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20230727_PGEO_Laporan Informasi dan Fakta Material_31354654_lamp1.pdf
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Analyst Meeting Earnings Call 1H2023 July 25th, 2023
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Disclaimer & Cautionary Statement
This document is not, and nothing in it should be construed as, an offer, invitation or recommendation in
respect of the Company’s credit facilities or any of the Company’s securities. Neither this presentation nor
anything in it shall form the basis of any contract or commitment. This document is not intended to be relied
upon as advice to investors or potential investors and does not take into account the investment objectives,
financial situation or needs of any investor.
This document may include forward-looking statements concerning the Company’s plans, objectives, goals,
strategies, future events, future performance, capital expenditures, business trend, and other information that is
not historical. When used in this document, the words “estimates”, “expects”, “anticipates”, “projects”, “plans”,
“intends”, “believes”, “predicts”, “forecasts”, or future or conditional verbs, such as “will”, “should”, “could”, or
“may” and variations of such words or similar expressions are intended to identify forward-looking statements.
All forward-looking statements, including, without limitation, management’s examination of historical operating
trends and data are based upon the Company’s expectation and various assumptions. Future events or results
may differ from those anticipated or expressed in these forward-looking statements. All forward-looking
statements attributable to the Company or persons acting on its behalf apply only as of the date of this
document. The Company undertakes no obligation to update or revise forward-looking statements to reflect
events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES 2
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Management Team Board of Commissioner Board of Director
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1H2023 Highlights
Production Total Revenue Total Asset Total Equity
2,397.2 GWh USD 206.7 million USD 2.89 billion
Increase 7.7% USD 1.89 billion
Increase 11.9% Increase 16.7%
YoY Increase 51.2%
YoY From FY 2022
From FY 2022
Cost of Revenue Gross Profit Current ROA
DER
Ratio (Annualized)
USD 82.9 million USD 123.8 million
Increase 0.9% Increase 20.7%
YoY YoY
3.59x 39% 6.42%
Net Profit
USD 92.7 million
Increase 30.1%
YoY
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Operation Performance
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES 5
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Key Operations Highlights – 1H2023
Kamojang Lahendong Ulubelu Lumut Balai Karaha
869.8 GWh 442.6 GWh 798.0 GWh 239.4 GWh 47.4 GWh
+8.04% YoY +9.54% YoY +2.45% YoY +16.5% YoY +44.4% YoY
• Higher electricity demand • Higher electricity demand • Additional generation up to • Higher electricity demand • Unplanned shutdown
20 MW from SAGS • Production achievement, decreased from 2.5% (2022)
• Improvement in • Improvement in availability
Debottlenecking project Higher Capacity Factor of to 0.7% (2023)
availability factor for Unit factor for all Unit
4 and Unit 5 • Acceleration of Unit 4 Turn 97-101% • The completion of landslide
• Zero outage rate for all Unit
Around implementation • Implementation of House mitigation infrastructure in
(from plan 21 to 16 days) Load, Free Governor and Karaha
Power System Stabilizer
Operations
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Production Performance (Own Operation) – 1H2023
Production Performance 1H 2023 (GWh) – Comparison Production Performance 1H 2023 (GWh) – Per Working Area
Steam - SSC (PJBU) Steam - SSC (PJBU)
+8% Electricity - PPA (PJBL) Electricity - PPA (PJBL)
2,403.2 2,397.2 2,397.2
2,226.4
1,174.8
1,204.8 1,174.8
1,094.4
+11%
1,177.6 1,219.6
869.8 798.0
577.9 597.0
