PT. INDIKA ENERGY TBK NEWS RELEASE
FOR IMMEDIATE DISTRIBUTION
20 May 2022
INDIKA ENERGY RESULTS FOR THE PERIOD ENDED
MARCH 31, 2022
Indika Energy recorded Net Profit of US$75.0 million and Core Profit of US$95.1
million in 3M22
Jakarta - PT Indika Energy Tbk. (IDX: INDY), Indonesia's leading integrated and diversified company, reported its unaudited financial statements for the period ended March 31, 2022.
Highlights
- Revenues grew by 58.2% YoY to US$830.8 million in 3M22 from US$525.2 million reported in 3M21, driven by higher coal prices.
- Gross profit rose 145.3% YoY to US$260.8 million in 3M22 from US$79.3 million reported in 3M21. The consolidated gross margin expanded to 31.4% from 20.2% in 3M21, mainly led by higher coal prices.
- SG&A expenses increased by 48.5% YoY to US$40.1 million in 3M22 from US$27.0 million in 3M21, mainly driven by higher marketing expenses in Kideco and MUTU and DMO expenses in MUTU.
- Operating income jumped 178.2% YoY to US$220.7 million in 3M22 from US$79.3 million reported in 3M21 and operating margin expanded to 26.6% from 15.1% in 3M21.
- Equity in net profit of associates decreased by 33.1% to US$6.0 million in 3M22 from 8.9 million mainly due to lower contribution from CEP, due to unscheduled maintenance in February 2022.
- Others expenses (net) increased by 56.6% YoY to US$9.4 million in 3M22 from US$6.0 million in 3M21 predominantly due to demurrage cost at Kideco, resulted from export ban in Jan 2022
- The company recorded Profit attributable to owners of the company US$75.0m in 3M22, compared to loss of US$9.4 million in 3M21.
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- Core Profit* of US$95.1 million reported in 3M22, a significant jumped (+638.8% YoY)
from US$12.6 million reported in 3M21.
*) Core Profit (Loss) is defined as net profit (loss) attributable to Owners of the Company for the year excluding: 1) Provision for contingent liability related to acquisition of additional shares in Kideco; 2) amortization intangible assets of Kideco and MUTU; 3) realized and unrealized loss from discontinued operation plus gain on Petrosea refloat
- Adjusted EBITDA totalled US$233.8 million for the period ending March 31, 2022, compared to US$141.9 million in the same period previous year.
- Cash, Cash Equivalents and Other Financial Assets at end of March 2022 stood at US$1,125.3 million.
- Capex spending during 3M22 was US$4.4 million, including for Kideco of US$1.1 million, Interport of US$1.0 million and Indika Resources US$0.3 million. In addition to Capex, the company spent US$36.1 million for the new investment in 3M22 which majority allocated for Awakmas of US$22 million
Upon signing of term sheet between the Company and buyer for divestment of the Company's 69.8% ownership in Petrosea in October 2021, based on PSAK 58, profit and loss of Petrosea are no longer presented in financial statement of the Company for the period ended March 31, 2022. All of the assets and liabilities of Petrosea are classified as held for sale and are presented separately from asset and liabilities in the consolidated statement of financial position as of March 31, 2022.
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PT Indika Energy Tbk.
