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BUILDING on SYNERGIES ANNUAL REPORT 2012 PT INDIKA ENERGY Tbk

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BUILDING on SYNERGIES ANNUAL REPORT 2012 PT INDIKA ENERGY Tbk PT INDIKA ENERGY Tbk. BUILDING ON SYNERGIES A NNUAL BUILDING ON R EPORT SYNERGIES 2012 ENERGY • SYNERGY PT INDIKA ENERGY Tbk. Mitra Building 7th Floor Jl. Jend. Gatot Subroto Kav.21, Jakarta 12930 - Indonesia [email protected] [email protected] www.indikaenergy.co.id ANNUAL REPORT 2012 synergy100_80_60 inggris.indd 1-3 5/6/13 8:43 PM CONTENTS THEME 2 “BUILDING ON SYNERGIES” 1. CORPORATE OVERVIEW 5 1.1 MILESTONES 6 1.2 VISION, MISSION AND VALUES 12 1.3 INDIKA ENERGY AT A GLANCE 14 1.4 CORPORATE AND ORGANIZATION STRUCTURE 22 2. FINANCIAL HIGHLIGHTS 27 2.1 FINANCIAL HIGHLIGHTS – INDIKA ENERGY 28 2.2 STOCK HIGHLIGHTS 31 2.3 FINANCIAL HIGHLIGHTS – ASSOCIATE COMPANY – KIDECO 32 3. PRESIDENT COMMISSIONER’S MESSAGE 37 4. PRESIDENT DIRECTOR’S MESSAGE 43 5. BOARD PROFILES AND SHAREHOLDERS OWNERSHIP INFORMATION 53 6. MANAGEMENT REPORT 67 6.1 ECONOMY AND INDUSTRY OVERVIEW 68 6.2 OPERATIONAL REVIEW 70 6.3 FINANCIAL REVIEW 84 6.4 BUSINESS PROSPECTS AND KEY RISK FACTORS 88 6.5 INFORMATION AND COMMUNICATIONS TECHNOLOGY (ICT) 90 6.6 CORPORATE GOVERNANCE 92 6.7 HUMAN CAPITAL 107 6.8 CORPORATE SOCIAL RESPONSIBILITY (CSR) 111 6.9 SUBSEQUENT EVENTS 115 7. FINANCIAL STATEMENTS 117 8. COMPANY INFORMATION 119 BUILDING ON SYNERGIES Annual Report 2012 • PT Indika Energy Tbk. 1 BUILDING ON SYNERGIES Indika Energy prudently continues to pursue the corporate plan to become a fully integrated energy company by extracting greater value from the synergies of businesses across energy resources, energy services, and energy infrastructure, from exploration to mining, transhipment to customers, and usage of coal Indika Energy produces for power generation plants. In 2012, those strategic milestones were achieved, and the resulting synergies from the intra-group cross-selling opportunities to Indika Energy’s own customers and cost synergies derived in the long term from integrated operations helped deliver more stable earnings and improved cash-flow in contributions from diversification in the energy services and energy infrastructure businesses of the Company. BUILDING ON SYNERGIES 2 Annual Report 2012 • PT Indika Energy Tbk. BUILDING ON SYNERGIES Annual Report 2012 • PT Indika Energy Tbk. 3 BUILDING ON SYNERGIES 4 Annual Report 2012 • PT Indika Energy Tbk. CORPORATE OVERVIEW BUILDING ON SYNERGIES Annual Report 2012 • PT Indika Energy Tbk. 5 MILESTONES INDIKA ENERGY’S JOURNEY 2007 • Indika Energy completed mergers with Tripatra 2000 Company and Ganesha Intra Development Company. • The establishment of Indika Energy. Tripatra Company was established in 1973, engages in engineering, procurement and construction (EPC), operation & maintenance (O&M) in the energy sector. • The establishment of Cirebon Electric Power, a 660MW coal-fired steam power generation plant. Indika Energy 2006 owns 20% stake in CEP. • Tripatra acquired a 45% stake in Cotrans Asia, a tug & • Indika Energy acquired another 5% barges for coal logistics, established in 2004. stake in Kideco. Indika Energy now • Tripatra acquired a 46% stake in Twinstar Shipping owns 46% stake. Ltd, a transhipment company (floating loading facility), established in 2004. 2008 2004 • Indika Energy launched its IPO, offering 937,284,000 shares or 20% of enlarge capital. • Indika Energy acquired a 41% stake in • The establishment of Sea Bridge Shipping, a Kideco. transhipment service company, in which Tripatra owns Kideco was established in 1982, engages 46% stake. in surface open-cut coal mining in East • Kuala Pelabuhan Indonesia become Tripatra wholly Kalimantan. Kideco holds CCoW first owned subsidiary through the acquisition of an generation Mining Rights until 2023. additional 50.1% stake. • The establishment of Intan Resource Indonesia. • Indika Energy acquired 100% stake in Indika Capital Pte Ltd (previously Westlake Capital Pte Ltd) and Citra Indah Prima. BUILDING ON SYNERGIES 6 Annual Report 2012 • PT Indika Energy Tbk. 2012 • Indika Energy divested 28.75% of its shares in Petrosea. • Indika Energy acquired 60% stake in Mitra Energi Agung. 2009 MEA was established in 2008, a greenfield coal asset which holds an IUP concession area of 5,000 hectares in East Kalimantan. • Indika Energy acquired 98.55% stake in Petrosea. • Indika Energy acquired 85% stake in Multi Tambangjaya Utama. Petrosea was established in 1972, engages in engineering MTU was established in 1989, a high-rank bituminous thermal and coking & construction (E&C) and coal mining contractor. coal mine holding third generation CCoW based in Central Kalimantan, with a concession area of 24,970 hectares. • Cirebon Electric Power, a 660 MW coal-fired steam power generation plant, reached Commercial Operation Date (COD). 