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Page 1
Annual Public Expose Jakarta, 6 December 2023
Page 2
Disclaimer 2 This communication contains forward-looking financial projections and estimates with respect to the future operations and performance of PT Bumi Resources Tbk and its affiliates. Investors and security holders are cautioned that forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the company. Such risks and uncertainties could cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements include, but are not limited to, fuel prices and international coal demand and supply position. Neither PT Bumi Resources Tbk. or any other person assumes responsibility for the accuracy and completeness of the forward-looking statement in this communication. The forward-looking statements speak only as of the date of this communication. PT Bumi Resources Tbk is under no duty to update any of the forward-looking statements after this date to conform such statements to actual results or to reflect the occurrence of anticipated results or otherwise.
Page 3
Agenda 3
1. Overview
• Ownership Structure, Production, Reserves & Resources
• Top Awards & Achievements
• Safety Record – Best in Class
2. 9M’23 Operational Highlights & Performances
3. Marketing
4. DMO
5. BUMI Reborn - Transformation
• Restructuring Status
• Strong Governance
• Strengthened Management – New Boards & Commissioner
6. Corporate Social Responsibility (“CSR”)
Page 4
Bumi Vision-Mission 4
About
The Company strives to
establish a harmonious
relationship with stakeholders,
especially customers, in order
to create a sustainable and VISION MISSION
balanced business. Therefore, Maintain the Company’s business sustainability and
the Company continues to To be a world-class, global competitiveness in addressing open competition in
the future with the objective to:
improve the competence of its operator within the energy and 1. Increase return on investment and optimal
value for shareholders.
human resources in order to mining sectors. 2. Improve the welfare of employees.
encourage them to work in a productive and effective 3. Increase community welfare in the vicinity of
the mining operational areas.
manner, so that they can deliver a sound and 4. Maintain environmental sustainability in all
performance. profitable mining operations areas.
The Company’s business philosophy is guided by 4 (four) basic principles:
How to best create value. How to best achieve How to best obtain various Maintain environmental
prosperity. opportunities. preservation at all mining
operations sites.
Page 5
Overview 5
• One of the largest coal exporters globally
▪ KPC is the largest export coal mine in the world
• Leading natural resources group and the largest thermal coal producer in Indonesia (KPC and Arutmin)
together commanding a dominant share of 25% of Indonesia coal production
▪ Coal production reached 71.9 million metric tons in 2022
• 2.4 billion metric tons of marketable coal reserves and 6.8 billion metric tons of coal resources
(excluding reserves) – this is likely to increase as we explore additional areas.
▪ High potential for reserves expansion; KPC only partially explored
• Ideally located to serve important markets throughout Asia and Europe
• Open cut mining with captive coal processing facilities
• Dedicated infrastructure including coal loading terminals, port facilities, captive power plants and coal
gives unmatched competitive advantage
• Segmented coal and non-coal businesses
- BUMI will concentrate on increasing thermal coal dominance
- BRMS is a listed entity with an exclusive focus on metals industry
- New projects – Coal Downstream & Non Coal Diversification: under development.
Page 6
Ownership Structure 6
PT BUMI RESOURCES TBK.
Coal, Oil & Gas (Minerals/Non-Coal)
(Non-Coal
51% KPC 20.09% PT Bumi Resources Minerals Tbk Diversification)
Gorontalo Minerals – Gold &
80% Copper Mining
Effective (in exploration stage)
90%
Arutmin
96.97%
Citra Palu Minerals – Gold Mining
(in exploration stage)
Darma Henwa – Contract
Effective
Mining (associated company) Dairi Prima Minerals– Zinc ,Lead
23.17% 49%
(in exploitation stage)
Pendopo Energi Batubara –
Effective
Coal (in production stage)
84.40%
Page 7
Coal Reserves & Resources
7
– The Largest in Indonesia
• Reserves are now 2.4 billion metric tonnes
Coal
Coal Reserve
Resource
in million tonnes
KPC*:
721 2.801
Arutmin**:
Bituminous Coal 42 442
Sub-Bituminuos Coal 122 979
Sarongga 163 284
327 1.705
Pendopo***: 1.306 2.311
(1) (2)
TOTAL 2.354 6.817
Valuation – 30 SEP 23
*JORC Report on End of March 2023 *EV / RESERVE(1) = US$1.4/t
**JORC Report on End of January 2022 **EV / RESOURCE2) = US$0.5/t
*** JORC Report on 2012
Page 8
Top Awards & Achievements
8
ESG
• BUMI Launches Pioneering Human Rights Progress Report
• Reiterates Commitment and Highest Priority to Human Rights
PT BUMI Resources Tbk. (“BUMI” or “the Company”) has launched its Human
Rights Progress Report following the completion of its Human Rights Due
Diligence (HRDD) in 2022. The fourth step of HRDD is communicating the
findings. With the launch of BUMI's HRDD, it also demonstrates
communication to the public about BUMI's commitment to human rights.
BUMI believes that by conducting this HRDD assessment, it will not only
assist BUMI in identifying human rights risks in its operational areas, but also
encourage other companies to step up their efforts to demonstrate respect
for human rights, moving from commitment to practice.
As a company, BUMI is fully committed to upholding human rights in all its
business operations. Through HRDD, BUMI wishes to identify, mitigate, and
manage significant human rights issues that may arise from its activities. As
part of this commitment, BUMI recently conducted a comprehensive HRDD
assessment on its subsidiaries, Kaltim Prima Coal (KPC) and Arutmin
Photo (left): Handover of the HRDD report to Mr. Adika Nuraga Bakrie from Mr. Marzuki Darusman..
