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8/7/2019 Investor Update Untuk Meeting Juli 2010
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PT Perusahaan Listrik Negara (Persero)
Investor Update Electricity for a Better Life
STRICTLY CONFIDENTIAL
As of 30 June 2010
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TABLE OF CONTENTS
COMPANY OVERVIEW2
INVESTMENT STORY3
REGULATORY UPDATE4
FINANCIAL UPDATE5
1
APPENDIX6
PLN PROGRESS UPDATE1
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PLN PROGRESS UPDATE
2
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PLN Progress Update
3
From FY 2009 to FY 2010, EBITDA has increased from Rp 15tn to Rp 23tn while the
EBITDA margins increased from 9% to 16%
The EBITDA interest coverage has also increased to 3,9x in FY 2009 from 2.4x in FY2008
Improvements infinancial
performance
PLN keeps on improving its operations efficiency thereby reduce subsidy requirement
Notable improvements include improvement in energy mix and reduction in system losses
New ElectricityLaw
Continuedefficiency
improvement
Law No. 30 of 2009 on Electricity (“New Electricity Law”) issued in Sept 2009
Once implemented, other players will be permitted to participate in generation,
transmission, distribution and retail segments
However, PLN will retain first priority to be the electricity supplier for the public needs
New Law will potentially support PLN to achieve a more solid financial position
There have been a number of notable improvements and updates at PLN in the last few months
Acceleretedcapacity
development
Further significant progress has been made in the 10,000 MW Fast Track Program (FTP) I
From 35 original projects, 14 projects (5,500 MW) have achieved over 70% completion
ALL funding for generation projects and IDR portion for T/L projects have been signed
Three additional FTP I generation projects, totalled 430 MW, have found lenders
As proof of its continuing support for PLN, the government had increased the 5% margin in
the 2009 to 8% in 2010 as stipulated in the 2010 State Budget Law
GoI has approved a Rp 7.5 tn soft-loan to finance projects
GoI has approved 10% tariff increase, the first increase since 2003, making the sellingprice closer to its economical level, reducing subsidy burden.
More governmentsupport
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COMPANY OVERVIEW
4
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5
PLN is the major electricity producer and supplier in Indonesia through its portfolio of Generation,Transmission and Distribution assets with generation capacity of about 26,485 MW1
In accordance with the Law no.19/2003 governing SOEs, Government is under obligation to provide subsidy
for PLN in carrying PSO mission
Wholly-owned by Republic of Indonesia, supervised by MSOE, regulated by Ministry of Energy and Mineral
Resources (MEMR) and monitored by the Ministry of Finance (MoF)
Mandated to implement the Fast Track Program to build 10,000 MW of coal-fired generating plants(Presidential Decree No. 71/2006)
Company Overview
PLN is the only state-owned power utility company in Indonesia
5
Controls over 85%1 of nationalgeneration capacity
Main purchaser of electricityfrom Independent PowerProducers (IPPs)
Sole provider of powertransmission in Indonesia
Transmission linesapproximately 32,800 kmcand 56,600 MVA of powertransformer capacity1
Sole distributor of electricityto end customers in
Indonesia Distribution lines of
approximately 638,600 kmcand 34,500 MVA oftransformer capacity, serving40 million customers1
Generation Transmission Distribution
Note:
1 As of Dec 31,2009
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6
100% Owned by GoI
99.99% 99.99%
99.99%99.99% 99.99%
99.99% 99.99%
Indonesia Power
ElectricityGeneration
PT PLN (Persero)
99.99%
PLN Geothermal
Geothermal
Ministry of State OwnedEnterprises (MSOE)
Ministry of Energy andMineral Resources (MEMR)
Ministry of Finance (MoF) Oversight
Corporate Structure
100%
PLN Batu Bara
Coal
Majapahit Holding B.V.
