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Page 1
ANNUAL PUBLIC EXPOSE
PT GOLDEN ENERGY MINES TBK
4 October 2023
Page 2
Table of Contents
1 Company Overview Page 3
2 Operational Page 6
3 Marketing Page 9
4 Capital Expenditure Page 16
5 Financial Highliights Page 18
6 Dividend Page 23
7 Subsequent Event after Q2 2023 Page 25
8 Awards & ESG Page
Page28
26
Page 3
Company Overview
Page 4
Introduction to GEMS
PT Golden Energy Mines Tbk (“GEMS” or the “Company”) is principally engaged in the coal mining and
coal trading.
Has a total concession area of 66,204 Ha in Jambi (through KIM Block), South Sumatra (through BSL
and EMS Group), West Sumatera (through EMS Group), South Kalimantan (through BIB), and Central
Kalimantan (through TKS) with 0.99bn tonnes of coal reserves and more than 2.92bn tonnes of coal
resources
GEMS was listed on the Indonesia Stock Exchange in 2011, with the composition of shareholders PT
Dian Swastatika Sentosa Tbk (“DSS”) 67%, GMR Coal Resources Pte. Ltd., (“GMR”) 30% and Public 3%.
In 2015, Golden Energy Resources Limited (“GEAR”) acquired 67% of DSS' shares in the Company.
Then GEAR divested its shares in the Company for several times so that currently GEAR has 7% shares
in the Company and DSS has 51% shares in the Company.
On September 15th, 2022 GMR Coal Resources Pte. Ltd (“GMR”) has divested its 1,764,705,900 shares
(30%) in the Company to
PT Radhika Jananta Raya (“RJR”) indirect subsidiary of PT ABM Investama Tbk.
As of August 31st, 2023, the Company’s capitalization value was Rp 42,794,118,075,000 (Rp 7,275 per
Shareholder Structure of the Company as of August 31st, 2023 :
shares).
PT Dian Golden Energy
PT Radhika
Swastatika and Resources Public
Jananta Raya
Sentosa Tbk Limited
51% 7% 12% 30%
PT Golden Energy Mines Tbk
Page 5
Introduction to GEMS
The following are the Company's subsidiaries that have coal mining concession areas which have been
production as of August 31st, 2023 :
KIM
BLOK
EMS BSL BIB TKS
Page 6
Operational
Page 7
Track Record of Operational Excellence
(in mmt) (in mmt)
40,0 38,4
21,0 20,4
35,0 2014 - 2022 CAGR : 24% 33,5
30,8 20,0 16%
29,1
30,0 19,0
18,0 17,6
25,0 22,6
17,0
20,0
15,6 16,0
15,0
9,5 15,0
8,7
10,0 6,6 14,0
5,0 13,0
0,0 12,0
2014 2015 2016 2017 2018 2019 2020 2021 2022 HYI 2022 HYI 2023
Top 4 Indonesian coal company by production volume.
Strategically located near main customers or end users in Asia.
Product is more affordable than Australian coal, which is impacted by a higher price premium and
freight costs.
Highly cost-effective and efficient logistics supply chain.
7
Page 8
Volume
HYI 2023
Overburden removal Coal getting
PIT Location Stripping Ratio
(m bcm) (mmt)
BIB 100.6 18.6 5.41
KIM 13.6 1.0 13.16
BSL 5.1 0.7 6.96
Total 119.2 20.4 5.86
Overburden removal (m bcm) Coal getting (mmt)
140,0 25,0
17% 119.2 16% 20.4
120,0
20,0
102.3 17.6
100,0
80,0 15,0
60,0 10,0
40,0
5,0
20,0
0,0 0,0
HYI 2022 HYI 2023 HYI 2022 HYI 2023
BIB KIM BSL BIB KIM BSL
Page 9
Marketing
Page 10
Sales Performance (mmt)
40,0 38,9
2014 - 2022 CAGR : 20%
34,0
35,0
31,0
29,5
30,0
24,4
25,0
20,0 17,1
15,0
11,0
9,0 9,5
10,0
5,0
-
2014 2015 2016 2017 2018 2019 2020 2021 2022
21,0
20,2
20,0 12%
19,0
18,1
18,0
17,0
16,0
15,0
14,0
13,0
12,0
HYI 2022 HYI 2023
Page 11
Price (usd/ton)
NEWC
436,3
450 406,2 412,9 419,5
396,8
400
318,3 331,4
350
300
238,8
250 222,7
200
150
100
50
Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sept 22
140
ICI 4
120 109,0
100 91,7 89,1 86,2 83,6 86,5
76,2 75,0
80
61,8
60
40
20
Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sept 22
Page 12
Market mix
2022
64%
36%
Domestic Export
HYI 2022 HYI 2023
61% 66%
39% 34%
Domestic Export Domestic Export
Page 13
Country mix
2022
Others
7%
India
16% Indonesia
36%
China
41%
HYI 2022 HYI 2023
Others Others
6% 7%
India
14% Indonesia
India Indonesia 34%
27% 39%
Indonesia
Indonesia
China China
28% 45%
* Others represents Taiwan, Malaysia, Thailand, Filipina, Vietnam, Korea, and Pakistan.