Indonesia (AI).
BUMI's initiative is in line with the United Nations 10 Guiding Principles on Business and Human Rights Report. This report recommends that all global
companies consistently commit to respecting human rights based on the United Nations Guiding Principles on Business and Human Rights (UNGP).
This event was attended by relevant stakeholders from government representatives, Non-Governmental Organizations (IGCN, INFID, ELSAM), the
Indonesian Coal Mining Association (APBI), and the Indonesia Mining Association (IMA).
President Director of PT BUMI Resources Tbk., Mr. Adika Nuraga Bakrie said in his speech, "As a leading mining company, BUMI has made and always
makes significant efforts in instilling the principles of Environment, Social and Governance (ESG) across BUMI's business practices. We strive to ensure that
the social aspect of our business is not neglected. That explains why BUMI has made human rights the core of its corporate philosophy.”
The symbolic handover of the HRDD report was given to Mr. Adika Nuraga Bakrie from Mr. Marzuki Darusman - Chairman of FIHRRST.
Page 9
Top Awards & Achievements
9
ESG & CSR
BUMI Awarded Prestigious Green Category from Ministry of Law and Human Rights
PT Bumi Resources Tbk., (“BUMI” or “The Company”) successfully earned the Green predicate using the Business and Human
Rights Risk Assessment (PRISMA) measurement tool, developed by the Ministry of Law and Human Rights of the Republic of
Indonesia with a satisfying score of 103 in Jakarta (28/7). This assessment method was performed on BUMI and its business
units (KPC and Arutmin).
PRISMA's assessment refers to 13 indicator themes of respect for human rights, and complements the human rights due
diligence conducted by a third party in BUMI at the end of last year, where the due diligence report containing BUMI's good
practices and identification of human rights risks was launched last month.
BUMI is one of the pioneer companies in Indonesia that upholds the respect for human rights in business. As a company
engaged in the mining business, BUMI supports this PRISMA assessment that can be followed by all companies in the
country to assess and identify the risks of human rights violations that occurred in these companies and support the launch
of the National Business and Human Rights Strategy document issued by the Indonesian Ministry of Law and Human Rights.
President Director of PT Bumi Resources Tbk., Adika Nuraga Bakrie, stated, "Respect for human rights is part of the
company's philosophy. This is realized, among others, through a safe, comfortable work environment, and without
discrimination and harassment. BUMI also upholds the principles of occupational health and safety, especially in mining
operations and freedom of association for its employees." He further added that the completion of the PRISMA assessment
and human rights due diligence last year reflected that human rights were an integral and inseparable part of the company.
BUMI Wins Prestigious Gold Champion at BISRA Award 2023
PT Bumi Resources Tbk., (“BUMI” or “The Company”) successfully earned the prestigious award in the economic category
Gold Champion in the 2023 Bisnis Indonesia Corporate Social Responsibility Award (BISRA) (15/8) in Jakarta. BISRA is an
annual CSR award event from Bisnis Indonesia and is supported by the National Development Planning Agency (Bappenas)
with the theme CSR Towards Climate Change Mitigation.
President Director of PT Bumi Resources Tbk., Adika Nuraga Bakrie, stated, " The company expresses its gratitude for the
2023 BISRA award. BUMI's commitment in each CSR program is the Core Competence of the Company's business which has
been embedded into BUMI and its business units.
He added that, "CSR for the Company is not just a program, but how BUMI is able to carry out the best CSR practices,
contribute to creating independence in society which undoubtedly contributes directly to the realization of SDGs and aspects
of Environmental, Social and Governance (ESG) as stated in Law no. 40 of 2007 concerning Limited Liability Companies.”
Page 10
Top Awards & Achievements
1
ESG & CSR 0
BUMI COO & KPC CEO Ashok Mitra Wins Top Indonesia Best Employer Brand Awards 2023
PT Bumi Resources Tbk (“BUMI” or the “Company”) through its business unit, PT Kaltim Prima Coal (KPC) won 5 (five)
prestigious awards, three awards for individual category and two awards for the organization category from the
Indonesia Best Employer Brand Awards 2023, Hotel Grand Sheraton Jakarta (24/10). This event was initiated by the
Employer Branding Institute of India.
The awards are as follows:
1. CEO of the Year – Ashok Mitra
2. Lifetime Achievement – Ashok Mitra
3. CEO with HR Orientation – Ashok Mitra
4. Managing Health at Work – KPC
5. Promoting Health in the Workplace – KPC
This award is an appreciation to Ashok Mitra for his hard work and high commitment in making KPC a leading
company in the world. Ashok received the award for the individual category directly from Dr. R.L. Bhatia as Director
of the Employer Branding Institute of India.
BUMI Subsidiary Arutmin Wins Highest Award and Prestigious ProKlim Charter from Minister of
Environment and Forestry
PT Bumi Resources Tbk (“BUMI” or the “Company”) through its business unit, PT Arutmin Indonesia (Arutmin)
won the highest award from the Ministry of Environment and Forestry at the Proklim 2023 Award Ceremony
and the Inauguration of the House of Collaboration and Climate and Carbon Consultation. This activity is a
series of Climate Festival activities held at the Auditorium of DR. Soedjarwo Manggala Wanabakti Building
Jakarta (24/10).
This award is an appreciation for communities that have succeeded in realizing real climate change mitigation
and adaptation.
The awards received by Arutmin were directly conferred by the Minister of Environment and Forestry, Mrs.
Siti Nurbaya consist of :
1. Proklim Award in the Sustainable Category, namely the assited village program by PT Arutmin Tambang
Asamasam, which include Hamlet I Asri Mulya Village, Jorong District, Tanah Laut (Tala) Regency.