Descriptions | 3M22 | 3M21 | YoY | 4Q21 | QoQ |
(in USD mn) | |||||
Total revenues | 830.8 | 525.2 | 58.2% | 1,076.4 | -22.8% |
Kideco | 564.6 | 414.9 | 36.1% | 710.8 | -20.6% |
Indika Resources | 172.7 | 57.1 | 202.5% | 196.8 | -12.2% |
Tripatra | 74.2 | 39.2 | 89.2% | 76.5 | -3.0% |
Interport | 8.4 | 7.1 | 18.7% | 7.4 | 13.8% |
Others | 12.3 | 13.0 | -5.0% | 85.7 | -85.6% |
Elimination | (1.5) | (6.1) | -75.6% | (0.8) | 97.6% |
Cost of contracts and goods sold | (570.0) | (418.9) | 36.1% | (685.1) | -16.8% |
Gross profit | 260.8 | 106.3 | 145.3% | 391.4 | -33.4% |
Selling, general and administrative expenses | (40.1) | (27.0) | 48.5% | (53.2) | -24.7% |
Operating profit | 220.7 | 79.3 | 178.2% | 338.2 | -34.7% |
Equity in net profit of associates | 6.0 | 8.9 | -33.1% | 4.5 | 32.7% |
Investment income | 1.2 | 0.6 | 107.4% | 0.2 | 583.9% |
Finance cost | (26.6) | (26.0) | 2.3% | (22.5) | 17.9% |
Amortization of intangible assets | (34.0) | (33.9) | 0.3% | (34.2) | -0.6% |
Final tax | (2.5) | (1.5) | 64.0% | (0.6) | 284.9% |
Others- net | (9.4) | (6.0) | 56.6% | (13.2) | -28.9% |
Profit (Loss) Income before tax | 155.5 | 21.5 | 623.4% | 253.0 | -38.6% |
Income tax expense | (70.5) | (27.1) | 160.0% | (135.3) | -47.9% |
Profit (Loss) after tax from continued operation | 84.9 | (5.6) | 1606.7% | 117.7 | -27.9% |
Profit (Loss) from discontinued operation | 0.0 | 2.5 | -100.0% | (46.0) | -100.0% |
Profit (Loss) for the year/period : | 84.9 | (3.2) | 2774.1% | 71.7 | 18.4% |
Profit (Loss) attributable to owners of the company | 75.0 | (9.4) | 901.6% | 63.7 | 17.9% |
Profit (Loss) attributable to non-controlling Interest | 9.9 | 6.2 | 59.8% | 8.0 | 22.9% |
Core Profit (Loss) of the Company | 95.1 | 12.6 | 652.1% | 144.0 | -34.0% |
Adjusted EBITDA* | 233.8 | 141.9 | 64.8% | 393.2 | -40.5% |
LTM - Adjusted EBITDA* | 1,069.4 | 304.8 | 250.8% | 346.6 | 208.6% |
EPS (USD/share) | 0.0144 | (0.0018) | 0.0122 | ||
Core EPS (USD/share) | 0.0182 | 0.0024 | 0.0276 | ||
Gross margin | 31.4% | 20.2% | 36.4% | ||
Operating margin | 26.6% | 15.1% | 31.4% | ||
Net margin | 9.0% | -1.8% | 5.9% | ||
Core profit margin | 11.4% | 2.4% | 13.4% | ||
Adjusted EBITDA Margin | 28.1% | 27.0% | 36.5% |
* Includes dividends from associates (last twelve months period ended 31 Mar 2022)
The consolidated revenues increased 58.2% YoY to US$830.8 million in 3M22 from
US$525.2 million in 3M21**) The higher YoY figures were attributed to higher contribution from Kideco and Indika Resources:
**) All subsidiaries revenue figures are before eliminations
- Kideco's revenue grew by 36.1% YoY to US$564.6 million in 3M22, boosted by higher average selling price (+56.6% YoY). As a result of the export ban in Jan 2022, Kideco could not export for 20 days, hence sales volume decreased by 13.1% YoY. Kideco sold 8.0 MT of coal at ASP of US$70.8/ton in 3M22 compared to 9.2 MT of coal sold at ASP of US$45.2/ton in 3M21. In 3M22, Kideco sold 2.6 MT or 32% of sales volume to domestic market, higher than the 25% DMO requirement. Kideco's export sales volume of 5.4MT were dominated by China, Southeast Asia countries, and India with 37%, 15% and 7% of sales volume, respectively.
- Indika Resources' revenue increased by 202.5% YoY to US$172.7 million in 3M22 from US$57.1 million in 3M21, driven by higher ASP at MUTU and coal trading and higher volume in coal trading. MUTU's revenue rose by 91.9% YoY to US$59.3 million in 3M22, supported by 91.9% YoY increase in ASP to US$183.5/ton, even though sales volume decreased by 19.6% YoY to 0.3 MT due to export ban in Jan 2022. Coal trading revenue
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in 3M22 jumped by 333.2% YoY to US$113.4 million, led by 98.3% YoY increase in ASP to US$68.5/ton and 126.8% YoY increase in volume to 1.7 MT.
- Interport revenue increased by 18.7% YoY to US$8.4 million in 3M22, of which US$6.1 million came from KGTE, mainly due to higher volume of 18.1 kbd compared with 12.5 kbd in 3M21.
- Tripatra's revenue increased by 89.2% to US$74.2 million in 3M22 compared to US$39.2 million in 3M21. The higher contribution, mainly due to: 1) BP Tangguh project which increased 32.2% YoY from US$47.9 million in 3M21 to US$63.3 million in 3M22; 2) new projects such as Star Energy Geothermal Salak and Cabott .
