Investor Presentaiton
Company Overview
One of the largest and growing integrated coal producers in Indonesia
Business / Activity Overview
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Bayan Resources ("Bayan" or "Company") is engaged in open cut mining of
various coal mines located in East and South Kalimantan, Indonesia
As an integrated coal producer, Bayan produces coal ranging from high CV to
sub-bituminous low-sulphur, low-ash coal
- In 2020 Bayan produced 30.2 Mt of coal, a slight reduction (5%) from 31.9
Mt in 2019
- In 2020 Bayan sold 36.3 Mt of coal, a 24% increase on the 29.2 Mt of coal
sold in 2019. The increase is largely due to inventory built up in 2019
- With the completion of the coal hauling road to the Mahakam River in 2022,
the Company plans to increase production to 60+ Mtpa
The Company has exclusive rights to mine through five Coal Contract of
Works (CCOWs) and 16 Mining Business Permits (IUP's)
The Tabang Mine is Bayan's flagship asset today contributing more than 80%
of the Group's coal production, is one of the most competitive coal assets in
Indonesia and globally from a scale and cost perspective (1), and is uniquely
positioned to expand capacity rapidly with very low levels of capex intensity
• The Group's Reserves and Resources have been independently verified and
certified to international 2012 JORC standards
- As of 1 January, 2021, gross Resources stand at 3.61 billion tonnes, of
which 1.74 billion tonnes are classified as Reserves
• As an integrated coal producer, the Company has its own coal loading
infrastructure complementing the logistical needs of Bayan's operations
Financial Summary
US$MM, unless
stated otherwise
2018
2019
2020
1Q21
Production Volume (Mt)
28.9
31.9
30.2
9.0
Revenue
1,676.7
1,391.6
1,395.1
501.0
EBITDA (2)
736.4
374.4
356.7
254.8
EBITDA margin
43.9%
26.9%
25.6%
50.9%
Operating Cash Flow
571.9
49.5
361.0
249.2
Capex (3)
79.6
59.5
87.7
33.2
Free Cash Flow (4)
(10.0)
273.3
216.1
365.0
406.8
406.3
(99.2)
183.3
23.0
(198.5)
Total Debt
Net Debt / (Net Cash) (5)
Capitalization and Credit Overview
Share Price (IDR/share) (7)
Shares Outstanding (mm).
Market Cap (US$MM) (7)
Net Debt/(Net Cash) (US$MM)
Enterprise Value (US$MM)
(5)
14,175
3,333
3,316
(199)
3,117
2018
2019
2020
1Q21(8)
Net Debt/EBITDA (2)
-0.1x
0.5x
0.1x
(0.4x)
Total Debt / EBITDA (2)
0.2x
1.0x
1.1x
0.7x
EBITDA Net Interest Expense
755.1x
39.2x
9.8x
14.9x
Notes
(1)
(2)
(3)
Per Wood Mackenzie independent industry report, showcasing Tabang total cash costs and production forecasts for 2019
EBITDA is calculated as net income before (i) interest expense (ii) income tax benefit (expenses) (iii) depreciation & amortization and (iv) impairment charges
Capex based on cash flow statement
(4)
Free Cash Flow = Operating Cash Flow - Capex based on cash flow statement
(5)
31 March 2021 results: Debt $406.3m less unrestricted cash $604.8m
(6)
US$ 1
IDR14,250
(7)
Share price as at 15th June 2021
(8)
EBITDA results based on Last Twelve Months (LTM) from 1 April 2020 until 31 March 2021 of US$545.1 million
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PT BAYAN RESOURCES Tbk.View entire presentation