PT United Tractors Tbk YTD Sep 17 Performance Update AnalystGathering 2 November 2017 Construction Machinery Mining Contracting Mining Concession Construction Industry Energy
United Tractorsin Brief Establish in: 13 October 1972 No. of employee (as of Sept 2017) 28,702 people Go Public: 19 September 1989 Network: Construction Machinery 20 branches, 22 sitesupport, 10 rep. offices, and 14 mineoffices Main Business: Mining Contracting Shareholder Composition 59.5% Public 40.5% 3,730,135,136 share as Of 30 Sept 2017 Market cap. (as of Sept 2017) Rp 119.4 trillion Mining Concession Construction Industry Energy
Heavy Equipment Market (in unit) 17,360-17% 14,421-29% -14% 10,252 8,867-33% +16% +59% 5,912 6,844 7,622 4,796 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Forestry Construction Agribusiness Mining Note: As of September 2017, HE market was up 59% y-o-y ` Bulldozer Wheel Loader Dump Truck Hydraulic Excavator Motor Grader Articulated Dump Truck
KOMATSU Sales (in unit) Construction Machinery 8,467 6% 10% 17% 67% -27% 6,202 6% 16% 24% 54% -32% 4,203 8% 23% 26% 43% -16% 3,513 14% 28% 23% 35% -40% +3% 2,124 2,181 1,588 21% 14% 36% 46% 16% 14% 10% 49% 29% 30% 9% 26% +73% 2,744 12% 22% 16% 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Note: As of September 2017, Komatsu sales volume up 73% to 2,744 units, with 36% market share. 50% Forestry Construction Agribusiness Mining
Construction Machinery UD TRUCKS, SCANIA Truck & Bus Sales (in unit) +278% +82% 657 171 293-55% -32% 200 +35% 77 34 46 +369% 361 +56% 311 +380% 221 266 174 156 485-33% 105 2014 2015 2016 9M 2016 9M 2017 UD TRUCKS SCANIA Truck SCANIA Bus
Spare Parts & Service Revenue (after elimination in billion Rp) Construction Machinery 4.864 +21% 5.889-6% 5.518 +8% +2% 5.980 6.093-5% 5.818 +21% 4.210 5.115 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Parts & Service Revenue
Pamapersada Nusantara Mining Contracting 1200 1000 800 600 400 200 0 9,2 9,1 8,0 796,4 855,5 844,9 7,1 7,0 7,1 6,4 6,7 +12% 806,4 766,6 701,5 523,9 585,0 +5% 86,8 94,4 105,1 113,5 109,0 109,2 78,6 82,4 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Coal Production (in milion tons) Overburden Removal (in million bcm) Strip Ratio 10,0 8,0 6,0 4,0 2,0 0,0 Coal by Customer 2012 2013 2014 2015 2016 Adaro 17.2 18.5 21.1 19.6 18.5 Indominco 13.9 14.6 13.8 11.9 12.1 KPC 12.7 15.3 15.9 18.3 20.3 Kideco 12.6 12.9 12.7 12.0 8.1 Jembayan 6.9 7.9 6.9 6.1 8.7 Trubaindo 4.8 4.9 5.2 4.6 3.6 Bukit Asam 6.4 9.0 10.9 12.4 12.6 Others 19.9 22.0 27.0 24.1 25.3 Total 94.4 105.1 113.5 109.0 109.2 OB by Customer 2012 2013 2014 2015 2016 Adaro 131.0 119.0 134.2 116.8 90.2 Indominco 188.4 173.7 136.4 114.9 93.2 KPC 117.2 122.4 118.6 131.5 134.0 Kideco 100.7 96.4 95.2 91.9 72.1 Jembayan 95.0 88.6 69.5 68.3 77.1 Trubaindo 58.0 56.5 50.0 38.9 27.9 Bukit Asam 26.8 44.3 56.8 66.2 70.1 Others 138.4 144.0 145.7 138.1 136.9 Total 855.5 844.9 806.4 766.6 701.5
Mining Concession As of September 2017, TuahTuranggaAgung(TTA )recorded total coal sales volume of 5.1 million tons or down 12%. -12% 4.489 5.627 4.176 5.672 4.604 6.808 5.746 5.078 1 2011 2012 2013 2014 2015 2016 9M 16 9M 17 TTA's Coal Sales Volume (in thousand tons) Gold mine concession PT Sumbawa Jutaraya (SJR) which was acquired in 2015, is currently still in infrastructure development phase and further exploration. SJR is expected to start production in early 2019.