Cost of Contracts and Goods Sold increased by 36.1% YoY to US$570.0 million in 3M22 from US$418.9 million in 3M21. Kideco's cash costs excluding royalties increased 18.9% YoY to US$32.8/ton in 3M22 compared to US$27.6/ton in 3M21, mainly due to higher fuel rate (US$0.67/lt in 3M22 vs US$0.40/lt in 3M21) and higher contract mining rate.
Gross profit rose 145.3% YoY to US$260.8 million in 3M22 from US$106.3 million reported in 3M21. The consolidated gross margin improved to 31.4% from 20.2% in FY20, supported by strong performances from Kideco (GP margin of 37.6% in 3M22 vs 25.0% in 3M21) and MUTU (GP margin of 55.1% in 3M22 vs 45.5% in 3M21).
SG&A expenses increased by 48.5% YoY to US$40.1 million in 3M22 from US$27.0 million in 3M21, mainly driven by higher marketing expenses in Kideco and MUTU and DMO expenses in MUTU.
The Company reported Profit Attributable to the Owners of the Company of US$75.0 million in 3M22 compared to loss of US$9.4 million in 3M21.
The Company reported Core Profit of US$95.1 million in 3M22, a significant jump (+638.8% YoY) compared to Core Profit of US$12.6 million reported in 3M21.
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Descriptions | 3M22 | 3M21 | Change % | |
(in USD mn) | 3M22 - FY21 | |||
Cash balance* | 1,125.3 | 772.8 | 14.1% | |
Current assets | 1,947.8 | 1,476.7 | -6.3% | |
Non current asset held for sale | 448.2 | 0.0 | 0.0% | |
Total assets | 3,995.2 | 3,565.5 | 7.9% | |
Current liabilities | 1,023.4 | 812.7 | -9.5% | |
Total Debt** | 1,462.1 | 1,668.3 | -7.6% | |
Liabilities directly related to Non current asset held for sale | 267.4 | 0.0 | 100.0% | |
Shareholder equity | 1,002.1 | 866.4 | 11.4% | |
Current ratio (X) | 1.9 | 1.8 | ||
Debt to Ebitda (X) | 1.4 | 5.5 | ||
Net Debt to Ebitda (X) | 0.4 | 2.8 | ||
Debt to equity (X) | 1.5 | 1.9 | ||
Net debt to equity (X)*** | 0.3 | 1.0 |
* | includes other financial assets and restricted cash |
** | total debt with interest bearing exclude accrued interest and issuance cost |
*** | total debt minus total cash balance divided by shareholder equity |
Kideco Financial and Operational Highlights
Descriptions | 1Q22 | 1Q21 | YoY | 4Q21 | QoQ | |
(USD mn) | ||||||
Sales | 564.6 | 414.9 | 36.1% | 710.8 | -20.6% | |
Gross profit | 212.1 | 103.7 | 104.5% | 355.9 | -40.4% | |
Operating profit | 191.2 | 91.7 | 108.6% | 333.7 | -42.7% | |
Net income | 102.9 | 51.1 | 101.2% | 182.6 | -43.6% | |
EBITDA | 201.4 | 97.2 | 107.1% | 339.3 | -40.6% | |
Gross margin | 37.6% | 25.0% | 50.1% | |||
Operating margin | 33.9% | 22.1% | 46.9% | |||
Net margin | 18.2% | 12.3% | 25.7% | |||
EBITDA margin | 35.7% | 23.4% | 47.7% | |||
Overburden (mn bcm) | 42.6 | 47.6 | -10.4% | 43.2 | -1.4% | |
Production volume (MT) | 7.7 | 9.1 | -15.2% | 9.0 | -13.9% | |
Sales volume (MT) | 8.0 | 9.2 | -13.1% | 8.4 | -4.6% | |
Stripping ratio (X) | 5.5 | 5.2 | 5.6% | 4.8 | 14.4% | |
Cash Cost excl royalty (US$/ton) | 32.8 | 27.6 | 18.9% | 30.2 | 8.5% | |
Average selling price (US$/ton) | 70.8 | 45.2 | 56.6% | 85.0 | -16.8% | |
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PT Indika Energy Tbk published this content on 20 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2022 13:24:06 UTC.