2. Award in the Proklim Supporter Appreciation category.
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Top Awards & Achievements
1
ESG & CSR 1
BUMI Awarded Top GRC (Governance, Risk and Compliance) # 4 Stars & Top Committed Leader Awards
2023 by :
- Indonesian GRC Association
- IRMAPA (Indonesia Risk Management Professional Association)
- ICoPI (Institute Compliance Professional Indonesia) &
- PaGi (Indonesian Governance Professional Association)
PT Bumi Resources Tbk., (“BUMI” or “The Company”) won two prestigious awards at the 2023 TOP GRC
Awards, viz TOP GRC Awards 2023 #4 Stars, which is an improvement from previous participation
achievements; and The Most Committed GRC Leader 2023 for Mr. Adika Nuraga Bakrie as President Director
of BUMI at Raffles Hotel, Jakarta (6/9).
The 2023 Top GRC Awards is an appreciation for institutions/companies that have performed an excellent job
of implementing governance, risk management and compliance. The assessment was carried out in an
objective and independent manner by the Assessment Team and the judges, starting with an assessment of
the implementation of GRC towards 900 Companies in Indonesia.
BUMI Recognized as Coal Champion for ESG & Sustainability Business Principles by TrenAsia 2023
PT Bumi Resources Tbk., (“BUMI” or “The Company”) won the prestigious award in the Coal Champion for
ESG & Sustainability Business Principles by TrenAsia 2023. This award was received by Achmad Reza Widjaja,
Ph.D., VP Investor Relations – Chief Economist, representing the President Director of BUMI, Adika Nuraga
Bakrie, conferred by the Sukirno - Chief Executive Officer of PT Tren Media Berjejaring at the Raffles Hotel,
Jakarta (30/8).
Sukirno in his speech, “This award is given to companies that are committed to implementing ESG
(Environmental, Social and Governance) business principles.”
“Congratulations to Bumi Resources for winning the TrenAsia ESG Award 2023 in the coal company category.
Hopefully this award could motivate and set an example to other companies in Indonesia,” said Sukirno.
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Top Awards & Achievements
12
ESG & CSR
BUMI subsidiary, KPC is Large Coal Mining Champion at ASEAN Energy Awards 2023
PT Bumi Resources Tbk., (“BUMI” or “The Company”) through its subsidiary PT Kaltim Prima Coal (KPC) won the prestigious Champion for
Coal Mining Large category at the ASEAN Energy Awards 2023 (24/8) in Nusa Dua, Bali. This award was received by Louise G. Pessireron,
Project Management and Evaluation (PME) Manager, representing KPC's Chief Executive Officer (CEO), Ashok Mitra. The award was given
by Deputy Minister of State for Mines and Energy of Cambodia Victor Jona.
KPC - Chief Executive Officer (CEO) Ashok Mitra expressed his gratitude to the judges of the ASEAN Energy Awards 2023, who had chosen
KPC as the winner of the event. "Thank you to the jury of the ASEAN Energy Awards 2023 for awarding KPC as Winner. This indicates that
KPC's operations are in line with the three pillars of ASEAN energy, namely sustainability, security and interconnectivity," said Ashok.
Page 13
Top Awards & Achievements
13
ESG
• BUMI’s Overall ESG Rating Raised by 17%
• Social Rating Sharply Increases by 40%
PT BUMI Resources Tbk. (“BUMI” or “the Company”) has increased its ESG Disclosures scores
provided by Bloomberg, a prominent global financial data services provider, which has been
providing ESG Disclosures Scores since August 2020.
BUMI’s overall ESG Disclosure Scores increased by 16.22%, from 56.72 in 2021 to 65.92 in
2022. BUMI increased all of its ESG scoring items with the Social score is the most improved
aspect with a jump by almost 40% increase. This is mainly attributed to the disclosure of the
Human Rights Due Diligence results in BUMI’s Sustainability Report 2022. With this ESG
performance achievement, BUMI has become one of the best Indonesian mining companies
in ESG disclosure score result according to Bloomberg.
President Director of BUMI, Adika Nuraga Bakrie said, “To achieve its vision, BUMI has made
ESG performance as one of its key performance indicators. This commitment has been
brought to life with major initiatives to continuously increase the Company’s standing as the
leader in ESG in Indonesia’s mining industry. BUMI has also developed sustainability report
Photo (above): One of the ESG activities in the BUMI subsidiary, PT Arutmin Indonesia since 2016 until now, which published the successful ESG practices of BUMI in various
aspects of sustainability, such as economic performance, employment practices, compliance,
environment and community and human rights.
He added that the company is very proud of its rating achievement in Refinitiv, as reputable providers of financial markets data and infrastructure, to measure the
positioning of BUMI`s ESG performances as the best company among global peers and to continuously communicate its ESG achievements.
ESG Disclosure scores from Bloomberg are published to help investors decode raw data that is otherwise hard to compare across companies. For corporates, these
scores offer a valuable, quantitative and normalized benchmark that will easily highlight their ESG performances. The ESG scores are fully transparent in which
investors can examine both the scoring methodology and the company reported data underlying each score.
These achievements in improving Bloomberg ESG disclosure scores are a testament to BUMI's holistic approach to sustainability and responsible practices. The
company recognizes that sustainable business practices are crucial for long-term success and aims to lead by example within the by setting new benchmarks. The
company remains committed to continuous improvement, setting ambitious targets for further ESG enhancements in the future.
