbayan PratamacoalBlock II
Teguh Sinar Abadi/ Firman
Ketaun Perkasa
Perkasa Inakakerta
Tabang Concessions
Wahana Baratama Mining
Total
Overburden Removal
2Q17B
2Q17
1.5
-
6.1
8.2
1.7
4.9
2.3
2.3
4.4
2.2
16.5
17.1
2Q17 Overburden removal of 17.1 million BCM was higher than the 1Q17 and 2Q17 Budget
5
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Coal Production
Coal Production Volume
(million MT)
4.0
1Q17
4.3
2Q17B
4.3
2Q17
Note : B stands for Budget Figure
(in million MT)
Gunungbayan Pratamacoal- Block II
Teguh Sinar Abadi/ Firman Ketaun Perkasa
Perkasa Inakakerta
Tabang Concessions
Wahana Baratama Mining
Total
Production
2Q17B
2Q17
0.1
0.5
0.5
0.3
0.3
3.2
3.3
0.2
0.3
4.3
4.3
2Q17 coal production of 4.3
million MT was principally in line
with 2Q17 Budget, however it
was higher than 1Q17 mainly due
to :
The
relocation
of
our
contractor at Tabang to low
strip areas during the quarter
in order to better match
production
and
trucking
capacity and also as a result of
higher rainfall which flooded
certain sections of the working
area
Earlier
commencement
mining at Wahana
of
Arrival of an additional mining
fleet in early April 2017 (PIK)
2Q17 coal production of 4.3 million MT was in line with the 2Q17 Budget
6
www.bayan.com.sg
Actual Weighted Average Stripping Ratio (SR)
Weighted Average Strip Ratio
3.8
3.8
1Q17
2Q17B
2Q17 weighted average
stripping ratio of 3.8: 1
was principally in line with
1Q17 and 2Q17 Budget
Higher SR at TSA/FKP in
2Q17 compared to the
Budget due to change in
scheduling
required
to
develop the pit at higher
production rate compared
to Budget and variations in
the geological model
Higher stripping ratio at
PIK due to change in
production plan following
the
contractor’s
Q2
equipment
deliveries
counteracting operating at
lower strip ratios in Q1
2017
3.9
2Q17
Note : B stands for Budget Figure
Weighted Average SR (:1)
Weighted Ave SR
2Q17B
2Q17
Gunungbayan Pratamacoal Block II
16.3
-
Teguh Sinar Abadi/Firman Ketaun Perkasa
12.1
17.5
Perkasa Inakakerta
6.7
8.6
Tabang Concessions
1.5
1.3
Wahana Baratama Mining
10.0
8.3
Total
3.8
3.9
2Q17 actual weighted average strip ratio of 3.9 : 1 was principally in line with 1Q17 and the
2Q17 Budget
7
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Average Cash Costs
(US$ / MT)
Average Cash Costs per MT(*)
27.2
1Q17
*
29.5
2Q17B
28.6
2Q17
(1) Average Cash Costs include Royalty, Barging, SGA
(2) US$ is a convenience translation using the average quarterly
exchange rate for the quarter numbers
(3) B stands for Budget Figure
2Q17 Average Cash Costs were lower than the
Budget of US$29.5/MT mainly due to:
• Higher actual sales volumes which decreased
certain unit costs
• Lower spend on material and spare parts as
well as repair and maintenance
• Lower unit rates at Tabang in OB Removal,
coal mining and hauling as a result of a
discount received from subcontractor to
increase the volumes from the original
contract
• Lower than Budgeted demurrage;
• General lower actual fuel price rate which
resulted decrease in barging cost and fuel
consumption cost;
Partially offset by:
• Higher weighted stripping ratio at PIK and
TSA/FKP;
• Higher royalty cost mainly due to higher ASP;
2Q17 average cash costs were US$ 28.6/MT which was lower than the Budget of US$ 29.5/MT
8
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Coal Sales
(by volume)
Coal Sales Volume
(million MT)
4.7
4.2
3.7
1Q17
2Q17B
Geographic Distribution (1Q17)
Singapore
3%
Thailand
4%
2Q17 coal sales volume of 4.7 million MT
was higher than 1Q17 and 2Q17B mainly
due to changes in shipping schedule.