SPC
Icon+
ICT
PLN Enjiniring
Engineering Services
PembangkitanJawa Bali
ElectricityGeneration
PLN Batam
Electric Utility
PLN Tarakan
Electric Utility
6
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Strong Management TeamCombination of Technical, Operations and Business Competence
Name Title Other/ Previous Experience
Board of Commissioners
Yogo Pratomo President CommissionerDaily Coordinating Team 10,000 MW Fast Track Programand formerly Director General of Electricity and TheUtilization
Rahmat Waluyanto CommissionerDirector General of Debt Management, Ministry of FinanceRepublic of Indonesia
Adang Firman Independent Commissioner Former Head of Jakarta Metropolitan Police
Wimpy S. Tjetjep CommissionerFormer Deputy of Energy, Mineral Resources and ForestryCoordination for Ministry of Economic Coordinator
Lutfi Hamid Independent Commissioner Former Consultant in Civil Engineering
Syahrial Loetan CommissionerFormer Secretary for State Minister of PPN/ Head ofSecretary for Bappenas
Abdul Aziz CommissionerFormer Special Staff for Minister of State Owned
Enterprises
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8
Strong Management TeamCombination of Technical, Operations and Business Competence
Dahlan Iskan President Director Owner of Jawa Pos Group
I.G.A. Ngurah Adnyana Director of Java Bali OperationFormer Deputy Director of Distribution and General Manager inPLN Bali Distribution Unit.
Harry Jaya Pahlawan Director of West Indonesian OperationFormer PLN Vice President of International Relations andCorporate Secretary
Vickner S inaga Director of East Indonesian OperationFormer Vice President of IPP Construction Services of PLN HeadOffice
Murtaqi Syamsudin Director of Business and Risk ManagementFormer PLN Director of Java Bali, Corporate Secretary andGeneral Manager of PLN Banten and West Java Distribution Unit
Nasri S ebayang Director of Planning & TechnologyFormer PLN Head of Primary Energy & Deputy Director ofIndependent Power Producers
Nur Pamuji Director of Primary EnergyFormer General Manager of PLN Java-Bali Transmission and LoadDispatch Center
Bagyo Riawan Director of Strategic Procurement Former PLN Deputy Director of Java-Bali Power Generation
Eddy D. Erningpraja Director of HR and General Affairs Former PLN Deputy Director of HR System Development
Setio Anggoro Dewo Director of Finance
Former Independent Commissioner of Indonesia Power and
Indosat, Chairman of Accounting Post Graduate Program andSenior Lecturer in Economics at University of Indonesia
8
Board of Directors
Name Title Other Experience
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INVESTMENT STORY
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Investment Story
StrongGovernment
Support
FavourableDemand and
Supply Dynamics
1
2
Fast Trackand
IPP Program
3
OperationalExcellence
4
10
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MoF Decree No. 111/PMK.02/2007 and its amendments ensure the difference between revenues and
costs are covered without being subject to a cap (blanket subsidy) Continuous review to ensure adequacy and timely payments Rising subsidy trend under challenging operating conditions
– In 2009 subsidy over the budgeted amount had been revised three times (from IDR 29.8 tn to IDR80.42 tn, in the last revision) to cover energy price increase
– In October 2009, MoF issued letter for 5% margin in the 2009 – While 8% margin for 2010 has been approved and stipulated in the 2010 State Budget Law
GoI emphasizes the importance of PLN’s financial soundness to ensure stable electricity supply
Notes:
1. PSO : Public Service Obligation
2. Latest budgeted amount (November/December 2009)
3. Government budgeted subsidy for 2009 based on a 61$US/barrel oil cost assumption and foreign exchange 10,500 IDR/USD
4. 2004-2009 are total revenues from electricity subsidies recognized by PLN in its audited financial statements
Total Government Subsidy to PLN (IDR tn) 4
Strong Government Support
Extended govt loan maturities, converted overdue interest and penalty charges into equity during crisis Waived interest on certain tax payment deferrals and channels 2-step loans to PLN but remains the
primary obligor to lenders Law no. 19/2003 demonstrates GoI’s willingness to support PLN through legislative provisions which cover
the shortfall between revenues and costs for doing PSO1
Government availability to inject equity to fund evelopment plan
GoI has approved a Rp 7.5 tn soft-loan to finance projects
GovernmentFinancial
Assistance
GoI is involved in almost every critical stage of PLN’s operations
– Budget setting, capex plans, IPP developments, primary energy supplyGovernment
Close Involvement
Provision of Timelyand Adequate
Subsidies
11
1
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Clear Legal Framework to Support PLN – Subsidy Mechanism
Mechanism based on the Ministry of Finance Regulation No. 111/PMK.02/2007 and its amendmentsensures certainty of the subsidy amount and timely cost recovery...