Page 14
Top Awards & Achievements
14
ESG & Risk
BUMI RECEIVES A+ TOP SUSTAINABILITY REPORT AWARD FOR 3rd
CONSECUTIVE YEAR
PT BUMI Resources Tbk. (“BUMI” or “the Company”) won the prestigious award as 'Best
Company with an 'A+' Score in Sustainability Reporting or Governance, Environmental and
Social (ESG) reporting in 2021 in hybrid event on 6 March 2023. The award was given by
the Foundation for International Human Rights Reporting Standard (FIHRRST) and the
United Nations Development Program (UNDP), for a study conducted for 257 public
companies in Indonesia that have published their sustainability reports in 2021. This
achievement is the third time in three consecutive years that BUMI has received it.
Adika Nuraga Bakrie - President Director of BUMI expressed his happiness and joy at this
prestigious the Sustainability Report, "The preparation of sustainability reports on BUMI
started from 2016 until now, it based on management's awareness of the importance of
transparency and disclosure of ESG in a balanced way by adopting world standards.“
"We at BUMI will continue to innovate and support Government programs in realizing the
commitment and implementation of the Sustainable Development Goals (SDGs). This has
become the main activity of the Company or the core competence of the business. The
Company thanked all BUMI group employees, management and stakeholders in securing
the prestigious award. This serves to motivate us to do even better in the future, to have a
positive impact on the communities around the mine, to comply with environmental
regulations, conservation and efficiency in the use of natural resources (water and energy)
and continue to conserve biodiversity.“
From the study of public company sustainability reports for 2021, only 24% of the 257
reports have met more than 80% of the POJK 51/2017 Sustainability Report criteria," said
Adika.
Photo (above): BUMI receives A+ Top Sustainability Report Award for 3rd consecutive year
in Sustainability Reporting or Governance, Environmental and Social (ESG) reporting in 2021
(6 March 2023) given by the Foundation for International Human Rights Reporting Standard
(FIHRRST) and the United Nations Development Program (UNDP).
Page 15
Safety Record – Best in Class
15
1996 – September 2023
KPC
45
45 3.50
3.50
40 39
39
40 2.86
2.86 3.00
3.00
36
36 LTI
LTI
35
35 35
35
35
35 2.59
2.59
LTIFR (per 1,000,000 Manhours)
LTIFR (per 1,000,000 Manhours)
2.43
2.43 32
32 LTIFR
LTIFR
2.31
2.31 31
31 2.50
2.50
30
30
25
25
25
25 2.00
2.00
23
23
22
22 22
22
No. of LTI
No. of LTI
1.51
1.51 20
20
20
20 19
19
1.36
1.36 18
18 1.50
1.50
17
17
1.11
1.11 15
15 14
14
15
15 14
14 14
14 14
14
0.93
0.93 13
13
12
12
0.760.80
0.76 0.80 11
11 1.00
1.00
10
10 88
10
10 99 99 99
0.56
0.56 88
0.50
0.50
0.32
0.32 0.34
0.34 0.50
0.50
55 0.23
0.23 0.26
0.260.20
0.200.18
0.180.13
0.130.16
0.160.10 0.18
0.180.14
0.140.11
0.100.12
0.12 0.110.11
0.110.09
0.090.18
0.18
00 0.00
0.00
1996
1996
1997
1997
1998
1998
1999
1999
2000
2000
2001
2001
2002
2002
2003
2003
2004
2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014
2015
2015
2016
2016
2017
2017
2018
2018
2019
2019
2020
2020
2021
2021
2022
2022
Ytd 30 Sep
Ytd 30 Sep
'23
'23
Arutmin
LTIFR : Lost Time Injury Frequency Rate
Page 16
9M 2023 – Financial Update 16
Production:
• Total Production for 9M-23 at 56.2MT vs 53.7MT in 9M-22. This increase was due to improved weather
and better performances from the contractors.
Prices:
• Realised coal prices for 9M-23 decreased to $85.2/t vs $118.7/t in 9M-22 in line with the downward
trend of global coal prices.
Production Costs:
• Costs increased from $45.5/t in 9M-22 to $51.6/t in 9M-23 mainly due to higher oil prices and higher
stripping ratio.
Royalty Update:
• The royalty calculation was revised on 11 August 2023 by the Government to be based on a weighted
average combination of actual prices:
– Week 2 up to Week 3 (one month prior) x 70%
– Week 4 (2 months prior) up to Week 1 (one month prior) x 30%.
• The government believes that this will reduce the disparity between the realised prices, the coal
companies achieved, and the price the royalty was calculated on.
Page 17
International Coal Prices 17
450
International Coal Price
425
2017 - 2023
400
375
350
325
300
275
250
225
200
Index Price Summary
175
- GCNEWC Oct'23 - $135.42 (down $23.91 from Sep'23)
150 - HBA Nov'23 - $139.80 (up $15.84 from Oct'23)
125
100
75
50
25
0
2017 2018 2019 2020 2021 2022 2023
GC Newc HBA ICI 5000 ICI 4200
Page 18
Guidance 2023 18 Production : 75MT-80MT • KPC : 52MT-55MT • Arutmin : 23MT-25MT Prices : $80/t - $90/t • KPC : $85/t - $95/t • Arutmin : $60/t - $70/t Costs : $55/t – $60/t 1 • KPC : $55/t - $60/t • Arutmin : $45/t - $50/t 1 Royalty and commission not included.
Page 19
Present Coal Forward Price
19
2023 : Looks Strong
Coal Forward Price as 21 Nov 2023
Green mid = move up from prev day. Red = move down from prev day.
