PT. BAYAN RESOURCES Tbk. ... Teguh Sinar Abadi/ Firman Ketaun Perkasa 6.1 8.2 Perkasa Inakakerta 1.7

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Transcript of PT. BAYAN RESOURCES Tbk. ... Teguh Sinar Abadi/ Firman Ketaun Perkasa 6.1 8.2 Perkasa Inakakerta 1.7

  • 0

    www.bayan.com.sg

  • 1

    Executive Summary

    www.bayan.com.sg

     Overall financial performance as at YTD June 2017 better than YTD June 2016 and the Budget

     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) Revenue, Gross Profit include coal and non-coal sales ;

    1) Average Selling Price includes coal and non-coal sales ; 2) Average Cash Costs include Royalty, Barging, SGA;

    Revenue (1) 221.7 347.6 423.1 22%

    Gross Profit (1) 65.4 136.1 214.1 57%

    Gross Profit Margin 29% 39% 51% 29%

    (in million USD) YTD June

    2016

    YTD June

    2017 Budget

    YTD June

    2017 Actual Var

    Sales Volume (milion MT) 5.4 8.1 8.4 3%

    Coal Production (million MT) 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%

    Var YTD June

    2016

    YTD June

    2017 Actual

    YTD June

    2017 Budget

  • 2

    Executive Summary - continued

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     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.

  • 3

    Executive Summary - continued

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     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;

  • 4

    2Q 2017

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    Overburden Removal

    Coal Production

    Weighted Average Strip Ratio

    Average Cash Costs

    Coal Sales

    Average Selling Price

    Committed & Contractual Sales

    Debt and Cash Position

    Capex

  • 5

    Overburden Removal (OB)

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    (million BCM)

    Overburden Removal

    2Q17 Overburden removal of 17.1 million BCM was higher than the 1Q17 and 2Q17 Budget

    15.0 17.1

    1Q17 2Q17B 2Q17

    16.6  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

    2Q17B 2Q17

    Gunungbayan Pratamacoal-

    Block II 1.5 -

    Teguh Sinar Abadi/ Firman

    Ketaun Perkasa 6.1 8.2

    Perkasa Inakakerta 1.7 2.3

    Tabang Concessions 4.9 4.4

    Wahana Baratama Mining 2.3 2.2

    Total 16.5 17.1

    Overburden Removal (in million BCM)

    Note : B stands for Budget Figure

  • 6

    Coal Production

    (million MT)

    Coal Production Volume

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    2Q17 coal production of 4.3 million MT was in line with the 2Q17 Budget

    4.0 4.3

    1Q17 2Q17B 2Q17

    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 of mining at Wahana

     Arrival of an additional mining fleet in early April 2017 (PIK)

    2Q17B 2Q17

    Gunungbayan Pratamacoal- Block II 0.1 -

    Teguh Sinar Abadi/ Firman Ketaun Perkasa 0.5 0.5

    Perkasa Inakakerta 0.3 0.3

    Tabang Concessions 3.2 3.3

    Wahana Baratama Mining 0.2 0.3

    Total 4.3 4.3

    (in million MT) Production

    Note : B stands for Budget Figure

  • 7

    Actual Weighted Average Stripping Ratio (SR)

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    Weighted Average Strip Ratio

    2Q17 actual weighted average strip ratio of 3.9 : 1 was principally in line with 1Q17 and the 2Q17 Budget

    3.8 3.9

    1Q17 2Q17B 2Q17

    3.8

     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

    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

    Weighted Ave SR Weighted Average SR (:1)

    Note : B stands for Budget Figure

  • 8

    Average Cash Costs per MT(*)

    Average Cash Costs

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    (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

    ( U

    S $

    / M

    T )

    *

     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;

    27.2 28.6

    1Q17 2Q17B 2Q17

    29.5

    2Q17 average cash costs were US$ 28.6/MT which was lower than the Budget of US$ 29.5/MT

  • 9

    Coal Sales (by volume)

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    (million MT)

    Coal Sales Volume

    3.7

    4.7

    1Q17 2Q17B 2Q17

    4.2

     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 the top two destinations in 2Q2017

     Top Customers 2Q17 (by Sales Volume) are TNB Fuel, Noble Resources and Sembcorp Gayatri Power Limited

    2Q17 coal sales volume was 4.7 million MT which was higher than 1Q17 and 2Q17 Budget due to changes in shipping schedule

    Note : B stands for Budget Figure

    Geographic Distribution (1Q17)

    India

    25%

    China

    21%

    Philippines

    13%

    Korea

    11%

    Indonesia

    9%

    Thailand

    4%

    Singapore

    3%

    Others

    14%

  • 10

    Average Selling Price (ASP)

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    ( U

    S $

    / M

    T )

    Average Selling Price (*)

    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

    (1) ASP includes coal and non-coal sales (2) US$ is a convenience trans