Costs covered by Subsidy
Power purchase
Fuel
Maintenance
Personnel
Administration
Depreciation
Interest and financingcosts
1
Note:
1 Public Service Obligation 12
Cost of Supply in Gov Budget Un-Audited Cost of Supply
Audited Cost of Supply
MOF Regulation No. 111/PMK.02/2007 and No. 162/PMK.02/2007
95%
Dec
95%
Dec
95%
Jan
95%
Feb
95%
Mar
95%
Apr
95%
May
95%
Jun
95%
Jul
95%
Aug
95%
Sep
95%
Oct
2009
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Assumption
Exchange rate Rp/USD
Oil price, coal price
Fuel mix
Average selling price
T&D losses
etc
Cost of Supply
LV, MV, HV
PSO1
Jan
100%
1Q 100%
2Q
100%
3Q
100%
PSO1
2009
95%
Nov
2010
95%
Jan
95%
Feb
Feb Mar Apr
95%
Jan
95%
Jan
95%
Oct
95%
Jul
95%
Mar
May
Quarterly adjustment
95%
Apr
Jun
100%
1Q
8% Cost-based Margin
Plus…
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Clear Legal Framework to Support PLN – Subsidy Structure1
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Favourable Demand / Supply DynamicsBacked by strong macro indicators, energy demand in Indonesia is expected to grow at more than9% p.a. in next few years1 …
…with planned capacity additions from the Fast Track Program to address the rise in demand
2
Projected Indonesian Energy Demand 2010 – 2019
Low electrification ratio (60,8%) underlines the undersupply of electricity in Indonesia and shows the intrinsic growth potential forPLN
More than 9% p.a. is projected demand growth over the next few years
Urgent need for new generation capacity due to frequent power outages in recent years
PLN’s diversified asset base is located across Indonesia, with a large portion serving the most populated area of Indonesia, theJava-Bali region
60% of the population in Indonesia (140 million) live on the island of Java, with nearly 1,000 people per square kilometer
Java-Bali represents ~80% of energy demand requirements in Indonesia, with nearly ¾ of total generating capacity located there
Peak load of 17.2 GW in Java-Bali in 2009 represents ~75% of overall Indonesia demand (Indonesia 22 GW)
Reserve Margin of Java-Bali system in 2009 was 21%
14
Note: 1 Based on RUPTL 2010 – 2019 (Long Term Power System Expansion Plan) endorsed by Ministry of Energy Mineral Resources
Unit 2010 2011 2013 2015 2019
1. Energy Demand
Indonesia TWh 147,8 161,1 193,5 233,6 334,4
Java-Bal i TWh 115,1 125,2 149,6 179,0 252,5
Western Indonesia TWh 11,3 12,6 15,8 19,1 28,1
Eastern Indonesia TWh 21,4 23,3 28,1 35,5 53,8
2. Electrification Ratio
Indonesia % 66,1 68,5 73,7 79,5 90,9
Java-Bali % 72,2 74,8 80,5 86,9 98,2
Western Indonesia % 48,5 50,5 55,1 60,2 72,6
Eastern Indonesia % 64,3 66,3 71,3 80,5 98,0
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Java –Bali Generation Development
To meet growing electricity demand, Indonesia has plans to develop a further 35.7 GW by 2018…
3
2009 – 2018 Java –Bali Development Plan1
Note: 1 Based on RUPTL 2010 – 2019 (Long Term Power System Expansion Plan) endorsed by Ministry of Energy Mineral Resources, with updated COD
schedule on the projects currently under construction/process
…which will be initially achieved via the Fast Track program and IPP developments
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Shortage of electricity in Indonesia
Abundance of coal in Indonesia Electricity generation with coal is much cheaper than with oil fuel
Long term strategy to replace oil fuel generation with coal fuel generation to lower fuel costs
Key Drivers
Overview ofFast TrackProgram
Formalised through Presidential Regulation no. 71/2006 in which PLN was mandated by GoIto build coal-fired power plants throughout Indonesia
To reduce subsidy burden for the GoI, to reduce PLN’s costs and to meet rising domestic
electricity demand
A Committee is set up through Presidential Regulation No. 72/2006, whose membersinclude Coordinating Minister of Economics, MOF, MSOE, MEMR and BAPPENAS
Develop 10 coal-fired power plants in Java-Bali and 26 coal-fired power plants outside Java-Bali totaling of approx. 9.5 GW; of which 25% will be completed by 2010 and another 50%by 2011
Once completed, significantly reduce oil fuel as a proportion of total fuel from 35.2%1 in 2008to below 10%1 in 2012
ProgramDescription
15% equity funding from PLN already committed
85% bank financing guaranteed by the GOI already committedFinancing
Fast Track Program – Overview3
16
Note: 1 Excludes IPPs and it is expressed in terms of percentage of total kilowatt hours generated by each fuel source
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Breakdown of Fuel and Lubricants CostsBreakdown of Total Operating Expenses
As a material portion of PLN's generation capacity is oil fuel fired, increasing oil fuel pricessignificantly increased operating expenses....
