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PT United Tractors Tbk
YTD Sep’17 Performance Update
Analyst Gathering2 November 2017
Construction Machinery ◦ Mining Contracting ◦ Mining Concession ◦ Construction Industry ◦ Energy
United Tractors in Brief
Establish in:
13 October 1972
No. of employee
(as of Sept 2017)
28,702 people
Go Public:
19 September 1989
Market cap . (as of
Sept 2017)
Rp 119.4 trillion
Shareholder
Composition
40.5%
59.5%
Construction
Machinery
Mining
Concession
Mining
Contracting
Construction
Industry
Main Business:
Network:
20 branches, 22 site support,
10 rep. offices, and 14 mine offices
Public
3,730,135,136 share as
Of 30 Sept 2017
Energy
2011 2012 2013 2014 2015 2016 9M 16 9M 17
Forestry
Construction
Agribusiness
Mining
Heavy Equipment Market (in unit)
-29%
-14%
-33% +16% +59%
-17%
14,421
10,252
8,867
5,9126,844
4,796
7,622
17,360
• Note: As of September 2017, HE market was up 59% y-o-y `
Hydraulic Excavator
Bulldozer
Motor Grader
Wheel Loader
Articulated Dump Truck
Dump Truck
Construction Machinery
KOMATSU Sales (in unit)
67%
54%
43% 35%
29% 30% 26% 50%
17%
24%
26%
23%
14% 10% 9%
16%
10%
16%
23%
28%
36% 46% 49%
22%
6%
6%
8%
14%
21% 14%
16%
12%
2011 2012 2013 2014 2015 2016 9M 16 9M 17
Forestry
Construction
Agribusiness
Mining
-16%
8,467
6,202
2,124
4,2033,513
2,181
• Note: As of September 2017, Komatsu sales volume up 73% to 2,744 units,
with 36% market share.
-27%
-32%
-40% +3%
1,588
2,744
+73%
171
77
361
266
485
293
200
311
174
657
34 46
221156
105
2014 2015 2016 9M 2016 9M 2017
UD TRUCKS SCANIA Truck SCANIA Bus
Construction Machinery
UD TRUCKS, SCANIA Truck & Bus Sales (in unit)
+82%
+369%
-55%
-32%
+56%
+278%
+35%
+380%
-33%
4.864
5.8895.518
5.980 6.0935.818
4.210
5.115
2011 2012 2013 2014 2015 2016 9M 16 9M 17
Parts & Service Revenue
Construction Machinery
+21%-6%
+8%
Spare Parts & Service Revenue(after elimination in billion Rp)
-5%
+21%
+2%
Mining Contracting
Pamapersada Nusantara
86,8 94,4 105,1 113,5 109,0 109,2 78,6 82,4
796,4855,5 844,9
806,4766,6
701,5 523,9585,0
9,2 9,1
8,0
7,1 7,06,4 6,7
7,1
0,0
2,0
4,0
6,0
8,0
10,0
0
200
400
600
800
1000
1200
2011 2012 2013 2014 2015 2016 9M 16 9M 17
Coal Production (in milion tons) Overburden Removal (in million bcm) Strip Ratio
+5%
+12%
Coal by
Customer2012 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
Customer2012 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, Tuah Turangga Agung (TTA ) recorded total coal sales
volume of 5.1 million tons or down 12%.
1
4.4895.627
4.176
5.6724.604
6.8085.746
5.078
2011 2012 2013 2014 2015 2016 9M 16 9M 17
TTA's Coal Sales Volume (in thousand tons)
-12%
� 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)
2014 2015 2016 9M 2016 9M 2017
606
3,0883,773
2,499
7,153
+186%
ENERGY
PLTU PAMA-1LOCATION
CAPACITY
BARUNANG, KALIMANTAN TENGAH
2 x 15 MW
START
PROGRESS
100% / PT ENERGIA PRIMA NUSANTARA
Civil : 96% ;
Electrical, Mechanical & IC: 81%.
Scheduled to start operation in early
2018 for 1st unit and 2nd unit in 2019
INVESTMENT US$ 60 million
OWNERSHIP
January 2015
LOCATION
CAPACITY
PLTU Jawa-4 (Tanjung Jati 5 & 6)JEPARA, JAWA TENGAH
2 x 1,000 MW
START
PROGRESS
25% / PT UNITRA PERSADA ENERGIA
Overall progress 8% in line with plan;
Scheduled to start commercial operation
in 2021
INVESTMENT US$ 4.2 billion
OWNERSHIP
April 2017
Photo: PLTU Jawa-4 (Tanjung Jati 5&6), August 2017
Photo: PLTU PAMA-1, July 2017
Financial Highlights(in billion Rupiah)
(*): Profit after tax attributable to owners of the parent.
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
22.15815.644 14.983 13.629 14.618
10.64917.441
27.994
31.554 33.49330.545
24.003
17.731
21.223
5.8023.814
4.666
3.817
5.124
4.226
5.646
1.3571.794
1.290
1.949
2012 2013 2014 2015 2016 9M2016 9M2017
Construction Machinery Mining Contracting Mining Construction Industry
55,95451,012
53,14249,347
45,539
Consolidated Revenue(in billion Rupiah)
33,897
46,258+36%
Events Highlight in 2017
� 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
production by the end of 2017.
� 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 informationonly. It is not intended to specific person who may receive this report. The information in this report has been obtained from sources which wedeem reliable. No warranty (expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimationsincluded 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 agentswhatsoever 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 thecontents of this report and neither PT United Tractors Tbk and/or its affiliated companies and/or their respective employees and/or agentsaccepts liability for any errors, omissions, negligent or otherwise, in this report and any inaccuracy herein or omission here from which mightotherwise arise.