1,198.4 1,222.3 1,222.3 496.6 442.6 397.0
1,131.9
599.7 622.6 280.9 239.4
372.8 401.1 47.4
161.6
1H 2022 2H 2022 1H 2023 Q1 2023 Q2 2023 1H2023 Kamojang Lahendong Ulubelu Karaha Lumut Balai
Total Production as of June 2023 reached +11% from Q1 2023 and +8% from 1H 2022 with the following summary:
• Acceleration of Unit 4 Turn Around implementation (from plan 21 to 16 days)
• the completion of landslide mitigation infrastructure in karaha
• high electricity demand in Lumut Balai, Kamojang, and Lahendong
• Finishing of debottlenecking project commissioning on Area Ulubelu in Q1 2023
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Reliability Performance (Own Operation) – 1H2023
Steam
Availability Factor (%) Electricity Outage Rate (%)
97.86 99.94 99.85 98.12
95.43 95.99
-63%
0.50
0.20
0.01
1H 2022 2H 2022 1H 2023 1H 2022 2H 2022 1H 2023
Highlights :
• EFOR value in 1H2023 mainly effected by forced outage in
Kamojang unit 4 and Karaha Unit 1
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Financial Performance
1H2023
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES 9
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Profit/Loss 1H2023
Income Statement 2022 2023 2022 2023 Highlight Profit/Loss H1 (Jan-June) 2023
(in US$ millions) Q2 Q1 Q2 % QoQ 1H 1H % YoY
Improvement in Karaha production performance
Revenue (Own Operation) 94.5 96.4 99.1 2.8 177.3 195.6 10.3
Higher production allowance due to carry over of price
Production Allowance 4.0 6.2 5.0 -19.4 7.5 11.2 49.5
escalation in JOC Wayang Windu for H2 2022.
Total Revenue 98.5 102.6 104.1 1.5 184.7 206.7 11.9
Average selling price 2.6% higher than the same
Depreciation Expense -26.9 -26.8 -26.8 0.2 -53.9 -53.6 -0.4
period last year.
Other Cost of Revenue and Direct Costs -15.3 -14.3 -15.0 4.3 -28.3 -29.3 3.5
Gross Profit 56.2 61.5 62.3 1.3 102.6 123.8 20.7
Higher interest income of USD 7.64 million resulting
from the optimization of funds
General and Administrative Expense -0.5 -0.5 -1.4 165.6 -1.6 -1.9 21.9
Finance Income 0.2 2.8 4.9 76.3 0.3 7.6 2,570.6
Higher Other Income in H1 2023 driven by forward
contract hedging for the IPO proceeds.
Other Income/(Expense), net 8.2 12.9 8.1 -37.0 13.5 20.9 55.0
Operating Profit 64.1 76.6 73.9 -3.5 114.8 150.5 31.1 Higher financing costs in H1 2023 were due to
Finance Costs -3.0 -6.40 -6.1 -5.8 -5.1 -12.5 146.0
increase of LIBOR-based interest rates.
Profit before Income Tax Expense 61.1 70.1 67.8 -3.3 109.7 138 25.7
Average Selling Price Q1 Q2 H1 H1
% %
Income Tax Expense -21.3 -23.2 -22.0 -5.0 -38.4 -45.2 17.7
2023 2023 Change 2022 2023 Change
Profit for the Period 39.9 46.9 45.8 -2.40 71.3 92.7 30.1 (US$ Cent / KWh)
QoQ YoY
Weighted Steam & Electricity 8.19 8.13 -0.73% 7.95 8.16 2.64%
EBITDA 82.7 87.8 87.8 154.9 175.6
Steam 6.36 6.32 -0.63% 6.19 6.34 2.42%
EBITDA Margin (%) 84% 86% 84% 84% 85%
Net Profit Margin (%) 40% 46% 44% 39% 45% Electricity 9.95 9.86 -0.90% 9.66 9.90 2.48%
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Balance Sheet 1H2023
Balance Sheet Items December 31 June 30 Highlight Balance Sheet Q1 2023
% Change
(stated in US$ millions) 2021 2022 2023
Cash and Cash Equivalents 125.3 262.3 664.1 153.2 Increase in cash and cash equivalents was due to
Trade Receivables 15.8
124.6 123.2 142.7 receipt of IPO proceeds on 23 February 2023
Other Current Assets 29.9 47.8 59.0 23.4
amounting to USD590 million
Fixed Asset, net 1,957.3 1,901.7 1,874.5 -1.4
Reimbursable VAT 108.8 103.9 105.2 1.3 Decrease in Bank Loans due to full repayment of
Other Non-Current Assets 51.6 36.2 42.3 16.9 Bridge Loan Facilities on 5 May amounting to USD400
TOTAL ASSETS 2,397.5 2,475.1 2,887.8 16.7 million (preceded by early repayment on 7 March of
Trade Payables 72.6 65.6 84.5 28.9
USD200 million)
Bank Loans - 600.0 - -100.0
Other Short Term Liability 127.3 192.2 156.8 -18.4 Green bond issuance for bridge loan refinancing,
Long-term Liability 338.1 327.7 313.3 -4.4 totaling USD400 million (nominal value) on 27 April.
