SECURITIES

PT Berau Coal Energy Tbk

ISSUER PT Berau Coal Energy Tbk Income Statement

(Rp bio) 2009 2008 2007
OFFERED PRICE (IPO) Rp 300 - Rp 400 / share
Net Sales 8,319 8,110 3,445
TOTAL IPO PROCEED Rp2.1 - Rp2.8 trillion Gross Profit 3,397 1,651 788.8
Operating Profit 3,025 1,407 627
Initial Public Offering

# OF OFFERED SHARES (IPO) 7,000 mn shares Net Profit Before Taxes 2,931 1,135 448.6
Net Profit After Taxes 853.7 170.1 25.6
TOTAL # OF SHARES Outstanding
(Post IPO) 38,500,000,000 shares Balance Sheet
(Rp bio) 2009 2008 2007
NOMINAL VALUE Rp 100 Total Current Assets 4,448 2,799 1,452
Cash 1,057 332 353
UNDERWRITER PT Danatama Makmur & Recapital Account Receivable 872 934 474
Inventory 84 98 4
USE OF PROCEEDS IPO Maple Acquisition and other capex Non Current Assets 7,832 4,099 3,368
Total Assets 12,280 6,899 4,841
SHAREHOLDING (Pre IPO)
PT Bukit Mutiara 99.999%
PT Bentara Energi Asia Utama 0.001% Total Current Liabilities 5,482 2,383 1,344
Account Payable 836 649 362
Short term loan 2,719
Total Liabilities 8,450 5,497 4,249
SHAREHOLDING (Post IPO)
PT Bukit Mutiara 81.818%
Total Equity 3,506 377 69
PT Bentara Energi Asia Utama 0.001% Key Financial Ratios
Public 18.181% (%) 2009 2008 2007
Gross Profit Margin 40 20 22
Operating Profit Margin 36 17 22
DIVIDEND POLICY 30% of net income
Net Profit Margin 7 2 0
ROA 5 2 0
TENTATIVE SCHEDULES ROE 18 45 37
Effective date August 6, 2010 Liabilities to Equity 2.4 14.6 61.5
Offering period August 10-12, 2010
Allotment August 16, 2010
Refund August 18, 2010 Company Brief
Listing date August 19, 2010
◊ The company was established in 1983 as first genera-
tion coal contractor and operates in Berau area East
BOD & BOC
President Commissioner Sofyan Djalil
Kalimantan
Commissioner Rosan Roeslani ◊ Berau Coal Energy is the fifth biggest coal producer in
Commisioner Sandiaga Uno Indonesia and the management estimates that the coal
Commisioner Erry Firmansyah production in 2010 could reach 17.9 million tons.
Commisioner Andi Dara
◊ The company received two awards in 2010, namely
President Director Raden Budianto Best Mining Company in CSR and Best Mining Company
Director ohn Ramos in Tax and Royalty Compliance
Director Thomas Shreve ◊ Approximately 40% of Berau Coal Energy sales are to
Director Ferial Martifauzi domestic market and the remaining 60% goes to ex-
Director Arief Wiedhartono
port market
◊ Berau Coal Energy works mostly with two mining con-
tractors, PT Bukit Makmur Mandiri Utama (BUMA) and
PT Saptaindra Sejati (SIS)

Research Dept. (021) 2557 4919 Syaiful Adrian

PT. CIPTADANA SECURITIES , expressly disclaim any and all liability for representations or warranties expressed or implied, contained herein or omissions therefrom or for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith.
Opinions expressed in this report are our present views and are subject to change without notice.