...creating the need for PLN to replace oil fuel fired facilities with coal fired power stations
Rationale for Fast Track Program — Fuel Mix Improvement3
Fuel Cost Comparison
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Fast Track Program in Progress Overview
Project progress varies; Four projects, equivalent to 2.5 GW, have achieved more than 90%progress; another ten (3 GW) have progressed more than 70%.
- Two units (Labuan – 600 MW) had achieved COD, another 1.7 GW from various projects
will follow by end of 2010- The remainder will be largely completed by 2011
ProjectConstruction
34 EPCContracts
signed; Twoare in Process
34 EPC contracts signed including 10 locations in Java-Bali (7.5GW) and 24 locationsoutside Java-Bali (2.0GW); Another two, Kaltim & Riau are to be signed latest by October
Total capacity of approximately 9.92 GW if all 36 locations are built
More than half of coal requirements have been secured by long term coal supply contracts(20 years)
Most of the remaining balance is under contract finalization process while the rest of thebalance will be tendered out
Coal Supply
Transmission is being developed in parallel with the substation construction
Total investment estimate is USD 2.2 billion
FTP I-related substation construction has achieved 36% progress
Transmissionsystem
18
3
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Funding for Fast Track Program
PLN has made significant progress in securing the required funding for the Fast Track Program
Transmission
Generation
3
Disbursement as of 30 June 2010
As of June 2010
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Coal
68%
Geothermal
15%
Gas
16%
Oil
1%
17 IPPs totaling 4,247MW currently under development
23 small IPPs (less than 50MW) totaling 227MW currently under development
Underdevelopment
In Operation 4,420.5 MW in operation or about 15% of total national capacity
Supplied by 20 IPPs
IPP Program – Overview3
20
Under Development (4,474 MW)1In Operation (4,420.5 MW)1
Coal
74%
Geothermal
17%
Hydro
9%
Note:
1 As of December 31, 2009
The Fast Track Program is complimented by a strong pipeline of IPP developments
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48.0% 48.9% 50.6% 50.2%
2006 2007 2008 H1 2009
Operations – Efficiency Program
System (Transmission & Distribution) Losses Collection Period (days)
Reducing System Losses1
Implementing Efficiency Drive Program2
Improving Operation and Maintenance System3
4 Reducing Collection Period
Efficiency ProgramCapacity Factor
22
4
Effective revenue and cost management provided for improved profitability in 2009
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REGULATORY UPDATE
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Regulatory update
Private business enterprises, cooperatives and non-governmental enterprises are allowed
to participate in the electricity supply business under the New Electricity Law However, PLN still has a first priority to be the electricity supplier for the public needs1
Industry
framework
Overview
On 23 September 2009, the Government issued Law No. 30 of 2009 on Electricity (“New
Electricity Law”) which replaces Law No. 15 of 1985 (“Old Electricity Law”)
The implementing regulations of the New Electricity Law shall be issued within one yearafter its enactment, before which the implementing regulations of the Old Electricity Law stillis still deemed valid
Allows differentiation of tariffs across regions
Parliament approval will be required for tariff settingTariff structure
No specific provisions concerning PLN’s Government subsidies has been provided
PLN believes that the subsidy policy will remain in forceSubsidies
Electricity supply business now requires Electricity Supply Business License (“IUPTL”) for
the purpose of supplying electricity for public use
PLN is deemed as having already obtained the IUPTL
Licensing
25
The New Electricity Law will open up the Indonesian electricity supply market to new participants
Note:
1 The new law does not specifically state that the priority is given to PLN, but given to state owned enterprise (which PLN is one of them)
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FINANCIAL UPDATE
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Strong Financial Profile
EBITDA and EBITDA Margin
EBITDA to Interest (x)
Sales and GoI Subsidy
Total Debt and Cash (IDR Trillions)
PLN enjoys positive cash flows and EBITDA and a healthy balance sheet
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THANK YOU
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APPENDIX
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Fast Track Program (FTP) I Status Update – Java Bali3
30
Size Total
(MW) (MW)Loan
(millions)Bank
Disbursement
Progress (%)
Loan
(billions)Bank
Disbursement
Progress (%)2009 2010 2011 2012 2013 2014
1 Labuan, Banten 2 x 315 630 100 289 BNI 89 1.189 BCA 80 315 315
2 Suralaya, Banten 1 x 625 625 94 284 CEXIM 78 735 Mega 70 625
3 Paiton, Jatim 1 x 660 660 94 331 CEXIM 78 601 Mega 74 660
4 Rembang, Jateng 2 x 315 630 90 262 CDB / Barclays 94 1.911 Mandiri 87 630
5 Indramayu, Jabar 3 x 330 990 89 592 BOC 72 1.273 BNI 69 330 660
6 Pacitan, Jatim 2 x 315 630 81 293 CEXIM 73 1.046 Bukopin 44 630
7 Teluk Naga, Banten 3 x 315 945 80 455 BOC 69 1.607 Bukopin 49 945
8 Pelabuhan Ratu, Jabar 3 x 350 1.050 65 482 CEXIM 18 1.874 Mega 17 700 350
9 Tanjung Awar2, Jatim 2 x 350 700 9 372 BOC 0 1.155 BNI 9 350 350
10 Adipala, Jateng 1 x 660 660 0 468 CDB / ICBC 0 1.890 CDB / ICBC 0 660
7.520 3.828 13.281 315 1.900 3.595 700 350 660Total
No ProjectConstruction
Progress (%) *)
Expected capacity in the year commercial
operations commenceUSD Portion *) IDR Portion *)
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Fast Track Program (FTP) I Status Update – Other Islands3
31
Size Total
(MW) (MW)Loan
(millions)Bank
Disbursement
Progress (%)
Loan
(billions)Bank
Disbursement
Progress (%)2010 2011 2012 2013
1 Bangka Baru, Bangka Belitung 2 X 30 60 85 23 BRI 68 317 BRI 37 30 302 Kendari, Southeast Sulawesi 2 X 10 20 84 10 Asbanda 75 97 Mega 51 20