API#4 NEWC
US$/mt
today change prev month change today change prev month change
Oct-23 114.50 - 129.50 (15.00) 121.75 - 139.50 (17.75)
Nov-23 108.50 - 130.00 (21.50) 124.00 - 143.00 (19.00)
Q4'23 107.50 - 131.50 (24.00) 127.00 - 149.00 (22.00)
Q1'24 107.00 - 131.50 (24.50) 128.00 - 150.00 (22.00)
CAL-24 109.00 0.50 134.50 (25.50) 130.00 - 154.00 (24.00)
CAL-25 110.00 (0.50) 137.00 (27.00) 133.00 0.50 156.00 (23.00)
BOLD LINE = Today, THIN LINE = Previous Day, DOTTED LINE = Previous Month
150.00
API#4 160.00
NEWC
140.00 150.00
130.00 140.00
120.00 130.00
110.00 120.00
100.00 110.00
Oct-23 Nov-23 Q4'23 Q1'24 CAL-24 CAL-25 Oct-23 Nov-23 Q4'23 Q1'24 CAL-24 CAL-25
Page 20
Seaborne Thermal Coal 20
SEABORNE THERMAL COAL MAIN DEMAND
16-Nov-23 Million tonnes
COUNTRY 2019 2020 2021 2022 2023
China 211.9 180.4 243.1 211.4 311.0
Japan 126.3 120.5 125.5 129.8 114.5
South Korea 97.8 84.7 89.0 94.0 82.0
Taiwan 54.2 51.9 56.7 51.0 51.0
Hong Kong 10.0 5.5 5.8 6.0 5.6 SEABORNE THERMAL COAL MAIN SUPPLY
Brunei 0.6 1.1 1.3 1.2 1.2 Million tonnes
Malaysia 32.3 34.8 32.2 33.3 35.0 COUNTRY 2019 2020 2021 2022 2023
Phillipines 28.7 28.8 31.5 33.6 34.9 Australia 209.3 198.8 198.3 180.7 200.1
Thailand 22.9 23.4 23.4 21.4 18.8 Colombia 76.7 51.8 56.1 54.7 54.0
Vietnam 32.0 44.7 23.1 21.7 38.0 Indonesia 440.1 400.2 431.5 460.7 494.9
India 178.2 161.1 132.0 161.5 174.3 Rusia 132.5 123.4 130.0 132.0 130.1
Pakistan 15.5 17.5 18.5 9.9 5.0 South Africa 75.0 74.2 63.2 66.4 71.4
Bangladesh 6.9 8.4 6.7 8.5 13.1 USA 42.6 25.9 40.1 38.4 45.0
Europe 65.3 38.5 52.2 87.9 46.7 Others 28.1 26.5 25.6 33.1 33.4
Others 108.8 91.9 100.7 92.7 96.2 Supply Total 1,004.3 900.8 944.8 966.0 1,028.9
Demand Total 991.4 893.2 941.7 963.9 1,027.3 Market Balance 12.9 7.6 3.1 2.1 1.6
Page 21
Combined Sales Forecast by Destination 21
9M - 2023
Hong Kong Brunei Other
2% 1% 1%
Malaysia
4%
Taiwan
4%
Philippines
6% Indonesia
36%
Japan
8%
India
10%
China
28%
Other : Bangladesh, Cambodia, Vietnam, South Korea, Italy
Page 22
BUMI’s Operational Highlights 22
Q1-23 Q2-23 Q3-23 9M-23 9M-22
Var
Actual Actual Actual Actual Actual
KPC
Overburden mbcm 129.0 137.5 166.5 433.0 371.3 17%
Strip ratio bcm/tmined 11.8 10.2 10.6 10.8 9.9 9%
Coal Mined mt 10.9 13.5 15.7 40.1 37.6 7%
Coal Sales mt 10.7 13.1 14.7 38.4 35.7 8%
FOB Prices $/t 109.4 93.0 78.7 92.1 135.1 -32%
2a
Inventory mt 2.5 2.8 4.2 4.2 2.2 91%
ARUTMIN
Overburden mbcm 43.2 45.4 49.6 138.2 104.1 33%
Strip ratio bcm/tmined 8.3 7.9 9.7 8.6 6.4 33%
Coal Mined mt 5.2 5.8 5.1 16.1 16.2 0%
Coal Sales mt 4.8 6.0 5.1 15.9 16.2 -2%
1
FOB Prices $/t 90.9 66.8 49.3 68.4 82.8 -17%
Inventory2a, 2b mt 0.7 0.4 0.4 0.4 0.3 38%
COMBINED
Overburden mbcm 172.2 182.9 216.1 571.2 475.5 20%
Strip ratio bcm/tmined 10.7 9.5 10.4 10.2 8.9 15%
Coal Mined mt 16.1 19.3 20.8 56.2 53.7 5%
Coal Sales mt 15.4 19.1 19.8 54.3 51.9 5%
FOB Prices1 $/t 103.7 84.7 71.1 85.2 118.7 -28%
Inventory2 mt 3.1 3.2 4.6 4.6 2.5 85%
(100% Consolidated) 1. Subject to reconcilliation process. 2b. Loss due to washing at Senakin mine.
2a. Excluding inpit inventory.