India and China are
destinations in 2Q2017
Top Customers 2Q17 (by Sales Volume)
are TNB Fuel, Noble Resources and
Sembcorp Gayatri Power Limited
2Q17
Note : B stands for Budget Figure
Others
14%
the
top
two
India
25%
Indonesia
9%
Korea
11%
China
21%
Philippines
13%
2Q17 coal sales volume was 4.7 million MT which was higher than 1Q17 and 2Q17 Budget due
to changes in shipping schedule
9
www.bayan.com.sg
Average Selling Price (ASP)
(US$ / MT)
Average Selling Price
50.7
40.9
(*)
50.2
1Q17
*
2Q17B
2Q17
2Q17 ASP was US$ 50.2/MT which was
marginally
lower
than
1Q17
of
US$ 50.7/MT but higher than the
Budget of US$ 40.9 due to:
Higher benchmark prices in 2Q17
than the 2Q17 Budget
(US$ 79.8/MT vs US$ 65.0/MT)
2Q17 average CV was 4,682 GAR kcal
compared to 1Q17 at 4,707 GAR kcal
(1) ASP includes coal and non-coal sales
(2) US$ is a convenience translation using the average quarterly
exchange rate for the quarter numbers
(3) B stands for Budget Figure
2Q17 ASP was US$ 50.2/ MT which was higher than the Budget as the Company benefited
from more exposure to the current higher benchmark prices
10
www.bayan.com.sg
EBITDA
EBITDA
(US$ Million)
101.6
2Q17 EBITDA generation was
stronger than Budgeted due to:
Higher than Budgeted ASP
86.8
Higher than Budgeted sales
volume
46.8
Lower than Budgeted Cash
Costs
1Q17
2Q17B
2Q17
Note : B stands for Budget Figure
11
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Committed and Contracted Sales for 2017
17.7 million MT
28%
As at 30 June 2017 committed and
contracted sales were 17.7 million MT
with an average CV of 4,629 GAR kcal
2017 Fixed Price element at US$
45.69/ MT with an average CV of
4,613 GAR kcal
72%
2017
Fixed Price
Floating Price
Note : June 2017
12
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Net Debt and Cash
470.3
465.6
465.4
429.9
(in million US$)
318.3
263.1
156.2
119.9
88.1
1Q16
85.3
2Q16
83.7
3Q16
70.4
4Q16
Note : Total Net Debt and Cash + Debt Service Reserve Account (DSRA)
1Q17
2Q17
Net Debt
Cash
As of 30 June 2017, the total TLF Loan was US$ 399.2 million (excluding PIK
Interest)
The Company reduced the Net Debt to EBITDA to 0.86x as at 30 June 2017
13
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Capital Expenditure
CAPEX
(*)
14.3
11.9
2Q17 Capex was US$ 14.3 million
which was higher than the Budget of
US$ 11.9 million, principally consisted
of:
Heavy equipments (i.e. Komatsu
Bulldozer, Dump Trailer and
Terrain Crane)
Tabang related infrastructure at
Senyiur Jetty (i.e. Palu Gravel,
relocation & re installment of Silo
from Pakar to ICF)
2Q17B
2Q17
* US$ is a convenience translation using the average annual
exchange rate;
* B stands for Budget Figure
14
www.bayan.com.sg
Appendix
PT Perkasa Inakakerta
PIK
PT Teguh Sinarabadi
TSA
PT Firman Ketaun Perkasa
FKP
PT Wahana Baratama Mining
WBM
PT Fajar Sakti Prima
FSP
PT Bara Tabang
BT
PT Brian Anjat Sentosa
BAS
PT Tanur Jaya
TJ
PT Silau Kencana
SK
PT Orkida Makmur
OM
PT Tiwa Abadi
TA
PT Sumber Api
SA
PT Dermaga Energi
DE
PT Bara Sejati
BS
PT Apira Utama
AU
PT Cahaya Alam
CA
PT Mamahak Coal Mining
MCM
PT Bara Karsa Lestari
BKL
PT Mahakam Energi Lestari
MEL
PT Mahakam Bara Energi
MBE
PT Graha Panca Karsa
GPK
Tabang
Pakar
Mamahak
15
www.bayan.com.sg
Appendix
Kangaroo Resources Limited
KRL
PT Dermaga Perkasapratama
DPP
PT Indonesia Pratama
IP
PT Muji Lines
Muji
PT Bayan Energy
BE
PT Metalindo Prosestama
MP
PT Sumber Aset Utama
SAU
PT Karsa Optima Jaya
KOJ
16
www.bayan.com.sg
Disclaimer
This presentation contains forward-looking statements based on assumptions and forecasts made by PT. Bayan
Resources Tbk management. Statements that are not historical facts, including statements about our beliefs
and expectations, are forward-looking statements. These statements are based on current plans, estimates and
projections, and speak only as of the date they are made. We undertake no obligation to update any of them in
light of new information or future events.
These forward-looking statements involve inherent risks and are subject to a number of uncertainties, including
trends in demand and prices for coal generally and for our products in particular, the success of our mining
activities, both alone and with our partners, the changes in coal industry regulation, the availability of funds for
planned expansion efforts, as well as other factors. We caution you that these and a number of other known
and unknown risks, uncertainties and other factors could cause actual future results or outcomes to differ
materially from those expressed in any forward-looking statement.
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Thank You
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