3 Amurang Baru, North Sulawesi 2 X 25 50 83 27 Asbanda 79 305 Mega 60 25 25
4 Ende, East Nusa Tenggara 2 X 7 14 82 8 Asbanda 52 73 Mega 61 14
5 Tjg Bale Karimun, Riau Islands 2 X 7 14 80 7 BRI 44 71 Mega 53 7 7
6 Barru, South Sulawesi 2 X 50 100 74 52 BRI 60 380 BRI 29 100
7 Asam-Asam, South Kalimantan 2 X 65 130 72 84 BRI 53 313 BRI 19 130
8 Tarahan, Lampung 2 X 100 200 66 119 BRI 22 460 Mega 48 100 100
9 Pangkalan Susu, North Sumatera 2 X 200 400 61 209 BRI 46 781 Mega 16 200 200
10 Meulaboh, Nanggroe Aceh D. 2 X 110 220 43 124 CEXIM 19 614 Asbanda 8 220
11 Gorontalo Baru, Gorontalo 2 X 25 50 41 26 Asbanda 32 265 Mega 6 50
12 Tidore, North Maluku 2 X 7 14 40 10 Asbanda 18 100 Asbanda 16 14
13 Jayapura, Papua 2 X 10 20 38 14 BRI 1 141 BRI 20 20
14 Belitung Baru, Bangka Belitung 2 X 16.5 33 24 24 Asbanda 0 142 Asbanda 5 33
15 Kupang, East Nusa Tenggara 2 X 16.5 33 18 23 Asbanda 0 135 Asbanda 7 33
16 Teluk Sirih, West Sumatera 2 X 112 224 17 138 CDB 1 521 Asbanda 7 112 112
17 Bima, West Nusa Tenggara 2 X 10 20 15 8 Asbanda 0 120 Asbanda 6 20
18 Lombok, West Nusa Tenggara 2 X 25 50 9 24 Asbanda 0 274 Mega 0 50
19 Bengkalis, Riau 2 X 10 20 1 8 BRI 0 132 BRI 0 20
20 Singkawang Baru, West Kalimantan 2 X 27.5 55 1 31 Asbanda 0 172 Asbanda 0 55
21 Selat Panjang, Riau 2 X 7 14 1 9 BRI 0 111 BRI 0 14
22 Pulang Pisau, Central Kalimantan 2 X 60 120 0 62 Asbanda 0 414 Mega 0 120
23 Parit Baru, West Kalimantan 2 X 50 100 0 62 BRI 392 BRI 100
24 Riau (additional FTP I project)** 2 X 100 200 0 BCA-BRI BCA-BRI 200
25 Kaltim (additional FTP I project)** 2 X 100 200 0 Bank Kaltim Bank Kaltim 200
26 Maluku 2 X 15 30 0 Bank Kaltim 0 Bank Kaltim 0 30
2.391 1.102 6.330 96 924 721 650
Loan in process Note: * Status as of 30 June 2010
** Two additional projects were added to the FTP I; as of 31 July 2010 all had secured committed pricing with lenders.
Total
Expected capacity in the year
commercial operationsNo Project
Construction
Progress (%) *)
USD Portion *) IDR Portion *)
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Indonesia remains in strong position to continue the improvement in its economy
Better than expected economicoutlook, upgraded ratings
With 5.9% domestic economic growth in the f irsthalf 2010, a projection of 5.5-6.0% growth in2010 and 6.0-6.5% in 2011, Indonesia’s economic
prospects are better than initially projected.
In March 2010, Indonesia’s sovereign credit
ratings have been upgraded by S & P’s andMoody’s to two levels below investment grade
Earlier in January, Fitch Ratings raised it to onelevel below investment grade
Global economic recovery bolsterbolster the external sector
The global economic recovery is clearly visiblefrom a number of economic indicators inindustrialized countries (United States and Japan)as well as in Asia (China and India).
In the United States, a recovery is evidenced bystronger private consumption coupled with a risein production.