Page 23
KPC and Arutmin Rainfall 23
KPC’s Rainfall 400
300
200
100
0
May- May-
Jan-22 Feb-22 Mar-22 Apr-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 Jun-23 Jul-23 Aug-23 Sep-23
22 23
Monthly Rainfall 279,9 280,7 327,5 283,1 239,7 124,6 129,4 170,5 130,2 242,5 162,8 163,9 213,2 200,6 172,8 112,7 205,0 192,5 93,6 65,9 121,6
Average Monthly Rainfall (Longterm) 223,1 181,8 204,3 214,8 178,7 153,3 127,0 121,4 115,6 145,8 212,6 229,3 222,2 181,9 203,1 210,3 179,4 154,7 125,8 119,4 115,5
Average Monthly Rainfall (5 years) 205,7 177,6 242,3 242,1 150,0 140,8 115,4 125,0 117,3 190,3 193,0 211,1 204,7 171,4 224,2 202,8 170,0 152,3 111,2 120,9 126,4
Arutmin’s Rainfall
600
500
400
300
200
100
0
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23
Monthly Rainfall 269,9 217,5 191,6 198,7 238,8 389,9 485,2 482,48 487,13 305,50 271,41 274,63 198,92 270,30 313,46 293,47 176,86 385,89 296,72 50,96 73,34
Average Monthly Rainfall (Longterm) 266,2 294,3 315,9 293,0 361,8 371,1 335,7 264,39 231,98 199,92 226,97 257,65 261,16 294,73 317,97 294,47 347,04 371,93 331,34 245,95 218,61
Average Monthly Rainfall (5 years) 286,2 302,3 335,2 256,6 421,6 483,9 348,6 306,49 315,46 245,39 210,40 237,25 274,48 295,72 310,94 284,48 312,07 432,85 345,80 292,09 304,73
Page 24
BUMI’s Operational Performance 24
OB removed and Coal mined in 9M-23 were higher than in 9M-22 due to improved weather
and better performance from the contractors.
OB Removed Coal Mined
(in mn bcm) (in mt)
20%
5%
BUMI
571,2 BUMI
BUMI 56,2
BUMI 53,7
475,5
KPC KPC
433,0 KPC 40,1
KPC 37,6
371,3
AI AI AI
AI 16,2 16,1
138,2
104,1
9M-22A 9M-23A 9M-22A 9M-23A
* 100% Consolidated
Page 25
BUMI’s Operational Performance 25
9M-23 coal sales were higher in line with production compared to 9M-22.
The high inventory level in 9M-23 led to increased utilization of equipment for stripping activities rather
than coal mining, which resulted in a higher strip ratio.
Coal Sales Stripping Ratio
(in mt) (bcm/t)
5%
BUMI
BUMI 54,3 15%
51,9
BUMI
10,2
KPC KPC BUMI
35,7 38,4 8,9
KPC
KPC 10,8
9,9
AI
AI AI AI 8,6
16,2 15,9 6,4
9M-22A 9M-23A 9M-22A 9M-23A
* 100% Consolidated
Page 26
BUMI’s Operational Performance 26
Production costs were up mostly due to fuel price and the higher stripping ratio.
The downward trend in global coal prices has impacted the decrease in FOB prices.
Production Cost FOB Price
(USD/t) (USD/t)
13% 28%
BUMI
BUMI 118,7
51,6
BUMI KPC
54,7 KPC BUMI
45,5
135,1 85,2
KPC
48,8 KPC
92,1
AI AI
AI AI
43,8 82,8
37,8 68,4
9M-22A 9M-23A 9M-22A 9M-23A
* 100% Consolidated
Page 27
BUMI’s Average Selling Prices (ASP) 27
Weighted Average realised Selling Prices decreased due to the decline in the global coal price.
(in US$ per ton) 2020 2021 9M-2022 9M-2023
ASPs (exc. Ecocoal) $ 48.7 $ 78.3 $ 142.2 $ 100.1
Ecocoal $ 27.7 $ 34.2 $ 54.2 $ 49.1
ASPs KPC+AI $ 44.2 $ 67.4 $ 118.7 $ 85.2
Note:
• Average Selling Prices is based on FOB price excluding government royalty.
Page 28
BUMI’s Production Cost (US$/t) 28
• Calculated by dividing the production costs with the companies’ coal mined.
• Including Accrued expenses in current period.
• Calculated from cost of sales excluding D&A, Royalty, Freight, Inventory Movement.
Production costs increased mostly due to higher fuel costs and higher stripping ratios.
(in US$ per ton) 2020 2021 9M-2022 9M-2023
AI $ 24.6 $ 27.9 $ 37.8 $ 43.8
KPC $ 33.1 $ 40.8 $ 48.8 $ 54.7
BUMI $ 30.8 $ 37.1 $ 45.5 $ 51.6
Fuel Prices
• 21% Increase in 9M-23 compared to 9M-22.
