Indonesia Coal Company Performance Financial Year 2022

December 2023

Denny Kamarullah
 Coal Company List
Before going forward, here are the company list and its subsidiaries that I researched in this occasion, some
of them actually not only doing business in coal (mining) sector, but also in the others business sector,
however in 2022 Financial Year their revenue stream biggest percentage still came from coal business.
In this presentation, the companies consist of:
• BUMI: Kaltim Prima Coal and Arutmin Indonesia
• ADRO: Adaro Indonesia, Adaro Mineral, Sapta Indra (SIS), Balangan Coal
• BYAN (Bayan Group)
• GEMS ; Borneo Indobara, Kuansing Inti Makmur, Barasentosa Lestari
• PTBA ; Bukit Asam
• INDIKA : Kideco Jaya Agung
• ITM (Indo Tambang Megah)
• BSSR (BARAMULTI) : Antang Gunung Meratus

All the data (finance and production) presented in this presentation consists of the company and its subsidiaries.
All of the Data took from company Annual Report, Financial Report and Presentation over the years.
Denny Kamarullah
Coal Company Production Performance 2022

Indonesia 8 Top Coal Producer (in mio ton) Key Highlights

▪ Indonesia total coal production in 2022 is 687 mio ton,

meanwhile these companies cumulative production
Production (2022) Production (2021) account 51% of Indonesia total coal production.
80 ▪ In 2022 BUMI remain the largest coal producers in
70 71,9
62,88
Indonesia with total split KPC and Arutmin 50 and 21,9
60 mio ton respectively.
50
▪ BUMI’s 2022 target around 70-76 mio ton, actual 71,6
40
38,9 38,4 37,14 ton, still achieved the target.
34,8 ▪ Compare to 2021, ITMG and BUMI 2022 coal production
30
decrease because of extreme weather heavy rainfalls,
20 16,6 15,52
slippery and flooding.
10 ▪ Meanwhile, although below the previous coal
0 production, Kideco (Indika) 2022 coal production exceed
BUMI ADRO BYAN GEMS PTBA INDIKA ITMG BSSR
its 2022 target which is 34 mio ton. Indika as Kideco
holding set target to reduce its revenue from coal to 50%
in 2025.
▪ Adaro has the highest growth percentage in coal
production compare to the previous year.
Denny Kamarullah
 Significant increase in Average Selling Price (ASP, $/ton)…
During FY2022 Average Selling Price (ASP) of these coal producers increase significantly boosted by increase of coal
price, thus skyrocketing their revenue..

ASP (2021) ASP (2022)

200,00 192 ▪ With 86% increase YoY, ITMG

180,00
has the most significant ASP
percentage increase compare
160,00
to others coal producers.
140,00 132,02
121 117,90
120,00
▪ BUMI, ADRO and BYAN follow
86,60
100,00 89,08 with 80%, 71% and 67%
75,13 68,78
80,00 103,20 increase respectively.
77,41
60,00 67,40 70,70 68,18
61,40
40,00 53,77 50,58

20,00

0,00
BUMI ADRO BYAN GEMS PTBA KIDECO ITMG BSSR

Denny Kamarullah
Significant Increase in ASP, Skyrocketing the revenue..

▪ In 2022 ADRO revenue

increase 2,1x into $8,1 Bio
from $3,9 Bio in 2021.

$3 Bio
▪ Others company also showed
$4,3 Bio
significant increase in their
revenue.

Denny Kamarullah
Cost of Goods Sold (Cost of Revenue)

Key Highlights
▪ Factors that significantly
COGS (2021) COGS (2022) SR
contribute to COGS are royalty
90%
10,7 80%
cost, stripping ratio, fuel price,
80%
and spare part price.
70% 8,8 67%

60% 58%
55% 55%
▪ In 2022 Indonesia Government
48%
release new royalty policy for
50%
5,7 43%
5,1
5,5 IUPK holder (previously PKP2B;
40% 4,6 33% ADRO, BUMI and INDIKA) that
3,7
30% increase their royalty
3,9
20%
significantly.
10%
▪ However, based on the chart,
0%
PTBA ITMG ADRO GEMS BYAN BUMI INDIKA BSSR
ADRO, BUMI and INDIKA (Kideco)
2022 COGS percentage decline
compare to 2021.

Denny Kamarullah
Profitability Ratio, Return of Asset (ROA), Return on Equity (ROE) and Net Profit Margin Performance..
Return On Equity (RoE) Return On Asset (RoA)
Net Profit Margin (2022) Net Profit Margin (2021)

BSSR 1,09
0,59

0,38 49%
INDIKA 0,14

BUMI 0,20
0,12
35%
0,90 33%
BYAN 0,51 30% 30%

GEMS 1,25 24% 23%

0,62

ADRO 0,43
0,26
12%

ITMG 0,61
0,45

PTBA 0,44
0,28
PTBA ITMG ADRO GEMS BYAN BUMI INDIKA BSSR

▪ Return on Asset and Return on Equity describe how efficient the company utilize what they own to create profit.
▪ Based on Net Profit Margin chart on the right hand side, all of the company (except BSSR) showed increase in their
Net Profit Margin compare to the previous year.
▪ BYAN has the highest net profit margin (49%) followed by ADRO, ITMG, PTBA and BUMI 35%, 33% and 30%
respectively.
Denny Kamarullah
Liquidity Ratio, measure company ability to cover its short term debt

Key Highlights

Current Ratio ▪ Current Ratio measure company’s

3,3 ability to pay short-term
obligations or those due within
2,3
one year
2,2
▪ Based on the data, all the
1,5
1,7 company except BUMI has
1,3 1,2 current ratio above the standard,
0,8 which is 1.
▪ Unfortunately can not define the
Quick Ratio (Acid test ratio) since
PTBA ITMG ADRO GEMS BYAN BUMI INDIKA BSSR not all of the company provide
inventories data

Denny Kamarullah
Future Business Development Notes
“..Targeting 80 mio tons coal in 2023, highly convince that coal industry will continue grow since renewable energy is still not enough to replace
coal..”

“…Maximaxing Coal momentum for short term, increase the production into 41,04 mio tons in 2023. Parallely diversify the business into
renewable : Solar Panel and Wind Power Plant and Coal down streaming..”

“….Transform into a greener and smarter company and in the medium term to transform into an integrated energy business. ITM has a number
of renewable energy business models in progress, such as solar photovoltaic (PV) power plants and solar roofing products…”

“…Positive industry outlook, expect grow in coal sales both thermal and metcoal (Adaro Mineral), on the other hand, Aluminium smelter and
hydro power plant project in Kaltara keep on progress. Spare capital expenditure between these three focus (thermal, metcoal and Kaltara
project)…”

“…Focus on production growth at measurable cost and keep maximum contribution to the shareholder..”

“…Focused on coal business through growing the Tabang Project from its 34 mio in 2022 to at least 60 mio per
annum….”

“.. reduce its revenue from coal to 50% in 2025..”

“…Increasing production to approximately 10% in 2023 by utilizing the momentum of the rising coal prices, which is expected to still be at a relatively
high level…”

Denny Kamarullah
 Thank You

Denny Kamarullah