Bond Payable - - 398.9 100.0
Decrease in Fixed Assets due to depreciation.
Other Long-term Liability 630.5 34.1 36.1 5.9
TOTAL LIABILITY 1,168.4 1,219.6 989.5 -18.9 Balance Sheet remains strong, as seen in our Debt-
TOTAL EQUITY 1,229.1 1,255.5 1,898.3 51.2 to-Equity Ratio of 39% and Net Debt to EBITDA of
Debt to Equity Ratio (DER) 78% 75% 39% 0.19.
Current Ratio 1.40x 0.51x 3.59x
Net Debt/EBITDA (annualized) 2.84x 2.22x 0.19x
Return on Assets (annualized) 3.55% 5.14% 6.42%
Return on Equity (annualized) 6.92% 10.14% 9.77%
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Sustainability
Performance
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES 12
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Sustainability Performance
Environmental Aspects Social Aspects
% Women in Commitment Realization
Emission Intensity
Management Level of Corporate Social
0.004 12%
Responsibility (CSR)
ton CO2eq/MWh
Same intensity YOY
3.123
% Women Billion Rupiah
Top Nominated Talent
Emission Avoidance 24%
2.004
million tonCO2eq Safe Working Hours Community Development
7% YoY
7,841,289 113 Partners
Scope 1-3 Emission per June 30th 2023
100,011.48
ton CO2eq
-10% YoY Governance Aspects
GCG Assessment Score IT Cyber Security System
Project Emission Scope 1 (NCG from GPP, Fuel Consumption or EDG and Vehicle)
& Device Availability
Project Emission Scope 2 (Electricity from PLN) 93.15
Project Emission Scope 3 (Steam Sales, Drilling Activity)
Very Good* 100%
*Sinergi Daya Prima Assessment 13
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Development Highlights
1H2023
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES 14
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PGE has identified an additional 340 MW to add to existing 672 MW to become
3,794 a ~1 GW capacity Geothermal company in two years*
United States
2,356 FID
Indonesia Resource Confirmation Feasibility Study
490 Pre-FS
MW 490Permitting
MW FEED
490490
MWMW Execution
490 MW
1,935 ! QUICK WINS
Philippines 110 110 110 TOTAL 340 MW 110
World Geothermal SLW LMB EXT HLS
Unit 1&2
Installed Capacity 2 Technology Optimization
60
1,682 HLS - BU (Binary) 55
16,127 MW 55
UBL Ext
LMB
Value (MW)
Unit 2
40 40 40 BU 30 MW
LHD
LMB LP 10 MW
1,037 Ext 7&8 UBL
BDN - BU
BU 20 MW 35 BU 20 MW
LP 20 MW LHD
LP 15 MW
20
963 SPN - BU 10 10 BDN - BU
SBY - BU
944
KMJ - LP
5
LHD - BU
5 5 5
335 MW 30 MW 180 MW 165 MW
672 MW existing +
944 340 MW quick win =
754 PGE 1 GW Secondary Product
621 company
(Green Hydrogen)
1,097
Project Development and Execution Plan Stage
Total additional installed capacity onwards : 710 MW
Note = LMB = Lumut Balai ; HLS = Hululais; BDN : Bukit Daun; LHD = Lahendong; KMJ = Kamojang; SBY = Sibayak; UBL = Ulubelu; SPN = Sungai Penuh;
*After PPA Signed
SLW = Seulawah; BU = Binary Unit; LP = Low Pressure
Disclaimer : The information contained in this document should not be regarded as an indication of the future performance or results of the Company, or an indication that there has
been no change in the information about and relevant to the Company since the date hereof or since the dates as of which information is given in this document.