1,51 1,47 1,46
1,6 1,43 1,43 1,48 1,46 1,45 1,43 1,41
1,33 1,37 1,36 1,42 1,41
1,4 1,26
1,16
1,2 1,10
1,00
0,93 0,96
1 0,86 0,87
0,79
0,8
0,6
0,4
0,2
0
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2021 2022 2023 28
*KPC’s fuel price
Page 29
IUPK Royalty and Tax Changes
29
1 Jan 2022 - BUMI
Already effective 1 Jan 2022 for KPC & Arutmin
IUPK CCOW IUPK HBA Tariff Tariff
(TILL 31 DEC (FROM 1 JAN US$/ton Export DMO
2021) 2022)
Royalty 13.5% 14% - 28% HBA<$70 14% 14%
70≤HBA<80 17% 14%
Corporate Tax 45% 22% 80≤HBA<90 23% 14%
Profit Sharing
(from net income)
- Central - 4% 90≤HBA<100 25% 14%
Government
- Regional - 6% HBA≥100 28% 14%
Government
Significant impact on KPC & Arutmin in FY 2022
Page 30
Bumi’s Financial Highlights 30
Current Reporting Standards – PSAK 66
In million US$ STATEMENTS OF PROFIT OR LOSS STATEMENTS OF FINANCIAL POSITION
9M-2023 9M-2022 % Sep 2023 Dec 2022 %
Revenue 1,174.7 1,394.8 -16%
Cost of Revenue (1,095.8) (1,100.5) -0.4% Current Assets 620.5 772.7 -20%
Gross Profit 78.9 294.3 -73%
Non-Current Assets 3,568.5 3,715.3 -4%
Operating Income 16.9 225.0 -92%
Total Assets 4,189.0 4,488.0 -7%
Interest Expense (18.0) (139.6) -87%
Other Income / (Expense) 78.4 439.2 -82% Current Liabilities 760.3 922.8 -18%
Income Tax & Profit Sharing (8.9) (140.9) -94%
Non-Current Liabilities 612.7 746.8 -18%
Total Liabilities 1,372.9 1,669.5 -18%
Net Income (Loss) Attributable to:
*Owners of The Parent 58.3 365.5 -84% Equity - Net 2,816.0 2,818.5 -0.1%
Non-controlling Interest 10.2 18.2 -44%
Net Income (Loss) 68.5 383.7 -82% Total Liabilities & Equity 4,189.0 4,488.0 -7%
• Reported Net Profit of PT Bumi Resources, Tbk.
• KPC not consolidated.
Page 31
Bumi’s Financial Highlights 31
Consolidated (100% KPC & Arutmin)
STATEMENTS OF PROFIT OR LOSS STATEMENTS OF FINANCIAL POSITION
In million US$
9M-2023 9M-2022 % Sep 2023 Dec 2022 %
Revenue 4,761.3 6,258.8 -24%
Current Assets 1,855.3 1,759.7 5%
Cost of Revenue (4,322.5) (4,420.1) -2%
Gross Profit 438.8 1,838.7 -76% Non-Current Assets 4,436.8 3,886.8 14%
Operating Income 265.7 1,636.8 -84%
Total Assets 6,292.0 5,646.5 11%
Interest Expense (20.7) (143.7) -86%
Current Liabilities 1,988.6 1,650.7 20%
Other Income / (Expense) (19.4) (28.5) -32%
Income Tax & Profit Sharing (78.2) (645.4) -88% Non-Current Liabilities 1,258.5 778.4 62%
Total Liabilities 3,247.0 2,429.1 34%
Net Income (Loss) Attributable to:
*Owners of The Parent 58.3 365.5 -84% Equity - Net 3,045.0 3,217.4 -5%
Non-controlling Interest 89.2 453.7 -80%
Total Liabilities & Equity 6,292.0 5,646.5 11%
Net Income (Loss) 147.4 819.2 -82%
• Reported Net Profit of PT Bumi Resources, Tbk.
Page 32
Bumi’s Financial Highlights 32
Consolidated and Current Reporting Standards
In million US$ STATEMENTS OF PROFIT OR LOSS
STATEMENTS OF FINANCIAL POSITION
9M-2023
Sep 2023
Current
Current Reporting
Consolidated Reporting Consolidated
Standards
Standards
Revenue 4,761.3 1,174.7
Current Assets 1,855.3 620.5
Cost of Revenue (4,322.5) (1,095.8)
Gross Profit 438.8 78.9 Non-Current Assets 4,436.8 3,568.5
Operating Income 265.7 16.9
Total Assets 6,292.0 4,189.0
Interest Expense (20.7) (18.0)
Current Liabilities 1,988.6 760.3
Other Income / (Expense) (19.4) 78.4
Income Tax & Profit Sharing (78.2) (8.9) Non-Current Liabilities 1,258.5 612.7
Total Liabilities 3,247.0 1,372.9
Net Income (Loss) Attributable to:
*Owners of The Parent 58.3 58.3 Equity - Net 3,045.0 2,816.0
Non-controlling Interest 89.2 10.2
Net Income (Loss) 147.4 68.5 Total Liabilities & Equity 6,292.0 4,189.0
• Reported Net Profit of PT Bumi Resources, Tbk.
.Notes:
CRS: Arutmin is consolidated from 01 Jan 2018, KPC equity accounted.
Consolidated: Includes 100% KPC & Arutmin.
Page 33
Consolidated: Performance at a Glance 33
Revenue USD 4,761.3 million vs USD 6,258.8 million or decreased by 24%
Cost of Revenue USD 4,322.5 million vs USD 4,420.1 million or decreased by 2%
Gross Profit USD 438.8 million vs USD 1,838.7 million or decreased by 76%
Operating Expenses USD 173.1 million vs USD 201.9 million or decreased by 14%
Operating Income USD 265.7 million vs USD 1,636.8 million or decreased by 84%
Operating Margin (% to revenue) 5.6% vs 26.2%
Income (Loss) Before Tax & Profit
USD 225.6 million vs USD 1,464.5 million, decreased by 85%
Sharing
decreased by 82% to USD 147.4 million from USD 819.2 million, or decreased by
Income (Loss) For The Period
USD 671.7 million
Net Income (Loss) Attributable to decreased by 84% to USD 58.3 million compared with USD 365.5 million, or
Owners of The Parent decreased by USD 307.2 million
Page 34
Bumi’s Financial Highlights 34
EBITDA decreased due to lower coal prices and higher royalty.
Equity - Net LTM Adjusted Consolidated EBITDA
(US$ Mn) (US$ Mn)
60%
0.1%
1.231,6
2.818,5 2.816,0
496,4
Dec 31, 2022 Sep 30, 2023 Sep 30, 2022 Sep 30, 2023
• 12 months period
• Start 2020, company has implemented PSAK 73.
