Investor Presentaiton
The Evolution of Bayan Resources (2/2)
Remained profitable, as well as operating and free cash flow positive despite the coal price lows, and being in the midst
of the Tabang development
Cash Margins (1)
EBITDA and Margins
US$/t
US$MM
101.9
120
800
736.4
88.6
88.9
700
485.1
77.8
90
600
58.5
60.7
500
374.4
60
47.2
356.7
47.3
400
52.1
38.4
254.8
300
30
200
45.4%
43.9%
29.0
33.3
34.8
26.9%
28.8
100
25.6%
50.9%
23.3
0
0
2017
2018
2019
2020
1Q21
2017
2018
2019
Newcastle
ASP
Cash Costs
EBITDA
2020
EBITDA Margin
1Q21
Operating Cash Flow ("OCF")
US$MM
571.9
600
500
431.9
400
300
200
100
49.5
0
2017
2018
2019
Note
Free Cash Flow (OCF - Cash Flow Based Capex)
US$MM
600
494.5
500
395.9
361.0
400
249.2
300
273.3
216.1
200
100
-10.0
0
1Q21
-100
2017
2018
2019
2020
1Q21
(1) As the production from Bara Tabang continues to increase, the Group ASP has recorded higher discount to the Newcastle benchmark; However, given the low cost profile of the
Tabang concession, the Group margin has expanded
8
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