Page 14
Domestic Sales (mmt)
7,5
7,0
7,0
6,8
6,5
6,0
5,5
5,0
HYI 2022 HYI 2023
Page 15
PLN Companies (mmt)
3,5
3,3
3,0
3,0
2,5
2,0
1,5
1,0
0,5
0,0
HYI 2022 HYI 2023
Page 16
Capex
Page 17
Capex Spending Trend ($ mn)
12,0
9,9
10,0
9,2
8,0
6,0
3,9
4,0
2,0
0,0
2022 HYI 2022 HYI 2023
Page 18
Financial Highlights
Page 19
Financial Highlights m usd 2022 HYI 2022 HYI 2023 Revenue 2.920 1.335 1.443 EBITDA 922 455 458 PBT 899 442 437 PAT 696 342 340
Page 20
Financial Overview
Average Selling price (USD/ton) Revenue (m usd)
80,00 2.500
73,74 1.443
75,00 71,42 1.335
2.000
70,00
1.500
65,00
60,00 1.000
55,00
500
50,00
45,00 -
40,00
HYI 2022 HYI 2023 HYI 2022 HYI 2023
Cash COGS * (USD/ton) PBT (USD/ton)
36,00 28,00
24,40
35,00
33,41 21,61
34,00 23,00
33,00 32,00
32,00 18,00
31,00
30,00 13,00
29,00
28,00 8,00
27,00
26,00 3,00
HYI 2022 HYI 2023 HYI 2022 HYI 2023
* Termasuk biaya pertambangan dan biaya penjualan, diluar royalti.
Page 21
Financial ratio
2022 HYI 2022 HYI 2023
Return on Asset Ratio (%) 61.63% 31.67% 24.99%
Return on Equity Ratio (%) 124.66% 66.96% 37.95%
Net Income to Net Sales Ratio (%) 23.83% 25.62% 23.54%
Current Ratio (X) 1.53 1.51 2.37
Liabilities to Equity Ratio (X) 1.02 1.11 0.52
Liabilities to Assets Ratio (X) 0.51 0.53 0.34
Page 22
Cash and Debt m usd 30 Jun 2023 Cash 424 Debt 80 Debt to Equity Ratio (x) 0.09
Page 23
HYII Projection – 2023 The Company holds an optimistic outlook regarding the production and sales targets, drawing upon the first-semester performance as a reference. Focusing on cost management and operational excellence, the Company is confident in its ability to sustain strong performance into the second semester.
Page 24
Dividend
Page 25
Tren Dividend (m usd)
500,0
450,0
420,0
400,0
350,0 330,0 325,0*
300,0
250,0
200,0
150,0
125,0
115,0
100,0
58,0 53,0
50,0 29,8 31,1
22,8
- 1,5 1,5
0,0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
*Refer to 1st Dividend Interim of the Company for the year 2023.
Page 26
Subsequent Event After Q2 2023
Page 27
Bank Mandiri Facility
On July 31st, 2023, based on the Deed of Syndicated
Credit Agreement No. WCP.KP/1119/TLN/2023 No.
208, Bank Mandiri approved the types and limits of
loans to GEMS, BIB, KIM, BSL and RCI, as follows:
a. Tranche A – Term Loan maximum of
USD50.000.000;
b. Tranche B – Term Loan Revolving maximum of
USD 110.000.000;
c. Accordion Facility maximum of USD 20.000.000.
GEMS, BIB and BSL have repaid the previous
financing facility from Bank Mandiri on August 11th
2023.
Page 28
Interim Dividend 2023 On August 21st, 2023, the BOD and BOC of the Company have approved to distribute the Interim Dividend for the year 2023 with the amount of USD 325,000,000 which has been distributed to the Shareholders on September 12th, 2023.
Page 29
Bank BRI Facility On September 26th, 2023, Bank BRI, BIB, and BSL have signed: 1. Working Capital Cash Collateral Facility Agreement No. 073/2023 between Bank BRI and BIB, with the details as follow : Facility : Working Capital Facility (Cash Collateral) Limit Facility : IDR 2,200,000,000,000 Limit Facility : 12 months Objectives : Working Capital Requirement 2. Working Capital Cash Collateral Facility Agreement No. 074/2023 between Bank BRI and BSL, with the details as follow : Facility : Working Capital Facility (Cash Collateral) Limit Facility : IDR 225,000,000,000 Limit Facility : 12 months Objectives : Working Capital Requirement
Page 30
Awards & ESG
Page 31
Corporate Secretary Champion 2023
GEMS won the award as winner of Corporate Secretary in Compliance
2023 which was held by SWA Media on March 30th, 2023.
PT Golden Energy Mines Tbk
Page 32
Credit Rating GEMS 2023
Page 33
Tempo-IDN Financial 52 Award
GEMS has awarded
for improving financial
performance in the
last 5 years, up to the
period of February
2023, by becoming a
constituent of the
TEMPO-IDN Financial
52 Index in the HIGH
DIVIDEND and HIGH
GROWTH categories,
which was held by
Tempo-IDN Financial
on June 23rd, 2023.
Page 34
SWA 100 – Indonesia’s Best Wealth
Creators 2023
GEMS was selected as
one of "Indonesia's
Best Wealth Creators
2023" in the Large
Market Capitalization
group by SWA
Magazine, July 28th –
August 15th, 2023
edition.
Page 35
ASEAN Energy Awards 2023 PT Borneo Indobara has awarded as First Runner up of the CSR – Large of the ASEAN Coal Awards 2023 at the ASEAN Energy Business Forum 2023 held by the ASEAN Center for Energy, in Bali on August 25th, 2023.
Page 36
Top 50 Big Capitalization Public Listed
Company – IICD Award
GEMS has awarded as
TOP 50 Big Capitalization
Public Listed from
Indonesian Institute for
Corporate Directorship
(IICD) on September
18th, 2023, for 10 years
consecutively.
PT Golden Energy Mines Tbk
Page 37
Thank You
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