• PSAK 73 effect on Sep 30, 2023 LTM EBITDA on proportionate basis
was $70.6Mn.
Page 35
Royalty Details- 9M 2023 35
9M-23
Ref
KPC AI Total
Revenues a 3,587 1,139 4,725
Freight b (46) (51) (97)
FOB Revenue (Royalty Base) c 3,541 1,088 4,629
Export and Domestic non PLN c1 3,089 814 3,903
Domestic PLN c2 452 274 726
Royalty Expense in Financial Statements - Sep 2023 d 1,112 319 1,431
Royalty calculated in line with IUPK d1 928 267 1,195
(Non PLN sales @28%, PLN sales @14%)
Additional royalty expensed d2 184 52 236
Eff. % of total royalty rate expense e=d :c 31% 29% 31%
The impact of additional royalties on BUMI's profits
Net After Tax and Profit Sharing f = 78% x 90% x d2 129 36 166
BUMI's Ownership g 51% 90%
Effect to BUMI's Profit h =fx g 66 33 99
Page 36
BUMI’s Earnings Per Share 36
LTM ATTRIBUTABLE EPS – 30 June 23 LTM ATTRIBUTABLE EPS – 30 Sep 23
(Rupiah per Share) PE = 6.4x (Rupiah per Share) PE = 13.7x
+5
18 -9 10
+89
28
19
13
Jun 30, 2022 Jun 30, 2023 Sep 30, 2022 Sep 30, 2023
Notes: Notes:
• LTM = Last 12 Months LTM = Last 12 Months
• Attributable LTM Net Income • Attributable LTM Net Income
- LTM Jun 23 : $452 million - LTM Sep 23 : $240 million
- LTM Jun 22 : $334 million - LTM Sep 22 : $470 million
• Outstanding shares • Outstanding shares
- 30 June 23 : 371.3 billion - 30 Sep 23 : 371.3 billion
- 30 June 22 : 128.9 billion - 30 Sep 22 : 143.8 billion
• $1 = Rp 15,000 • $1 = Rp 15,500
• Positive EPS swing of Rp5/share YOY • Negative EPS swing of Rp9/share YOY
• PE = 115/18 • PE = 137/10
Page 37
Debt Restructuring & Settlement - Settled 37
2017: Initial USD 4.3 bio
Restructuring USD 2.6 bio
- 2.0 bio Debts to Equity
- 0.6 bio MCB
2022:
Tranche A/B/C CVR fully paid,
OWK USD 166 mio
(maturity Dec 2024)
➢We are now a debt-free Company
Page 38
ESG Data - September 2023 38
Page 39
Strong Governance 39
The combination of improved financial position and improved governance put the Company in a position to benefit
from improvement of coal industry in the future
Improved Governance • Compliance with Standard
• Shareholder Representatives in Coal Subsidiaries Since 2007 ASEAN Corporate Governance
Scorecard
• Induction of new Directors and Commissioners from CIC since June 17, lenders, and
eminent local personalities • Compliance with OJK rules and
• No capital related decision without Full Board Consensus regulations
• BUMI amongst the “Best” on CSR, HSE, Community Development, Reclamation, • International GCG standards
Replanting, Conservation, & Social Initiative (Global Better Practices)
• BUMI parent has its own proactive CSR Program
BUMI has been conducting self-
• KPC is recognized as the “Best” on Sustainability by The Indonesian Government assessments as part of continuous
• BUMI Launches Pioneering Human Rights Progress Report by our President Director improvements and scheduled periodic
Adika Nuraga Bakrie - Reiterates Commitment and Highest Priority to Human Rights independent reviews.
• BUMI Awarded Prestigious Green Category from Ministry of Law and Human Rights Our risk management system is
• BUMI Wins Prestigious Gold Champion at BISRA Award 2023 following international best practices,
• BUMI COO & KPC CEO Ashok Mitra Wins Top Indonesia Best Employer Brand Awards increasing our chance to make better
2023 decisions and reach any business
objectives.
• BUMI Subsidiary Arutmin Wins Highest Award and Prestigious ProKlim Charter from
Minister of Environment and Forestry
• BUMI Awarded Top GRC (Governance, Risk and Compliance) # 4 Stars & Top
Committed Leader Awards 2023
• BUMI Recognized as Coal Champion for ESG & Sustainability Business Principles by
TrenAsia 2023
• BUMI subsidiary, KPC is Large Coal Mining Champion at ASEAN Energy Awards 2023
• BUMI’s Overall ESG Rating Raised by 17% & Social Rating Sharply Increases by 40%
• BUMI Receives A+ Top Sustainability Report Award for 3rd Consecutive Year
Page 40
Company Members 40
Board of Commissioners
Sharif Cicip Sutardjo
President Commissioner/ Anton Setianto S. Anggawira
Kanaka Poeradiredja Y.A Didik Cahyanto
Independent Commissioner Independent Commissioner Independent Commissioner
Independent Commissioner Independent Commissioner
Adhika Andrayudha Bakrie Thomas M. Kearney Jinping Ma
Commissioner Commissioner Commissioner
Page 41
Company Members
41
Board of Directors
Adika Nuraga Bakrie Agoes Projosasmito Nalinkant A. Rathod Phiong Phillipus Darma Eddy Sanusi Adrian Wicaksono
President Director Vice President Director Director Director Director Director
Dileep Srivastava
Independent Director Andrew C. Beckham R.A. Sri Dharmayanti Ashok Mitra Ido Hutabarat
& Corporate Secretary Director Director Director Director
Rio Supin Yingbin Ian He Jian Wang Himawan Setiadi
Director Director Director Director
Page 42
42
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