2011 • Indika Energy acquired 51% stake in MBSS. 2010 • The establishment of Indika Logistic & Support Services (ILSS). • Indika Energy entered into an Option Agreement to acquire 51% stake in MBSS. MBSS was established in 1994, engages in sea transportation and logistics services. BUILDING ON SYNERGIES Annual Report 2012 • PT Indika Energy Tbk. 7 SIGNIFICANT DEVELOPMENTS IN 2012 March Indika Energy acquired 60.0% May interest in MEA, a greenfield coal asset which holds an IUP Indika Energy acquired 85.0% February concession area of 5,000 hectares interest in MTU, a high-rank Indika Energy re-floated 28.75% in East Kalimantan. bituminous thermal and coking of its shares in Petrosea, raising coal mining company, which net proceeds of US$106.7 hold a third generation CCoW million and recorded net gains of with concession area of 24,970 US$57.2 million. hectares in Central Kalimantan. This compulsory re-float was carried-out in compliance to BAPEPAM-LK’s requlation following the acquisition of Petrosea and its tender offer completed in August 2009. Post transaction, the Company remains Petrosea’s largest shareholder with 69.8% interest. BUILDING ON SYNERGIES 8 Annual Report 2012 • PT Indika Energy Tbk. June Indika Energy retired its remaining July US$65 million Senior Notes issued in 2007. Cirebon Electric Power, a 660MW coal-fired steam power generation plant, reached Commercial Operation Date (COD). This is the first coal-fired power project in Indonesia equipped with efficient and environmentally friendly supercritical boiler technology. BUILDING ON SYNERGIES Annual Report 2012 • PT Indika Energy Tbk. 9 AWARDS 2012 13th January 2012 acknowledgement of the Company’s special and innovative Best Corporate Citizen Award 2012 efforts in the allocation of funds towards the achievement of the long-term sustainable MDG program through Gerakan Indonesia Indika Energy was awarded as Best Corporate Citizen 2012 by Mengajar. The New Economy, London. This award is presented to business organizations which contribute to the public through direct Improving education in Indonesia is a goal that Indika Energy corporate involvement in societal activities. wants to achieve, and Gerakan Indonesia Mengajar is a form of the realization of this goal, by working together to ensure The New Economy confers this award every year to promote sustainable development of our nation in education sector. sustainable Corporate Social Responsibility (CSR) strategies in various sectors. The New Economy is a quarterly magazine 20th February 2012 that covers and analyses events and information pertaining to CSI Awarded ISO & OHSAS Certification constructive global economic development. Corporate Security Indika (CSI) has earned ISO 9001:2008 (Quality This award reflects Indika Energy’s commitment to carrying out Management System) and OHSAS 18001:2007 (Workplace CSR as an integral part of its corporate values and culture. Indika Health and Safety) certification. CSI is the work unit responsible Energy’s CSR program focuses on Education, Health, Community for developing and maintaining safety systems to minimize Development, and the Environment. operational risks for Indika Energy and all of the people it employs. 7th February 2012 Ir. S. Widodo (Business Country Manager Lloyd’s Register Quality MDG Awards 2011 Insurance) presented the certification directly to Mr. Arsjad Rasjid (Co-CEO of Indika Energy). Mr. Arsjad then conveyed the Indika Energy was presented with a Special Award at the MDG certification to the CSI Team led by Mr. M.B. Setiadharma (Senior (Millennium Development Goals) Awards 2011 for the Gerakan Vice President Corporate Security Indika Energy). Indonesia Mengajar program by the Vice President of Republic of Indonesia, Prof. Dr. Boediono. This award was presented in This CSI achievement is a direct result of the initiative that was part of Indika Energy’s Transformation program started in 2010. CSI’s strong commitment and spirit toward continuous BUILDING ON SYNERGIES 10 Annual Report 2012 • PT Indika Energy Tbk. improvement has resulted in this important and satisfying 3rd December 2012 achievement. Most interestingly, the audits conducted for both Sustainability Reporting Award 2012 certifications arrived at an “Unqualified Opinion”, which means that CSI has proven beyond a doubt that it can effectively fulfil At the end of 2012, Indika Energy was awarded with the “Best and implement the procedural stipulations set out in ISO and Sustainability Report 2011 - Runner Up Group B Category OHSAS standards. Services” at the Sustainability Reporting Awards 2012, held by the National Center for Sustainability Reporting (NCSR). 31st October 2012 International Project Management Association 2011 The award was presented to Indika Energy’s Vice President - Corporate Affairs, Tino Ardhyanto by the Chairman of the SRA
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