CONSTRUCTION INDUSTRY Until September 2017, PT Acset Indonusa Tbk (ACSET) recorded net revenue of Rp1.9 trillion from Rp1.2 trillion, with net profit increased by 179% to Rp111 billion, and obtained new contracts worth of Rp7.2 trillion compared to Rp2.5 trillion in the same period 2016. ACSET holds new contracts in 2017 for: Jakarta-Cikampek II elevated toll road Bakauheni-Sidomulyo toll road JORR II Kunciran-Serpong toll road New Contracts (in billion Rupiah) 7,153 3,088 3,773 +186% 2,499 606 2014 2015 2016 9M 2016 9M 2017
ENERGY PLTU PAMA-1 LOCATION CAPACITY INVESTMENT OWNERSHIP START PROGRESS BARUNANG, KALIMANTAN TENGAH 2 x 15 MW US$ 60 million 100% / PT ENERGIA PRIMA NUSANTARA January 2015 Civil : 96% ; Electrical, Mechanical & IC: 81%. Scheduled to start operation in early 2018 for 1 st unit and 2 nd unit in 2019 Photo: PLTU PAMA-1, July 2017 PLTU Jawa-4 (TanjungJati5 & 6) LOCATION CAPACITY INVESTMENT OWNERSHIP START PROGRESS JEPARA, JAWA TENGAH 2 x 1,000MW US$ 4.2 billion 25% / PT UNITRA PERSADA ENERGIA April 2017 Overall progress 8% in line with plan; Scheduled to start commercial operation in 2021 Photo: PLTU Jawa-4 (Tanjung Jati 5&6), August 2017
Financial Highlights (in billion Rupiah) Expressed in billion Rupiah Year 2012 2013 2014 2015 2016 9M2016 9M2017 Exchange rate (Rp/US$) 9.670 12.189 12.440 13.795 13.436 12.998 13.492 Net Revenue 55.954 51.012 53.142 49.347 45.539 33.897 46.258 Gross Profit 10.521 9.517 12.070 11.702 9.661 6.580 10.439 Gross Profit Margin 18,8% 18,7% 22,7% 23,7% 21,2% 19,4% 22,6% Net Income* 5.780 4.834 5.362 3.853 5.002 3.127 5.638 Earning per Share (in full Rp) 1.549 1.296 1.437 1.033 1.341 838 1.512 Cash 3.995 7.936 10.060 15.413 19.461 17.334 20.266 Total Assets 50.301 57.362 60.307 61.715 63.991 60.899 79.697 Total Liabilities 18.000 21.713 21.777 22.465 21.369 20.703 33.584 Net Debt/Equity (gearing) ratio 3.8% net surplus net surplus net surplus net surplus net surplus net surplus (*): Profit after tax attributable to owners of the parent.
Consolidated Revenue (in billion Rupiah) 55,954 5.802 27.994 51,012 53,142 3.814 4.666 31.554 33.493 49,347 1.357 3.817 30.545 45,539 1.794 5.124 24.003 33,897 1.290 4.226 +36% 46,258 1.949 5.646 21.223 17.731 22.158 15.644 14.983 13.629 14.618 10.649 17.441 2012 2013 2014 2015 2016 9M2016 9M2017 Construction Machinery Mining Contracting Mining Construction Industry
Events Highlight in2017 23 March 2017, the Company through its subsidiary Tuah Turangga Agung has completed the acquisition of 80.1% ownership in PT Suprabari Mapanindo Mineral (SMM), a coking coal concession in Central Kalimantan. SMM is expected to start productionbytheendof2017. 31 March 2017, 25%-owned PT Bhumi Jati Power (BJP) has completed its project financing agreement with lenders (financial close). BJP will develop and operate 2x1,000 MW thermal power plant in Jepara, Central Java and scheduled to start commercial operation in 2021. 11 April 2017, launch of Komatsu Excavator PC195LC- 8 (19.5 ton class for construction sector). This new unit is expected to contribute around 6% to total Komatsu sales volume in 2017. 13 September 2017, launch of Scania Heavy Tipper: Scania P360CB-6X4 (30 ton class) and Scania P410CB- 8X4 (40 ton class). This new model is expected to sell around 200 units in 2018.
Thank You Disclaimer: This report has been prepared by PT United Tractors Tbk independently and is circulated for the purpose of general information only. It is not intended to specific person who may receive this report. The information in this report has been obtained from sources which we deem reliable. No warranty (expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimations included in this report constitute our judgment as of this date and are subject to change without prior notice. We disclaim any responsibility or liability without prior notice of PT United Tractors Tbk and/or their respective employees and/or agents whatsoever arising which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither PT United Tractors Tbk and/or its affiliated companies and/or their respective employees and/or agents accepts liability for any errors, omissions, negligent or otherwise, in this report and any inaccuracy herein or omission here from which might otherwise arise.