Meanwhile, Japan began to experience positiveeconomic growth in the final quarter of 2009.
In China and India, indications of an economicrecovery were clearly visible from the high rate ofeconomic growth. Such improvements will have apositive impact on trade partner countries,including Indonesia.
Solid Rupiah, Current Account & FX
Reserves Support
Foreign exchange reserves have increased toUS$78.8 billion at end July 2010 f rom US$76.32billion a month earlier. The forex level is equal tofinancing 6.03 months of imports and foreign debtrepayment.
The rise was in line with recovery of exports andrising capital inflow, as reflected in thestrengthening of the rupiah.
The 2010 state budget currently has a surplus ofaround Rp150 trillion (+ US$17 billion), Becauseof the surplus, the government saw no urgency in
the issuance of foreign currency-denominatedbonds, including Samurai bonds.
Fiscal Stimulus had seen rise in
consumption
In addition to stronger export performance, privateconsumption has also indicated an improvement.
This was confirmed by increases in a number ofconsumption indicators such as imports of
consumption goods, automobile and motorcyclesales, and retail sales.
In future, household consumption growth isexpected to rise further in accordance with higherincome as a result of the income effect fromincreased exports and consumer confidence.
Source: BPS, Bank Indonesia, Ministry of Finance
Controllable Inflation
Inflation during the first two months of 2010 hasremained low.
Relatively controllable inflation is also reflected bythe decline in core inflation from 4.43% (y-o-y) inJanuary 2010 to 3.88% (y-o-y) in February 2010.
The rise in headline inflation at the beginning of2010 was proven to be temporary.
The possibility of a rise in the basic electricitytariff, if realized, is not expected to trigger anylarge impact on inflation if applied to the largercustomers.
Holistically, inflation is projected to remain withinits target corridor of 5%+1% in 2010 and 2011.
Growth-supporting Interest Rate
In July 2010, Indonesia kept interest ratesunchanged for an 11th month at 6.5%, bucking atrend from Taiwan to India, which have raisedborrowing costs this year, as policy makers judgethey have time to strengthen economic growthbefore responding to faster inflation.
BI will continue to monitor and respond in order tomaintain currency strength and anchor inflationaryexpectations
The Indonesian banking system remains in strongcondition with the CAR and NPLs within safelimits and generally CAR higher than mostregional banks
PLN Backed by Resilience of the Indonesian Economy
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Strong Financial Profile
Debt to EBITDA (x)
Debt to Equity Ratio (%)
Liquidity Ratio
Profitability Ratio
The Company has sustainable gearing and good cash flow coverage
33
Note:
1 On annualised basis
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