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… PGE has identified opportunities aiming to improve
commercialization and unlock barriers
Key Initiatives
Technology to Maximize Energy Extraction Commercial Upscale Opportunities
Optimize Geothermal PGE can Utilize Electrical Hub Creation – Expand Value-Chain
Binary Power Plant Submersible Pump (ESP) Increasing Regional Partnerships & Smaller MW
Technology Technology Interconnectivity Developments
PGE will utilize excess resource for MoU signing with Schlumberger PGE will scale-up capacity to optimize PGE will form partnerships to facilitate
binary units and low-pressure units Geophysic Nusantara (SGN) inter-connectivity to lower CAPEX & shorter development times and lower
fulfill green energy demand CAPEX
Unlocking Upside Opportunities
Direct Use Green Hydrogen Production Green Methanol Production Silica Extraction
PGE to utilize steam & brine (other than PGE to plan commercialization for PGE to plan commercialization for PGE to research the silica extraction
Lahendong Geothermal Power Plant PT Pertamina Geothermal Energy Tbk for electricity) as various community green hydrogen production bundling green methanol production bundling from the treatment process of excess
goods (e.g., geotourism, direct heating) with Binary Cycle Power Plants with Binary Cycle Power Plant brine for value-added products (e.g.,
semiconductors, glasses)
Disclaimer : The information contained in this document should not be regarded as an indication of the future performance or results of the Company, or an indication that there has
been no change in the information about and relevant to the Company since the date hereof or since the dates as of which information is given in this document.
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Project Updates
(Status Update June 30th 2023)
LUMUT BALAI UNIT 2 LAHENDONG UNIT 7 & 8 HULULAIS UNIT 1 & 2
(1x55 MW) (2x20 MW) (2x55 MW)
Expected COD by the end of 2024 Expected COD by 2027 Expected COD by 2026
• Intensive engineering review Expansion drilling for A1 Well has been Ongoing process of land Acquisition for
• Intensive finalization for importation Started on Jun 23rd, 2023 Production Facilities
document with authorized agency Ongoing Land Acquisition for 2 Cluster. Alignment with PLN for COD Plan
• Test Piling activities Engineering design phase for
• GPP Earthwork activities infrastructure work
• Production facilities preparation
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Business Partnership Updates
Strategic Partnership Way Ratai Development
Location : Lampung
Poss. Reserve : 100 Mwe
(SNI 6009: 2017)
Est. Temp. : 203-247
Dev. Plan : 55 Mwe
Project type : Total Project
• Joint Study Agreement with Schlumberger Geophysics Way Ratai located in Lampung Selatan
Nusantara for steam recovery method technology development PGEO and Chevron bring together differentiated capabilities in
• Joint Study Agreement with Chevron New Energies International subsurface characterization, geothermal development and execution in
for the South Sumatra Grid Resources Confirmation of 900 MW novel geothermal and end-use technologies.
• MOU with KS Orka Renewables for binary technology Exploration commitment will leverage both Chevron’s global geothermal
development experience and PGEO’s execution expertise to achieve cost-effective
• Head of Agreement with PT Pembangunan Aceh (Perseroda) for results and capture the upside potential of the Way Ratai block.
the development of the Geothermal Working Area in Seulawah PGEO & Chevron Consortium has been declared the winner of the Way
(Aceh Province) Ratai tender in June 2023 by the decision of Minister of Energy and
Mineral Resources.
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Thank You
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